RELATED PARTY TRANSACTIONS

9 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7. 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 Investments revenues earned from related parties were $4.4 million and $5.0 million for the three months ended March 31, 2024 and 2023, respectively, and $14.5 million and $15.7 million for the nine months ended March 31, 2024 and 2023, respectively. Accounts receivable due from related parties were $1.5 million and $1.7 million as of March 31, 2024 and June 30, 2023, respectively. USCF Investments, from time to time, provides initial investments in the creation of ETP and ETF funds that USCF Advisers manages. Such investments included USG, ZSB, USE and ZSC, related party funds managed by USCF Advisers, and as of March 31, 2024 the investments totaled $1.3 million, $0.4 million, $3.2 million and $2.3 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 62% and 68% of the outstanding shares of these investments as of March 31, 2024 and June 30, 2023, respectively.

USCF Advisers is contractually obligated to pay license fees related to ZSB and ZSC intellectual property rights to an affiliated entity during the next two fiscal years totaling up to $0.8 million. For the three and nine months ended March 31, 2024, the license fee expenses incurred totaled $0.2 million and $0.3 million, respectively.