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FINANCIAL INFORMATION BY BUSINESS SEGMENT
 3 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 11. FINANCIAL INFORMATION BY BUSINESS SEGMENT

 

The Company operates principally in two business segments: 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 following schedule details total revenues and income by business segment:

 

(dollars in thousands)

  

Investment Management Services

    

Corporate Investments

    

Consolidated

  

Three months ended September 30, 2021

                        

Net operating revenues

   $ 6,521     $ -     $ 6,521  

Investment loss

   $ -     $ (34 )   $ (34 )

Income from equity method investments

   $ -     $ 15     $ 15  

Other income

   $ 56     $ -     $ 56  

Income (loss) before income taxes

   $ 3,113     $ (209 )   $ 2,904  

Depreciation and amortization

   $ 48     $ -     $ 48  

Gross identifiable assets at September 30, 2021

   $ 21,204     $ 40,713     $ 61,917  

Deferred tax asset

                   $ -  

Consolidated total assets at September 30, 2021

                   $ 61,917  

Three months ended September 30, 2020

                        

Net operating revenues

   $ 3,245     $ -     $ 3,245  

Investment income

   $ -     $ 998     $ 998  

Income from equity method investments

   $ -     $ 21     $ 21  

Other income

   $ 18     $ -     $ 18  

Income before income taxes

   $ 1,002     $ 972     $ 1,974  

Depreciation and amortization

   $ 49     $ -     $ 49  

 

Net operating revenues from investment management services includes operating revenues from USGIF of $1.2 million and $955,000 for the three months ended September 30, 2021, and 2020, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $5.3 million and $2.3 million, respectively, for the three months ended September 30, 2021, and 2020, respectively.