Cover
Cover - shares | 9 Months Ended | |
Aug. 31, 2021 | Oct. 13, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Aug. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --11-30 | |
Entity File Number | 333-169128 | |
Entity Registrant Name | DANIELS CORPORATE ADVISORY COMPANY, INC. | |
Entity Central Index Key | 0001498291 | |
Entity Tax Identification Number | 04-3667624 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | Parker Towers, 104-60 | |
Entity Address, Address Line Two | Queens Boulevard | |
Entity Address, Address Line Three | 12th Floor | |
Entity Address, City or Town | Forest Hills | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11375 | |
City Area Code | (347) | |
Local Phone Number | 242-3148 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 680,269,385 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Aug. 31, 2021 | Nov. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 294,733 | $ 200,858 |
Accounts receivable, net | 34,778 | 2,903 |
Inventory, net | 242,906 | 204,704 |
Prepaid expenses and other current assets | 82,997 | |
Right of use assets | 6,248 | 24,993 |
Total current assets | 578,665 | 516,455 |
Property and equipment, net | 803,970 | 658,985 |
Total assets | 1,382,635 | 1,175,440 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,367,956 | 1,304,417 |
Notes payable, related party | 685,000 | 685,000 |
Notes payable, net of loan discounts | 907,807 | 835,734 |
Derivative liabilities | 1,013,390 | 1,592,017 |
Lease liabilities | 6,248 | 24,993 |
Related party payables | 194,974 | 313,782 |
Total current liabilities | 4,175,375 | 4,755,943 |
Note payables – non current | 336,184 | 268,500 |
Total liabilities | 4,511,559 | 5,024,443 |
Commitments and contingencies | ||
Preferred Stock: | ||
Redeemable convertible preferred stock, Series B, $0.001 par value. 211,000 and 125,600 shares issued and outstanding as of August 31, 2021 and November 30, 2020, respectively | 74,970 | 35,536 |
Stockholders’ Deficit: | ||
Preferred stock value | ||
Common stock, $0.001 par value. 6,000,000,000 shares authorized; 602,493,656 and 241,774,989 shares issued and outstanding as of August 31, 2021 and November 30, 2020, respectively | 602,494 | 241,775 |
Additional paid-in capital | 8,314,190 | 7,993,255 |
Accumulated deficit | (12,056,329) | (12,055,320) |
Accumulated other comprehensive loss | (64,349) | (64,349) |
Total stockholders’ deficit | (3,203,894) | (3,884,539) |
Total liabilities, preferred stock and stockholders’ deficit | 1,382,635 | 1,175,440 |
Series A Preferred Stock [Member] | ||
Stockholders’ Deficit: | ||
Preferred stock value | $ 100 | $ 100 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2021 | Nov. 30, 2020 |
Redeemable Series B convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Temporary Equity, Shares Outstanding | 211,000 | 125,600 |
Temporary Equity, Shares Issued | 211,000 | 125,600 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,100,000 | 50,100,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued | 602,493,656 | 241,774,989 |
Common stock, shares outstanding | 602,493,656 | 241,774,989 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 100,000 | 100,000 |
Preferred stock, shares outstanding | 100,000 | 100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Income Statement [Abstract] | ||||
Sales | $ 1,189,371 | $ 800,682 | $ 3,544,792 | $ 2,891,993 |
Cost of goods sold | 828,142 | 616,539 | 2,486,524 | 2,386,428 |
Gross profit | 361,229 | 184,143 | 1,058,268 | 505,565 |
Selling, general and administrative expenses | 287,521 | 267,455 | 951,728 | 750,774 |
Income (loss) from operations | 73,708 | (83,312) | 106,540 | (245,209) |
Other income (expense) | ||||
Gain (loss) on change in derivative liabilities | 334,197 | 1,331,276 | 758,504 | 233,727 |
Interest income (expense), net | (183,077) | (97,811) | (541,341) | (264,515) |
Other income (expense), net | 11,212 | 23,509 | (4,436) | |
Total other income (expense) | 162,332 | 1,233,465 | 240,672 | (35,224) |
Income (loss) before income taxes | 236,040 | 1,150,153 | 347,212 | (280,433) |
Provision for income taxes (benefit) | ||||
Net income (loss) | 236,040 | 1,150,153 | 347,212 | (280,433) |
Deemed dividend on preferred stock | 138,938 | 141,268 | 348,221 | 542,720 |
Net income (loss) attributable to common stockholders | $ 97,102 | $ 1,008,885 | $ (1,009) | $ (823,153) |
Basic earnings (loss) per common share | $ 0 | $ 0.03 | $ 0 | $ (0.03) |
Diluted earnings (loss) per common share | $ 0 | $ 0 | $ 0 | $ (0.03) |
Weighted-average number of common shares outstanding: | ||||
Basic | 510,664,460 | 29,933,017 | 377,679,186 | 28,101,870 |
Diluted | 1,088,374,678 | 251,172,633 | 377,679,186 | 28,101,870 |
Comprehensive income (loss): | ||||
Unrealized gain (loss) | ||||
Comprehensive income (loss) | $ 236,040 | $ 1,150,153 | $ 347,212 | $ (280,433) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Series B Callable Preferred Stock [Member] | Series A Preferred Stocks [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Nov. 30, 2019 | $ 100 | $ 25,546 | $ 7,171,768 | $ (10,648,579) | $ (64,349) | $ (3,515,514) | |
Balance, shares at Nov. 30, 2019 | 100,000 | 25,546,452 | |||||
Net income | (280,433) | (280,433) | |||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts | |||||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts, shares | 234,000 | ||||||
Accrued dividends and accretion of conversion feature on Series B preferred stock | $ 130,942 | (130,942) | (130,942) | ||||
Deemed dividends related to conversion feature of Series B preferred stock | (411,778) | (411,778) | |||||
Issuance of common stock in exchange for consulting, professional and other services | $ 1,750 | 21,250 | 23,000 | ||||
Issuance of common stock in exchange for consulting, professional and other services, shares | 1,750,000 | ||||||
Conversion of convertible notes and accrued interest into common stock | $ 2,792 | 377 | 3,169 | ||||
Conversion of convertible debentures and accrued interest into common stock, shares | 2,792,000 | ||||||
Ending balance, value at Aug. 31, 2020 | $ 130,942 | $ 100 | $ 30,088 | 7,193,395 | (11,471,732) | (64,349) | (4,312,498) |
Balance, shares at Aug. 31, 2020 | 234,000 | 100,000 | 30,088,452 | ||||
Beginning balance, value at May. 31, 2020 | $ 23,991 | $ 100 | $ 28,658 | 7,193,495 | (12,480,617) | (64,349) | (5,322,713) |
Balance, shares at May. 31, 2020 | 176,000 | 100,000 | 28,658,452 | ||||
Net income | 1,150,153 | 1,150,153 | |||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts | |||||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts, shares | 58,000 | ||||||
Accrued dividends and accretion of conversion feature on Series B preferred stock | $ 106,951 | (106,951) | (106,951) | ||||
Deemed dividends related to conversion feature of Series B preferred stock | (34,317) | (34,317) | |||||
Conversion of convertible notes and accrued interest into common stock | $ 1,430 | (100) | 1,330 | ||||
Conversion of convertible debentures and accrued interest into common stock, shares | 1,430,000 | ||||||
Ending balance, value at Aug. 31, 2020 | $ 130,942 | $ 100 | $ 30,088 | 7,193,395 | (11,471,732) | (64,349) | (4,312,498) |
Balance, shares at Aug. 31, 2020 | 234,000 | 100,000 | 30,088,452 | ||||
Beginning balance, value at Nov. 30, 2020 | $ 35,536 | $ 100 | $ 241,775 | 7,993,255 | (12,055,320) | (64,349) | (3,884,539) |
Balance, shares at Nov. 30, 2020 | 125,600 | 100,000 | 241,774,989 | ||||
Net income | 347,212 | 347,212 | |||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts | $ 17,990 | ||||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts, shares | 308,000 | ||||||
Accrued dividends and accretion of conversion feature on Series B preferred stock | $ 257,400 | (257,400) | (257,400) | ||||
Conversion of Series B preferred stock into common stock | $ (179,246) | $ 87,855 | 91,391 | 179,246 | |||
Conversion of Series B preferred stock into common stock, shares | (169,100) | 87,854,655 | |||||
Relief of derivative liability from conversion of Series B preferred stock into common stock | 178,429 | 178,429 | |||||
Deemed dividends related to conversion feature of Series B preferred stock | (68,297) | (68,297) | |||||
Redemption of Series B preferred stock | $ (56,710) | (22,524) | (22,524) | ||||
Redemption of Series B preferred stock, shares | 53,500 | ||||||
Issuance of common stock in exchange for consulting, professional and other services | $ 14,591 | 45,757 | 60,348 | ||||
Issuance of common stock in exchange for consulting, professional and other services, shares | 14,590,743 | ||||||
Conversion of convertible notes and accrued interest into common stock | $ 258,273 | 5,358 | 263,631 | ||||
Conversion of convertible debentures and accrued interest into common stock, shares | 258,273,269 | ||||||
Ending balance, value at Aug. 31, 2021 | $ 74,970 | $ 100 | $ 602,494 | 8,314,190 | (12,056,329) | (64,349) | (3,203,894) |
Balance, shares at Aug. 31, 2021 | 211,000 | 100,000 | 602,493,656 | ||||
Redemption of Series B preferred stock, shares | (53,500) | ||||||
Beginning balance, value at May. 31, 2021 | $ 65,191 | $ 100 | $ 430,629 | 8,278,785 | (12,153,431) | (64,349) | (3,508,266) |
Balance, shares at May. 31, 2021 | 195,500 | 100,000 | 430,628,781 | ||||
Net income | 236,040 | 236,040 | |||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts | $ 9,760 | ||||||
Issuance of preferred stock in connection with sales made under private or public offerings, net of costs and discounts, shares | 112,500 | ||||||
Accrued dividends and accretion of conversion feature on Series B preferred stock | $ 102,839 | (102,839) | (102,839) | ||||
