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Consolidated Condensed Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2021
Jun. 30, 2021
Current assets    
Cash and cash equivalents $ 7,954,878 $ 5,276,510
Receivables from oil and natural gas sales 16,304,234 8,686,967
Receivables for federal and state income tax refunds 3,107,638 3,107,638
Prepaid expenses and other current assets 928,593 1,037,259
Total current assets 28,295,343 18,108,374
Oil and natural gas properties—full-cost method of accounting, of which none were excluded from amortization 57,369,403 58,515,860
Other property and equipment, net 9,555 10,639
Total property and equipment, net 57,378,958 58,526,499
Other assets, net 58,742 70,789
Total assets 85,733,043 76,705,662
Current liabilities    
Accounts payable 10,404,928 5,609,367
Accrued liabilities and other 654,270 947,045
State and federal income taxes payable 1,676,460 37,748
Total current liabilities 12,735,658 6,594,160
Long term liabilities    
Senior secured credit facility 4,000,000 4,000,000
Deferred income taxes 5,838,077 5,957,202
Asset retirement obligations 5,661,868 5,538,752
Operating lease liability 10,417 20,745
Total liabilities 28,246,020 22,110,859
Commitments and contingencies (Note 14)
Stockholders’ equity    
Common stock; par value $0.001; 100,000,000 shares authorized; 33,631,749 and 33,514,952 shares issued and outstanding as of September 30, 2021 and June 30, 2021, respectively 33,632 33,515
Additional paid-in capital 42,737,334 42,541,224
Retained earnings 14,716,057 12,020,064
Total stockholders’ equity 57,487,023 54,594,803
Total liabilities and stockholders’ equity $ 85,733,043 $ 76,705,662