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Property and Equipment | 12 Months Ended
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Jun. 30, 2016
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment As of June 30, 2016 and June 30, 2015, our oil and natural gas properties and other property and equipment consisted of the following:
| June 30, 2016 |  | June 30, 2015
Oil and natural gas properties: |  |  |
Property costs subject to amortization | $ | 77,408,353 |  |  | $ | 57,718,653 |
Less: Accumulated depreciation, depletion, and amortization | (17,437,890 | ) |  | (12,531,767 | )
Unproved properties not subject to amortization | — |  |  | — |
Oil and natural gas properties, net | 59,970,463 |  |  | 45,186,886 |
Other property and equipment: |  |  |
Furniture, fixtures and office equipment, at cost | 228,752 |  |  | 287,680 |
Artificial lift technology equipment, at cost | 7,000 |  |  | 319,994 |
Less: Accumulated depreciation | (207,103 | ) |  | (330,918 | )
Other property and equipment, net | $ | 28,649 |  |  | $ | 276,756 |
As of June 30, 2016 and 2015, all oil and gas property costs were being amortized. During the year ended June 30, 2016, the Company incurred capital expenditures of $19.0 million for the Delhi field, including approximately $16.4 million for the NGL plant project which is currently under construction. We have incurred $21.5 million on a cumulative basis for the NGL plant out of a total authorized commitment of $24.6 million, with a remaining balance of approximately $3.1 million. As described in Note 3 – Delhi Field Litigation Settlement, we received a 23.9% working interest in the Mengel Interval (currently non-producing) having an estimated fair value of $596,500. On December 31, 2015, as described in Note 8 — Restructuring, we transferred our residual artificial lift technology equipment to new entity not controlled by the Company. We recorded a charge of $210,392 to expense most of the remaining capitalized costs of artificial lift equipment installed in the wells of a third-party customer. Under our installation contracts, we had funded the majority of the incremental equipment and installation costs in exchange for 25% of the net profits from production, as defined, for as long as the technology remains in the wells. During the year ended ended June 30, 2015, we incurred $217,733 of costs related to installing our artificial lift technology on third party wells and recorded an impairment charge of $275,682 reflecting the unrecovered installation costs, net of estimated salvage value. During the year ended June 30, 2014, we incurred $377,943 of installation costs. Impairment charges are included in depreciation, depletion and amortization expense on the consolidated statement of operations. On October 24, 2014, we sold all of our remaining mineral interest and assets in the Mississippi Lime project for proceeds of $389,165 and the buyer's assumption of all abandonment liabilities. On December 1, 2013, we sold our producing assets and undeveloped reserves in the Lopez Field in South Texas in return for proceeds of $402,500 and the buyer's assumption of all abandonment liabilities. The net proceeds from these sales of our properties, including the reduction of asset retirement obligations, were recognized as a reduction of the cost of oil and gas properties.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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