0001006655-21-000049 | 10-Q | XBRL Viewer

Depreciation, depletion, amortization and accretion

$ 18,879,010

$ 5,595,376

Operating costs

1,527,812

1,410,888

Impairment of proved property

9,602,620

Net loss on derivative contracts

334,966

General and administrative expenses

^[1]

1,939,909

1,278,698

Total operating costs

12,092,888

15,025,096

Income (loss) from operations

6,786,122

(9,429,720)

Other

Interest and other income

2,477

14,426

Interest expense

(50,612)

(22,032)

Income (loss) before income taxes

6,737,987

(9,437,326)

Income tax expense (benefit)

1,519,586

(2,302,178)

Net income (loss) attributable to common stockholders

$ 5,218,401

$ (7,135,148)

Earnings (loss) per common share

Basic (in dollars per share)

$ 0.16

$ (0.22)

Diluted (in dollars per share)

$ 0.16

$ (0.22)

Weighted average number of common shares outstanding

Basic (in shares)

33,533,990

32,955,656

Diluted (in shares)

33,533,990

32,955,656

Oil

Revenues

$ 8,858,463

$ 5,379,161

Natural gas liquids

Revenues

4,562,218

216,026

Natural gas

Revenues

Revenue from Contract with Customer [Abstract]

5,458,329

189

Lease operating costs

Operating costs

Lease operating costs

$ 8,625,167

$ 2,397,924

[1]	General and administrative expenses for the three months ended September 30, 2021 and 2020 included non-cash stock-based compensation expenses of $197,826 and $300,351, respectively.

Consolidated Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
General and administrative expenses
Stock-based compensation expense	$ 197,826	$ 300,351

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended			93 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021
Cash flows from operating activities
Net income (loss) attributable to common stockholders	$ 5,218,401		$ (7,135,148)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	1,527,812		1,410,888
Impairment of proved property	0	$ 0	9,602,620
Deferred income taxes	(119,125)		(2,160,340)
Net loss on derivative contracts	0		334,966
Payments paid for derivative settlements	0		(1,096,472)
Other	(2,169)		3,816
Changes in operating assets and liabilities:
Receivables	(7,617,267)		(57,175)
Prepaid expenses and other current assets	108,666		83,150
Net operating loss carryback	0		(512,042)
Accounts payable and accrued expenses	4,639,889		250,421
Income taxes payable	1,638,712		122,206
Net cash provided by operating activities	5,592,745		1,147,241
Cash flows from investing activities
Development of oil and natural gas properties	(390,370)		(153,205)
Net cash used in investing activities	(390,370)		(153,205)
Cash flows from financing activities
Common stock dividends paid	(2,522,408)		(823,846)	$ (77,000,000)
Common share repurchases, including shares surrendered for tax withholding	(1,599)		(7,348)
Net cash used in financing activities	(2,524,007)		(831,194)
Net increase (decrease) in cash and cash equivalents	2,678,368		162,842
Cash and cash equivalents, beginning of period	5,276,510		19,662,528
Cash and cash equivalents, end of period	$ 7,954,878	$ 5,276,510	$ 19,825,370	$ 7,954,878

Consolidated Condensed Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Beginning Balance (in shares) at Jun. 30, 2020		32,956,469
Beginning Balance at Jun. 30, 2020	$ 74,124,482	$ 32,956	$ 41,291,446	$ 32,800,080	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common share repurchases, including shares surrendered for tax withholding	(7,348)				(7,348)
Retirements of treasury stock (in shares)		(2,632)
Retirements of treasury stock	0	$ (3)	(7,345)		7,348
Stock-based compensation	300,351		300,351
Net income (loss) attributable to common stockholders	(7,135,148)			(7,135,148)
Common stock dividends paid	(823,846)			(823,846)
Ending Balance (in shares) at Sep. 30, 2020		32,953,837
Ending Balance at Sep. 30, 2020	66,458,491	$ 32,953	41,584,452	24,841,086	0
Beginning Balance (in shares) at Jun. 30, 2021		33,514,952
Beginning Balance at Jun. 30, 2021	54,594,803	$ 33,515	42,541,224	12,020,064
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted common stock (in shares)		196,940
Issuance of restricted common stock	0	$ 197	(197)
Forfeitures and expirations of restricted stock (in shares)		(79,790)
Forfeitures and expirations of restricted stock	0	$ (80)	80
Common share repurchases, including shares surrendered for tax withholding	(1,599)				(1,599)
Retirements of treasury stock (in shares)		(353)
Retirements of treasury stock	0		(1,599)		1,599
Stock-based compensation	197,826		197,826
Net income (loss) attributable to common stockholders	5,218,401			5,218,401
Common stock dividends paid	(2,522,408)			(2,522,408)
Ending Balance (in shares) at Sep. 30, 2021		33,631,749
Ending Balance at Sep. 30, 2021	$ 57,487,023	$ 33,632	$ 42,737,334	$ 14,716,057	$ 0

Organization and Basis of Preparation	3 Months Ended
Organization and Basis of Preparation	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Preparation	Organization and Basis of Preparation Nature of Operations. Evolution Petroleum Corporation is an oil and natural gas company focused on delivering a sustainable dividend yield to its stockholders through the ownership, management, and development of producing oil and natural gas properties. The Company's long-term goal is to build a diversified portfolio of oil and natural gas assets primarily through acquisitions while seeking opportunities to maintain and increase production through selective development, production enhancement, and other exploitation efforts on its properties. Our producing assets consist of our interests in the Delhi Holt-Bryant Unit in the Delhi field in Northeast Louisiana, a CO2 enhanced oil recovery (“EOR”) project, our interests in the Hamilton Dome field located in Hot Springs County, Wyoming, a secondary recovery field utilizing water injection wells to pressurize the reservoir, our interests in the Barnett Shale located in North Texas, a natural gas producing shale reservoir, and overriding royalty interests in two onshore Texas wells. Interim Financial Statements. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the appropriate rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. All adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s 2021 Annual Report on Form 10-K for the fiscal year ended June 30, 2021, as filed with the SEC. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. Principles of Consolidation and Reporting. Our unaudited consolidated condensed financial statements include the accounts of Evolution Petroleum Corporation and its wholly-owned subsidiaries (the “Company”). All significant intercompany transactions have been eliminated in consolidation. Risk and Uncertainties. The Company is continuously monitoring the current and potential impacts of the COVID-19 pandemic on its business, including how it has and may continue to impact its financial results, liquidity, employees, and the operations of the Delhi field, Hamilton Dome field, and its Barnett Shale assets in which it holds non-operated interests. All of the Company’s property interests are not operated by the Company and involve other third-party working interest owners. As a result, the Company has limited ability to influence or control the operation or future development of such properties. However, the Company has been proactive with its third-party operators to review spending and alter plans as appropriate. In response to the COVID-19 pandemic, the Company has focused on putting long-term measures in place to prevent future disruptions, maintaining its operations and system of controls remotely, and has implemented its business continuity plans in order to allow its employees to securely work from home or in the corporate office. The Company has been able to transition the operation of its business with minimal disruption and has maintained its system of internal controls and procedures. Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets, (f) commitments and contingencies, and (g) oil, natural gas, and natural gas liquids (“NGL”) revenues. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the unaudited consolidated condensed financial statements are appropriate, actual results could differ from those estimates.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting PoliciesThe significant accounting policies followed by the Company are set forth in Note 2 - Summary of Significant Accounting Policies in the 2021 Form 10-K and are supplemented by the notes to the unaudited consolidated condensed financial statements included in this report. These unaudited consolidated condensed financial statements should be read in conjunction with the 2021 Form 10-K. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. Early adoption is permitted and entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. For smaller reporting companies, as provided by Accounting Standards Update 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. The adoption of ASU 2016-13 is currently not expected to have a material effect on our consolidated financial statements. Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations, or cash flows.

