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Prepaid Expenses and Other Current Assets | 6 Months Ended
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Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets As of December 31, 2015 and June 30, 2015 our prepaid expenses and other current assets consisted of the following:
| December 31, 2015 |  | June 30, 2015
Prepaid insurance | $ | 133,927 |  |  | $ | 178,994 |
Equipment inventory (a) | — |  |  | 81,538 |
Retainers and deposits | 26,978 |  |  | 26,978 |
Prepaid federal and state income taxes | 204,694 |  |  | 22,542 |
Other prepaid expenses | 30,419 |  |  | 59,352 |
Prepaid expenses and other current assets | $ | 396,018 |  |  | $ | 369,404 |
(a) As discussed in Note 2, our equipment inventory was determined to have no future value in use for our operations and was charged to restructuring costs as part of the separation of our GARP® artificial lift technology operations.

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + 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 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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