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Consolidated Condensed Statements of Cash Flows - USD ($)
6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income (loss) attributable to the Company $ (19,845,155) $ 4,557,738
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion, and amortization 2,769,056 2,910,803
Proved property impairment 24,792,079 0
Stock-based compensation 617,857 568,203
Settlement of asset retirement obligations (100,389) (26,773)
Deferred income taxes (5,766,747) 40,252
Net loss on derivative contracts 614,645 0
Payments made for derivative settlements (2,137,225) 0
Other 7,475 32,149
Changes in operating assets and liabilities:    
Receivables (457,336) (840,298)
Prepaid expenses and other current assets 91,248 (60,118)
Net operating loss carryback (110,942) 0
Accounts payable and accrued expenses 875,390 875,929
State and federal income taxes payable (125,999) 116,173
Net cash provided by operating activities 1,223,957 8,174,058
Cash flows from investing activities    
Acquisition of oil and natural gas properties 0 9,337,716
Capital expenditures for oil and natural gas properties (182,935) (1,080,874)
Net cash used in investing activities (182,935) (10,418,590)
Cash flows from financing activities    
Common stock dividends paid (1,661,110) (6,621,194)
Common share repurchases, including shares surrendered for tax withholding (7,348) (1,750,839)
Net cash used in financing activities (1,668,458) (8,372,033)
Net decrease in cash and cash equivalents (627,436) (10,616,565)
Cash and cash equivalents, beginning of period 19,662,528 31,552,533
Cash and cash equivalents, end of period 19,035,092 20,935,968
Supplemental disclosures of cash flow information:    
Income taxes paid 561,852 1,100,000
Income tax refunds received 130,499 0
Non-cash transactions:    
(Decrease) increase in accrued purchases of property and equipment (54,190) 39,361
Oil and natural gas property costs attributable to the recognition of asset retirement obligations $ 91,430 $ 871,076