Revenue Recognition

3 Months Ended

Sep. 30, 2021

Revenue Recognition

Our revenue is primarily generated from our interests in the Delhi field in Northeast Louisiana, the Barnett Shale assets of North Texas, and the Hamilton Dome field in Wyoming. Additionally, an overriding royalty interest retained in a past divestiture of Texas properties provided de minimis revenue.


	Three Months Ended September 30,
		2021		2020
Revenues
Oil		$	8,858,463	$	5,379,161
Natural gas liquids		4,562,218		216,026
Natural gas		5,458,329		189
Total revenues		$	18,879,010	$	5,595,376

We are a non-operator and presently do not take production in-kind and do not negotiate contracts with customers. We recognize oil, natural gas, and natural gas liquids production revenue at the point in time when custody and title (“control”) of the product transfers to the customer. Transfer of control drives the presentation of post-production expenses such as transportation, gathering, and processing deductions within the accompanying statements of operations. Fees and other deductions incurred prior to control transfer are recorded within the lease operating costs line item on the accompanying unaudited consolidated condensed statements of operations, while fees and other deductions incurred subsequent to control transfer are embedded in the price and effectively recorded as a reduction of oil, natural gas, and natural gas liquids production revenue. Transfer of control related to the Barnett Shale production does not occur until after the marketing, transportation, and processing services have been performed, and as such, fees related to these services are recorded within the lease operating costs line item and do not reduce the oil, natural gas, and natural gas liquids production revenue. Transfer of control related to the Hamilton Dome and Delhi production occurs prior to the fees and other deductions, and as such, these fees are recorded as a reduction to the oil and natural gas liquids production revenue.

Judgments made in applying the guidance in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, relate primarily to determining the point in time when control of product transfers to the customer. The Company does not believe that significant judgments are required with respect to the determination of the transaction price, including amounts that represent variable consideration, as volume and price carry a low level of estimation uncertainty given the precision of volumetric measurements and the use of index pricing with predictable differentials. Accordingly, the Company does not consider estimates of variable consideration to be constrained.

The Company’s contractual performance obligations arise upon the production of hydrocarbons from wells in which the Company has an ownership interest. The performance obligations are considered satisfied at a point in time upon control transferring to a customer at a specified delivery point. Consideration is allocated to completed performance obligations at the end of an accounting period.

Revenue is recorded in the month when contractual performance obligations are satisfied. However, settlement statements from the purchasers of hydrocarbons and the related cash consideration are received by field operators before distributing the Company's share one to two months after production has occurred, which is typical in the industry. As a result, the Company

must estimate the amount of production delivered to the customer and the consideration that will ultimately be received for the sale of the product. To estimate accounts receivable from operators' contracts with customers, the Company uses knowledge of its properties, information from the field operators, historical performance, contractual arrangements, index pricing, quality and transportation differentials, and other factors as the basis for these estimates. Estimated revenue due to the Company is recorded within the “Receivables from oil and natural gas sales” line item on the accompanying unaudited consolidated condensed balance sheets until payment is received from field operators. The accounts receivable balances from contracts with customers as presented on our respective unaudited consolidated condensed balance sheet as of September 30, 2021 and derived from our audited consolidated balance sheet as of June 30, 2021, were $16.3 million and $8.7 million, respectively. Differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser as remitted to us by field operators. Revenue recognized during the three months ended September 30, 2021, related to performance obligations satisfied in prior reporting periods, was immaterial.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

3 Months Ended

Sep. 30, 2021

Prepaid Expenses and Other Current Assets


	September 30, 2021		June 30, 2021
Prepaid insurance	$	272,058	$	365,922
Prepaid subscription and licenses	110,779		108,048
Prepaid federal and state income taxes	97,470		97,470
Carryback of EOR tax credit	416,441		416,441
Prepaid other	31,845		49,378
Total prepaid expenses and other current assets	$	928,593	$	1,037,259

Property and Equipment

3 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment


	September 30, 2021		June 30, 2021
Oil and natural gas properties:
Property costs subject to amortization	$	129,402,638	$	129,123,227
Less: Accumulated depreciation, depletion, amortization and impairment (a)	(72,033,235)		(70,607,367)
Oil and natural gas properties, net	$	57,369,403	$	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	$	154,731	$	154,731
Less: Accumulated depreciation (b)	(145,176)		(144,092)
Other property and equipment, net	$	9,555	$	10,639

(a) Depletion on oil and natural gas properties was $1,425,868 for the quarter ended September 30, 2021, and $1,247,659 for the quarter ended June 30, 2021. There was no impairment on oil and natural gas properties for the quarter ended September 30, 2021 or the quarter ended June 30, 2021.

(b) Depreciation was $1,084 for the quarter ended September 30, 2021, and $1,570 for the quarter ended June 30, 2021.

As of September 30, 2021, all oil and natural gas property costs were subject to amortization.

During the three months ended September 30, 2021 and 2020, the Company incurred capital expenditures of $0.3 million and $0.2 million, respectively.

On May 7, 2021, the Company acquired an approximate 17% working interest and a 14% revenue interest in non-operated oil and natural gas assets in the Barnett Shale from Tokyo Gas Americas for $18.3 million, net of preliminary purchase price adjustments, and also recognized $2.8 million in non-cash asset retirement obligations (the “Barnett Shale Acquisition”). The Company accounted for this transaction as an asset acquisition with an effective date of January 1, 2021.

In accordance with the FASB’s authoritative guidance on asset acquisitions, the Company allocated the costs of the Barnett Shale Acquisition to the assets acquired and liabilities assumed based on a relative fair value basis of the assets acquired and

liabilities assumed, with no recognition of goodwill or bargain purchase gain recorded. Incremental legal and professional fees related directly to the acquisition were capitalized as part of the acquisition cost. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements also utilize market assumptions of market participants.

The Company uses the full cost method of accounting for its investment in oil and natural gas properties. All costs of acquisition, exploration, and development of oil and natural gas reserves are capitalized as the cost of oil and natural gas and properties when incurred. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depletion, exceed the discounted future net revenues of proved oil and natural gas reserves, net of deferred taxes, such excess capitalized costs result in an impairment charge.

