CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
9 Months Ended |
Mar. 31, 2017 |
Mar. 31, 2016 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (8,966,000)
|
$ (21,386,000)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Gain on legal settlement |
(4,078,000)
|
|
| Depreciation |
42,000
|
83,000
|
| Loss on disposal of fixed assets |
1,000
|
|
| Full-cost ceiling test write-down |
753,000
|
14,331,000
|
| Internal costs written off to general, administrative and other |
1,275,000
|
|
| Stock based compensation |
146,000
|
280,000
|
| Stock issued in lieu of cash bonuses |
57,000
|
|
| Stock issued for Settlement |
1,308,000
|
|
| Changes in operating assets and liabilities: |
|
|
| Increase in Accounts receivable - joint interest |
|
(28,000)
|
| Decrease in Prepaid expenses |
972,000
|
886,000
|
| (Increase) decrease in Deposits and other current assets |
(104,000)
|
2,000
|
| Decrease in Accounts payable and accrued expenses |
426,000
|
435,000
|
| Net cash used in operating activities |
(8,168,000)
|
(5,397,000)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Purchase of property and equipment |
(45,000)
|
(1,000)
|
| Investment in unproved oil and gas properties |
(2,568,000)
|
(20,000)
|
| Net cash used in investing activities |
(2,613,000)
|
(21,000)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Preferred stock issued |
1,191,000
|
|
| Offering costs |
(210,000)
|
|
| Proceeds from exercise of stock options |
64,000
|
|
| Net cash provided by financing activities |
1,045,000
|
|
| DECREASE IN CASH AND CASH EQUIVALENTS |
(9,736,000)
|
(5,418,000)
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
10,327,000
|
18,374,000
|
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ 591,000
|
$ 12,956,000
|