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Other Assets, Net | 12 Months Ended
--- | ---
Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets, Net | Other Assets, Net
| June 30, 2021 |  | June 30, 2020
Royalty rights | — |  |  | 108,512 |
Less: Accumulated amortization of royalty rights | — |  |  | (61,037) |
Investment in Well Lift Inc., at cost | — |  |  | 108,750 |
Deferred loan costs | 168,972 |  |  | 168,972 |
Less: Accumulated amortization of deferred loan costs | (168,972) |  |  | (157,084) |
Right of use asset under operating lease | 161,125 |  |  | 161,125 |
Less: Accumulated amortization of right of use asset | (90,336) |  |  | (43,932) |
Software license | 20,662 |  |  | 20,662 |
Less: Accumulated amortization of software license | (20,662) |  |  | (14,350) |
Other assets, net | $ | 70,789 |  |  | $ | 291,618 |
Our royalty rights and investment in 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 and 100% of the preferred 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. At March 31, 2021, we reviewed our investment and technology rights in WLI for potential impairment and, as a result, recorded an impairment expense of $0.1 million. This impairment charge was recorded based on a variety of factors including the lack of current revenue generated and the outlook for future activity associated with this technology primarily due to a reduction in drilling activities across the industry.

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