Mexco Energy (MXC) 10-Q7 Nov 242025 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - $ / shares	6 Months Ended
Cover - $ / shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--03-31
Entity File Number	1-31785
Entity Registrant Name	MEXCO ENERGY CORPORATION
Entity Central Index Key	0000066418
Entity Tax Identification Number	84-0627918
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	415 West Wall Street
Entity Address, Address Line Two	Suite 475
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	(432)
Local Phone Number	682-1119
Title of 12(b) Security	Common Stock, par value $0.50 per share
Trading Symbol	MXC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,046,000
Entity Listing, Par Value Per Share	$ 0.50

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Current assets
Cash and cash equivalents	$ 1,578,357	$ 2,473,484
Accounts receivable:
Oil and natural gas sales	918,204	1,001,709
Trade	4,213	9,186
Prepaid costs and expenses	50,413	56,193
Prepaid drilling	16,560	148,748
Total current assets	2,567,747	3,689,320
Property and equipment, at cost
Oil and gas properties, using the full cost method	50,288,295	48,304,585
Other	121,926	121,926
Accumulated depreciation, depletion and amortization	(35,308,822)	(34,184,837)
Property and equipment, net	15,101,399	14,241,674
Investments – cost basis	1,500,000	1,100,000
Operating lease, right-of-use asset	150,362	19,263
Other noncurrent assets	6,448	8,597
Total assets	19,325,956	19,058,854
Current liabilities
Accounts payable and accrued expenses	419,001	221,603
Income tax payable	125,946	189,254
Operating lease liability, current	48,767	19,263
Total current liabilities	593,714	430,120
Long-term liabilities
Operating lease liability, long-term	101,595
Asset retirement obligations	693,329	688,808
Deferred income tax liabilities	431,322	311,661
Total long-term liabilities	1,226,246	1,000,469
Total liabilities	1,819,960	1,430,589
Commitments and contingencies
Stockholders’ equity
Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding
Common stock - $0.50 par value; 40,000,000 shares authorized; 2,239,283 and 2,226,916 shares issued; and, 2,046,000 and 2,091,399 shares outstanding as of September 30, 2024 and March 31, 2024, respectively	1,119,641	1,113,458
Additional paid-in capital	8,743,383	8,567,856
Retained earnings	9,521,718	9,122,481
Treasury stock, at cost (193,283 and 135,517 shares, respectively)	(1,878,746)	(1,175,530)
Total stockholders’ equity	17,505,996	17,628,265
Total liabilities and stockholders’ equity	$ 19,325,956	$ 19,058,854

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	2,239,283	2,226,916
Common stock, shares outstanding	2,046,000	2,091,399
Treasury stock, shares	193,283	135,517

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Operations (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating revenues:
Total operating revenues	$ 1,749,227	$ 1,406,610	$ 3,477,062	$ 3,155,029
Operating expenses:
Production	413,405	392,674	850,825	742,081
Accretion of asset retirement obligations	7,813	7,540	15,524	14,896
Depreciation, depletion, and amortization	584,288	382,180	1,123,985	868,366
General and administrative	334,525	305,543	701,570	646,512
Total operating expenses	1,340,031	1,087,937	2,691,904	2,271,855
Operating income	409,196	318,673	785,158	883,174
Other income (expenses):
Interest income	20,830	26,364	43,576	50,059
Interest expense	(1,075)	(1,079)	(2,158)	(2,160)
Net other income	19,755	25,285	41,418	47,899
Income before provision for income taxes	428,951	343,958	826,576	931,073
Income tax expense:
Current	66,707	13,346	98,678	46,164
Deferred	45,046	61,179	119,661	149,862
Total income tax expense	111,753	74,525	218,339	196,026
Net income	$ 317,198	$ 269,433	$ 608,237	$ 735,047
Income per common share:
Basic:	$ 0.15	$ 0.13	$ 0.29	$ 0.35
Diluted:	$ 0.15	$ 0.12	$ 0.29	$ 0.34
Weighted average common shares outstanding:
Basic:	2,073,696	2,122,336	2,082,194	2,129,213
Diluted:	2,117,804	2,174,713	2,126,565	2,178,719
Dividends declared per share			$ 0.10	$ 0.10
Oil Sales [Member]
Operating revenues:
Total operating revenues	$ 1,521,618	$ 1,099,806	$ 3,031,922	$ 2,529,484
Natural Gas Sales [Member]
Operating revenues:
Total operating revenues	174,235	280,904	351,987	566,316
Other [Member]
Operating revenues:
Total operating revenues	$ 53,374	$ 25,900	$ 93,153	$ 59,229

