Note 2 - Income Tax Disclosure

12 Months Ended

Sep. 30, 2013

Notes

Note 2 - Income Tax Disclosure

Note 2 - Income Taxes. At September 30, 2013, the Company had a depletion carryforward of $860,000 and a net operating loss carryforward ("NOL") of $1,758,000. $274,000, $303,000, $317,000, $330,000, $272,000, $184,000, and $78,000 of this NOL expire in the years 2027, 2028, 2029, 2030, 2031, 2032, and 2033, respectively. The approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax assets at September 30 is as follows:

Deferred Tax Assets		2013	2012
Depletion carryforward	$	301,000	301,000
Net operating loss carryforward		615,000	588,000
Accrued shareholder salary		132,000	62,000
Total Net Deferred Tax Assets		1,048,000	951,000
Less valuation allowance		(1,048,000)	(951,000)
Net Deferred Tax Asset	$	0	0