XML 82 R16.htm IDEA: XBRL DOCUMENT
v2.4.1.9

10. Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2014
Notes |
10. Income Taxes | 10. Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended December 31, 2014 and 2013. At December 31, 2014 and 2013, the Company had deferred tax assets principally arising from the net operating loss carry forwards for income tax purposes multiplied by an expected rate of 40%. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax assets, a valuation allowance equal to the deferred tax asset has been established at December 31, 2014 and December 31, 2013. The significant components of the deferred tax asset at December 31, 2014 and 2013 were as follows:
|  | December 31, |  | December 31,
|  | 2014 |  | 2013
Deferred tax asset |  |  |  |
Net operating loss carry forward | $ | 3,995,000 | $ | 3,546,000
Exploration/development |  | 834,000 |  | 746,000
Asset retirement obligation/accrual |  | 9,000 |  |
Lease income |  | 23,000 |  | 19,000
Acquisition of mineral interest |  | (90,000) |  |
Total deferred tax assets |  | 4,771,000 |  | 4,311,000
Valuation allowance |  | (4,171,000) |  | (3,778,000)
Net |  | 600,000 |  | 533,000
Deferred tax liabilities |  |  |  |
Property, plant, and equipment |  | (600,000) |  | (533,000)
Total deferred tax liabilities |  | (600,000) |  | (533,000)
Net deferred tax asset | $ | 0 | $ | 0
At December 31, 2014 and 2013 the Company had net operating loss carry forwards of approximately $9,987,000 and $8,865,000 respectively for both federal and the state of Idaho, which expire in the years 2017 through 2033. The income tax benefit shown in the financial statements for the years ended December 31, 2013 and 2012 differs from the statutory rate as follows:
|  | December 31, 2014 |  | December 31, 2013
Provision (benefit) at statutory rate |  | $ | (499,000) |  | $ | (348,000)
State taxes, net of federal taxes |  |  | (71,000) |  |  | (37,000)
Affect prior year restatement/adjustments |  |  | 177,000 |  |  |
Increase (decrease) in valuation allowance |  |  | 393,000 |  |  | 385,000
Total provision (benefit) |  | $ | 0 |  | $ | 0
We are open to examination of our income tax filings in the United States and state jurisdictions for the 2012 through 2014 tax years. In the event that the Company is assessed penalties and or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. Certain tax positions taken in the 2012 through 2014 tax years could result in minor adjustments to our exploration and development costs for tax purposes. However, these adjustments would not result in a tax provision, but only revise to the net operating loss carry forward balance.

X
- Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration