NOTE 13. FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company operates principally in two business segments on a continuing operations basis: providing investment management services to USGIF and ETF clients; and investing for its own account in an effort to add growth and value to its cash position. The former segment of investment management services in Canada is discussed in Note 2, Discontinued Operations. The following schedule details total revenues and income for continuing operations by business segment:

(dollars in thousands)	Investment Management Services			Corporate Investments			Consolidated
Nine months ended March 31, 2020
Net operating revenues	$	2,605		$	-		$	2,605
Investment loss	$	-		$	(3,922	)	$	(3,922	)
Loss from equity method investments	$	-		$	(146	)	$	(146	)
Other income	$	90		$	-		$	90
Loss from continuing operations before income taxes	$	(1,884	)	$	(4,252	)	$	(6,136	)
Depreciation and amortization	$	143		$	9		$	152
Gross identifiable assets at March 31, 2020	$	5,240		$	11,479		$	16,719
Total assets held related to discontinued operations							$	-
Deferred tax asset							$	-
Consolidated total assets at March 31, 2020							$	16,719
Nine months ended March 31, 2019
Net operating revenues	$	2,694		$	-		$	2,694
Investment loss	$	-		$	(2,231	)	$	(2,231	)
Loss from equity method investments	$	-		$	(52	)	$	(52	)
Other income	$	27		$	-		$	27
Loss from continuing operations before income taxes	$	(1,837	)	$	(2,395	)	$	(4,232	)
Depreciation and amortization	$	164		$	-		$	164
Three months ended March 31, 2020
Net operating revenues	$	914		$	-		$	914
Investment loss	$	-		$	(441	)	$	(441	)
Loss from equity method investments	$	-		$	(91	)	$	(91	)
Other income	$	29		$	-		$	29
Loss from continuing operations before income taxes	$	(883	)	$	(599	)	$	(1,482	)
Depreciation and amortization	$	47		$	3		$	50
Three months ended March 31, 2019
Net operating revenues	$	857		$	-		$	857
Investment income	$	-		$	2,100		$	2,100
Income from equity method investments	$	-		$	3		$	3
Other income	$	7		$	-		$	7
Income (loss) from continuing operations before income taxes	$	(626	)	$	2,064		$	1,438
Depreciation and amortization	$	54		$	-		$	54

Net operating revenues from investment management services includes operating revenues from USGIF of $713,000 and $2.2 million, respectively, for the three and nine months ended March 31, 2020, and $720,000 and $2.2 million, respectively, for the three and nine months ended March 31, 2019. Net operating revenues from investment management services also include operating revenues from ETF clients of $201,000 and $455,000, respectively, for the three and nine months ended March 31, 2020, and $137,000 and $456,000, respectively, for the three and nine months ended March 31, 2019.