Variable Interest Entities (Tables)

9 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Balance Sheet

The following table summarizes the carrying amounts of TB1’s assets and liabilities included in the Group’s

condensed consolidated balance sheet as of March 31, 2025 and June 30, 2024:

	March 31, 2025	June 30, 2024
ASSETS
Current assets
Cash and cash equivalents	$4,320,006	$1,488,541
Trade and other receivables:
Joint interest billing	6,663,104	10,298,322
Intercompany receivable	7,013,250	7,415,684
ATO receivable	1,655,580	615,480
Other receivable	2,476	—
Prepaid expenses and other current assets	1,098,677	1,476,094
Total current assets	20,753,093	21,294,121
Natural gas properties, successful efforts method:
Unproved properties	249,990,573	167,998,061
Assets under construction - natural gas equipment	—	7,542,064
Finance lease right-of-use assets	18,864,368	20,697,452
Prepaid expenses and other non-current assets	1,083,397	385,215
Total non-current assets	269,938,338	196,622,792
TOTAL ASSETS	$290,691,431	$217,916,913
LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$13,973,933	$10,569,865
Current portion of finance lease obligations	13,760,869	12,767,400
Total current liabilities	27,734,802	23,337,265
Finance lease obligations	12,358,826	14,141,713
Asset retirement obligations	4,691,138	4,174,178
Loan from Group	149,346,360	113,096,572
Total non-current liabilities	166,396,324	131,412,463
TOTAL LIABILITIES	$194,131,126	$154,749,728

The following table summarizes the carrying amounts of SPCF Sub Trust’s assets and liabilities included in the

Group’s condensed consolidated balance sheet as of March 31, 2025:

	March 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$759,398
Trade and other receivables:
Joint interest billing	921,332
ATO receivable	163,178
Other receivable	1,250
Total current assets	1,845,158
Natural gas properties, successful efforts method:
Assets under construction - natural gas equipment	17,567,615
Total non-current assets	17,567,615
TOTAL ASSETS	$19,412,773
LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$2,780,602
Total current liabilities	2,780,602
Asset retirement obligations	88,262
Loan from Group	1,623,190
Total non-current liabilities	1,711,452
TOTAL LIABILITIES	$4,492,054