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FINANCIAL INFORMATION BY BUSINESS SEGMENT

3 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 11. 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, 2018
Net operating revenues		$	1,044			$	179			$	-			$	1,223
Investment loss		$	-			$	(6	)		$	(901	)		$	(907	)
Loss from equity method investments		$	-			$	-			$	(7	)		$	(7	)
Other income		$	5			$	4			$	-			$	9
Loss before income taxes		$	(405	)		$	(237	)		$	(946	)		$	(1,588	)
Depreciation and amortization		$	56			$	2			$	-			$	58
Capital expenditures		$	-			$	-			$	-			$	-
Gross identifiable assets at September 30, 2018		$	6,368			$	1,647			$	18,843			$	26,858
Deferred tax asset														$	-
Consolidated total assets at September 30, 2018														$	26,858
Three months ended September 30, 2017
Net operating revenues		$	1,272			$	218			$	-			$	1,490
Investment income		$	-			$	-			$	209			$	209
Income from equity method investments		$	-			$	-			$	1,513			$	1,513
Other income		$	3			$	-			$	-			$	3
Income (loss) before income taxes		$	(398	)		$	(76	)		$	1,720			$	1,246
Depreciation and amortization		$	58			$	3			$	-			$	61
Capital expenditures		$	-			$	-			$	-			$	-

Net operating revenues from investment management services includes operating revenues from USGIF of $878,000 and $1.1 million, respectively, for the three months ended September 30, 2018, and 2017, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $166,000 and $185,000, respectively, for the three months ended September 30, 2018, and 2017, respectively.

Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $177,000 and $214,000 for the three months ended September 30, 2018, and 2017, respectively.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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