FINANCIAL INFORMATION BY BUSINESS SEGMENT

6 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

FINANCIAL INFORMATION BY BUSINESS SEGMENT

FINANCIAL INFORMATIONBY BUSINESS SEGMENT

The Company operates principally in two business segments: providing investment management services to the funds it manages and investing for its own account in an effort to add growth and value to its cash position. The following schedule details total revenues and income by business segment:

	Investment Management Services			Corporate Investments		Consolidated
Six months ended December 31, 2013
Net operating revenues	$	5,791,745		$	—	$	5,791,745
Net other income	$	—		$	1,094,108	1,094,108
Income (loss) from continuing operations before income taxes	$	(2,540,968	)	$	1,094,108	(1,446,860		)
Loss from discontinued operations	$	(236,178	)	$	—	(236,178		)
Depreciation	$	128,230		$	—	$	128,230
Capital expenditures	$	—		$	—	$	—
Gross identifiable assets at December 31, 2013	$	9,940,610		$	26,692,640	$	36,633,250
Deferred tax asset						$	632,285
Consolidated total assets at December 31, 2013						$	37,265,535
Six months ended December 31, 2012
Net operating revenues	$	9,385,767		$	—	$	9,385,767
Net other income	$	—		$	361,638	361,638
Income from continuing operations before income taxes	$	117,971		$	361,638	479,609
Loss from discontinued operations	$	(55,987	)	$	—	(55,987		)
Depreciation	$	137,577		$	—	$	137,577
Capital expenditures	$	39,159		$	—	$	39,159
Three months ended December 31, 2013
Net operating revenues	$	2,739,744		$	—	$	2,739,744
Net other income	$	—		$	40,646	$	40,646
Income (loss) from continuing operations before income taxes	$	(1,464,732	)	$	40,646	$	(1,424,086	)
Loss from discontinued operations	$	(207,533	)	$	—	$	(207,533	)
Depreciation	$	63,777		$	—	$	63,777
Capital expenditures	$	—		$	—	$	—
Three months ended December 31, 2012
Net operating revenues	$	4,973,223		$	—	$	4,973,223
Net other income	$	—		$	160,987	$	160,987
Income from continuing operations before income taxes	$	162,055		$	160,987	$	323,042
Loss from discontinued operations	$	(11,747	)	$	—	$	(11,747	)
Depreciation	$	68,830		$	—	$	68,830
Capital expenditures	$	39,159		$	—	$	39,159