Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.20.2
Income Tax (Tables)
12 Months Ended
Apr. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Provision (Benefit)

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

 

    Year Ended April 30,  
    2020     2019  
Current                
Federal   $ (438,145 )   $ -  
State and local     -       -  
Total current     (438,145 )     -  
                 
Deferred                
Federal   $ -     $ 435,345  
State and local     -       -  
Total deferred     -       435,345  
Total income tax provision (benefit)   $ (438,145 )   $ 435,345  
Schedule of Net Deferred Tax Asset

The deferred tax assets are summarized as follows:

 

    April 30, 2020     April 30, 2019  
Net operating loss carryover   $ 5,083,000     $ 3,777,000  
Stock-based compensation     2,019,000       1,753,000  
Capitalized exploration costs     340,000       341,000  
Accrued remediation costs     7,000       3,000  
Alternative minimum tax credit carryover     -       438,000  
Subtotal     7,449,000       6,312,000  
Less: valuation allowance     (7,449,000 )     (6,312,000 )
Net deferred tax asset   $ -     $ -  
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,  
    2020           2019        
Federal income tax provision (benefit) based on statutory rate   $ (1,194,000 )     21.0 %   $ (1,598.000 )     21.0 %
State income tax provision (benefit), net of federal taxes     -       - %     -       - %
Change in effective state tax rate     -       - %     340,000       (4.5 )%
Change in prior year estimate     (381,000 )     6.7 %     (971,000       12.8 %
Increase (decrease) in valuation allowance     1,137,000       (20.0 )%     2,664,000       (35.0 )%
Total tax provision (benefit) on income (loss)   $ (438,000 )     7.7 %   $ 435,000       (5.7 )%