Other Assets

3 Months Ended

Sep. 30, 2020

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

Other Assets

Other Assets

	September 30, 2020		June 30, 2020
Royalty rights	$	108,512	$	108,512
Less: Accumulated amortization of royalty rights	(64,429)		(61,037)
Investment in Well Lift Inc., at cost	108,750		108,750
Deferred loan costs	168,972		168,972
Less: Accumulated amortization of deferred loan costs	(160,872)		(157,084)
Right of use asset under operating lease	161,125		161,125
Less: Accumulated amortization of right of use asset	(55,273)		(43,932)
Net operating loss carryback (Note 11 – Income Taxes)	512,042		—
Software license	20,662		20,662
Less: Accumulated amortization of software license	(16,072)		(14,350)
Other assets, net	$	783,417	$	291,618

Our royalty rights and investment in Well Lift, Inc. ("WLI") resulted from the separation of our artificial lift technology operations in December 2015. We conveyed our patents and other intellectual property to WLI and retained a 5% royalty on future gross revenues associated with the technology. We own 17.5% of the common stock of WLI and account for our investment in this private company at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, if such were to occur. The Company evaluates the investment for impairment when it identifies any events or changes in circumstances that might have a significant adverse effect on the fair value of the investment.