RELATED PARTY TRANSACTIONS

3 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 10. RELATED PARTY TRANSACTIONS

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 The Funds managed by USCF and USCF Advisers are deemed by management to be related parties. The Company’s USCF Investments revenues, totaling $5.0 million and $5.4 million for the three months ended September 30, 2023 and 2022, respectively, were earned from these related parties. Accounts receivable, totaling $1.7 million and $1.7 million as of September 30, 2023 and June 30, 2023, respectively, were owed from the Funds that are related parties. Fund expense waivers, totaling $0.1 million and fund expense limitation amounts, totaling $0.1 million, for each of the three months ended September 30, 2023 and 2022, were incurred on behalf of these related parties. Waivers payable, totaling $0.1 million and $0.1 million as of September 30, 2023 and June 30, 2023, 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, ZSB, USE and ZSC (launched in August 2023), related party funds managed by USCF Advisers, and as of September 30, 2023 the investments totaled $1.2 million, $0.5 million, $3.2 million and $2.7 million, respectively. As of June 30, 2023 the investments totaled $1.3 million, $1.9 million, $2.6 million and $0, respectively. The Company owns approximately 62% and 68% of the outstanding shares of these investments as of September 30, 2023 and June 30, 2023, respectively.