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance at Mar. 31, 2023	$ 1,110,708	$ 8,321,145	$ 7,991,129	$ (590,495)	$ 16,832,487
Net income			465,614		465,614
Dividends paid			(213,600)		(213,600)
Issuance of stock through options exercised	250	2,712			2,962
Stock based compensation		54,975			54,975
Balance at Jun. 30, 2023	1,110,958	8,378,832	8,243,143	(590,495)	17,142,438
Balance at Mar. 31, 2023	1,110,708	8,321,145	7,991,129	(590,495)	16,832,487
Net income					735,047
Purchase of stock					(325,256)
Balance at Sep. 30, 2023	1,110,958	8,437,680	8,512,576	(915,751)	17,145,463
Balance at Jun. 30, 2023	1,110,958	8,378,832	8,243,143	(590,495)	17,142,438
Net income			269,433		269,433
Purchase of stock				(325,256)	(325,256)
Stock based compensation		58,848			58,848
Balance at Sep. 30, 2023	1,110,958	8,437,680	8,512,576	(915,751)	17,145,463
Balance at Mar. 31, 2024	1,113,458	8,567,856	9,122,481	(1,175,530)	$ 17,628,265
Balance, shares at Mar. 31, 2024					2,226,916
Treasury stock, shares at Mar. 31, 2024					(135,517)
Net income			291,039		$ 291,039
Dividends paid			(209,000)		(209,000)
Issuance of stock through options exercised	6,183	71,458			77,641
Purchase of stock				(188,637)	(188,637)
Stock based compensation		52,439			52,439
Balance at Jun. 30, 2024	1,119,641	8,691,753	9,204,520	(1,364,167)	17,651,747
Balance at Mar. 31, 2024	1,113,458	8,567,856	9,122,481	(1,175,530)	$ 17,628,265
Balance, shares at Mar. 31, 2024					2,226,916
Treasury stock, shares at Mar. 31, 2024					(135,517)
Net income					$ 608,237
Purchase of stock					$ (703,216)
Issuance of stock, shares					12,367
Acquisitions, shares					(57,766)
Balance at Sep. 30, 2024	1,119,641	8,743,383	9,521,718	(1,878,746)	$ 17,505,996
Balance, shares at Sep. 30, 2024					2,239,283
Treasury stock, shares at Sep. 30, 2024					(193,283)
Common stock, shares outstanding at Sep. 30, 2024					2,046,000
Balance at Jun. 30, 2024	1,119,641	8,691,753	9,204,520	(1,364,167)	$ 17,651,747
Net income			317,198		317,198
Purchase of stock				(514,579)	(514,579)
Stock based compensation		51,630			51,630
Balance at Sep. 30, 2024	$ 1,119,641	$ 8,743,383	$ 9,521,718	$ (1,878,746)	$ 17,505,996
Balance, shares at Sep. 30, 2024					2,239,283
Treasury stock, shares at Sep. 30, 2024					(193,283)
Common stock, shares outstanding at Sep. 30, 2024					2,046,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 608,237	$ 735,047
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense	119,661	149,862
Stock-based compensation	104,069	113,823
Depreciation, depletion and amortization	1,123,985	868,366
Accretion of asset retirement obligations	15,524	14,896
Amortization of debt issuance costs	2,149	2,159
Changes in operating assets and liabilities:
Decrease in accounts receivable	88,478	571,889
(Increase) decrease in right-of-use asset	(131,099)	27,920
Decrease in prepaid expenses	5,781	9,229
Increase (decrease) in accounts payable and accrued expenses	15,199	(27,933)
Settlement of asset retirement obligations	(13,370)	(6,975)
Decrease in income taxes payable	(63,308)
Decrease (increase) in operating lease liability	131,099	(27,919)
Net cash provided by operating activities	2,006,405	2,430,364
Cash flows from investing activities:
Additions to oil and gas properties	(1,667,027)	(1,650,812)
Investments in limited liability companies at cost	(400,000)	(200,000)
Proceeds from sale of oil and gas properties and equipment	70	306,513
Net cash used in investing activities	(2,066,957)	(1,544,299)
Cash flows from financing activities:
Proceeds from exercise of stock options	77,641	2,962
Acquisition of treasury stock	(703,216)	(325,256)
Dividends paid	(209,000)	(213,600)
Debt issuance costs		(750)
Net cash used in financing activities	(834,575)	(536,644)
Net (decrease) increase in cash and cash equivalents	(895,127)	349,421
Cash and cash equivalents at beginning of period	2,473,484	2,235,771
Cash and cash equivalents at end of period	1,578,357	2,585,192
Supplemental disclosure of cash flow information:
Cash paid for interest	9
Accrued capital expenditures included in accounts payable	203,000	32,969
Non-cash investing and financing activities:
Asset retirement obligations	$ 1,372	$ 2,495

