Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.21.2
Income Tax (Tables)
12 Months Ended
Apr. 30, 2021
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,  
    2021     2020  
Current                
Federal   $     $ (438,145 )
State and local            
Total current           (438,145 )
                 
Deferred                
Federal   $     $  
State and local            
Total deferred            
Total income tax provision (benefit)   $     $ (438,145 )
Schedule of Net Deferred Tax Asset and Liabilities

The deferred tax assets and deferred tax liabilities are summarized as follows:

 

Deferred tax assets:   April 30, 2021     April 30, 2020  
Net operating loss carryover   $ 6,793,000     $ 5,083,000  
Stock-based compensation     2,776,000       2,019,000  
Capitalized exploration costs     431,000       340,000  
Accrued remediation costs     7,000       7,000  
Alternative minimum tax credit carryover            
Subtotal     10,007,000       7,449,000  
Less: valuation allowance     (7,855,000 )     (7,449,000 )
Total deferred tax asset   $ 2,152,000     $  

 

Deferred tax liabilities:   April 30, 2021     April 30, 2020  
Acquired mineral rights in excess of tax basis in a tax-free merger   $ (2,152,000 )   $  
Total deferred tax liabilities     (2,152,000 )      
Net deferred tax asset (liabilities)   $     $  
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,  
    2021           2020        
Federal income tax provision (benefit) based on statutory rate   $ (2,601,000 )     21.0 %   $ (1,194,000 )     21.0 %
State income tax provision (benefit), net of federal taxes           %           %
Change in effective state tax rate           %           %
Change in prior year estimate     43,000       (0.3 )%     (381,000 )     6.7 %
Increase (decrease) in valuation allowance     2,558,000       (20.7 )%     1,137,000       (20.0 )%
Total tax provision (benefit) on income (loss)   $       %   $ (438,000 )     7.7 %