Rocky Mountain Industrials (RMRI) 10-Q15 Dec 212021 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Dec. 15, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	0-55402
Entity Registrant Name	Rocky Mountain Industrials, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	46-0750094
Entity Address, Address Line One	4601 DTC Blvd.
Entity Address, Address Line Two	Suite 130
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
City Area Code	720
Local Phone Number	614-5213
Entity Address, Postal Zip Code	80237
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Entity Shell Company	false
Preferred stock, shares outstanding		118.5
Entity Central Index Key	0001556179
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--03-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,785,858
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,822,332

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Current assets
Cash	$ 1,077,265	$ 57,240
Accounts receivable	59,248	80,180
Inventory		9,520
Prepaid expenses	197,288	388,953
Restricted cash	226,229	217,500
Assets held for sale	205,204	2,674,941
Total current assets	1,765,234	3,428,334
Property, plant, and equipment, net	2,812,479	2,973,221
Land under development	7,510,052	6,800,616
Right of use asset	380,401	519,754
Asset retirement obligation, net	78,414	62,195
Other intangibles, net	70,916	68,191
Deposits and other assets	313,378	56,785
Total assets	12,930,874	13,909,096
Current liabilities
Accounts payable	1,288,981	1,223,995
Accrued liabilities	1,357,738	1,064,633
Accrued liabilities, related party	1,580,000	1,210,000
Dividends payable	536,156	140,032
Debt due within one year	3,302,390	1,756,654
Liabilities held for sale	1,102,690	2,363,203
Total current liabilities	9,167,955	7,758,517
Debt due after one year	655,348	250,000
Preferred shares debt		200,001
Lease liability	380,402	519,754
Accrued reclamation liability	114,018	108,701
Total liabilities	10,317,723	8,836,973
Commitments and Contingencies
Stockholders' Equity
Additional paid-in capital	47,198,292	49,276,203
Accumulated deficit	(56,477,575)	(48,572,143)
Total stockholders' equity	2,613,151	5,072,123
Total liabilities and stockholders' equity	12,930,874	13,909,096
Series A-1 Preferred Stock
Stockholders' Equity
Preferred Stock	4,827,000	4,327,000
Series A-2 Preferred Stock
Stockholders' Equity
Preferred Stock	1,950,000
Series A-3 Preferred Stock
Stockholders' Equity
Preferred Stock	5,075,140
Class A Common Stock
Stockholders' Equity
Common Stock	35,786	35,786
Class B Common Stock
Stockholders' Equity
Common Stock	$ 4,508	$ 5,277

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Mar. 31, 2020
Preferred stock, shares authorized	50,000,000
Series A-1 Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	48.27	43.27
Preferred stock, shares outstanding	48.27	43.27
Series A-2 Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	19.45	0
Preferred stock, shares outstanding	19.45	0
Series A-3 Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	50.75	0
Preferred stock, shares outstanding	50.75	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	35,785,858	35,785,858
Common stock, shares outstanding	35,785,858	35,785,858
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	4,507,076	4,840,919
Common stock, shares outstanding	4,507,076	4,840,919

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Consolidated Statements of Operations (Unaudited)
Revenue	$ 174,300	$ 282,613	$ 443,261	$ 516,564
Cost of goods sold	152,990	216,121	343,668	543,117
Gross profit	21,310	66,492	99,593	(26,553)
Selling, general and administrative (includes depreciation, depletion and amortization for the three months ended of $78,568 in 2020 and $140,119 in 2019; and for the six months ended of $157,506 in September 2020 and $242,130 in September 2019)	3,051,235	2,858,228	5,965,605	5,703,835
Loss from operations	(3,029,925)	(2,791,736)	(5,866,012)	(5,730,388)
Gain on sale of assets				18,000
Interest income (expense), net	(215,151)	(76,088)	(333,801)	(141,593)
Loss before income tax provision	(3,245,076)	(2,867,824)	(6,199,813)	(5,853,981)
Net loss from continuing operations	(3,245,076)	(2,867,824)	(6,199,813)	(5,853,981)
Loss from discontinued operations, net of tax	(898,250)	(253,110)	(1,309,495)	(203,295)
Net Loss	(4,143,326)	(3,120,934)	(7,509,308)	(6,057,276)
Add: Net loss attributed to noncontrolling interests		(156,047)		(303,366)
Net loss attributable to Rocky Mountain Industrials, Inc.	$ (4,143,326)	$ (2,964,887)	$ (7,509,308)	$ (5,753,910)
Basic loss per share from continuing operations (in dollars per share)	$ (0.52)	$ (0.54)	$ (0.97)	$ (1.12)
Diluted loss per share from continuing operations (in dollars per share)	(0.52)	(0.54)	(0.97)	(1.12)
Basic loss per share from discontinued operations (in dollars per share)	(0.14)	(0.05)	(0.21)	(0.04)
Diluted loss per share from discontinued operations (in dollars per share)	(0.14)	(0.05)	(0.21)	(0.04)
Basic loss attributable to Rocky Mountain Industrials, Inc. per common share (in dollars per share)	(0.70)	(0.56)	(1.24)	(1.10)
Diluted loss attributable to Rocky Mountain Industrials, Inc. per common share (in dollars per share)	$ (0.70)	$ (0.56)	$ (1.24)	$ (1.10)
Weighted average shares outstanding, basic (in shares)	6,296,869	5,263,208	6,358,966	5,242,210
Weighted average shares outstanding, diluted (in shares)	6,296,869	5,263,208	6,358,966	5,242,210

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Consolidated Statements of Operations (Unaudited)
Depreciation, depletion and amortization	$ 78,568	$ 140,119	$ 157,506	$ 242,130

