Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | May 11, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Contango ORE, Inc. | |
Entity Central Index Key | 0001502377 | |
Trading Symbol | ctgo | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 6,151,937 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, Par Value $0.01 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
CURRENT ASSETS: | ||
Cash | $ 26,239,961 | $ 3,011,918 |
Prepaid expenses and other | 609,117 | 72,244 |
Total current assets | 26,849,078 | 3,084,162 |
OTHER ASSETS: | ||
Investment in Peak Gold (Note 4) | ||
Total other assets | ||
TOTAL ASSETS | 26,849,078 | 3,084,162 |
CURRENT LIABILITIES: | ||
Accounts payable | 69,790 | 83,158 |
Accrued liabilities | 734,293 | 1,006,237 |
Income tax payable | 399,546 | |
Total current liabilities | 1,203,629 | 1,089,395 |
NON-CURRENT LIABILITIES: | ||
Advance royalty reimbursement | 1,200,000 | |
Total non-current liabilities | 1,200,000 | |
TOTAL LIABILITIES | 2,403,629 | 1,089,395 |
COMMITMENTS AND CONTINGENCIES (NOTE 11) | ||
SHAREHOLDERS’ EQUITY: | ||
Common Stock, $0.01 par value, 45,000,000 shares authorized; 6,200,500 shares issued 6,151,937 and outstanding at March 31, 2021; 6,590,113 shares issued and 6,557,239 outstanding at June 30, 2020 | 62,005 | 65,901 |
Additional paid-in capital | 58,438,284 | 61,302,249 |
Treasury stock at cost (48,563 shares at March 31, 2021; and 32,874 at June 30, 2020) | (876,551) | (476,672) |
Accumulated deficit | (33,178,289) | (58,896,711) |
TOTAL SHAREHOLDERS’ EQUITY | 24,445,449 | 1,994,767 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 26,849,078 | $ 3,084,162 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, shares issued (in shares) | 6,200,500 | 6,590,113 |
Common stock, shares outstanding (in shares) | 6,151,937 | 6,557,239 |
Treasury stock, shares (in shares) | 48,563 | 32,874 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
EXPENSES: | ||||
Exploration expense | $ (109,216) | $ (190,653) | ||
General and administrative expense | (2,146,480) | (1,322,125) | (8,274,062) | (3,464,060) |
Total expenses | (2,255,696) | (1,322,125) | (8,464,715) | (3,464,060) |
OTHER INCOME/(EXPENSE): | ||||
Interest income | 159 | 11,801 | 1,078 | 73,869 |
Loss from equity investment in Peak Gold, LLC (Note 4) | (2,490,000) | (600,000) | (3,861,252) | (3,300,000) |
Gain on sale of a portion of the equity investment in Peak Gold, LLC | 39,642,857 | |||
Total other income/(expense) | (2,489,841) | (588,199) | 35,782,683 | (3,226,131) |
INCOME/(LOSS) BEFORE TAXES | (4,745,537) | (1,910,324) | 27,317,968 | (6,690,191) |
Income tax (expense)/benefit | 235,379 | 0 | (1,599,546) | 0 |
NET INCOME/(LOSS) | $ (4,510,158) | $ (1,910,324) | $ 25,718,422 | $ (6,690,191) |
NET INCOME/(LOSS) PER SHARE | ||||
Basic and diluted (in dollars per share) | $ (0.73) | $ (0.29) | $ 4.11 | $ (1.04) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic and diluted (in shares) | 6,153,334 | 6,550,068 | 6,261,102 | 6,449,345 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income/(loss) | $ (4,510,158) | $ 33,442,625 | $ (1,910,324) | $ (1,851,334) | $ 25,718,422 | $ (6,690,191) | |
Adjustments to reconcile net income/(loss) to net cash used in operating activities: | |||||||
Stock-based compensation | 2,886,046 | 2,485,448 | |||||
Loss from equity investment in Peak Gold, LLC | 2,490,000 | 600,000 | 3,861,252 | 3,300,000 | |||
Gain on sale of a portion of the equity investment in Peak Gold, LLC | (39,642,857) | ||||||
Changes in operating assets and liabilities: | |||||||
Increase in prepaid expenses and other | (536,873) | (90,986) | |||||
Decrease in accounts payable and accrued liabilities | (285,312) | (234,613) | |||||
Increase in income taxes payable | 399,546 | ||||||
Increase in advance royalty reimbursement | 1,200,000 | ||||||
Net cash used in operating activities | (6,399,776) | (1,230,342) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Cash invested in Peak Gold, LLC | (3,861,252) | (3,300,000) | |||||
Cash proceeds from the sale of a portion of the equity investment in Peak Gold, LLC | 31,200,000 | ||||||
Net cash provided/(used) by investing activities | 27,338,748 | (3,300,000) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Cash paid for shares withheld from employees for payroll tax withholding | (876,551) | (476,672) | |||||
Cash proceeds from capital raise, net | 3,165,622 | ||||||
Net cash provided/(used) by financing activities | 2,289,071 | (476,672) | |||||
NET INCREASE/(DECREASE) IN CASH | 23,228,043 | (5,007,014) | |||||
CASH, BEGINNING OF PERIOD | $ 3,011,918 | $ 8,600,658 | 3,011,918 | 8,600,658 | $ 8,600,658 | ||
CASH, END OF PERIOD | $ 26,239,961 | $ 3,593,644 | 26,239,961 | 3,593,644 | $ 3,011,918 | ||
Supplemental cash flow information | |||||||
Cash paid for income taxes | $ 1,200,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2019 | 6,357,113 | ||||
Balance at Jun. 30, 2019 | $ 63,571 | $ 57,935,663 | $ (49,656,670) | $ 8,342,564 | |
Stock-based compensation | 740,442 | 740,442 | |||
Net income (loss) for the period | (1,851,334) | (1,851,334) | |||
Net income/(loss) | (1,851,334) | (1,851,334) | |||
Balance (in shares) at Sep. 30, 2019 | 6,357,113 | ||||
Balance at Sep. 30, 2019 | $ 63,571 | 58,676,105 | (51,508,004) | 7,231,672 | |
Balance (in shares) at Jun. 30, 2019 | 6,357,113 | ||||
Balance at Jun. 30, 2019 | $ 63,571 | 57,935,663 | (49,656,670) | 8,342,564 | |
Net income (loss) for the period | (6,690,191) | ||||
Net income/(loss) | (6,690,191) | ||||
Balance (in shares) at Mar. 31, 2020 | 6,515,113 | ||||
Balance at Mar. 31, 2020 | $ 65,151 | 60,418,781 | (476,672) | (56,346,861) | 3,661,149 |
Balance (in shares) at Sep. 30, 2019 | 6,357,113 | ||||
Balance at Sep. 30, 2019 | $ 63,571 | 58,676,105 | (51,508,004) | 7,231,672 | |
Stock-based compensation | 882,881 | 882,881 | |||
Net income (loss) for the period | (2,928,532) | (2,928,532) | |||
Restricted stock activity (in shares) | 158,000 | ||||
Restricted stock activity | $ 1,580 | (1,580) | |||
Net income/(loss) | (2,928,532) | (2,928,532) | |||
Balance (in shares) at Dec. 31, 2019 | 6,515,113 | ||||
Balance at Dec. 31, 2019 | $ 65,151 | 59,557,406 | (54,436,536) | 5,186,021 | |
Stock-based compensation | 862,125 | 862,125 | |||
Net income (loss) for the period | (1,910,325) | (1,910,324) | |||
Restricted stock activity (in shares) | 75,000 | ||||
