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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax

Income tax benefit using the Company’s effective income tax rate differs from the U.S. federal statutory income tax rate due to the following:

		2019				2018
		(in thousands)
Income tax benefit at federal statutory rate		$	(115	)		$	218
State income tax benefit, net of federal impact			(32	)			37
Change in state tax rate, net of federal benefit			331				(435	)
Change in value of warrant			(74	)			163
Effect of Section 382 limitation			-				(1,303	)
Percentage depletion carryover			9				4
Prior year true up			52				451
Other			23				50
Decrease in valuation allowance			(194	)			815
Income tax benefit (expense)		$	-			$	-

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows:

		2019				2018
		(in thousands)
Deferred tax assets:
Net operating loss carryover (1)		$	4,098			$	3,594
Property and equipment			3,468				4,306
Percentage depletion and contribution carryovers (1)			1,833				1,721
Alternative minimum tax credit carryover (1)			42				42
Equity method investment and other			615				592
Deferred compensation liability			41				9
Asset retirement obligations			181				221
Stock-based compensation			68				61
Lease obligations			44				-
Total deferred tax assets			10,390				10,546
Deferred tax liabilities:
Property and equipment			-				-
Lease assets			(40	)			-
Other			-				-
Total deferred tax liabilities			(40	)			-
Net deferred tax assets			10,350				10,546
Less valuation allowance			(10,350	)			(10,546	)
Net deferred tax asset		$	-			$	-

⁽¹⁾ In December 2017, the Company paid down debt through the issuance of common stock. This issuance represented a 49.3% ownership change in the Company. This change in ownership, combined with other equity events, triggered loss limitations under Internal Revenue Code (“I.R.C.”) Section 382. As a result, the Company wrote-off $29.8 million of gross deferred tax assets in 2017, and an additional $2.4 million in gross deferred tax assets in 2018. Since the Company has maintained a valuation allowance against these tax assets there is no impact to the consolidated statement of operations in either year.

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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=84230637&loc=d3e32687-109319

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