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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Income Taxes | 10. Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended December 31, 2023 and 2022. The significant components of net deferred tax assets at December 31, 2023 and 2022 were as follows:
|  | 2023 |  |  | 2022 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carry forwards |  | $ | 5,205,300 |  |  | $ | 5,315,200 |
Mineral properties |  |  | 222,300 |  |  |  | 235,500 |
Asset retirement obligation |  |  | 9,100 |  |  |  | - |
Stock based compensation |  |  | 629,000 |  |  |  | 629,000 |
Other |  |  | 24,500 |  |  |  | 25,600 |
Total deferred tax assets |  |  | 6,090,200 |  |  |  | 6,205,300 |
Valuation allowance |  |  | (4,506,700 | ) |  |  | (4,999,500 | )
|  |  | 1,583,500 |  |  |  | 1,205,800 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (1,583,500 | ) |  |  | (1,204,300 | )
Asset retirement obligation |  |  | - |  |  |  | (1,500 | )
Total deferred tax liabilities |  |  | (1,583,500 | ) |  |  | (1,205,800 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
At December 31, 2023 and 2022, 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, 2023 and 2022. At December 31, 2023, the Company had net operating loss carry forwards of approximately $20,348,000 for both federal and state purposes, $10,670,000 of which expire between 2023 through 2037. The remaining balance of $9,678,000 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, 2023 and 2022 differ from the statutory rate of 21% as follows:
|  | 2023 |  |  | 2022 |
Provision (benefit) at statutory rate for the period |  | $ | 225,400 |  |  | $ | (552,500 | )
State taxes, net of federal taxes |  |  | 49,200 |  |  |  | (144,000 | )
Change in state tax rate |  |  | - |  |  |  | 173,700 |
Adjustment of prior year tax estimates |  |  | 218,200 |  |  |  | (458,900 | )
Increase (decrease) in valuation allowance |  |  | (492,800 | ) |  |  | 981,700 |
Total provision (benefit) |  | $ | - |  |  | $ | - |
The Company is open to examination of our income tax filings in the United States and state jurisdictions for the 2021 through 2023 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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