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Note 6 - Shareholders' Equity
 12 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
6.
Shareholders
’ Equity
 
The Company
’s authorized capital stock consists of
30,000,000
shares of common stock and
15,000,000
shares of preferred stock. As of 
June 30, 2018,
we had
6,153,266
shares of common stock outstanding, including
298,998
 shares of unvested restricted stock. The Company also has options and warrants to purchase
35,625
shares of common stock outstanding as of 
June 30, 2018.
No
shares of preferred stock have been issued. The remaining restricted stock outstanding will vest between 
August 2018 
and
January 2020.
 
In 
September 2016, 
the Company distributed a Private Placement Memorandum to its warrant holders to give them the opportunity to exercise their warrants at a reduced exercise price and receive shares of common stock, par value 
$0.01
 per share of the Company by paying the reduced exercise price in cash and surrendering the original warrants.  The offering applied to warrant holders with an exercise price of 
$10.00
 per share originally issued in 
March 2013. 
The offering gave the warrant holders the opportunity to exercise the warrants for 
$9.00
 per share. The offer expired on 
November 15, 2016. 
In conjunction with the offering a total of 
587,500
 warrants were exercised resulting in total cash to the Company of 
$5.3
 million. Of the total warrants exercised, 
83,334
 were exercised by entities controlled by Mr. Brad Juneau, the Company’s Chairman, President and Chief Executive Officer. Proceeds from the exercise of the warrants will be used for working capital purposes and for funding future obligations to the Joint Venture Company.
 
On 
October 13, 2017, 
the Company distributed a Private Placement Memorandum to its warrant holders to give them the opportunity to exercise their warrants at a reduced exercise price and receive shares of common stock, par value 
$0.01
 per share of the Company by paying the reduced exercise price in cash and surrendering the original warrants.  The offering applied to warrant holders with an exercise price of 
$10.00
 per share originally issued in 
March 2013. 
The offering gave the warrant holders the opportunity to exercise the warrants for 
$9.50
 per share. The offer expired on 
November 10, 2017.  
In conjunction with the offering a total of 
124,999
 warrants were exercised resulting in total cash to the Company of 
$1.2
 million.  Proceeds from the exercise of the warrants will be used for working capital purposes and for funding future obligations to the Joint Venture Company.  
 
In connection with the exercise offer, the Company entered into a Registration Rights Agreement dated as of 
November 10, 2017, 
with each investor who exercised warrants in the offering. The Company agreed to file up to 
two
 demand registration statements with the SEC at any time after expiration of the offer but before 
three
 years after expiration of the offer in order to register the resale of shares of common stock, issued in the offer. In addition, the Registration Rights Agreement granted certain piggyback rights to the investors. 
 
During fiscal year 
2018,
 
580,999
warrants were exercised resulting in the issuance of 
404,923
shares of common stock and total cash to the Company of 
$2.3
 million.  All of the outstanding warrants have been exercised.
 
On 
October 23, 2017, 
the Company completed the issuance and sale of an aggregate of 
553,672
 shares of common stock, par value 
$0.01
 per share, of the Company at a purchase price of 
$19.00
 per share of common stock, in a private placement (the “Private Placement”) to certain purchasers (the “Purchasers”) pursuant to a Stock Purchase Agreement dated as of 
October 23, 2017 (
the “Purchase Agreement”), by and among the Company and each Purchaser. The Private Placement resulted in approximately 
$10.5
 million of gross proceeds and approximately 
$10.0
 million of net proceeds. The Company will use the net proceeds from the Private Placement for working capital purposes and for funding future obligations to the Joint Venture Company.  Petrie Partners Securities, LLC (“Petrie”) acted as sole placement agent in connection with the Private Placement and received a placement agent fee equal to 
6.50%,
 which was reduced to 
3.25%
 for existing stockholders and other Purchasers referred by those existing stockholders, or a total of 
$0.5
 million in placement agent fees.  Juneau Exploration L.P., which is controlled by Brad Juneau, the Company’s President and Chief Executive Officer, purchased 
13,200
 shares of common stock in the Private Placement for a price of 
$250,800
 and on the same terms and conditions as all other Purchasers.  
 
The shares sold in the Private Placement were issued in reliance on an exemption from registration under the Securities Act of 
1933,
 as amended, pursuant to Section 
4
(
2
) thereof. The bases for the availability of this exemption include the facts that the issuance was a private transaction which did 
not
 involve a public offering and the shares were offered and sold to a limited number of purchasers.
 
Pursuant to a Registration Rights Agreement dated as of 
October 23, 2017 (
the “Registration Rights Agreement”), by and among the Company and the Purchasers, the Company agreed to file up to 
two
 demand registration statements with the Securities and Exchange Commission at any time after 
one
 year after the Private Placement but before 
three
 years after the Private Placement in order to register the resale of the shares of common Stock.  In addition, the Registration Rights Agreement granted certain piggyback rights to the Purchasers.
 
 Rights Plan
 
 
On
December 
19,
 
2012,
 the Company adopted a Rights Plan which was amended on 
March 21, 2013, 
September 29, 2014, 
December 18, 2014, 
November 11, 2015,
and
April 22, 2018 (
see Note
12
- Subsequent Events). On 
April 22, 2018, 
the Company and Computershare Trust Company, N.A., as Rights Agent, entered into an Amendment 
No.
 
5
 (the “Amendment”) to the Rights Plan.  The Amendment, among other things, amends the Rights Plan to (i) extend the term of the Rights Agreement for 
one
 year until 
December 19, 2019; 
and (ii) decrease the stock ownership threshold at which the rights become exercisable from 
twenty-three
 percent (
23%
) to 
fifteen
 percent (
15%
), the original percentage when the Rights Plan was adopted in 
2012.
  The Amendment also provides for certain other conforming and technical amendments to the terms and provisions of the Rights Plan.  The Company has engaged advisors to assist in determining the strategic direction of the Company and its alternatives.
 
Under the terms of the amended Rights Plan, each right (a “Right”) will entitle the holder to purchase 
1/100
 of a share of Series A Junior Preferred Stock of the Company (the “Preferred Stock”) at an exercise price of 
$80
 per share. The Rights will be exercisable and will trade separately from the shares of common stock if a person, or group, acquires beneficial ownership of 
15%
or more of the Company’s common stock.  Under the terms of the Rights Plan, Rights have been distributed as a dividend at the rate of 
one
 Right for each share of common stock that was held as of the close of business on 
December 
20,
 
2012.
 Stockholders will 
not
 receive certificates for the Rights, but the Rights will become part of each share of common stock. An additional Right will be issued along with each share of common stock that is issued or sold by the Company after 
December 20, 2012. 
The Rights are scheduled to expire on 
December 
19,
 
2019.