Note 12 - Financial Information by Business Segment

3 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 12. FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company operates principally in two business segments: 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 following schedule details gross identifiable assets, total revenues, and income by business segment.

(dollars in thousands)	Investment Management Services		Corporate Investments			Consolidated
Three Months Ended September 30, 2022 (As Restated)
Net operating revenues	$	4,412	$	-		$	4,412
Investment loss	$	-	$	(1,460	)	$	(1,460	)
Other income	$	61	$	-		$	61
Income (loss) before income taxes	$	1,661	$	(1,475	)	$	186
Depreciation	$	61	$	-		$	61
Gross identifiable assets at September 30, 2022	$	23,607	$	32,005		$	55,612
Deferred tax asset						$	1,373
Consolidated total assets at September 30, 2022						$	56,985
Three Months Ended September 30, 2021
Net operating revenues	$	6,521	$	-		$	6,521
Investment loss	$	-	$	(34	)	$	(34	)
Income from equity method investments	$	-	$	15		$	15
Other income	$	56	$	-		$	56
Income (loss) before income taxes	$	3,113	$	(209	)	$	2,904
Depreciation	$	48	$	-		$	48
Gross identifiable assets at September 30, 2021	$	21,204	$	40,713		$	61,917

Net operating revenues from investment management services includes operating revenues from USGIF of $499,000 and $1.2 million for the three months ended September 30, 2022, and 2021, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $3.9 million and $5.3 million for the three months ended September 30, 2022, and 2021, respectively.