Restricted stock activity | $ 750 | (750) | |||
Treasury shares withheld for employee taxes | (476,672) | (476,672) | |||
Net income/(loss) | (1,910,325) | (1,910,324) | |||
Balance (in shares) at Mar. 31, 2020 | 6,515,113 | ||||
Balance at Mar. 31, 2020 | $ 65,151 | 60,418,781 | (476,672) | (56,346,861) | 3,661,149 |
Balance (in shares) at Jun. 30, 2020 | 6,590,113 | ||||
Balance at Jun. 30, 2020 | $ 65,901 | 61,302,249 | (476,672) | (58,896,711) | 1,994,767 |
Stock-based compensation | 892,158 | 892,158 | |||
Issuance of common stock (in shares) | 214,298 | ||||
Issuance of common stock | $ 2,143 | 2,796,189 | 3,275,004 | ||
Issuance of common stock | 476,672 | ||||
Cost of common stock issuance | (109,382) | (109,382) | |||
Shares received from the partial sale of the investment in Peak Gold, LLC and retired (in shares) | (809,744) | ||||
Shares received from the partial sale of the investment in Peak Gold, LLC and retired | $ (8,097) | (8,434,760) | (8,442,857) | ||
Net income (loss) for the period | 33,442,625 | 33,442,625 | |||
Net income/(loss) | 33,442,625 | 33,442,625 | |||
Balance (in shares) at Sep. 30, 2020 | 5,994,667 | ||||
Balance at Sep. 30, 2020 | $ 59,947 | 56,446,454 | (25,454,086) | 31,052,315 | |
Balance (in shares) at Jun. 30, 2020 | 6,590,113 | ||||
Balance at Jun. 30, 2020 | $ 65,901 | 61,302,249 | (476,672) | (58,896,711) | 1,994,767 |
Net income (loss) for the period | 25,718,422 | ||||
Net income/(loss) | 25,718,422 | ||||
Balance (in shares) at Mar. 31, 2021 | 6,200,500 | ||||
Balance at Mar. 31, 2021 | $ 62,005 | 58,438,284 | (876,551) | (33,178,289) | 24,445,449 |
Balance (in shares) at Sep. 30, 2020 | 5,994,667 | ||||
Balance at Sep. 30, 2020 | $ 59,947 | 56,446,454 | (25,454,086) | 31,052,315 | |
Stock-based compensation | 1,009,900 | 1,009,900 | |||
Net income (loss) for the period | (3,214,045) | (3,214,045) | |||
Restricted stock activity (in shares) | 205,833 | ||||
Restricted stock activity | $ 2,058 | (2,058) | |||
Net income/(loss) | (3,214,045) | (3,214,045) | |||
Balance (in shares) at Dec. 31, 2020 | 6,200,500 | ||||
Balance at Dec. 31, 2020 | $ 62,005 | 57,454,296 | (28,668,131) | 28,848,170 | |
Stock-based compensation | 983,988 | 983,988 | |||
Net income (loss) for the period | (4,510,158) | (4,510,158) | |||
Treasury shares withheld for employee taxes | (876,551) | (876,551) | |||
Net income/(loss) | (4,510,158) | (4,510,158) | |||
Balance (in shares) at Mar. 31, 2021 | 6,200,500 | ||||
Balance at Mar. 31, 2021 | $ 62,005 | $ 58,438,284 | $ (876,551) | $ (33,178,289) | $ 24,445,449 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Contango ORE, Inc. (“CORE” or the “Company”) engages in exploration for gold, silver and copper ores in Alaska. The Company has a 30.0% 675,000 100% 167,000 March 31, 2021, 70 368 52,920 The Company is in an exploration stage. The Company's fiscal year end is June 30. On January 8, 2015, 100% 675,000 $5.0 September 29, 2020, $37.1 40.0%. On September 29, 2020, 30.0% September 30, 2020. $32.4 809,744 $0.01 809,744 $32.4 $1.2 may Concurrently with the closing of the CORE Transactions, KG Mining, in a separate transaction, acquired from Royal Gold (i) 100% 40.0% 809,744 30.0% 70.0% October 1, 2020 Prior to the Kinross Transactions, the Joint Venture Company, the Company, Contango Minerals, CORE Alaska, Royal Gold and Royal Alaska entered into a Separation and Distribution Agreement, dated as of September 29, 2020 ( 167,000 1.0% 28.0% 1.0% 100% In connection with the Separation Agreement, the Joint Venture Company and Contango Minerals entered into an Option Agreement, dated as of September 29, 2020 ( 13,000 Subject to the conditions in the Option Agreement, the Joint Venture Company may $50,000. no 18 may 2020 2021 In February 2021, The Company has been involved in the exploration on the Manh Choh Joint Venture Property, formerly the “Peak Gold Joint Venture Property,” for eleven two 250 . On December 10, 2020, $18.0 2021 $5.4 March 31, 2021, $2.5 2021. $3.0 100% 2021, The Company's 30.0% no |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), including instructions to Form 10 -Q and Article 8 of Regulation S- X. Accordingly, they do not include all the information and footnotes required by US GAAP for complete annual consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes included in the Company 's Form 10 -K for the fiscal year ended June 30, 2020. The results of operations for the three nine ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies The Company 's significant accounting policies are described below . Management Estimates. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates . Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each option award is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value of each restricted stock award is equal to the Company's stock price on the date the award is granted . Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management's estimates, it is more likely than not not Investment in the Joint Venture Company. 30.0% March 31, 2021 one three March 31, 2021 June 30, 2020 zero Fair Value Measurement. three one three The three Level 1 Level 2 not Level 3 no The Company received 809,744 8 30.0% 3 Recently Issued Accounting Pronouncements. In February 2016, 2016 02, Leases (Topic 842 , which requires recognition of right-of-use assets and lease payment liabilities on the balanc twelve 2016 02 July 2019. not In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 the interaction between the three December 15, 2020, not The Company has evaluated all other recent acco unting pronouncements and believes that none . |
Note 4 - Investment in the Join
