General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.23.2
Income Taxes (Tables)
12 Months Ended
May 31, 2022
Income Taxes  
Reconciliation of Federal Statutory Income Tax

Years ended May 31,

    

2022

    

2021

    

Income tax provision at statutory rate:

 

21.0

%  

21.0

%  

Derivative loss

 

 

 

Non-deductible debt issuance costs

 

 

 

Non-deductible interest on convertible notes

 

(0.5)

 

(0.6)

 

Inducement interest expense

 

(0.7)

 

(1.5)

 

Other

 

1.1

 

 

Credit carry-forward released

 

(0.2)

 

(0.1)

 

Non-deductible loss on induced conversion

(3.7)

(2.6)

Non-deductible debt discount amortization

 

(0.3)

 

(0.6)

 

IRC section 162(m) limitation

 

(0.1)

 

(1.1)

 

Stock-based compensation in excess of ASC 718

 

0.0

 

1.7

 

Non-deductible expense on induced conversion of debt

 

(0.3)

 

(1.2)

 

Valuation allowance

 

(16.3)

 

(15.0)

 

Effective income tax rate

 

0.0

%  

0.0

%  

Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities, non-current, are comprised of the following:

    

As of May 31,

    

2022

    

2021

Net operating loss

$

106,965

$

74,258

Credits

 

2,063

 

2,063

ASC 718 expense on NQO’s

 

6,057

 

5,510

Charitable contribution carry forward

 

14

 

14

Accrued vacation and payroll

 

68

 

87

ASC 842 lease accounting

 

 

(3)

Right of use asset

(112)

Lease liability

117

Inventory

2,138

146

Accrued expenses

 

89

 

874

Amortization

 

238

 

396

Fixed assets

 

1

 

Basis difference in acquired assets

 

 

(91)

Valuation allowance

 

(117,638)

 

(83,254)

Deferred tax asset, non-current

$

$

Non-current asset

 

117,638

 

83,254

Valuation allowance

 

(117,638)

 

(83,254)

Deferred tax asset (liability) non-current

$

$