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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Schedule of components of income tax provision (benefit) | The components of our income tax provision (benefit) are as follows:
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2016
Current: |  |  |  |  |
Federal | $ | 1,186,649 |  |  | $ | 168,152 |  |  | $ | 8,731,290 |
State | 652,238 |  |  | 581,593 |  |  | 264,254 |
Total current income tax provision | 1,838,887 |  |  | 749,745 |  |  | 8,995,544 |
Deferred: |  |  |  |  |
Federal | (5,498,890 | ) |  | 3,880,522 |  |  | 541,891 |
State | 228,034 |  |  | 210,397 |  |  | 33,344 |
Total deferred income tax provision | (5,270,856 | ) |  | 4,090,919 |  |  | 575,235 |
| $ | (3,431,969 | ) |  | $ | 4,840,664 |  |  | $ | 9,570,779 |
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 to the income tax provision (benefit) in our financial statements. The rate for 2018 is 27.55% due to our fiscal tax year. This is a result of the transition from the previously enacted 34% federal statutory rate to the new federal tax rate of 21%,, enacted December 31, 2017. Going forward, the federal statutory rate that will be applied is 21%. Our federal statutory rate for fiscal 2017 and 2016 was 34%. The effective tax rates for annual income tax provision (benefit) were approximately (21)%, 38% and 28% year ended June 30, 2018, 2017 and 2016, respectively. Excluding the permanent adjustment of $6.1 million benefit from the revaluation of our deferred income tax liabilities and valuation allowance at December 31, 2017, the effective rate for the year ended June 30, 2018, would have been 16% of income before income taxes. Our effective tax rate for fiscal 2018 is less than the statutory rate primarily as a result of the reduction in federal tax rate from newly enacted tax legislation as well as the benefit derived from statutory depletion in excess of tax basis partly offset by the state of Louisiana income taxes. 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 relatively lower state income taxes because a significant legal settlement and derivative gains were not taxable in Louisiana.
| June 30, 2018 |  | % of Income Before Income Taxes |  | June 30, 2017 |  | % of Income Before Income Taxes |  | June 30, 2016 |  | % of Income Before Income Taxes
Income tax provision computed at the statutory federal rate: | $ | 4,459,940 |  |  | 27.6 | % |  | $ | 4,380,892 |  |  | 34.0 | % |  | $ | 11,638,588 |  |  | 34.0 | %
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Adjustment of deferred income liability for lower statutory federal tax rate | (5,949,389 | ) |  | (36.8 | )% |  | — |  |  | — | % |  | — |  |  | — | %
Change in valuation allowance due to newly enacted tax legislation | (111,818 | ) |  | (0.7 | )% |  | — |  |  | — | % |  | — |  |  | — | %
Depletion in excess of tax basis | (2,433,530 | ) |  | (14.9 | )% |  | (92,196 | ) |  | (0.7 | )% |  | (2,242,620 | ) |  | (6.6 | )%
State income taxes, net of federal tax benefit | 718,337 |  |  | 4.4 | % |  | 522,713 |  |  | 4.1 | % |  | 196,415 |  |  | 0.6 | %
Permanent differences related to stock-based compensation | (139,333 | ) |  | (0.9 | )% |  | 27,884 |  |  | 0.2 | % |  | — |  |  | — | %
Other | 23,824 |  |  | 0.1 | % |  | 1,371 |  |  | — | % |  | (21,604 | ) |  | (0.1 | )%
Income tax (benefit) provision | $ | (3,431,969 | ) |  | (21.2 | )% |  | $ | 4,840,664 |  |  | 37.6 | % |  | $ | 9,570,779 |  |  | 28.0 | %
Schedule of components of deferred taxes | The above assets and liabilities are present on the balance sheet as follows:
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2016
Current deferred tax asset | $ | — |  |  | $ | — |  |  | $ | 105,321 |
Non-current deferred tax liability | 10,555,435 |  |  | 15,826,291 |  |  | 11,840,693 |
Net liability | 10,555,435 |  |  | 15,826,291 |  |  | 11,735,372 |
| Asset (Liability)
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2016
Deferred tax assets: |  |  |  |  |
Non-qualified stock-based compensation | $ | 144,956 |  |  | $ | 367,159 |  |  | $ | 553,182 |
Net operating loss carry-forwards | 680,186 |  |  | 852,477 |  |  | 386,808 |
AMT credit carry-forward | — |  |  | 110,564 |  |  | — |
Other | 24,207 |  |  | 18,581 |  |  | 130,947 |
Gross deferred tax assets | 849,349 |  |  | 1,348,781 |  |  | 1,070,937 |
Valuation allowance | (180,628 | ) |  | (292,446 | ) |  | (292,446 | )
Total deferred tax assets | 668,721 |  |  | 1,056,335 |  |  | 778,491 |
Deferred tax liability: |  |  |  |  |
Oil and natural gas properties | (11,224,156 | ) |  | (16,882,626 | ) |  | (12,513,863 | )
Total deferred tax liability | (11,224,156 | ) |  | (16,882,626 | ) |  | (12,513,863 | )
Net deferred tax liability | $ | (10,555,435 | ) |  | $ | (15,826,291 | ) |  | $ | (11,735,372 | )

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- 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://fasb.org/us-gaap/role/ref/legacyRef -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
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- 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://fasb.org/us-gaap/role/ref/legacyRef -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
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