At September 30, 2021, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended September 30, 2021 of the West Texas Intermediate (WTI) crude oil spot price of $57.64

per barrel and Henry Hub natural gas spot price of $2.97 per MMBtu, adjusted by market differentials by field. The net price per barrel of NGLs was $23.04, which was based on historical prices received as NGLs do not have any single comparable reference index price. Using these prices, the Company’s net book value of oil and natural gas properties at September 30, 2021 was below the current ceiling.

At September 30, 2020, the ceiling test value of the Company’s reserves was calculated based on the first-day-of-the-month average for the 12-months ended September 30, 2020 of the WTI crude oil spot price of $43.63 per barrel, adjusted by market differentials by field, and the net price per barrel of NGLs was $7.85. Using these prices, the Company’s net book value of oil and natural gas properties at September 30, 2020 exceeded the current ceiling, and the Company recorded a $9.6 million ceiling test impairment charge. The ceiling test impairment was driven by a decrease in the first-day-of-the-month average price for crude oil used in the ceiling test calculation and adverse changes in differentials received in the Delhi and Hamilton Dome fields.

Other Assets

3 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets


	September 30, 2021		June 30, 2021





Right of use asset under operating lease	161,125		161,125
Less: Accumulated amortization of right of use asset	(102,383)		(90,336)


Other assets, net	$	58,742	$	70,789

Operating leases are reflected as an operating lease right of use (“ROU”) asset included in “Other assets, net”, and as a ROU liability in “Accrued liabilities and other” (see Note 7 below) and “Operating lease liability” on our consolidated condensed balance sheets. Operating lease ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term and amortized on a straight-line basis over the lease term. The ROU asset reflected in “Other Assets, net” above is related to our corporate office lease.

Accrued Liabilities and Other

3 Months Ended

Sep. 30, 2021

Other Liabilities, Current [Abstract]

Accrued Liabilities and Other


	September 30, 2021		June 30, 2021
Accrued incentive and other compensation	$	219,236	$	630,744
Accrued retirement costs	131,162		52,786
Accrued franchise taxes	47,707		35,207
Accrued ad valorem taxes	162,000		108,000

Operating lease liability, current	60,346		64,234
Asset retirement obligations due within one year	22,264		44,520
Accrued - other	11,555		11,554
Total accrued liabilities and other	$	654,270	$	947,045

Asset Retirement Obligations

3 Months Ended

Sep. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Our asset retirement obligations represent the estimated present value of the amount we expect to incur to plug, abandon, and remediate our producing properties at the end of their productive lives in accordance with applicable laws and regulations. Presently, we expect the Hamilton Dome operator to plug two wells during the next twelve months. The following is a reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2021 and for the year ended June 30, 2021:


	September 30, 2021		June 30, 2021
Asset retirement obligations — beginning of period	$	5,583,272	$	2,588,894
Liabilities incurred	—		—
Liabilities settled	—		(99,231)		(a)
Liabilities acquired	—		2,806,331		(b)
Accretion of discount	100,860		210,182
Revision of previous estimates	—		77,096		(c)
Asset retirement obligations — end of period	$	5,684,132	$	5,583,272
Less: current asset retirement obligations	22,264		44,520
Long-term portion of asset retirement obligations	$	5,661,868	$	5,538,752

(a) Abandonment of two non-scheduled Delhi field wells in fiscal 2021.

(b) Liabilities incurred in fiscal 2021 were primarily due to our acquisition of our Barnett Shale interest.

Stockholders' Equity

3 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

As of September 30, 2021, we had 33,631,749 shares of common stock outstanding.

The Company began paying quarterly cash dividends on common stock in December 2013. As of September 30, 2021, we have cumulatively paid over $77.0 million in cash dividends. We paid dividends of $2,522,408 and $823,846 to our common stockholders during the three months ended September 30, 2021 and 2020, respectively. The following table reflects the dividends paid within each respective three-month period:


Common Stock Cash Dividends per Share	2021		2020
First quarter ended September 30,	$	0.075	$	0.025

In May 2015, the Board of Directors approved a share repurchase program covering up to $5.0 million of the Company's common stock. Since inception of the program through September 30, 2021, the Company spent $4.0 million to repurchase 706,858 common shares at an average price of $5.72 per share. There were no shares purchased under this program during the three months ended September 30, 2021. Under the program's terms, shares are repurchased only on the open market and in accordance with the requirements of the SEC. Such shares are initially recorded as treasury stock, then subsequently canceled. The timing and amount of repurchases depends upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and it may be suspended or discontinued at any time.

During the three months ended September 30, 2021 and 2020, the Company also acquired treasury stock from holders of newly vested stock-based awards to fund the recipients' payroll tax withholding obligations. The treasury shares were subsequently canceled. Such shares were valued at fair market value on the date of vesting. The following table shows all treasury stock purchases in the respective periods:


	Three Months Ended September 30,
	2021		2020
Number of treasury shares acquired	353		2,632
Average cost per share	$	4.53	$	2.79
Total cost of treasury shares acquired	$	1,599	$	7,348

Expected Tax Treatment of Dividends

For the fiscal year ended June 30, 2021, all common stock dividends were treated for tax purposes as qualified dividend income to recipients. Based on our current projections for the fiscal year ending June 30, 2022, we expect all common stock dividends for such period to be treated as qualified dividend income to the recipients. Such projections are based on our reasonable expectations as of September 30, 2021 and are subject to change based on our final tax calculations at the end of the fiscal year.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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Share-based Payment Arrangement [Abstract]

Stock-Based Incentive Plan

3 Months Ended

Sep. 30, 2021

Stock-Based Incentive Plan

The Evolution Petroleum Corporation 2016 Equity Incentive Plan ("2016 Plan"), approved in the December 2016 annual meeting, authorized the issuance of 1,100,000 shares of common stock prior to its expiration on December 8, 2026. On December 9, 2020, an amendment to the 2016 Plan was approved by our stockholders which increased the number of shares available for issuance by 2,500,000 shares. Incentives under the 2016 Plan may be granted to employees, directors, and consultants of the Company in any one or a combination of the following forms: incentive stock options and non-statutory stock options, stock appreciation rights, restricted stock awards and restricted stock unit awards, performance share awards, performance cash awards, and other forms of incentives valued in whole or in part by reference to, or otherwise based on, our common stock, including its appreciation in value. There were 2,009,354 shares available for grant under the 2016 Plan as of September 30, 2021.

