Note 10 - Related Party Transactions

9 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 10. RELATED PARTY TRANSACTIONS

Notes Payable - Related Parties

Current related party notes payable consisted of the following as of March 31, 2022 and June 30, 2021:

	March 31,		June 30,
	2022		2021
Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due)	$	3,500	$	3,500
Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022		250,000		250,000
Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022		350,000		350,000
	$	603,500	$	603,500

Interest expense for all related party notes for the three and nine months ended March 31, 2022 was $5,987 and $18,226, respectively, as compared to $5,987 and $18,227 for the three and nine months ended March 31, 2021, respectively. Total accrued interest due to related parties was $147,822 and $129,596 as of March 31, 2022 and June 30, 2021, respectively.

USCF Investments - Related Party Transactions

The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company’s USCF Investments revenues, totaling $5.9 million and $6.0 million for the three month periods ended March 31, 2022 and 2021, respectively, and $17.2 million and $19.2 million for the nine month periods ended March 31, 2022 and 2021, respectively, were earned from these related parties. Accounts receivable, totaling $2.3 million and $2.0 million as of March 31, 2022 and June 30, 2021, respectively, were owed from the Funds that are related parties. Fund expense waivers, totaling $18 thousand and $239 thousand for the three month periods ended March 31, 2022 and March 31, 2021, respectively, were incurred on behalf of these related parties. Fund expense waivers, totaling $77 thousand and $792 thousand for the nine month periods ended March 31, 2022 and March 31, 2021, respectively, were incurred on behalf of these related parties. Waivers payable, totaling $18 thousand and $70 thousand as of March 31, 2022 and June 30, 2021, respectively, were owed to these related parties. Fund expense waivers and fund expense limitation obligations are defined under Note 15 to the Condensed Consolidated Financial Statements. USCF Investments, from time to time, provides initial investments in the creation of ETP and ETF funds that USCF manages. Such investments included GLDX, a related party fund managed by USCF Advisers, and as of March 31, 2022 and June 30, 2021, the investment total was $1.4 million and $0, 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.