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Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2022				2021
Deferred tax assets		$	300,050			$	-
Deferred tax liabilities							(187,664	)
		$	300,050			$	(187,664	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2022				2021
Income tax on income before extraordinary item:
Tax at statutory rates		$	(464,762	)		$	310,412
Tax effect of the following:
Federal statutory depletion			(18,798	)			(11,495	)
State statutory depletion			(4,153	)			(6,130	)
State income tax dedcution			-				(12,751	)
Federal income tax deduction			-				(18,200	)
Other			-				2,134
Income tax on income		$	(487,713	)		$	263,970

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2022				2021
Net Operating Loss Carryover		$	6,487
Percentage Depletion Carryover			22,951
Stock-Based Compensation			458,276
Casualty loss			(77,714	)		$	(77,714	)
Deferred gain			(109,950	)			(109,950	)
		$	300,050			$	(187,664	)

X

- 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

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-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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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

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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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