INCOME TAXES

12 Months Ended

Nov. 30, 2021

INCOME TAXES

INCOME TAXES

NOTE 12. INCOME TAXES

Deferred tax assets consist of:

	As of November 30, 2021			As of November 30, 2020
Deferred tax assets:
Net operating tax carryforwards	$	32,381,319		$	29,295,465
Tax Rate		21	%		21	%
Gross deferred tax assets		6,800,077			6,152,048
Valuation allowance		(6,800,077	)		(6,152,048	)
Net deferred tax assets	$	-0-		$	-0-

As of November 30, 2021, the Company has a net operating loss carryforward of approximately $32 million. Net operating loss carryforwards may now be carried forward indefinitely until the loss is fully recovered, but are limited to 80% of taxable income in any one tax period.

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company has recorded a valuation allowance. Tax years 2016 to 2020 are open to examination by federal and state taxing authorities.

Due to the enactment of the Tax Reform Act of 2018, the corporate tax rate for those tax years beginning with 2018 was reduced to 21%.