Note 4 - Investment in the Joint Venture Company | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 4 . Investment in the Joint Venture Company The Company initially recorded its investment at the historical book value of the assets contributed to the Joint Venture Company, which was approximately $1.4 March 31, 2021, $15.7 KG Mining acquired 70% March 31, 2021, 3 0.0% The following table is a roll-forward of the Company's investment in the Joint Venture Company from January 8, 2015 ( March 31, 2021: Investment in Peak Gold, LLC Investment balance at June 30, 2014 $ — Investment in Peak Gold, LLC, at inception January 8, 2015 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance at June 30, 2015 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2016 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2017 $ — Investment in Peak Gold, LLC 2,580,000 Loss from equity investment in Peak Gold, LLC (2,580,000 ) Investment balance as June 30, 2018 $ — Investment in Peak Gold, LLC 4,140,000 Loss from equity investment in Peak Gold, LLC (4,140,000 ) Investment balance at June 30, 2019 $ — Investment in Peak Gold, LLC 3,720,000 Loss from equity investment in Peak Gold, LLC (3,720,000 ) Investment balance at June 30, 2020 $ — Investment in Peak Gold, LLC 3,861,252 Loss from equity investment in Peak Gold, LLC (3,861,252 ) Investment balance at March 31, 2021 $ — In conjunction with the CORE Transactions, and Kinross assuming the role of manager of the Joint Venture Company, the Joint Venture Company converted its method of accounting from US GAAP to International Financial Reporting Standards (“IFRS”) and changed its fiscal year end from June 30 December 31, December 31, 2020. three nine March 31, 2021 2020, 31, 2021 in accordance with US GAAP; Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Period from Inception January 8, 2015 to March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 March 31, 2021 EXPENSES: Exploration expense $ 2,420,725 $ 342,077 $ 5,547,617 $ 3,648,059 $ 43,426,627 General and administrative 398,402 250,160 798,500 1,290,924 9,985,549 Total expenses 2,819,127 592,237 6,346,117 4,938,983 53,412,176 NET LOSS $ 2,819,127 $ 592,237 $ 6,346,117 $ 4,938,983 $ 53,412,176 The Company's share of the Joint Venture Company's results of operations for the three nine March 31, 2021 $0.8 $1.9 three nine 31 , 2020 $0.3 $3.0 . The Joint Venture Company loss does not March 31, 2021 June 30, 2020, $36.8 $34.7 $15.7 zero each March 31, 2021 June 30, 2020. not $15.7 31, 2021. March 31, 2021 $21.1 |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other Assets | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Prepaid Expenses [Text Block] | 5. The Company has prepaid expenses and other assets of $609,117 $72,244 March 31, 2021 and June 30, 2020, $211,000 31, 2021. |
Note 6 - Net Income (Loss) Per
Note 6 - Net Income (Loss) Per Share | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. A reconciliation of the components of basic and diluted net income/(loss) per share of Common Stock is presented below: Three Months Ended March 31, 2021 2020 Net Loss Weighted Average Shares Loss Per Share Net Loss Weighted Average Shares Loss Per Share Basic Net Loss per Share: Net loss attributable to common stock $ (4,510,158 ) 6,153,334 $ (0.73 ) $ (1,910,324 ) 6,550,068 $ (0.29 ) Diluted Net Loss per Share: Net loss attributable to common stock $ (4,510,158 ) 6,153,334 $ (0.73 ) $ (1,910,324 ) 6,550,068 $ (0.29 ) Nine Months Ended March 31, 2021 2020 Net Income Weighted Average Shares Income Per Share Net Loss Weighted Average Shares Loss Per Share Basic Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ 25,718,422 6,261,102 $ 4.11 $ (6,690,191 ) 6,449,345 $ (1.04 ) Diluted Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ 25,718,422 6,261,102 $ 4.11 $ (6,690,191 ) 6,449,345 $ (1.04 ) Options to purchase 100,000 March 31, 2021 June 30, 2020 100,000 not March 31, 2021 December 31, 2020 100,000 not September 30, 2020 no March 31, 2020. |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. ' Equity On December 11, 2020, 30,000,000 45,000,000 The Company has 15,000,000 authorized shares of preferred stock. As of March 31, 2021, the Company had 6,151,937 shares of Common Stock outstanding, including 401,333 share s of unvested restricted stock, 2020 809,744 . March 31, 2021, 100,000 No December 2021 December 2023. On September 23, 2020, 247,172 “2020 247,172 32,874 $13.25 $3.3 $3.2 2020 2020 3.25% $50,000 may may 2020 1933, 4 2 not 75,472 2020 $1.0 2020 Rights Plan Termination and Rights Agreement On December 19, 2012, March 21, 2013, September 29, 2014, December 18, 2014, November 11, 2015, April 22, 2018, November 20, 2019. September 23, 2020, September 23, 2020, no September 23, 2020, Pursuant to the Rights Agreement, the Board declared a dividend of one $0.01 October 5, 2020. one September 22, 2021. no 18.0% 20.0% 18.0% 20.0% one one 1/1000 $100.00 |
Note 8 - Sales Transaction with
Note 8 - Sales Transaction with KG Mining | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 8. On September 29, 2020, 30.0% September 30, 2020. $32.4 809,744 809,744 $32.4 $1.2 may Concurrently with the Purchase Agreement, KG Mining, in a separate transaction, acquired from Royal Gold (i) 100% 40.0% 809,744 30.0% 70.0% October 1, 2020 The Company recorded the $32.4 809,744 $39.6 30.0% 30.0% 3 3 zero $39.6 The Company recorded a non-current liability totaling $1.2 may 5% $1.2 Prior to the Kinross Transactions, the Joint Venture Company, Contango Minerals, the Company, CORE Alaska, Royal Gold and Royal Alaska entered into the Separation Agreement. Pursuant to the Separation Agreement, the Joint Venture Company completed the formation of Contango Minerals, and contributed approximately 167,000 1.0% 28.0% 1.0% 3% one hundred 100% The distribution of the Alaska state mining claims to Contango Minerals meets the definition of a non-reciprocal nonmonetary transfer as defined in Accounting Standards Codification (“ASC”) 845 not zero zero In connection with the Separation Agreement, the Joint Venture Company and Contango Minerals entered into the Option Agreement. Under the Option Agreement, Contango Minerals granted the Joint Venture Company an option, subject to certain conditions contained in the Option Agreement, to purchase approximately 13,000 not On October 1, 2020, After the consummation of the Kinross Transactions, Kinross, through KG Mining, replaced Royal Gold as the Company's joint venture partner and as manager of the Joint Venture Company. After consummation of the Kinross Transactions, CORE Alaska holds a 30.0% 70.0% one two actions Prior to the CORE Transactions, the Joint Venture Company was a variable interest entity as defined by FASB ASU No. 2015 02, 810 not not After the Kinross Transactions, the Company retained a 30.0% one three |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. Mr. Brad Juneau, who served as the Company's Chairman, President and Chief Executive Officer January 6, 2020, January 6, 2020, December 11, 2020, November 20, 2019. one December 1, 2020 December 1, 2021 ninety $10,000, $6,900 third On September 23, 2020, 247,172 247,172 32,874 $13.25 $3.3 $3.2 75,472 2020 $1.0 September 23, 2020, 2.2%. 