Consolidated Condensed Balance Sheets - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Current assets
Cash and cash equivalents	$ 19,035,092	$ 19,662,528
Receivables from oil and gas sales	2,507,048	1,919,213
Receivables of federal and state income taxes	3,112,772	3,243,271
Prepaid expenses and other current assets	400,438	491,686
Total current assets	25,055,350	25,316,698
Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization	39,270,735	66,512,281
Other property and equipment, net	14,019	17,639
Total property and equipment, net	39,284,754	66,529,920
Other assets, net	361,904	291,618
Total assets	64,702,008	92,138,236
Current liabilities
Accounts payable	2,051,812	1,471,679
Accrued liabilities and other	1,376,121	716,648
Derivative contract liabilities	0	1,911,343
State and federal income taxes payable	53,190	179,189
Total current liabilities	3,481,123	4,278,859
Long term liabilities
Deferred income taxes	5,294,276	11,061,023
Asset retirement obligations	2,646,682	2,588,894
Operating lease liability	51,201	84,978
Total liabilities	11,473,282	18,013,754
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,490,550 and 32,956,469 shares issued and outstanding, respectively	33,490	32,956
Additional paid-in capital	41,901,421	41,291,446
Retained earnings	11,293,815	32,800,080
Total stockholders’ equity	53,228,726	74,124,482
Total liabilities and stockholders’ equity	$ 64,702,008	$ 92,138,236

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).

Name:	us-gaap_AccountsPayableCurrent
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

- 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).