Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes [Text Block]

9. Income Taxes

The Company did not recognize a tax provision during 2023 and 2022.

At December 31, 2023 and 2022, net deferred tax assets were calculated based on an expected blended future rate of 25.7% including both federal and Idaho state components. Significant components of net deferred tax assets at December 31, 2023 and 2022 are as follows:

			2023			2022
Deferred tax assets:
	NOL carryforward		2,299,180			2,127,500
	Share-based compensation		112,050			113,000
	Deferred compensation		283,900			268,100
	Investments		211,360			197,800
	Mineral properties		160,400			159,100
			3,066,890			2,865,500
Deferred tax liabilities:
	Investment in OGT		(142,670	)		(142,300	)
Net deferred tax asset			2,924,220			2,723,200
Less valuation allowance			(2,924,220	)		(2,723,200	)
Net deferred tax asset		$	-		$	-

The Company fully reserved the deferred tax asset as of December 31, 2023 and 2022, as management of the Company cannot determine that it's more likely than not that, the Company will realize the benefits of the deferred tax assets.

At December 31, 2023, the Company has approximately $8.9 million of federal and state net operating loss carryforwards. $7.5 million of net operating losses will expire between 2030 and 2037 and $1.4 million of the losses were incurred after 2017 and can be carried forward indefinitely, although the usage of these net operating losses is limited to 80% of taxable income in future years.

The income tax benefit for the years ended December 31, 2023 and 2022 differs from the statutory rate as follows:

		2023				2022
(Provision)/benefit at statutory rate		169,400		21.0%		262,250		21.0%
State taxes		37,900		4.7%		58,690		4.7%
Change in prior year tax estimate		(6,280	)	-0.7%		(109,640	)	-8.8%
Change in valuation allowance		(201,020	)	-25.0%		(211,300	)	-17.0%
Total	$	-			$	-

The Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns and found no positions that would require a liability for uncertain income tax benefits to be recognized. The Company is subject to possible tax examinations for the years 2010 through 2023. Prior year tax attributes could be adjusted by taxing authorities. If applicable, the Company will deduct interest and penalties as interest expense on the financial statements.