Rocky Mountain Industrials (RMRI) 10-Q 15 Dec 21 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 15, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	Rocky Mountain Industrials, Inc.
Entity Central Index Key	0001556179
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	No
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-55402
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
City Area Code	720
Local Phone Number	614-5213
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
Preferred stock, shares outstanding		118,500,000
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			4,822,322

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Current assets
Cash	$ 1,071,087	$ 1,621,822
Accounts receivable	205,300	71,555
Other receivables	2,729,227	3,404,010
Inventory	8,436	0
Prepaid expenses	563,147	588,340
Restricted cash	185,374	185,325
Total assets held for sale	0	5,000
Total current assets	4,762,571	5,876,052
Property, plant, and equipment, net	2,601,364	2,672,661
Land under development	6,750,012	6,929,630
Right of use asset	172,602	241,868
Asset retirement obligation, net	74,769	75,984
Other intangibles, net	61,941	64,933
Deposits and other assets	105,561	111,178
Total assets	14,528,820	15,972,306
Current liabilities
Accounts payable	810,903	610,216
Accrued liabilities	629,681	647,180
Accrued liabilities, related party	1,007,500	1,311,250
Dividends payable	1,245,336	1,008,942
Debt due within one year	4,429,468	4,474,082
Liabilities held for sale	400,000	423,853
Total current liabilities	8,522,888	8,475,523
Debt due after one year	492,340	952,059
Lease liability	172,601	241,868
Accrued reclamation liability	122,510	119,593
Total liabilities	9,310,339	9,789,043
Commitments and Contingencies
Stockholders' Equity
Additional paid-in capital	53,349,693	51,658,183
Accumulated deficit	(60,023,966)	(57,367,534)
Total stockholders' equity	5,218,481	6,183,263
Total liabilities and stockholders' equity	14,528,820	15,972,306
Series A-1 Preferred Stock
Stockholders' Equity
Preferred Stock	4,827,000	4,827,000
Series A-2 Preferred Stock
Stockholders' Equity
Preferred Stock	1,950,000	1,950,000
Series A-3 Preferred Stock
Stockholders' Equity
Preferred Stock	5,075,140	5,075,140
Class A Common Stock
Stockholders' Equity
Common Stock	35,786	35,786
Class B Common Stock
Stockholders' Equity
Common Stock	$ 4,828	$ 4,688

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
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	48.27
Preferred stock, shares outstanding	48.27	48.27
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	19.45
Preferred stock, shares outstanding	19.45	19.45
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	50.75
Preferred stock, shares outstanding	50.75	50.75
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	4,827,332	4,687,332
Common stock, shares outstanding	4,827,332	4,687,332

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Operations (Unaudited)
Revenue	$ 399,912	$ 268,961
Cost of goods sold	284,893	190,678
Gross profit	115,019	78,283
Selling, general and administrative (includes depreciation, depletion and amortization of $75,504 in 2021 and $78,938 in 2020)	2,810,449	2,914,370
Loss from operations	(2,695,430)	(2,836,087)
Other income	438,500	0
Interest income (expense), net	(163,109)	(118,650)
Loss before income tax provision	(2,420,039)	(2,954,737)
Income tax expense	0	0
Net loss from continuing operations	(2,420,039)	(2,954,737)
Loss from discontinued operations, net of tax	0	(411,245)
Net loss	$ (2,420,039)	$ (3,365,982)
Earnings (loss) from continuing operations - basic (in dollars per share)	$ (0.37)	$ (0.46)
Earnings (loss) from continuing operations - diluted (in dollars per share)	(0.37)	(0.46)
Earnings (loss) from discontinued operations - basic (in dollars per share)	0	(0.06)
Earnings (loss) from discontinued operations - diluted (in dollars per share)	0	(0.06)
Basic loss attributable to Rocky Mountain Industrials, Inc. per common share	(0.41)	(0.55)
Diluted loss attributable to Rocky Mountain Industrials, Inc. per common share	$ (0.41)	$ (0.55)
Weighted average shares outstanding, basic	6,537,153	6,462,371
Weighted average shares outstanding, diluted	6,537,153	6,462,371

