Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
The provision for income taxes differs from the amount computed by applying the federal statutory income tax rate (35%) on operations due primarily to permanent differences attributable to organizational expenses.
|
|
Fiscal Year
Ended
December 31,
2016
|
|
|
Fiscal Year
Ended
December 31,
2015
|
|
|
|
|
|
|
|
|
Income tax expense computed at statutory rates
|
|
$
|
(656,523
|
)
|
|
$
|
(649,815
|
)
|
Non-deductible items
|
|
|
219,438
|
|
|
|
66,313
|
|
Change in valuation allowance
|
|
|
437,085
|
|
|
|
583,502
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
The components of the net deferred tax asset were as follows:
|
|
December 31, 2015
|
|
|
|
Gross Values
|
|
|
|
|
|
Tax Effect
|
|
Deferred tax assets
|
|
|
|
|
|
|
|
|
|
Book impairment
|
|
$
|
668,073
|
|
|
$
|
|
|
|
$
|
233,826
|
|
Net operating loss carryforwards
|
|
|
5,911,319
|
|
|
|
|
|
|
|
2,068,962
|
|
Asset retirement obligation
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
Other
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
Total deferred tax assets
|
|
|
6,579,392
|
|
|
|
|
|
|
|
2,302,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
O&G Properties
|
|
|
(2,211,892
|
)
|
|
|
|
|
|
|
(774,162
|
)
|
Other
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
Total deferred tax liabilities
|
|
|
(2,211,892
|
)
|
|
|
|
|
|
|
(774,162
|
)
|
Less: Valuation allowance
|
|
|
(4,367,500
|
)
|
|
|
|
|
|
|
(1,528,626
|
)
|
Net deferred tax assets (liabilities)
|
|
$
|
—
|
|
|
$
|
|
|
|
$
|
—
|
|
|
|
December 31, 2016
|
|
|
|
Gross Values
|
|
|
Tax Effect
|
|
Deferred tax assets
|
|
|
|
|
$ |
|
|
Book Impairment
|
|
$
|
668,073
|
|
|
$
|
233,825
|
|
Net operating loss carryforwards
|
|
|
7,120,879
|
|
|
|
2,492,308
|
|
Asset retirement obligation
|
|
|
—
|
|
|
|
—
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
Total deferred tax assets
|
|
|
7,788,952
|
|
|
|
2,726,133
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
|
|
|
|
|
O&G Properties
|
|
|
(6,496,717
|
)
|
|
|
(2,273,851
|
)
|
Other
|
|
|
—
|
|
|
|
—
|
|
Total deferred tax liabilities
|
|
|
(6,496,717
|
)
|
|
|
(2,273,851
|
)
|
Less: Valuation allowance
|
|
|
(1,292,235
|
)
|
|
|
(452,282
|
)
|
Net deferred tax assets (liabilities)
|
|
$
|
—
|
|
|
$
|
—
|
|
|