v3.22.2.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
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)

 

$-

 

 

$-