Schedule of current and deferred income tax expense (benefit) |
|
| December 31, 2020
|
|
| December 31, 2019
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Federal
|
| $
| (3,430,038
| )
|
| $
| (3,174,242
| )
|
State
|
|
|
|
|
|
| -
|
|
Total current tax expense (benefit)
|
|
| (3,430,038
| )
|
|
| (3,174,242
| )
|
|
|
|
|
|
|
|
|
|
Deferred tax timing differences
|
|
|
|
|
|
|
|
|
Federal
|
|
| (10,004,343
| )
|
|
| (894,687
| )
|
State
|
|
|
|
|
|
| -
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in valuation allowance
|
|
| 13,434,381
|
|
|
| 4,068,929
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit)
|
| $
| -
|
|
| $
| -
| )
|
|
Schedule of deferred tax assets and liabilities |
|
| December 31, 2020
|
|
| December 31, 2019
|
|
|
|
|
|
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
NOL carry forwards
|
| $
| 9,273,296
|
|
| $
| 5,843,257
|
|
Bad debt reserves
|
|
| 77,896
|
|
|
| 77,896
|
|
Impairment of oil and gas assets
|
|
| 8,278,289
|
|
|
| 403,289
|
|
Unrealized loss
|
|
| 695
|
|
|
| 695
|
|
Derivative losses
|
|
| 149,982
|
|
|
| 1,301,952
|
|
Book tax depletion difference
|
|
| 4,333,842
|
|
|
| 2,233,842
|
|
Share based compensation
|
|
| 3,637,737
|
|
|
| 2,456,423
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets
|
|
| 25,751,736
|
|
|
| 12,317,354
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
Derivative gains
|
|
| (121,947
| )
|
|
| (121,947
| )
|
Bargain purchase gain
|
|
| (5,674,498
| )
|
|
| (5,674,498
| )
|
|
|
|
|
|
|
|
|
|
Total deferred tax liabilities
|
|
| (5,796,445
| )
|
|
| (5,796,445
| )
|
|
|
|
|
|
|
|
|
|
Deferred tax assets - before valuation allowance
|
|
| 19,955,291
|
|
|
| 6,520,909
|
|
Less valuation allowance
|
|
| (19,955,291
| )
|
|
| (6,520,909
| )
|
|
|
|
|
|
|
|
|
|
Deferred tax asset (liability) - net
|
| $
| -
|
|
| $
| -
|
|
|