SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES |
The
deferred tax assets and deferred tax liabilities are summarized as follows:
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES
Deferred
tax assets: |
|
April
30, 2024 |
|
|
April
30, 2023 |
|
Net
operating loss carryover |
|
$ |
12,317,000 |
|
|
$ |
11,599,000 |
|
Stock-based
compensation |
|
|
948,000 |
|
|
|
866,000 |
|
Exploration
cost |
|
|
386,000 |
|
|
|
- |
|
Accrued
remediation costs |
|
|
22,000 |
|
|
|
35,000 |
|
Other |
|
|
15,000 |
|
|
|
7,000 |
|
Subtotal |
|
|
13,688,000 |
|
|
|
12,507,000 |
|
Less:
valuation allowance |
|
|
(11,949,000 |
) |
|
|
(10,774,000 |
) |
Total
deferred tax assets |
|
$ |
1,739,000 |
|
|
$ |
1,733,000 |
|
Deferred
tax liabilities: |
|
April
30, 2024 |
|
|
April
30, 2023 |
|
Acquired
mineral rights in excess of tax basis in a tax-free merger |
|
$ |
(2,152,000 |
) |
|
$ |
(2,152,000 |
) |
Other |
|
|
(17,000 |
) |
|
|
(11,000 |
) |
Total
deferred tax liabilities |
|
$ |
(2,169,000 |
) |
|
$ |
(2,163,000 |
) |
Net
deferred tax assets (liabilities) |
|
$ |
(430,000 |
) |
|
$ |
(430,000 |
) |
|
SCHEDULE OF EFFECTIVE TAX RATE |
SCHEDULE OF EFFECTIVE TAX RATE
|
|
Years
Ended April 30, |
|
|
|
2024 |
|
|
|
|
|
2023 |
|
|
|
|
Federal
income tax provision (benefit) based on statutory rate |
|
$ |
(1,448,000 |
) |
|
|
21.0 |
% |
|
$ |
(1,599,000 |
) |
|
|
21.0 |
% |
State
income tax provision (benefit), net of federal taxes |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
Change
in fair value of warrant liabilities |
|
|
(66,000 |
) |
|
|
1.0 |
% |
|
|
(273,000 |
) |
|
|
3.6 |
% |
Change
in prior year estimate |
|
|
(14,000 |
) |
|
|
0.2 |
% |
|
|
(255,000 |
) |
|
|
3.4 |
% |
Prior
year deferred tax adjustment |
|
|
— |
|
|
|
— |
% |
|
|
1,804,000 |
|
|
|
(23.7 |
)%
|
Federal
net operating loss expiration |
|
|
335,000 |
|
|
|
(4.9 |
)% |
|
|
— |
|
|
|
— |
% |
Other
nondeductible expenses |
|
|
18,000 |
|
|
|
(0.3 |
)% |
|
|
42,000 |
|
|
|
(0.6 |
)%
|
Increase
(decrease) in valuation allowance |
|
|
1,175,000 |
|
|
|
(17.0 |
)% |
|
|
281,000 |
|
|
|
(3.7 |
)% |
Total
tax provision (benefit) on income (loss) |
|
$ |
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|