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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
The current and deferred income tax provision for the years ended December 31, 2023 and 2022 were comprised of the following: | The current and deferred income tax provision for the years ended December 31, 2023 and 2022 were comprised of the following:
|  |  | 2023 |  |  |  | 2022 |
Current |  | $ | (132,192 | ) |  | $ | 208,898 |
Deferred |  |  | — |  |  |  | — |
Income tax provision |  | $ | (132,192 | ) |  | $ | 208,898 |
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 net tax position as of December 31, 2023 and 2022 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 net tax position as of December 31, 2023 and 2022 is as follows:
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Loss carry-forwards |  | $ | 6,269,503 |  |  | $ | 4,789,586 |
Right of use assets |  |  | — |  |  |  | 7,341 |
Stock option grants |  |  | 2,022,184 |  |  |  | 1,369,105 |
Asset retirement obligation |  |  | 7,433,670 |  |  |  | 6,616,407 |
Other |  |  | 526,873 |  |  |  | 436,477 |
Total deferred tax assets |  |  | 16,252,230 |  |  |  | 13,218,916 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Oil and Gas Properties |  |  | (7,327,620 | ) |  |  | (5,552,159 | )
Other property and equipment |  |  | (123,915 | ) |  |  | (171,650 | )
Derivatives |  |  | (104,956 | ) |  |  | (31,369 | )
Lease liabilities |  |  | (25,133 | ) |  |  | — |
Other |  |  | — |  |  |  | (69,688 | )
Total deferred tax liabilities |  |  | (7,581,624 | ) |  |  | (5,824,866 | )
Net deferred tax asset before valuation allowance |  |  | 8,670,606 |  |  |  | 7,394,050 |
Valuation allowance |  |  | (8,670,606 | ) |  |  | (7,394,050 | )
Net deferred taxes |  | $ | — |  |  | $ | — |
Reconciliations of the tax provision (benefit) computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2023 and 2022 are as follows: | Reconciliations of the tax provision (benefit) computed at the statutory federal rate to the Company’s total income tax benefit for the years ended December 31, 2023 and 2022 are as follows:
|  | 2023 |  |  | 2022 |
|  | $ |  |  | % |  |  | $ |  |  | % |
Provision (benefit) at statutory rate |  |  | (2,646,378 | ) |  |  | 21.0% |  |  |  | 1,531,536 |  |  |  | 21.0% |
State Taxes (net of federal impact) |  |  | (598,191 | ) |  |  | 4.7% |  |  |  | 350,632 |  |  |  | 4.9% |
Nondeductible Expenses |  |  | 31,037 |  |  |  | -0.2% |  |  |  | 21,052 |  |  |  | 0.3% |
Return to Accrual |  |  | (72,448 | ) |  |  | 0.6% |  |  |  | (2,135,704 | ) |  |  | -29.3% |
NOLs Expected to Expire Unused Due to Section 382 Limitation |  |  | 1,877,230 |  |  |  | -14.9% |  |  |  | — |  |  |  | 0.0% |
Valuation Allowance |  |  | 1,276,558 |  |  |  | -10.1% |  |  |  | 441,382 |  |  |  | 6.1% |
Income tax provision (benefit) |  |  | (132,192 | ) |  |  | 1.0% |  |  |  | 208,898 |  |  |  | 2.9% |

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- 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 -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3 + Details
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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 + Details
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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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