Statements of Changes in Stockh

Statements of Changes in Stockholder Equity (Unaudited) - USD ($)	Preferred SharesSeries A-1 Preferred Stock	Preferred SharesSeries A-2 Preferred Stock	Preferred SharesSeries A-3 Preferred Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest	Series A-1 Preferred Stock	Series A-2 Preferred Stock	Total
Balance at Mar. 31, 2019	$ 0			$ 35,786	$ 4,033	$ 42,102,106	$ (35,428,938)	$ 99,212			$ 6,812,198
Balance (in shares) at Mar. 31, 2019	0			35,785,858	4,032,752
Forfeiture of common stock					$ (54)	54
Forfeiture of common stock (in shares)					(53,500)
Stock-based compensation from stock options						750,029					750,029
Issuance of warrant for services					$ 436	299,723					300,159
Issuance of common stock for services					$ 12	(12)
Issuance of common stock for services (Shares)					12,000
Issuance of common shares for subscription					$ 75	1,499,925					1,500,000
Issuance of common shares for subscription (in shares)					75,000
Issuance of restricted common shares for compensation					$ 37	(37)
Issuance of restricted common shares for compensation (in shares)					37,000
Net loss							(2,789,023)	(147,319)
Net loss											(2,936,342)
Balance at Jun. 30, 2019	$ 0			$ 35,786	$ 4,539	44,651,787	(38,217,961)	(48,107)			6,426,044
Balance (in shares) at Jun. 30, 2019	0			35,785,858	4,103,252
Balance at Mar. 31, 2019	$ 0			$ 35,786	$ 4,033	42,102,106	(35,428,938)	99,212			6,812,198
Balance (in shares) at Mar. 31, 2019	0			35,785,858	4,032,752
Net loss											(5,753,910)
Balance at Sep. 30, 2019	$ 757,266			$ 35,786	$ 4,639	47,106,196	(41,182,848)	(204,154)			6,516,885
Balance (in shares) at Sep. 30, 2019	7.5			35,785,858	4,288,252
Balance at Jun. 30, 2019	$ 0			$ 35,786	$ 4,539	44,651,787	(38,217,961)	(48,107)			6,426,044
Balance (in shares) at Jun. 30, 2019	0			35,785,858	4,103,252
Stock-based compensation from stock options						829,594					829,594
Issuance of warrant for services					$ (85)						(85)
Issuance of preferred shares	$ 757,266										757,266
Issuance of preferred shares (in shares)	7.5
Issuance of common shares for subscription					$ 100	1,624,900					1,625,000
Issuance of common shares for subscription (in shares)					100,000
Issuance of restricted common shares for compensation					$ 85	(85)
Issuance of restricted common shares for compensation (in shares)					85,000
Net loss							(2,964,887)	(156,047)			(2,964,887)
Net loss											(3,120,934)
Balance at Sep. 30, 2019	$ 757,266			$ 35,786	$ 4,639	47,106,196	(41,182,848)	$ (204,154)			6,516,885
Balance (in shares) at Sep. 30, 2019	7.5			35,785,858	4,288,252
Balance at Mar. 31, 2020	$ 4,327,000			$ 35,786	$ 5,277	49,276,203	(48,572,143)				5,072,123
Balance (in shares) at Mar. 31, 2020	43.27			35,785,858	4,840,919
Stock-based compensation from stock options						1,295,104					1,295,104
Issuance of preferred shares		$ 1,500,000									1,500,000
Issuance of preferred shares (in shares)		14.95
Issuance of preferred shares for services	$ 500,000										500,000
Issuance of preferred shares for services (in shares)	5
Issuance of restricted common shares for compensation					$ 5	(5)
Issuance of restricted common shares for compensation (in shares)					5,000
Issuance of preferred stock for debt settlement		$ 200,000									200,000
Issuance of preferred stock for debt settlement (in shares)		2
Issuance of preferred stock for notes payable settlement		$ 250,000									250,000
Issuance of preferred stock for notes payable settlement (in shares)		2.50
Exchange of Common Stock for Preferred shares			$ 5,075,140		$ (338)	(5,074,802)
Exchange of Common Stock for Preferred shares (in shares)			50.75		(338,343)
Other					$ (436)	436
Quarterly dividends on preferred shares							(157,132)				(157,132)
Net loss							(3,365,982)				(3,365,982)
Balance at Jun. 30, 2020	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,508	45,496,936	(52,095,257)				5,294,113
Balance (in shares) at Jun. 30, 2020	48.27	19.45	50.75	35,785,858	4,507,576
Balance at Mar. 31, 2020	$ 4,327,000			$ 35,786	$ 5,277	49,276,203	(48,572,143)				5,072,123
Balance (in shares) at Mar. 31, 2020	43.27			35,785,858	4,840,919
Quarterly dividends on preferred shares									$ (8,000)	$ (8,000)
Net loss											(7,509,308)
Balance at Sep. 30, 2020	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,508	47,198,292	(56,477,575)				2,613,151
Balance (in shares) at Sep. 30, 2020	48.27	19.45	50.75	35,785,858	4,507,076
Balance at Jun. 30, 2020	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,508	45,496,936	(52,095,257)				5,294,113
Balance (in shares) at Jun. 30, 2020	48.27	19.45	50.75	35,785,858	4,507,576
Forfeiture of common stock					$ (18)	18
Forfeiture of common stock (in shares)					(18,000)
Stock-based compensation from stock options						1,295,106					1,295,106
Issuance of common shares upon exercise of warrants					$ 3	31,247					31,250
Issuance of common shares upon exercise of warrants (in shares)					2,500
Issuance of common stock for services					$ 15	374,985					375,000
Issuance of common stock for services (Shares)					15,000
Quarterly dividends on preferred shares							(238,992)				(238,992)
Net loss							(4,143,326)				(4,143,326)
Balance at Sep. 30, 2020	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,508	$ 47,198,292	$ (56,477,575)				$ 2,613,151
Balance (in shares) at Sep. 30, 2020	48.27	19.45	50.75	35,785,858	4,507,076

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flow from operating activities:
Net loss	$ (7,509,308)	$ (6,057,276)
Adjustments to reconcile net loss to net cash used in operating activities:
Operating and investing cash flows for discontinued operations	2,445,604	(579,148)
Depreciation, depletion and amortization expense	157,506	242,130
Stock-based compensation	2,590,210	1,880,322
Amortization of debt discount	271,939
Accretion expense	5,317	18,117
Deferred rent		(39,898)
Changes in operating assets and liabilities:
Accounts receivable	20,932	(14,039)
Inventory	9,520	25,899
Prepaid expenses	191,665	(149,867)
Restricted cash	(8,729)	(72,800)
Deposits and other assets	(256,593)	34,057
Accounts payable	64,986	756,599
Accrued liabilities	293,105	97,192
Accrued liabilities, related parties	370,000	(130,000)
Net cash used in operating activities	(1,353,846)	(3,988,712)
Cash Flows from Investing Activities:
Acquisition of other intangibles		(23,693)
Investments in land under development	(334,436)	(742,425)
Purchase of property, plant and equipment	(9,843)
Net cash used in investing activities	(344,279)	(766,118)
Cash Flows from Financing Activities:
Proceeds from note payable	3,788,500	1,291,695
Repayment of debt	(2,601,600)	(106,864)
Proceeds from issuance of Class B common stock		3,124,375
Proceeds from exercise of Class B common stock warrants	31,250
Net cash provided by financing activities	2,718,150	5,274,319
Net increase in cash	1,020,025	519,489
Cash at beginning of period	57,240	528,417
Cash at end of period	1,077,265	1,047,906
Supplemental cash flow information
Cash paid for interest	87,278	73,511
Right of use Asset		374,357
Lease liability		(374,357)
Series A-2 Preferred Stock
Cash Flows from Financing Activities:
Proceeds from issuance of preferred shares	$ 1,500,000
Series A-1 Preferred Stock
Cash Flows from Financing Activities:
Proceeds from issuance of preferred shares		$ 965,113

