v3.25.2
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The income tax provision consists of the following for the years ended March 31, 2025 and 2024:

 

   2025   2024 
   Year Ended 
   March 31 
   2025   2024 
Current income tax expense:          
Federal  $232,035   $189,254 
State   63,352    119,629 
Total current income tax expense  $295,387   $308,883 
Deferred income tax expense (benefit):          
Federal   56,614    311,661 
State   (47,671)   - 
Total deferred income tax expense  $8,943   $311,661 
Total income tax expense:  $304,330   $620,544 
Schedule of Components of Net Deferred Tax Assets (Liabilities)

GAAP requires deferred income tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Significant components of net deferred tax assets (liabilities) at March 31 are as follows:

 

   2025   2024 
Deferred tax assets:          
Percentage depletion carryforwards  $1,283,374   $1,281,990 
Deferred stock-based compensation   15,745    15,745 
Asset retirement obligation   150,957    150,950 
Net operating loss   -    151,193 
Other   82,083    35,345 
Total deferred tax assets  $1,532,159   $1,635,223 
Deferred tax liabilities:          
Excess financial accounting bases over tax bases of property and equipment   (1,852,763)   (1,946,884)
Deferred tax liability, net  $(320,604)  $(311,661)
Valuation allowance   -    - 
Net deferred tax liabilities  $(320,604)  $(311,661)
Schedule of Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for years ended March 31 follows:

 

   2025   2024 
Tax expense at federal statutory rate (1)  $423,507   $412,754 
Statutory depletion carryforward   (153,438)   152,054 
Change in valuation allowance   -    (3,578)
Permanent differences   22,206    46,819 
State income expense, net of federal benefit   50,048    94,507 
Other   (37,993)   (82,012)
Total income tax  $304,330   $620,544 
Effective income tax rate   15.1%   31.6%

 

  (1) The federal statutory rate was 21% for fiscal years ending March 31, 2025 and 2024.