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Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Jun. 30, 2019
Current assets    
Cash and cash equivalents $ 19,662,528 $ 31,552,533
Receivables from oil and gas sales 1,919,213 3,168,116
Receivables for federal and state income tax refunds 3,243,271 0
Prepaid expenses and other current assets 491,686 458,278
Total current assets 25,316,698 35,178,927
Property and equipment, net of depreciation, depletion, and amortization    
Oil and natural gas properties—full-cost method of accounting, of which none were excluded from amortization 66,512,281 60,346,466
Other property and equipment, net 17,639 26,418
Total property and equipment, net 66,529,920 60,372,884
Other assets, net 291,618 210,033
Total assets 92,138,236 95,761,844
Current liabilities    
Accounts payable 1,471,679 2,084,140
Accrued liabilities and other 716,648 537,755
Derivative contract liabilities 1,911,343 0
State and federal taxes payable 179,189 130,799
Total current liabilities 4,278,859 2,752,694
Long term liabilities    
Deferred income taxes 11,061,023 11,322,691
Asset retirement obligations 2,588,894 1,560,601
Operating lease liability 84,978  
Total liabilities 18,013,754 15,635,986
Commitments and contingencies (Note 16)
Stockholders' equity    
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 32,956,469 and 33,183,730 shares as of June 30, 2020 and 2019, respectively 32,956 33,183
Additional paid-in capital 41,291,446 42,488,913
Retained earnings 32,800,080 37,603,762
Total stockholders' equity 74,124,482 80,125,858
Total liabilities and stockholders' equity $ 92,138,236 $ 95,761,844