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Sep. 30, 2020
ORGANIZATION
ORGANIZATION	1. ORGANIZATION On January 1, 2020, the Company changed its name from RMR Industrials, Inc. to Rocky Mountain Industrials, Inc. Rocky Mountain Industrials, Inc. (the “Company”, “RMI”, “we”, “our”, “us”) seeks to acquire and consolidate complementary industrial assets. RMI’s consolidation strategy is to assemble a portfolio of mature and value-add industrial commodities businesses to generate scalable enterprises with a broad portfolio of products and services addressing a common and stable customer base. Formation Online Yearbook was incorporated in the State of Nevada on August 6, 2012. Online Yearbook was a development stage company with the principal business objective of developing and marketing an online yearbook. On November 17, 2014, Rocky Mountain Resource Holdings Inc., a Nevada Corporation (the “Purchaser”) became the majority shareholder of Online Yearbook, by acquiring 5,200,000 shares of common stock of Online Yearbook (the “Shares”), or 69.06% of the issued and outstanding shares of common stock, pursuant to stock purchase agreements with Messrs. El Maraana and Salah Blal. The Shares were acquired for an aggregate purchase price of $357,670. The Purchaser was the source of the funds used to acquire the Shares. In connection with Online Yearbook’s receipt of approval from the Financial Industry Regulatory Authority (“FINRA”), effective December 8, 2014, Online Yearbook amended its Articles of Incorporation to change its name from “Online Yearbook” to “RMR INDUSTRIALS, INC.” On February 27, 2015 (the “Closing Date”), the Company entered into and consummated a merger transaction pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, OLYB Acquisition Corporation, a Nevada corporation and wholly owned subsidiary of the Company (“Merger Sub”) and RMR IP, Inc., a Nevada corporation (“RMR IP”). In accordance with the terms of Merger Agreement, on the Closing Date, Merger Sub merged with and into RMR IP (the “Merger”), with RMR IP surviving the Merger as our wholly owned subsidiary. For financial reporting purposes, the Merger represented a “reverse merger” rather than a business combination and RMR IP was deemed to be the accounting acquirer in the transaction. Consequently, the assets and liabilities and the historical operations reflected in the Company’s financial statements post-Merger are those of RMR IP. The Company’s assets, liabilities and results of operations have been consolidated with the assets, liabilities and results of operations of RMR IP after consummation of the Merger, and the historical financial statements of the Company before the Merger were replaced with the historical financial statements of RMR IP before the Merger in all post-Merger filings with the SEC. On January 3, 2017, we amended the Articles of Incorporation of RMR IP, Inc. to rename the corporation to RMR Logistics, Inc. (“RMR Logistics”). RMR Logistics operates as a wholly-owned subsidiary of the Company to provide transportation and logistics services. On July 28, 2016, we formed RMR Aggregates, Inc., a Colorado corporation (“RMR Aggregates”), as our wholly owned subsidiary. RMR Aggregates was formed to hold assets whose primary focus is the mining and processing of industrial minerals for the manufacturing, construction and agriculture sectors. These minerals include limestone, aggregates, marble, silica, barite and sand. On October 12, 2016, RMR Aggregates acquired substantially all of the assets from CalX Minerals, LLC, a Colorado limited liability company (“CalX”) through an Asset Purchase Agreement. Pursuant to the terms of the Asset Purchase Agreement, RMR Aggregates agreed to purchase, and CalX agreed to sell, substantially all of the assets associated with the Mid-Continent Quarry on 41 BLM unpatented placer mining claims in Garfield County, Colorado, including the mining claims, improvements, access rights, water rights, equipment, inventory, contracts, permits, certain intellectual property rights, and other tangible and intangible assets associated with the limestone mining operation. During January 2018, the Company formed Rail Land Company, LLC (“Rail Land Company”) as a wholly-owned subsidiary to acquire and develop a rail terminal and services facility (the “Rail Park”). Rail Land Company purchased an approximately 470 -acre parcel of real property located in Bennett, Colorado on February 1, 2018. During July 2018, we exercised our option to acquire an additional approximately 150 acres for a total of approximately 620 acres. On April 26, 2019, RMR Logistics entered into an asset purchase agreement with H2K, LLC, a Colorado limited liability company (“the Seller”) pursuant to which RMR Logistics acquired the Seller’s trucking assets. In April 2020, the Company began the shutdown of substantially all the operations of RMR Logistics with the closure of its Wellington, Colorado location and the disposal of its operational assets through auction.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended March 31, 2020, (“2020 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The 2020 year end consolidated balance sheet data included in the Form 10-Q filing was derived from the audited consolidated financial statements in our 2020 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States. The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the March 31, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. Consolidation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The condensed consolidated financial statements include the financial condition and results of operations of our wholly-owned subsidiaries, where intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that impact the reported amounts of assets, liabilities, and expenses, and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from those estimated amounts and assumptions used in the preparation of the financial statements. Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: - Level 1: Quoted market prices in active markets for identical assets or liabilities - Level 2: Observable market-based inputs or inputs that are corroborated by market data - Level 3: Unobservable inputs that are not corroborated by market data The fair value of notes payable was $5,326,003 and $4,324,892 as of September 30, 2020 and March 31, 2020, respectively. Net Loss per Common Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders, after deducting preferred dividends, by the weighted average number of common shares outstanding during the period, without consideration of the potentially dilutive effects of converting stock options or restricted stock purchase rights outstanding. Diluted net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period and the potential dilutive effects of stock options or restricted stock purchase rights outstanding during the period determined using the treasury stock method. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued, as their effect is anti-dilutive. Discontinued Operations In April 2020, the Company began the shutdown and closing of operations located in Wellington, Colorado comprising substantially all the operations of RMR Logistics and the Logistics segment. The closing of the Wellington location was substantially complete in June, 2020. Substantially all of the mobile equipment was sold at auction in August of 2020 at a loss of $836,778. Auction proceeds received was approximately $1,287,000 and was used to pay down debt. Carrying amounts of major classes of assets and liabilities included in discontinued operations are comprised of the following as of: September 30, March 31, 2020 2020 Cash $ — $ 1,800 Accounts Receivable 17,315 45,287 Property, plant and equipment, net 182,889 2,384,877 Goodwill — 237,977 Other noncurrent assets 5,000 5,000 Total assets held for sale $ 205,204 $ 2,674,941 Accounts payable and accrued liabilities $ 57,367 $ 75,634 Debt 1,045,323 2,287,569 Total liabilities held for sale $ 1,102,690 $ 2,363,203 Major line items comprising net loss from discontinued operations are comprised of the following: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 Revenue $ 220 $ 372,723 $ 122,665 $ 616,496 Cost of goods sold (8,648) (420,562) (199,004) (514,866) (8,428) (47,839) (76,339) 101,630 Selling, general and administrative (including depreciation and amortization) 39,551 164,176 368,161 245,756 Interest expense, net 13,493 30,990 28,217 49,064 Loss on sales of fixed assets (836,778) (10,105) (836,778) (10,105) Net loss from discontinued operations $ (898,250) $ (253,110) $ (1,309,495) $ (203,295)

GOING CONCERN

GOING CONCERN	6 Months Ended
GOING CONCERN	Sep. 30, 2020
GOING CONCERN
GOING CONCERN	3. GOING CONCERN The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to applicable laws and regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. However, the Company does not have sufficient cash or other current assets, nor does it have an established and adequate source of revenues, to cover its operating costs and to allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the business plan and eventually attain profitable operations. During the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with research and development. The Company may experience a cash shortfall and be required to raise additional capital. Historically, the Company has mostly relied upon funds from the sale of shares of stock and from acquiring loans to finance its operations and growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon it and its shareholders. In the past year, the Company funded operations by using cash proceeds received through the issuance of common and preferred stock and proceeds from debt financing. For the coming year, the Company plans to continue to fund the Company through debt and securities sales and issuances until the company generates enough revenues through the operations as stated above. The Company is currently working through a number of opportunities to ensure the business will continue as a going concern. These include: 1. The development of the Rail Park will generate sustained annual revenues by providing transloading services and realized gains on the sale of land while limiting future capital development costs. 2. Expansion of the Mid-Continent Quarry, which will allow greater volume production with limited fixed cost increases.