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Operations (Unaudited)
Depreciation, depletion and amortization	$ 75,504	$ 78,938

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	Series A-1 Preferred Stock	Series A-2 Preferred Stock	Total
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, 2021	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,688	51,658,183	(57,367,534)			6,183,263
Balance (in shares) at Mar. 31, 2021	48.27	19.45	50.75	35,785,858	4,687,332
Stock-based compensation from stock options						1,691,651				1,691,651
Issuance of restricted common shares for compensation					$ 140	(141)				(1)
Issuance of restricted common shares for compensation (in shares)					140,000
Quarterly dividends on preferred shares							(236,393)	$ (8,000)	$ (8,000)	(236,393)
Net loss							(2,420,039)			(2,420,039)
Balance at Jun. 30, 2021	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,828	$ 53,349,693	$ (60,023,966)			$ 5,218,481
Balance (in shares) at Jun. 30, 2021	48.27	19.45	50.75	35,785,858	4,827,332

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net loss	$ (2,420,039)	$ (3,365,982)
Adjustments to reconcile net loss to net cash used in operating activities:
Operating and investing cash flows from (used in) discontinued operations	(18,853)	311,192
Depreciation, depletion and amortization expense	75,504	78,938
Stock-based compensation	1,691,651	1,295,104
Amortization of debt discount	46,791	118,933
Accretion expense	2,917	2,658
Debt forgiveness	(438,500)	0
Changes in operating assets and liabilities:
Accounts receivable	(133,745)	(75)
Other receivables	674,783	0
Inventory	(8,436)	6,638
Prepaid expenses	25,193	168,331
Restricted cash	(49)	(1,740)
Deposits and other assets	5,617	(237,553)
Accounts payable	200,687	345,541
Accrued liabilities	(12,811)	192,230
Accrued liabilities, related party	(303,750)	180,000
Other	(1)	0
Net cash used in operating activities	(613,041)	(905,785)
Cash Flows from Investing Activities:
Investments in land under development	179,618	(203,059)
Purchase of property, plant and equipment	0	(5,873)
Net cash used in investing activities	179,618	(208,932)
Cash Flows from Financing Activities:
Proceeds from note payable	514,644	1,188,500
Repayment of debt	(631,956)	(1,383,087)
Proceeds from issuance of Series A-2 Preferred shares	0	1,500,000
Net cash provided by financing activities	(117,312)	1,305,413
Net increase in cash	(550,735)	190,696
Cash at beginning of period	1,621,822	57,240
Cash at end of period	1,071,087	247,936
Supplemental cash flow information
Cash paid for interest	$ 111,313	$ 14,545

ORGANIZATION

ORGANIZATION	3 Months Ended
	Jun. 30, 2021
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	3 Months Ended
	Jun. 30, 2021
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, 2021, (“2021 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The 2021 year end consolidated balance sheet data included in the Form 10-Q filing was derived from the audited consolidated financial statements in our 2021 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, 2021 audited consolidated financial statements included in our 2021 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 $5,344,698 and $5,881,033 as of June 30, 2021 and March 31, 2021, respectively. Earnings (loss) per Common Share Basic earnings (loss) per common share is calculated by dividing the net income (loss), 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 earnings (loss) per common share is calculated by dividing the net income (loss) 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, diluted earnings per share is the same as basic earnings per share 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: ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 March 31, 2021 Other noncurrent assets ​ — ​ ​ 5,000 Total assets held for sale $ — ​ $ 5,000 ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities $ — ​ $ 23,853 Debt 400,000 ​ 400,000 Total liabilities held for sale $ 400,000 ​ $ 423,853 ​ Major line items comprising net loss from discontinued operations are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ June 30, ​ ​ 2021 2020 Revenue $ — ​ $ 122,445 Cost of goods sold — ​ (190,356) ​ ​ — ​ ​ (67,911) ​ ​ ​ ​ ​ ​ Selling, general and administrative (including depreciation and amortization) — ​ 328,610 Interest expense, net — ​ 14,724 ​ ​ ​ ​ ​ ​ Net loss from discontinued operations $ — ​ $ (411,245) ​