Nature of Operations

Nature of Operations	6 Months Ended
Nature of Operations	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation), Southwest Texas Disposal Corporation (a Texas corporation) and TBO Oil & Gas, LLC (a Texas limited liability company) (collectively, the “Company”) are engaged in the acquisition, exploration, development and production of crude oil, natural gas, condensate and natural gas liquids (“NGLs”). Most of the Company’s oil and gas interests are centered in West Texas and Southeastern New Mexico; however, the Company owns producing properties and undeveloped acreage in fourteen states. All of the Company’s oil and gas interests are operated by others.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Principles of Consolidation Estimates and Assumptions Interim Financial Statements Investments The Company accounts for investments of less than 3% in any limited liability companies at cost

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
Asset Retirement Obligations	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	3. Asset Retirement Obligations The Company’s asset retirement obligations (“ARO”) relate to the plugging of wells, the removal of facilities and equipment, and site restoration on oil and gas properties. The fair value of a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted each period until the liability is settled or the well is sold, at which time the liability is removed. The related asset retirement cost is capitalized as part of the carrying amount of our oil and natural gas properties. The ARO is included on the consolidated balance sheets with the current portion being included in the accounts payable and other accrued expenses. The following table provides a rollforward of the AROs for the first six months of fiscal 2025: Schedule of Rollforward of Asset Retirement Obligations Carrying amount of asset retirement obligations as of April 1, 2024 $ 718,808 Liabilities incurred 1,372 Liabilities settled (12,375 ) Accretion expense 15,524 Carrying amount of asset retirement obligations as of September 30, 2024 723,329 Less: Current portion 30,000 Non-Current asset retirement obligation $ 693,329

Long Term Debt

Long Term Debt	6 Months Ended
Long Term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Long Term Debt	4. Long Term Debt On December 28, 2018, the Company entered into a loan agreement (the “Agreement”) with West Texas National Bank (“WTNB”), which originally provided for a credit facility of $ 1,000,000 December 28, 2021 On February 28, 2020, the Agreement was amended to increase the credit facility to $ 2,500,000 1,500,000 March 28, 2026 Under the Agreement, interest on the facility accrues at a rate equal to the prime rate as quoted in the Wall Street Journal plus one-half of one percent ( 0.5 the Company will pay an unused commitment fee in an amount equal to one-half of one percent (0.5%) times the daily average of the unadvanced amount of the commitment 1,500,000 No principal payments are anticipated to be required through the maturity date of the credit facility, March 28, 2026 9,000 12,950 Amounts borrowed under the Agreement are collateralized by the common stock of the Company’s wholly owned subsidiaries and substantially all of the Company’s oil and gas properties. The Agreement contains customary covenants for credit facilities of this type including limitations on change in control, disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement and requires senior debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratios (Senior Debt/EBITDA) less than or equal to 4.00 to 1.00 measured with respect to the four trailing quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter. In addition, this Agreement prohibits the Company from paying cash dividends on its common stock without written permission of WTNB. The Company obtained written permission from WTNB prior to declaring the regular annual dividend on April 30, 2024 as discussed in Note 10. The Agreement does not permit the Company to enter into hedge agreements covering crude oil and natural gas prices without prior WTNB approval. There was no

Stock-based Compensation

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	5. Stock-based Compensation The Company recognized stock-based compensation expense of $ 51,630 58,848 104,069 113,823 381,743 2.04 During the six months ended September 30, 2024, no 32,000 12.68 279,360 ten years four years Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the six months ended September 30, 2024 and 2023. All such amounts represent the weighted average amounts. Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models Six Months Ended September 30 2024 2023 Grant-date fair value - $ 8.73 Volatility factor - 56.5 % Dividend yield - - Risk-free interest rate - 3.44 % Expected term (in years) - 6.25 The following table is a summary of activity of stock options for the six months ended September 30, 2024: Summary of Activity of Stock Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Life in Years Intrinsic Value Outstanding at April 1, 2024 165,750 $ 9.36 6.62 $ 103,275 Granted - - Exercised (12,367 ) 6.28 Forfeited or Expired (2,500 ) - Outstanding at September 30, 2024 150,883 $ 9.52 6.48 $ 395,520 Vested at September 30, 2024 105,508 $ 7.69 5.81 $ 469,298 Exercisable at September 30, 2024 105,508 $ 7.69 5.81 $ 469,298 During the six months ended September 30, 2024, stock options covering 12,367 92,316 77,641 500 2,416 2,962 During the six months ended September 30, 2024, 1,875 625 no Outstanding options at September 30, 2024 expire between September 2028 and April 2033 and have exercise prices ranging from $ 3.34 18.05

