Rocky Mountain Industrials (RMRI) 10-Q 3 Feb 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2022	Feb. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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
Entity File Number	0-55402
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	46-0750094
Entity Address, Address Line One	6200 South Syracuse Way
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Greenwood Village
City Area Code	720
Local Phone Number	614-5213
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
Preferred stock, shares outstanding		118.5
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		4,866,832

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Current assets
Cash	$ 4,081,357	$ 3,238,377
Accounts receivable	79,732	127,458
Other receivables	2,233,631	2,538,444
Inventory	104,398	24,974
Prepaid expenses	1,591,886	679,414
Total current assets	8,091,004	6,608,667
Property, plant, and equipment, net	2,288,906	2,444,821
Land under development	10,982,866	6,973,634
Right of use asset	436,822
Asset retirement obligation, net	67,479	71,124
Other intangibles, net	43,991	52,967
Restricted cash	185,530	185,514
Deposits and other assets	35,090	121,128
Total assets	22,131,688	16,457,855
Current liabilities
Accounts payable	5,295,549	1,104,430
Accrued liabilities	222,232	196,214
Accrued liabilities, related party	1,727,500	1,367,500
Dividends payable	1,609,186	1,200,709
Debt due within one year	50,552	235,118
Lease liability, current	73,833
Total current liabilities	8,978,852	4,103,971
Debt due after one year	10,702,383	5,167,825
Lease liability, long-term	423,983
Accrued reclamation liability	141,178	131,552
Total liabilities	20,246,396	9,403,348
Commitments and Contingencies
Stockholders' Equity
Additional paid-in capital	60,620,389	58,972,469
Accumulated deficit	(70,627,891)	(63,810,756)
Total stockholders' equity	1,885,292	7,054,507
Total liabilities and stockholders' equity	22,131,688	16,457,855
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	$ 4,868	$ 4,868

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2022	Mar. 31, 2022
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	4,866,832	4,866,832
Common stock, shares outstanding	4,866,832	4,866,832

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Operations (Unaudited)
Revenue	$ 243,303	$ 1,416,888	$ 714,884	$ 2,198,682
Cost of goods sold	350,179	1,103,766	921,324	1,759,619
Gross profit (loss)	(106,876)	313,122	(206,440)	439,063
Selling, general and administrative (includes depreciation, depletion and amortization of the three months ended of $49,027 in 2022 and $70,623 in 2021; and for the nine months ended $164,890 for 2022 and $220,272 in 2021	1,405,395	2,818,954	5,499,491	8,742,602
Loss from operations	(1,512,271)	(2,505,832)	(5,705,931)	(8,303,539)
Gain (loss) on sale of assets			(5,909)	4,798,291
Debt Forgiveness				438,500
Interest income (expense), net	(279,365)	(170,958)	(696,817)	(490,475)
Income (loss) before income tax provision	(1,791,636)	(2,676,790)	(6,408,657)	(3,557,223)
Net Income from continuing operations	(1,791,636)	(2,676,790)	(6,408,657)	(3,557,223)
Net Income from discontinued operations, net of tax				400,000
Net Income (loss)	$ (1,791,636)	$ (2,676,790)	$ (6,408,657)	$ (3,157,223)
Earnings (loss) per shares - continuing operations - basic		$ (0.40)		$ (0.54)
Earnings (loss) per shares - continuing operations - diluted		(0.40)		(0.54)
Earnings (loss) per shares - discontinued operations - basic				0.06
Earnings (loss) per shares - discontinued operations - diluted				0.06
Earnings (loss) per shares - basic	$ (0.29)	(0.44)	$ (1.02)	(0.59)
Earnings (loss) per shares - diluted	$ (0.29)	$ (0.44)	$ (1.02)	$ (0.59)
Weighted average shares outstanding - basic	6,656,125	6,610,940	6,655,598	6,580,134
Weighted average shares outstanding - diluted	6,656,125	6,610,940	6,655,598	6,580,134

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Operations (Unaudited)
Depreciation, depletion and amortization	$ 49,027	$ 70,623	$ 164,890	$ 220,272

