Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Net Deferred Tax Assets (Liabilities)

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

	2019			2018
Deferred tax assets:
Percentage depletion carryforwards	$	1,136,210		$	1,111,801
Deferred stock-based compensation		34,771			33,581
Asset retirement obligation		180,922			181,136
Net operating loss		948,722			995,489
Other		5,470			5,141
		2,306,095			2,327,148
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment		1,045,974			1,091,725
Deferred tax asset, net	$	1,260,121		$	1,235,423
Valuation allowance		(1,260,121	)		(1,235,423	)
Net deferred tax	$	-		$	-

Schedule of Reconciliation of 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:

	2019			2018
Tax expense at federal statutory rate (1)	$	(2,719	)	$	(98,858	)
Statutory depletion carryforward		(24,409	)		(8,361	)
Change in valuation allowance		24,698			(362,908	)
U. S. tax reform, corporate rate reduction		-			466,020
Permanent differences		3,812			3,506
Other		(1,382	)		601
Total income tax	$	-		$	-
Effective income tax rate		-			-

(1) The federal statutory rate was 21% for fiscal year ending March 31, 2019 and 30.75% for fiscal year ending March 31, 2018.

Schedule of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows for the years ended March 31, 2019 and 2018:

	2019		2018
Unrecognized tax benefits at beginning of period	$	-	$	745,000
Change based on tax positions related to the current year		-		(745,000	)
Changes to tax positions of prior years		-		-
Settlements		-		-
Expirations		-		-
Unrecognized tax benefits at end of period	$	-	$	-