Asset Retirement Obligation

9 Months Ended

Sep. 30, 2019

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATION

NOTE 13 –ASSET RETIREMENT OBLIGATION

Changes in the asset retirement obligation for the nine-month periods ended September 30, 2019 and 2018 are as follows:

	September 30, 2019			September 30, 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		56,019			18,128
Asset retirement obligation, end of period	$	807,964		$	1,064,749

During the nine months ended September 30, 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.