Time-Vested Restricted Stock, Performance-Based Restricted Stock and Performance-Based Contingent Shares

The Company has primarily granted equity awards with market-based vesting conditions that relate specifically to the price of our common stock, the intrinsic value indexed solely to our common stock and the intrinsic value indexed to our common stock compared to the performance of the common stock of our peers. The awards with market-based vesting conditions are classified as Time-Vested Restricted Stock, Performance-Based Restricted Stock and Performance-Based Contingent Shares. Time-Vested Restricted Stock contain service-based vesting conditions and expire after a maximum of four years from the date of grant if unvested. Performance-Based Restricted Stock contain market-based vesting conditions that are based on the Company’s common stock performance and expire after a maximum of four years from the date of grant if unvested. The common shares underlying the Time-Vested Restricted Stock and Performance-Based Restricted Stock are issued on the date of grant and participate in dividends paid by the Company. Performance-Based Contingent Shares contain market-based vesting conditions that are based on the Company’s common stock performance and expire after a maximum of four years from the date of grant if unvested. The Performance-Based Contingent Shares do not participate in dividends and are only issued upon the attainment of market-based vesting conditions that generally have a lower probability of achievement. Shares underlying Performance-Based Contingent Shares are reserved from the Plan they were granted under.

Historically, the Company has granted equity awards with conditions for vesting that are based on Company-specific performance goals such as earnings, revenues, and other operational goals and require that the recipient remain an employee or director of the Company through the vesting date. The Company recognizes compensation expense for awards with Company-performance vesting conditions ratably over the expected vesting period based on the grant date fair value of the Company’s common stock and when it is deemed probable, for accounting purposes, that the performance criteria will be achieved. The expected vesting period may be deemed to be shorter than the term of the award. As of September 30, 2021, there were no awards outstanding with vesting conditions based on Company-specific performance goals such as earnings, revenues, and other operational goals.

During three months ended September 30, 2021, a total of 196,940 equity awards were granted related to our fiscal year 2022 long-term incentive pay program that included 65,647 shares of Time-Vested Restricted Stock, which vests in three equal amounts on June 30, 2022, 2023 and 2024, and 131,293 shares of Performance-Based Restricted Stock.

No equity awards were granted during the three months ended September 30, 2020.

Time-Vested Restricted Stock shares are service-based awards that vest with continuous employment by the Company, generally in annual installments over terms of three to four years. Awards to the Company's directors have one-year cliff vesting. Time-Vested Restricted Stock grants are valued at the fair market value of the Company's common stock on the date of grant and amortized over the service period.

Performance-Based Restricted Stock and Performance-Based Contingent Share grants vest if the trailing total returns on the Company’s common stock for a specified three-year period exceed the corresponding total returns of various quartiles of indices consisting of peer companies. Additionally, some Performance-Based Contingent Shares vest when the average of the Company's closing common stock price over a defined quarterly measurement period meets or exceeds a required common stock price. The Company utilizes third-party independent assessments of fair values and expected vesting periods of these awards that are determined using a Monte Carlo simulation based on the historical volatility of the Company's total return compared to the historical volatilities of the other peer companies in the index. Compensation expense for awards with market-based vesting conditions is based on the fair value of the awards at the date of grant and recognized over the expected vesting period using the straight-line method, so long as the holder remains an employee or director of the Company. Previously recognized compensation expense is only reversed for the awards with market-based vesting conditions if the requisite service period is not rendered and the award is forfeited by the holder.

No equity awards were granted during the three months ended September 30, 2020. For market-based awards granted during the three months ended September 30, 2021, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows:


	September 30,			September 30,
	2021			2020
Weighted average fair value of market-based awards granted	$	3.31		$	—
Risk-free interest rate	0.53		%	—		%
Expected vesting term in years	3			0
Expected volatility	64.7		%	—		%
Dividend yield	6.3		%	—		%

Unvested Restricted Stock awards at September 30, 2021 consisted of the following:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Time-Vested Restricted Stock awards	342,341	$	3.56

Performance-Based Restricted Stock awards	389,594	3.34
Unvested Restricted Stock at September 30, 2021	731,935	$	3.44

The following table sets forth the Restricted Stock transactions for the three months ended September 30, 2021:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2021	669,295	$	3.37
Time-Vested Restricted Stock shares granted	65,647	4.77

Performance-Based Restricted Stock shares granted	131,293	3.31
Vested	(54,510)	3.71
Forfeited and expired	(79,790)	3.47
Unvested Restricted Stock at September 30, 2021	731,935	$	3.44	$	1,932,587	2.16

Unvested Performance-Based Contingent Share awards in table below consists solely of market-based awards:


	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2021	323,080	$	2.84



Forfeited	(22,640)	$	1.76

Unvested contingent shares at September 30, 2021	300,440	$	2.92	$	120,692	1.74

Stock-based compensation expense related to Time-Vested Restricted Stock, Performance-Based Restricted Stock, and Performance-Based Contingent Shares for the three months ended September 30, 2021 and 2020 was $197,826 and $300,351, respectively.

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We file a consolidated federal income tax return in the United States of America in addition to various combined and separate filings in several state and local jurisdictions. There were no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during any periods presented in these unaudited consolidated condensed financial statements. We believe that we have appropriate support for the income tax positions taken and to be taken on the Company's tax returns and that the accruals for tax liabilities are adequate for all open years based on our assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter. The Company’s federal and state income tax returns are open to audit under the statute of limitations for the fiscal years ended June 30, 2018 through June 30, 2021 for federal tax purposes and for the fiscal years ended June 30, 2017 through June 30, 2021 for state tax purposes. To the extent we utilize net operating losses generated in earlier years, such earlier years may also be subject to audit. For the three months ended September 30, 2021, we recognized income tax expense of $1.5 million and had an effective tax rate of 22.6% compared to an income tax benefit of $2.3 million and an effective tax rate of 24.4% for the three months ended September 30, 2020. Our effective tax rate will typically differ from the statutory federal rate as a result of state income taxes, primarily in the states of Louisiana and Texas, and differences related to percentage depletion in excess of basis, stock-based compensation, and other permanent differences. For both periods, our respective statutory federal tax rate was 21%. During the fiscal 2020 year we undertook a project to seek potential cash tax savings opportunities identifying available Enhanced Oil Recovery credits (“EOR credits”) related to our interests in the Delhi field. To take advantage of the EOR credits, we amended federal and state tax returns for the years ended June 30, 2017 and 2018 and incorporated the associated impacts into our 2019 tax returns. Principally as a result of the EOR credits, the Company recorded a net tax benefit of $2.8 million during fiscal 2020. Relative to the foregoing, the Company has a $3.1 million receivable for income tax refunds at September 30, 2021. As of the date of this filing, the Company has received $0.7 million of this income tax refund, and the Company currently anticipates to receive the remaining refund within the next twelve months based on inquiries and communication with the Internal Revenue Service, although no assurances can be made as to the actual date of receipt. During the three months ended September 30, 2021, we recognized an income tax benefit of $0.03 million attributable to the EOR credit. We must assess the likelihood that we will be able to realize our deferred tax assets. Realization is dependent on generating sufficient taxable income over the period the deferred tax assets are deductible. Currently, the Company is in a cumulative loss position, but with the increase in commodity prices and absent material unexpected losses, the Company may be in a cumulative income position during the current fiscal year. Management considered the reversal of deferred tax liabilities and tax planning strategies in making the assessment of the realization of deferred tax assets. Based upon the weight of available evidence, the Company believes that some of the deferred tax assets are not likely to be realized at the time of this report. For the three months ended September 30, 2021, there was no material change in the valuation allowance related to the federal and state deferred tax assets.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Three Months Ended September 30,
		2021		2020
Numerator
Net income (loss) attributable to common stockholders		$	5,218,401	$	(7,135,148)
Denominator
Weighted average number of common shares — basic and diluted		33,533,990		32,955,656