2020 3.25% $0.05 may may 2020 On September 30, 2020, 30.0% 30.0% 70.0% September 29, 2020, 2.0% “2% 3.0% 1% 2% 3.0%. 3.0% 3.0% In addition, on September 29, 2020, 28.0% 1.0% The Company will be required to fund any royalty payments the Joint Venture Company is obligated to make to Royal Gold under the JV Royalty Agreement in proportion to its membership interests in the Joint Venture Company. The Company's proportionate share of the additional royalty granted to Royal Gold pursuant to the JV Royalty Agreement has been partially offset by a cash payment of $1.2 On April 16, 2018, 13D 13.6% $26 13D June 29, 2018, October 4, 2018, January 22, 2019, August 2, 2019, September 30, 2020. 809,744 11.9% September 30, 2020, 0.0% 1. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. On September 15, 2010, “2010 November 14, 2017, 2010 2010 may 500,000 September 15, 2027; 's tax withholding obligations with respect to grants paid in Company Stock. On November 13, 2019, may 500,000 Under the Equity Plan, the Board may 2,000,000 may On December 11, 2020, may 100,000 300,000 As of March 31, 2021, 401,333 100,000 three nine March 31, 2021 $983,988 $2,886,046, three nine 31, 2020 $862,125 $2,485,448, The amount of compensation expense recognized does not may Restricted Stock. November 2019, 158,000 January 2022. March 31, 2021, 158,000 In connection with the appointment of Rick Van Nieuwenhuyse as the President and Chief Executive Officer of the Company, on January 9, 2020, 75,000 two first second March 31, 2021, 37,500 On December 1, 2020, 20,000 two three December 11, 2020, 162,500 2022 January 2023. On December 11, 2020 the Company also granted Mr. Van Nieuwenhuyse 23,333 March 31, 2021, all 205,833 December 2020 As of March 31, 2021 , the total compensation cost related to unvested awards not $4,349,404. Stock options. January 6, 2020, 100,000 $14.50 January 6, 2020, two first second There were no stock option exercises during the three nine March 31, 2021 . There were also no The Company applies the fair value method to account for stock option expense. Under this method, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess 3 – Summary of Significant Accounting Policies. All employee stock option grants are expensed over the stock option's vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. March 31, 2021, 3.77 not March 31, 2021 $284,839. A summary of the status of stock options granted under the Equity Plan as of March 31, 2021 nine Nine Months Ended March 31, 2021 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2020 100,000 $ 14.50 Granted — Exercised — Forfeited — Outstanding at the end of the period 100,000 $ 14.50 Aggregate intrinsic value $ 443,000 Exercisable, end of the period 50,000 Aggregate intrinsic value $ 221,500 Available for grant, end of period 260,927 Weighted average fair value per share of options granted during the period $ — |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Tetlin Lease . The Tetlin Lease had an initial ten-year term beginning July 2008 ten July 15, 2028, Pursuant to the terms of the Tetlin Lease, the Joint Venture Company was required to spend $350,000 July 15, 2018 2011 $350,000 3 .0% 5.0%, $225,000 0.75%. 2 .25% 4.25%. 0.25% $150,000, 0.50% $300,000, 0.75% $450,000. 0.75% $450,000 on December 30, 2020. $450,000 not $50,000 July 15, 2012, $75,000 Gold Exploration. The Company's Triple Z, Tok/Tetlin, Eagle, Bush, West Fork, Shamrock and Noah claims are all located on state of Alaska lands. The Company released the Bush and West Fork claims in November 2020. November 30 2020 2021 $349,955. 2020 1 31 31, 2021, four 100% Royal Gold Royalties . Initially, the Joint Venture Company was obligated to pay Royal Gold (i) an overriding royalty of 3.0% 2.0% 1 28.0% 1.0% 3.0% Retention Agreements. February 2019, one $1,500,000 February 6, 2020, August 6, 2020 August 6, 2025. $1,000,000 $250,000, August 6, 2025. June 10, 2020, $350,000 August 6, 2025, Short Term Incentive Plan June 10, 2020, 25.0% 100.0% 200.0% 50.0% 50.0% two first second may 200.0% not 30 December 2020, $350,000 23,333 January 1, 2022. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The Company recognized a full valuation allowance on its deferred tax asset as of March 31, 2021 June 30, 2020 $0.2 $1.6 three nine March 31, 2021. zero three nine March 31, 2020. nine March 31, 2021 $1.6 $1.3 $0.3 5.85% 0% nine March 31, 2021 March 31, 2020, no not June 30, 2021, not The Company reviews its tax positions quarterly for tax uncertainties. The Company did not March 31, 2021 June 30, 2020. On December 22, 2017, 35.0% 21.0%, The Company has assessed the impact of the tax bill on the financial statements as of March 31, 2021. On March 27, 2020, 19 163 80% |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Management Estimates. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each option award is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value of each restricted stock award is equal to the Company's stock price on the date the award is granted . |
Income Tax, Policy [Policy Text Block] | Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management's estimates, it is more likely than not not |
Equity Method Investments [Policy Text Block] | Investment in the Joint Venture Company. 30.0% March 31, 2021 one three March 31, 2021 June 30, 2020 zero |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement. three one three The three Level 1 Level 2 not Level 3 no The Company received 809,744 8 30.0% 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements. In February 2016, 2016 02, Leases (Topic 842 , which requires recognition of right-of-use assets and lease payment liabilities on the balanc twelve 2016 02 July 2019. not In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 the interaction between the three December 15, 2020, not The Company has evaluated all other recent acco unting pronouncements and believes that none . |
Note 4 - Investment in the Jo_2
