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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes

Schedule of components of income tax (expense) benefit

Income tax (expense) benefit for the years ended June 30, 2024 and 2023 is comprised of the following (in thousands):

​

​	​	​	​	​	​	​
​		June 30, 2024			June 30, 2023
Current:	​	​		​	​
Federal	​	$	(898)	​	$	(9,600)
State	​	​	(620)	​	​	(768)
Total current income tax (expense) benefit	​	​	(1,518)	​	​	(10,368)
Deferred:	​	​		​	​
Federal	​	​	59	​	​	457
State	​	​	42	​	​	(161)
Total deferred income tax (expense) benefit	​	​	101	​	​	296
Total income tax (expense) benefit	​	$	(1,417)	​	$	(10,072)

Schedule of reconciliation of statutory federal tax rate to income tax (expense) benefit

The following table presents the reconciliation of the Company’s income taxes calculated at the statutory federal tax rate to the income tax (expense) benefit (in thousands).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% of Income

​

​

​

​

% of Income

​

​

​

​

​

​

Before

​

​

​

​

Before

​

​

June 30, 2024

Income Taxes

June 30, 2023

Income Taxes

​

Income tax (expense) benefit computed at the statutory federal rate:

​

$

(1,154)

​

​

21.0

%

$

(9,511)

​

21.0

%

Reconciling items:

​

​

​

​

​

​

​

​

​

​

Return to provision adjustments

​

​

3

​

​

(0.1)

%

​

—

​

—

%

Depletion in excess of tax basis

​

​

114

​

​

(2.1)

%

​

78

​

(0.2)

%

State income taxes, net of federal tax benefit

​

​

(458)

​

​

8.4

%

​

(734)

​

1.6

%

Permanent differences related to stock-based compensation and other

​

​

80

​

​

(1.5)

%

​

96

​

(0.2)

%

Other

​

​

(2)

​

​

0.1

%

​

(1)

​

—

%

Income tax (expense) benefit

​

$

(1,417)

​

​

25.8

%

$

(10,072)

​

22.2

%

Schedule of components of net deferred income tax assets (liabilities)

The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands):

​

​	​	​	​	​	​	​
​		June 30, 2024			June 30, 2023
Deferred tax assets:	​	​		​	​
Non-qualified stock-based compensation	​	$	381	​	$	250
Net operating loss carry-forwards and other carry-forwards	​	​	313	​	​	—
Derivative losses	​	​	192	​	​	—
Asset retirement obligations	​	​	4,427	​	​	3,883
Other deferred tax assets	​	​	197	​	​	201
Total deferred tax assets	​	​	5,510	​	​	4,334
Deferred tax liabilities:	​	​		​	​
Oil and natural gas properties	​	​	(12,072)	​	​	(11,137)
Total deferred tax liabilities	​	​	(12,072)	​	​	(11,137)
Valuation allowance	​	​	(140)	​	​	—
Net deferred tax liabilities	​	$	(6,702)	​	$	(6,803)

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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