Consolidated Condensed Balance Sheets - USD ($)	Dec. 31, 2018	Jun. 30, 2018
Current assets
Cash and cash equivalents	$ 30,000,801	$ 24,929,844
Restricted cash	0	2,751,289
Receivables	3,434,227	3,941,916
Prepaid expenses and other current assets	594,555	524,507
Total current assets	34,029,583	32,147,556
Oil and natural gas property and equipment, net (full-cost method of accounting)	62,137,689	61,239,746
Other property and equipment, net	24,187	30,407
Total property and equipment	62,161,876	61,270,153
Other assets	228,405	244,835
Total assets	96,419,864	93,662,544
Current liabilities
Accounts payable	2,705,359	3,432,568
Accrued liabilities and other	363,208	874,886
State and federal income taxes payable	136,124	122,760
Total current liabilities	3,204,691	4,430,214
Long term liabilities
Senior secured credit facility (Note 13)	0	0
Deferred income taxes	11,061,732	10,555,435
Asset retirement obligations	1,467,646	1,387,416
Total liabilities	15,734,069	16,373,065
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,186,665 and 33,080,543 shares issued and outstanding as of December 31, 2018 and June 30, 2018, respectively	33,186	33,080
Additional paid-in capital	42,088,385	41,757,645
Retained earnings	38,564,224	35,498,754
Total stockholders’ equity	80,685,795	77,289,479
Total liabilities and stockholders’ equity	$ 96,419,864	$ 93,662,544

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).