Note 4 - Investment in the Joint Venture Company (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Roll-forward of Equity Method Investment [Table Text Block] | Investment in Peak Gold, LLC Investment balance at June 30, 2014 $ — Investment in Peak Gold, LLC, at inception January 8, 2015 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance at June 30, 2015 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2016 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2017 $ — Investment in Peak Gold, LLC 2,580,000 Loss from equity investment in Peak Gold, LLC (2,580,000 ) Investment balance as June 30, 2018 $ — Investment in Peak Gold, LLC 4,140,000 Loss from equity investment in Peak Gold, LLC (4,140,000 ) Investment balance at June 30, 2019 $ — Investment in Peak Gold, LLC 3,720,000 Loss from equity investment in Peak Gold, LLC (3,720,000 ) Investment balance at June 30, 2020 $ — Investment in Peak Gold, LLC 3,861,252 Loss from equity investment in Peak Gold, LLC (3,861,252 ) Investment balance at March 31, 2021 $ — |
The Joint Venture Company [Member] | |
Notes Tables | |
Summarized Balance Sheet of Equity Method Investment [Table Text Block] | Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Period from Inception January 8, 2015 to March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 March 31, 2021 EXPENSES: Exploration expense $ 2,420,725 $ 342,077 $ 5,547,617 $ 3,648,059 $ 43,426,627 General and administrative 398,402 250,160 798,500 1,290,924 9,985,549 Total expenses 2,819,127 592,237 6,346,117 4,938,983 53,412,176 NET LOSS $ 2,819,127 $ 592,237 $ 6,346,117 $ 4,938,983 $ 53,412,176 |
Note 6 - Net Income (Loss) Pe_2
Note 6 - Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Net Loss Weighted Average Shares Loss Per Share Net Loss Weighted Average Shares Loss Per Share Basic Net Loss per Share: Net loss attributable to common stock $ (4,510,158 ) 6,153,334 $ (0.73 ) $ (1,910,324 ) 6,550,068 $ (0.29 ) Diluted Net Loss per Share: Net loss attributable to common stock $ (4,510,158 ) 6,153,334 $ (0.73 ) $ (1,910,324 ) 6,550,068 $ (0.29 ) Nine Months Ended March 31, 2021 2020 Net Income Weighted Average Shares Income Per Share Net Loss Weighted Average Shares Loss Per Share Basic Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ 25,718,422 6,261,102 $ 4.11 $ (6,690,191 ) 6,449,345 $ (1.04 ) Diluted Net Income/(Loss) per Share: Net income/(loss) attributable to common stock $ 25,718,422 6,261,102 $ 4.11 $ (6,690,191 ) 6,449,345 $ (1.04 ) |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Nine Months Ended March 31, 2021 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2020 100,000 $ 14.50 Granted — Exercised — Forfeited — Outstanding at the end of the period 100,000 $ 14.50 Aggregate intrinsic value $ 443,000 Exercisable, end of the period 50,000 Aggregate intrinsic value $ 221,500 Available for grant, end of period 260,927 Weighted average fair value per share of options granted during the period $ — |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) | Dec. 10, 2020USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 29, 2020USD ($)a | Sep. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)a$ / shares | Mar. 31, 2020USD ($) | Sep. 29, 2020USD ($)a | Dec. 31, 2020USD ($) | Oct. 05, 2020$ / shares | Oct. 01, 2020 | Jun. 30, 2020$ / shares | Jan. 08, 2015USD ($) | Nov. 29, 2010a |
Proceeds from Sale of Equity Method Investments | $ 31,200,000 | ||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Long-term Debt, Total | $ 0 | ||||||||||||
The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |||||||
Expected Cash Needed | $ 18,000,000 | ||||||||||||
Proportionate Ownership Share, Approved Budget | $ 5,400,000 | ||||||||||||
Exploration Budget, Funded Amount | $ 2,500,000 | ||||||||||||
Exploration Budget, Total | $ 3,000,000 | ||||||||||||
The Joint Venture Company [Member] | Triple Z [Member] | |||||||||||||
Prospect Area Ownership Percentage | 100.00% | ||||||||||||
The Joint Venture Company [Member] | KG Mining [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% | 70.00% | |||||||||||
Native Village of Tetlin Land [Member] | |||||||||||||
Percentage of Leasehold Interest | 100.00% | ||||||||||||
Leasehold Interest Acreage (Acre) | a | 675,000 | ||||||||||||
Alaska State Mining Claims [Member] | |||||||||||||
Area of Land (Acre) | a | 52,920 | ||||||||||||
Number of Mining Claims | 368 | ||||||||||||
The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||||||||
Area of Land (Acre) | a | 675,000 | ||||||||||||
The Joint Venture Company [Member] | Separation Agreement [Member] | |||||||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | 28.00% | |||||||||||
The Joint Venture Company [Member] | Option Agreement [Member] | |||||||||||||
Mining Claims, Option to Acquire, Area (Acre) | a | 13,000 | 13,000 | |||||||||||
Mining Claims, Option to Acquire, Exercise Price | $ 50,000 | ||||||||||||
Contango Minerals [Member] | |||||||||||||
Area of Land (Acre) | a | 167,000 | ||||||||||||
Contango Minerals [Member] | Separation Agreement [Member] | |||||||||||||
Mining Claims Acquired, Area (Acre) | a | 167,000 | ||||||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | 1.00% | |||||||||||
Royal Gold [Member] | The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |||||||||||
Initial Investment to Fund Exploration Activity | $ 5,000,000 | ||||||||||||
Payments to Acquire Interest in Joint Venture | $ 37,100,000 | ||||||||||||
CORE Alaska [Member] | The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | |||||||||||
Proceeds from Sale of Equity Method Investments | $ 32,400,000 | $ 32,400,000 | |||||||||||
Shares Received From Sale of Equity Method Investments (in shares) | shares | 809,744 | 809,744 | |||||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | $ 1,200,000 | |||||||||||
Percentage Ownership in Company | 30.00% | ||||||||||||
CORE Alaska [Member] | Contango Minerals [Member] | |||||||||||||
Percentage Ownership in Company | 100.00% | 100.00% | |||||||||||
KG Mining [Member] | The Joint Venture Company [Member] | |||||||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | ||||||||||||
Percentage Ownership in Company | 70.00% | ||||||||||||
KG Mining [Member] | Royal Alaska LLC [Member] | |||||||||||||
Percentage Ownership in Company | 100.00% | 100.00% | |||||||||||
Equity Method Investment, Ownership, Shares (in shares) | shares | 809,744 | 809,744 | |||||||||||
Royal Alaska LLC [Member] | The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |||||||||||
Royal Alaska and CORE Alaska [Member] | Separation Agreement [Member] | |||||||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | 28.00% |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 29, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Method Investments | |||||||||||
