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Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Mar. 31, 2021
Current assets    
Cash and cash equivalents $ 1,370,766 $ 57,813
Accounts receivable:    
Oil and natural gas sales 1,310,137 621,384
Trade 30,402
Prepaid costs and expenses 52,636 47,895
Total current assets 2,733,539 757,494
Property and equipment, at cost    
Oil and gas properties, using the full cost method 40,373,741 38,664,347
Other 120,208 120,208
Accumulated depreciation, depletion and amortization (30,361,047) (29,015,612)
Property and equipment, net 10,132,902 9,768,943
Investment in limited liability company at cost 275,000 200,000
Operating lease, right-of-use asset 129,923 20,861
Other noncurrent assets 13,156 83,389
Total assets 13,284,520 10,830,687
Current liabilities    
Accounts payable and accrued expenses 209,469 116,569
Operating lease liability, current 54,294 21,965
Total current liabilities 263,763 138,534
Long-term liabilities    
Long-term debt 1,154,949
Operating lease liability, long-term 75,629
Asset retirement obligations 720,512 713,797
Total long-term liabilities 796,141 1,868,746
Total liabilities 1,059,904 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; 2,216,416 and 2,143,666 shares issued; and, 2,149,416 and 2,076,666 shares outstanding as of March 31, 2022 and 2021 1,108,208 1,071,833
Additional paid-in capital 8,133,982 7,624,214
Retained earnings 3,328,427 473,361
Treasury stock, at cost (67,000 shares) (346,001) (346,001)
Total stockholders’ equity 12,224,616 8,823,407
Total liabilities and stockholders’ equity $ 13,284,520 $ 10,830,687