NOTE 10. FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company operates principally in three business segments: providing investment management services to USGIF, offshore clients and ETF clients; investment management services in Canada; 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:

(dollars in thousands)	Investment Management Services			Investment Management Services - Canada			Corporate Investments			Consolidated
Nine months ended March 31, 2018
Net operating revenues	$	3,684		$	1,216		$	-		$	4,900
Net other income	$	14		$	12		$	2,531		$	2,557
Income (loss) before income taxes	$	(1,455	)	$	270		$	2,524		$	1,339
Depreciation and amortization	$	174		$	9		$	-		$	183
Capital expenditures	$	-		$	-		$	-		$	-
Gross identifiable assets at March 31, 2018	$	4,985		$	1,908		$	27,041		$	33,934
Deferred tax asset										$	-
Consolidated total assets at March 31, 2018										$	33,934
Nine months ended March 31, 2017
Net operating revenues	$	4,405		$	887		$	-		$	5,292
Net other income	$	-		$	-		$	663		$	663
Income (loss) before income taxes	$	(413	)	$	36		$	646		$	269
Depreciation and amortization	$	179		$	12		$	-		$	191
Capital expenditures	$	-		$	-		$	-		$	-
Three months ended March 31, 2018
Net operating revenues	$	1,171		$	246		$	-		$	1,417
Net other income (loss)	$	6		$	2		$	(651	)	$	(643	)
Income (loss) before income taxes	$	(1,856	)	$	(35	)	$	658		$	(1,233	)
Depreciation and amortization	$	58		$	3		$	-		$	61
Capital expenditures	$	-		$	-		$	-		$	-
Three months ended March 31, 2017
Net operating revenues	$	1,384		$	285		$	-		$	1,669
Net other income	$	-		$	-		$	161		$	161
Income (loss) before income taxes	$	(190	)	$	6		$	154		$	(30	)
Depreciation and amortization	$	60		$	4		$	-		$	64
Capital expenditures	$	-		$	-		$	-		$	-

Net operating revenues from investment management services includes operating revenues from USGIF of $1.0 million and $3.1 million, respectively, for the three and nine months ended March 31, 2018, and $1.3 million and $4.1 million, respectively, for the three and nine months ended March 31, 2017. Net operating revenues from investment management services also include operating revenues from ETF clients of $165,000 and $534,000, respectively, for the three and nine months ended March 31, 2018, and $98,000 and $239,000, respectively, for the three and nine months ended March 31, 2017.

Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $243,000 and $1.2 million, respectively, for the three and nine months ended March 31, 2018, and $215,000 and $663,000, respectively, for the three and nine months ended March 31, 2017, and from other significant advisory clients of $66,000 and $214,000, respectively, for the three and nine months ended March 31, 2017.