INVENTORY

INVENTORY	6 Months Ended
INVENTORY	Sep. 30, 2020
INVENTORY
INVENTORY	4. INVENTORY Inventory, for which there was none as of September 30, 2020, is valued at the lower of cost (average) or market. March 31, 2020 Blasted Rock $ 2,316 Packaging 7,204 Total $ 9,520

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Sep. 30, 2020
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	5. PROPERTY, PLANT AND EQUIPMENT The following summarizes the Company’s property, plant and equipment as of: September 30, March 31, 2020 2020 Recoverable Limestone $ 1,477,469 $ 1,477,470 Mill Equipment 1,289,113 1,273,395 Mining Equipment 336,934 336,934 Mobile Equipment 813,965 813,975 Other 78,972 78,972 Total 3,996,453 3,980,746 Less: Accumulated Depreciation (1,183,974) (1,007,525) Property, plant and equipment, net $ 2,812,479 $ 2,973,221

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
NOTES PAYABLE	Sep. 30, 2020
NOTES PAYABLE.
NOTES PAYABLE	6. NOTES PAYABLE On September 9, 2020, Company, executed the standard loan documents required for securing a loan (the “EIDL Loan”) from the United States Small Business Administration (the “SBA”) under its Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic on the Company’s business. The principal amount of the EIDL Loan is $150,000, with proceeds to be used for working capital purposes. Interest on the EIDL Loan accrues at the rate of 3.75% per annum and installment payments, including principal and interest, are due monthly beginning twelve months from the date of the EIDL Loan in the amount of $731. The balance of principal and interest is payable thirty years from the date of the promissory note. In connection with the EIDL Loan, the Company executed the EIDL Loan documents, which include the SBA Secured Disaster Loan Note, dated September 9, 2020, the Loan Authorization and Agreement, dated September 9, 2020, and the Security Agreement, dated September 9, 2020, each between the SBA and the Company. On July 24, 2020, Rail Land Company executed a Term Loan Promissory Note, primarily secured by the underlying property of the Rail Park (“Secured Promissory Note”), with a private lender for $2,450,000. The Secured Promissory Note matures on July 31, 2021, and accrues interest at 10% per annum. RMI is a guarantor of the Secured Promissory Note. In April and June 2020, the Company executed two unsecured note agreements with an investor totaling $1,000,000. The unsecured notes are carried net of original issue discount (10%), which is being amortized on a straight line basis, which approximates the effective interest method. In March 2020, the federal government passed the Coronavirus Aid, Relief, and Security Act (the "CARES Act"), which provided among other things the creation of the Paycheck Protection Plan ("PPP"), which is sponsored and administered by the U.S. Small Business Administration ("SBA"). On April 20, 2020, the Company executed a loan agreement (the "PPP Loan") under the PPP, evidenced by promissory notes, with Simmons Bank ("Simmons"), providing for $438,500 in proceeds, which was funded to the Company on April 24, 2020. In June 2020, the Paycheck Protection Program Flexibility Act of 2020 (the "PPPFA") was signed into law and established the payment dates in the event that amounts borrowed under the PPP are not forgiven. The PPP Loans mature April 20, 2022, but may be forgiven subject to the terms of the PPP and approval by the SBA. The Company recorded the PPP Loan as a debt obligation and accrues interest over the term of the PPP Loan. The interest rate on the PPP Loan is 1.00%. The PPP Loan is unsecured and contains customary events of default relating to, among other things, payment defaults, making materially false and misleading representations to the SBA or Simmons, or breaching the terms of the PPP Loan. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection of all amounts owing from the Company, or filing suit and obtaining judgment against the Company. Under the PPPFA, monthly payments of principal and interest commence on the later of 10 months following the "covered period" (as defined in the PPPFA) or the date that Simmons notifies the Company that the SBA has notified Simmons that all or a portion of the PPP Loan has not been forgiven. In May 2021, the Company submitted its applications to the SBA for forgiveness of the PPP Loans. As of September 30, 2021, the PPP Loan principal and accrued interest are classified as noncurrent in the Condensed Consolidated Balance Sheets. In June 2021, the Company received formal notification in the form of a letter dated May 25, 2021, from Simmons that the SBA approved the Company’s PPP Loan forgiveness applications for the Company’s Loan in the amount of $438,500 (including accrued interest). The Company will account for the debt forgiveness during its fiscal first quarter ending June 30,2022, and will recognize a gain on extinguishment of debt (other income) in the amount of $438,500 in the Consolidated Statements of Operations for the respective quarter. September 30, 2020 March 31, 2020 Effective Interest Rate Maturity Date Equipment loans $ 152,305 $ 191,530 2.10% - 6.30% August 25, 2021 - January 22, 2023 Secured promissory note 2,450,000 — 10.00% July 31, 2021 Senior unsecured note — 1,247,268 25.00% April 4, 2020 Term loan 367,721 1,297,014 3.69% July 21, 2020 Unsecured notes 1,462,710 967,856 10.00% April 3, 2021 - June 30, 2021 Lines of credit 304,767 621,224 5.750% May 6, 2020 Promissory notes (PPP loan) 438,500 — 1.00% April 20, 2022 Secured disaster loan (SBA) 150,000 — 3.75% September 9, 2050 5,326,003 4,324,892 Unamortized debt issuance cost (322,942) (30,669) 5,003,061 4,294,223 Discontinued operations (1,045,323) (2,287,569) Less: current portion (3,302,390) (1,756,654) Debt due after one year $ 655,348 $ 250,000

