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Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Mar. 31, 2022
Current assets    
Cash and cash equivalents $ 2,235,771 $ 1,370,766
Accounts receivable:    
Oil and natural gas sales 1,366,784 1,310,137
Trade 7,031
Prepaid drilling 67,951
Prepaid costs and expenses 56,502 52,636
Total current assets 3,734,039 2,733,539
Property and equipment, at cost    
Oil and gas properties, using the full cost method 45,391,634 40,373,741
Other 121,926 120,208
Accumulated depreciation, depletion and amortization (32,215,095) (30,361,047)
Property and equipment, net 13,298,465 10,132,902
Investment – cost basis 700,000 275,000
Operating lease, right-of-use asset 75,629 129,923
Other noncurrent assets 12,156 13,156
Total assets 17,820,289 13,284,520
Current liabilities    
Accounts payable and accrued expenses 201,898 209,469
Operating lease liability, current 56,366 54,294
Total current liabilities 258,263 263,763
Long-term liabilities    
Long-term debt
Operating lease liability, long-term 19,263 75,629
Asset retirement obligations 710,276 720,512
Total long-term liabilities 729,539 796,141
Total liabilities 987,802 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; 2,221,416 and 2,216,416 shares issued; and, 2,136,000 and 2,149,416 shares outstanding as of March 31, 2023 and 2022 1,110,708 1,108,208
Additional paid-in capital 8,321,145 8,133,982
Retained earnings 7,991,129 3,328,427
Treasury stock, at cost (85,416 and 67,000 shares, respectively) (590,495) (346,001)
Total stockholders’ equity 16,832,487 12,224,616
Total liabilities and stockholders’ equity $ 17,820,289 $ 13,284,520