Note 11 - Financial Information by Business Segment

9 Months Ended

Mar. 31, 2023

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
Nine Months Ended March 31, 2023
Net operating revenues	$	11,764	$	-		$	11,764
Investment loss	$	-	$	(189	)	$	(189	)
Other income	$	184	$	-		$	184
Income (loss) before income taxes	$	3,461	$	(243	)	$	3,218
Depreciation	$	183	$	-		$	183
Gross identifiable assets at March 31, 2023	$	25,056	$	29,030		$	54,086
Deferred tax asset						$	1,659
Consolidated total assets at March 31, 2023						$	55,745
Nine Months Ended March 31, 2022
Net operating revenues	$	19,270	$	-		$	19,270
Investment loss	$	-	$	(1,950	)	$	(1,950	)
Loss from equity method investments	$	-	$	(206	)	$	(206	)
Other income	$	174	$	-		$	174
Income (loss) before income taxes	$	8,750	$	(2,409	)	$	6,341
Depreciation	$	165	$	-		$	165
Gross identifiable assets at March 31, 2022	$	27,652	$	34,863		$	62,515
Three Months Ended March 31, 2023
Net operating revenues	$	3,624	$	-		$	3,624
Investment income	$	-	$	1,155		$	1,155
Other income	$	61	$	-		$	61
Income before income taxes	$	815	$	1,131		$	1,946
Depreciation	$	61	$	-		$	61
Three Months Ended March 31, 2022
Net operating revenues	$	6,175	$	-		$	6,175
Investment loss	$	-	$	(3,495	)	$	(3,495	)
Loss from equity method investments	$	-	$	(173	)	$	(173	)
Other income	$	59	$	-		$	59
Income (loss) before income taxes	$	2,612	$	(3,704	)	$	(1,092	)
Depreciation	$	61	$	-		$	61

Net operating revenues from investment management services includes operating revenues from USGIF of $482,000 and $1.4 million for the three and nine months ended March 31, 2023, respectively, and $803,000 and $3.1 million for the three and nine months ended March 31, 2022, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $3.1 million and $10.4 million for the three and nine months ended March 31, 2023, respectively, and $5.4 million and $16.1 million for the three and nine months ended March 31, 2022, respectively.