Note 12 - Financial Information by Business Segment

3 Months Ended

Sep. 30, 2023

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, 2023
Net operating revenues	$	3,133	$	-		$	3,133
Net investment loss	$	-	$	(513	)	$	(513	)
Other income	$	57	$	-		$	57
Income (loss) before income taxes	$	288	$	(529	)	$	(241	)
Depreciation	$	61	$	-		$	61
Gross identifiable assets at September 30, 2023	$	26,954	$	24,851		$	51,805
Deferred tax asset						$	2,287
Consolidated total assets at September 30, 2023						$	54,092
Three Months Ended September 30, 2022
Net operating revenues	$	4,412	$	-		$	4,412
Net 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

Net operating revenues from investment management services includes operating revenues from ETF clients of $2.7 million and $3.9 million for the three months ended September 30, 2023, and 2022, respectively. Net operating revenues from investment management services also include operating revenues from USGIF of $424,000 and $499,000 for the three months ended September 30, 2023, and 2022, respectively.