Note 11 - Financial Information by Business Segment

6 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 11. 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
Six Months Ended December 31, 2022
Net operating revenues	$	8,140	$	-		$	8,140
Investment loss	$	-	$	(1,344	)	$	(1,344	)
Other income	$	123	$	-		$	123
Income (loss) before income taxes	$	2,646	$	(1,374	)	$	1,272
Depreciation	$	122	$	-		$	122
Gross identifiable assets at December 31, 2022	$	23,952	$	29,390		$	53,342
Deferred tax asset						$	1,609
Consolidated total assets at December 31, 2022						$	54,951
Six Months Ended December 31, 2021
Net operating revenues	$	13,095	$	-		$	13,095
Investment income	$	-	$	1,545		$	1,545
Loss from equity method investments	$	-	$	(33	)	$	(33	)
Other income	$	115	$	-		$	115
Income before income taxes	$	6,138	$	1,295		$	7,433
Depreciation	$	104	$	-		$	104
Gross identifiable assets at December 31, 2021	$	23,386	$	40,805		$	64,191
Three Months Ended December 31, 2022
Net operating revenues	$	3,728	$	-		$	3,728
Investment income	$	-	$	116		$	116
Other income	$	62	$	-		$	62
Income before income taxes	$	985	$	101		$	1,086
Depreciation	$	61	$	-		$	61
Three Months Ended December 31, 2021
Net operating revenues	$	6,574	$	-		$	6,574
Investment income	$	-	$	1,579		$	1,579
Loss from equity method investments	$	-	$	(48	)	$	(48	)
Other income	$	59	$	-		$	59
Income before income taxes	$	3,025	$	1,504		$	4,529
Depreciation	$	56	$	-		$	56

Net operating revenues from investment management services includes operating revenues from USGIF of $423,000 and $922,000 for the three and six months ended December 31, 2022, respectively, and $1.1 million and $2.3 million for the three and six months ended December 31, 2021, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $3.3 million and $7.2 million for the three and six months ended December 31, 2022, respectively, and $5.5 million and $10.8 million for the three and six months ended December 31, 2021, respectively.