Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Net Deferred Tax Assets (Liabilities)

Significant components of net deferred tax assets (liabilities) at March 31 are as follows:

	2018			2017
Deferred tax assets:
Percentage depletion carryforwards	$	1,111,801		$	1,786,522
Deferred stock-based compensation		33,581			52,654
Asset retirement obligation		181,136			332,685
Net operating loss		995,489			1,012,138
Other		5,141			7,170
		2,327,148			3,191,169
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment		1,091,725			2,052,749
Deferred tax asset, net	$	1,235,423		$	1,138,420
Valuation allowance		(1,235,423	)		(1,138,420	)
Net deferred tax	$	-		$	-

Schedule of Reconciliation of Provision for Income Taxes to Income Taxes Computed

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

	2018			2017
Tax expense at federal statutory rate (1)	$	(98,858	)	$	(236,148	)
Statutory depletion carryforward		(8,361	)		(67,801	)
Change in valuation allowance		(362,908	)		289,456
U. S. tax reform, corporate rate reduction		466,020			-
Permanent differences		3,506			14,497
Other		601			(4	)
Total income tax	$	-		$	-
Effective income tax rate		-			-

(1) The federal statutory rate was 30.75% for fiscal year ending March 31, 2018 and 34% for fiscal year ending March 31, 2017.

Schedule of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:

	2018			2017
Unrecognized tax benefits at beginning of period	$	745,000		$	679,000
Change based on tax positions related to the current year		(745,000	)		66,000
Changes to tax positions of prior years		-			-
Settlements		-			-
Expirations		-			-
Unrecognized tax benefits at end of period	$	-		$	745,000