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Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Mar. 31, 2021
Current assets    
Cash and cash equivalents $ 93,574 $ 57,813
Accounts receivable:    
Oil and natural gas sales 791,184 621,384
Trade 55 30,402
Prepaid costs and expenses 43,237 47,895
Total current assets 928,050 757,494
Property and equipment, at cost    
Oil and gas properties, using the full cost method 39,274,777 38,664,347
Other 120,208 120,208
Accumulated depreciation, depletion and amortization (29,559,992) (29,015,612)
Property and equipment, net 9,834,993 9,768,943
Investment – cost basis 225,000 200,000
Operating lease, right-of-use asset 156,318 20,861
Other noncurrent assets 23,143 83,389
Total assets 11,167,504 10,830,687
Current liabilities    
Accounts payable and accrued expenses 129,880 116,569
Operating lease liability, current 53,288 21,965
Total current liabilities 183,168 138,534
Long-term liabilities    
Long-term debt, net 1,154,949
Operating lease liability, long-term 103,030
Asset retirement obligations 731,900 713,797
Total long-term liabilities 834,930 1,868,746
Total liabilities 1,018,098 2,007,280
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; 2,171,566 and 2,143,666 shares issued; 2,104,566 and 2,076,666 shares outstanding as of September 30, 2021 and March 31, 2021, respectively 1,085,783 1,071,833
Additional paid-in capital 7,832,429 7,624,214
Retained earnings 1,577,195 473,361
Treasury stock, at cost (67,000 shares) (346,001) (346,001)
Total stockholders’ equity 10,149,406 8,823,407
Total liabilities and stockholders’ equity $ 11,167,504 $ 10,830,687