Conversion of Series B preferred stock into common stock | $ (46,110) | $ 24,269 | 21,841 | 46,110 | |||
Conversion of Series B preferred stock into common stock, shares | (43,500) | 24,268,421 | |||||
Relief of derivative liability from conversion of Series B preferred stock into common stock | 12,780 | 12,780 | |||||
Deemed dividends related to conversion feature of Series B preferred stock | (13,575) | (13,575) | |||||
Redemption of Series B preferred stock | $ (56,710) | (22,524) | (22,524) | ||||
Redemption of Series B preferred stock, shares | 53,500 | ||||||
Issuance of common stock in exchange for consulting, professional and other services | $ 3,827 | 7,272 | 11,099 | ||||
Issuance of common stock in exchange for consulting, professional and other services, shares | 3,827,162 | ||||||
Conversion of convertible notes and accrued interest into common stock | $ 143,769 | (6,488) | 137,281 | ||||
Conversion of convertible debentures and accrued interest into common stock, shares | 143,769,292 | ||||||
Ending balance, value at Aug. 31, 2021 | $ 74,970 | $ 100 | $ 602,494 | $ 8,314,190 | $ (12,056,329) | $ (64,349) | $ (3,203,894) |
Balance, shares at Aug. 31, 2021 | 211,000 | 100,000 | 602,493,656 | ||||
Redemption of Series B preferred stock, shares | (53,500) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 347,212 | $ (280,433) |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ||
Depreciation and amortization | 117,022 | 37,533 |
Amortization of debt discount | 32,708 | |
Common stock issued in exchange for fees and services | 60,348 | 23,000 |
Loss on change in derivative liabilities | (758,504) | (233,727) |
Loss on disposal of property and equipment | (23,509) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (31,876) | 443 |
Inventory | (38,202) | 301,680 |
Prepaid expenses and other current assets | 86,000 | 1,411 |
Right of use assets and lease liabilities | 1,182 | |
Accounts payable and accrued liabilities | 196,052 | 11,622 |
Related party payables | (112,138) | 136,435 |
Other noncurrent liabilities | 160,413 | |
Net cash provided by operating activities | 2,818 | 31,854 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (238,498) | (89,239) |
Net cash used in investing activities | (238,498) | (89,239) |
Cash flows from financing activities: | ||
Proceeds from issuance of preferred stock, net of issuance costs | 251,290 | 234,000 |
Proceeds from issuance of convertible notes | 50,000 | |
Proceeds from commercial loans payable | 316,649 | |
Proceeds from related party payables | (52,500) | |
Redemption of preferred stock | (22,524) | |
Repayments of commercial loans payable | (215,860) | |
Net cash provided by financing activities | 329,555 | 231,500 |
Net increase in cash and cash equivalents | 93,875 | 174,115 |
Cash and cash equivalents at beginning of period | 200,858 | 75,914 |
Cash and cash equivalents at end of period | 294,733 | 250,029 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplemental disclosure of non-cash investing and financing activities: | ||
Conversion of convertible notes and accrued interest into common stock | 263,631 | 3,169 |
Conversion of Series B preferred stock into common stock | 179,246 | |
Discount for issuance costs and/or beneficial conversion features on convertible notes | 2,500 | |
Accrued dividends and accretion of conversion feature on Series B preferred stock | 257,400 | 130,942 |
Deemed dividends related to conversion feature of Series B preferred stock | 68,296 | 411,778 |
Relief of derivative liability from conversion of Series B preferred stock into common stock | $ 178,429 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Daniels Corporate Advisory Company, Inc. (“Daniels” or the Company) was incorporated in the State of Nevada May 2, 2002 The Company formed Payless Truckers, Inc. (“Payless”), a wholly-owned subsidiary which was incorporated in the State of Nevada, on April 11, 2018. Payless is a trucking company whose principal business is to acquire, refurbish, add location electronics, advertise and sell or lease commercial vehicles to long haul drivers. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company has prepared the accompanying condensed consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company believes these condensed consolidated financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of its consolidated financial position and consolidated results of operations for the periods presented. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risk and Uncertainties The Company’s future results of operations and financial condition will be impacted by the following factors, among others: its lack of capital resources, dependence on third-party management to operate the companies in which it invests and dependence on the successful development and marketing of any new products in new and existing markets. Generally, the Company is unable to predict the future status of these areas of risk and uncertainty. However, negative trends or conditions in these areas could have an adverse effect on its business. Interim Financial Statements These unaudited consolidated financial statements have been prepared in accordance with US GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended November 30, 2020 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2021. The results of operations for the three and nine months ended August 31, 2021, are not necessarily indicative of the results to be expected for the full fiscal year ending November 30, 2021. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash balances with a high-credit-quality financial institution. At times, such cash may be in excess of the Federal Deposit Insurance Corporation-insured limit of $ 250,000 Accounts receivable Accounts receivable are customer obligations due under normal trade terms which are recorded at net realizable value. The Company establishes an allowance for doubtful accounts based on management’s assessment of the collectability of trade receivables. A considerable amount of judgment is required in assessing the amount of the allowance. The Company makes judgments about the creditworthiness of each customer based on ongoing credit evaluations and monitors current economic trends that might impact the level of credit losses in the future. If the financial condition of the customers were to deteriorate, resulting in their inability to make payments, a specific allowance will be required. The Company believes that no Recovery of bad debt amounts previously written off is recorded as a reduction of bad debt expense in the period the payment is collected. If the Company’s actual collection experience changes, revisions to its allowance may be required. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. 36,030 Inventory Inventory consists of well-maintained, class 8 heavy duty trucks primarily acquired at auction. Inventory is valued at the lower of cost (specific identification method) or net realizable value. An allowance for potential non-saleable inventory due to movement, current conditions or obsolescence is based upon a review of inventory quantities, past history and expected future usage. The Company believes that no Convertible Instruments The Company evaluates and account for conversion options embedded in convertible instruments in accordance with ASC 815 “ Derivatives and Hedging Activities Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host instruments) by recording, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. Fair Value of Financial Instruments In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “ Fair Value Measurements and Disclosures ● Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. ● Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability; either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ● Level 3—Inputs that are both significant to the fair value measurement and unobservable. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, accounts payable and accrued expenses, notes payable, notes payable to related parties, related parties payable and derivative liabilities. The Company has also applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements. Comprehensive Income (Loss) ASC Topic 220 (SFAS No. 130) establishes standards for reporting comprehensive income (loss) and its components. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events from non-owner sources. Other-Than-Temporary Impairment All of our non-marketable and other investments are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed to determine if a write-down to fair value is required. