7. Income Taxes

5 Months Ended

May. 31, 2015

Notes

7. Income Taxes

7.                  INCOME TAXES

The provision for income taxes consisted of the following:

		Three months ended May 31,						Six months ended May 31,
		2015			2014			2015			2014
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Current	$		114,623	$		66,958	$		237,610	$		106,789
Deferred		-			-			-			-
	$		114,623	$		66,958	$		237,610	$		106,789

No provision for income taxes in the United States has been made. Because the Company did not generate any income in the United States or otherwise have any U.S. taxable income, the Company does not believe that it has any U.S. Federal income tax liabilities with respect to any transactions that the Company or any of its subsidiaries may have engaged in through May 31, 2015. However, there can be no assurance that the IRS will agree with this position, and therefore the Company ultimately could be liable for U.S. Federal income taxes, interest and penalties.