Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.2
Income Taxes (Tables)
12 Months Ended
May 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Deferred Tax Assets

The components of the net deferred tax assets for the year ended May 31, 2019 and 2018 are as follows:

 

   

Year ended

May 31, 2019

   

Year ended

May 31, 2018

 
Net Operating Loss   $ 364,000     $ 2,000  
Impairment of cost method investment     38,000       -  
Gross deferred tax asset     402,000       -  
Less: Valuation allowance     (381,000 )     (2,000 )
Net deferred tax asset   $ 21,000     $ -  
Deferred tax liabilities:                
Amortization of intangible assets     (21,000 )     -  
Net deferred assets/liabilities     -       -  
Schedule of Reconciliation of the Statutory Federal Income Tax Rate

The table below summarizes the reconciliation of our income tax provision computed at the federal statutory rate of 21% for the year ended May 31, 2019 and 28% for the year ended May 31, 2018 and the actual tax provisions for the year ended May 31, 2019 and 2018.

 

    2019     2018  
             
Expected provision (benefit) at statutory rate     (21.0 )%     (28.0 )%
State taxes, net of federal tax benefit     (4.4 )%     (0 )%
Change in federal rate     - %     7 %
Permanent differences-stock based compensation     15.0       -  
Increase in valuation allowance     10.4 %     21 %
Total provision (benefit) for income taxes     0.0 %     0.0 %