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Major Customers | 12 Months Ended
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Mar. 31, 2023
Risks and Uncertainties [Abstract] |
Major Customers | 6. Major Customers Currently, the Company operates exclusively within the United States and its revenues and operating profit are derived from the oil and gas industry. Oil and gas production is sold to various purchasers and the receivables are unsecured. Historically, the Company has not experienced significant credit losses on its oil and gas accounts and management is of the opinion that significant credit risk does not exist. Management is of the opinion that the loss of any one purchaser would not have an adverse effect on the Company’s ability to sell its oil and gas production. In fiscal 2023, one purchaser accounted for 53% of the total operating revenues and 46% of the total oil and natural gas accounts receivable and another purchaser accounted for 8% of the total operating revenues and 21% of the total oil and natural gas accounts receivable. In fiscal 2022, one purchaser accounted for 67% of the total operating revenues and 60% of the total oil and natural gas accounts receivable.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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