Income Tax (Tables)

12 Months Ended

Apr. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

	Year Ended April 30,
	2019		2018
Current
Federal	$	-	$	-
State and local		-		2,800
Total current		-		2,800
Deferred
Federal	$	435,345	$	(438,145	)
State and local		-		-
Total deferred		435,345		(438,145	)
Total income tax expense (benefit)	$	435,345	$	(435,345	)

Schedule of Net Deferred Tax Asset

The deferred tax assets are summarized as follows:

	April 30, 2019			April 30, 2018
Net operating loss carryover	$	3,777,000		$	1,905,000
Stock-based compensation		1,753,000			1,580,000
Capitalized exploration costs		341,000			163,145
Accrued remediation costs		3,000			-
Alternative minimum tax credit carryover		438,000			438,000
Subtotal		6,312,000			4,086,145
Less: valuation allowance		(6,312,000	)		(3,648,000	)
Net deferred tax asset	$	-		$	438,145

Schedule of Effective Tax Rate

The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% were as follows:

	Year Ended April 30,
		2019					2018
Federal income tax expense (benefit) based on statutory rate	$	(1,598.000	)	21.0	%	$	(4,130,000	)	29.7	%
State income tax expense (benefit), net of federal taxes		-		-	%		(119,000	)	.8	%
Change in effective state tax rate		340,000		(4.5	)%		-		-	%
Change in prior year estimate		(971,000	)	12.8	%		-		-	%
Impairment of Goodwill		-		-	%		2,072,000		(14.7	)%
Net operating loss decrease under IRC Section 382		-		-	%		10,579,000		(75.1	)%
Impact of tax law change and other		-		-	%		2,021,000		(14.5	)%
Increase (decrease) in valuation allowance		2,664,000		(35.0	)%		(10,858,000	)	76.9	%
Total taxes on income (loss)	$	435,000		(5.7	)%	$	(435,000	)	3.1	%