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization ceases while it is classified as held for sale. The indicators that we use to identify those events and circumstances include: ● the investee’s revenue and earnings trends relative to predefined milestones and overall business prospects; ● the general market conditions in the investee’s industry or geographic area, including regulatory or economic changes; ● factors related to the investee’s ability to remain in business, such as the investee’s liquidity, debt ratios, and the rate at which the investee is using its cash; and ● the investee’s receipt of additional funding at a lower valuation. If an investee obtains additional funding at a valuation lower than our carrying amount or a new round of equity funding is required for the investee to remain in business, and the new round of equity does not appear imminent, it is presumed that the investment is other than temporarily impaired, unless specific facts and circumstances indicate otherwise. Revenue and Cost Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. We recognize revenue from class 8 heavy duty truck sales to customers when we satisfy our performance obligation, at a point in time, when title to the truck is transferred to the customer and collection of cash is certain. Delivery or shipping charges billed to customers, if applicable, are included in product sales and the related shipping costs are included in cost of goods sold. We also recognize revenue from the rental of class 8 heavy-duty trucks to customers. Revenue from these truck rental agreements is recognized based upon the passage of time over the term of the arrangement once control of the underlying asset has been transferred to the customer. The arrangements require weekly payments, and the customer may cancel the agreement at any time by notifying the Company in writing at least 30 days before such termination. Revenue is recognized and related accounts receivable is recorded when the Company has transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. We had accounts receivable totaling $ 34,778 2,903 Right of Use Assets and Lease Liabilities In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASC 842). The standard requires lessees to recognize almost all leases on the balance sheet as a Right-of-Use (“ROU”) asset and a lease liability and requires leases to be classified as either an operating or a finance type lease. The standard excludes leases of intangible assets or inventory. The standard became effective for the Company beginning December 1, 2018. The Company adopted ASC 842 using the modified retrospective approach, by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under ASC 840. The Company elected the package of practical expedients permitted under the standard, which also allowed the Company to carry forward historical lease classifications. The Company also elected the practical expedient related to treating lease and non-lease components as a single lease component for all equipment leases as well as electing a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the ROU assets and lease liabilities. Under ASC 842, the Company determines if an arrangement is a lease at inception. Right-of-Use assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in determining the present value of lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the Company’s condensed consolidated balance sheets. The adoption did not impact the Company’s beginning retained earnings, or prior year consolidated statements of income and statements of cash flows. Property and Equipment, net Vehicles and equipment, net is reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Income Taxes The Company, a C-corporation, accounts for income taxes under ASC Topic 740 (SFAS No. 109). Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company adopted the provisions of FASB ASC 740-10 “ Uncertainty in Income Taxes” Net Loss Per Share The Company reports basic and diluted earnings per share (EPS) according to the provisions of ASC Topic 260, which requires the presentation of basic EPS and, for companies with complex capital structures, diluted EPS. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) available to common stockholders, adjusted by other changes in income or loss that would result from the assumed conversion of those potential common shares, by the weighted number of common shares and common share equivalents (unless their effect is antidilutive) outstanding. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive. Thus, these equivalents are not included in the calculation of diluted loss per share, resulting in basic and diluted loss per share being equal. Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. Through the amendments in that Update, the Board added Topic 326, Financial Instruments— Credit Losses, and made several consequential amendments to the Codification. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company will adopt the new standard effective December 1, 2023 and does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Aug. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS The Company currently rents space from its president, Mr. Arthur Viola. This is a month-to-month rental and there is no commitment beyond each month. The monthly rent expense is approximately $ 2,100 Effective December 15, 2016, Mr. Viola entered into a $ 685,000 December 15, 2018 10% Mr. Viola has the option to convert any portion of the unpaid principal balance into the Company’s common stock at a discount to market of 50% at any time. No repayment or conversion of the note occurred as of August 31, 2021, and no notice of default has been issued. During 2016, Mr. Viola personally funded $ 10,200 Mr. Viola is entitled to receive a salary of $ 175,000 672,284 541,034 The Company’s wholly-owned subsidiary Payless Truckers, Inc. have received net loan proceeds aggregating $ 148,526 35% - 40% , are secured by certain inventory assets and are payable on demand. Two companies owned by Payless’ President and certain family members has loaned the Company floor plan financing for a monthly fee per truck financed. During the nine months ended August 31, 2021, financing fees and interest totaling approximately $ 11,134 2,173 A company owned by Payless’s President serves as an authorized agent to sell trucks for the Company. During the nine months ended August 31, 2021, sales commissions of $ 36,500 A different company owned by a brother of Payless’ president performs contract services, including sales and shop work, for the Company. During the nine months ended August 31, 2021, sales commissions and shop work of $ 21,549 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Aug. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 4 - GOING CONCERN The accompanying financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business as they become due. For the nine months ended August 31, 2021, the Company incurred a net loss attributable to stockholders of $ 1,009 1,928,991 294,733 As such, there is substantial doubt as to the Company’s ability to continue as a going concern. The Company’s ability to continue as such is dependent upon management’s ability to successfully execute its business plan, including increasing revenues through the sale of existing and future product offerings and reducing expenses in order to meet the Company’s current and future obligations. In addition, the Company’s ability to continue as a going concern is dependent upon management’s ability to successfully satisfy, refinance or replace its current indebtedness. Failure to satisfy existing or obtain new financing may have a material adverse impact on the Company’s operations and liquidity. The Company is expanding its operations through its leasing program. It believes that it is well positioned to generate significant recurring revenue and cash flows required to sustain its operations. However, even if the Company is successful in executing its plan, the Company may not generate enough revenue to satisfy all of its current obligations as they become due in addition to its outstanding indebtedness. Until the Company consistently generates positive cash flow from its operations, or successfully satisfies, refinances or replaces its current indebtedness, there is substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result if the Company is unable to operate as a going concern. |
COVID-19
COVID-19 | 9 Months Ended |
Aug. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 | NOTE 5 - COVID-19 On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency in response to a new strain of a coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Management is actively monitoring the global situation and its effects on the Company’s industry, financial condition, liquidity, and operations. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2021. However, if the pandemic continues, it may have a material adverse effect on the Company’s results of future operations, financial position, and liquidity in fiscal year 2021. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Aug. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 - COMMITMENTS AND CONTINGENCIES None. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Aug. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 7 - PROPERTY AND EQUIPMENT The following table sets forth the components of the Company’s Vehicles and equipment at August 31, 2021 and November 30, 2020: SCHEDULE OF COMPONENTS OF VEHICLES AND EQUIPMENT August 31, 2021 November 30, 2020 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Machinery and equipment 6,932 (3,345 ) 3,587 6,432 (1,738 ) 4,694 Vehicles 950,111 (149,728 ) 800,383 711,164 (56,873 ) 654,291 Total property and equipment $ 957,043 $ (153,073 ) $ 803,970 $ 717,596 $ (58,611 ) $ 658,985 For the nine months ended August 31, 2021 and 2020, the Company recorded depreciation expense of $ 117,022 37,533 |
LEASES
LEASES | 9 Months Ended |
Aug. 31, 2021 | |
Leases | |
