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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

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:

		2021				2020
Deferred tax assets:
Percentage depletion carryforwards		$	1,132,352			$	1,167,594
Deferred stock-based compensation			37,977				36,568
Asset retirement obligation			153,048				160,180
Net operating loss			1,411,017				1,248,528
Other			9,840				7,372
			2,744,234				2,620,242
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment			1,485,833				1,313,271
Deferred tax asset, net		$	1,258,401			$	1,306,971
Valuation allowance			(1,258,401	)			(1,306,971	)
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:

		2021				2020
Tax expense at federal statutory rate (1)		$	32,746			$	(20,891	)
Statutory depletion carryforward			35,242				(31,384	)
Change in valuation allowance			(48,570	)			46,850
U. S. tax reform, corporate rate reduction			-				-
Permanent differences			(19,418	)			5,427
Other			-				(2	)
Total income tax		$	-			$	-
Effective income tax rate			-				-

(1) The federal statutory rate was 21% for fiscal years ending March 31, 2021 and 2020.

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

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