| SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES |
The
deferred tax assets and deferred tax liabilities are summarized as follows (approximately):
SCHEDULE OF NET DEFERRED TAX ASSET AND LIABILITIES
| |
|
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 |
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) |
|
$ |
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|