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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

SCHEDULE OF INCOME TAX PROVISIONS

The components of the income tax provision for the years ended December 31, 2022 and 2021 include the following:

 SCHEDULE OF INCOME TAX PROVISIONS

		2022				2021
		(in thousands)
Current:
Federal		$	-			$	-
State			28				-
Total current income tax		$	28			$	-
Deferred:
Federal		$	(1,765	)		$	-
State			(156	)			-
Total deferred income taxes		$	(1,921	)			-
Total income tax provision		$	(1,893	)		$	-

SCHEDULE OF EFFECTIVE INCOME TAX

 SCHEDULE OF EFFECTIVE INCOME TAX

		2022				2021
		(in thousands)
Income tax benefit at federal statutory rate (21%)		$	(600	)		$	(372	)
State income tax benefit, net of federal benefit			(95	)			(26	)
Change in value of warrant			-				(16	)
Percentage depletion carryover			-				(50	)
Prior year true up			(509	)			(14	)
Compensation and other			187				2
Acquisition			1,056				-
Change in valuation allowance			(1,932	)			476
Income tax benefit		$	(1,893	)		$	-

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of deferred tax assets and liabilities as of December 31, 2022 and 2021 are as follows:

 SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

		2022				2021
		(in thousands)
Deferred tax assets:
Net operating loss carryover		$	8,443			$	6,295
Property and equipment			-				3,115
Percentage depletion and contribution carryovers			2,004				1,947
Equity method investment and other			249				225
Deferred compensation liability			256				9
Asset retirement obligations			3,581				327
Stock-based compensation			439				190
Lease obligations			224				30
Derivatives			390				-
Total deferred tax assets			15,586				12,138
Deferred tax liabilities:
Property and equipment			(6,107	)			-
Lease assets			(198	)			(27	)
Total deferred tax liabilities			(6,305	)			(27	)
Net deferred tax assets			9,281				12,111
Less valuation allowance			(10,179	)			(12,111	)
Net deferred tax liability		$	(898	)		$	-

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

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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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