NOTE 15. FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company manages the following business segments:

1.	Investment management services, by which the Company offers, through USGIF, offshore clients, and ETF clients, a range of investment management products and services to meet the needs of individual and institutional investors;

2.	Investment management services - Canada, through which the Company owns a 65 percent controlling interest in Galileo, a privately held Toronto-based asset management firm which offers investment management products and services in Canada; and

Corporate investments, through which the Company invests for its own account in an effort to add growth and value to its cash position. Although the Company generates the majority of its revenues from its investment advisory segments, the Company holds a significant amount of its total assets in investments.

The following schedule details total revenues and income by business segment; certain amounts have been reclassified for comparative purposes:

(dollars in thousands)	Investment Management Services			Investment Management Services - Canada			Corporate Investments		Consolidated
Year ended June 30, 2017
Net operating revenues	$	5,663		$	1,100		$	-	$	6,763
Net other income	$	-		$	3		$	343	$	346
Income (loss) from continuing operations before income taxes	$	(763	)	$	(89	)	$	325	$	(527	)
Depreciation and amortization	$	238		$	15		$	-	$	253
Capital expenditures	$	-		$	-		$	-	$	-
Gross identifiable assets at June 30, 2017	$	5,893		$	1,531		$	18,096	$	25,520
Deferred tax asset									$	-
Consolidated total assets at June 30, 2017									$	25,520
Year ended June 30, 2016
Net operating revenues	$	4,341		$	1,164		$	-	$	5,505
Net other income	$	-		$	35		$	450	$	485
Income (loss) from continuing operations before income taxes	$	(4,018	)	$	(122	)	$	449	$	(3,691	)
Loss from discontinued operations	$	(18	)	$	-		$	-	$	(18	)
Depreciation and amortization	$	255		$	61		$	-	$	316
Capital expenditures	$	13		$	-		$	-	$	13
Year ended June 30, 2015
Net operating revenues	$	5,326		$	2,007		$	-	$	7,333
Net other income	$	-		$	102		$	332	$	434
Income (loss) from continuing operations before income taxes	$	(3,473	)	$	111		$	289	$	(3,073	)
Loss from discontinued operations	$	(81	)	$	-		$	-	$	(81	)
Depreciation and amortization	$	253		$	74		$	-	$	327
Capital expenditures	$	40		$	-		$	-	$	40

Net operating revenues from investment management services include revenues from USGIF of $5.2 million; $4.0 million; and $5.2 million in fiscal years 2017, 2016, and 2015, respectively. The loss from discontinued operations in investment management services includes revenues from USGIF of $608,000 and $2.0 million in fiscal years 2016 and 2015, respectively.

Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $866,000; $900,000; and $1.6 million in fiscal years 2017, 2016, and 2015, respectively, and other significant advisory clients of $220,000; $254,000; and $354,000 in fiscal years 2017, 2016, and 2015, respectively.