Note 12 - Financial Information by Business Segment

6 Months Ended

Dec. 31, 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
Six Months Ended December 31, 2023
Net operating revenues	$	5,951	$	-		$	5,951
Net investment income (loss)	$	-	$	903		$	903
Other income (loss)	$	115	$	-		$	115
Income (loss) before income taxes	$	553	$	871		$	1,424
Depreciation	$	123	$	-		$	123
Gross identifiable assets at December 31, 2023	$	27,417	$	24,085		$	51,502
Deferred tax asset						$	2,130
Consolidated total assets at December 31, 2023						$	53,632
Six Months Ended December 31, 2022
Net operating revenues	$	8,140	$	-		$	8,140
Net investment income (loss)	$	-	$	(1,344	)	$	(1,344	)
Other income (loss)	$	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
Three Months Ended December 31, 2023
Net operating revenues	$	2,818	$	-		$	2,818
Net investment income (loss)	$	-	$	1,416		$	1,416
Other income (loss)	$	57	$	-		$	57
Income (loss) before income taxes	$	266	$	1,399		$	1,665
Depreciation	$	62	$	-		$	62
Three Months Ended December 31, 2022
Net operating revenues	$	3,728	$	-		$	3,728
Net investment income (loss)	$	-	$	116		$	116
Other income (loss)	$	62	$	-		$	62
Income (loss) before income taxes	$	985	$	101		$	1,086
Depreciation	$	61	$	-		$	61

Net operating revenues from investment management services includes operating revenues from ETF clients of $2.5 million and $5.2 million for the three and six months ended December 31, 2023, respectively, and $3.3 million and $7.2 million for the three and six months ended December 31, 2022, respectively. Net operating revenues from investment management services also include operating revenues from USGIF of $356,000 and $780,000 for the three and six months ended December 31, 2023, respectively, and $423,000 and $922,000 for the three and six months ended December 31, 2022, respectively.