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INVESTMENT MANAGEMENT AND OTHER FEES | 12 Months Ended
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Jun. 30, 2019
Investment Management and Other Fees [Abstract] |
Investment Management and Other Fees [Text Block] | NOTE 4. INVE STMENT MANAGEMENT AND OTHER FEES The following table presents operating revenues disaggregated by performance obligation:
|  | Year Ended June 30, |
(dollars in thousands) |  | 2019 |  |  | 2018 |
USGIF advisory fees |  | $ | 3,230 |  |  | $ | 4,424 |
USGIF performance fees paid |  |  | (544 | ) |  |  | (539 | )
ETF advisory fees |  |  | 588 |  |  |  | 701 |
Offshore advisory fees |  |  | - |  |  |  | 3 |
USGIF administrative services fees |  |  | 185 |  |  |  | 248 |
Subtotal investment management services fees |  |  | 3,459 |  |  |  | 4,837 |
Galileo advisory fees |  |  | 537 |  |  |  | 960 |
Galileo performance fees |  |  | 921 |  |  |  | 464 |
Subtotal investment management services fees - Canada |  |  | 1,458 |  |  |  | 1,424 |
Total Operating Revenue |  | $ | 4,917 |  |  | $ | 6,261 |
The Company generates a majority of all of its operating revenues from managing and servicing USGIF. The Company serves as investment adviser to USGIF and receives a fee based on a specified percentage of net assets under management. The advisory agreement for the equity funds within USGIF provides for a base advisory fee that is adjusted upwards or downwards by 0.25 percent if there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months. The Company has agreed to contractually limit the expenses of the Near-Term Tax Free Fund through April 2020. The Company has voluntarily waived or reduced its fees and/or agreed to pay expenses on the remaining USGIF funds. These caps will continue on a voluntary basis at the Company’s discretion. The aggregate fees waived and expenses borne by the Company for USGIF were $732,000 and $637,000 for the years ended June 30, 2019, and 2018, respectively. USGIF revenue included on the Consolidated Statements of Operations is net of fee waivers. Management cannot predict the impact of future waivers due to the number of variables and the range of potential outcomes. The Company receives administrative service fees from USGIF based on the average daily net assets at an annual rate of 0.05 percent per investor class and 0.04 percent per institutional class of each fund. The Company also serves as investment advisor to two exchange-traded funds (ETFs). The U.S. Global Jets ETF (ticker JETS) commenced operations in April 2015, and U.S. Global GO GOLD and Precious Metal Miners ETF (ticker GOAU) commenced operations in June 2017. The Company receives a unitary management fee of 0.60 percent of average net assets and has agreed to bear all expenses of the ETFs. Galileo provides advisory services for clients in Canada and receives advisory fees based on the net asset values of the clients. Galileo may also receive performance fees from certain clients when market appreciation or realized net gains exceeds established benchmarks. The majority of the performance fees recorded in the current fiscal year are annual performance fees calculated at calendar year-end. Due to changes in funds managed and new agreements in the second quarter of fiscal year 2019, these fees will be recognized on a quarterly basis going forward. Galileo may, at its discretion, waive and absorb some of its clients’ operating expenses. The amount of expenses waived and absorbed was $343,000 and $88,000 for the years ended June 30, 2019, and 2018, respectively. In September 2017, Galileo launched its first ETF, U.S. Global GO GOLD and Precious Metal Miners ETF (Canadian ticker GOGO), on the Toronto Stock Exchange; however, the ETF did not gain a profitable level of assets and will be liquidated in September 2019. Galileo also started accepting purchases in its Partners Fund, a unit trust investment fund, in June 2017 and launched its Technology and Blockchain Fund, also a unit trust investment fund, in November 2017. The Partners Fund and the Technology and Blockchain Fund were merged and reorganized into the Technology and Blockchain LP in November 2018. As of June 30, 2019, the Company had $371,000 in receivables from fund clients, of which $159,000 was from USGIF, $170,000 from Galileo clients and $42,000 from ETFs. As of June 30, 2018, the Company had $419,000 in receivables from fund clients, of which $321,000 was from USGIF, $44,000 from Galileo clients and $54,000 from ETFs.

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