NOTE 13. FINANCIAL INFORMATION BY BUSINESS SEGMENT

The Company operates principally in two business segments on a continuing operations basis: providing investment management services to USGIF and ETF clients; and investing for its own account in an effort to add growth and value to its cash position. The former segment of investment management services in Canada is discussed in Note 2, Discontinued Operations. The following schedule details total revenues and income for continuing operations by business segment:

(dollars in thousands)	Investment Management Services			Corporate Investments			Consolidated
Six months ended December 31, 2019
Net operating revenues	$	1,691		$	-		$	1,691
Investment loss	$	-		$	(3,481	)	$	(3,481	)
Loss from equity method investments	$	-		$	(55	)	$	(55	)
Other income	$	61		$	-		$	61
Loss from continuing operations before income taxes	$	(1,000	)	$	(3,654	)	$	(4,654	)
Depreciation and amortization	$	96		$	6		$	102
Gross identifiable assets at December 31, 2019	$	5,207		$	12,055		$	17,262
Total assets held related to discontinued operations							$	1,440
Deferred tax asset							$	110
Consolidated total assets at December 31, 2019							$	18,812
Six months ended December 31, 2018
Net operating revenues	$	1,837		$	-		$	1,837
Investment loss	$	-		$	(4,331	)	$	(4,331	)
Loss from equity method investments	$	-		$	(55	)	$	(55	)
Other income	$	19		$	-		$	19
Loss from continuing operations before income taxes	$	(1,211	)	$	(4,459	)	$	(5,670	)
Depreciation and amortization	$	110		$	-		$	110
Three months ended December 31, 2019
Net operating revenues	$	887		$	-		$	887
Investment loss	$	-		$	(451	)	$	(451	)
Loss from equity method investments	$	-		$	(28	)	$	(28	)
Other income	$	39		$	-		$	39
Loss from continuing operations before income taxes	$	(413	)	$	(538	)	$	(951	)
Depreciation and amortization	$	48		$	3		$	51
Three months ended December 31, 2018
Net operating revenues	$	793		$	-		$	793
Investment loss	$	-		$	(3,430	)	$	(3,430	)
Loss from equity method investments	$	-		$	(48	)	$	(48	)
Other income	$	15		$	-		$	15
Loss from continuing operations before income taxes	$	(805	)	$	(3,514	)	$	(4,319	)
Depreciation and amortization	$	55		$	-		$	55

Net operating revenues from investment management services includes operating revenues from USGIF of $754,000 and $1.4 million, respectively, for the three and six months ended December 31, 2019, and $640,000 and $1.5 million, respectively, for the three and six months ended December 31, 2018. Net operating revenues from investment management services also include operating revenues from ETF clients of $133,000 and $254,000, respectively, for the three and six months ended December 31, 2019, and $153,000 and $319,000, respectively, for the three and six months ended December 31, 2018.