Leases

Leases	6 Months Ended
Leases	Sep. 30, 2024
Leases
Leases	6. Leases The Company leases approximately 4,160 702 the Company agreed to re-extend its lease at a flat (unescalated) rate for another 36 months. The amended lease now expires on July 31, 2027 The Company determines an arrangement is a lease at inception. Operating leases are recorded in operating lease right-of-use asset, operating lease liability, current, and operating lease liability, long-term on the consolidated balance sheets. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s lease does not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used at adoption of the renewal was 9 The balance sheets classification of lease assets and liabilities was as follows: Schedule of Operating Lease Assets and Liabilities September 30, 2024 Assets Operating lease right-of-use asset, beginning balance $ 19,263 Current period amortization (26,974 ) Lease extension 158,073 Total operating lease right-of-use asset $ 150,362 Liabilities Operating lease liability, current $ 48,767 Operating lease liability, long term 101,595 Total lease liabilities $ 150,362 Future minimum lease payments as of September 30, 2023 under non-cancellable operating leases are as follows: Schedule of Future Minimum Lease Payments Lease Obligation Fiscal Year Ended March 31, 2025 $ 30,160 Fiscal Year Ended March 31, 2026 60,320 Fiscal Year Ended March 31, 2027 60,320 Fiscal Year Ended March 31, 2028 20,107 Total lease payments $ 170,907 Less: imputed interest (20,545 ) Operating lease liability 150,362 Less: operating lease liability, current (48,767 ) Operating lease liability, long term $ 101,595 Net cash paid for our operating lease for the six months ended September 30, 2024 was $ 22,580 6,887 21,334

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax on corporations with book financial statement income in excess of $1.0 billion, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases in excess of an annual limit of $1.0 million after December 31, 2022 The income tax provision consists of the following for the six months ended September 30, 2024 and 2023: Schedule of Income Tax Provision 2024 2023 Six Months Ended September 30 2024 2023 Current income tax expense: Federal $ 51,692 $ - State 46,986 46,164 Total current income tax expense 98,678 46,164 Deferred income tax expense: Federal 119,661 149,862 State - - Total deferred income tax expense 119,661 149,862 Total income tax expense: $ 218,339 $ 196,026 Federal income tax for the six months ended September 30, 2024 was $ 171,353 149,862 The following table summarizes our income tax expense and effective income tax rate for the six months ended September 30 follows: Schedule of Reconciliation of Provision for Income Taxes 2024 2023 Income tax expense $ 218,339 $ 196,026 Effective income tax rate (1) 26.4 % 21.1 % (1) The federal statutory rate was 21 Total income tax expense from continuing operations for the six months ended September 30, 2024 and 2023 differed from amounts computed by applying the U.S. federal statutory tax rate to pre-tax income primarily due to state income taxes, net of federal benefit, and the impact of permanent differences between book and taxable income.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Related party transactions for the Company primarily relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the principal stockholder. The total billed to and reimbursed by the stockholder for the three months ended September 30, 2024 and 2023 was $ 1,250 8,612 5,288 17,994 2,994 3,893 6,887 7,786

Income Per Common Share

Income Per Common Share	6 Months Ended
Income Per Common Share	Sep. 30, 2024
Income per common share:
Income Per Common Share	9. Income Per Common Share The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three and six month periods ended September 30, 2024 and 2023. Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share 2024 2023 2024 2023 Three Months Ended Six Months Ended September 30, September 30, 2024 2023 2024 2023 Net income $ 317,198 $ 269,433 $ 608,237 $ 735,047 Shares outstanding: Weighted avg. shares outstanding – basic 2,073,696 2,122,336 2,082,194 2,129,213 Effect of assumed exercise of dilutive stock options 44,108 52,377 44,371 49,506 Weighted avg. shares outstanding – dilutive 2,117,804 2,174,713 2,126,565 2,178,719 Income per common share: Basic $ 0.15 $ 0.13 $ 0.29 $ 0.35 Diluted $ 0.15 $ 0.12 $ 0.29 $ 0.34 For the three months ended September 30, 2024, 61,125 60,500 15.34 63,000 15.32

