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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Net Deferred Tax Assets (Liabilities)

Significant components of net deferred tax assets (liabilities) at March 31 are as follows:

		2020				2019
Deferred tax assets:
Percentage depletion carryforwards		$	1,167,594			$	1,136,210
Deferred stock-based compensation			36,568				34,771
Asset retirement obligation			160,180				180,922
Net operating loss			1,248,528				948,722
Other			7,372				5,470
			2,620,242				2,306,095
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment			1,313,271				1,045,974
Deferred tax asset, net		$	1,306,971			$	1,260,121
Valuation allowance			(1,306,971	)			(1,260,121	)
Net deferred tax		$	-			$	-

Schedule of Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for years ended March 31 follows:

		2020				2019
Tax expense at federal statutory rate (1)		$	(20,891	)		$	(2,719	)
Statutory depletion carryforward			(31,384	)			(24,409	)
Change in valuation allowance			46,850				24,698
U. S. tax reform, corporate rate reduction			-				-
Permanent differences			5,427				3,812
Other			(2	)			(1,382	)
Total income tax		$	-			$	-
Effective income tax rate			-				-

(1) The federal statutory rate was 21% for fiscal years ending March 31, 2020 and 2019.

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- References

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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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