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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Taxes |
Income Taxes | 10. Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended December 31, 2021 and 2020. The significant components of net deferred tax assets at December 31, 2021 and 2020 were as follows:
|  | 2021 |  |  | 2020 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carry forward |  | $ | 4,796,000 |  |  | $ | 3,984,500 |
Mineral properties |  |  | 241,300 |  |  |  | 201,200 |
Asset retirement obligation |  |  | 4,600 |  |  |  | 8,400 |
Stock based compensation |  |  | 503,400 |  |  |  | 219,000 |
Other |  |  | 16,800 |  |  |  | 14,800 |
Total deferred tax assets |  |  | 5,562,100 |  |  |  | 4,427,900 |
Valuation allowance |  |  | (4,017,800 | ) |  |  | (3,286,100 | )
|  |  | 1,544,300 |  |  |  | 1,141,800 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (1,544,300 | ) |  |  | (1,141,800 | )
Total deferred tax liabilities |  |  | (1,544,300 | ) |  |  | (1,141,800 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
At December 31, 2021 and 2020, the Company had net deferred tax assets principally arising from the net operating loss carryforward for income tax purposes. 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, 2021 and 2020. At December 31, 2021 the Company had net operating loss carry forwards of approximately $18,118,000 for both federal and state purposes, $11,100,000 of which expire between 2021 through 2037. The remaining balance of $7,018,000 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, 2021 and 2020 differ from the statutory rate of 21% as follows:
|  | 2021 |  |  | 2020 |
Provision (benefit) at statutory rate for the period |  | $ | (683,600 | ) |  | $ | (155,400 | )
State taxes, net of federal taxes |  |  | (178,200 | ) |  |  | (43,300 | )
Non-taxable item-CARES Act loan forgiven |  |  | - |  |  |  | (96,200 | )
Change in rate reconciliation |  |  | 57,000 |  |  |  | - |
Adjustment of prior year tax estimates |  |  | 73,100 |  |  |  | (5,800 | )
Increase (decrease) in valuation allowance |  |  | 731,700 |  |  |  | 300,250 |
Total provision (benefit) |  | $ | - |  |  | $ | - |
The Company is open to examination of our income tax filings in the United States and state jurisdictions for the 2019 through 2021 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. The Company has reviewed its tax positions and believes it has not taken a position that would not be sustained under examination.

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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&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 https://asc.fasb.org/extlink&oid=121826272&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 https://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 https://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 https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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