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
Stockholders’ Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	10. Stockholders’ Equity In April 2024, the Board of Directors authorized the use of up to $ 1,000,000 0.50 On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, establishes a 1 effective for stock repurchases in excess of an annual limit of $1,000,000 after December 31, 2022 During the six months ended September 30, 2024 there were 57,766 703,216 26,000 325,256 On April 30, 2024, the Board of Directors declared a regular annual dividend of $ 0.10 209,000 0.10 213,600 Dividends declared by the Board and stock repurchased during the period are presented in the Company’s consolidated statements of changes in stockholders’ equity as dividends paid and purchases of treasury stock, respectively. Dividends paid and stock repurchased during the period are presented as cash used in financing activities in the Company’s consolidated statements of cash flows. Stock repurchases are included as treasury stock in the consolidated balance sheets.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	11. Acquisitions During the six months ended September 30, 2024, the Company incurred approximately $ 900,000 20,000

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events In October 2024, the Company acquired royalty interests in 3 5 260,000 6 25,000 8 20,000 10 65,000 12 66,000 230 188,000 In October 2024, the Company expended approximately $ 74,000 .53 In November 2024, the Company entered into an agreement to acquire royalty interests in 15 $ 450,000 The Company completed a review and analysis of all events that occurred after the consolidated balance sheet date to determine if any such events must be reported and has determined that there are no other subsequent events to be disclosed.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
Estimates and Assumptions	Estimates and Assumptions
Interim Financial Statements	Interim Financial Statements
Investments	Investments The Company accounts for investments of less than 3% in any limited liability companies at cost

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
Asset Retirement Obligations (Tables)	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Rollforward of Asset Retirement Obligations	The following table provides a rollforward of the AROs for the first six months of fiscal 2025: Schedule of Rollforward of Asset Retirement Obligations Carrying amount of asset retirement obligations as of April 1, 2024 $ 718,808 Liabilities incurred 1,372 Liabilities settled (12,375 ) Accretion expense 15,524 Carrying amount of asset retirement obligations as of September 30, 2024 723,329 Less: Current portion 30,000 Non-Current asset retirement obligation $ 693,329

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
Stock-based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models	Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the six months ended September 30, 2024 and 2023. All such amounts represent the weighted average amounts. Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models Six Months Ended September 30 2024 2023 Grant-date fair value - $ 8.73 Volatility factor - 56.5 % Dividend yield - - Risk-free interest rate - 3.44 % Expected term (in years) - 6.25
Summary of Activity of Stock Options	The following table is a summary of activity of stock options for the six months ended September 30, 2024: Summary of Activity of Stock Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Life in Years Intrinsic Value Outstanding at April 1, 2024 165,750 $ 9.36 6.62 $ 103,275 Granted - - Exercised (12,367 ) 6.28 Forfeited or Expired (2,500 ) - Outstanding at September 30, 2024 150,883 $ 9.52 6.48 $ 395,520 Vested at September 30, 2024 105,508 $ 7.69 5.81 $ 469,298 Exercisable at September 30, 2024 105,508 $ 7.69 5.81 $ 469,298

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases
Schedule of Operating Lease Assets and Liabilities	The balance sheets classification of lease assets and liabilities was as follows: Schedule of Operating Lease Assets and Liabilities September 30, 2024 Assets Operating lease right-of-use asset, beginning balance $ 19,263 Current period amortization (26,974 ) Lease extension 158,073 Total operating lease right-of-use asset $ 150,362 Liabilities Operating lease liability, current $ 48,767 Operating lease liability, long term 101,595 Total lease liabilities $ 150,362
Schedule of Future Minimum Lease Payments	Future minimum lease payments as of September 30, 2023 under non-cancellable operating leases are as follows: Schedule of Future Minimum Lease Payments Lease Obligation Fiscal Year Ended March 31, 2025 $ 30,160 Fiscal Year Ended March 31, 2026 60,320 Fiscal Year Ended March 31, 2027 60,320 Fiscal Year Ended March 31, 2028 20,107 Total lease payments $ 170,907 Less: imputed interest (20,545 ) Operating lease liability 150,362 Less: operating lease liability, current (48,767 ) Operating lease liability, long term $ 101,595