INVENTORY

INVENTORY	3 Months Ended
	Jun. 30, 2021
INVENTORY
INVENTORY	3 . INVENTORY Inventory, for which there was none at March 31, 2021, is valued at the lower of cost (average) or market. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Blasted Rock ​ $ 8,436 Packaging ​ ​ — Total ​ $ 8,436 ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Jun. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	4. PROPERTY, PLANT AND EQUIPMENT The following summarizes the Company’s property, plant and equipment as of: ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 March 31, 2021 Recoverable Limestone ​ $ 1,477,469 ​ $ 1,477,469 Mill Equipment ​ 1,229,988 ​ 1,229,988 Mining Equipment ​ 336,934 ​ 336,934 Mobile Equipment ​ 844,663 ​ 844,664 Other ​ 78,973 ​ 78,973 Total ​ ​ 3,968,027 ​ ​ 3,968,028 Less: Accumulated Depreciation ​ (1,366,663) ​ (1,295,367) Property, plant and equipment, net ​ $ 2,601,364 ​ $ 2,672,661 ​

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jun. 30, 2021
NOTES PAYABLE.
NOTES PAYABLE	5. NOTES PAYABLE ​ 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 April 2021, the maturity dates of the two notes, with a then total outstanding accreted balance of $861,111, were extended to May 1, 2022. ​ 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. 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 (including accrued interest). The debt forgiveness resulted in the recognition of a gain on extinguishment of debt (other income) in the amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ June 30, 2021 March 31, 2021 Interest Rate ​ ​ Maturity Date Equipment Loan ​ $ 87,263 ​ $ 122,248 ​ 2.10% - 6.30% ​ ​ August 25, 2021 - January 22, 2023 Secured promissory note ​ ​ 3,511,878 ​ ​ 3,582,183 ​ 12.00% ​ ​ March 5, 2022 Unsecured notes ​ ​ 1,265,213 ​ ​ 1,250,424 ​ 10.00% ​ ​ May 1, 2022 Promisory notes ​ ​ 325,656 ​ ​ 337,678 ​ 1.09% ​ ​ January 1, 2025 Secured disaster loan (SBA) ​ ​ 154,688 ​ ​ 150,000 ​ 3.75% ​ ​ September 9, 2050 Promissory notes (PPP loan) ​ ​ — ​ ​ 438,500 ​ 1.00% ​ ​ April 20, 2022 ​ ​ ​ 5,344,698 ​ ​ 5,881,033 ​ ​ ​ ​ ​ Unamortized debt issuance cost ​ ​ (22,890) ​ ​ (54,892) ​ ​ ​ ​ ​ ​ ​ ​ 5,321,808 ​ ​ 5,826,141 ​ ​ ​ ​ ​ Discontinued operations ​ ​ (400,000) ​ ​ (400,000) ​ ​ ​ ​ ​ Less: current portion ​ ​ (4,429,468) ​ ​ (4,474,082) ​ ​ ​ ​ ​ Debt due after one year ​ $ 492,340 ​ $ 952,059 ​ ​ ​ ​ ​ ​

