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
Six months ended December 31, 2018
Net operating revenues	$	1,837		$	1,185	$	-		$	3,022
Investment income (loss)	$	-		$	29	$	(4,331	)	$	(4,302	)
Loss from equity method investments	$	-		$	-	$	(55	)	$	(55	)
Other income	$	19		$	7	$	-		$	26
Income (loss) before income taxes	$	(1,211	)	$	334	$	(4,459	)	$	(5,336	)
Depreciation and amortization	$	110		$	5	$	-		$	115
Capital expenditures	$	-		$	-	$	-		$	-
Gross identifiable assets at December 31, 2018	$	5,598		$	2,329	$	15,256		$	23,183
Deferred tax asset									$	38
Consolidated total assets at December 31, 2018									$	23,221
Six months ended December 31, 2017
Net operating revenues	$	2,514		$	969	$	-		$	3,483
Investment income (loss)	$	-		$	-	$	452		$	452
Income from equity method investments	$	-		$	-	$	2,731		$	2,731
Other income	$	7		$	10	$	-		$	17
Income (loss) before income taxes	$	(915	)	$	305	$	3,182		$	2,572
Depreciation and amortization	$	116		$	6	$	-		$	122
Capital expenditures	$	-		$	-	$	-		$	-
Three months ended December 31, 2018
Net operating revenues	$	793		$	1,006	$	-		$	1,799
Investment income (loss)	$	-		$	35	$	(3,430	)	$	(3,395	)
Loss from equity method investments	$	-		$	-	$	(48	)	$	(48	)
Other income	$	15		$	2	$	-		$	17
Income (loss) before income taxes	$	(805	)	$	571	$	(3,514	)	$	(3,748	)
Depreciation and amortization	$	55		$	2	$	-		$	57
Capital expenditures	$	-		$	-	$	-		$	-
Three months ended December 31, 2017
Net operating revenues	$	1,242		$	751	$	-		$	1,993
Investment income	$	-		$	-	$	243		$	243
Income from equity method investments	$	-		$	-	$	1,218		$	1,218
Other income	$	4		$	10	$	-		$	14
Income (loss) before income taxes	$	(515	)	$	381	$	1,460		$	1,326
Depreciation and amortization	$	58		$	3	$	-		$	61
Capital expenditures	$	-		$	-	$	-		$	-

Net operating revenues from investment management services includes operating revenues from USGIF of $640,000 and $1.5 million, respectively, for the three and six months ended December 31, 2018, and $1.0 million and $2.1 million, respectively, for the three and six months ended December 31, 2017. Net operating revenues from investment management services also include operating revenues from ETF clients of $153,000 and $319,000, respectively, for the three and six months ended December 31, 2018, and $184,000 and $369,000, respectively, for the three and six months ended December 31, 2017.

Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $1.0 million and $1.2 million, respectively, for the three and six months ended December 31, 2018, and $747,000 and $961,000, respectively, for the three and six months ended December 31, 2017.