Basis of Presentation, Restatement of Financials and Accounting Principles (Tables)

6 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Effect of Error Correction on All Affected Line Items of Previously Issued Statements

The following tables illustrate the effect of the error correction on all affected line items of our previously-issued Balance Sheets as of March 31, 2020; Statements of Operations for the three and six months ended March 31, 2020; Statements of Stockholders' Equity for the three months ended March 31, 2020; and Statements of Cash Flows for the six months ended March 31, 2020.

Balance Sheets

	March 31, 2020
	As Reported		Adjustments			As Restated
Oil, NGL and natural gas sales receivables (net of allowance for uncollectable accounts)		3,913,347		(704,644	)		3,208,703
Refundable income taxes		3,401,870		176,000			3,577,870
Total current assets		12,632,321		(528,644	)		12,103,677
Total assets	$	98,763,950		(528,644	)	$	98,235,306
Deferred income taxes, net		1,312,007		(47,000	)		1,265,007
Retained earnings		62,447,346		(481,644	)		61,965,702
		68,085,664		(481,644	)		67,604,020
Total stockholders' equity		60,532,781		(481,644	)		60,051,137
Total liabilities and stockholders' equity	$	98,763,950		(528,644	)	$	98,235,306

Statements of Operations

	Three Months Ended March 31, 2020
	As Reported			Adjustments			As Restated
Oil, NGL and natural gas sales	$	7,982,905			(765,287	)	$	7,217,618
Total revenues		12,076,574			(765,287	)		11,311,287
Transportation, gathering and marketing		1,386,297			(29,669	)		1,356,628
Production taxes		404,728			(30,974	)		373,754
Total cost and expenses		38,813,744			(60,643	)		38,753,101
Income (loss) before provision (benefit) for income taxes		(26,737,170	)		(704,644	)		(27,441,814	)
Provision (benefit) for income taxes		(6,764,000	)		(223,000	)		(6,987,000	)
Net income (loss)	$	(19,973,170	)		(481,644	)	$	(20,454,814	)
Basic and diluted earnings (loss) per common share (Note 5)	$	(1.21	)	$	(0.03	)	$	(1.24	)

	Six Months Ended March 31, 2020
	As Reported			Adjustments			As Restated
Oil, NGL and natural gas sales	$	15,576,743			(765,287	)	$	14,811,456
Total revenues		22,653,105			(765,287	)		21,887,818
Transportation, gathering and marketing		2,769,298			(29,669	)		2,739,629
Production taxes		732,009			(30,974	)		701,035
Total cost and expenses		47,244,161			(60,643	)		47,183,518
Income (loss) before provision (benefit) for income taxes		(24,591,056	)		(704,644	)		(25,295,700	)
Provision (benefit) for income taxes		(6,510,000	)		(223,000	)		(6,733,000	)
Net income (loss)	$	(18,081,056	)		(481,644	)	$	(18,562,700	)
Basic and diluted earnings (loss) per common share (Note 5)	$	(1.09	)	$	(0.03	)	$	(1.12	)

Statements of Stockholders’ Equity

	Retained Earnings
	As Reported			Adjustments			As Restated
Net income (loss)		(19,973,170	)		(481,644	)		(20,454,814	)
Balances at March 31, 2020	$	62,447,346			(481,644	)	$	61,965,702
	Total Stockholders' Equity
	As Reported			Adjustments			As Restated
Net income (loss)		(19,973,170	)		(481,644	)		(20,454,814	)
Balances at March 31, 2020	$	60,532,781			(481,644	)	$	60,051,137

Statements of Cash Flows

	Six Months Ended March 31, 2020
	As Reported			Adjustments			As Restated
Operating Activities
Net income (loss)	$	(18,081,056	)		(481,644	)	$	(18,562,700	)
Provision for deferred income taxes		(4,664,000	)		(47,000	)		(4,711,000	)
Cash provided (used) by changes in assets and liabilities:
Oil, NGL and natural gas sales receivables		464,299			704,644			1,168,943
Income taxes receivable		(1,896,428	)		(176,000	)		(2,072,428	)
Total adjustments		24,189,398			481,644			24,671,042