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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
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, 2020 |  | June 30, 2019
Current: |  |  |
Federal | $ | (2,264,850 | ) |  | $ | 2,343,512 |
State | 345,522 |  |  | 371,593 |
Total current income tax provision (benefit) | (1,919,328 | ) |  | 2,715,105 |
Deferred: |  |  |
Federal | (266,482 | ) |  | 387,541 |
State | 4,814 |  |  | 379,715 |
Total deferred income tax provision (benefit) | (261,668 | ) |  | 767,256 |
Total income tax provision (benefit) | $ | (2,180,996 | ) |  | $ | 3,482,361 |
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, 2020 |  | % of Income Before Income Taxes |  | June 30, 2019 |  | % of Income Before Income Taxes
Income tax provision (benefit) computed at the statutory federal rate: | $ | 788,776 |  |  | 21.0 | % |  | $ | 3,960,480 |  |  | 21.0 | %
Reconciling items: |  |  |  |  |  |  |
Return to provision adjustments including returns amended for EOR credits | (2,823,527 | ) |  | (75.2 | )% |  | — |  |  | — | %
Depletion in excess of tax basis | (412,215 | ) |  | (11.0 | )% |  | (982,302 | ) |  | (5.1 | )%
State income taxes, net of federal tax benefit | 272,962 |  |  | 7.3 | % |  | 593,533 |  |  | 3.1 | %
Permanent differences related to stock-based compensation and other | 22,408 |  |  | 0.6 | % |  | (73,671 | ) |  | (0.4 | )%
Expiration of Section 382 tax loss carryforwards | — |  |  | — | % |  | 127,410 |  |  | 0.7 | %
Change in valuation allowance for Section 382 tax loss carryforwards | — |  |  | — | % |  | (127,410 | ) |  | (0.7 | )%
Other | (29,400 | ) |  | (0.8 | )% |  | (15,679 | ) |  | (0.1 | )%
Income tax provision (benefit) | $ | (2,180,996 | ) |  | (58.1 | )% |  | $ | 3,482,361 |  |  | 18.5 | %
Schedule of components of deferred taxes |
| Asset (Liability)
| June 30, 2020 |  | June 30, 2019
Deferred tax assets: |  |  |
Non-qualified stock-based compensation | $ | 234,559 |  |  | $ | 159,090 |
Net operating loss carry-forwards | 78,197 |  |  | 496,082 |
Derivative losses | 401,382 |  |  | — |
Other | 53,159 |  |  | 20,713 |
Gross deferred tax assets | 767,297 |  |  | 675,885 |
Valuation allowance | (53,218 | ) |  | (53,218 | )
Total deferred tax assets | 714,079 |  |  | 622,667 |
Deferred tax liability: |  |  |
Oil and natural gas properties | (11,775,102 | ) |  | (11,945,358 | )
Total deferred tax liability | (11,775,102 | ) |  | (11,945,358 | )
Net deferred tax liability | $ | (11,061,023 | ) |  | $ | (11,322,691 | )

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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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