FINANCIAL INFORMATION BY BUSINESS SEGMENT

12 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 16. FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company manages the following business segments on a continuing operations basis:

1. Investment management services, by which the Company offers, to USGIF and ETF clients, a range of investment management products and services to meet the needs of individual and institutional investors; and

2. Corporate investments, through which the Company invests 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			Corporate Investments			Consolidated
Year ended June 30, 2021
Net operating revenues	$	21,654		$	-		$	21,654
Investment income	$	-		$	28,338		$	28,338
Income from equity method investments	$	-		$	347		$	347
Gain on forgiveness of PPP loan	$	444		$	-		$	444
Other income	$	144		$	-		$	144
Income from continuing operations before income taxes	$	10,866		$	26,572		$	37,438
Depreciation and amortization	$	196		$	-		$	196
Gross identifiable assets at June 30, 2021	$	17,522		$	44,755		$	62,277
Deferred tax asset							$	-
Consolidated total assets at June 30, 2021							$	62,277
Year ended June 30, 2020
Net operating revenues	$	4,476		$	-		$	4,476
Investment loss	$	-		$	(2,211	)	$	(2,211	)
Loss from equity method investments	$	-		$	(142	)	$	(142	)
Other income	$	117		$	-		$	117
Loss from continuing operations before income taxes	$	(2,071	)	$	(2,568	)	$	(4,639	)
Depreciation and amortization	$	202		$	-		$	202

Net operating revenues from investment management services include revenues from USGIF of $4.5 million and $2.7 million in fiscal years 2021 and 2020, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $17.1 million and $1.7 million in fiscal years 2021 and 2020, respectively.