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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision (benefit)

The components of our income tax provision (benefit) are as follows:

			June 30, 2021						June 30, 2020
Current:
Federal			$	(334,473)					$	(2,264,850)
State			454,033						345,522
Total current income tax provision (benefit)			119,560						(1,919,328)
Deferred:
Federal			(3,987,211)						(266,482)
State			(1,116,610)						4,814
Total deferred income tax provision (benefit)			(5,103,821)						(261,668)
Total income tax provision (benefit)			$	(4,984,261)					$	(2,180,996)

Schedule of reconciliation of statutory income tax expense to income tax provision

The following table presents the reconciliation of our income taxes calculated at the statutory federal tax rate to the income tax provision (benefit) in our financial statements.

			June 30, 2021						% of Income Before Income Taxes						June 30, 2020						% of Income Before Income Taxes
Income tax provision (benefit) computed at the statutory federal rate:			$	(4,498,661)					21.0		%				$	788,776					21.0		%
Reconciling items:
Return to provision adjustments			20,036						(0.1)		%				(2,823,527)						(75.2)		%
Depletion in excess of tax basis			(175,840)						0.8		%				(412,215)						(11.0)		%
State income taxes, net of federal tax benefit			(523,436)						2.4		%				272,962						7.3		%
Permanent differences related to stock-based compensation and other			55,278						(0.3)		%				22,408						0.6		%
Federal valuation allowance			570,064						(2.7)		%				—						—		%
EOR credit benefit			(335,717)						1.6		%				—						—		%
Other			(95,985)						0.6		%				(29,400)						(0.8)		%
Income tax provision (benefit)			$	(4,984,261)					23.3		%				$	(2,180,996)					(58.1)		%

Schedule of components of deferred taxes

			Asset (Liability)
			June 30, 2021						June 30, 2020
Deferred tax assets:
Non-qualified stock-based compensation			$	309,671					$	234,559
Net operating loss carry-forwards and other carry-forwards			365,279						78,197
Derivative losses			—						401,382
Asset retirement obligations (a)			1,284,907						650,042
Other deferred tax assets			160,313						53,159
Gross deferred tax assets			2,120,170						1,417,339
Valuation allowance			(861,838)						(53,218)
Net deferred tax assets			1,258,332						1,364,121
Deferred tax liability:
Oil and natural gas properties (a)			(7,215,534)						(12,425,144)
Total deferred tax liability			(7,215,534)						(12,425,144)
Net deferred tax liability			$	(5,957,202)					$	(11,061,023)

(a) Certain deferred tax assets related to asset retirement obligations have been reclassified from the June 30, 2020 oil and natural gas properties deferred tax liability balance in order to conform to the current year presentation.

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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