Statements of Changes in Stockh

Statements of Changes in Stockholder Equity (Unaudited) - USD ($)	Preferred Shares Series A-1 Preferred Stock	Preferred Shares Series A-2 Preferred Stock	Preferred Shares Series A-3 Preferred Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Series A-1 Preferred Stock	Series A-2 Preferred Stock	Total
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
Issuance of restricted Class B Common Stock for compensation					$ 140	(141)				(1)
Issuance of restricted Class B Common Stock for compensation (in shares)					140,000
Quarterly dividends on Series A-1 and A-2 Preferred shares							(236,393)			(236,393)
Stock-based compensation						1,691,651				1,691,651
Net income (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
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
Net income (loss)										(3,157,223)
Balance at Dec. 31, 2021	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,827	57,379,765	(61,239,130)			8,033,388
Balance (in shares) at Dec. 31, 2021	48.27	19.45	50.75	35,785,858	4,826,332
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
Issuance of Class B Common Shares upon exercise of warrants					$ 20	(19)				1
Issuance of Class B Common Shares upon exercise of warrants(in shares)					20,000
Issuance of Class B common shares for services					$ 30	749,970				750,000
Issuance of Class B common shares for services (Shares)					30,000
Forfeiture of Class B Common stock					$ (100)	100
Forfeiture of Class B Common stock (in shares)					(100,000)
Quarterly dividends on Series A-1 and A-2 Preferred shares							(238,992)			(238,992)
Stock-based compensation						1,670,400				1,670,400
Net income (loss)							1,939,606			1,939,606
Balance at Sep. 30, 2021	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,778	55,770,144	(58,323,352)			9,339,496
Balance (in shares) at Sep. 30, 2021	48.27	19.45	50.75	35,785,858	4,777,332
Issuance of Class B common shares for services					$ 64	(64)
Issuance of Class B common shares for services (Shares)					64,000
Forfeiture of Class B Common stock					$ (15)	15
Forfeiture of Class B Common stock (in shares)					(15,000)
Quarterly dividends on Series A-1 and A-2 Preferred shares							(238,988)			(238,988)
Stock-based compensation						1,609,670				1,609,670
Net income (loss)							(2,676,790)			(2,676,790)
Balance at Dec. 31, 2021	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,827	57,379,765	(61,239,130)			8,033,388
Balance (in shares) at Dec. 31, 2021	48.27	19.45	50.75	35,785,858	4,826,332
Balance at Mar. 31, 2022	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,868	58,972,469	(63,810,756)			7,054,507
Balance (in shares) at Mar. 31, 2022	48.27	19.45	50.75	35,785,858	4,866,832
Issuance of restricted Class B Common Stock for compensation					$ 5	(5)
Issuance of restricted Class B Common Stock for compensation (in shares)					5,000
Forfeiture of Class B Common stock					$ (5)	5
Forfeiture of Class B Common stock (in shares)					(5,000)
Quarterly dividends on Series A-1 and A-2 Preferred shares							(135,170)			(135,170)
Stock-based compensation						656,876				656,876
Net income (loss)							(2,698,775)			(2,698,775)
Balance at Jun. 30, 2022	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,868	59,629,345	(66,644,701)			4,877,438
Balance (in shares) at Jun. 30, 2022	48.27	19.45	50.75	35,785,858	4,866,832
Balance at Mar. 31, 2022	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,868	58,972,469	(63,810,756)			7,054,507
Balance (in shares) at Mar. 31, 2022	48.27	19.45	50.75	35,785,858	4,866,832
Quarterly dividends on Series A-1 and A-2 Preferred shares								$ (8,000)	$ (8,000)
Net income (loss)										(6,408,657)
Balance at Dec. 31, 2022	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,868	60,620,389	(70,627,891)			1,885,292
Balance (in shares) at Dec. 31, 2022	48.27	19.45	50.75	35,785,858	4,866,832
Balance at Jun. 30, 2022	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,868	59,629,345	(66,644,701)			4,877,438
Balance (in shares) at Jun. 30, 2022	48.27	19.45	50.75	35,785,858	4,866,832
Quarterly dividends on Series A-1 and A-2 Preferred shares							(136,654)			(136,654)
Stock-based compensation						655,105				655,105
Net income (loss)							(1,918,246)			(1,918,246)
Balance at Sep. 30, 2022	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,868	60,284,450	(68,699,601)			3,477,643
Balance (in shares) at Sep. 30, 2022	48.27	19.45	50.75	35,785,858	4,866,832
Quarterly dividends on Series A-1 and A-2 Preferred shares							(136,654)			(136,654)
Stock-based compensation						335,939				335,939
Net income (loss)							(1,791,636)			(1,791,636)
Balance at Dec. 31, 2022	$ 4,827,000	$ 1,950,000	$ 5,075,140	$ 35,786	$ 4,868	$ 60,620,389	$ (70,627,891)			$ 1,885,292
Balance (in shares) at Dec. 31, 2022	48.27	19.45	50.75	35,785,858	4,866,832