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	3 Months Ended
	Jun. 30, 2021
TRANSACTIONS WITH RELATED PARTIES
TRANSACTIONS WITH RELATED PARTIES	6 . TRANSACTIONS WITH RELATED PARTIES As of June 30, 2021, the Company has accrued $1,007,500 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	3 Months Ended
	Jun. 30, 2021
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	7 . 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 converted into Class B Common Stock and (2) the number of shares of Class B Common Stock issuable upon conversion of a share of Series A-I Preferred Stock or Series A-2 Preferred Stock (as applicable), in each case calculated on the record date for determination of holders entitled to receive such dividend. Series A-3 Preferred Stock does not accrue dividends. ​ 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 $25.00 per share, the Series A-2 Preferred Stock conversion price is $21.00 per share and the Series A-3 Preferred Stock conversion price is $15.00 per share. ​ 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	3 Months Ended
	Jun. 30, 2021
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	8. 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 June 30, 2021, there were 906,714 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	3 Months Ended
	Jun. 30, 2021
SEGMENT REPORTING
SEGMENT REPORTING	9. SEGMENT REPORTING For the three months ended June 30, 2021 and 2020, the Company has two reportable segments: Aggregates and Rail Park. The Aggregates segment produces chemical grade lime for use in the aggregates market. The Rail Park segment consists of land under development to provide a rail terminal and service s ​ The Aggregates segment has two major customers, a mining operation (“Mine”) and a construction company (“Construction”), that accounted for approximately 21% and 59% of Aggregates segment revenue for the three months ended June 30, 2020, respectively. As of June 30, 2020, the Mine accounted for approximately 50% of Aggregates segment accounts receivable balance. ​ 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 June 30, 2021 ​ ​ Aggregates ​ Rail Park ​ Other/Corporate ​ Total Revenue $ 399,912 $ — $ — $ 399,912 Gross profit 115,019 — ​ — 115,019 Selling, general and administrative 140,634 — ​ 2,669,815 2,810,449 Property, plant and equipment 2,566,005 — ​ 35,359 2,601,364 Land under development — 6,750,012 ​ — 6,750,012 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 ​ ​ Aggregates ​ Rail Park ​ Other/Corporate ​ Total Revenue $ 268,961 $ — $ — $ 268,961 Gross profit 78,283 — ​ — 78,283 Selling, general and administrative 438,621 — ​ 2,475,749 2,914,370 Property, plant and equipment 2,804,847 — ​ 72,158 2,877,005 Land under development — 6,990,769 ​ 12,906 7,003,675 ​ ​ 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, approximately $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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	10. 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 June 30, 2021, 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, 2021 $ 119,593 Liabilities incurred ​ — Accretion expense ​ 2,917 Balance at June 30, 2021 ​ $ 122,510 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	11. SUBSEQUENT EVENTS ​ 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)	3 Months Ended
	Jun. 30, 2021
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, 2021, (“2021 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The 2021 year end consolidated balance sheet data included in the Form 10-Q filing was derived from the audited consolidated financial statements in our 2021 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, 2021 audited consolidated financial statements included in our 2021 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 $5,344,698 and $5,881,033 as of June 30, 2021 and March 31, 2021, respectively.
Earnings (loss) per Common Share	Earnings (loss) per Common Share Basic earnings (loss) per common share is calculated by dividing the net income (loss), 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 earnings (loss) per common share is calculated by dividing the net income (loss) 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, diluted earnings per share is the same as basic earnings per share 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: ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 March 31, 2021 Other noncurrent assets ​ — ​ ​ 5,000 Total assets held for sale $ — ​ $ 5,000 ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities $ — ​ $ 23,853 Debt 400,000 ​ 400,000 Total liabilities held for sale $ 400,000 ​ $ 423,853 ​ Major line items comprising net loss from discontinued operations are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ June 30, ​ ​ 2021 2020 Revenue $ — ​ $ 122,445 Cost of goods sold — ​ (190,356) ​ ​ — ​ ​ (67,911) ​ ​ ​ ​ ​ ​ Selling, general and administrative (including depreciation and amortization) — ​ 328,610 Interest expense, net — ​ 14,724 ​ ​ ​ ​ ​ ​ Net loss from discontinued operations $ — ​ $ (411,245)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of major classes of assets, liabilities and net income (loss) from discontinued operations	​ ​ ​ ​ ​ ​ ​ June 30, 2021 March 31, 2021 Other noncurrent assets ​ — ​ ​ 5,000 Total assets held for sale $ — ​ $ 5,000 ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities $ — ​ $ 23,853 Debt 400,000 ​ 400,000 Total liabilities held for sale $ 400,000 ​ $ 423,853 ​ ​ ​ ​ ​ ​ ​ Three months ended ​ June 30, ​ ​ 2021 2020 Revenue $ — ​ $ 122,445 Cost of goods sold — ​ (190,356) ​ ​ — ​ ​ (67,911) ​ ​ ​ ​ ​ ​ Selling, general and administrative (including depreciation and amortization) — ​ 328,610 Interest expense, net — ​ 14,724 ​ ​ ​ ​ ​ ​ Net loss from discontinued operations $ — ​ $ (411,245)