LEASES | NOTE 8 - LEASES The Company has entered into operating leases primarily for real estate. These leases have terms which range from one year to two years, and often include one or more options to renew. The Company recognizes on the balance sheet at the time of lease commencement or modification a right of use (“ROU”) operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the income statement over the lease term on a straight-line basis. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. Based on the present value of the lease payments for the remaining lease term of the Company’s existing leases, the Company recorded ROU assets of $ 6,248 6,248 43,895 Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. Information related to the Company’s operating right-of-use assets and related lease liabilities were as follows: SCHEDULE OF OPERATING RIGHT-OF-USE ASSETS AND RELATED LEASE LIABILITIES Cash paid for operating lease liabilities $ 20,625 Weighted-average remaining lease term (in years) 0.2 Weighted-average discount rate 10.0 % Minimum future lease payments 6,875 The following table presents the Company’s future minimum lease obligation under ASC 840 as of November 30, 2020: SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATION 2021 fiscal year $ 27,500 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 9 Months Ended |
Aug. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | NOTE 9 - LEGAL PROCEEDINGS The Company is not currently a party to any material legal proceedings. The Company’s counsel has no formal knowledge in the form of filings of any pending or contemplated litigation, claims or assessments. With regard to matters recognized to involve an unasserted possible claim or assessment that may call for financial statement disclosure and to which counsel has formed a professional conclusion that the Company should disclosure or consider disclosure concerning such possible claims or assessment, as a matter of professional responsibility to the Company, counsel will so advise and will consult with the company concerning the question of such disclosure and the applicable requirements of FASB ASC 450, “Contingencies”. To date, counsel has no formal knowledge of any unasserted possible claims. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 - INCOME TAXES The following table sets forth a reconciliation of income tax expense (benefit) at the federal statutory rate to recorded income tax expense (benefit) for the three months ended August 31, 2021 and 2020: SCHEDULE OF INCOME TAX EXPENSE (BENEFIT) August 31, 2021 August 31, 2020 Tax provision (recovery) at effective tax rate ( 21% $ 72,915 $ (58,891 ) Change in valuation reserve (72,915 ) 58,891 Tax provision (recovery), net $ – $ – As of August 31, 2021, the Company had approximately $ 12.1 expire at various dates through 2039 21% Components of deferred tax assets and (liabilities) are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES August 31, 2021 November 30, 2020 Net operating loss carry forwards available at effective tax rate ( 21% $ 2,532,000 $ 2,532,000 Valuation Allowances (2,532,000 ) (2,532,000 ) Deferred Tax Asset $ – $ – In accordance with FASB ASC 740 “Income Taxes”, valuation allowances are provided against deferred tax assets, if based on the weight of available evidence, some or all of the deferred tax assets may or will not be realized. The Company has evaluated its ability to realize some or all of the deferred tax assets on its balance sheet and has established a valuation allowance of approximately $ 2.5 |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Aug. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 11 - NOTES PAYABLE On August 31, 2015, the Company entered in convertible note agreement with a private and accredited investor, LG Capital, in the amount of $ 75,000 8% February 28, 2016 .03% .08% 0% 195% 236% 55,224 On December 30, 2015, the Company entered in convertible note agreement with a private and accredited investor, Auctus Private Equity Fund LLC, in the amount of $ 130,000 10% September 30, 2016 .03% .16% 0% 208% 269% 98,459 On January 21, 2016, the Company entered in convertible note agreement with a private and accredited investor, John De La Cross Capital Partners Inc., in the amount of $ 8,000 5% .03% .16% 0% 208% 269% 4,000 On November 23, 2016, the Company entered in convertible note agreement with a private and accredited investor, Auctus Private Equity Fund LLC, in the amount of $ 61,000 , unsecured, with principal and interest (stated at 12% ) amounts due and payable upon maturity on August 23, 2017 . After six months, the note holder has the option to convert any portion of the unpaid principal balance into the Company’s common shares at any time. The Company has determined that the conversion feature in this note is not indexed to the Company’s stock and is considered to be a derivative that requires bifurcation. The Company calculated the fair value of this conversion feature using the Black-Scholes model and the following assumptions: Risk-free interest rates ranging from .03% to .16% ; Dividend rate of 0% ; and, historical volatility rates ranging from 208% to 269% . The Company amended its convertible note agreement to allow for additional principal borrowings. During the nine months ended August 31, 2021, $ 78,700 of principal and $ 97,944 of accrued interest was converted into 177,538,569 shares of the Company’s common stock. See Note 11. As of August 31, 2021, the note balance was $ 0 and all associated loan discounts were fully amortized. On October 15, 2018, the Company entered in convertible note agreement with a private and accredited investor, Auctus Fund LLC, in the amount of $ 350,000 12% July 15, 2019 2.67% 2.70% 0 390% 423% 350,000 On February 14, 2019, the Company entered in convertible note agreement with a private and accredited investor, Auctus Fund LLC, in the amount of $ 57,750 12% November 14, 2019 2.53 2.540 0 309 339 42,743 44,243 80,734,700 17,257 On July 22, 2019, the Company entered in convertible note agreement with a private and accredited investor, Auctus Fund LLC, in the amount of $ 75,250 12 April 22, 2020 1.76 1.95 0 1,313 1,467 75,250 On May 28, 2021, the Company executed two future receivables sale and purchase agreements with Sutton Funding. Under the agreements, the Company sold an aggregate of $ 210,000 150,000 1,591 91,997 On June 21, 2021, the Company executed a merchant cash advance agreement with Consistent Funding. Under the agreement, the Company sold an aggregate of $ 142,000 100,000 1,076 72,507 From time to time, the Company issues secured promissory notes to individual lenders to finance truck purchases for the Company’s rental program. Annual interest rates on such notes are generally 30% with terms of 48 months. As of August 31, 2021, the total amount outstanding under such notes was $ 479,297 143,113 18,183 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 9 Months Ended |
Aug. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | NOTE 12 - DERIVATIVE LIABILITIES The Company accounts for derivative financial instruments in accordance with ASC 815, which requires that all derivative financial instruments be recorded in the balance sheets either as assets or liabilities at fair value. The Company’s derivative liability is an embedded derivative associated with one of the Company’s convertible promissory notes. The convertible promissory notes were issued at various times but with similar terms and are therefore being termed as one instrument for this footnote, (the “Note”), is a hybrid instruments which contain an embedded derivative feature which would individually warrant separate accounting as a derivative instrument under Paragraph 815-10-05-4. The embedded derivative feature includes the conversion feature to the Note. Pursuant to Paragraph 815-10-05-4, the value of the embedded derivative liability has been bifurcated from the debt host contract and recorded as a derivative liability resulting in a reduction of the initial carrying amount (as unamortized discount) of the notes, which are amortized as debt discount to be presented in other (income) expenses in the statements of operations using the effective interest method over the life of the notes. The embedded derivative within the note have been valued using the Black Scholes approach, recorded at fair value at the date of issuance; and marked-to-market at each reporting period end date with changes in fair value recorded in the Company’s statements of operations as “change in the fair value of derivative instrument”. As of August 31, 2021 and November 30, 2020, the estimated fair value of derivative liability was determined to be $ 1,013,390 1,592,017 758,504 Summary of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed at November 30, 2020: SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative liabilities on conversion feature $ 1,592,017 $ – $ – $ 1,592,017 $ 1,592,017 Total derivative liabilities $ 1,592,017 $ – $ – $ 1,592,017 $ 1,592,017 Summary of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed at August 31, 2021: Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative liabilities on conversion feature $ 1,013,390 $ – $ – $ 1,013,390 $ 1,013,390 Total derivative liabilities $ 1,013,390 $ – $ – $ 1,013,390 $ 1,013,390 Summary of the Changes in Fair Value of Level 3 Financial Liabilities The table below provides a summary of the changes in fair value of derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended August 31, 2021: SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 FINANCIAL LIABILITIES Derivative Liabilities Fair value, November 30, 2020 $ 1,592,017 Additions 358,306 Relief from conversion of preferred stock (178,429 ) Change in fair value (758,504 ) Fair value, August 31, 2021 $ 1,013,390 |
EQUITY
EQUITY | 9 Months Ended |
Aug. 31, 2021 | |
Equity [Abstract] | |
