Note 7 - Other Assets

9 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Other Assets Disclosure [Text Block]

NOTE 7. OTHER ASSETS

Other Current Assets

Other current assets totaling $948,369 as of March 31, 2022 and $399,524 as of June 30, 2021 are comprised of various components as listed below.

	As of March 31, 2022		As of June 30, 2021
Deposits and prepaid expenses	$	779,752	$	373,381
Other current assets		168,617		26,143
Total	$	948,369	$	399,524

Investments

USCF Investments, from time to time, provides initial investment in the creation of ETF and ETP funds that USCF manages. USCF Investments classifies these investments as current assets as these investments are generally sold within one year of the balance sheet date. Investments in which no controlling financial interest or significant influence exists are recorded at fair value in accordance with ASC 825, Financial Instruments, with the change included in earnings on the Condensed Consolidated Statements of Income. Investments in which no controlling financial interest exists, but significant influence exists are recorded per the equity method of investment accounting. As of March 31, 2022 and June 30, 2021, there were no investments in its ETF and ETP funds or investments requiring equity method investment accounting. The Company also invests in marketable securities. As of March 31, 2022 and June 30, 2021, such investments were approximately $2.9 million and $1.8 million, respectively. Of these amounts, $1.4 million and $0 were invested in the USCF Gold Strategy Plus Income Fund ("GLDX"), a related party managed by USCF Advisers, as of March 31, 2022 and June 30, 2021, respectively. The Company owns approximately 40% and 0% of the outstanding shares of this investment as of March 31, 2022 and June 30, 2021, respectively, which are included in "other equities" in the tables below.

Investments measured at estimated fair value consist of the following as of March 31, 2022 and June 30, 2021:

	March 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	1,299,393	$	5,378	$	-		$	1,304,771
Other short term investments		270,413		-		(583	)		269,830
Other equities		1,246,926		119,403		-			1,366,329
Total short-term investments	$	2,816,732	$	124,781	$	(583	)	$	2,940,930

	June 30, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	1,044,748	$	5,378	$	-		$	1,050,126
Other short term investments		772,981		4,568		-			777,549
Other equities		1,421		-		(170	)		1,251
Total short-term investments	$	1,819,150	$	9,946	$	(170	)	$	1,828,926

All of the Company's short-term investments are Level 1 as of March 31, 2022 and June 30, 2021. During the nine months ended March 31, 2022 and March 31, 2021, there were no transfers between Level 1 and Level 2.

Restricted Cash

At March 31, 2022 and  June 30, 2021, Gourmet Foods had on deposit NZ$20,000 (approximately US$13,913 and US$13,989, respectively, after currency translation) securing a lease bond for one of its properties. The cash securing the bond is restricted from access or withdrawal so long as the bond remains in place.

Long Term Assets

Other long-term assets totaling $540,160 as of March 31, 2022 and $540,160 at June 30, 2021 consisted of:

(i)	$500,000 as of March 31, 2022 and  June 30, 2021 representing 10% equity investment in a registered investment adviser accounted for on a cost basis, minus impairment, which we believe approximates fair value, given the lack of observable price changes in orderly transactions. There was no impairment recorded for the nine months ended March 31, 2022 or the year ended June 30, 2021;
(ii)	$40,160 as of March 31, 2022 and at June 30, 2021 representing lease deposits and prepayments.