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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Net Deferred Tax Assets (Liabilities)

 Schedule of Components of Net Deferred Tax Assets (Liabilities)

		2022				2021
Deferred tax assets:
Percentage depletion carryforwards		$	1,117,622			$	1,132,352
Deferred stock-based compensation			30,094				37,977
Asset retirement obligation			154,458				153,048
Net operating loss			1,132,918				1,411,017
Other			10,263				9,840
Total deferred tax assets			2,445,355				2,744,234
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment			1,691,865				1,485,833
Deferred tax asset, net		$	753,490			$	1,258,401
Valuation allowance			(753,490	)			(1,258,401	)
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:

 Schedule of Reconciliation of Provision for Income Taxes

		2022				2021
Tax expense at federal statutory rate (1)		$	599,564			$	32,746
Statutory depletion carryforward			14,730				35,242
Change in valuation allowance			(504,911	)			(48,570	)
U. S. tax reform, corporate rate reduction			-				-
Permanent differences			(97,349	)			(19,418	)
Other			(12,034	)			-
Total income tax		$	-			$	-
Effective income tax rate			-				-

(1) (1) The federal statutory rate was 21% for fiscal years ending March 31, 2022 and 2021.

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

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