XML 35 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Condensed Statements of Cash Flows (USD $)
 3 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities    
Net income attributable to the Company $ 1,129,010 $ 1,472,451
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 381,509 319,885
Stock-based compensation 243,337 373,438
Accretion of discount on asset retirement obligations 4,636 12,928
Settlements of asset retirement obligations (226,008) 0
Deferred income taxes 124,603 72,395
Deferred rent (4,286) (4,286)
Changes in operating assets and liabilities:    
Receivables from oil and natural gas sales 188,024 11,133
Receivables from income taxes and other (22,458) 918
Due from joint interest partner 0 (14,614)
Prepaid expenses and other current assets 114,747 53,948
Accounts payable and accrued expenses (1,345,875) (1,146,080)
Income taxes payable 44,173 404,677
Net cash provided by operating activities 631,412 1,556,793
Cash flows from investing activities    
Proceeds from asset sales 0 66,753
Capital expenditures for oil and natural gas properties (1,136) (594,214)
Capital expenditures for other property and equipment (156,798) 0
Other assets (55,046) (1,913)
Net cash used in investing activities (212,980) (529,374)
Cash flows from financing activities    
Cash dividends to preferred stockholders (168,575) (168,575)
Cash dividends to common stockholders (3,279,341) 0
Acquisitions of treasury stock (55,452) (117,182)
Tax benefits related to stock-based compensation 537,282 0
Recovery of short swing profits 0 6,850
Deferred loan costs (24,716) 0
Net cash used in financing activities (2,990,802) (278,907)
Net increase (decrease) in cash and cash equivalents (2,572,370) 748,512
Cash and cash equivalents, beginning of period 23,940,514 24,928,585
Cash and cash equivalents, end of period 21,368,144 25,677,097
Our supplemental disclosures of cash flow information for the nine months ended March 31, 2014 and 2013 are as follows:    
Income taxes paid 0 0
Non-cash transactions:    
Change in accounts payable used to acquire property and equipment (31,806) (136,436)
Oil and natural gas property costs incurred through recognition of asset retirement obligations $ 0 $ 45,172