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Other Assets
 9 Months Ended
Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets
Other Assets
 
March 31,
2020
 
June 30,
2019
Royalty rights
$
108,512

 
$
108,512

Less: Accumulated amortization of royalty rights
(57,647
)
 
(47,474
)
Investment in Well Lift Inc., at cost
108,750

 
108,750

Deferred loan costs
168,972

 
168,972

Less: Accumulated amortization of deferred loan costs
(153,295
)
 
(141,927
)
Right of use asset under operating lease
161,125

 
—

Less: Accumulated amortization of right of use asset
(32,757
)
 
—

Software license
20,662

 
20,662

Less: Accumulated amortization of software license
(12,627
)
 
(7,462
)
Other assets, net
$
311,695

 
$
210,033


Our royalty rights and investment in Well Lift, Inc. ("WLI") resulted from the separation of our artificial lift technology operations in December 2015. We conveyed our patents and other intellectual property to WLI and retained a 5% royalty on future gross revenues associated with the technology. We own 17.5% of the common stock of WLI and account for our investment in this private company at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, if such were to occur. The Company evaluates the investment for impairment when it identifies any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment.