11. INCOME TAXES
The differences between consolidated financial statement basis and tax basis of assets and liabilities are estimated as follows at October 31:
|
|
|
2017 |
|
2016 |
|
||
|
Consolidated financial statement basis of assets |
|
$ |
68,872,631 |
|
$ |
63,771,046 |
|
|
Plus: Organization and start-up costs capitalized |
|
|
775,562 |
|
|
933,291 |
|
|
Less: Unrealized gains on commodity derivative instruments |
|
|
(141,644) |
|
|
(662,338) |
|
|
Less: Accumulated tax depreciation and amortization greater than financial statement basis |
|
|
(60,718,166) |
|
|
(63,051,669) |
|
|
Plus: Impairment charge |
|
|
27,844,579 |
|
|
27,844,579 |
|
|
Income tax basis of assets |
|
$ |
36,632,962 |
|
$ |
28,834,909 |
|
There were no significant differences between the consolidated financial statement basis of liabilities and the income tax basis of liabilities at October 31, 2017 and 2016.