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net loss	$ (6,408,657)	$ (3,157,223)
Adjustments to reconcile net loss to net cash used in operating activities:
Operating and investing cash flows provided by discontinued operations		(418,853)
Depreciation, depletion and amortization expense	164,890	220,272
Stock-based compensation	1,647,920	4,971,721
Gain/loss on sale of assets	5,909	(4,774,841)
Amortization of debt discount and deferred financing cost	314,006	80,630
Accretion expense	9,626	8,751
Debt forgiveness		(438,500)
Changes in operating assets and liabilities:
Accounts receivable	47,726	(571,559)
Other receivables	304,813	958,423
Inventory	(79,424)	(44,716)
Prepaid expenses	(912,472)	192,220
Restricted cash	(16)	(142)
Deposits and other assets	86,038	(607)
Accounts payable	4,191,119	522,885
Accrued liabilities	30,302	(404,135)
Accrued liabilities, related parties	360,000	(63,750)
Payments on lease liability	60,994
Other	(2)	1
Net cash used in operating activities	(177,228)	(2,919,423)
Cash Flows from Investing Activities:
Investment in land under development	(17,478,549)	(3,385,044)
Reimbursement of land under development cost from Metro District	13,469,317	3,949,417
Proceeds from sale of water rights		4,866,965
Proceeds from asset disposals		33,215
Purchase of property, plant and equipment	(2,262)	(51,754)
Net cash provided by (used in) investing activities	(4,011,494)	5,412,799
Cash Flows from Financing Activities:
Proceeds from note payable	10,853,777	2,828,239
Repayment of debt	(5,195,889)	(2,706,246)
Deferred financing cost	(626,186)
Net cash provided by financing activities	5,031,702	121,993
Net increase (decrease) in cash	842,980	2,615,369
Cash at beginning of period	3,238,377	1,621,822
Cash at end of period	4,081,357	4,237,191
Change in restricted cash
Restricted cash at beginning of period	185,514	185,325
Other	16	142
Restricted cash at end of period	185,530	185,467
Supplemental cash flow information:
Cash paid for interest	463,637	$ 157,792
Right of use asset	436,822
Lease liability	$ 493,035

ORGANIZATION

ORGANIZATION	9 Months Ended
	Dec. 31, 2022
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. ​ Through our wholly owned subsidiary, RMR Aggregates, Inc. (“RMR Aggregates”), we operate the Mid-Continent Quarry in Garfield County, Colorado, producing chemical-grade calcium carbonate that currently services local and regional customers in a variety of end markets, including but not limited to mining, manufacturing, construction, and agriculture. ​ Through our wholly owned subsidiary, Rail Land Company, LLC (“Rail Land Company”), we are actively developing Rocky Mountain Rail Park (the “Rail Park”), a dedicated rail-served industrial business park serving the greater Denver market. The Company’s development of the Rail Park is intended to expand the customer base for our products by utilizing rail freight capabilities to reach customers in the greater Denver area and by expanding our business to include rail transportation solutions and services.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2022
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, 2022, (“2022 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The 2022 year end consolidated balance sheet data included in the Form 10-Q filing was derived from the audited consolidated financial statements in our 2022 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, 2022 audited consolidated financial statements included in our 2022 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 $11,284,121 and $5,618,678 as of December 31, 2022 and March 31, 2022, respectively. Earnings (loss) per Common Share Basic 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, without consideration for the potentially dilutive effects of converting stock options or restricted stock purchase rights outstanding. Diluted earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average 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. ​

INVENTORY

INVENTORY	9 Months Ended
	Dec. 31, 2022
INVENTORY
INVENTORY	3 . INVENTORY Inventory, is valued at the lower of cost (average) or market. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ 2022 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Blasted Rock ​ $ 104,398 ​ $ 24,974 Total ​ $ 104,398 ​ $ 24,974 ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Dec. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ ​ 2022 ​ 2022 ​ Recoverable Limestone ​ $ 1,477,469 ​ $ 1,477,469 ​ Mill Equipment ​ 1,220,657 ​ 1,235,684 ​ Mining Equipment ​ 333,029 ​ 336,934 ​ Mobile Equipment ​ 863,660 ​ 878,911 ​ Other ​ 78,973 ​ 78,974 ​ Total ​ 3,973,788 ​ 4,007,972 ​ Less: Accumulated Depreciation ​ (1,684,882) ​ (1,563,151) ​ Property, plant and equipment, net ​ $ 2,288,906 ​ $ 2,444,821 ​ ​