The Joint Venture Company [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | |||||||
Common Stock Received for Sale of Joint Venture Interest (in shares) | 809,744 | ||||||||||
Equity Method Investments | $ 0 | $ 0 | $ 0 |
Note 4 - Investment in the Jo_3
Note 4 - Investment in the Joint Venture Company (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 29, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jan. 08, 2015 | Jun. 30, 2014 | |
Equity Method Investments | |||||||||||||||
Equity Method Investment, Cumulative Investment | 15.70 | 15.70 | |||||||||||||
Suspended Losses | 21.10 | ||||||||||||||
The Joint Venture Company [Member] | |||||||||||||||
Equity Method Investment, Aggregate Cost | $ 15,700,000 | 15,700,000 | $ 1,400,000 | ||||||||||||
Equity Method Investment, Total Contributions | $ 15,700,000 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | ||||||||||
Loss from Equity Method Investments, Unrecorded | $ 800,000 | $ 300,000 | $ 1,900,000 | $ 3,000,000 | |||||||||||
Equity Method Investment, Summarized Financial Information, Inception-to-date Cumulative Income (Loss) | 36,800,000 | 36,800,000 | 34,700,000 | ||||||||||||
Equity Method Investments | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
The Joint Venture Company [Member] | KG Mining [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% |
Note 4 - Investment in the Jo_4
Note 4 - Investment in the Joint Venture Company - Roll-forward of Investment in the Joint Venture Company (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investment balance | ||||||||||
Investment in Peak Gold, LLC | 3,861,252 | $ 3,300,000 | ||||||||
Loss from equity investment in Peak Gold, LLC | $ (2,490,000) | $ (600,000) | (3,861,252) | (3,300,000) | ||||||
Investment balance | ||||||||||
The Joint Venture Company [Member] | ||||||||||
Investment balance | 0 | |||||||||
Investment in Peak Gold, LLC | 3,861,252 | 3,720,000 | 4,140,000 | 2,580,000 | 1,433,886 | |||||
Loss from equity investment in Peak Gold, LLC | (3,861,252) | (3,720,000) | (4,140,000) | (2,580,000) | (1,433,886) | |||||
Investment balance | $ 0 | $ 0 | $ 0 |
Note 4 - Investment in the Jo_5
Note 4 - Investment in the Joint Venture Company - Condensed Balance Sheet for Peak Gold, LLC (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 72 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Exploration expense | $ 109,216 | $ 190,653 | |||
General and administrative | 2,146,480 | 1,322,125 | 8,274,062 | 3,464,060 | |
Total expenses | 2,255,696 | 1,322,125 | 8,464,715 | 3,464,060 | |
The Joint Venture Company [Member] | |||||
Exploration expense | 2,420,725 | 342,077 | 5,547,617 | 3,648,059 | $ 43,426,627 |
General and administrative | 398,402 | 250,160 | 798,500 | 1,290,924 | 9,985,549 |
Total expenses | 2,819,127 | 592,237 | 6,346,117 | 4,938,983 | 53,412,176 |
NET LOSS | $ 2,819,127 | $ 592,237 | $ 6,346,117 | $ 4,938,983 | $ 53,412,176 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other Assets (Details Textual) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Prepaid Expense, Current, Total | $ 609,117 | $ 72,244 |
Capitalized Legal Fees | $ 211,000 |
Note 6 - Net Income (Loss) Pe_3
Note 6 - Net Income (Loss) Per Share (Details Textual) - shares | 9 Months Ended | ||||
Mar. 31, 2021 | Dec. 11, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 100,000 | 300,000 | 100,000 | 100,000 | |
Options and Warrants Outstanding (in shares) | 0 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 |
Note 6 - Net Income (Loss) Pe_4
Note 6 - Net Income (Loss) Per Share - Reconciliation of the Components of Basic and Diluted Net Loss Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net income (loss) for the period | $ (4,510,158) | $ (3,214,045) | $ 33,442,625 | $ (1,910,324) | $ (2,928,532) | $ (1,851,334) | $ 25,718,422 | $ (6,690,191) |
Weighted Average Shares, basic (in shares) | 6,153,334 | 6,550,068 | 6,261,102 | 6,449,345 | ||||
Income Per Share, basic (in dollars per share) | $ (0.73) | $ (0.29) | $ 4.11 | $ (1.04) | ||||
Income Per Share, diluted (in dollars per share) | $ (0.73) | $ (0.29) | $ 4.11 | $ (1.04) | ||||
Weighted Average Shares, basic (in shares) | 6,153,334 | 6,550,068 | 6,261,102 | 6,449,345 | ||||
Income Per Share, basic (in dollars per share) | $ (0.73) | $ (0.29) | $ 4.11 | $ (1.04) | ||||
Weighted Average Shares, diluted (in shares) | 6,261,102 | 6,449,345 | ||||||
Income Per Share, diluted (in dollars per share) | $ (0.73) | $ (0.29) | $ 4.11 | $ (1.04) |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Details Textual) - USD ($) | Oct. 05, 2020 | Sep. 30, 2020 | Sep. 23, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Mar. 31, 2021 | Dec. 11, 2020 | Sep. 14, 2020 | Jun. 30, 2020 |
Common Stock, Shares Authorized (in shares) | 45,000,000 | 30,000,000 | 45,000,000 | ||||||
Preferred Stock, Shares Authorized (in shares) | 15,000,000 | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 6,151,937 | 6,557,239 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 100,000 | 100,000 | 100,000 | 100,000 | 300,000 | 100,000 | |||
Preferred Stock, Shares Issued, Total (in shares) | 0 | ||||||||
Stock Issued During Period, Value, New Issues | $ 3,275,004 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Rights Agreement Term (Year) | 1 year | ||||||||
Rights Agreement, Number of Preferred Stock Issuable Per Right (in shares) | 0.001 | ||||||||
Rights Agreement, Exercise Price (in dollars per share) | $ 100 | ||||||||
Rights to Purchase Series A Junior Preferred Stock [Member] | |||||||||
Class of Warrant or Right, Distributed for Each Share of Common Stock (in shares) | 1 | ||||||||
Chief Executive Officer [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,472 | ||||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | ||||||||
Person or Group [Member] | |||||||||
Rights Agreement, Beneficial Ownership Percentage of Common Stock,Threshold | 18.00% | ||||||||
Certain Passive Investors [Member] | |||||||||
Rights Agreement, Beneficial Ownership Percentage of Common Stock,Threshold | 20.00% | ||||||||
Private Placement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 247,172 | ||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares) | 32,874 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 13.25 | ||||||||
Proceeds from Issuance of Private Placement | $ 3,300,000 | ||||||||
Proceeds from Issuance of Private Placement, Net of Issuance Costs | 3,200,000 | ||||||||