Net earnings (loss) per common share — Basic		$	0.16	$	(0.22)
Net earnings (loss) per common share — Diluted		$	0.16	$	(0.22)


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at September 30, 2021
Contingent Restricted Stock grants	$	—	300,440


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at September 30, 2020
Contingent Restricted Stock grants	$	—	200,000

Senior Secured Credit Agreement	3 Months Ended
Senior Secured Credit Agreement	Sep. 30, 2021
Debt Disclosure [Abstract]
Senior Secured Credit Agreement	Senior Secured Credit Agreement On April 11, 2016, the Company entered into a three-year, senior secured reserve-based credit facility (the “Senior Secured Credit Facility”) in an amount up to $50 million. On November 2, 2020, the Company entered into the fifth amendment to the Senior Secured Credit Facility extending the maturity to April 9, 2024. On August 5, 2021, and effective as of June 30, 2021, the Company entered into the seventh amendment of the Senior Secured Credit Facility which added definitions for the terms “Acquired Entity or Mineral Interests” and “Acquired Entity or Mineral Interests EBITDA Adjustment.” Additionally, the Company elected to reduce the Consolidated Tangible Net Worth to $40 million from $50 million. Subsequent to the current quarter end, on November 9, 2021, the Company entered into the Eighth Amendment to the Senior Secured Credit Facility which increased the Company’s borrowing base to $50 million, among other items (see Note 18 - Subsequent Events for further discussion). The Company was in compliance with all financial covenants and there was $4 million outstanding under the Senior Secured Credit Facility at September 30, 2021, which is secured by substantially all of the Company's assets. Borrowings from the Senior Secured Credit Facility may be used for the acquisition and development of oil and natural gas properties, investments in cash flow generating assets complimentary to the production of oil and natural gas, and for letters of credit or other general corporate purposes. The Senior Secured Credit Facility included a placement fee of 0.50% on the initial borrowing base amounting to $50 million and carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Senior Secured Credit Facility will bear interest, at the Company’s option, at either London Interbank Offered Rate (“LIBOR”) plus 2.75%, subject to a minimum LIBOR of 0.25%, or the Prime Rate, as defined under the Senior Secured Credit Facility, plus 1.00%. The Senior Secured Credit Facility contains financial covenants including a requirement that the Company maintain, as of the last day of each fiscal quarter, (a) a maximum total leverage ratio of not more than 3.00 to 1.00, (b) a current ratio of not less than 1.00 to 1.00, and (c) a consolidated tangible net worth of not less than $40 million, all as defined under the Senior Secured Credit Facility.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are subject to various claims and contingencies in the normal course of business. In addition, from time to time, we receive communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which we operate. At a minimum, we disclose such matters if we believe it is reasonably possible that a future event or events will confirm a material loss through the impairment of an asset or the incurrence of a material liability. We accrue a material loss if we believe it is probable that a future event or events will confirm a loss, we can reasonably estimate such loss, and we do not accrue future legal costs related to that loss. Furthermore, we will disclose any matter that is unasserted if we consider it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. We expense legal defense costs as they are incurred.

Derivatives

3 Months Ended

Sep. 30, 2021

Derivatives

It is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial or commodity hedging institutions deemed by management as competent and competitive market makers. As of September 30, 2021, the Company did not have any remaining open derivative contracts.

The Company has in the past and may utilize in the future fixed-price swaps or costless put/call collars to hedge a portion of its anticipated future production. Fixed-price swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for the volumes under contract. A costless collar consists of a sold call, which establishes a maximum price the Company will receive for the volumes under contract, and a purchased put that establishes a minimum price. The Company has elected not to designate its open derivative contracts for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of the derivative contracts and all payments and receipts on settled derivative contracts in “Net loss on derivative contracts” on the unaudited consolidated condensed statements of operations.


	Three Months Ended September 30,
	2021		2020
Realized loss	$	—	$	1,151,576
Unrealized gain	—		(816,610)
Net loss on derivative contracts	$	—	$	334,966

The Company’s derivative contract is recorded at fair market value and is included in the unaudited consolidated condensed balance sheets as an asset or a liability. The Company did not have any open positions as of September 30, 2021.

The following sets forth a summary of the Company’s open oil derivative positions as of September 30, 2020.

Period

Type of Contract

Volumes in Barrels

Price / Price Range

Weighted Average Floor Price per Bbl.

Weighted Average Ceiling Price per Bbl.

October 2020 to December 2020

Fixed-Price Swap

128,800

$32

$—

The Company enters into an International Swap Dealers Association Master Agreement (“ISDA”) with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency. The Company nets its derivative instrument fair value amounts executed with the same counterparty.

Fair Value Measurement

3 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement.

The three levels are defined as follows:

Level 1—Observable inputs such as quoted prices in active markets at the measurement date for identical unrestricted assets or liabilities.

Level 2—Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Unobservable inputs for which there are little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.

Fair Value of Derivative Instruments. The Company’s determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company’s consolidated balance sheets, but also the impact of the Company’s nonperformance risk on its own liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 – Fair Value Measurement (“ASC 820”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs are generally market corroborated (Level 2), and the Company classifies fair value balances as such. The Company did not have any open derivative trades as of September 30, 2021, and had a $1.1 million derivative liability balance as of September 30, 2020, which was settled during fiscal year 2021.

As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment. This may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no transfers between fair value hierarchy levels for any period presented in this report. The Company did not have any open derivative positions as of September 30, 2021. The table below sets forth the Company’s derivative assets and liabilities whose fair value measurements all reflect Level 2 inputs at September 30, 2020.


	September 30, 2020
(Asset) Liability	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheets
Current derivative contract assets	$	—	$	—	$	—
Current derivative contract liabilities	1,094,734		—		1,094,734
Total derivative contract liabilities	$	1,094,734	$	—	$	1,094,734

Other Fair Value Measurements. The initial measurement and any subsequent revision of asset retirement obligations at fair value are calculated using discounted future cash flows of internally estimated costs. Significant Level 3 inputs used in the calculation of asset retirement obligations include the costs of plugging and abandoning wells, surface restoration, and reserve lives. Subsequent to initial recognition, revisions to estimated asset retirement obligations are made when changes occur for input values

Supplemental Cash Flow Elements [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Supplemental Disclosure of Cash Flow Information

3 Months Ended

Sep. 30, 2021

Supplemental Disclosure of Cash Flow Information


Supplemental disclosures of cash flow information:	Three Months Ended September 30,
	2021		2020
Income taxes paid	$	94	$	248,000
Income tax refunds received	—		130,499
Non-cash transactions:
(Decrease) increase in accrued purchases of property and equipment	(110,959)		(55,311)
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	—		91,608

Subsequent Event	3 Months Ended
Subsequent Event	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventsOn November 9, 2021, the Company entered into the Eighth Amendment to the Senior Secured Credit Facility. The Eighth Amendment to the Senior Secured Credit Facility increases the borrowing base to $50 million and adds a hedging covenant whereby the Company must hedge from 25 to 75 percent of future production on a rolling twelve-month basis when 25% or more of the borrowing base is utilized. The Company has elected a $40 million commitment amount for the Senior Secured Credit Facility, which provides $36 million in availability as of November 10, 2021 under the new borrowing base amount.On November 9, 2021, the Company declared a quarterly cash dividend of $0.075 per share of common stock to shareholders of record on December 15, 2021 and payable on December 31, 2021.

