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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Net Deferred Tax Assets (Liabilities)

GAAP requires deferred income tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Significant components of net deferred tax assets (liabilities) at March 31 are as follows:

 Schedule of Components of Net Deferred Tax Assets (Liabilities)

		2023				2022
Deferred tax assets:
Percentage depletion carryforwards		$	1,375,131			$	1,117,622
Deferred stock-based compensation			22,041				30,094
Asset retirement obligation			153,358				154,458
Net operating loss			665,386				1,132,918
Other			11,642				10,263
Total deferred tax assets			2,227,558				2,445,355
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment			2,223,980				1,691,865
Deferred tax asset, net		$	3,578			$	753,490
Valuation allowance			(3,578	)			(753,490	)
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

		2023				2022
Tax expense at federal statutory rate (1)		$	979,167			$	599,564
Statutory depletion carryforward			(257,509	)			14,730
Change in valuation allowance			(749,912	)			(504,911	)
U. S. tax reform, corporate rate reduction			-				-
Permanent differences			28,196				(97,349	)
State income expense			164,510				102,356
Other			58				(12,034	)
Total income tax		$	164,510			$	102,356
Effective income tax rate			3.4	%			3.5	%

(1) The federal statutory rate was 21% for fiscal years ending March 31, 2023 and 2022.

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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