Schedule of Deferred Tax Assets and Liabilities |
| | 2021 | | | 2020 | | Deferred tax assets | | | | | | | Net operating loss carry forward | | $ | 4,796,000 | | | $ | 3,984,500 | | Mineral properties | | | 241,300 | | | | 201,200 | | Asset retirement obligation | | | 4,600 | | | | 8,400 | | Stock based compensation | | | 503,400 | | | | 219,000 | | Other | | | 16,800 | | | | 14,800 | | Total deferred tax assets | | | 5,562,100 | | | | 4,427,900 | | Valuation allowance | | | (4,017,800 | ) | | | (3,286,100 | ) | | | | 1,544,300 | | | | 1,141,800 | | Deferred tax liabilities | | | | | | | | | Property, plant, and equipment | | | (1,544,300 | ) | | | (1,141,800 | ) | Total deferred tax liabilities | | | (1,544,300 | ) | | | (1,141,800 | ) | | | | | | | | | | Net deferred tax assets | | $ | - | | | $ | - | |
|
Schedule of Effective Income Tax Rate Reconciliation |
| | 2021 | | | 2020 | | | | | | | | | Provision (benefit) at statutory rate for the period | | $ | (683,600 | ) | | $ | (155,400 | ) | State taxes, net of federal taxes | | | (178,200 | ) | | | (43,300 | ) | Non-taxable item-CARES Act loan forgiven | | | - | | | | (96,200 | ) | Change in rate reconciliation | | | 57,000 | | | | - | | Adjustment of prior year tax estimates | | | 73,100 | | | | (5,800 | ) | Increase (decrease) in valuation allowance | | | 731,700 | | | | 300,250 | | Total provision (benefit) | | $ | - | | | $ | - | |
|