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Dec. 31, 2022
NOTES PAYABLE.
NOTES PAYABLE	5. NOTES PAYABLE In May 2022, Rail Land Company executed on a Promissory Note for a construction loan (“Construction Note”) of $21M and a Promissory Note for a revolving line of credit (“Line of Credit”) of $2M with a bank to provide for the developer portion of infrastructure costs of the Rail Park. A portion of the $21M Construction Note was used to repay the Secured Promissory Note. The Construction Note is secured by the underlying property of the Rail Park and RMI is the guarantor. The Line of Credit is secured by amounts owed to Rail Land Company from the District for submitted pay applications. The Construction Note and Line of Credit incur interest at prime rate plus 2.25% and each have maturity dates of May 20, 2024. The initial interest rate is 6.25%. ​ Net proceeds from the sale of Rail Park lots shall be used to reduce the then outstanding principal balance of the Construction Note at a rate of eighty five percent (85%) of net proceeds of the first lot sale and seventy five percent (75%) of net proceeds from subsequent lot sales. Distribution or dividends of Rail Land Company to any of its members or other legal beneficial owner may not be paid without the consent of the bank. Rail Land Company is to maintain a minimum cash balance with the bank of $1M, tested quarterly. ​ 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 was 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. These notes have been repaid as of June 30, 2022. ​ In March 2020, the federal government passed the Coronavirus Aid, Relief, and Security Act (the "CARES Act"), which provided for, 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 matured April 20, 2022, but where eligible for forgiveness subject to the terms of the PPP and approval by the SBA. The Company recorded the PPP Loan as a debt obligation and accrued interest over the term of the PPP Loan. The interest rate on the PPP Loan was 1.00%. The PPP Loan was unsecured and contained customary events of default relating to, among other things, payment defaults, making materially false and misleading representations to the SBA or Simmons, and breaching the terms of the PPP Loan. The occurrence of an event of default could have resulted 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 were to commence on the later of 10 months following the "covered period" (as defined in the PPPFA) or the date that Simmons notified the Company that the SBA had 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 $438,500 (including accrued interest). The debt forgiveness resulted in the recognition of a gain on extinguishment of debt (other income) in the amount of $438,500 in the Consolidated Statements of Operations in the three month period ended June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ December 31, 2022 March 31, 2022 ​ Interest Rate ​ ​ Maturity Date Equipment Loans ​ $ 11,652 ​ $ 47,957 ​ ​ 2.10% - 6.30% ​ ​ August 25, 2021 - January 22, 2023 Secured promissory note ​ ​ ​ ​ ​ 4,712,732 ​ ​ 12.00% ​ ​ September 1, 2022 Construction Note ​ ​ 10,853,777 ​ ​ — ​ ​ 9.75% ​ ​ May 20, 2024 Unsecured notes ​ ​ — ​ ​ 408,864 ​ ​ 10.00% ​ ​ May 1, 2022 Promissory notes ​ ​ 255,567 ​ ​ 290,219 ​ ​ 1.09% ​ ​ January 1, 2025 Secured disaster loan (SBA) ​ ​ 163,125 ​ ​ 158,906 ​ ​ 3.75% ​ ​ September 9, 2050 ​ ​ ​ 11,284,121 ​ ​ 5,618,678 ​ ​ ​ ​ ​ ​ Unamortized debt issuance cost ​ ​ (531,186) ​ ​ (215,735) ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,752,935 ​ ​ 5,402,943 ​ ​ ​ ​ ​ ​ Less: current portion ​ ​ (50,552) ​ ​ (235,118) ​ ​ ​ ​ ​ ​ Debt due after one year ​ $ 10,702,383 ​ $ 5,167,825 ​ ​ ​ ​ ​ ​ ​

