Note 11 - Related Party Transactions

6 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 11 . RELATED PARTY TRANSACTIONS

Notes Payable - Related Parties

Current related party notes payable consist of the following:

	December 31, 2019		June 30, 2019
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 

six

months ended

December 31, 2019

and

2018

 was

$6,120

and

$12,240,

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 for the

three

and  

six

months ended

December 31, 2019

 totaling 

$2.8

million and

$5.9

million, respectively, as compared to

$3.9

million and

$8.2

million for the

three

and

six

months ended

December 31, 2018,

respectively, were earned from these related parties. Accounts receivable, totaling

$1.0

million as of

December 31, 2019

and as of

June 30, 2019

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

$0.1

million and

$0.2

million, for both

three

and 

six

month periods ended

December 31, 2019

and

2018

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

$0.3

 million as of

December 31, 2019

and as of  

June 30, 2019

, 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.