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FINANCIAL INFORMATION BY BUSINESS SEGMENT
 6 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 12. 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, 2020

                        

Net operating revenues

   $ 8,410     $ -     $ 8,410  

Investment income

   $ -     $ 21,700     $ 21,700  

Income from equity method investments

   $ -     $ 484     $ 484  

Other income

   $ 59     $ -     $ 59  

Income from continuing operations before income taxes

   $ 3,463     $ 20,236     $ 23,699  

Depreciation and amortization

   $ 98     $ -     $ 98  

Gross identifiable assets at December 31, 2020

   $ 8,130     $ 34,081     $ 42,211  

Deferred tax asset

                   $ -  

Consolidated total assets at December 31, 2020

                   $ 42,211  

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  

Three months ended December 31, 2020

                        

Net operating revenues

   $ 5,165     $ -     $ 5,165  

Investment income

   $ -     $ 20,702     $ 20,702  

Income from equity method investments

   $ -     $ 463     $ 463  

Other income

   $ 41     $ -     $ 41  

Income from continuing operations before income taxes

   $ 2,461     $ 19,264     $ 21,725  

Depreciation and amortization

   $ 49     $ -     $ 49  

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  

Net operating revenues from investment management services includes operating revenues from USGIF of $1.0 million and $2.0 million for the three and six months ended December 31, 2020, respectively, and $754,000 and $1.4 million for the three and six months ended December 31, 2019, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $3.6 million and $5.9 million for the three and six months ended December 31, 2020, respectively, and $133,000 and 254,000 for the three and six months ended December 31, 2019, respectively.