Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

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INCOME TAX (Tables)
 12 Months Ended
Apr. 30, 2024
Income Tax Disclosure [Abstract]  
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, 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

 

    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)   $ —       — %   $ —       — %