EQUITY | NOTE 13 – EQUITY The Company is authorized to issue two classes of shares being designated preferred stock and common stock. Preferred Stock The number of shares of preferred stock authorized is 50,100,000 0.001 100,000 211,000 125,600 Series A Preferred Stock Mr. Arthur D. Viola, the Company’s president, owns 100,000 shares of super voting preferred stock entitling him to vote sixty-six and two-thirds percent (66.67%) of the common stock shares in any common stock vote. Series B Preferred Stock On February 24, 2020, the Company filed a certificate of designations with the State of Nevada, designating 1,000,000 1.00 0.001 10% 35% 20 All shares of mandatorily redeemable convertible preferred stock have been presented outside of permanent equity in accordance with ASC 480, Classification and Measurement of Redeemable Securities On December 31, 2020, the Company sold 53,500 10% 50,000 88,694 On January 13, 2021, the Company sold 43,500 10 40,000 50,753 On March 2, 2021, the Company sold 43,500 10% 40,000 55,774 On May 20, 2021, the Company sold 55,000 10% 51,250 46,771 On June 28, 2021, the Company redeemed 53,500 79,234 22,524 On June 28, 2021, the Company sold 53,750 10% 50,000 43,990 On July 14, 2021, the Company sold 58,750 10% 55,000 72,325 Common Stock The number of shares of common stock authorized is 6,000,000,000 0.001 602,493,656 241,774,989 On December 1, 2020, the Company issued 7,420,000 13,356 On December 9, 2020, the Company issued 12,434,783 8,580 On January 8, 2021, the Company issued 5,763,581 On January 8, 2021, the Company issued 7,227,273 15,900 On January 11, 2021, the Company issued 11,081,818 24,380 On January 13, 2021, the Company issued 10,095,238 21,200 On February 23, 2021, the Company issued 5,000,000 On March 16, 2021, the Company issued 15,009,797 18,462 On April 8, 2021, the Company issued 15,758,699 19,383 On April 19, 2021, the Company issued 16,545,100 19,854 On May 4, 2021, the Company issued 17,370,578 22,324 On May 12, 2021, the Company issued 18,237,500 20,791 On May 24, 2021, the Company issued 7,571,429 15,900 On May 25, 2021, the Company issued 19,147,500 18,956 On May 26, 2021, the Company issued 10,095,238 21,200 On May 27, 2021, the Company issued 10,095,238 21,200 On June 8, 2021, the Company issued 21,488,300 16,761 On June 15, 2021, the Company issued 3,827,162 On June 24, 2021, the Company issued 22,751,590 17,746 On July 8, 2021, the Company issued 18,794,702 15,788 On July 19, 2021, the Company issued 16,736,842 31,800 On July 20, 2021, the Company issued 7,531,579 14,310 On July 26, 2021, the Company issued 24,824,700 27,804 On August 9, 2021, the Company issued 27,274,500 30,547 On August 25, 2021, the Company issued 28,635,500 28,636 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Aug. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 14 – SEGMENT INFORMATION The Company views its operations and manages its business as one |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Aug. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 15 – REVENUE RECOGNITION The Company recognizes revenue when it satisfies performance obligations by the transfer of control of products or services to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those products or services. The Company recognizes revenue from class 8 heavy duty truck sales to customers when it satisfies its performance obligation, at a point in time, when title to the truck is transferred to the customer and collection of cash is certain. Delivery or shipping charges billed to customers, if applicable, are included in product sales and the related shipping costs are included in cost of goods sold. For the three and nine months ended August 31, 2021, the Company recognized sales revenue from the resale of refurbished trucks of $ 952,231 2,885,121 688,932 2,570,250 The Company also recognize revenue from the rental of class 8 heavy-duty trucks to customers. Revenue from these truck rental agreements is recognized based upon the passage of time over the term of the arrangement once control of the underlying asset has been transferred to the customer. The arrangements require weekly payments, and the customer may cancel the agreement at any time by notifying the Company in writing at least 30 days before such termination. 215,227 625,873 21,913 33,798 102,930 298,255 8,820 23,488 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Aug. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16 - SUBSEQUENT EVENTS In accordance with FASB ASC 855-10 Subsequent Events, the Company has analyzed its operations subsequent to August 31, 2021 to the date these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements, except as follows: On September 2, 2021, the Company issued 15,588,235 26,500 On September 3, 2021, the Company issued 11,535,294 19,610 On September 9, 2021, the Company issued 18,320,200 18,320 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has prepared the accompanying condensed consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company believes these condensed consolidated financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of its consolidated financial position and consolidated results of operations for the periods presented. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Risk and Uncertainties | Risk and Uncertainties The Company’s future results of operations and financial condition will be impacted by the following factors, among others: its lack of capital resources, dependence on third-party management to operate the companies in which it invests and dependence on the successful development and marketing of any new products in new and existing markets. Generally, the Company is unable to predict the future status of these areas of risk and uncertainty. However, negative trends or conditions in these areas could have an adverse effect on its business. |
Interim Financial Statements | Interim Financial Statements These unaudited consolidated financial statements have been prepared in accordance with US GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended November 30, 2020 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2021. The results of operations for the three and nine months ended August 31, 2021, are not necessarily indicative of the results to be expected for the full fiscal year ending November 30, 2021. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash balances with a high-credit-quality financial institution. At times, such cash may be in excess of the Federal Deposit Insurance Corporation-insured limit of $ 250,000 |
Accounts receivable | Accounts receivable Accounts receivable are customer obligations due under normal trade terms which are recorded at net realizable value. The Company establishes an allowance for doubtful accounts based on management’s assessment of the collectability of trade receivables. A considerable amount of judgment is required in assessing the amount of the allowance. The Company makes judgments about the creditworthiness of each customer based on ongoing credit evaluations and monitors current economic trends that might impact the level of credit losses in the future. If the financial condition of the customers were to deteriorate, resulting in their inability to make payments, a specific allowance will be required. The Company believes that no Recovery of bad debt amounts previously written off is recorded as a reduction of bad debt expense in the period the payment is collected. If the Company’s actual collection experience changes, revisions to its allowance may be required. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. 36,030 |
Inventory | Inventory Inventory consists of well-maintained, class 8 heavy duty trucks primarily acquired at auction. Inventory is valued at the lower of cost (specific identification method) or net realizable value. An allowance for potential non-saleable inventory due to movement, current conditions or obsolescence is based upon a review of inventory quantities, past history and expected future usage. The Company believes that no |
Convertible Instruments | Convertible Instruments The Company evaluates and account for conversion options embedded in convertible instruments in accordance with ASC 815 “ Derivatives and Hedging Activities Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host instruments) by recording, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “ Fair Value Measurements and Disclosures ● Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. ● Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability; either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. ● Level 3—Inputs that are both significant to the fair value measurement and unobservable. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, accounts payable and accrued expenses, notes payable, notes payable to related parties, related parties payable and derivative liabilities. The Company has also applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) ASC Topic 220 (SFAS No. 130) establishes standards for reporting comprehensive income (loss) and its components. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events from non-owner sources. |