Payments of Stock Issuance Costs | $ 50,000 | ||||||||
Private Placement [Member] | Petrie Partners Securities, LLC [Member] | |||||||||
Private Placement Fee, Percentage | 3.25% | ||||||||
Payments of Stock Issuance Costs | $ 50,000 | ||||||||
CORE Alaska [Member] | The Joint Venture Company [Member] | |||||||||
Shares Received From Sale of Equity Method Investments (in shares) | 809,744 | 809,744 | |||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 401,333 |
Note 8 - Sales Transaction wi_2
Note 8 - Sales Transaction with KG Mining (Details Textual) | Sep. 30, 2020USD ($)shares | Sep. 29, 2020a | Sep. 30, 2020USD ($)shares | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020 | Oct. 01, 2020 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Proceeds from Sale of Equity Method Investments | $ 31,200,000 | |||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | 39,642,857 | |||||||||||||||
Equity Method Investments | ||||||||||||||||
The Joint Venture Company [Member] | ||||||||||||||||
Equity Method Invesment, Interest Sold, Percent | 30.00% | |||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ 39,600,000 | |||||||||||||||
Equity Method Investments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
The Joint Venture Company [Member] | KG Mining [Member] | ||||||||||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% | 70.00% | ||||||||||||||
CORE Alaska [Member] | The Joint Venture Company [Member] | ||||||||||||||||
Equity Method Invesment, Interest Sold, Percent | 30.00% | |||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 32,400,000 | $ 32,400,000 | ||||||||||||||
Shares Received From Sale of Equity Method Investments (in shares) | shares | 809,744 | 809,744 | ||||||||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | $ 1,200,000 | ||||||||||||||
Percentage Ownership in Company | 30.00% | |||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | ||||||||||||||
CORE Alaska [Member] | Contango Minerals [Member] | ||||||||||||||||
Percentage Ownership in Company | 100.00% | |||||||||||||||
KG Mining [Member] | The Joint Venture Company [Member] | ||||||||||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | |||||||||||||||
Percentage Ownership in Company | 70.00% | |||||||||||||||
KG Mining [Member] | Royal Alaska LLC [Member] | ||||||||||||||||
Percentage Ownership in Company | 100.00% | 100.00% | ||||||||||||||
Equity Method Investment, Ownership, Shares (in shares) | shares | 809,744 | 809,744 | ||||||||||||||
Royal Alaska LLC [Member] | The Joint Venture Company [Member] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | ||||||||||||||
Contango Minerals [Member] | Separation Agreement [Member] | ||||||||||||||||
Mining Claims Acquired, Area (Acre) | a | 167,000 | |||||||||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | |||||||||||||||
The Joint Venture Company [Member] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | ||||||||||||||
The Joint Venture Company [Member] | Separation Agreement [Member] | ||||||||||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | |||||||||||||||
The Joint Venture Company [Member] | Option Agreement [Member] | ||||||||||||||||
Mining Claims, Option to Acquire, Area (Acre) | a | 13,000 | |||||||||||||||
The Joint Venture Company [Member] | Alaska State Mining Claims [Member] | Separation Agreement [Member] | ||||||||||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | |||||||||||||||
Total Net Smelter Returns Royalty, Percent | 3.00% |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - USD ($) | Sep. 30, 2020 | Sep. 29, 2020 | Sep. 23, 2020 | Nov. 20, 2019 | Sep. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Apr. 16, 2018 |
Stock Issued During Period, Value, New Issues | $ 3,275,004 | |||||||
Contango Minerals [Member] | Contango Minerals Royalty Agreement [Member] | ||||||||
Overriding Royalty Interest | 2.00% | |||||||
Contango Minerals [Member] | Contango Minerals Royalty Agreement [Member] | ALASKA | ||||||||
Overriding Royalty Interest | 3.00% | |||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | |||||||
Contango Minerals [Member] | Separation Agreement [Member] | ||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% | |||||||
The Joint Venture Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||
The Joint Venture Company [Member] | Separation Agreement [Member] | ||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | |||||||
Royal Gold [Member] | ||||||||
Percentage of Issued and Outstanding Shares of Common Stock | 0.00% | 11.90% | ||||||
The Joint Venture Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |||
The Joint Venture Company [Member] | KG Mining [Member] | ||||||||
Sale of Equity Method Investment, Prepayment of Reimbursement | $ 1,200,000 | |||||||
The Joint Venture Company [Member] | Royal Gold [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 40.00% | |||||||
Royal Alaska LLC [Member] | KG Mining [Member] | ||||||||
Equity Method Investment, Ownership, Shares (in shares) | 809,744 | 809,744 | ||||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 247,172 | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares) | 32,874 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 13.25 | |||||||
Proceeds from Issuance of Private Placement | $ 3,300,000 | |||||||
Proceeds from Issuance of Private Placement, Net of Issuance Costs | 3,200,000 | |||||||
Payments of Stock Issuance Costs | $ 50,000 | |||||||
Private Placement [Member] | Petrie Partners Securities, LLC [Member] | ||||||||
Private Placement Fee, Percentage | 3.25% | |||||||
Payments of Stock Issuance Costs | $ 50,000 | |||||||
JEX [Member] | ||||||||
Management Services Agreement, Fee Per Month | $ 10,000 | |||||||
JEX [Member] | Expense for Office Space and Equipment [Member] | ||||||||
Management Services Agreement, Fee Per Month | $ 6,900 | |||||||
Chief Executive Officer [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,472 | |||||||
Stock Issued During Period, Value, New Issues | $ 1,000,000 | |||||||
Percentage of Ownership Interest Acquired by Related Party | 2.20% | |||||||
Kinross [Member] | The Joint Venture Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70.00% | 70.00% | ||||||
Royal Gold [Member] | Common Stock [Member] | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 26 | |||||||