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	9 Months Ended
	Dec. 31, 2022
TRANSACTIONS WITH RELATED PARTIES
TRANSACTIONS WITH RELATED PARTIES	6. TRANSACTIONS WITH RELATED PARTIES As of December 31, 2022, the Company has accrued $1,727,500 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	9 Months Ended
	Dec. 31, 2022
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 shares as Series A-1 Convertible Preferred Stock, 19.45 shares as Series A-2 Convertible Preferred Stock and 50.75 shares 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 Company (other than dividends on shares of Class B Common Stock payable in shares of Class B Common Stock) unless the holders of the Series A-1 Preferred Stock and Series A-2 Preferred Stock then outstanding shall first receive, or simultaneously receive, a dividend on each outstanding share of Series A-1 Preferred Stock and Series A- 2 Preferred Stock in an amount at least equal to the sum of (i) the amount of the aggregate Accruing Dividends then accrued on such share of Series A-1 Preferred Stock or Series A-2 Preferred Stock (as applicable) and not previously paid and (ii) in the case of a dividend on Class B Common Stock or any class or series that is convertible into Class B Common Stock, that dividend per share of Series A-1 Preferred Stock or Series A-2 Preferred Stock (as applicable) as would equal the product of (l) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been 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	9 Months Ended
	Dec. 31, 2022
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 December 31, 2022, there were 915,786 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. No stock option awards were granted during the nine months ended December 31, 2022. ​ Stock Awards ​ During the nine months ended December 31, 2022, the Company granted 5,000 restricted shares of Class B Common Stock, with an aggregate grant date fair value of approximately $0.1 million, to an employee. The restricted shares vest ratably over a four-year vesting period, subject to continued service and a performance condition. During the nine months ended December 31, 2022, 5,000 restricted shares of common stock were forfeited by an employee. ​

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Dec. 31, 2022
SEGMENT REPORTING
SEGMENT REPORTING	9. SEGMENT REPORTING For the three months and nine months ended December 31, 2022 and 2021, the Company has two reportable segments: Aggregates and Rail Park. The Aggregates segment produces chemical grade limestone for use in the aggregates market. 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 Rail Park development commenced in the first half of calendar year 2021. The Aggregates segment has a mining company customer that accounted for approximately 95% of Aggregates segment revenue for the nine months ended December 31, 2022. As of December 31, 2022, the mining company and a construction company accounted for approximately 62% and 12% 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’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 December 31, 2022 ​ ​ Three months ended December 31, 2021 ​ ​ Aggregates Rail Park Other/ Corporate Total ​ ​ Aggregates Rail Park Other/ Corporate Total ​ Revenue $ 243,303 $ — $ — $ 243,303 ​ $ 1,416,888 $ — $ — $ 1,416,888 ​ Gross profit (loss) (106,876) ​ — ​ — (106,876) ​ ​ 313,122 ​ — ​ — 313,122 ​ Selling, general and administrative 144,945 ​ — ​ 1,260,450 1,405,395 ​ ​ 209,600 ​ — ​ 2,609,354 2,818,954 ​ Property, plant and equipment, net 2,276,729 ​ — ​ 12,177 2,288,906 ​ ​ 2,488,558 ​ — ​ 18,722 2,507,280 ​ Land under development — ​ 10,982,866 ​ — 10,982,866 ​ ​ — ​ 6,999,401 ​ — 6,999,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, 2022 ​ ​ Nine months ended December 31, 2021 ​ ​ ​ ​ Aggregates Rail Park Other/ Corporate Total ​ ​ Aggregates Rail Park Other/ Corporate Total ​ Revenue ​ $ 714,884 $ — $ — $ 714,884 ​ $ 2,198,682 $ — $ — $ 2,198,682 ​ Gross profit (loss) ​ ​ (206,440) ​ — ​ — (206,440) ​ ​ 439,063 ​ — ​ — 439,063 ​ Selling, general and administrative ​ ​ 434,773 ​ — ​ 5,064,718 5,499,491 ​ ​ 495,590 ​ — ​ 8,247,012 8,742,602 ​ Property, plant and equipment, net ​ ​ 2,276,729 ​ — ​ 12,177 2,288,906 ​ ​ 2,488,558 ​ — ​ 18,722 2,507,280 ​ Land under development ​ ​ — ​ 10,982,866 ​ — 10,982,866 ​ ​ — ​ 6,999,401 ​ — 6,999,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 outside of 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. ​ 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 $4.8 million, which was recognized in the consolidated statement of operation for the quarter ended September 30, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2022
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 December 31, 2022, 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, 2022 $ 131,552 Liabilities incurred ​ — Accretion expense ​ 9,626 Balance at December 31, 2022 ​ $ 141,178 ​ ​ ​ ​ ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	​ 11. SUBSEQUENT EVENTS On January 18, 2023, a rockslide occurred without human injury at the Mid-Continent Quarry. No operating activity was occurring at the time of the incident. It occurred on an undisturbed portion of the mountainside. The appropriate governmental and safety agencies were contacted, Bureau of Land Management (“BLM”), Colorado Division of Reclamation, Mining and Safety (“DRMS”) and Mine Safety and Health Administration (“MSHA”) and each has been on site inspecting the rockslide. RMR Aggregates is preparing an operation restart plan that will be reviewed and approved by each of the respective agencies.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2022
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, 2022, (“2022 Form 10-K”) and should be read in conjunction with such consolidated financial statements and related notes. The 2022 year end consolidated balance sheet data included in the Form 10-Q filing was derived from the audited consolidated financial statements in our 2022 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, 2022 audited consolidated financial statements included in our 2022 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 $11,284,121 and $5,618,678 as of December 31, 2022 and March 31, 2022, 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) by the weighted average number of common shares outstanding during the period, without consideration for the potentially dilutive effects of converting stock options or restricted stock purchase rights outstanding. Diluted earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average 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.

