Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

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:

	2017			2016
Deferred tax assets:
Percentage depletion carryforwards	$	1,786,522		$	1,718,721
Deferred stock-based compensation		52,654			49,090
Asset retirement obligation		332,685			415,166
Net operating loss		1,012,138			1,493,914
Other		7,170			6,413
		3,191,169			3,683,304
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment		2,052,749			2,834,340
Deferred tax asset	$	1,138,420		$	848,964
Valuation allowance		(1,138,420	)		(848,964	)
Net deferred tax liability	$	-		$	-

Schedule of Income Tax Provision

The income tax provision consists of the following for years ended March 31, 2017, 2016 and 2015:

	2017		2016			2015
Current income tax expense	$	-	$	-		$	-
Deferred income tax benefit		-		(660,870	)		(197,499	)
Total income tax provision:	$	-	$	(660,870	)	$	(197,499	)
Effective tax rate		-		(14	%)		(37	%)

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:

	2017			2016			2015
Tax expense at federal statutory rate (1)	$	(236,148	)	$	(1,577,789	)	$	(183,085	)
Statutory depletion carryforward		(67,801	)		(35,034	)		(71,292	)
Change in valuation allowance		289,456			848,964			-
Effect of rate change		-			64,585			12,221
Permanent differences		14,497			31,904			44,657
Other		(4)			6,500			-
Total income tax benefit	$	-		$	(660,870	)	$	(197,499	)
Effective income tax rate		-			(14	%)		(37	%)

(1) The federal statutory rate was 34% for fiscal years ending March 31, 2017, 2016 and 2015.

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:

	2017		2016		2015
Unrecognized tax benefits at beginning of period	$	679,000	$	679,000	$	679,000
Additions based on tax positions related to the current year		66,000		-		-
Changes to tax positions of prior years		-		-		-
Settlements		-		-		-
Expirations		-		-		-
Unrecognized tax benefits at end of period	$	745,000	$	679,000	$	679,000