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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of Deferred Tax Assets and Liabilities

		2022				2021
Deferred tax assets
Net operating loss carry forward		$	5,315,200			$	4,796,000
Mineral properties			235,500				241,300
Asset retirement obligation			-				4,600
Stock based compensation			629,000				503,400
Other			25,600				16,800
Total deferred tax assets			6,205,300				5,562,100
Valuation allowance			(4,999,500	)			(4,017,800	)
			1,205,800				1,544,300
Deferred tax liabilities
Property, plant, and equipment			(1,204,300	)			(1,544,300	)
Asset retirement obligation			(1,500	)			-
Total deferred tax liabilities			(1,205,800	)			(1,544,300	)
Net deferred tax assets		$	-			$	-

Schedule of income tax provision

		2022				2021
Provision (benefit) at statutory rate for the period		$	(552,500	)		$	(683,600	)
State taxes, net of federal taxes			(144,000	)			(178,200	)
Change in state tax rate			173,700				57,000
Adjustment of prior year tax estimates			(458,900	)			73,100
Increase (decrease) in valuation allowance			981,700				731,700
Total provision (benefit)		$	-			$	-

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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