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	6 Months Ended
TRANSACTIONS WITH RELATED PARTIES	Sep. 30, 2020
TRANSACTIONS WITH RELATED PARTIES
TRANSACTIONS WITH RELATED PARTIES	7. TRANSACTIONS WITH RELATED PARTIES As of September 30, 2020, the Company has accrued $1,580,000 for unpaid officers’ compensation expense in accordance with consulting agreements with our Non-executive Board Chairman and Chief Executive Officer. Under the terms of each consulting agreement, each consultant shall serve as an executive officer to the Company and receive monthly compensation of $35,000. The consulting agreements may be terminated by either party for breach or upon thirty days prior written notice.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Sep. 30, 2020
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	8. SHAREHOLDERS’ EQUITY Preferred Stock The Company has authorized 50,000,000 shares of preferred stock for issuance. In April 2021, the Board of Directors of the Company authorized 118.47 shares as Series A Preferred Stock and designated 48.27 as Series A-1 Convertible Preferred Stock, designated 19.45 as Series A-2 Convertible Preferred Stock and designated 50.75 as Series A-3 Convertible Preferred Stock (collectively referred to as “Series A Preferred Stock”). The Series A Preferred Stock is senior, with respect to dividend rights and to rights upon any voluntary or involuntary liquidation, dissolution or winding up of the Company (each, a "Liquidation Event") in preference and priority to the Class A Common Stock and Class B Common Stock of the Company. Voting Rights Series A Preferred Stock is entitled to vote on all matters submitted to a vote of the stockholders of the Company together with the holders of Class B Common Stock and is entitled to that number of votes equal to the number of shares of Class B Common Stock into which the holder's shares of Series A Preferred Stock could then be converted. Dividends Series A-1 Preferred Stock and Series A-2 Liquidation Preference In the event of any Liquidation Event, the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and in the event of a Deemed Liquidation Event (as defined below), the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the available proceeds, as applicable, before any payment shall be made to the holders of Common Stock. A Deemed Liquidation Event is defined as a merger or consolidation in which a change of control of the Company has occurred or the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole. Conversion Series A Preferred Stock is convertible, at the option of the holder, into a number of shares of Class B Common Stock determined by dividing (i) the sum of the Series A Original Issue Price and all then-unpaid Accruing Dividends by (ii) the respective conversion price in effect at the time of conversion. The Series A-1 Preferred Stock conversion price is In the event of an underwritten public offering, public uplist, or qualified equity issuance of at least $10,000,000 in gross proceeds and a minimum price per share of $25.00 for the Company's Common Stock (“Qualified Offering”), Series A Preferred Stock shall automatically be converted into such number of fully paid and non-assessable shares of Class B Common Stock at the then effective conversion rate as noted above. Common Stock The Company has authorized 2,100,000,000 shares of common stock for issuance, including 2,000,000,000 shares of Class A Common Stock and 100,000,000 shares of Class B Common Stock. The holders of Class A Common Stock have the right to vote on all matters on which stockholders have the right to vote. The holders of Class B Common Stock have the right to vote solely on matters where the vote of such holders is explicitly required under Nevada law. The holders of Class A Common Stock and Class B Common stock have equal distribution rights, provided that distributions in securities shall be made in either identical securities or securities with similar voting characteristics. The holders of Class A Common Stock and Class B Common Stock are entitled to receive identical per-share consideration upon a merger, conversion or exchange of the Company with another entity, and have equal rights upon a dissolution, liquidation or winding-up of the Company.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
SHARE-BASED COMPENSATION	Sep. 30, 2020
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	9. SHARE-BASED COMPENSATION The RMR Industrials, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) authorizes the issuance of up to 30% of the outstanding shares of Common Stock at any time pursuant to awards made by the Company’s board of directors. As of September 30, 2020, there were 1,592,436 shares still available for future issuance under the 2015 Plan. Stock Options The Company grants stock options to certain employees that give them the right to acquire our Class B common stock under the 2015 Plan. The exercise price of options granted is equal to the closing price per share of our stock at the date of grant. The nonqualified options vest at a rate of 33% on each of the first three anniversaries of the grant date provided that the award recipient continues to be employed by us through each of those vesting dates and expire ten years from the date of grant.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
SEGMENT REPORTING	Sep. 30, 2020
SEGMENT REPORTING
SEGMENT REPORTING	10. SEGMENT REPORTING For the three six months ended September 30, 2020, the Company has two reportable segments: Aggregates and Rail Park. The Company had three reportable segments for the three and six months ended September 30, 2019: Aggregates, Logistics and Rail Park. The Aggregates segment produces chemical grade lime for use in the aggregates market. The Logistics segment was shutdown in April 2020, and its results of operations have been included in discontinued operations. The Rail Park segment consists of land under development to provide a rail terminal and services facility and currently has no operational activity. The Rail Park will require significant future capital investment before the segment starts generating recurring revenue. The Company expects that the Rail Park development will commence in the first half of calendar year 2021. The Aggregates segment has a major customer, a mining operation (“Mine”), that accounted for approximately 80% and 86% of Aggregates segment revenue for the three and six months ended September 30, 2020, respectively. As of September 30, 2020, the Mine accounted for approximately The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies. All assets are held and all operating activities occur within the United States. Three months ended September 30, 2020 Six months ended September 30, 2020 Description Aggregates Rail Park Other/Corporate Total Aggregates Rail Park Other/Corporate Total Revenue $ 174,300 $ — $ — $ 174,300 $ 443,261 $ — $ — $ 443,261 Gross profit 21,310 — — 21,310 99,593 — — 99,593 Selling, general and administrative 193,558 — 2,857,677 3,051,235 632,179 — 5,333,426 5,965,605 Property, plant and equipment, net 2,750,867 — 61,612 2,812,479 2,750,867 — 61,612 2,812,479 Land under development — 7,497,146 12,906 7,510,052 — 7,497,146 12,906 7,510,052 The September 30, 2019 segment information has not been retroactively adjusted to reflect the impact of discontinued operations. Three months ended September 30, 2019 Six months ended September 30, 2019 Description Aggregates Logistics Rail Park Other Total Aggregates Logistics Rail Park Other Total Revenues from external customers $ 267,575 $ 488,111 $ — $ (100,350) $ 655,336 $ 501,525 $ 813,572 $ — $ (182,037) $ 1,133,060 Intersegment revenues (100,348) 100,348 — — — (182,037) 182,037 — — — Interest expense 1,113 31,825 — 74,139 107,077 2,367 50,821 — 137,468 190,656 Depreciation, depletion and amortization 70,752 100,731 — 976 172,459 143,931 158,909 — 1,278 304,118 Segment loss 461,069 282,408 14,831 2,352,591 3,110,899 944,390 334,357 21,604 4,756,925 6,057,276 Segment assets 4,158 442,701 213,776 403,093 1,063,728 3,599,439 3,175,151 6,036,901 1,564,995 14,376,486 Expenditure for segment assets — 433,099 — — 433,099 — 2,704,124 — — 2,704,124

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Accrued Reclamation Liability The Company incurs reclamation liabilities as part of its mining activities. Quarry activities require the removal and relocation of significant levels of overburden to access materials of usable quantity and quality. The same overburden material is used to reclaim depleted mine areas, which must be sloped to a certain gradient and seeded to prevent erosion in the future. Reclamation methods and requirements can differ depending on the quarry and state rules and regulations in existence for certain locations. As of September 30, 2020, the Company’s undiscounted reclamation obligations totaled approximately $366,000. This obligation is expected to be settled within the next 20 years. Reclamation costs resulting from the normal use of long-lived assets, either owned or leased, are recognized over the period the asset is in use. The obligation, which cannot be reduced by estimated offsetting cash flows, is recorded at fair value as a liability at the obligating event date and is accreted through charges to selling, general and administrative costs, inclusive of depreciation, depletion and amortization. The fair value is based on our estimate of the cost required for a third party to perform the legally required reclamation tasks including a reasonable profit margin. This fair value is also capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The mining reclamation reserve is based on management’s estimate of future cost requirements to reclaim property at its operating quarry site. Costs are estimated in current dollars and inflated until the expected time of payment using a future estimated inflation rate and then discounted back to present value using a credit-adjusted, risk-free rate on obligations of similar maturity adjusted to reflect our credit rating. The Company will review reclamation liabilities at least every three years for a revision to the cost or a change in the estimated settlement date. Additionally, reclamation liabilities are reviewed in the period in which a triggering event occurs that would result in either a revision to the cost or a change in the estimated settlement date. Examples of events that would trigger a change in the cost include a new reclamation law or amendment to an existing mineral lease. Examples of events that would cause a change in the estimated settlement date include the acquisition of additional reserves or early or delayed closure of a site. Any affect to earnings from cost revisions is included in cost of revenue. A reconciliation of the carrying amount of our accrued reclamation liabilities is as follows: Balance at April 1, 2020 $ 108,701 Liabilities incurred — Accretion expense 5,317 Balance at September 30, 2020 $ 114,018

