Consolidated Condensed Balance Sheets - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Current assets
Cash and cash equivalents	$ 20,935,968	$ 31,552,533
Receivables	4,008,414	3,168,116
Prepaid expenses	518,396	458,278
Total current assets	25,462,778	35,178,927
Oil and natural gas properties, net (full-cost method of accounting)	68,814,569	60,346,466
Other property and equipment, net	21,914	26,418
Total property and equipment	68,836,483	60,372,884
Other assets, net	331,608	210,033
Total assets	94,630,869	95,761,844
Current liabilities
Accounts payable	2,985,901	2,084,140
Accrued liabilities and other	548,676	537,755
State and federal income taxes payable	246,972	130,799
Total current liabilities	3,781,549	2,752,694
Long term liabilities
Deferred income taxes	11,362,943	11,322,691
Asset retirement obligations	2,493,741	1,560,601
Operating lease liability	112,870
Total liabilities	17,751,103	15,635,986
Commitments and contingencies
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,106,988 and 33,183,730 shares issued and outstanding, respectively	33,107	33,183
Additional paid-in capital	41,306,353	42,488,913
Retained earnings	35,540,306	37,603,762
Total stockholders’ equity	76,879,766	80,125,858
Total liabilities and stockholders’ equity	$ 94,630,869	$ 95,761,844

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).