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Dec. 31, 2022
INVENTORY
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ 2022 ​ 2022 ​ ​ ​ ​ ​ ​ ​ Blasted Rock ​ $ 104,398 ​ $ 24,974 Total ​ $ 104,398 ​ $ 24,974

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	The following summarizes the Company’s property, plant and equipment as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ ​ 2022 ​ 2022 ​ Recoverable Limestone ​ $ 1,477,469 ​ $ 1,477,469 ​ Mill Equipment ​ 1,220,657 ​ 1,235,684 ​ Mining Equipment ​ 333,029 ​ 336,934 ​ Mobile Equipment ​ 863,660 ​ 878,911 ​ Other ​ 78,973 ​ 78,974 ​ Total ​ 3,973,788 ​ 4,007,972 ​ Less: Accumulated Depreciation ​ (1,684,882) ​ (1,563,151) ​ Property, plant and equipment, net ​ $ 2,288,906 ​ $ 2,444,821 ​

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Dec. 31, 2022
NOTES PAYABLE.
Schedule of notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ December 31, 2022 March 31, 2022 ​ Interest Rate ​ ​ Maturity Date Equipment Loans ​ $ 11,652 ​ $ 47,957 ​ ​ 2.10% - 6.30% ​ ​ August 25, 2021 - January 22, 2023 Secured promissory note ​ ​ ​ ​ ​ 4,712,732 ​ ​ 12.00% ​ ​ September 1, 2022 Construction Note ​ ​ 10,853,777 ​ ​ — ​ ​ 9.75% ​ ​ May 20, 2024 Unsecured notes ​ ​ — ​ ​ 408,864 ​ ​ 10.00% ​ ​ May 1, 2022 Promissory notes ​ ​ 255,567 ​ ​ 290,219 ​ ​ 1.09% ​ ​ January 1, 2025 Secured disaster loan (SBA) ​ ​ 163,125 ​ ​ 158,906 ​ ​ 3.75% ​ ​ September 9, 2050 ​ ​ ​ 11,284,121 ​ ​ 5,618,678 ​ ​ ​ ​ ​ ​ Unamortized debt issuance cost ​ ​ (531,186) ​ ​ (215,735) ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,752,935 ​ ​ 5,402,943 ​ ​ ​ ​ ​ ​ Less: current portion ​ ​ (50,552) ​ ​ (235,118) ​ ​ ​ ​ ​ ​ Debt due after one year ​ $ 10,702,383 ​ $ 5,167,825 ​ ​ ​ ​ ​ ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Dec. 31, 2022
SEGMENT REPORTING
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, 2022 ​ ​ Three months ended December 31, 2021 ​ ​ Aggregates Rail Park Other/ Corporate Total ​ ​ Aggregates Rail Park Other/ Corporate Total ​ Revenue $ 243,303 $ — $ — $ 243,303 ​ $ 1,416,888 $ — $ — $ 1,416,888 ​ Gross profit (loss) (106,876) ​ — ​ — (106,876) ​ ​ 313,122 ​ — ​ — 313,122 ​ Selling, general and administrative 144,945 ​ — ​ 1,260,450 1,405,395 ​ ​ 209,600 ​ — ​ 2,609,354 2,818,954 ​ Property, plant and equipment, net 2,276,729 ​ — ​ 12,177 2,288,906 ​ ​ 2,488,558 ​ — ​ 18,722 2,507,280 ​ Land under development — ​ 10,982,866 ​ — 10,982,866 ​ ​ — ​ 6,999,401 ​ — 6,999,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended December 31, 2022 ​ ​ Nine months ended December 31, 2021 ​ ​ ​ ​ Aggregates Rail Park Other/ Corporate Total ​ ​ Aggregates Rail Park Other/ Corporate Total ​ Revenue ​ $ 714,884 $ — $ — $ 714,884 ​ $ 2,198,682 $ — $ — $ 2,198,682 ​ Gross profit (loss) ​ ​ (206,440) ​ — ​ — (206,440) ​ ​ 439,063 ​ — ​ — 439,063 ​ Selling, general and administrative ​ ​ 434,773 ​ — ​ 5,064,718 5,499,491 ​ ​ 495,590 ​ — ​ 8,247,012 8,742,602 ​ Property, plant and equipment, net ​ ​ 2,276,729 ​ — ​ 12,177 2,288,906 ​ ​ 2,488,558 ​ — ​ 18,722 2,507,280 ​ Land under development ​ ​ — ​ 10,982,866 ​ — 10,982,866 ​ ​ — ​ 6,999,401 ​ — 6,999,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES.
Schedule of carrying amount of our accrued reclamation liabilities	​ ​ ​ ​ ​ Balance at April 1, 2022 $ 131,552 Liabilities incurred ​ — Accretion expense ​ 9,626 Balance at December 31, 2022 ​ $ 141,178 ​ ​ ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fair value of notes payable	$ 11,284,121	$ 5,618,678

