XML 57 R41.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2017
Income Tax Disclosure [Abstract] |
Schedule of components of income tax provision (benefit) | The components of our income tax provision are as follows:
| June 30, 2017 |  | June 30, 2016 |  | June 30, 2015
Current: |  |  |  |  |
Federal | $ | 168,152 |  |  | $ | 8,731,290 |  |  | $ | 1,413,296 |
State | 581,593 |  |  | 264,254 |  |  | 608,436 |
Total current income tax provision | 749,745 |  |  | 8,995,544 |  |  | 2,021,732 |
Deferred: |  |  |  |  |
Federal | 3,880,522 |  |  | 541,891 |  |  | 1,282,059 |
State | 210,397 |  |  | 33,344 |  |  | 140,430 |
Total deferred income tax provision | 4,090,919 |  |  | 575,235 |  |  | 1,422,489 |
| $ | 4,840,664 |  |  | $ | 9,570,779 |  |  | $ | 3,444,221 |
Schedule of reconciliation of statutory income tax expense to income tax provision | The following table presents the reconciliation of our income taxes calculated at the statutory federal tax rate, currently 34%, to the income tax provision in our financial statements. Our effective tax rate for 2017 exceeded the statutory rate primarily as a result of state of Louisiana income taxes, partly offset by depletion in excess of basis. The effective tax rate for 2016 is less than the statutory rate primarily due to the benefit derived from statutory depletion in excess of tax basis and the Company had significant legal settlement and derivative gains that were not taxable in Louisiana. The effective tax rates for 2015 exceeded the statutory rate primarily due to state of Louisiana income taxes.
| June 30, 2017 |  | % of Income Before Income Taxes |  | June 30, 2016 |  | % of Income Before Income Taxes |  | June 30, 2015 |  | % of Income Before Income Taxes
Income tax provision computed at the statutory federal rate | $ | 4,380,892 |  |  | 34.0 | % |  | $ | 11,638,588 |  |  | 34.0 | % |  | $ | 2,868,267 |  |  | 34.0 | %
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Depletion in excess of basis | (92,196 | ) |  | (0.7 | )% |  | (2,242,620 | ) |  | (6.6 | )% |  | — |  |  | — | %
State income taxes, net of federal tax benefit | 522,713 |  |  | 4.1 | % |  | 196,415 |  |  | 0.6 | % |  | 595,708 |  |  | 7.1 | %
Permanent differences related to stock-based compensation | 27,884 |  |  | 0.2 | % |  | — |  |  | — | % |  | — |  |  | — | %
Other | 1,371 |  |  | — | % |  | (21,604 | ) |  | (0.1 | )% |  | (19,754 | ) |  | (0.2 | )%
Income tax provision | $ | 4,840,664 |  |  | 37.6 | % |  | $ | 9,570,779 |  |  | 27.9 | % |  | $ | 3,444,221 |  |  | 40.9 | %
Schedule of components of deferred taxes |
| Asset (Liability)
| June 30, 2017 |  | June 30, 2016 |  | June 30, 2015
Deferred tax assets: |  |  |  |  |
Non-qualified stock-based compensation | $ | 367,159 |  |  | $ | 553,182 |  |  | $ | 173,647 |
Net operating loss carry-forwards | 852,477 |  |  | 386,808 |  |  | 400,288 |
AMT credit carry-forward | 110,564 |  |  | — |  |  | 701,254 |
Other | 18,581 |  |  | 130,947 |  |  | 91,113 |
Gross deferred tax assets | 1,348,781 |  |  | 1,070,937 |  |  | 1,366,302 |
Valuation allowance | (292,446 | ) |  | (292,446 | ) |  | (292,446 | )
Total deferred tax assets | 1,056,335 |  |  | 778,491 |  |  | 1,073,856 |
Deferred tax liability: |  |  |  |  |
Oil and natural gas properties | (16,882,626 | ) |  | (12,513,863 | ) |  | (12,233,993 | )
Total deferred tax liability | (16,882,626 | ) |  | (12,513,863 | ) |  | (12,233,993 | )
Net deferred tax liability | $ | (15,826,291 | ) |  | $ | (11,735,372 | ) |  | $ | (11,160,137 | )
The above assets and liabilities are present on the balance sheet as follows:
| June 30, 2017 |  | June 30, 2016 |  | June 30, 2015
Current deferred tax asset | $ | — |  |  | $ | 105,321 |  |  | $ | 82,414 |
Non-current deferred tax liability | 15,826,291 |  |  | 11,840,693 |  |  | 11,242,551 |
Net liability | 15,826,291 |  |  | 11,735,372 |  |  | 11,160,137 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration