Note 7 - Other Assets

12 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Other Assets Disclosure [Text Block]

NOTE 7. OTHER ASSETS

Other Current Assets

Other current assets totaling $904,153 as of June 30, 2023 and $699,547 as of June 30, 2022 are comprised of various components as listed below.

	As of June 30, 2023		As of June 30, 2022
Prepaid expenses	$	889,128	$	630,285
Other current assets		15,025		69,262
Total	$	904,153	$	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 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 June 30, 2023 and June 30 2022, the Company owned $1.3 million and $1.3 million, respectively, of the USCF Gold Strategy Plus Income Fund ("GLDX"), $1.9 million of the USCF Sustainable Battery Metals Strategy Fund ("ZSB") as of June 30, 2023, launched in January 2023 and $2.6 million of the USCF Energy Commodity Strategy Absolute Return Fund ("USE") as of June 30, 2023, launched in May 2023. These three funds are related parties managed by USCF Advisers, which are 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. In addition to the holdings in GLDX, ZSB and USE, the Company also invests in marketable securities. The Company recognized unrealized (losses) gains of ($126) thousand and $33 thousand  for years ended June 30, 2023 and June 30, 2022, respectively. As of June 30, 2023 and 2022, the aggregate of such investments were approximately $11.5 million and $5.1 million, respectively.

All of the Company's short-term investments are classified as Level 1 assets as of June 30, 2023 and June 30, 2022. Investments measured at estimated fair value consist of the following as of June 30, 2023 and June 30, 2022:

	June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	3,402,472	$	-	$	-		$	3,402,472
Other short-term investments		280,401		-		(1,653	)		278,748
Short-term treasury bills		1,952,010		16,950		-			1,968,960
Other equities - related parties		5,971,926		88,345		(229,470	)		5,830,801
Total short-term investments	$	11,606,809	$	105,295	$	(231,123	)	$	11,480,981

	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 - related parties		1,246,926		32,697		-			1,279,623
Total short-term investments	$	5,039,309	$	32,697	$	(6,075	)	$	5,065,931

During the years ended June 30, 2023 and 2022, there were no transfers between Level 1 and Level 2.

Restricted Cash

At June 30, 2023 and 2022, Gourmet Foods had on deposit approximately NZ$20,000 (approximately US$12,209 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.

At June 30, 2023, Marygold UK had on deposit £327,694 (approximately US$413,560) securing a deferred purchase price payment due on December 31, 2023 to the seller of Tiger. At June 30, 2022 the amount on deposit was £823,768 (approximately US$1,000,793 translated as of June 30, 2022). The cash deposit is restricted by covenant from access or withdrawal prior to payment of the remaining deferred purchase price.

Long - Term Assets

Other long-term assets totaling $552,160 at June 30, 2023 and $540,160 at June 30, 2022, were attributed to USCF Investments and Original Sprout and consisted of

(i)	$500,000 as of June 30, 2023 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 years ended June 30, 2023 and June 30, 2022;
(ii)	and $52,160 as of June 30, 2023 and $40,160 at June 30, 2022 representing deposits and prepayments of rent.