Note 15 - Commitments and Contingencies

6 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 15 . COMMITMENTS AND CONTINGENCIES

Lease Commitments

Refer to Note

6

for the Company's lease commitments and disclosure.

Additionally, Gourmet Foods entered into a General Security Agreement in favor of the Gerald O’Leary Family Trust and registered on the Personal Property Securities Register for a priority sum of

NZ$110,000

(approximately

US$74,072

) to secure the lease of its primary facility. In addition, a

NZ$20,000

(approximately

US$13,468

) bond has been posted through ANZ Bank and secured with a cash deposit of equal amount to secure a separate facilities lease. The General Security Agreement and the cash deposit will remain until such time as the respective leases are satisfactorily terminated in accordance with their terms. Interest from the cash deposit securing the lease accumulates to the benefit of Gourmet Foods and is listed as a component of interest income/expense on the accompanying Consolidated Statements of Operations.

Other Agreements and Commitments

USCF manages

four

funds (BNO, CPER, UGA, UNL) which have expense waivers provisions, whereby USCF will reimburse funds when fund expenditure levels exceed certain threshold amounts. As of

December 31, 2019

and 

June 30, 2019

the expense waiver payable was

$0.3

 million and

$0.3

million, respectively. USCF has

no

obligation to continue such payments for these

four

funds into subsequent periods.

USCF Advisers previously managed

one

mutual fund, the USCF Commodity Strategy Fund ("USCFX" and USCIX") until it was liquidated on

March 21, 2019.

Prior to liquidation, USCF Advisers had an expense waiver provision for the USCF Commodity Strategy Fund, whereby, USCF Advisers reimbursed the USCF Commodity Strategy Fund when fund expenditure levels exceeded a certain threshold amount.  The expense fee waiver terminated upon the liquidation of the fund on

March 21, 2019. 

Litigation

 

From time to time, the Company is involved in legal proceedings arising mainly from the ordinary course of its business. Currently, there are

no

legal proceedings pending.

Retirement Plan

Wainwright's wholly owned subsidiary USCF, has a

401

(k) Profit Sharing Plan covering its employees who are over

21

years of age and who have completed a minimum of

1,000

hours of service and have worked for USCF for

one

or more years. Participants

may

make contributions pursuant to a salary reduction agreement. In addition, USCF makes a safe harbor matching contribution. Quarterly profit sharing contributions paid totaled approximately

$61

thousand and

$0

thousand for each of the

six

months ended

December 31, 2019

and

2018

, respectively.