INVENTORY (Details)

INVENTORY (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
INVENTORY
Blasted Rock	$ 104,398	$ 24,974
Total	$ 104,398	$ 24,974

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 3,973,788	$ 4,007,972
Less: Accumulated Depreciation	(1,684,882)	(1,563,151)
Property, plant and equipment, net	2,288,906	2,444,821
Recoverable Limestone
Property, Plant and Equipment [Line Items]
Total	1,477,469	1,477,469
Mill Equipment
Property, Plant and Equipment [Line Items]
Total	1,220,657	1,235,684
Mining Equipment
Property, Plant and Equipment [Line Items]
Total	333,029	336,934
Mobile Equipment
Property, Plant and Equipment [Line Items]
Total	863,660	878,911
Other
Property, Plant and Equipment [Line Items]
Total	$ 78,973	$ 78,974

NOTES PAYABLE (Details)

NOTES PAYABLE (Details)		1 Months Ended				3 Months Ended	9 Months Ended
	Apr. 24, 2020 USD ($)	May 31, 2022 USD ($)	Apr. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($) item	Apr. 30, 2020 USD ($) item	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Interest rate (as a percent)		6.25%
Gain on extinguishment of debt							$ 438,500
Minimum cash balance		$ 1,000,000
Prime Rate
prime rate		2.25%
Revolving Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity		$ 2,000,000
Construction Note
Principal value		$ 21,000,000
Net proceeds of the first lot sale		85%
Net proceeds from subsequent lot sales		75%
Unsecured notes agreement
Principal value			$ 861,111	$ 1,000,000	$ 1,000,000
Number of agreements with investor | item			2	2	2
Promissory notes (PPP loan)
Interest rate (as a percent)	1%
Proceeds from notes payable	$ 438,500
Loan amount forgiven						$ 438,500
Gain on extinguishment of debt						$ 438,500
Unsecured notes
Percentage of discount on the original issue price				10%	10%

NOTES PAYABLE - Schedule of Not

NOTES PAYABLE - Schedule of Notes Payable (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Notes payable gross	$ 11,284,121	$ 5,618,678
Unamortized debt issuance cost	(531,186)	(215,735)
Notes Payable, Total	10,752,935	5,402,943
Less: current portion	(50,552)	(235,118)
Debt due after one year	10,702,383	5,167,825
Equipment Loan
Debt Instrument [Line Items]
Notes payable gross	$ 11,652	47,957
Secured promissory note
Debt Instrument [Line Items]
Notes payable gross		$ 4,712,732
Effective Interest Rate	12%	12%
Construction Note
Debt Instrument [Line Items]
Notes payable gross	$ 10,853,777
Effective Interest Rate	9.75%	9.75%
Unsecured notes
Debt Instrument [Line Items]
Notes payable gross		$ 408,864
Effective Interest Rate	10%	10%
Promissory notes
Debt Instrument [Line Items]
Notes payable gross	$ 255,567	$ 290,219
Effective Interest Rate	1.09%	1.09%
Secured disaster loan (SBA)
Debt Instrument [Line Items]
Notes payable gross	$ 163,125	$ 158,906
Effective Interest Rate	3.75%	3.75%
Minimum | Equipment Loan
Debt Instrument [Line Items]
Effective Interest Rate	2.10%	2.10%
Maximum | Equipment Loan
Debt Instrument [Line Items]
Effective Interest Rate	6.30%	6.30%

