Note 10 - Related Party Transactions

3 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 10. RELATED PARTY TRANSACTIONS

Notes Payable - Related Parties

Notes payable totaling $600,000 in principal plus $144,000 in accrued interest were repaid to two shareholders as of June 30, 2022, and the Company currently has no notes payable outstanding to related parties. Interest expense for all related party notes for the three months ended September 30, 2022 and 2021 was $0 and $6,120, respectively.

USCF Investments - Related Party Transactions

The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company’s USCF Investments revenues, totaling $5.4 million and $5.7 million for the three month periods ended September 30, 2022 and 2021, respectively, were earned from these related parties. Accounts receivable, totaling $1.7 million and $2.2 million as of September 30, 2022 and June 30, 2022, respectively, were owed from the Funds that are related parties. Fund expense waivers, totaling $70 thousand and $38 thousand for the three month periods ended September 30, 2022 and September 30, 2021, respectively, were incurred on behalf of these related parties. Waivers payable, totaling $141 thousand and $70 thousand as of September 30, 2022 and June 30, 2022, 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. USCF Investments, from time to time, provides initial investments in the creation of ETP and ETF funds that USCF manages. Such investments included GLDX, a related party fund managed by USCF Advisers, and as of September 30, 2022 and June 30, 2022, the investment total was $1.2 million and $1.3 million, respectively. The Company owns approximately 40% of the outstanding shares of this investment as of September 30, 2022 and June 30, 2022, respectively, which are included in "other equities" in Note 7.