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FINANCIAL INFORMATION BY BUSINESS SEGMENT (Tables)
 3 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
Schedule Details of Financial Information by Business Segment

The Company operates principally in two business segments: providing investment management services to the funds it manages and investing for its own account in an effort to add growth and value to its cash position. The following schedule details total revenues and income by business segment:

 

     Investment
Management
Services		     Corporate
Investments		      Consolidated  

Three months ended September 30, 2013

        

Net operating revenues

    $ 3,052,001      $ -       $ 3,052,001   
  

 

 

    

 

 

     

 

 

  

Net other income

    $ -      $ 1,053,462       $ 1,053,462   
  

 

 

    

 

 

     

 

 

  

Income (loss) from continuing operations before income taxes

    $ (1,076,236 )    $ 1,053,462       $ (22,774 ) 
  

 

 

    

 

 

     

 

 

  

Loss from discontinued operations

    $ (28,645 )    $ -       $ (28,645 ) 
  

 

 

    

 

 

     

 

 

  

Net income (loss)

    $ (1,090,680 )    $ 1,053,267       $ (37,413 ) 
  

 

 

    

 

 

     

 

 

  

Depreciation

    $ 64,452      $ -       $ 64,452   
  

 

 

    

 

 

     

 

 

  

Interest expense

    $ -      $ -       $ -   
  

 

 

    

 

 

     

 

 

  

Capital expenditures

    $ -      $ -       $ -   
  

 

 

    

 

 

     

 

 

  

Gross identifiable assets at September 30, 2013

    $ 23,862,044      $ 13,806,572       $ 37,668,616   
  

 

 

    

 

 

     

 

 

  

Deferred tax asset

         $ 668,352   
       

 

 

  

Consolidated total assets at September 30, 2013

         $ 38,336,968   
       

 

 

  

Three months ended September 30, 2012

        
       

 

 

  

Net operating revenues

    $ 4,412,542      $ -       $ 4,412,542   
  

 

 

    

 

 

     

 

 

  

Net other income

    $ -      $ 200,651       $ 200,651   
  

 

 

    

 

 

     

 

 

  

Income (loss) from continuing operations before income taxes

    $ (44,086 )    $ 200,651       $ 156,565   
  

 

 

    

 

 

     

 

 

  

Loss from discontinued operations

    $ (44,239 )    $ -       $ (44,239 ) 
  

 

 

    

 

 

     

 

 

  

Net income (loss)

    $ (150,810 )    $ 199,610       $ 48,800   
  

 

 

    

 

 

     

 

 

  

Depreciation

    $ 68,747      $ -       $ 68,747   
  

 

 

    

 

 

     

 

 

  

Interest expense

    $ -      $ -       $ -   
  

 

 

    

 

 

     

 

 

  

Capital expenditures

    $ -      $ -       $ -