Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision (benefit)

The components of our income tax provision (benefit) are as follows:

	June 30, 2020			June 30, 2019
Current:
Federal	$	(2,264,850	)	$	2,343,512
State	345,522			371,593
Total current income tax provision (benefit)	(1,919,328		)	2,715,105
Deferred:
Federal	(266,482		)	387,541
State	4,814			379,715
Total deferred income tax provision (benefit)	(261,668		)	767,256
Total income tax provision (benefit)	$	(2,180,996	)	$	3,482,361

Schedule of reconciliation of statutory income tax expense to income tax provision

The following table presents the reconciliation of our income taxes calculated at the statutory federal tax rate to the income tax provision (benefit) in our financial statements.

	June 30, 2020			% of Income Before Income Taxes		June 30, 2019			% of Income Before Income Taxes
Income tax provision (benefit) computed at the statutory federal rate:	$	788,776		21.0	%	$	3,960,480		21.0	%
Reconciling items:
Return to provision adjustments including returns amended for EOR credits	(2,823,527		)	(75.2	)%	—			—	%
Depletion in excess of tax basis	(412,215		)	(11.0	)%	(982,302		)	(5.1	)%
State income taxes, net of federal tax benefit	272,962			7.3	%	593,533			3.1	%
Permanent differences related to stock-based compensation and other	22,408			0.6	%	(73,671		)	(0.4	)%
Expiration of Section 382 tax loss carryforwards	—			—	%	127,410			0.7	%
Change in valuation allowance for Section 382 tax loss carryforwards	—			—	%	(127,410		)	(0.7	)%
Other	(29,400		)	(0.8	)%	(15,679		)	(0.1	)%
Income tax provision (benefit)	$	(2,180,996	)	(58.1	)%	$	3,482,361		18.5	%

Schedule of components of deferred taxes

	Asset (Liability)
	June 30, 2020			June 30, 2019
Deferred tax assets:
Non-qualified stock-based compensation	$	234,559		$	159,090
Net operating loss carry-forwards	78,197			496,082
Derivative losses	401,382			—
Other	53,159			20,713
Gross deferred tax assets	767,297			675,885
Valuation allowance	(53,218		)	(53,218		)
Total deferred tax assets	714,079			622,667
Deferred tax liability:
Oil and natural gas properties	(11,775,102		)	(11,945,358		)
Total deferred tax liability	(11,775,102		)	(11,945,358		)
Net deferred tax liability	$	(11,061,023	)	$	(11,322,691	)