Note 17 - Subsequent Events

9 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 17. SUBSEQUENT EVENTS

The Company evaluated subsequent events for recognition and disclosure through the date the financial statements were issued or filed. Nothing has occurred outside normal operations since that required recognition or disclosure in these financial statements apart from the events noted below.

On April 1, 2022, the Company filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form S-8 to register the shares of its Common Stock underlying the Company’s 2021 Omnibus Equity Incentive Plan. For more detailed information, please refer to the Company’s Form S-8.

On April 8, 2022, the Company’s Board of Directors, upon approval from the Company’s Compensation Committee, approved: (i) employment agreements for each of Stuart Crumbaugh, David Neibert and Carolyn Yu; and (ii) a one-time transaction bonus agreement for John Love. For more detailed information, please refer to the Company’s Current Report on Form 8-K filed with the Commission on April 19, 2022.

On April 8, 2022, the Company repaid the outstanding loan balance due a shareholder in the amount of $350,000 plus $84,000 in accrued interest, totaling $434,000.

On April 20, 2022, an amendment to the Articles of Incorporation of Wainwright Holdings, Inc. was filed with the Secretary of State of Delaware  to officially change the name of that company to USCF Investments, Inc.

On April 29, 2022, the Company filed with the Commission a registration statement on Form S-3  to register up to $100 million of its securities for issuance pursuant to one or more offerings at a future date. On May 12, 2022, the Commission declared the Company's Form S-3 effective. For more detailed information, please refer to the Company’s Form S-3 and notice of effectiveness.