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES (Details)	9 Months Ended
	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Notice period of consulting agreements	30 days
Officer
Related Party Transaction [Line Items]
Officers' compensation	$ 35,000
Non-executive Board Chairman
Related Party Transaction [Line Items]
Accrued compensation expense	$ 1,727,500

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Mar. 31, 2022	Apr. 30, 2021
Preferred stock, shares authorized	50,000,000						50,000,000
Accrued dividends	$ 136,654	$ 136,654	$ 135,170	$ 238,988	$ 238,992	$ 236,393
Share price	$ 25						$ 25
Minimum
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
Preferred stock, shares authorized									118.47
Series A-1 Preferred Stock
Preferred stock, shares authorized	50,000,000						50,000,000	50,000,000	48.27
Accrued dividends							$ 8,000
Conversion price							$ 25
Series A-2 Preferred Stock
Preferred stock, shares authorized	50,000,000						50,000,000	50,000,000	19.45
Accrued dividends							$ 8,000
Conversion price							$ 21
Series A-3 Preferred Stock
Preferred stock, shares authorized	50,000,000						50,000,000	50,000,000	50.75
Conversion price							$ 15

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - 2015 Equity Incentive Plan (the "2015 Plan") $ in Millions	9 Months Ended
	Dec. 31, 2022 USD ($) shares
Share-based compensation arrangement by share-based payment award, percentage of outstanding stock maximum	30%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	915,786
Employee Stock Option
Stock options, granted | shares	0
Nonqualified options
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	33%
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Class B Common Stock | Restricted Stock
Shares Granted	5,000
Aggregate grant date fair value | $	$ 0.1
Vesting period	4 years
Shares forfeited	5,000

SEGMENT REPORTING - Description

SEGMENT REPORTING - Description (Details)	1 Months Ended		3 Months Ended			9 Months Ended
	Sep. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Dec. 31, 2022 segment	Dec. 31, 2021 segment	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment	Dec. 31, 2018 a
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2	2		2	2
Proceeds from issuance of unsecured tax exempt bonds		$ 65,200,000
Proceeds from tax exempt bonds to be used to fund the public improvements		$ 51,200,000
Sale price	$ 5,900,000
Gain on sale of assets					$ 4,800,000	$ (5,909)	$ 4,798,291
Accounts receivable | Customer | Mining company
Segment Reporting Information [Line Items]
Concentration risk, percentage						62%
Accounts receivable | Customer | Construction company
Segment Reporting Information [Line Items]
Concentration risk, percentage						12%
Revenue | Customer | Mining company
Segment Reporting Information [Line Items]
Concentration risk, percentage						95%
Land Improvements
Segment Reporting Information [Line Items]
Area of Land | a								620

SEGMENT REPORTING - Reportable

SEGMENT REPORTING - Reportable Segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 243,303	$ 1,416,888	$ 714,884	$ 2,198,682
Gross profit (loss)	(106,876)	313,122	(206,440)	439,063
Property, plant and equipment, net	2,288,906		2,288,906		$ 2,444,821
Land under development	10,982,866		10,982,866		$ 6,973,634
Operating segments
Segment Reporting Information [Line Items]
Revenue	243,303	1,416,888	714,884	2,198,682
Gross profit (loss)	(106,876)	313,122	(206,440)	439,063
Selling, general and administrative	1,405,395	2,818,954	5,499,491	8,742,602
Property, plant and equipment, net	2,288,906	2,507,280	2,288,906	2,507,280
Land under development	10,982,866	6,999,401	10,982,866	6,999,401
Operating segments | Aggregates
Segment Reporting Information [Line Items]
Revenue	243,303	1,416,888	714,884	2,198,682
Gross profit (loss)	(106,876)	313,122	(206,440)	439,063
Selling, general and administrative	144,945	209,600	434,773	495,590
Property, plant and equipment, net	2,276,729	2,488,558	2,276,729	2,488,558
Operating segments | Rail Park
Segment Reporting Information [Line Items]
Land under development	10,982,866	6,999,401	10,982,866	6,999,401
Operating segments | Other/Corporate
Segment Reporting Information [Line Items]
Selling, general and administrative	1,260,450	2,609,354	5,064,718	8,247,012
Property, plant and equipment, net	$ 12,177	$ 18,722	$ 12,177	$ 18,722

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	9 Months Ended
	Dec. 31, 2022 USD ($)
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)	9 Months Ended
	Dec. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES.
Balance at beginning of period	$ 131,552
Liabilities incurred	0
Accretion expense	9,626
Balance at end of period	$ 141,178