FINANCIAL INFORMATION BY BUSINESS SEGMENT

3 Months Ended

Sep. 30, 2017

Segment Reporting Disclosure [Text Block]

NOTE 10. FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company operates principally in three business segments: providing investment management services to USGIF, offshore clients and ETF clients; investment management services in Canada; 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:

(dollars in thousands)	Investment Management Services			Investment Management Services - Canada			Corporate Investments		Consolidated
Three months ended September 30, 2017
Net operating revenues	$	1,272		$	218		$	-	$	1,490
Net other income	$	3		$	-		$	1,722	$	1,725
Income (loss) before income taxes	$	(398	)	$	(76	)	$	1,720	$	1,246
Depreciation and amortization	$	58		$	3		$	-	$	61
Capital expenditures	$	-		$	-		$	-	$	-
Gross identifiable assets at September 30, 2017	$	5,379		$	1,487		$	28,919	$	35,785
Deferred tax asset									$	-
Consolidated total assets at September 30, 2017									$	35,785
Three months ended September 30, 2016
Net operating revenues	$	1,682		$	299		$	-	$	1,981
Net other income	$	-		$	-		$	253	$	253
Income before income taxes	$	45		$	4		$	235	$	284
Depreciation and amortization	$	60		$	4		$	-	$	64
Capital expenditures	$	-		$	-		$	-	$	-

Net operating revenues from investment management services includes operating revenues from USGIF of $1.1 million and $1.6 million for the three months ended September 30, 2017, and 2016, respectively, and from ETF clients of $185,000 and $66,000 for the three months ended September 30, 2017, and 2016, respectively.

Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $214,000 and $225,000 for the three months ended September 30, 2017, and 2016, respectively, and from other significant advisory clients of $70,000 for the three months ended September 30, 2016.