Additional Financial Statement Information

12 Months Ended

Jun. 30, 2022

Additional Financial Statement Information

Additional Financial Statement Information

Note 14. Additional Financial Statement Information

Certain amounts on the consolidated balance sheets are comprised of the following (in thousands):

	June 30, 2022		June 30, 2021
Prepaid expenses and other current assets:
Receivable for settlement proceeds from acquisitions(1)	$	2,263	$	—
Prepaid insurance		743		366
Prepaid federal and state income taxes		8		97
Prepaid subscription and licenses		38		108
Carryback of EOR tax credit		347		416
Prepaid other		439		49
Total prepaid expenses and other current assets	$	3,838	$	1,036
Other assets, net:
Deposit(2)	$	1,150	$	—
Right of use asset under operating lease(3)		161		161
Less: Accumulated amortization of right of use asset		(140)		(90)
Other assets, net	$	1,171	$	71
Accrued liabilities and other:
Accrued payables	$	8,070	$	3,996
Accrued incentive and other compensation		626		631
Accrued royalties payable(4)		1,517		—
Accrued severance		332		53
Accrued franchise taxes		58		35
Accrued ad valorem taxes		120		108
Accrued settlements on derivative contracts		919		—
Operating lease liability(3)		26		64
Asset retirement obligations due within one year		22		44
Accrued - other		203		12
Total Accrued liabilities and other	$	11,893	$	4,943

(1) Receivables related to customary purchase adjustments of $1.6 million and $0.7 million related to the Jonah Field Acquisition and Williston Basin Acquisition, respectively. See Note 4, “Acquisitions” for a further discussion.

(2) The deposit of $1.2 million is related to a long-term gas gathering deposit with Enterprise entered into at closing of the Jonah Field Acquisition. See Note 4, “Acquisitions” for additional information.

(3) Operating leases are reflected as an operating lease ROU asset included in “Other assets, net” and as an operating lease liability, current in “Accrued liabilities and other” and “Operating lease liability” on the Company’s consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized at 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 the Company’s corporate office lease. See Note 2, “Leases” for additional information.

(4) Accrued royalties payable for the year ended June 30, 2022 related to royalty and owner payments in the Jonah Field as the Company takes its natural gas and NGL working interest production in-kind. See Note 3, “Revenue Recognition” for a further discussion.