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Jun. 30, 2021
INVENTORY
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Blasted Rock ​ $ 8,436 Packaging ​ ​ — Total ​ $ 8,436

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Jun. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	The following summarizes the Company’s property, plant and equipment as of: ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 March 31, 2021 Recoverable Limestone ​ $ 1,477,469 ​ $ 1,477,469 Mill Equipment ​ 1,229,988 ​ 1,229,988 Mining Equipment ​ 336,934 ​ 336,934 Mobile Equipment ​ 844,663 ​ 844,664 Other ​ 78,973 ​ 78,973 Total ​ ​ 3,968,027 ​ ​ 3,968,028 Less: Accumulated Depreciation ​ (1,366,663) ​ (1,295,367) Property, plant and equipment, net ​ $ 2,601,364 ​ $ 2,672,661

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2021
NOTES PAYABLE.
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ June 30, 2021 March 31, 2021 Interest Rate ​ ​ Maturity Date Equipment Loan ​ $ 87,263 ​ $ 122,248 ​ 2.10% - 6.30% ​ ​ August 25, 2021 - January 22, 2023 Secured promissory note ​ ​ 3,511,878 ​ ​ 3,582,183 ​ 12.00% ​ ​ March 5, 2022 Unsecured notes ​ ​ 1,265,213 ​ ​ 1,250,424 ​ 10.00% ​ ​ May 1, 2022 Promisory notes ​ ​ 325,656 ​ ​ 337,678 ​ 1.09% ​ ​ January 1, 2025 Secured disaster loan (SBA) ​ ​ 154,688 ​ ​ 150,000 ​ 3.75% ​ ​ September 9, 2050 Promissory notes (PPP loan) ​ ​ — ​ ​ 438,500 ​ 1.00% ​ ​ April 20, 2022 ​ ​ ​ 5,344,698 ​ ​ 5,881,033 ​ ​ ​ ​ ​ Unamortized debt issuance cost ​ ​ (22,890) ​ ​ (54,892) ​ ​ ​ ​ ​ ​ ​ ​ 5,321,808 ​ ​ 5,826,141 ​ ​ ​ ​ ​ Discontinued operations ​ ​ (400,000) ​ ​ (400,000) ​ ​ ​ ​ ​ Less: current portion ​ ​ (4,429,468) ​ ​ (4,474,082) ​ ​ ​ ​ ​ Debt due after one year ​ $ 492,340 ​ $ 952,059 ​ ​ ​ ​ ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jun. 30, 2021
SEGMENT REPORTING
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2021 ​ ​ Aggregates ​ Rail Park ​ Other/Corporate ​ Total Revenue $ 399,912 $ — $ — $ 399,912 Gross profit 115,019 — ​ — 115,019 Selling, general and administrative 140,634 — ​ 2,669,815 2,810,449 Property, plant and equipment 2,566,005 — ​ 35,359 2,601,364 Land under development — 6,750,012 ​ — 6,750,012 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2020 ​ ​ Aggregates ​ Rail Park ​ Other/Corporate ​ Total Revenue $ 268,961 $ — $ — $ 268,961 Gross profit 78,283 — ​ — 78,283 Selling, general and administrative 438,621 — ​ 2,475,749 2,914,370 Property, plant and equipment 2,804,847 — ​ 72,158 2,877,005 Land under development — 6,990,769 ​ 12,906 7,003,675

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES.
Schedule of carrying amount of our accrued reclamation liabilities	​ ​ ​ ​ ​ Balance at April 1, 2021 $ 119,593 Liabilities incurred ​ — Accretion expense ​ 2,917 Balance at June 30, 2021 ​ $ 122,510

ORGANIZATION (Details)

