Asset Retirement Obligation

3 Months Ended

Mar. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATION

NOTE 13 – ASSET RETIREMENT OBLIGATION

Changes in the asset retirement obligation for the three-month periods ended March 31, 2019 and 2018 are as follows:

	March 31, 2019			March 31, 2018
Asset retirement obligation, beginning of period	$	792,747		$	1,046,621
Reduction in liability due to transfer of Cactus Mill property		(40,802	)		-
Accretion expense		18,673			18,128
Asset retirement obligation, end of period	$	770,618		$	1,064,749

During the quarter ended March 31, 2019, the Cactus Mill property was returned to Clifton as part of the terms of the Amended Lease (Note 7). The net asset retirement cost of $20,351 and obligation of $40,802 relating to the Cactus Mill property were eliminated resulting in a gain on settlement of asset retirement obligation of $20,451 recognized in the statement of operations.