Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The income tax provision consists of the following for the years months ended March 31, 2024 and 2023:

	Year Ended
	March 31
	2024		2023
Current income tax expense:
Federal	$	189,254	$	-
State		119,629		164,510
Total current income tax expense	$	308,883	$	164,510
Deferred income tax expense:
Federal		311,661		-
State		-		-
Total deferred income tax expense	$	311,661	$	-
Total income tax expense:	$	620,544	$	164,510

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:

	2024		2023
Deferred tax assets:
Percentage depletion carryforwards	$	1,281,990	$	1,375,131
Deferred stock-based compensation		15,745		22,041
Asset retirement obligation		150,950		153,358
Net operating loss		151,193		665,386
Other		35,345		11,642
	$	1,635,223	$	2,227,558
Deferred tax liabilities:
Excess financial accounting bases over tax bases of property and equipment		1,946,884		2,223,980
Deferred tax liability, net	$	311,661	$	3,578
Valuation allowance		-		(3,578	)
Net deferred tax	$	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:

	2024			2023
Tax expense at federal statutory rate (1)	$	412,754		$	979,167
Statutory depletion carryforward		152,054			(257,509	)
Change in valuation allowance		(3,578	)		(749,912	)
U. S. tax reform, corporate rate reduction		-			-
Permanent differences		46,819			28,196
State income expense, net of federal benefit		94,507			164,510
Other		(82,012	)		58
Total income tax	$	620,544		$	164,510
Effective income tax rate		31.6	%		3.4	%

(1) The federal statutory rate was 21% for fiscal years ending March 31, 2024 and 2023.