INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2017

Table Text Blocks

Components of deferred tax assets

Components of deferred tax assets as of June 30, 2017 and 2016 are as follows (in thousands):

	2017		2016
Current deferred tax assets:
Other current deferred tax assets	$	—	$	—
Total current temporary differences		—		—
Less: valuation allowance		—		—
Net current deferred tax assets	$	—	$	—
Non-current deferred tax assets
Stock compensation	$	2,470	$	2,464
Property and Equipment		15		69
Oil and gas properties		13,582		21,504
Capital loss		144		144
Other		111		—
Total non-current deferred tax assets	$	16,322	$	24,181
Non-current deferred tax liabilities
Property and Equipment		—		—
Net operating losses		40,281		36,138
		56,603		60,319
Less: valuation allowance		(56,603)		(60,319)
Net non-current deferred tax assets (liabilities)	$	—	$	—

Reconciliation of actual taxes

A reconciliation of the actual taxes to the U.S. statutory tax rate for the years ended June 30, 2017 and 2016 is as follows (in thousands):

	2017		2016
Income tax (benefit) at the statutory federal rate (35%)	$	(7,534)	$	(7,996)
Increase (decrease) resulting from nondeductible stock compensation		38		56
Foreign Rate Differential		(330)		914
Disallowed foreign capital loss		12,136		—
Derivative loss		(247)		35
Other, net		(323)		—
Change in valuation allowance		(3,740)		6,991
Net income tax expense	$	—	$	—

Summary of activity related to gross unrecognized tax benefits

The following table summarizes the activity related to our gross unrecognized tax benefits from July 1, 2015 to June 30, 2017 (in thousands):

	Federal, State and
	Foreign Tax
	(In thousands)
Balance at July 1, 2015	$	5,485
Additions to tax positions related to the current year		—
Additions to tax positions related to prior years		—
Statute expirations		—
Balance at June 30, 2016	$	5,485
Additions to tax positions related to the current year		—
Additions to tax positions related to prior years		—
Statute expirations		—
Balance at June 30, 2017	$	5,485