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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Deferred Tax Assets and Liabilities

		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		$	-			$	-

Schedule of income tax provision

		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)		$	-			$	-

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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