ORGANIZATION (Details)	Oct. 12, 2016item	Nov. 17, 2014USD ($)shares	Jul. 31, 2018a	Jan. 31, 2018a
Rocky Mountain Resource Holdings Inc [Member]
Organization [Line Items]
Number of BLM unpatented placer mining claims | item	41
Rocky Mountain Resource Holdings Inc [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 ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Fair value of notes payable	$ 5,344,698	$ 5,881,033
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 ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets held for sale	$ 0		$ 5,000
Net loss from discontinued operations
Net loss from discontinued operations	0	$ (411,245)
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]
Other noncurrent assets			5,000
Total assets held for sale			5,000
Accounts payable and accrued liabilities			23,853
Debt	400,000		400,000
Total liabilities held for sale	400,000		$ 423,853
Proceeds received	$ 1,287,000
Net loss from discontinued operations
Revenue		122,445
Cost of goods sold		(190,356)
Gross profit (loss)		(67,911)
Selling, general and administrative (including depreciation and amortization)		(328,610)
Interest expense, net		14,724
Net loss from discontinued operations		$ (411,245)

INVENTORY (Details)

INVENTORY (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
INVENTORY
Blasted Rock	$ 8,436
Packaging	0
Total	$ 8,436	$ 0

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 3,968,027	$ 3,968,028
Less: Accumulated Depreciation	(1,366,663)	(1,295,367)
Property, plant and equipment, net	2,601,364	2,672,661
Recoverable Limestone [Member]
Property, Plant and Equipment [Line Items]
Total	1,477,469	1,477,469
Mill Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	1,229,988	1,229,988
Mining Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	336,934	336,934
Mobile Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	844,663	844,664
Other [Member]
Property, Plant and Equipment [Line Items]
Total	$ 78,973	$ 78,973

NOTES PAYABLE (Details)

NOTES PAYABLE (Details)	Apr. 20, 2020USD ($)	Apr. 30, 2021USD ($)agreement	Jun. 30, 2020USD ($)item	Apr. 30, 2020USD ($)item	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)
Outstanding accreted balance					$ 5,344,698		$ 5,881,033
Loan amount forgiven					438,500	$ 0
Note Purchase Agreement [Member]
Principal value			$ 1,000,000	$ 1,000,000		$ 1,000,000
Number of Agreements with Investor		2	2	2
Secured promissory note [Member]
Outstanding accreted balance					325,656		337,678
Unsecured Debt [Member]
Outstanding accreted balance		$ 861,111
Percentage of discount on the original issue price			10.00%	10.00%
Equipment Loan [Member]
Outstanding accreted balance					87,263		122,248
Promissory notes (PPP loan) [Member]
Outstanding accreted balance							438,500
Interest rate (as a percent)	1.00%
Proceeds from notes payable	$ 438,500
Loan amount forgiven					438,500
Gain on extinguishment of debt					438,500
Unsecured notes [Member]
Outstanding accreted balance					$ 1,265,213		$ 1,250,424

NOTES PAYABLE - Schedule of Not

NOTES PAYABLE - Schedule of Notes Payable (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Notes payable gross	$ 5,344,698	$ 5,881,033
Unamortized debt issuance cost	(22,890)	(54,892)
Notes Payable, Total	5,321,808	5,826,141
Discontinued operations	(400,000)	(400,000)
Less: current portion	(4,429,468)	(4,474,082)
Note payable	492,340	952,059
Equipment Loan [Member]
Debt Instrument [Line Items]
Notes payable gross	87,263	122,248
Secured promissory note [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 325,656	$ 337,678
Effective Interest Rate	1.09%	1.09%
Senior unsecured note [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 3,511,878	$ 3,582,183
Effective Interest Rate		12.00%
Unsecured notes [Member]
Debt Instrument [Line Items]
Notes payable gross	$ 1,265,213	$ 1,250,424
Effective Interest Rate	10.00%	10.00%
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	$ 154,688	$ 150,000
Effective Interest Rate	3.75%	3.75%
Minimum [Member] | Equipment Loan [Member]
Debt Instrument [Line Items]
Effective Interest Rate	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)	3 Months Ended
	Jun. 30, 2021USD ($)
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	$ 1,007,500