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS Land Under Development In 2018, the Company formed the Rocky Mountain Rail Park Metropolitan District (“District”) for the purpose of financing public improvements related to the development of approximately 620 acres including open space and other right-of-way areas and providing ongoing operations and maintenance services related to the public improvements. Public improvements are generally, any part or all of the public improvements authorized to be planned, designed, acquired, constructed, installed, relocated, redeveloped, operated, maintained and/or financed, including necessary and appropriate landscaping, appurtenances and real property to effect such improvements, as generally described in the Colorado Special District Act (Title 32, Article 1, Colorado Revised Statutes) and as may be necessary to serve the future taxpayers and inhabitants of the District, as determined by the District Board, including public improvements within and without the District’s boundaries. In April 2021, the District closed on its Limited Tax General Obligation and Water Revenue Bonds, Series 2021A and 2021B (“Tax -Exempt Bonds”) raising total proceeds of approximately $65.2 million, $51.2 million of which will be directly used to fund the public improvements. The Tax -Exempt Bonds are an obligation of the District and not of the Company and will be repaid through ownership taxes and other enterprise revenues collected by the District from property owners residing in the District. Water Rights In September 2021, the Company sold its water rights attributable to the Land under development to the District for a sales price of approximately $5.9 million. The proceeds were received on September 30, 2021, resulting in the recording of a gain on sales of assets of approximately $5.8 million, which was recognized in the consolidated statement of operation for the quarter ended September 30, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended March 31, 2020, (“2020 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The 2020 year end consolidated balance sheet data included in the Form 10-Q filing was derived from the audited consolidated financial statements in our 2020 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States. The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the March 31, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.
Consolidation	Consolidation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The condensed consolidated financial statements include the financial condition and results of operations of our wholly-owned subsidiaries, where intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that impact the reported amounts of assets, liabilities, and expenses, and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from those estimated amounts and assumptions used in the preparation of the financial statements.
Fair Value Measurements	Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: - Level 1: Quoted market prices in active markets for identical assets or liabilities - Level 2: Observable market-based inputs or inputs that are corroborated by market data - Level 3: Unobservable inputs that are not corroborated by market data The fair value of notes payable was $5,326,003 and $4,324,892 as of September 30, 2020 and March 31, 2020, respectively.
Net Loss per Common Share	Net Loss per Common Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders, after deducting preferred dividends, by the weighted average number of common shares outstanding during the period, without consideration of the potentially dilutive effects of converting stock options or restricted stock purchase rights outstanding. Diluted net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period and the potential dilutive effects of stock options or restricted stock purchase rights outstanding during the period determined using the treasury stock method. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued, as their effect is anti-dilutive.
Discontinued Operations	Discontinued Operations In April 2020, the Company began the shutdown and closing of operations located in Wellington, Colorado comprising substantially all the operations of RMR Logistics and the Logistics segment. The closing of the Wellington location was substantially complete in June, 2020. Substantially all of the mobile equipment was sold at auction in August of 2020 at a loss of $836,778. Auction proceeds received was approximately $1,287,000 and was used to pay down debt. Carrying amounts of major classes of assets and liabilities included in discontinued operations are comprised of the following as of: September 30, March 31, 2020 2020 Cash $ — $ 1,800 Accounts Receivable 17,315 45,287 Property, plant and equipment, net 182,889 2,384,877 Goodwill — 237,977 Other noncurrent assets 5,000 5,000 Total assets held for sale $ 205,204 $ 2,674,941 Accounts payable and accrued liabilities $ 57,367 $ 75,634 Debt 1,045,323 2,287,569 Total liabilities held for sale $ 1,102,690 $ 2,363,203 Major line items comprising net loss from discontinued operations are comprised of the following: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 Revenue $ 220 $ 372,723 $ 122,665 $ 616,496 Cost of goods sold (8,648) (420,562) (199,004) (514,866) (8,428) (47,839) (76,339) 101,630 Selling, general and administrative (including depreciation and amortization) 39,551 164,176 368,161 245,756 Interest expense, net 13,493 30,990 28,217 49,064 Loss on sales of fixed assets (836,778) (10,105) (836,778) (10,105) Net loss from discontinued operations $ (898,250) $ (253,110) $ (1,309,495) $ (203,295)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of major classes of assets, liabilities and net income (loss) from discontinued operations	Carrying amounts of major classes of assets and liabilities included in discontinued operations are comprised of the following as of: September 30, March 31, 2020 2020 Cash $ — $ 1,800 Accounts Receivable 17,315 45,287 Property, plant and equipment, net 182,889 2,384,877 Goodwill — 237,977 Other noncurrent assets 5,000 5,000 Total assets held for sale $ 205,204 $ 2,674,941 Accounts payable and accrued liabilities $ 57,367 $ 75,634 Debt 1,045,323 2,287,569 Total liabilities held for sale $ 1,102,690 $ 2,363,203 Major line items comprising net loss from discontinued operations are comprised of the following: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 Revenue $ 220 $ 372,723 $ 122,665 $ 616,496 Cost of goods sold (8,648) (420,562) (199,004) (514,866) (8,428) (47,839) (76,339) 101,630 Selling, general and administrative (including depreciation and amortization) 39,551 164,176 368,161 245,756 Interest expense, net 13,493 30,990 28,217 49,064 Loss on sales of fixed assets (836,778) (10,105) (836,778) (10,105) Net loss from discontinued operations $ (898,250) $ (253,110) $ (1,309,495) $ (203,295)

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
INVENTORY (Tables)	Sep. 30, 2020
INVENTORY
Schedule of inventory	March 31, 2020 Blasted Rock $ 2,316 Packaging 7,204 Total $ 9,520

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Sep. 30, 2020
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	The following summarizes the Company’s property, plant and equipment as of: September 30, March 31, 2020 2020 Recoverable Limestone $ 1,477,469 $ 1,477,470 Mill Equipment 1,289,113 1,273,395 Mining Equipment 336,934 336,934 Mobile Equipment 813,965 813,975 Other 78,972 78,972 Total 3,996,453 3,980,746 Less: Accumulated Depreciation (1,183,974) (1,007,525) Property, plant and equipment, net $ 2,812,479 $ 2,973,221

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
NOTES PAYABLE (Tables)	Sep. 30, 2020
NOTES PAYABLE.
Schedule of notes payable	September 30, 2020 March 31, 2020 Effective Interest Rate Maturity Date Equipment loans $ 152,305 $ 191,530 2.10% - 6.30% August 25, 2021 - January 22, 2023 Secured promissory note 2,450,000 — 10.00% July 31, 2021 Senior unsecured note — 1,247,268 25.00% April 4, 2020 Term loan 367,721 1,297,014 3.69% July 21, 2020 Unsecured notes 1,462,710 967,856 10.00% April 3, 2021 - June 30, 2021 Lines of credit 304,767 621,224 5.750% May 6, 2020 Promissory notes (PPP loan) 438,500 — 1.00% April 20, 2022 Secured disaster loan (SBA) 150,000 — 3.75% September 9, 2050 5,326,003 4,324,892 Unamortized debt issuance cost (322,942) (30,669) 5,003,061 4,294,223 Discontinued operations (1,045,323) (2,287,569) Less: current portion (3,302,390) (1,756,654) Debt due after one year $ 655,348 $ 250,000

