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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Income Taxes | 10. Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended December 31, 2024 and 2023. The significant components of net deferred tax assets at December 31, 2024 and 2023 were as follows:
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Net operating loss carry forwards |  | $ | 3,661,000 |  |  | $ | 5,205,300 |
Mineral properties |  |  | 201,100 |  |  |  | 222,300 |
Asset retirement obligation |  |  | 16,000 |  |  |  | 9,100 |
Stock based compensation |  |  | 629,000 |  |  |  | 629,000 |
Other |  |  | 26,500 |  |  |  | 24,500 |
Total deferred tax assets |  |  | 4,533,600 |  |  |  | 6,090,200 |
Valuation allowance |  |  | (3,176,700 | ) |  |  | (4,506,700 | )
|  |  | 1,356,900 |  |  |  | 1,583,500 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (1,356,900 | ) |  |  | (1,583,500 | )
Asset retirement obligation |  |  | - |  |  |  | - |
Total deferred tax liabilities |  |  | (1,356,900 | ) |  |  | (1,583,500 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
At December 31, 2024 and 2023, 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, 2024, the Company had net operating loss carry forwards of approximately $14,311,000 for federal purposes, $4,684,000 which expire between 2030 through 2038. At December 31, 2024, the Company had net operating loss carry forwards of approximately $12,001,000 for state purposes, which expire between 2030 and 2042. The remaining balance of $9,627,000 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, 2024 and 2023 differ from the statutory rate of 21% as follows:
|  | 2024 |  |  | 2023 |
Provision (benefit) at statutory rate for the period |  | $ | 1,838,200 |  |  | $ | 225,400 |
State taxes, net of federal taxes |  |  | 401,000 |  |  |  | 49,200 |
Taxable grant income |  |  | 106,900 |  |  |  | - |
Adjustment of prior year tax estimates |  |  | (60,900 | ) |  |  | 218,200 |
Non-deductible items |  |  | 3,400 |  |  |  | - |
Depletion |  |  | (958,600 | ) |  |  | - |
Increase (decrease) in valuation allowance |  |  | (1,330,000 | ) |  |  | (492,800 | )
Total provision (benefit) |  | $ | - |  |  | $ | - |
The Company is open to examination of its income tax filings in the United States and state jurisdictions for the 2022 through 2024 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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