Note 10 - Related Party Transactions

12 Months Ended

Jun. 30, 2023

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 years ended June 30, 2023 and 2022 was $0 and $19,798, respectively. Total accrued interest due related parties was $0 as of June 30, 2023 and 2022.

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 $20.9 million and $23.8 million for the years ended June 30, 2023 and 2022, respectively, were earned from these related parties. Accounts receivable, totaling $1.7 million and $2.2 million as of June 30, 2023 and June 30, 2022, respectively, were owed from the Funds that are related parties. Fund expense waivers, totaling $0.2 million and $0.1 million and fund expense limitation amounts, totaling $0.1 million, for each of the years ended June 30, 2023 and 2022, were incurred on behalf of these related parties. Waivers payable, totaling $0.1 million and $0.1 million as of June 30, 2023 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 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, ZSB and USE, related party funds managed by USCF Advisers, and as of June 30, 2023 the investments totaled $1.3 million, $1.9 million and $2.6 million, respectively. As of June 30, 2022 the investments totaled $1.3 million, $0 and $0, respectively. The Company owns approximately 68% and 40% of the outstanding shares of these investments as of June 30, 2023 and June 30, 2022, respectively.