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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

The current income tax provision and deferred income tax provision for the years ended December 31, 2021 and 2020 were comprised for the following:

The current income tax provision and deferred income tax provision for the years ended December 31, 2021 and 2020 were comprised for the following:

		2021				2020
Expected tax benefit		$	(4,802,660	)		$	(4,343,542	)
Nondeductible expenses			3,503,996				0
Increase in valuation allowance			1,298,664				4,343,542
Tax provision (benefit) as reported		$	—			$	—

Deferred tax assets and liabilities are the result of temporary differences between the financial statement carrying values and the tax basis of assets and liabilities. The Company’s nettax position as of December 31, 2021 and 2020 is as follows :

Deferred tax assets and liabilities are the result of temporary differences between the financial statement carrying values and the tax basis of assets and liabilities. The Company’s nettax position as of December 31, 2021 and 2020 is as follows :

		2021				2020
Deferred tax assets (liabilities):
Loss carry-forwards		$	5,341,256			$	4,071,054
Depreciation, depletion and impairment			1,239,723				2,696,706
Right of use assets			8,036				—
Stock option grants			796,188				—
Other property and equipment			(459,745	)			—
Unrecognized losses on derivatives			27,210				1,207
Total deferred tax assets			6,952,668				6,768,967
Valuation allowance			(6,952,668	)			(6,768,967	)
Net deferred taxes		$	—			$	—

Reconciliations of the tax expense (benefit) computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2021 and 2020 are as follows:

Reconciliations of the tax expense (benefit) computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2021 and 2020 are as follows:

		2021								2020
			$				%				$				%
Pretax GAAP Loss			(18,614,962	)			—				(16,835,434	)			—
Pretax GAAP Loss at Statutory Rate			(3,909,142	)			21.0%				(3,535,441	)			21.0%
State Taxes			(893,518	)			4.8%				(808,101	)			4.8%
Nondeductible Expenses			3,503,996				-18.8%				—				0%
Valuation Allowance			1,298,664				-7.0%				4,343,542				-25.8%
Effective			—				0%				—				0%

X

- Definition

Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(h)(2))
-URI http://asc.fasb.org/extlink&oid=123726495&loc=d3e600178-122990

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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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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