Other-Than-Temporary Impairment | Other-Than-Temporary Impairment All of our non-marketable and other investments are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed to determine if a write-down to fair value is required. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization ceases while it is classified as held for sale. The indicators that we use to identify those events and circumstances include: ● the investee’s revenue and earnings trends relative to predefined milestones and overall business prospects; ● the general market conditions in the investee’s industry or geographic area, including regulatory or economic changes; ● factors related to the investee’s ability to remain in business, such as the investee’s liquidity, debt ratios, and the rate at which the investee is using its cash; and ● the investee’s receipt of additional funding at a lower valuation. If an investee obtains additional funding at a valuation lower than our carrying amount or a new round of equity funding is required for the investee to remain in business, and the new round of equity does not appear imminent, it is presumed that the investment is other than temporarily impaired, unless specific facts and circumstances indicate otherwise. |
Revenue and Cost Recognition | Revenue and Cost Recognition We recognize revenue when we satisfy performance obligations by the transfer of control of products or services to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. We recognize revenue from class 8 heavy duty truck sales to customers when we satisfy our performance obligation, at a point in time, when title to the truck is transferred to the customer and collection of cash is certain. Delivery or shipping charges billed to customers, if applicable, are included in product sales and the related shipping costs are included in cost of goods sold. We also recognize revenue from the rental of class 8 heavy-duty trucks to customers. Revenue from these truck rental agreements is recognized based upon the passage of time over the term of the arrangement once control of the underlying asset has been transferred to the customer. The arrangements require weekly payments, and the customer may cancel the agreement at any time by notifying the Company in writing at least 30 days before such termination. Revenue is recognized and related accounts receivable is recorded when the Company has transferred a good or service to a customer and our right to receive consideration is unconditional through the completion of our performance obligation. We had accounts receivable totaling $ 34,778 2,903 |
Right of Use Assets and Lease Liabilities | Right of Use Assets and Lease Liabilities In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASC 842). The standard requires lessees to recognize almost all leases on the balance sheet as a Right-of-Use (“ROU”) asset and a lease liability and requires leases to be classified as either an operating or a finance type lease. The standard excludes leases of intangible assets or inventory. The standard became effective for the Company beginning December 1, 2018. The Company adopted ASC 842 using the modified retrospective approach, by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under ASC 840. The Company elected the package of practical expedients permitted under the standard, which also allowed the Company to carry forward historical lease classifications. The Company also elected the practical expedient related to treating lease and non-lease components as a single lease component for all equipment leases as well as electing a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the ROU assets and lease liabilities. Under ASC 842, the Company determines if an arrangement is a lease at inception. Right-of-Use assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in determining the present value of lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the Company’s condensed consolidated balance sheets. The adoption did not impact the Company’s beginning retained earnings, or prior year consolidated statements of income and statements of cash flows. |
Property and Equipment, net | Property and Equipment, net Vehicles and equipment, net is reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. |
Income Taxes | Income Taxes The Company, a C-corporation, accounts for income taxes under ASC Topic 740 (SFAS No. 109). Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company adopted the provisions of FASB ASC 740-10 “ Uncertainty in Income Taxes” |
Net Loss Per Share | Net Loss Per Share The Company reports basic and diluted earnings per share (EPS) according to the provisions of ASC Topic 260, which requires the presentation of basic EPS and, for companies with complex capital structures, diluted EPS. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) available to common stockholders, adjusted by other changes in income or loss that would result from the assumed conversion of those potential common shares, by the weighted number of common shares and common share equivalents (unless their effect is antidilutive) outstanding. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive. Thus, these equivalents are not included in the calculation of diluted loss per share, resulting in basic and diluted loss per share being equal. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. Through the amendments in that Update, the Board added Topic 326, Financial Instruments— Credit Losses, and made several consequential amendments to the Codification. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company will adopt the new standard effective December 1, 2023 and does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated financial statements. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF COMPONENTS OF VEHICLES AND EQUIPMENT | The following table sets forth the components of the Company’s Vehicles and equipment at August 31, 2021 and November 30, 2020: SCHEDULE OF COMPONENTS OF VEHICLES AND EQUIPMENT August 31, 2021 November 30, 2020 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Machinery and equipment 6,932 (3,345 ) 3,587 6,432 (1,738 ) 4,694 Vehicles 950,111 (149,728 ) 800,383 711,164 (56,873 ) 654,291 Total property and equipment $ 957,043 $ (153,073 ) $ 803,970 $ 717,596 $ (58,611 ) $ 658,985 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
Leases | |
SCHEDULE OF OPERATING RIGHT-OF-USE ASSETS AND RELATED LEASE LIABILITIES | Information related to the Company’s operating right-of-use assets and related lease liabilities were as follows: SCHEDULE OF OPERATING RIGHT-OF-USE ASSETS AND RELATED LEASE LIABILITIES Cash paid for operating lease liabilities $ 20,625 Weighted-average remaining lease term (in years) 0.2 Weighted-average discount rate 10.0 % Minimum future lease payments 6,875 |
SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATION | The following table presents the Company’s future minimum lease obligation under ASC 840 as of November 30, 2020: SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATION 2021 fiscal year $ 27,500 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX EXPENSE (BENEFIT) | The following table sets forth a reconciliation of income tax expense (benefit) at the federal statutory rate to recorded income tax expense (benefit) for the three months ended August 31, 2021 and 2020: SCHEDULE OF INCOME TAX EXPENSE (BENEFIT) August 31, 2021 August 31, 2020 Tax provision (recovery) at effective tax rate ( 21% $ 72,915 $ (58,891 ) Change in valuation reserve (72,915 ) 58,891 Tax provision (recovery), net $ – $ – |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | Components of deferred tax assets and (liabilities) are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES August 31, 2021 November 30, 2020 Net operating loss carry forwards available at effective tax rate ( 21% $ 2,532,000 $ 2,532,000 Valuation Allowances (2,532,000 ) (2,532,000 ) Deferred Tax Asset $ – $ – |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS | Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed at November 30, 2020: SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative liabilities on conversion feature $ 1,592,017 $ – $ – $ 1,592,017 $ 1,592,017 Total derivative liabilities $ 1,592,017 $ – $ – $ 1,592,017 $ 1,592,017 Summary of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis Financial assets and liabilities measured at fair value on a recurring basis are summarized below and disclosed at August 31, 2021: Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Derivative liabilities on conversion feature $ 1,013,390 $ – $ – $ 1,013,390 $ 1,013,390 Total derivative liabilities $ 1,013,390 $ – $ – $ 1,013,390 $ 1,013,390 |
SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 FINANCIAL LIABILITIES | The table below provides a summary of the changes in fair value of derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended August 31, 2021: SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 FINANCIAL LIABILITIES Derivative Liabilities Fair value, November 30, 2020 $ 1,592,017 Additions 358,306 Relief from conversion of preferred stock (178,429 ) Change in fair value (758,504 ) Fair value, August 31, 2021 $ 1,013,390 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) | 9 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Entity incorporation, state or country code | NV |
Date of incorporation | May 2, 2002 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | |
Aug. 31, 2021 | Nov. 30, 2020 | |
Accounting Policies [Abstract] | ||
Federal deposit insurance corporation - insured, amount | $ 250,000 | |
Allowance for doubtful accounts | 0 | |
Accounts receivable | 36,030 | |
Write-down for slow moving or obsolete inventory | 0 | |
Accounts receivable | $ 34,778 | $ 2,903 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 15, 2016 | Aug. 31, 2021 | Nov. 30, 2016 | Nov. 30, 2020 |
Related Party Transaction [Line Items] | ||||
Debt face amount | $ 78,700 | |||
Payless Truckers, Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt face amount | 2,173 | |||