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision	The income tax provision consists of the following for the six months ended September 30, 2024 and 2023: Schedule of Income Tax Provision 2024 2023 Six Months Ended September 30 2024 2023 Current income tax expense: Federal $ 51,692 $ - State 46,986 46,164 Total current income tax expense 98,678 46,164 Deferred income tax expense: Federal 119,661 149,862 State - - Total deferred income tax expense 119,661 149,862 Total income tax expense: $ 218,339 $ 196,026
Schedule of Reconciliation of Provision for Income Taxes	The following table summarizes our income tax expense and effective income tax rate for the six months ended September 30 follows: Schedule of Reconciliation of Provision for Income Taxes 2024 2023 Income tax expense $ 218,339 $ 196,026 Effective income tax rate (1) 26.4 % 21.1 % (1) The federal statutory rate was 21

Income Per Common Share (Tables

Income Per Common Share (Tables)	6 Months Ended
Income Per Common Share (Tables)	Sep. 30, 2024
Income per common share:
Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share	The following is a reconciliation of the number of shares used in the calculation of basic and diluted net income per share for the three and six month periods ended September 30, 2024 and 2023. Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share 2024 2023 2024 2023 Three Months Ended Six Months Ended September 30, September 30, 2024 2023 2024 2023 Net income $ 317,198 $ 269,433 $ 608,237 $ 735,047 Shares outstanding: Weighted avg. shares outstanding – basic 2,073,696 2,122,336 2,082,194 2,129,213 Effect of assumed exercise of dilutive stock options 44,108 52,377 44,371 49,506 Weighted avg. shares outstanding – dilutive 2,117,804 2,174,713 2,126,565 2,178,719 Income per common share: Basic $ 0.15 $ 0.13 $ 0.29 $ 0.35 Diluted $ 0.15 $ 0.12 $ 0.29 $ 0.34

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details Narrative)	6 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Cost method investments, percentage description	The Company accounts for investments of less than 3% in any limited liability companies at cost

Schedule of Rollforward of Asse

Schedule of Rollforward of Asset Retirement Obligations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Carrying amount of asset retirement obligations as of April 1, 2024			$ 718,808
Liabilities incurred			1,372
Liabilities settled			(12,375)
Accretion expense	$ 7,813	$ 7,540	15,524	$ 14,896
Carrying amount of asset retirement obligations as of September 30, 2024	723,329		723,329
Less: Current portion	30,000		30,000
Non-Current asset retirement obligation	$ 693,329		$ 693,329		$ 688,808

Long Term Debt (Details Narrati

Long Term Debt (Details Narrative) - USD ($)			6 Months Ended
Long Term Debt (Details Narrative) - USD ($)	Feb. 28, 2020	Dec. 28, 2018	Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Line of credit balance outstanding			$ 0
Loan Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loan origination fee	$ 9,000
Legal and recording expenses	12,950
Debt instrument covenant description			The Agreement contains customary covenants for credit facilities of this type including limitations on change in control, disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the Agreement and requires senior debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratios (Senior Debt/EBITDA) less than or equal to 4.00 to 1.00 measured with respect to the four trailing quarters and minimum interest coverage ratios (EBITDA/Interest Expense) of 2.00 to 1.00 for each quarter.
Loan Agreement [Member] \| West Texas National Bank [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Credit facility	$ 2,500,000	$ 1,000,000
Maturity date	Mar. 28, 2026	Dec. 28, 2021
Line of credit, increase in borrowing base amount	$ 1,500,000
Debt instrument rate	0.50%
Commitment fee description	the Company will pay an unused commitment fee in an amount equal to one-half of one percent (0.5%) times the daily average of the unadvanced amount of the commitment
Line of credit available for borrowing			$ 1,500,000

Schedule of Grant-date Fair Val

Schedule of Grant-date Fair Value of Stock Options Granted and Assumptions Used Binominal Models (Details) - $ / shares	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Grant-date fair value		$ 8.73
Volatility factor		56.50%
Dividend yield
Risk-free interest rate		3.44%
Expected term (in years)		6 years 3 months

