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Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Mar. 31, 2020
Current assets    
Cash and cash equivalents $ 57,813 $ 34,381
Accounts receivable:    
Oil and natural gas sales 621,384 271,315
Trade 30,402 13,382
Prepaid costs and expenses 47,895 50,188
Total current assets 757,494 369,266
Property and equipment, at cost    
Oil and gas properties, using the full cost method 38,664,347 37,465,172
Other 120,208 116,993
Accumulated depreciation, depletion and amortization (29,015,612) (28,109,252)
Property and equipment, net 9,768,943 9,472,913
Investment in limited liability company at cost 200,000 150,000
Operating lease, right-of-use asset 20,861 76,130
Other noncurrent assets 83,389 2,200
Total assets 10,830,687 10,070,509
Current liabilities    
Accounts payable and accrued expenses 116,569 116,760
Operating lease liability, current 21,965 65,721
Total current liabilities 138,534 182,481
Long-term liabilities    
Long-term debt 1,154,949 757,423
Operating lease liability, long-term 10,982
Asset retirement obligations 713,797 755,261
Total long-term liabilities 1,868,746 1,523,666
Total liabilities 2,007,280 1,706,147
Commitments and contingencies
Stockholders' equity    
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,143,666 and 2,107,166 shares issued; and, 2,076,666 and 2,040,166 shares outstanding as of March 31, 2021 and 2020 1,071,833 1,053,583
Additional paid-in capital 7,624,214 7,339,351
Retained earnings 473,361 317,429
Treasury stock, at cost (67,000 shares) (346,001) (346,001)
Total stockholders' equity 8,823,407 8,364,362
Total liabilities and stockholders' equity $ 10,830,687 $ 10,070,509