Proceeds from related party debt | 148,526 | |||
Financing fees | $ 11,134 | |||
Payless Truckers, Inc [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest rate | 35.00% | |||
Payless Truckers, Inc [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest rate | 40.00% | |||
Arthur Viola [Member] | ||||
Related Party Transaction [Line Items] | ||||
Monthly rent expense | $ 2,100 | |||
Related party transaction expenses | $ 10,200 | |||
Salary received during period | 175,000 | |||
Unpaid accrued compensation | 672,284 | $ 541,034 | ||
Arthur Viola [Member] | Convertible Promissory Note Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt face amount | $ 685,000 | |||
Debt instrument, maturity date | Dec. 15, 2018 | |||
Interest rate | 10.00% | |||
Debt instrument, description | Mr. Viola has the option to convert any portion of the unpaid principal balance into the Company’s common stock at a discount to market of 50% at any time. No repayment or conversion of the note occurred as of August 31, 2021, and no notice of default has been issued. | |||
Brother of Payless [Member] | Sales Commissions [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party debt | 36,500 | |||
Brother of Payless [Member] | Shop Work [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party debt | $ 21,549 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss attributable to common stockholders | $ (97,102) | $ (1,008,885) | $ 1,009 | $ 823,153 | |
Outstanding indebtedness, net of discounts | 1,928,991 | 1,928,991 | |||
Cash | $ 294,733 | $ 294,733 | $ 200,858 |
SCHEDULE OF COMPONENTS OF VEHIC
SCHEDULE OF COMPONENTS OF VEHICLES AND EQUIPMENT (Details) - USD ($) | Aug. 31, 2021 | Nov. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 957,043 | $ 717,596 |
Accumulated Depreciation | (153,073) | (58,611) |
Net Book Value | 803,970 | 658,985 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 6,932 | 6,432 |
Accumulated Depreciation | (3,345) | (1,738) |
Net Book Value | 3,587 | 4,694 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 950,111 | 711,164 |
Accumulated Depreciation | (149,728) | (56,873) |
Net Book Value | $ 800,383 | $ 654,291 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 9 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 117,022 | $ 37,533 |
SCHEDULE OF OPERATING RIGHT-OF-
SCHEDULE OF OPERATING RIGHT-OF-USE ASSETS AND RELATED LEASE LIABILITIES (Details) | 9 Months Ended |
Aug. 31, 2021USD ($) | |
Leases | |
Cash paid for operating lease liabilities | $ 20,625 |
Weighted-average remaining lease term (in years) | 2 months 12 days |
Weighted-average discount rate | 10.00% |
Minimum future lease payments | $ 6,875 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE OBLIGATION (Details) | Nov. 30, 2020USD ($) |
Leases | |
2021 fiscal year | $ 27,500 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 9 Months Ended | |
Aug. 31, 2021 | Nov. 30, 2020 | |
Leases | ||
Right-of-use assets | $ 6,248 | |
Lease liabilities | 6,248 | $ 24,993 |
Total lease costs | $ 43,895 |
SCHEDULE OF INCOME TAX EXPENSE
SCHEDULE OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Tax provision (recovery) at effective tax rate (21%) | $ 72,915 | $ (58,891) | ||
Change in valuation reserve | (72,915) | 58,891 | ||
Tax provision (recovery), net |
SCHEDULE OF INCOME TAX EXPENS_2
SCHEDULE OF INCOME TAX EXPENSE (BENEFIT) (Details) (Parenthetical) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Aug. 31, 2021 | Nov. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards available at effective tax rate (21%) | $ 2,532,000 | $ 2,532,000 |
Valuation Allowances | (2,532,000) | (2,532,000) |
Deferred Tax Asset |
SCHEDULE OF DEFERRED TAX ASSE_2
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) (Parenthetical) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Net operating loss carry forward | $ 12,100,000 | $ 12,100,000 | ||
Federal income tax expiration, description | expire at various dates through 2039 | |||
Effective income tax rate, percentage | 21.00% | 21.00% | 21.00% | 21.00% |
Valuation allowances of deferred tax assets | $ 2,532,000 | $ 2,532,000 | $ 2,532,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jun. 21, 2021 | May 28, 2021 | Jul. 22, 2019 | Feb. 14, 2019 | Oct. 15, 2018 | Nov. 23, 2016 | Dec. 30, 2015 | Aug. 31, 2015 | Aug. 31, 2021 | Nov. 30, 2020 | Jan. 21, 2016 |
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal value | $ 78,700 | ||||||||||
Debt Instrument, Increase, Accrued Interest | 97,944 | ||||||||||
Note payable net of loan discounts | $ 907,807 | $ 835,734 | |||||||||
Secured Promissory Notes [Member] | Individual Lenders [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 30.00% | ||||||||||
Debt Instrument, Term | 48 months | ||||||||||
Secured Promissory Notes [Member] | Lenders [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes Payable | $ 479,297 | ||||||||||
Principal and Interest | 18,183 | ||||||||||
Note payable net of loan discounts | $ 143,113 | ||||||||||
Common Stock [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 177,538,569 | ||||||||||
Convertible Note Agreement [Member] | LG Capital [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal value | $ 75,000 | ||||||||||
Debt interest rate | 8.00% | ||||||||||
Debt instrument maturity date | Feb. 28, 2016 | ||||||||||
Notes Payable | $ 55,224 | ||||||||||
Convertible Note Agreement [Member] | LG Capital [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0003 | ||||||||||
Convertible Note Agreement [Member] | LG Capital [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0008 | ||||||||||
Convertible Note Agreement [Member] | LG Capital [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0 | ||||||||||
Convertible Note Agreement [Member] | LG Capital [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 1.95 | ||||||||||
Convertible Note Agreement [Member] | LG Capital [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 2.36 | ||||||||||
Convertible Note Agreement [Member] | Auctus Private Equity Fund LLC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal value | $ 61,000 | $ 130,000 | |||||||||
Debt interest rate | 12.00% | 10.00% | |||||||||
Debt instrument maturity date | Aug. 23, 2017 | Sep. 30, 2016 | |||||||||
Notes Payable | 98,459 | ||||||||||
Convertible Note Agreement [Member] | Auctus Private Equity Fund LLC [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0003 | 0.0003 | |||||||||
Convertible Note Agreement [Member] | Auctus Private Equity Fund LLC [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0016 | 0.0016 | |||||||||
Convertible Note Agreement [Member] | Auctus Private Equity Fund LLC [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0 | 0 | |||||||||
Convertible Note Agreement [Member] | Auctus Private Equity Fund LLC [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 2.08 | 2.08 | |||||||||
Convertible Note Agreement [Member] | Auctus Private Equity Fund LLC [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 2.69 | 2.69 | |||||||||
Convertible Note Agreement [Member] | John De La Cross Capital Partners Inc., [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal value | $ 8,000 | ||||||||||
Debt interest rate | 5.00% | ||||||||||
Notes Payable | 4,000 | ||||||||||
Convertible Note Agreement [Member] | John De La Cross Capital Partners Inc., [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0003 | ||||||||||
Convertible Note Agreement [Member] | John De La Cross Capital Partners Inc., [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0016 | ||||||||||
Convertible Note Agreement [Member] | John De La Cross Capital Partners Inc., [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0 | ||||||||||
Convertible Note Agreement [Member] | John De La Cross Capital Partners Inc., [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 2.08 | ||||||||||
Convertible Note Agreement [Member] | John De La Cross Capital Partners Inc., [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 2.69 | ||||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal value | $ 75,250 | $ 57,750 | $ 350,000 | 42,743 | |||||||
Debt interest rate | 12.00% | 12.00% | 12.00% | ||||||||
Debt instrument maturity date | Apr. 22, 2020 | Nov. 14, 2019 | Jul. 15, 2019 | ||||||||
Notes Payable | 350,000 | ||||||||||
Debt Instrument, Increase, Accrued Interest | $ 44,243 | ||||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | Common Stock [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 80,734,700 | ||||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0176 | 0.0253 | 0.0267 | ||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0.0195 | 0.02540 | 0.0270 | ||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 0 | 0 | 0 | ||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 13.13 | 3.09 | 3.90 | ||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument measurement input, percentage | 14.67 | 3.39 | 4.23 | ||||||||
Convertible Note Agreement [Member] | Auctus Private Equity Fund LLC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes Payable | $ 0 | ||||||||||
Convertible Note Agreement [Member] | Auctus Fund LLC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes Payable | 17,257 | ||||||||||
Convertible Note Agreement Two [Member] | Auctus Fund LLC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes Payable | 75,250 | ||||||||||
Sale and Purchase Agreements [Member] | Sutton Funding [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal value | 91,997 | ||||||||||
Sale of future receivable | $ 210,000 | ||||||||||
Purchase price | 150,000 | ||||||||||