Summary of Activity of Stock Op

Summary of Activity of Stock Options (Details) - USD ($)	6 Months Ended		12 Months Ended
Summary of Activity of Stock Options (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Exercised	(12,367)	(500)
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding, Balance	165,750
Weighted Average Exercise Price per Share, Balance	$ 9.36
Weighted Average Remaining Contract Life in Years	6 years 5 months 23 days		6 years 7 months 13 days
Outstanding, Intrinsic Value, Balance	$ 103,275
Number of Shares, Granted
Weighted Average Exercise Price Per Share, Granted
Number of Shares, Exercised	(12,367)
Weighted Average Exercise Price Per Share, Exercised	$ 6.28
Number of Shares, Forfeited or Expired	(2,500)
Weighted Average Exercise Price Per Share, Forfeited or Expired
Number of Shares, Outstanding, Balance	150,883		165,750
Weighted Average Exercise Price per Share, Balance	$ 9.52		$ 9.36
Outstanding, Intrinsic Value, Balance	$ 395,520		$ 103,275
Number of Shares, Vested	105,508
Weighted Average Exercise Price Per Share, Vested	$ 7.69
Weighted Aggregate Average Remaining Contract Life in Years, Vested	5 years 9 months 21 days
Intrinsic Value, Vested	$ 469,298
Number of Shares, Exercisable	105,508
Weighted Average Exercise Price Per Share, Exercisable	$ 7.69
Weighted Aggregate Average Remaining Contract Life in Years, Exercisable	5 years 9 months 21 days
Intrinsic Value, Exercisable	$ 469,298

Stock-based Compensation (Detai

Stock-based Compensation (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Stock-based Compensation (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense			$ 104,069	$ 113,823
Total cost related to non-vested awards	$ 381,743		$ 381,743
Non-vested awards, weighted average period of recognition			2 years 14 days
Stock options shares exercised			12,367	500
Stock options intrinsic value exercised			$ 92,316	$ 2,416
Proceeds from options exercised			$ 77,641	$ 2,962
Stock options shares forfeited			1,875	0
Number of stock options shares vested			625
Stock option exercise price, minimum			$ 3.34
Stock option exercise price, maximum			$ 18.05
Board of Directors [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of stock options granted shares				32,000
Exercisable price per share				$ 12.68
Fair value of stock option exercisable				$ 279,360
Weighted average remaining contractual term exercise period			10 years
Award vesting period			4 years
2019 Employee Incentive Stock Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of stock options granted shares			0
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 51,630	$ 58,848
Stock based compensation expense			$ 104,069	$ 113,823

Schedule of Operating Lease Ass

Schedule of Operating Lease Assets and Liabilities (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Leases
Operating lease right-of-use asset, beginning balance	$ 19,263
Current period amortization	(26,974)
Lease extension	158,073
Total operating lease right-of-use asset	150,362	$ 19,263
Operating lease liability, current	48,767	19,263
Operating lease liability, long term	101,595
Total lease liabilities	$ 150,362

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Leases
Fiscal Year Ended March 31, 2025	$ 30,160
Fiscal Year Ended March 31, 2026	60,320
Fiscal Year Ended March 31, 2027	60,320
Fiscal Year Ended March 31, 2028	20,107
Total lease payments	170,907
Less: imputed interest	(20,545)
Operating lease liability	150,362
Less: operating lease liability, current	(48,767)	$ (19,263)
Operating lease liability, long term	$ 101,595

Leases (Details Narrative)

Leases (Details Narrative)	1 Months Ended	6 Months Ended
Leases (Details Narrative)	Jun. 30, 2024	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)
Area of lease \| ft²		4,160
Lease term extension, description	the Company agreed to re-extend its lease at a flat (unescalated) rate for another 36 months. The amended lease now expires on July 31, 2027
Lease expiration date	Jul. 31, 2027
Incremental borrowing rate		9%
Net cash paid for operating lease \| $		$ 22,580	$ 21,334
Sublease income \| $		$ 6,887
Shareholder [Member]
Area of lease \| ft²		702

Schedule of Income Tax Provisio

Schedule of Income Tax Provision (Details) - USD ($)	3 Months Ended		6 Months Ended
Schedule of Income Tax Provision (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Federal			$ 51,692
State			46,986	46,164
Total current income tax expense	$ 66,707	$ 13,346	98,678	46,164
Federal			119,661	149,862
State
Total deferred income tax expense	45,046	61,179	119,661	149,862
Total income tax expense	$ 111,753	$ 74,525	$ 218,339	$ 196,026

Schedule of Reconciliation of P

Schedule of Reconciliation of Provision for Income Taxes (Details) - USD ($)		3 Months Ended		6 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense		$ 111,753	$ 74,525	$ 218,339	$ 196,026
Effective income tax rate	[1]			26.40%	21.10%

[1]The federal statutory rate was 21

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Details) (Parenthetical)	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Federal income tax rate	21%	21%

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)		6 Months Ended
Income Taxes (Details Narrative) - USD ($)	Aug. 16, 2022	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax examination description	IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax on corporations with book financial statement income in excess of $1.0 billion, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases in excess of an annual limit of $1.0 million after December 31, 2022
Fedral income tax		$ 171,353	$ 149,862

