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Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Mar. 31, 2022
Current assets    
Cash and cash equivalents $ 537,001 $ 1,370,766
Accounts receivable:    
Oil and natural gas sales 1,532,385 1,310,137
Trade
Prepaid costs and expenses 38,370 52,636
Total current assets 2,107,756 2,733,539
Property and equipment, at cost    
Oil and gas properties, using the full cost method 42,669,430 40,373,741
Other 121,926 120,208
Accumulated depreciation, depletion and amortization (30,748,176) (30,361,047)
Property and equipment, net 12,043,180 10,132,902
Investment in limited liability company at cost 300,000 275,000
Operating lease, right-of-use asset 116,540 129,923
Other noncurrent assets 114,006 13,156
Total assets 14,681,482 13,284,520
Current liabilities    
Accounts payable and accrued expenses 283,941 209,469
Operating lease liability, current 54,806 54,294
Total current liabilities 338,747 263,763
Long-term liabilities    
Operating lease liability, long-term 61,734 75,629
Asset retirement obligations 732,142 720,512
Total long-term liabilities 793,876 796,141
Total liabilities 1,132,623 1,059,904
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 shares issued and 2,149,416 shares outstanding as of June 30, 2022 and March 31, 2022, respectively 1,108,208 1,108,208
Additional paid-in capital 8,159,553 8,133,982
Retained earnings 4,627,099 3,328,427
Treasury stock, at cost (67,000 shares) (346,001) (346,001)
Total stockholders’ equity 13,548,859 12,224,616
Total liabilities and stockholders’ equity $ 14,681,482 $ 13,284,520