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Consolidated Condensed Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2021
Jun. 30, 2021
Current assets    
Cash and cash equivalents $ 13,597,156 $ 5,276,510
Receivables from oil, natural gas liquids, and natural gas sales 12,594,910 8,686,967
Receivables for federal and state income tax refunds 2,428,887 3,107,638
Receivable for settlement proceeds from prior year Barnett Shale acquisition 1,882,233 0
Prepaid expenses and other current assets 852,636 1,037,259
Total current assets 31,355,822 18,108,374
Oil and natural gas properties—full-cost method of accounting, of which none were excluded from amortization 55,752,039 58,515,860
Other property and equipment, net 6,737 10,639
Total property and equipment, net 55,758,776 58,526,499
Other assets, net 46,510 70,789
Total assets 87,161,108 76,705,662
Current liabilities    
Accounts payable 8,188,421 5,609,367
Accrued liabilities and other 572,260 947,045
State and federal income taxes payable 606,445 37,748
Total current liabilities 9,367,126 6,594,160
Long term liabilities    
Senior secured credit facility 4,000,000 4,000,000
Deferred income taxes 5,902,924 5,957,202
Asset retirement obligations 5,764,567 5,538,752
Operating lease liability 0 20,745
Total liabilities 25,034,617 22,110,859
Commitments and contingencies (Note 14)
Stockholders’ equity    
Common stock; par value $0.001; 100,000,000 shares authorized; 33,688,679 and 33,514,952 shares issued and outstanding as of December 31, 2021 and June 30, 2021, respectively 33,689 33,515
Additional paid-in capital 43,066,954 42,541,224
Retained earnings 19,025,848 12,020,064
Total stockholders’ equity 62,126,491 54,594,803
Total liabilities and stockholders’ equity $ 87,161,108 $ 76,705,662