v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of components of recognized provision for income taxes

Current

 

Federal

 

$222,250

 

Idaho state

 

 

112,150

 

Total current income tax provision

 

 

334,400

 

 

 

 

 

 

Deferred

Federal

 

 

76,460

 

Idaho state

 

 

15,240

 

Total deferred income tax provision

 

 

91,700

 

 

 

 

 

 

Total income tax provision

 

$426,100

 

Schedule of deferred tax assets and liabilities

 

 

2025

 

 

2024

 

Deferred tax assets

 

 

 

 

 

 

Net operating loss carry forwards

 

$1,160,300

 

 

$3,661,000

 

Mineral properties

 

 

438,100

 

 

 

201,100

 

Asset retirement obligation

 

 

20,500

 

 

 

16,000

 

Stock based compensation

 

 

679,900

 

 

 

629,000

 

Other

 

 

52,900

 

 

 

26,500

 

Total deferred tax assets

 

 

2,351,700

 

 

 

4,533,600

 

Valuation allowance

 

 

-

 

 

 

(3,176,700)

 

 

 

2,351,700

 

 

 

1,356,900

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

Property, plant, and equipment

 

 

(2,443,400)

 

 

(1,356,900)

Asset retirement obligation

 

 

-

 

 

 

-

 

Total deferred tax liabilities

 

 

(2,443,400)

 

 

(1,356,900)

 

 

 

 

 

 

 

 

 

Net deferred tax assets (liabilities)

 

$(91,700)

 

$-

 

Schedule of income tax provision

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision (benefit) at statutory rate for the period

 

$3,582,000

 

 

 

21.00%

 

$1,838,200

 

 

 

21.00%

Idaho state taxes, net of federal taxes

 

 

714,100

 

 

 

4.19%

 

 

401,000

 

 

 

4.60%

Taxable grant income

 

 

-

 

 

 

-

 

 

 

106,900

 

 

 

1.20%

Change in state tax rate

 

 

(31,100)

 

(0.18%)

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

265,500

 

 

 

1.56%

 

 

-

 

 

 

-

 

Non-deductible items

 

 

2,600

 

 

 

0.02%

 

 

3,400

 

 

 

0.04%

Depletion

 

 

(1,311,100)

 

(7.69%)

 

 

 

(958,600)

 

(10.94%)

 

Change in estimates

 

 

380,700

 

 

 

2.23%

 

 

(60,900)

 

(0.70%)

 

Increase (decrease) in valuation allowance

 

 

(3,176,600)

 

(18.62%)

 

 

 

(1,330,000)

 

(15.20%)

 

Total provision (benefit)

 

$426,100

 

 

 

2.50%

 

$-

 

 

 

-