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
SEGMENT REPORTING (Tables)	Sep. 30, 2020
SEGMENT REPORTING
Schedule of segment reporting information	Three months ended September 30, 2020 Six months ended September 30, 2020 Description Aggregates Rail Park Other/Corporate Total Aggregates Rail Park Other/Corporate Total Revenue $ 174,300 $ — $ — $ 174,300 $ 443,261 $ — $ — $ 443,261 Gross profit 21,310 — — 21,310 99,593 — — 99,593 Selling, general and administrative 193,558 — 2,857,677 3,051,235 632,179 — 5,333,426 5,965,605 Property, plant and equipment, net 2,750,867 — 61,612 2,812,479 2,750,867 — 61,612 2,812,479 Land under development — 7,497,146 12,906 7,510,052 — 7,497,146 12,906 7,510,052 The September 30, 2019 segment information has not been retroactively adjusted to reflect the impact of discontinued operations. Three months ended September 30, 2019 Six months ended September 30, 2019 Description Aggregates Logistics Rail Park Other Total Aggregates Logistics Rail Park Other Total Revenues from external customers $ 267,575 $ 488,111 $ — $ (100,350) $ 655,336 $ 501,525 $ 813,572 $ — $ (182,037) $ 1,133,060 Intersegment revenues (100,348) 100,348 — — — (182,037) 182,037 — — — Interest expense 1,113 31,825 — 74,139 107,077 2,367 50,821 — 137,468 190,656 Depreciation, depletion and amortization 70,752 100,731 — 976 172,459 143,931 158,909 — 1,278 304,118 Segment loss 461,069 282,408 14,831 2,352,591 3,110,899 944,390 334,357 21,604 4,756,925 6,057,276 Segment assets 4,158 442,701 213,776 403,093 1,063,728 3,599,439 3,175,151 6,036,901 1,564,995 14,376,486 Expenditure for segment assets — 433,099 — — 433,099 — 2,704,124 — — 2,704,124

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES.
Schedule of carrying amount of our accrued reclamation liabilities	Balance at April 1, 2020 $ 108,701 Liabilities incurred — Accretion expense 5,317 Balance at September 30, 2020 $ 114,018

ORGANIZATION (Details)

ORGANIZATION (Details)	Oct. 12, 2016item	Nov. 17, 2014USD ($)shares	Jul. 31, 2018a	Jan. 31, 2018a
Organization [Line Items]
Number of BLM unpatented placer mining claims \| item	41
Rocky Mountain Resource Holdings LLC [Member] \| Online Yearbook [Member]
Organization [Line Items]
Shares acquired \| shares		5,200,000
Percentage of issued and outstanding shares of common stock		69.06%
Shares aggregate purchase price \| $		$ 357,670
Rail Land Company, LLC [Member]
Organization [Line Items]
Area of a real estate property acquired			150
Area of a real estate property			620
Rail Land Company, LLC [Member] \| Property Located in Bennett, Colorado [Member]
Organization [Line Items]
Area of a real estate property acquired				470

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	1 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Mar. 31, 2020
Fair value of notes payable		$ 5,326,003	$ 4,324,892
RMR Logistics and Logistics Segment [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Loss on disposition on sale	$ 836,778
Proceeds received	$ 1,287,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Discontinued Operations (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets held for sale		$ 205,204		$ 205,204		$ 2,674,941
RMR Logistics and Logistics Segment [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash						1,800
Accounts receivable		17,315		17,315		45,287
Property, plant and equipment, net		182,889		182,889		2,384,877
Goodwill						237,977
Other noncurrent assets		5,000		5,000		5,000
Total assets held for sale		205,204		205,204		2,674,941
Accounts payable and accrued liabilities		57,367		57,367		75,634
Debt		1,045,323		1,045,323		2,287,569
Total liabilities held for sale		1,102,690		1,102,690		$ 2,363,203
Proceeds received	$ 1,287,000
Net loss from discontinued operations
Revenue		220	$ 372,723	122,665	$ 616,496
Cost of goods sold		(8,648)	(420,562)	(199,004)	(514,866)
Gross profit (loss)		(8,428)	(47,839)	(76,339)	101,630
Selling, general and administrative (including depreciation and amortization)		39,551	164,176	368,161	245,756
Interest expense, net		13,493	30,990	28,217	49,064
Loss on sales of fixed assets		(836,778)	(10,105)	(836,778)	(10,105)
Net loss from discontinued operations		$ (898,250)	$ (253,110)	$ (1,309,495)	$ (203,295)

INVENTORY (Details)

INVENTORY (Details)	Mar. 31, 2020USD ($)
INVENTORY
Blasted Rock	$ 2,316
Packaging	7,204
Total	$ 9,520

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Total	$ 3,996,453	$ 3,980,746
Less: Accumulated Depreciation	(1,183,974)	(1,007,525)
Property, plant and equipment, net	2,812,479	2,973,221
Recoverable Limestone [Member]
Property, Plant and Equipment [Line Items]
Total	1,477,469	1,477,470
Mill Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	1,289,113	1,273,395
Mining Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	336,934	336,934
Mobile Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	813,965	813,975
Other [Member]
Property, Plant and Equipment [Line Items]
Total	$ 78,972	$ 78,972

NOTES PAYABLE (Details)

NOTES PAYABLE (Details)	Sep. 09, 2020USD ($)	Apr. 24, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)item	Apr. 30, 2020USD ($)item	Jul. 24, 2020USD ($)
Unsecured Debt [Member]
Principal value				$ 1,000,000	$ 1,000,000
Number of unsecured note agreements \| item				2	2
Percentage of discount on the original issue price				10.00%	10.00%
Promissory notes (PPP loan) [Member]
Proceeds from notes payable		$ 438,500
Economic Injury Disaster Loan [Member]
Interest rate (as a percent)	3.75%
Debt instrument term	30 years
Proceeds from notes payable	$ 150,000
Beginning term of principal and interest payments in debt	12 months
Frequency of periodic payment	monthly
Periodic payment	$ 731
Term Loan Promissory Note [Member]
Principal value						$ 2,450,000
Interest rate (as a percent)						10.00%
PPP Loan [Member]
Loan amount forgiven			$ 438,500
Gain on extinguishment of debt			$ 438,500

