Income Taxes (Tables)

12 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets (liabilities)

Significant components of net deferred tax assets (liabilities) at March 31 are as follows:

	2016			2015
Deferred tax assets:
Percentage depletion carryforwards	$	1,718,721		$	1,535,126
Deferred stock-based compensation		49,090			36,958
Asset retirement obligation		415,166			384,467
Net operating loss		1,493,914			720,308
Other		6,413			11,111
		3,683,304			2,687,970
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment		2,834,340			(3,348,840	)
Deferred tax asset (liability)	$	848,964		$	(660,870	)
Valuation allowance		(848,964	)		-
Net deferred tax asset (liability)	$	-		$	(660,870	)

Schedule of Income Tax Provision

The income tax provision consists of the following for years ended March 31, 2016, 2015 and 2014:

	2016			2015			2014
Current income tax expense	$	-		$	-		$	6,500
Deferred income tax (benefit) expense		(660,870	)		(197,499	)		5,250
Total income tax provision:	$	(660,870	)	$	(197,499	)	$	11,750
Effective tax rate		(14	)%		(37	)%		4	%

Reconciliation of the Provision for Income Taxes to Income Taxes Computed

A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for years ended March 31 follows:

	2016			2015			2014
Tax expense at federal statutory rate (1)	$	(1,577,789	)	$	(183,085	)	$	106,374
Statutory depletion carryforward		(35,034	)		(71,292	)		(127,204	)
Change in valuation allowance		848,964			-			-
Effect of graduated rates		64,585			12,221			(13,841	)
Permanent differences		31,904			44,657			46,421
Other		6,500			-			-
Total income tax (benefit) expense	$	(660,870	)	$	(197,499	)	$	11,750
Effective income tax rate		(14	)%		(37	)%		4	%

(1) The federal statutory rate was 34% for fiscal years ending March 31, 2016, 2015 and 2014.

Reconciliation of the Beginning and Ending Balances of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:

	2016		2015		2014
Unrecognized tax benefits at beginning of period	$	679,000	$	679,000	$	677,000
Additions based on tax positions related to the current year		-		-		2,000
Changes to tax positions of prior years		-		-		-
Settlements		-		-		-
Expirations		-		-		-
Unrecognized tax benefits at end of period	$	679,000	$	679,000	$	679,000