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10. Income Taxes | 12 Months Ended
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Dec. 31, 2020
Notes |
10. Income Taxes | 10. Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended December 31, 2020 and 2019. At December 31, 2020 and 2019, the Company had net deferred tax assets principally arising from the net operating loss carryforward for income tax purposes multiplied by an expected blended federal and state tax rate of 26.9%. 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 100% of the net deferred tax asset exists at December 31, 2020 and 2019. The significant components of net deferred tax assets at December 31, 2020 and 2019 were as follows:
|  | 2020 |  | 2019
Deferred tax assets |  |  |  |
Net operating loss carry forward | $ | 3,984,500 | $ | 3,420,600
Mineral properties |  | 201,200 |  | 304,300
Asset retirement obligation |  | 8,400 |  | 5,800
Stock based compensation |  | 219,000 |  | 219,000
Other |  | 14,800 |  | 11,200
Total deferred tax assets |  | 4,427,900 |  | 3,960,900
Valuation allowance |  | (3,286,100) |  | (2,985,400)
|  | 1,141,800 |  | 975,500
Deferred tax liabilities |  |  |  |
Property, plant, and equipment |  | (1,141,800) |  | (975,500)
Total deferred tax liabilities |  | (1,141,800) |  | (975,500)
Net deferred tax assets | $ | - | $ | -
At December 31, 2020 the Company had net operating loss carry forwards of approximately $14,450,000 for both federal and state purposes, $11,100,000 of which expire between 2021 through 2037. The remaining balance of $3,350,000 will never expire but its utilization is limited to 80% of taxable income in any future year. The income tax provision (benefit) for the years ended December 31, 2020 and 2019 differ from the statutory rate of 21% as follows:
|  | 2020 |  | 2019
Provision (benefit) at statutory rate for the period | $ | (155,400) | $ | (152,600)
State taxes, net of federal taxes |  | (43,300) |  | (42,500)
Non-taxable item-CARES Act loan forgiven |  | (96,200) |  | -
Adjustment of prior year tax estimates |  | (5,800) |  | 3,850
Increase (decrease) in valuation allowance |  | 300,700 |  | 191,250
Total provision (benefit) | $ | - | $ | -
The Company is open to examination of our income tax filings in the United States and state jurisdictions for the 2018 through 2020 tax years. Tax attributes from years prior to that can be adjusted as a result of examinations. 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.

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- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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