Organization and Basis of Preparation (Policies)	3 Months Ended
Organization and Basis of Preparation (Policies)	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. Our unaudited consolidated condensed financial statements include the accounts of Evolution Petroleum Corporation and its wholly-owned subsidiaries (the “Company”). All significant intercompany transactions have been eliminated in consolidation.
Risks and Uncertainties	Risk and Uncertainties. The Company is continuously monitoring the current and potential impacts of the COVID-19 pandemic on its business, including how it has and may continue to impact its financial results, liquidity, employees, and the operations of the Delhi field, Hamilton Dome field, and its Barnett Shale assets in which it holds non-operated interests. All of the Company’s property interests are not operated by the Company and involve other third-party working interest owners. As a result, the Company has limited ability to influence or control the operation or future development of such properties. However, the Company has been proactive with its third-party operators to review spending and alter plans as appropriate. In response to the COVID-19 pandemic, the Company has focused on putting long-term measures in place to prevent future disruptions, maintaining its operations and system of controls remotely, and has implemented its business continuity plans in order to allow its employees to securely work from home or in the corporate office. The Company has been able to transition the operation of its business with minimal disruption and has maintained its system of internal controls and procedures.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative assets and liabilities, (e) income taxes and the valuation of deferred tax assets, (f) commitments and contingencies, and (g) oil, natural gas, and natural gas liquids (“NGL”) revenues. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the unaudited consolidated condensed financial statements are appropriate, actual results could differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. Early adoption is permitted and entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. For smaller reporting companies, as provided by Accounting Standards Update 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), ASU 2016-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2022. The adoption of ASU 2016-13 is currently not expected to have a material effect on our consolidated financial statements. Other accounting pronouncements that have recently been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations, or cash flows.

Revenue Recognition (Tables)

3 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended September 30,
		2021		2020
Revenues
Oil		$	8,858,463	$	5,379,161
Natural gas liquids		4,562,218		216,026
Natural gas		5,458,329		189
Total revenues		$	18,879,010	$	5,595,376

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses


	September 30, 2021		June 30, 2021
Prepaid insurance	$	272,058	$	365,922
Prepaid subscription and licenses	110,779		108,048
Prepaid federal and state income taxes	97,470		97,470
Carryback of EOR tax credit	416,441		416,441
Prepaid other	31,845		49,378
Total prepaid expenses and other current assets	$	928,593	$	1,037,259

Property and Equipment (Tables)

3 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of oil and natural gas properties and other property and equipment


	September 30, 2021		June 30, 2021
Oil and natural gas properties:
Property costs subject to amortization	$	129,402,638	$	129,123,227
Less: Accumulated depreciation, depletion, amortization and impairment (a)	(72,033,235)		(70,607,367)
Oil and natural gas properties, net	$	57,369,403	$	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	$	154,731	$	154,731
Less: Accumulated depreciation (b)	(145,176)		(144,092)
Other property and equipment, net	$	9,555	$	10,639

(b) Depreciation was $1,084 for the quarter ended September 30, 2021, and $1,570 for the quarter ended June 30, 2021.

Other Assets (Tables)

3 Months Ended

Sep. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other assets


	September 30, 2021		June 30, 2021





Right of use asset under operating lease	161,125		161,125
Less: Accumulated amortization of right of use asset	(102,383)		(90,336)


Other assets, net	$	58,742	$	70,789

Accrued Liabilities and Other (Tables)

3 Months Ended

Sep. 30, 2021

Other Liabilities, Current [Abstract]

Schedule of accrued liabilities


	September 30, 2021		June 30, 2021
Accrued incentive and other compensation	$	219,236	$	630,744
Accrued retirement costs	131,162		52,786
Accrued franchise taxes	47,707		35,207
Accrued ad valorem taxes	162,000		108,000

Operating lease liability, current	60,346		64,234
Asset retirement obligations due within one year	22,264		44,520
Accrued - other	11,555		11,554
Total accrued liabilities and other	$	654,270	$	947,045

Asset Retirement Obligations (Tables)

3 Months Ended

Sep. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

Schedule of reconciliations of the beginning and ending asset retirement obligation balances

The following is a reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2021 and for the year ended June 30, 2021:


	September 30, 2021		June 30, 2021
Asset retirement obligations — beginning of period	$	5,583,272	$	2,588,894
Liabilities incurred	—		—
Liabilities settled	—		(99,231)		(a)
Liabilities acquired	—		2,806,331		(b)
Accretion of discount	100,860		210,182
Revision of previous estimates	—		77,096		(c)
Asset retirement obligations — end of period	$	5,684,132	$	5,583,272
Less: current asset retirement obligations	22,264		44,520
Long-term portion of asset retirement obligations	$	5,661,868	$	5,538,752

(a) Abandonment of two non-scheduled Delhi field wells in fiscal 2021.

(b) Liabilities incurred in fiscal 2021 were primarily due to our acquisition of our Barnett Shale interest.

Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2021

Equity [Abstract]

Dividends paid

The following table reflects the dividends paid within each respective three-month period:


Common Stock Cash Dividends per Share	2021		2020
First quarter ended September 30,	$	0.075	$	0.025

Schedule of share repurchases

The following table shows all treasury stock purchases in the respective periods:


	Three Months Ended September 30,
	2021		2020
Number of treasury shares acquired	353		2,632
Average cost per share	$	4.53	$	2.79
Total cost of treasury shares acquired	$	1,599	$	7,348

Stock-Based Incentive Plan (Tables)

3 Months Ended

Sep. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Market-based Award Valuation Assumptions

For market-based awards granted during the three months ended September 30, 2021, the assumptions used in the Monte Carlo simulation valuations, expected lives and fair values were as follows:


	September 30,			September 30,
	2021			2020
Weighted average fair value of market-based awards granted	$	3.31		$	—
Risk-free interest rate	0.53		%	—		%
Expected vesting term in years	3			0
Expected volatility	64.7		%	—		%
Dividend yield	6.3		%	—		%

Schedule of Restricted Stock transactions

Unvested Restricted Stock awards at September 30, 2021 consisted of the following:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value
Time-Vested Restricted Stock awards	342,341	$	3.56

