INCOME TAX

12 Months Ended

Nov. 30, 2024

INCOME TAX

INCOME TAX

NOTE 8 - INCOME TAX

The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of November 30, 2024 and 2023, are as follows:

	November 30,			November 30,
	2024			2023
Net operating loss carryforward	$	442,290		$	73,189
Statutory tax rate		21	%		21	%
Deferred tax asset		92,881			15,370
Less: Valuation allowance		(92,881	)		(15,370	)
Net deferred asset	$	-		$	-

The valuation allowance increased by $77,511 and $3,112 during the years ended November 30, 2024 and 2023, respectively. As of November 30, 2024, the Company had approximately $442,000 in net operating losses (“NOLs”) that may be available to offset future taxable income, which begin to expire between 2028 and 2034. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2018 through 2024 are subject to review by the tax authorities.