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party [Member]
Related Party Transaction [Line Items]
Reimbursement expenses	$ 1,250	$ 8,612	$ 5,288	$ 17,994
Principal Owner [Member]
Related Party Transaction [Line Items]
Payments to lessor	$ 2,994	$ 3,893	$ 6,887	$ 7,786

Schedule of Reconciliation of B

Schedule of Reconciliation of Basic and Diluted Net Income (loss) Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income per common share:
Net income	$ 317,198	$ 291,039	$ 269,433	$ 465,614	$ 608,237	$ 735,047
Weighted avg. shares outstanding – basic	2,073,696		2,122,336		2,082,194	2,129,213
Effect of assumed exercise of dilutive stock options	44,108		52,377		44,371	49,506
Weighted avg. shares outstanding – dilutive	2,117,804		2,174,713		2,126,565	2,178,719
Basic	$ 0.15		$ 0.13		$ 0.29	$ 0.35
Diluted	$ 0.15		$ 0.12		$ 0.29	$ 0.34

Income Per Common Share (Detail

Income Per Common Share (Details Narrative) - $ / shares	3 Months Ended		6 Months Ended
Income Per Common Share (Details Narrative) - $ / shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income per common share:
Antidilutive securities excluded from computation of earnings per share	61,125	63,000	60,500	63,000
Anti-dilutive stock options have a weighted average exercise price			$ 15.34	$ 15.32

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)						3 Months Ended				6 Months Ended
Stockholders’ Equity (Details Narrative) - USD ($)	Jun. 04, 2024	Apr. 30, 2024	May 15, 2023	Apr. 10, 2023	Aug. 16, 2022	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Common stock, par value		$ 0.50				$ 0.50				$ 0.50		$ 0.50
Excise tax percentage					1%
Stock repurchase description					effective for stock repurchases in excess of an annual limit of $1,000,000 after December 31, 2022
Stock repurchased during the period, shares										57,766	26,000
Stock repurchased during the period, value						$ 514,579	$ 188,637	$ 325,256		$ 703,216	$ 325,256
Dividend declared										$ 0.10	$ 0.10
Dividend	$ 209,000		$ 213,600				$ 209,000		$ 213,600
O 2025 Q2 Dividends [Member]
Dividend declared		$ 0.10
S 2025 Q2 Dividends [Member]
Dividend declared				$ 0.10
Maximum [Member] \| Board of Directors [Member]
Stock authorized repurchased shares for treasury		$ 1,000,000

Acquisitions (Details Narrative

Acquisitions (Details Narrative) - USD ($)	6 Months Ended
Acquisitions (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition costs	$ 900,000	$ 20,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	1 Months Ended		6 Months Ended
Subsequent Events (Details Narrative)	Nov. 30, 2024 USD ($) Integer	Oct. 31, 2024 USD ($) Integer	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Subsequent Event [Line Items]
Proceeds from option exercise			$ 77,641	$ 2,962
Subsequent Event [Member] \| Bone Spring Sand Formation [Member] \| NEW MEXICO
Subsequent Event [Line Items]
Proceeds from option exercise		$ 74,000
Working interest percentage		0.53
Subsequent Event [Member] \| Mewbourne Oil [Member]
Subsequent Event [Line Items]
Number of producing wells \| Integer		3
Number of non-producing wells \| Integer		5
Purchase price		$ 260,000
Subsequent Event [Member] \| SWN Production [Member]
Subsequent Event [Line Items]
Number of producing wells \| Integer		6
Purchase price		$ 25,000
Subsequent Event [Member] \| Marathon Oil [Member]
Subsequent Event [Line Items]
Number of producing wells \| Integer		8
Purchase price		$ 20,000
Subsequent Event [Member] \| Ovintiv [Member]
Subsequent Event [Line Items]
Number of producing wells \| Integer		10
Purchase price		$ 65,000
Subsequent Event [Member] \| Pioneer Natural Resources [Member]
Subsequent Event [Line Items]
Number of producing wells \| Integer		12
Purchase price		$ 66,000
Subsequent Event [Member] \| Petro-Hunt Corporation and Conoco Phillips Company [Member]
Subsequent Event [Line Items]
Number of producing wells \| Integer		230
Subsequent Event [Member] \| Petro Hunt Corporationn and Conoco Phillips [Member]
Subsequent Event [Line Items]
Purchase price		$ 188,000
Subsequent Event [Member] \| Civitas Resources [Member]
Subsequent Event [Line Items]
Number of producing wells \| Integer	15
Purchase price	$ 450,000