Performance-Based Restricted Stock awards	389,594	3.34
Unvested Restricted Stock at September 30, 2021	731,935	$	3.44

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

The following table sets forth the Restricted Stock transactions for the three months ended September 30, 2021:


	Number of Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2021	669,295	$	3.37
Time-Vested Restricted Stock shares granted	65,647	4.77

Performance-Based Restricted Stock shares granted	131,293	3.31
Vested	(54,510)	3.71
Forfeited and expired	(79,790)	3.47
Unvested Restricted Stock at September 30, 2021	731,935	$	3.44	$	1,932,587	2.16

Contingent Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock transactions

Unvested Performance-Based Contingent Share awards in table below consists solely of market-based awards:


	Number of Contingent Restricted Shares	Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense at September 30, 2021		Weighted Average Remaining Amortization Period (Years)
Unvested at July 1, 2021	323,080	$	2.84



Forfeited	(22,640)	$	1.76

Unvested contingent shares at September 30, 2021	300,440	$	2.92	$	120,692	1.74

Earnings (Loss) per Common Share (Tables)

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted income per share

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Three Months Ended September 30,
		2021		2020
Numerator
Net income (loss) attributable to common stockholders		$	5,218,401	$	(7,135,148)
Denominator
Weighted average number of common shares — basic and diluted		33,533,990		32,955,656




Net earnings (loss) per common share — Basic		$	0.16	$	(0.22)
Net earnings (loss) per common share — Diluted		$	0.16	$	(0.22)

Schedule of outstanding potentially dilutive securities


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at September 30, 2021
Contingent Restricted Stock grants	$	—	300,440


Outstanding Potentially Dilutive Securities	Weighted Average Exercise Price		Outstanding at September 30, 2020
Contingent Restricted Stock grants	$	—	200,000

Derivatives (Tables)

3 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)


	Three Months Ended September 30,
	2021		2020
Realized loss	$	—	$	1,151,576
Unrealized gain	—		(816,610)
Net loss on derivative contracts	$	—	$	334,966

Schedule of Derivative Instruments

The following sets forth a summary of the Company’s open oil derivative positions as of September 30, 2020.

Period

Type of Contract

Volumes in Barrels

Price / Price Range

Weighted Average Floor Price per Bbl.

Weighted Average Ceiling Price per Bbl.

October 2020 to December 2020

Fixed-Price Swap

128,800

$32

$—

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Supplemental Cash Flow Elements [Abstract]

Fair Value Measurement (Tables)

3 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Offsetting Assets

The table below sets forth the Company’s derivative assets and liabilities whose fair value measurements all reflect Level 2 inputs at September 30, 2020.


	September 30, 2020
(Asset) Liability	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheets
Current derivative contract assets	$	—	$	—	$	—
Current derivative contract liabilities	1,094,734		—		1,094,734
Total derivative contract liabilities	$	1,094,734	$	—	$	1,094,734

Offsetting Liabilities

The table below sets forth the Company’s derivative assets and liabilities whose fair value measurements all reflect Level 2 inputs at September 30, 2020.


	September 30, 2020
(Asset) Liability	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheets
Current derivative contract assets	$	—	$	—	$	—
Current derivative contract liabilities	1,094,734		—		1,094,734
Total derivative contract liabilities	$	1,094,734	$	—	$	1,094,734

Supplemental Disclosure of Cash Flow Information (Tables)

3 Months Ended

Sep. 30, 2021

Schedule of Cash Flow, Supplemental Disclosures


Supplemental disclosures of cash flow information:	Three Months Ended September 30,
	2021		2020
Income taxes paid	$	94	$	248,000
Income tax refunds received	—		130,499
Non-cash transactions:
(Decrease) increase in accrued purchases of property and equipment	(110,959)		(55,311)
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	—		91,608

Organization and Basis of Preparation (Details)	Sep. 30, 2021 well
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wells	2

Revenue Recognition - Schedule of Revenues (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 18,879,010	$ 5,595,376
Oil
Disaggregation of Revenue [Line Items]
Total revenues	8,858,463	5,379,161
Natural gas liquids
Disaggregation of Revenue [Line Items]
Total revenues	4,562,218	216,026
Natural gas
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,458,329	$ 189

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 16.3	$ 8.7

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 272,058	$ 365,922
Prepaid subscription and licenses	110,779	108,048
Prepaid federal and state income taxes	97,470	97,470
Carryback of EOR tax credit	416,441	416,441
Prepaid other	31,845	49,378
Total prepaid expenses and other current assets	$ 928,593	$ 1,037,259

Property and Equipment - Schedule of oil and natural gas properties and other property and equipment (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Oil and natural gas properties:
Property costs subject to amortization	$ 129,402,638	$ 129,123,227
Less: Accumulated depreciation, depletion, amortization and impairment	(72,033,235)	(70,607,367)
Oil and natural gas properties, net	57,369,403	58,515,860
Other property and equipment:
Furniture, fixtures, and office equipment, at cost	154,731	154,731
Less: Accumulated depreciation, depletion, amortization and impairment	(145,176)	(144,092)
Other property and equipment, net	9,555	10,639
Depletion	1,425,868	1,247,659
Impairment of proved property	0	0	$ 9,602,620
Depreciation	$ 1,084	$ 1,570

Property, Plant, and Equipment - Narrative (Details)		3 Months Ended			12 Months Ended
Property, Plant, and Equipment - Narrative (Details)	May 07, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / bbl	Jun. 30, 2021 USD ($)	Sep. 30, 2020 USD ($) $ / bbl	Jun. 30, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Capital Expenditures Incurred but Not yet Paid		$ 300,000		$ 200,000
Asset retirement obligation liabilities incurred		0			$ 0
Impairment of proved property		$ 0	$ 0	$ 9,602,620
Natural Gas and Natural Gas Liquids
Property, Plant and Equipment [Line Items]
Net price per barrel (in dollars per barrel) \| $ / bbl		23.04		7.85
Barnett Shale
Property, Plant and Equipment [Line Items]
Non-operating working interest, percent	17.00%
Revenue interest, percent	14.00%
Purchase price of oil and gas assets	$ 18,300,000
Asset retirement obligation liabilities incurred	$ 2,800,000

Other Assets (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Right of use asset under operating lease	$ 161,125	$ 161,125
Less: Accumulated amortization of right of use asset	(102,383)	(90,336)
Other assets, net	$ 58,742	$ 70,789

Accrued Liabilities and Other (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Other Liabilities, Current [Abstract]
Accrued incentive and other compensation	$ 219,236	$ 630,744
Accrued retirement costs	131,162	52,786
Accrued franchise taxes	47,707	35,207
Accrued ad valorem taxes	162,000	108,000
Operating lease liability, current	60,346	64,234
Asset retirement obligations due within one year	22,264	44,520
Accrued - other	11,555	11,554
Total accrued liabilities and other	$ 654,270	$ 947,045
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued liabilities and other	Total accrued liabilities and other