Percentage of Ownership Interest Acquired by Related Party | 13.60% |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | Dec. 11, 2020 | Dec. 01, 2020 | Jan. 09, 2020 | Jan. 06, 2020 | Nov. 04, 2017 | Dec. 31, 2020 | Nov. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Nov. 13, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 300,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||
Share-based Payment Arrangement, Expense | $ 983,988 | $ 862,125 | $ 2,886,046 | $ 2,485,448 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years 281 days | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 284,839 | $ 284,839 | ||||||||||||
President and CEO [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 100,000 | |||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 14.50 | |||||||||||||
Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 401,333 | 401,333 | ||||||||||||
The 2010 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 100,000 | 100,000 | 100,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,349,404 | $ 4,349,404 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | 0 | |||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 205,833 | |||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Two Executives and Non-executive Directors [Member] | November 2019 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 158,000 | 158,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 158,000 | |||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | President and Chief Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 37,500 | 37,500 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 75,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Two Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Executives and Non-executive Directors [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 162,500 | |||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 23,333 | 23,333 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Summary of Stock Options (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Outstanding (in shares) | 100,000 | ||
Outstanding (in shares) | 100,000 | 100,000 | |
The 2010 Plan [Member] | |||
Outstanding (in shares) | 100,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 14.50 | ||
Granted (in shares) | |||
Granted, weighted average exercise price (in dollars per share) | |||
Exercised (in shares) | 0 | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | |||
Forfeited (in shares) | |||
Forfeited, weighted average exercise price (in dollars per share) | |||
Outstanding (in shares) | 100,000 | 100,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.50 | $ 14.50 | |
Aggregate intrinsic value, outstanding | $ 443,000 | $ 443,000 | |
Exercisable, end of the period (in shares) | 50,000 | 50,000 | |
Aggregate intrinsic value, exercisable | $ 221,500 | $ 221,500 | |
Available for grant, end of period (in shares) | 260,927 | 260,927 | |
Weighted average fair value per share of options granted during the period (in dollars per share) |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 30, 2020 | Dec. 11, 2020 | Jun. 10, 2020 | Jul. 15, 2012 | Dec. 31, 2020 | Jul. 31, 2008 | Mar. 31, 2021 | Feb. 06, 2020 | Feb. 28, 2019 |
Contingent Salary and Compensation, Retention Agreement | $ 1,500,000 | ||||||||
Chief Executive Officer [Member] | |||||||||
Contingent Salary and Compensation, Retention Agreement | $ 350,000 | $ 1,000,000 | |||||||
Short Term Incentive Plan, Minimum Performance Target, Payout, Percentage of Base Salary | 25.00% | ||||||||
Short Term Incentive Plan, All Performance Goals, Payout, Percentage of Base Salary | 100.00% | ||||||||
Short Term Incentive Plan, Maximum Performance Target, Payout, Percentage of Base Salary | 200.00% | ||||||||
Short Term Incentive Plan, Payout, Percentage Cash | 50.00% | ||||||||
Short Term Incentive Plan, Change of Control, Percentage of Base Salary | 200.00% | ||||||||
Short Term Incentive Plan, Change of Control, Maximum Period of Payment (Day) | 30 days | ||||||||
Short-term Incentive Plan, Compensation Expense, Cash Bonus | $ 350,000 | ||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | The 2010 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 23,333 | 23,333 | |||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||
Chief Financial Officer [Member] | |||||||||
Contingent Salary and Compensation, Retention Agreement | $ 250,000 | ||||||||
Tetlin Lease [Member] | |||||||||
Inception-to-date Payments to Reduce Royalty Rate | $ 225,000 | ||||||||
Decrease in Royalty Rates | 0.75% | ||||||||
Tetlin Lease [Member] | Scenario 1 [Member] | |||||||||
Increase in Royalty Rates | 0.25% | ||||||||
Payment that Lessor May Pay to Lessee to Increase Royalty Rate | $ 150,000 | ||||||||
Tetlin Lease [Member] | Scenario 2 [Member] | |||||||||
Increase in Royalty Rates | 0.50% | ||||||||
Payment that Lessor May Pay to Lessee to Increase Royalty Rate | $ 300,000 | ||||||||
Tetlin Lease [Member] | Scenario 3 [Member] | |||||||||
Increase in Royalty Rates | 0.75% | ||||||||
Payment that Lessor May Pay to Lessee to Increase Royalty Rate | $ 450,000 | ||||||||
Tetlin Lease [Member] | Minimum [Member] | |||||||||
Advance Royalties to Be Paid Per Year | $ 75,000 | $ 50,000 | |||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | |||||||||
Contractual Annual Exploration Costs | $ 350,000 | ||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Minimum [Member] | |||||||||
Royalty Rate | 3.00% | 2.25% | |||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Maximum [Member] | |||||||||
Royalty Rate | 5.00% | 4.25% | |||||||
Tetlin Lease and Certain Other Properties [Member] | |||||||||
Annual Claim Rentals | $ 349,955 | ||||||||
Tetlin Lease and Certain Other Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member] | |||||||||
Overriding Royalty Interest | 3.00% | ||||||||
Additional Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member] | |||||||||
Overriding Royalty Interest | 2.00% | ||||||||
Net Smelter Returns Silver Royalty, Percent | 28.00% | ||||||||
Net Smelter Returns Royalty Interest, Percent | 1.00% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ (235,379) | $ 0 | $ 1,599,546 | $ 0 |
Current Federal, State and Local, Tax Expense (Benefit), Total | 1,600,000 | |||
Current Federal Tax Expense (Benefit) | $ 1,300,000 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 5.85% | 0.00% | ||
Alaska Department of Revenue [Member] | ||||
Current State and Local Tax Expense (Benefit) | $ 300,000 |