Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.23.2
INCOME TAX (Tables)
 12 Months Ended
Apr. 30, 2023
Income Tax Disclosure [Abstract]  
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES

The deferred tax assets and deferred tax liabilities are summarized as follows (approximately):

 

    April 30, 2023     April 30, 2022  
         

(Revised)

  
Deferred tax assets:                
Net operating loss carryover   $ 11,599,000     $ 9,970,000  
Stock-based compensation     866,000       2,234,000  
Accrued remediation costs     35,000       11,000  
Other     7,000       —  
Subtotal     12,507,000       12,215,000  
Less: valuation allowance     (10,774,000 )     (10,493,000 )
Total deferred tax assets   $ 1,733,000     $ 1,722,000  

 

Deferred tax liabilities:   April 30, 2023     April 30, 2022  
         

(Revised)

  
Acquired mineral rights in excess of tax basis in a tax-free merger   $ (2,152,000 )   $ (2,152,000 )
Other     (11,000 )     —  
Total deferred tax liabilities   $ (2,163,000 )   $ (2,152,000 )
Net deferred tax assets (liabilities)   $ (430,000 )   $ (430,000 )
SCHEDULE OF EFFECTIVE TAX RATE

 

    Year Ended April 30,  
    2023           2022        
                (Revised)        
Federal income tax provision (benefit) based on statutory rate   $ (1,599,000 )     21.0 %   $ (2,925,000 )     21.0 %
State income tax provision (benefit), net of federal taxes     —       — %     —       — %
Change in fair value of warrant liabilities     (273,000 )     3.6 %     —       — %
Change in prior year estimate     (255,000 )     3.4 %     717,000       (0.3 )%
Prior year deferred tax adjustment     1,804,000       (23.7 )%     —       — %
Other nondeductible expenses     42,000       (0.6 )%     —       — %
Increase (decrease) in valuation allowance     281,000       (3.7 )%     2,208,000       (20.7 )%
Total tax provision (benefit) on income (loss)   $ —       — %   $ —       — %