Principal and Interest | $ 1,591 | ||||||||||
Cash Advance Agreement [Member] | Consistent Funding [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal value | $ 72,507 | ||||||||||
Sale of future receivable | $ 142,000 | ||||||||||
Purchase price | 100,000 | ||||||||||
Principal and Interest | $ 1,076 |
SUMMARY OF FAIR VALUE OF FINANC
SUMMARY OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) | Aug. 31, 2021 | Nov. 30, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | $ 1,013,390 | $ 1,592,017 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | 1,013,390 | 1,592,017 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | 1,013,390 | 1,592,017 |
Derivative Liabilities on Conversion Feature [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | 1,013,390 | 1,592,017 |
Derivative Liabilities on Conversion Feature [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | 1,013,390 | 1,592,017 |
Derivative Liabilities on Conversion Feature [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | ||
Derivative Liabilities on Conversion Feature [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | ||
Derivative Liabilities on Conversion Feature [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative liabilities | $ 1,013,390 | $ 1,592,017 |
SUMMARY OF CHANGES IN FAIR VALU
SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 FINANCIAL LIABILITIES (Details) | 9 Months Ended |
Aug. 31, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value, beginning balance | $ 1,592,017 |
Additions | 358,306 |
Relief from conversion of preferred stock | (178,429) |
Change in fair value | (758,504) |
Fair value, ending balance | $ 1,013,390 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Fair value of derivative liability | $ 1,013,390 | $ 1,013,390 | $ 1,592,017 | ||
Gain (loss) on change in derivative liabilities | $ 334,197 | $ 1,331,276 | $ 758,504 | $ 233,727 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) | Aug. 25, 2021USD ($)shares | Aug. 09, 2021USD ($)shares | Jul. 26, 2021USD ($)shares | Jul. 20, 2021USD ($)shares | Jul. 18, 2021USD ($)shares | Jul. 14, 2021USD ($)shares | Jul. 08, 2021USD ($)shares | Jun. 28, 2021USD ($)shares | Jun. 24, 2021USD ($)shares | Jun. 15, 2021shares | Jun. 08, 2021USD ($)shares | May 27, 2021USD ($) | May 27, 2021shares | May 26, 2021USD ($)shares | May 25, 2021USD ($)shares | May 24, 2021USD ($)shares | May 20, 2021USD ($)shares | May 12, 2021USD ($)shares | May 04, 2021USD ($)shares | Apr. 19, 2021USD ($)shares | Apr. 08, 2021USD ($)shares | Mar. 16, 2021USD ($)shares | Mar. 02, 2021USD ($)shares | Feb. 23, 2021shares | Jan. 13, 2021USD ($)shares | Jan. 11, 2021USD ($)shares | Jan. 08, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 09, 2020USD ($)shares | Dec. 02, 2020USD ($)shares | Feb. 24, 2020Trading$ / sharesshares | Aug. 31, 2021USD ($)$ / sharesshares | Aug. 31, 2021USD ($)$ / sharesshares | Aug. 31, 2020USD ($) | Nov. 30, 2020$ / sharesshares |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 50,100,000 | 50,100,000 | 50,100,000 | ||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||
Temporary equity, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||
Shares redeemed, value | $ | $ (22,524) | $ (22,524) | |||||||||||||||||||||||||||||||||
Deemed dividends related to conversion feature of preferred stock | $ | $ 68,296 | $ 411,778 | |||||||||||||||||||||||||||||||||
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 | ||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||
Common stock, shares issued | 602,493,656 | 602,493,656 | 241,774,989 | ||||||||||||||||||||||||||||||||
Common stock, shares outstanding | 602,493,656 | 602,493,656 | 241,774,989 | ||||||||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 28,635,500 | 27,274,500 | 24,824,700 | 7,531,579 | 16,736,842 | 18,794,702 | 22,751,590 | 3,827,162 | 21,488,300 | 10,095,238 | 18,237,500 | 17,370,578 | 16,545,100 | 15,758,699 | 15,009,797 | 12,434,783 | |||||||||||||||||||
Shares issued for conversion of debt | $ | $ 28,636 | $ 30,547 | $ 27,804 | $ 14,310 | $ 31,800 | $ 15,788 | $ 17,746 | $ 16,761 | $ 18,956 | $ 20,791 | $ 22,324 | $ 19,854 | $ 19,383 | $ 18,462 | $ 46,110 | $ 179,246 | |||||||||||||||||||
Shares issued for conversion of debt, shares | 5,000,000 | ||||||||||||||||||||||||||||||||||
Two Contractors [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 5,763,581 | ||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||
Preferred stock, shares issued | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Arthur Viola [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred stock voting rights | owns 100,000 shares of super voting preferred stock entitling him to vote sixty-six and two-thirds percent (66.67%) of the common stock shares in any common stock vote. | ||||||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred stock, shares issued | 211,000 | 211,000 | 125,600 | ||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 211,000 | 211,000 | 125,600 | ||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock, shares authorized | 1,000,000 | ||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock, stated value | $ / shares | $ 1 | ||||||||||||||||||||||||||||||||||
Temporary equity, par value | $ / shares | $ 0.001 | ||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock, annual cumulative dividend percentage | 10.00% | ||||||||||||||||||||||||||||||||||
Debt closing price percentage | 35.00% | ||||||||||||||||||||||||||||||||||
Debt trading days | Trading | 20 | ||||||||||||||||||||||||||||||||||
Series B Preferred Stock [Member] | Series B Preferred Stock Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Derivative liability | $ | $ 88,694 | ||||||||||||||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 10,095,238 | 19,147,500 | 7,571,429 | 11,081,818 | 7,227,273 | 7,420,000 | |||||||||||||||||||||||||||||
Shares issued for conversion of debt | $ | $ 21,200 | $ 21,200 | $ 15,900 | $ 21,200 | $ 24,380 | $ 15,900 | $ 8,580 | $ 13,356 | |||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 10,095,238 | ||||||||||||||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Geneva Roth Remark Holdings, Inc. [Member] | Series B Preferred Stock Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock, annual cumulative dividend percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||||||||||||||||||||
Number of shares sold | 58,750 | 53,750 | 55,000 | 43,500 | 43,500 | 53,500 | |||||||||||||||||||||||||||||
Number of shares sold value | $ | $ 55,000 | $ 50,000 | $ 51,250 | $ 40,000 | $ 40,000 | $ 50,000 | |||||||||||||||||||||||||||||
Derivative liability | $ | $ 72,325 | $ 43,990 | $ 46,771 | $ 55,774 | $ 50,753 | ||||||||||||||||||||||||||||||
Shares redeemed, shares | 53,500 | ||||||||||||||||||||||||||||||||||
Shares redeemed, value | $ | $ 79,234 | ||||||||||||||||||||||||||||||||||
Deemed dividends related to conversion feature of preferred stock | $ | $ 22,524 |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 9 Months Ended |
Aug. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of business segment | 1 |
REVENUE RECOGNITION (Details Na
REVENUE RECOGNITION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Sales revenue | $ 1,189,371 | $ 800,682 | $ 3,544,792 | $ 2,891,993 |
Revenue termination description | The arrangements require weekly payments, and the customer may cancel the agreement at any time by notifying the Company in writing at least 30 days before such termination. | |||
Refurbished Trucks [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales revenue | 952,231 | 688,932 | $ 2,885,121 | 2,570,250 |
Rental Trucks [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales revenue | 215,227 | 102,930 | 625,873 | 298,255 |
Repair [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales revenue | $ 21,913 | $ 8,820 | $ 33,798 | $ 23,488 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Sep. 09, 2021 | Sep. 03, 2021 | Sep. 02, 2021 | Aug. 25, 2021 | Aug. 09, 2021 | Jul. 26, 2021 | Jul. 20, 2021 | Jul. 18, 2021 | Jul. 08, 2021 | Jun. 24, 2021 | Jun. 15, 2021 | Jun. 08, 2021 | May 27, 2021 | May 27, 2021 | May 26, 2021 | May 25, 2021 | May 24, 2021 | May 12, 2021 | May 04, 2021 | Apr. 19, 2021 | Apr. 08, 2021 | Mar. 16, 2021 | Jan. 13, 2021 | Jan. 11, 2021 | Jan. 08, 2021 | Dec. 09, 2020 | Dec. 02, 2020 | Aug. 31, 2021 | Aug. 31, 2021 |
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 28,635,500 | 27,274,500 | 24,824,700 | 7,531,579 | 16,736,842 | 18,794,702 | 22,751,590 | 3,827,162 | 21,488,300 | 10,095,238 | 18,237,500 | 17,370,578 | 16,545,100 | 15,758,699 | 15,009,797 | 12,434,783 | |||||||||||||
Shares issued for conversion of debt | $ 28,636 | $ 30,547 | $ 27,804 | $ 14,310 | $ 31,800 | $ 15,788 | $ 17,746 | $ 16,761 | $ 18,956 | $ 20,791 | $ 22,324 | $ 19,854 | $ 19,383 | $ 18,462 | $ 46,110 | $ 179,246 | |||||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 10,095,238 | 19,147,500 | 7,571,429 | 11,081,818 | 7,227,273 | 7,420,000 | |||||||||||||||||||||||
Shares issued for conversion of debt | $ 21,200 | $ 21,200 | $ 15,900 | $ 21,200 | $ 24,380 | $ 15,900 | $ 8,580 | $ 13,356 | |||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 18,320,200 | ||||||||||||||||||||||||||||
Shares issued for conversion of debt | $ 18,320 | $ 19,610 | |||||||||||||||||||||||||||
Subsequent Event [Member] | Series B Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||
Shares issued for conversion of debt, shares | 11,535,294 | 15,588,235 | |||||||||||||||||||||||||||
Shares issued for conversion of debt | $ 26,500 |