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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

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, 2019				June 30, 2018
Current:
Federal	$	2,343,512			$	1,186,649
State	371,593				652,238
Total current income tax provision	2,715,105				1,838,887
Deferred:
Federal	387,541				(5,498,890		)
State	379,715				228,034
Total deferred income tax provision (benefit)	767,256				(5,270,856		)
	$	3,482,361			$	(3,431,969	)

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.

	June 30, 2019				% of Income Before Income Taxes			June 30, 2018				% of Income Before Income Taxes
Income tax provision (benefit) computed at the statutory federal rate:	$	3,960,480			21.0	%		$	4,459,940			27.6	%
Reconciling items:
Adjustment of deferred income liability for the Tax Act's lower statutory federal tax rate	—				—	%		(5,949,389		)		(36.8	)%
Change in valuation allowance due to enactment of the Tax Act	—				—	%		(111,818		)		(0.7	)%
Expiration of Section 382 tax loss carryforwards	127,410				0.70	%		—				—	%
Change in valuation allowance for Section 382 tax loss carryforwards	(127,410		)		(0.70	)%		—				—	%
Depletion in excess of tax basis	(982,302		)		(5.1	)%		(2,433,530		)		(14.9	)%
State income taxes, net of federal tax benefit	593,533				3.1	%		718,337				4.4	%
Permanent differences related to stock-based compensation	(73,671		)		(0.4	)%		(139,333		)		(0.9	)%
Other	(15,679		)		(0.1	)%		23,824				0.1	%
Income tax provision (benefit)	$	3,482,361			18.5	%		$	(3,431,969	)		(21.2	)%

Schedule of components of deferred taxes

	Asset (Liability)
	June 30, 2019				June 30, 2018
Deferred tax assets:
Non-qualified stock-based compensation	$	159,090			$	144,956
Net operating loss carry-forwards	496,082				680,186
Other	20,713				24,207
Gross deferred tax assets	675,885				849,349
Valuation allowance	(53,218		)		(180,628		)
Total deferred tax assets	622,667				668,721
Deferred tax liability:
Oil and natural gas properties	(11,945,358		)		(11,224,156		)
Total deferred tax liability	(11,945,358		)		(11,224,156		)
Net deferred tax liability	$	(11,322,691	)		$	(10,555,435	)

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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