Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.21.4
INCOME TAXES (Tables)
12 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
The provision for income taxes consists of the following for the years ended September 30, 2021 and 2020

The provision for income taxes consists of the following for the years ended September 30, 2021 and 2020:

 

    2021     2020  
 FEDERAL                
Current   $     $  
Deferred            
STATE                
Current            
Deferred            
TOTAL PROVISION   $     $  
The difference between the actual income tax provision versus tax computed at the statutory rate is as follows for the years ended September 30, 2021 and 2020, respectively

The difference between the actual income tax provision versus tax computed at the statutory rate is as follows for the years ended September 30, 2021 and 2020, respectively:

 

    2021     2020  
Expected provision (based on statutory rate of 21%)   $ (467,527 )   $ (507,379 )
Effect of:                
Increase (decrease) in valuation allowance     (661,812 )     2,399,698  
Non-Allowable (income) expenses           (233,063 )
Prior year true-ups to return and other, net     1,129,339       (1,659,256 )
Total actual provision   $     $  
Schedule of deferred income tax assets and liabilities

DEFERRED TAX ASSETS (LIABILITIES)   2021     2020  
               
Net operating losses   $ 13,028,326     $ 13,767,315  
Exploration costs     (1,299,327 )     (1,156,312 )
Oil and natural gas leases     1,337,094       1,337,094  
IDC     (1,559,306 )     (1,689,664 )
Stock based compensation     686,545       666,202  
Accrued interest and expenses not paid     632,087       579,349  
Derivative financial instrument     252,348       224,816  
Differences in book/tax depreciation     (387 )     10,392  
Net deferred tax asset     13,077,380       13,739,192  
Valuation allowance     (13,077,380 )     (13,739,192 )
NET DEFERRED TAXES   $     $