Other Current Liabilities

9 Months Ended

Mar. 31, 2014

Other Current Liabilities

Other Current Liabilities

Note 4—Other Current Liabilities

As of March 31, 2014 and June 30, 2013 our other current liabilities consisted of the following:

	March 31, 2014		June 30, 2013
Accrued retirement obligation	$	363,876	$	—
Asset retirement obligations due within one year	173,084		—
Accrued Louisiana franchise taxes liabilities	81,505		94,116
Accrued - other	55,930		59,066
Other current liabilities	$	674,395	$	153,182

The accrued retirement obligation of $363,876 at March 31, 2014 reflects remaining payments to be made to Sterling McDonald, the Company’s former Vice President and Chief Financial Officer, under his February 14, 2014 retirement arrangement.  In February the Company recorded a $608,000 charge including $204,000 of stock compensation from the accelerated vesting of his equity awards on February 15, 2014, together with $356,000 of salary and cash incentive plan, and $48,000 of benefit payments to be paid off during the twelve months ended February 14, 2015.