Note 10 - Related Party Transactions

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 10. RELATED PARTY TRANSACTIONS

Notes Payable - Related Parties

Current related party notes payable consist of the following:

	June 30, 2020		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 years ended

June 30, 2020

 and

2019

was

$24,347

and

$24,280,

respectively. Total accrued interest due related parties was

$105,315

and

$80,969

as of

June 30, 2020

and

2019,

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

$15.4

million and

$15.0

million for the years ended

June 30, 2020

and

2019

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

$2.6

million and

$1.0

million as of

June 30, 2020

and

June 30, 2019

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

$0.6

million and

$0.3

million and fund expense limitation amounts, totaling

$0.1

 million and

$0.2

million, for the years ended

June 30, 2020

and

2019

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

$0.4

 million and

$0.3

million as of

June 30, 2020

and

June 30, 2019

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

14

 to the Consolidated Financial Statements.