Note 7 - Other Assets

3 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Other Assets Disclosure [Text Block]

NOTE 7. OTHER ASSETS

Other Current Assets

Other current assets totaling $722,544 as of September 30, 2022 and $699,547 as of June 30, 2022 are comprised of various components as listed below.

	As of September 30, 2022		As of June 30, 2022
Prepaid expenses	$	703,333	$	630,285
Other current assets		19,211		69,262
Total	$	722,544	$	699,547

Investments

USCF Investments, from time to time, provides initial seed capital in connection with the creation of ETPs or ETFs that are managed by USCF or USCF Advisers. USCF Investments classifies these investments as current assets as these investments are generally sold within one year of the balance sheet date. Investments in which no controlling financial interest or significant influence exists are recorded at fair value with the change included in earnings on the Condensed Consolidated Statements of Income. Investments in which no controlling financial interest exists, but significant influence exists are recorded per the equity method of investment accounting unless the fair value option is elected under Accounting Standards Codification ("ASC") 825, Fair Value Option. As of September 30, 2022 and June 30 2022, the Company owned $1.2 million and $1.3 million, respectively, of the USCF Gold Strategy Plus Income Fund ("GLDX"), a related party managed by USCF Advisers, which is included in other equities in the below table. The Company elected the fair value option related to this investment as the shares were purchased and will be sold on the market and this accounting treatment is deemed to be most informative. The Company recognized unrealized (losses) gains of ($112) thousand and $0 during the three month period ended September 30, 2022 and 2021, respectively. In addition to the holdings in GLDX, the Company also invests in marketable securities. As of September 30, 2022 and June 30, 2022, the aggregate of such investments were approximately $5.2 million and $5.1 million, respectively.

All of the Company's short-term investments are classified as Level 1 assets as of September 30, 2022 and June 30, 2022. Investments measured at estimated fair value consist of the following as of September 30, 2022 and June 30, 2022:

	September 30, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	1,054,730	$	-	$	-		$	1,054,730
Other short-term investments		532,407		-		(1,541	)		530,866
Short-term treasury bills		2,463,494		1,591		-			2,465,085
Other equities		1,246,926		-		(85,281	)		1,161,645
Total short-term investments	$	5,297,557	$	1,591	$	(86,822	)	$	5,212,326

	June 30, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	1,051,017	$	-	$	-		$	1,051,017
Other short term investments		271,346		-		(1,919	)		269,427
Short-term treasury bills		2,470,020		-		(4,156	)		2,465,864
Other equities		1,246,926		32,697		-			1,279,623
Total short-term investments	$	5,039,309	$	32,697	$	(6,075	)	$	5,065,931

During the three month and one year periods ended September 30, 2022 and June 30, 2022, respectively, there were no transfers between Level 1 and Level 2.

Restricted Cash

At September 30, 2022 and  June 30, 2022, Gourmet Foods had on deposit NZ$20,000 (approximately US$11,390 and US$12,486, respectively, after currency translation) securing a lease bond for one of its properties. The cash securing the bond is restricted from access or withdrawal so long as the bond remains in place.

Long Term Assets

Other long-term assets totaling $540,160 as of September 30, 2022 and $540,160 at June 30, 2022 consisted of:

(i)	$500,000 as of September 30, 2022 and  June 30, 2022 representing 10% equity investment in a registered investment adviser accounted for on a cost basis, minus impairment, which we believe approximates fair value, given the lack of observable price changes in orderly transactions. There was no impairment recorded for the three months ended September 30, 2022 or the year ended June 30, 2022;
(ii)	$40,160 as of September 30, 2022 and at June 30, 2022 representing lease deposits and prepayments.