v3.7.0.1
N. Liquidity and Going Concern
9 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity and Going Concern

During thenine months ended March 31, 2017, the Company reported a net loss of ($1,436,600) and for the fiscal year ended June 30, 2016, the Company reported a net loss of ($1,594,800). The Company’s fiscal 2017 and 2018 operating plans include divestiture of the undeveloped AES Indian Mesa site which is currently classified as Assets Held for Sale. Management cannot assure that the sale of Indian Mesa will occur, which would provide additional cash flow to the Company. The Company is continuing to analyze options to monetize current and future operations of Deer Creek, including a potential sale. There is no assurance that the Company will be able to execute options for Deer Creek. The Company is developing alternative business plans for monetization of its resources. Future business plans may require additional capital. There is no assurance the Company will be able to raise additional financing which may be in the form of public or private debt or equity

 

financing, or both. If adequate funds are not available or are not available on acceptable terms, the Company’s business, operating results, financial condition and ability tocontinue operations may be materially adversely affected. Management has historically been successful in obtaining financing and has demonstrated the ability to implement a number of cost-cutting initiatives to reduce working capital needs. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue to operate and do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The Company’s independent registered public accounting firm has included an emphasis of matter paragraph in their audit opinion on the consolidated financial statements of the Company for the fiscal year ended June 30, 2016 discussing the substantial doubt of the Company’s ability to continue as a going concern.