Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.22.2.2
INCOME TAX (Tables)
 12 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES

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

 

      1       2  
Deferred tax assets:   April 30, 2022     April 30, 2021  
Net operating loss carryover   $ 9,970,000     $ 6,793,000  
Stock-based compensation     2,234,000       2,776,000  
Capitalized exploration costs     —       431,000  
Accrued remediation costs     11,000       7,000  
Alternative minimum tax credit carryover     —       —  
Subtotal     12,215,000       10,007,000  
Less: valuation allowance     (10,063,000 )     (7,855,000 )
Total deferred tax asset   $ 2,152,000     $ 2,152,000  

 

Deferred tax liabilities:   April 30, 2022     April 30, 2021  
Acquired mineral rights in excess of tax basis in a tax-free merger   $ (2,152,000 )   $ (2,152,000 )
Total deferred tax liabilities     (2,152,000 )     (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,  
    2022           2021        
Federal income tax provision (benefit) based on statutory rate   $ (2,925,000 )     21.0 %   $ (2,601,000 )     21.0 %
State income tax provision (benefit), net of federal taxes     —       — %     —       — %
Change in effective state tax rate     —       — %     —       — %
Change in prior year estimate     717,000       (5.1 )%     43,000       (0.3 )%
Increase (decrease) in valuation allowance     2,208,000       (15.9 )%     2,558,000       (20.7 )%
Total tax provision (benefit) on income (loss)   $ —       — %   $ —       — %