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INVESTMENTS
12 Months Ended
Jun. 30, 2024
Investments, All Other Investments [Abstract]  
INVESTMENTS

NOTE 5. 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 Operations. As of June 30, 2024 and 2023, the Company invested a total of $7.5 million and $5.8 million, respectively, of funds managed by USCF Advisers which are related parties and 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 these funds, the Company also invests in marketable securities. The Company recognized unrealized gains (losses) of $0.1 million and ($0.1 million) for the years ended June 30, 2024 and 2023, respectively.

 

All of the Company’s short-term investments are classified as Level 1 assets as of June 30, 2024 and 2023. Investments measured at estimated fair value consist of the following as of June 30, 2024 and 2023 (in thousands):

 

   June 30, 2024 
   Cost  Gross Unrealized Gains   Gross Unrealized Losses   Estimated Fair Value 
Money market funds  $1,788    $-    $-   $1,788 
Other short-term investments   

295

     

1

    

-

    

296

 
Other equities - related parties   

7,394

     

73

                

7,467

 
Total short-term investments  $

9,477

    $

74

   $

-

   $

9,551

 

 

 

   June 30, 2023 
   Cost   Gross Unrealized Gains   Gross Unrealized Losses   Estimated Fair Value 
Money market funds  $3,402   $-   $-   $3,402 
Other short-term investments   280    -    (2)   278 
Short-term treasury bills   1,952    17    -    1,969 
Other equities - related parties   5,972    88    (229)   5,831 
Total short-term investments  $11,607   $105   $(231)  $11,481 

 

During the years ended June 30, 2024 and 2023, there were no transfers between Level 1 and Level 2.