CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (22,846,000)
|
$ (13,392,000)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation |
109,000
|
237,000
|
| Full impairment of unproved oil and gas properties |
14,331,000
|
|
| Stock based compensation |
353,000
|
644,000
|
| Changes in operating assets and liabilities: |
|
|
| Increase in Prepaid expenses |
(124,000)
|
(338,000)
|
| (Increase) decrease in Other current assets |
75,000
|
(2,000)
|
| Increase (decrease) in Accounts payable and accrued expenses |
75,000
|
(3,982,000)
|
| Net cash used in operating activities |
(8,027,000)
|
(16,833,000)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Sale of property and equipment |
|
1,000
|
| Investment in oil and gas properties |
(20,000)
|
(64,000)
|
| Net cash used in investing activities |
(20,000)
|
(63,000)
|
| DECREASE IN CASH AND CASH EQUIVALENTS |
(8,047,000)
|
(16,896,000)
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
18,374,000
|
35,270,000
|
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ 10,327,000
|
18,374,000
|
| NON-CASH INVESTING AND FINANCING TRANSACTIONS: |
|
|
| Accounts payable for oil and gas property |
|
$ (12,000)
|