Income Taxes

12 Months Ended

May 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 5 – Income Taxes

As of May 31, 2024, the Company is in arrears on filing its statutory income tax returns. Tax years 2008 through 2024 are open for examination by taxing authorities. The Company has incurred substantial net operating losses of approximately $4,227,000 since January 28, 2008 (Date of Inception).

	2024			2023
Net operating losses – U.S. parent:
Amount carried forward from prior years	$	(879,752	)	$	(872,137	)
Net operating losses (21% tax rate)		(20,884	)		(32,815	)
Accrued management compensation		12,600			25,200
Total		(888,036	)		(879,752	)
The Company’s deferred tax assets and liabilities consist primarily of the following:
Deferred taxes – U.S. Parent		(888,036	)		(879,752	)
Net operating losses – Canadian subsidiary:
Amount carried forward from prior years		(31,760	)		(31,760	)
Net operating losses		—			—
Deferred taxes – Canadian subsidiary		(31,760	)		(31,760	)
Total deferred tax assets		(919,796	)		(911,512	)
Less: valuation allowance		919,796			911,512
Total net deferred tax assets	$	—		$	—

During the years ended May 31, 2024 and 2023, the change in valuation allowance was an increase of $8,284 in 2024 and an increase of $7,615 in 2023.

The Company has no tax positions on May 31, 2024 and 2023 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties on May 31, 2024 and 2023.