Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

Income Tax (Tables)

12 Months Ended

Apr. 30, 2021

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	%