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Income Taxes
6 Months Ended
Apr. 30, 2022
Income Taxes  
Income Taxes

Note 14 - Income Taxes

 

For the six months ended April 30, 2022, the Company had income tax expense in the amount of $247,184 attributable to its operations of RKings in the United Kingdom.

 

The Company, through RKings, conducts a significant amount of its businesses in the United Kingdom and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the local tax authority. Although the operations in its segments outside of the United Kingdom generate net income, the Company has sufficient tax net operating losses to offset the current net income which results in $0 tax liability for the non-United Kingdom operations.

The Company, through RKings, is subject to a statutory tax rate of approximately 19% of net income generated in the United Kingdom.

 

As a result of the acquisition of RKings, the Company assumed the income tax liability of RKings as of November 1, 2021 of $602,628.

 

Balance November 1, 2021

 

$602,628

 

Currency Adjustment

 

 

(133,252)

Adjusted Balance

 

$469,376

 

Income Tax November 1, 2021 through April 30, 2022

 

 

247,184

 

Income Tax Liability

 

$716,560

 

 

As of April 30, 2022 and October 31, 2021, the Company had the income tax payable amount of $716,560 and $0.