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Income Taxes (Tables)

9 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The income tax provision consists of the following for the nine months ended December 31, 2023 and 2022:

 Schedule of Income Tax Provision

		2023				2022
		Nine Months Ended
		December 31
		2023				2022
Current income tax expense:
Federal		$	-			$	-
State			79,123				115,236
Total current income tax expense			79,123				115,236
Deferred income tax expense:
Federal			319,848				-
State			-				-
Total deferred income tax expense			319,848				-
Total income tax expense:		$	398,971			$	115,236

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 the nine months ended December 31 follows:

 Schedule of Reconciliation of Provision for Income Taxes

		2023				2022
Tax expense at federal statutory rate (1)		$	294,106			$	788,586
Statutory depletion carryforward			(5,694	)			(257,509	)
Change in valuation allowance			(3,578	)			(550,947	)
Permanent differences			35,014				19,812
State income expense			79,123				115,236
Other			-				58
Total income tax		$	398,971			$	115,236
Effective income tax rate			27	%			3	%

(1) The federal statutory rate was 21% for nine months ended December 31, 2023 and 2022.

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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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