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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The components of the income tax provision for the years ended December 31, 2020 and 2019 include the following:

		2020				2019
		(in thousands)
Current income tax expense (benefit)		$	(42	)		$	-
Deferred income taxes			-				-
		$	(42	)		$	-

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:

		2020				2019
		(in thousands)
Income tax benefit at federal statutory rate		$	(1,361	)		$	(115	)
State income tax benefit, net of federal impact			(35	)			(32	)
Change in state tax rate, net of federal benefit			(32	)			331
Change in value of warrant			5				(74	)
Percentage depletion carryover			(3	)			9
Prior year true up			154				52
Other			(53	)			23
Increase (decrease)in valuation allowance			1,283				(194	)
Income tax expense (benefit)		$	(42	)		$	-

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:

		2020				2019
		(in thousands)
Deferred tax assets:
Net operating loss carryover (1)		$	5,154			$	4,098
Property and equipment			3,939				3,468
Percentage depletion and contribution carryovers (1)			1,855				1,833
Alternative minimum tax credit carryover (1)			-				42
Equity method investment and other			246				615
Deferred compensation liability			7				41
Asset retirement obligations			315				181
Stock-based compensation			115				68
Lease obligations			32				44
Total deferred tax assets			11,663				10,390
Deferred tax liabilities:
Lease assets			(28	)			(40	)
Total deferred tax liabilities			(28	)			(40	)
Net deferred tax assets			11,635				10,350
Less valuation allowance			(11,635	)			(10,350	)
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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- 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=84230637&loc=d3e32639-109319

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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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