Note 11 - Related Party Transactions

6 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

N OTE 11 . RELATED PARTY TRANSACTIONS

Notes Payable - Related Parties

Current related party notes payable consist of the following:

	December 3 1 , 2017		June 30, 201 7
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 re

lated party notes for the

three

and

six

months ended

December 31, 2017

were

$6,120

and

$12,239,

respectively, and for the

three

and

six

months ended

December 31, 2016

the interest expense (as adjusted) for all related party notes were

$71

 and

$141,

respectively.

Wainwright - Related Party Transactions

The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company

’s Wainwright revenues, totaling

$4.8

 million and

$10

 million for the

three

and

six

months ended

December 31, 2017,

respectively, were earned from these related parties as compared to

$6.5

million and

$12.8

million for the

three

and

six

month periods ended

December 31, 2016.

Accounts receivable, totaling

$1.6

 million and

$1.8

million as of

December 31, 2017

and

June 30, 2017,

respectively, were owed from these related parties. Fund expense waivers, totaling

$0.2

 million and

$0.4

 million for the

three

and

six

months ended

December 31, 2017,

respectively, were incurred on behalf of these related parties as compared to

$0.1

 million and

$0.4

million for the

three

and

six

month periods ended

December 31, 2016.

Waivers payable, totaling

$0.9

million and

$0.6

million as of

December 31, 2017

and

June 30, 2017,

respectively, were owed to these related parties. Fund expense waivers and fund expense limitation obligations are defined under Note

16

to the Financial Statements.