Asset Retirement Obligations (Details)	3 Months Ended	12 Months Ended
Asset Retirement Obligations (Details)	Sep. 30, 2021 USD ($) well	Jun. 30, 2021 USD ($) well
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations — beginning of period	$ 5,583,272	$ 2,588,894
Liabilities incurred	0	0
Liabilities settled	0	(99,231)
Liabilities acquired	0	2,806,331
Accretion of discount	100,860	210,182
Revision of previous estimates	0	77,096
Asset retirement obligations — end of period	5,684,132	5,583,272
Less: current asset retirement obligations	22,264	44,520
Long-term portion of asset retirement obligations	$ 5,661,868	$ 5,538,752
Hamilton Dome Field
Property, Plant and Equipment [Line Items]
Abandoned wells in next twelve months \| well	2
Delhi field
Property, Plant and Equipment [Line Items]
Abandoned wells \| well		2

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		77 Months Ended	93 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	May 31, 2015
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	33,631,749		33,631,749	33,631,749	33,514,952
Common stock dividends paid	$ 2,522,408	$ 823,846		$ 77,000,000
Common Stock
Class of Stock [Line Items]
Treasury stock acquired average price per share (in USD per share)	$ 4.53	$ 2.79
2015 Share Repurchase Program
Class of Stock [Line Items]
Repurchase amount	$ 4,000,000		$ 4,000,000	$ 4,000,000
2015 Share Repurchase Program \| Common Stock
Class of Stock [Line Items]
Authorized amount to be repurchased						$ 5,000,000
Treasury stock acquired (in shares)	0		706,858
Treasury stock acquired average price per share (in USD per share)			$ 5.72

Stockholders' Equity - Dividends (Details) - $ / shares	3 Months Ended
Stockholders' Equity - Dividends (Details) - $ / shares	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.075	$ 0.025

Stockholders' Equity - Treasury Shares (Details) - Common Stock - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Number of treasury shares acquired (in shares)	353	2,632
Average price per share (in USD per share)	$ 4.53	$ 2.79
Total cost of treasury shares acquired	$ 1,599	$ 7,348

Stock-Based Incentive Plan - Narrative (Details)		3 Months Ended
Stock-Based Incentive Plan - Narrative (Details)	Dec. 09, 2020 shares	Sep. 30, 2021 USD ($) well shares	Sep. 30, 2020 USD ($) shares	Jun. 30, 2021 shares	Dec. 08, 2016 shares
Stock-Based Incentive Plan
Granted (in shares)		196,940	0
Stock-based compensation expense \| $		$ 197,826	$ 300,351
Restricted Stock, Time Vested
Stock-Based Incentive Plan
Shares outstanding (in shares)		342,341
Granted (in shares)		65,647
Number of vesting tranches \| well		3
Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Shares outstanding (in shares)		389,594
Granted (in shares)		131,293
Performance Based Contingent Shares
Stock-Based Incentive Plan
Shares outstanding (in shares)		300,440		323,080
Company Performance Awards
Stock-Based Incentive Plan
Shares outstanding (in shares)		0
2016 Plan
Stock-Based Incentive Plan
Number of shares of common stock authorized for issuance under plan (in shares)					1,100,000
Number of additional shares authorized (in shares)	2,500,000
Number of shares remaining available for grant under plan (in shares)		2,009,354
Minimum \| Restricted Stock, Time Vested
Stock-Based Incentive Plan
Vesting period		3 years
Maximum \| Restricted Stock, Time Vested
Stock-Based Incentive Plan
Expiration period		4 years
Vesting period		4 years
Maximum \| Restricted Stock, Performance-Based
Stock-Based Incentive Plan
Expiration period		4 years
Maximum \| Performance Based Contingent Shares
Stock-Based Incentive Plan
Expiration period		4 years
Director
Stock-Based Incentive Plan
Vesting period		1 year

Stock-Based Incentive Plan - Valuation Assumptions (Details) - Restricted Stock And Contingent Restricted Stock, Market-Based - $ / shares	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of market-based awards granted (in dollars per share)	$ 3.31	$ 0
Risk-free interest rate	0.53%	0.00%
Expected vesting term in years	3 years	0 years
Expected volatility	64.70%	0.00%
Dividend yield	6.30%	0.00%

Stock-Based Incentive Plan - Unvested Restricted Stock (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Number of Restricted Shares
Granted (in shares)	196,940	0
Restricted Stock
Number of Restricted Shares
Unvested at the beginning of the period (in shares)	669,295
Vested (in shares)	(54,510)
Forfeited (in shares)	(79,790)
Unvested at the end of the period (in shares)	731,935
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 3.37
Vested (in dollars per share)	3.71
Forfeited (in dollars per share)	3.47
Unvested at the end of the period (in dollars per share)	$ 3.44
Additional disclosures of restricted stock
Unamortized compensation expense	$ 1,932,587
Weighted average remaining amortization period	2 years 1 month 28 days
Restricted Stock, Time Vested
Number of Restricted Shares
Granted (in shares)	65,647
Unvested at the end of the period (in shares)	342,341
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 4.77
Unvested at the end of the period (in dollars per share)	$ 3.56
Restricted Stock, Performance-Based
Number of Restricted Shares
Granted (in shares)	131,293
Unvested at the end of the period (in shares)	389,594
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 3.31
Unvested at the end of the period (in dollars per share)	$ 3.34
Performance Based Contingent Shares
Number of Restricted Shares
Unvested at the beginning of the period (in shares)	323,080
Forfeited (in shares)	(22,640)
Unvested at the end of the period (in shares)	300,440
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 2.84
Forfeited (in dollars per share)	1.76
Unvested at the end of the period (in dollars per share)	$ 2.92
Additional disclosures of restricted stock
Unamortized compensation expense	$ 120,692
Weighted average remaining amortization period	1 year 8 months 26 days

Income Taxes (Details) - USD ($)	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Nov. 10, 2021	Jun. 30, 2021
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits	$ 0
Accrued interest and penalties	0
Income tax expense (benefit)	$ 1,519,586	$ (2,302,178)
Income tax rate percentage	22.60%	24.40%
Statutory federal tax rate	21.00%	21.00%
EOR credit benefit	$ 30,000.00		$ 2,800,000
Receivable for income tax refunds	$ 3,107,638				$ 3,107,638
Subsequent Event
Operating Loss Carryforwards [Line Items]
Receivable for income tax refunds				$ 700,000

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings (Loss) per Common Share (Details) - USD ($)	3 Months Ended
Earnings (Loss) per Common Share (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net income (loss) attributable to common stockholders, basic	$ 5,218,401	$ (7,135,148)
Net income (loss) attributable to common stockholders, diluted	$ 5,218,401	$ (7,135,148)
Denominator
Weighted average number of common shares — Basic (in shares)	33,533,990	32,955,656
Weighted average number of common shares — Diluted (in shares)	33,533,990	32,955,656
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.16	$ (0.22)
Net earnings (loss) per common share - Diluted (in dollars per share)	$ 0.16	$ (0.22)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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