Income Taxes (Tables)

12 Months Ended

May 31, 2025

Schedule of Income Tax Expense (Benefit)

Reconciliations of incomes taxes computed at the statutory combined Canadian federal and provincial statutory income tax rate of 26.5% to the effective tax rate for the years ended May 31, 2025, and 2024, are as follows:

	Year Ended
	May 31, 2025			May 31, 2024
Income (Loss) before income taxes	$	5,200		$	(8,160	)

Expected income tax (recovery) expense		1,377			(2,203	)
Change in fair value of Financial Instruments and other non-deductible expenses		(4,660	)		1,094
Change in valuation allowance		3,223			1,109
Income tax (recovery)	$	-		$	-

Schedule of Deferred Tax

The following table summarized the components of deferred tax:

	May 31, 2025			May 31, 2024
Deferred Tax Assets
Finance Lease Liabilities	$	8		$	20
Operating tax losses carried forward		4,885			1,742
Property and equipment		231			19
Other tax pools		16			96
Valuation allowance		(5,140	)		(1,857	)
Net Deferred Tax Assets		8			20

Deferred Tax Liabilities
Right of Use assets		(8	)		(20	)
Total Deferred Tax Liabilities		(8	)		(20	)
Net Deferred Tax Asset (Liability)	$	-		$	-

New Horizon Aircraft Ltd. 10-K