NOTES PAYABLE - Schedule of Not

NOTES PAYABLE - Schedule of Notes Payable (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Notes payable gross	$ 5,326,003	$ 4,324,892
Unamortized debt issuance cost	(322,942)	(30,669)
Notes Payable, Total	5,003,061	4,294,223
Discontinued operations	(1,045,323)	(2,287,569)
Less: current portion	(3,302,390)	(1,756,654)
Note payable	655,348	250,000
Equipment Loan [Member]
Debt Instrument [Line Items]
Notes payable gross	152,305	191,530
Secured promissory note [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 2,450,000
Effective Interest Rate	10.00%
Senior unsecured note [Member]
Debt Instrument [Line Items]
Notes payable gross		$ 1,247,268
Effective Interest Rate		25.00%
Term loan [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 367,721	$ 1,297,014
Effective Interest Rate	3.69%	3.69%
Unsecured notes [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 1,462,710	$ 967,856
Effective Interest Rate	10.00%	10.00%
Lines of credit [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 304,767	$ 621,224
Effective Interest Rate	5.75%	5.75%
Promissory notes (PPP loan) [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 438,500
Effective Interest Rate	1.00%
Secured disaster loan (SBA) [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 150,000
Effective Interest Rate	3.75%
Minimum [Member] \| Equipment Loan [Member]
Debt Instrument [Line Items]
Effective Interest Rate	2.10%	2.10%
Maximum [Member] \| Equipment Loan [Member]
Debt Instrument [Line Items]
Effective Interest Rate	6.30%	6.30%

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES (Details)	6 Months Ended
TRANSACTIONS WITH RELATED PARTIES (Details)	Sep. 30, 2020USD ($)
Related Party Transaction [Line Items]
Notice period of consulting agreements	30 days
Officer [Member]
Related Party Transaction [Line Items]
Officers' compensation	$ 35,000
Non Executive Board Chairman [Member]
Related Party Transaction [Line Items]
Accrued compensation expense	$ 1,580,000

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended		6 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Apr. 30, 2021	Mar. 31, 2020
Preferred stock, shares authorized	50,000,000		50,000,000
Accrued dividends	$ 238,992	$ 157,132
Proceeds from Issuance of Common Stock				$ 3,124,375
Share price	$ 25		$ 25
Proceeds from warrants			$ 31,250
Minimum [Member]
Proceeds from Issuance of Common Stock			$ 10,000,000
Common Stock
Common stock, shares authorized	2,100,000,000		2,100,000,000
Class A Common Stock
Common stock, shares authorized	2,000,000,000		2,000,000,000			2,000,000,000
Class B Common Stock
Common stock, shares authorized	100,000,000		100,000,000			100,000,000
Series A Preferred Stock [Member]
Preferred stock, shares authorized					118.47
Series A-1 Preferred Stock
Preferred stock, shares authorized	50,000,000		50,000,000		48.27	50,000,000
Accrued dividends			$ 8,000
Conversion price			$ 25
Proceeds from issuance of preferred shares				$ 965,113
Series A-2 Preferred Stock
Preferred stock, shares authorized	50,000,000		50,000,000		19.45	50,000,000
Accrued dividends			$ 8,000
Conversion price			$ 21
Proceeds from issuance of preferred shares			$ 1,500,000
Series A-3 Preferred Stock
Preferred stock, shares authorized	50,000,000		50,000,000		50.75	50,000,000
Conversion price			$ 15

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	6 Months Ended
SHARE-BASED COMPENSATION (Details)	Sep. 30, 2020shares
Share-based compensation arrangement by share-based payment award, expiration period	10 years
2015 Equity Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	30.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,592,436
Non Qualified Options [Member]
Share-based compensation arrangement by share-based payment award, percentage of outstanding stock maximum	33.00%

SEGMENT REPORTING - Description

SEGMENT REPORTING - Description (Details) - segment	3 Months Ended		6 Months Ended
SEGMENT REPORTING - Description (Details) - segment	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Number of reportable segments	2	3	2	3
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Mining Operation [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage	80.00%		86.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Mining Operation [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage			74.00%

SEGMENT REPORTING - Reportable

SEGMENT REPORTING - Reportable Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
SEGMENT REPORTING - Reportable Segments (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 174,300	$ 282,613	$ 443,261	$ 516,564
Depreciation, depletion and amortization	78,568	140,119	157,506	242,130
Assets	12,930,874		12,930,874		$ 13,909,096
Gross profit	21,310	66,492	99,593	(26,553)
Selling, general and administrative	3,051,235		5,965,605
Property, plant and equipment	2,812,479		2,812,479		2,973,221
Land under development	7,510,052		7,510,052		$ 6,800,616
Aggregates
Segment Reporting Information [Line Items]
Revenue	174,300		443,261
Gross profit	21,310		99,593
Selling, general and administrative	193,558		632,179
Property, plant and equipment	2,750,867		2,750,867
Rail Park
Segment Reporting Information [Line Items]
Land under development	7,497,146		7,497,146
Other
Segment Reporting Information [Line Items]
Selling, general and administrative	2,857,677		5,333,426
Property, plant and equipment	61,612		61,612
Land under development	$ 12,906		$ 12,906
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue		655,336		1,133,060
Interest expense		107,077		190,656
Depreciation, depletion and amortization		172,459		304,118
Segment loss		3,110,899		6,057,276
Segment assets		1,063,728		14,376,486
Expenditure for segment assets		433,099		2,704,124
Operating Segments [Member] \| Aggregates
Segment Reporting Information [Line Items]
Revenue		267,575		501,525
Interest expense		1,113		2,367
Depreciation, depletion and amortization		70,752		143,931
Segment loss		461,069		944,390
Segment assets		4,158		3,599,439
Operating Segments [Member] \| Logistics
Segment Reporting Information [Line Items]
Revenue		488,111		813,572
Interest expense		31,825		50,821
Depreciation, depletion and amortization		100,731		158,909
Segment loss		282,408		334,357
Segment assets		442,701		3,175,151
Expenditure for segment assets		433,099		2,704,124
Operating Segments [Member] \| Rail Park
Segment Reporting Information [Line Items]
Segment loss		14,831		21,604
Segment assets		213,776		6,036,901
Operating Segments [Member] \| Other
Segment Reporting Information [Line Items]
Revenue		(100,350)		(182,037)
Interest expense		74,139		137,468
Depreciation, depletion and amortization		976		1,278
Segment loss		2,352,591		4,756,925
Segment assets		403,093		1,564,995
Intersegment Eliminations [Member] \| Aggregates
Segment Reporting Information [Line Items]
Revenue		(100,348)		(182,037)
Intersegment Eliminations [Member] \| Logistics
Segment Reporting Information [Line Items]
Revenue		$ 100,348		$ 182,037

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
COMMITMENTS AND CONTINGENCIES.
Undiscounted reclamation liability	$ 366,000		$ 366,000
Reclamation liability settlement term	20 years
Reclamation liabilities review period	3 years
Lease liability	$ 380,402	$ 519,754
Right of use asset	$ 380,401	$ 519,754

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Reconciliation of Carrying Amount of Accrued Reclamation Liabilities (Details)	6 Months Ended
	Sep. 30, 2020USD ($)
COMMITMENTS AND CONTINGENCIES.
Balance at beginning of period	$ 108,701
Liabilities incurred	0
Accretion expense	5,317
Balance at end of period	$ 114,018

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) $ in Millions	Sep. 30, 2021USD ($)	Apr. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2018a
Subsequent Event [Line Items]
Area of land under development \| a				620
Subsequent Event
Subsequent Event [Line Items]
Total proceeds		$ 65.2
Proceeds used in funding public improvements		$ 51.2
Sale price	$ 5.9
Gain on sale of asset			$ 5.8