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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of Deferred Tax Assets and Liabilities

		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		$	-			$	-

Schedule of income tax provision

		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)		$	-			$	-

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- References

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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