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Apr. 30, 2021	Mar. 31, 2021
Preferred stock, shares authorized	50,000,000
Accrued dividends	$ 236,393	$ 157,132
Minimum [Member] | Qualified Offering [Member]
Proceeds from issuance of common stock	$ 10,000,000
Share price	$ 25
Common Stock
Common stock, shares authorized	2,100,000,000
Class A Common Stock
Common stock, shares authorized	2,000,000,000			2,000,000,000
Class B Common Stock
Common stock, shares authorized	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		48.27	50,000,000
Accrued dividends	$ 8,000
Conversion price	$ 25
Series A-2 Preferred Stock
Preferred stock, shares authorized	50,000,000		19.45	50,000,000
Accrued dividends	$ 8,000
Conversion price	$ 21
Series A-3 Preferred Stock
Preferred stock, shares authorized	50,000,000		50.75	50,000,000
Conversion price	$ 15

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	3 Months Ended
	Jun. 30, 2021shares
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, percentage of outstanding stock maximum	30.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	906,714
Non Qualified Options [Member]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	33.00%

SEGMENT REPORTING - Description

SEGMENT REPORTING - Description (Details) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2021USD ($)	Jun. 30, 2021segment	Jun. 30, 2020segment	Mar. 31, 2018a
Segment Reporting Information [Line Items]
Number of reportable segments | segment		2	2
Number of major customers | segment		2
Proceeds from issuance of bond | $	$ 65.2
Amount to be used to fund public improvements | $	$ 51.2
Land Improvements [Member]
Segment Reporting Information [Line Items]
Area of land | a				620
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Mining Operation [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage			50.00%
Revenue [Member] | Customer Concentration Risk [Member] | Mining Operation [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage			21.00%
Revenue [Member] | Customer Concentration Risk [Member] | Construction Company [Member]
Segment Reporting Information [Line Items]
Concentration risk, percentage			59.00%

SEGMENT REPORTING - Reportable

SEGMENT REPORTING - Reportable Segments (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 399,912	$ 268,961
Gross profit	115,019	78,283
Property, plant and equipment	2,601,364		$ 2,672,661
Land under development	6,750,012		$ 6,929,630
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	399,912
Gross profit	115,019
Selling, general and administrative	2,810,449
Property, plant and equipment	2,601,364
Land under development	6,750,012
Operating Segments [Member] | Aggregates
Segment Reporting Information [Line Items]
Revenue	399,912	268,961
Gross profit	115,019
Selling, general and administrative	140,634	438,621
Property, plant and equipment	2,566,005	2,804,847
Land under development		0
Operating Segments [Member] | Logistics
Segment Reporting Information [Line Items]
Revenue		0
Selling, general and administrative		0
Property, plant and equipment		0
Land under development		6,990,769
Operating Segments [Member] | Rail Park
Segment Reporting Information [Line Items]
Revenue		0
Selling, general and administrative		2,475,749
Property, plant and equipment		72,158
Land under development	6,750,012	12,906
Operating Segments [Member] | Other
Segment Reporting Information [Line Items]
Revenue		268,961
Selling, general and administrative	2,669,815	2,914,370
Property, plant and equipment	$ 35,359	2,877,005
Land under development		7,003,675
Intersegment Eliminations [Member] | Aggregates
Segment Reporting Information [Line Items]
Gross profit		78,283
Intersegment Eliminations [Member] | Logistics
Segment Reporting Information [Line Items]
Gross profit		0
Intersegment Eliminations [Member] | Rail Park
Segment Reporting Information [Line Items]
Gross profit		0
Intersegment Eliminations [Member] | Other
Segment Reporting Information [Line Items]
Gross profit		$ 78,283

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	3 Months Ended
	Jun. 30, 2021USD ($)
COMMITMENTS AND CONTINGENCIES.
Undiscounted reclamation liability	$ 366,000
Reclamation liability settlement term	20 years
Reclamation liabilities review period	3 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Reconciliation of Carrying Amount of Accrued Reclamation Liabilities (Details)	3 Months Ended
	Jun. 30, 2021USD ($)
COMMITMENTS AND CONTINGENCIES.
Balance at beginning of period	$ 119,593
Liabilities incurred
Accretion expense	2,917
Balance at end of period	$ 122,510

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Subsequent Event [Line Items]
Sale price	$ 5.9
Gain on sale of asset		$ 5.8