XML 42 R27.htm IDEA: XBRL DOCUMENT
v3.5.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2016
Income Tax Disclosure [Abstract] |
Components of Net Deferred Tax Assets (liabilities) | Significant components of net deferred tax assets (liabilities) at March 31 are as follows:
|  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |  |
Percentage depletion carryforwards |  | $ | 1,718,721 |  |  | $ | 1,535,126 |
Deferred stock-based compensation |  |  | 49,090 |  |  |  | 36,958 |
Asset retirement obligation |  |  | 415,166 |  |  |  | 384,467 |
Net operating loss |  |  | 1,493,914 |  |  |  | 720,308 |
Other |  |  | 6,413 |  |  |  | 11,111 |
|  |  | 3,683,304 |  |  |  | 2,687,970 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Excess financial accounting bases over tax bases of property and equipment |  |  | 2,834,340 |  |  |  | (3,348,840 | )
Deferred tax asset (liability) |  | $ | 848,964 |  |  | $ | (660,870 | )
Valuation allowance |  |  | (848,964 | ) |  |  | - |
Net deferred tax asset (liability) |  | $ | - |  |  | $ | (660,870 | )
Schedule of Income Tax Provision | The income tax provision consists of the following for years ended March 31, 2016, 2015 and 2014:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Current income tax expense |  | $ | - |  |  | $ | - |  |  | $ | 6,500 |
Deferred income tax (benefit) expense |  |  | (660,870 | ) |  |  | (197,499 | ) |  |  | 5,250 |
Total income tax provision: |  | $ | (660,870 | ) |  | $ | (197,499 | ) |  | $ | 11,750 |
Effective tax rate |  |  | (14 | )% |  |  | (37 | )% |  |  | 4 | %
Reconciliation of the Provision for Income Taxes to Income Taxes Computed | A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for years ended March 31 follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Tax expense at federal statutory rate (1) |  | $ | (1,577,789 | ) |  | $ | (183,085 | ) |  | $ | 106,374 |
Statutory depletion carryforward |  |  | (35,034 | ) |  |  | (71,292 | ) |  |  | (127,204 | )
Change in valuation allowance |  |  | 848,964 |  |  |  | - |  |  |  | - |
Effect of graduated rates |  |  | 64,585 |  |  |  | 12,221 |  |  |  | (13,841 | )
Permanent differences |  |  | 31,904 |  |  |  | 44,657 |  |  |  | 46,421 |
Other |  |  | 6,500 |  |  |  | - |  |  |  | - |
Total income tax (benefit) expense |  | $ | (660,870 | ) |  | $ | (197,499 | ) |  | $ | 11,750 |
Effective income tax rate |  |  | (14 | )% |  |  | (37 | )% |  |  | 4 | %
(1) The federal statutory rate was 34% for fiscal years ending March 31, 2016, 2015 and 2014.
Reconciliation of the Beginning and Ending Balances of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Unrecognized tax benefits at beginning of period |  | $ | 679,000 |  |  | $ | 679,000 |  |  | $ | 677,000 |
Additions based on tax positions related to the current year |  |  | - |  |  |  | - |  |  |  | 2,000 |
Changes to tax positions of prior years |  |  | - |  |  |  | - |  |  |  | - |
Settlements |  |  | - |  |  |  | - |  |  |  | - |
Expirations |  |  | - |  |  |  | - |  |  |  | - |
Unrecognized tax benefits at end of period |  | $ | 679,000 |  |  | $ | 679,000 |  |  | $ | 679,000 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration