Note 13 - Financial Information by Business Segment

9 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE 13. 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, 2024
Net operating revenues	$	8,544		$	-		$	8,544
Net investment income (loss)	$	-		$	1,363		$	1,363
Other income (loss)	$	183		$	-		$	183
Income (loss) before income taxes	$	164		$	1,300		$	1,464
Depreciation	$	163		$	-		$	163
Gross identifiable assets at March 31, 2024	$	27,542		$	23,390		$	50,932
Deferred tax asset							$	1,840
Consolidated total assets at March 31, 2024							$	52,772
Nine Months Ended March 31, 2023
Net operating revenues	$	11,764		$	-		$	11,764
Net investment income (loss)	$	-		$	(189	)	$	(189	)
Other income (loss)	$	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
Three Months Ended March 31, 2024
Net operating revenues	$	2,593		$	-		$	2,593
Net investment income (loss)	$	-		$	460		$	460
Other income (loss)	$	68		$	-		$	68
Income (loss) before income taxes	$	(389	)	$	429		$	40
Depreciation	$	41		$	-		$	41
Three Months Ended March 31, 2023
Net operating revenues	$	3,624		$	-		$	3,624
Net investment income (loss)	$	-		$	1,155		$	1,155
Other income (loss)	$	61		$	-		$	61
Income (loss) before income taxes	$	815		$	1,131		$	1,946
Depreciation	$	61		$	-		$	61

Net operating revenues from investment management services includes operating revenues from ETF clients of $2.2 million and $7.4 million for the three and nine months ended March 31, 2024, respectively, and $3.1 million and $10.4 million for the three and nine months ended March 31, 2023, respectively. Net operating revenues from investment management services also include operating revenues from USGIF of $369,000 and $1.2 million for the three and nine months ended March 31, 2024, respectively, and $482,000 and $1.4 million for the three and nine months ended March 31, 2023, respectively.