Note 11 - Related Party Transactions

3 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 11. RELATED PARTY TRANSACTIONS

Notes Payable - Related Parties

Current related party notes payable consists of the following:

	September 30 , 2018		June 3 0, 201 8
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

months ended

September 30, 2018

and

2017

were

$6,120

and

$6,120,

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

$4.2

million and

$5.2

million for the

three

months ended

September 30, 2018

and

2017,

respectively. Accounts receivable, totaling

$1.3

million and

$1.5

million as of

September 30, 2018

and

June 30, 2018,

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

$0.1

million and

$0.2

million for the

three

months ended

September 30, 2018

and

2017,

respectively, were incurred on behalf of these related parties. Waivers payable, totaling

$0.4

million and

$0.7

million as of

September 30, 2018

and

June 30, 2018,

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

16

to the Financial Statements.