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Property and Equipment, Net of Depreciation, Depletion, and Amortization (Tables)

12 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of oil and natural gas properties and other property and equipment

			June 30, 2021						June 30, 2020
Oil and natural gas properties:
Property costs subject to amortization			$	129,123,227					$	107,390,379
Less: Accumulated depreciation, depletion, and amortization and impairment (a)			(70,607,367)						(40,878,098)
Unproved properties not subject to amortization			—						—
Oil and natural gas properties, net			58,515,860						66,512,281
Other property and equipment:
Furniture, fixtures, and office equipment, at cost			154,731						154,731
Less: Accumulated depreciation (b)			(144,092)						(137,092)
Other property and equipment, net			$	10,639					$	17,639

(a) Depletion on oil and natural gas properties was $4,901,969 for fiscal 2021 and $5,592,651 for fiscal 2020. Impairment on oil and natural gas properties was $24,792,079 for fiscal 2021, and there was no impairment in fiscal 2020.

(b) Depreciation was $7,000 for fiscal 2021 and $8,779 for fiscal 2020.

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- References

No definition available.

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

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