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FINANCIAL INFORMATION BY BUSINESS SEGMENT
 6 Months Ended
Dec. 31, 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

  

Six months ended December 31, 2021

                        

Net operating revenues

   $ 13,095     $ -     $ 13,095  

Investment income

   $ -     $ 1,545     $ 1,545  

Loss from equity method investments

   $ -     $ (33 )   $ (33 )

Other income

   $ 115     $ -     $ 115  

Income before income taxes

   $ 6,138     $ 1,295     $ 7,433  

Depreciation and amortization

   $ 104     $ -     $ 104  

Gross identifiable assets at December 31, 2021

   $ 23,386     $ 40,805     $ 64,191  

Deferred tax asset

                   $ -  

Consolidated total assets at December 31, 2021

                   $ 64,191  

Six months ended December 31, 2020

                        

Net operating revenues

   $ 7,966     $ -     $ 7,966  

Investment income

   $ -     $ 21,700     $ 21,700  

Income from equity method investments

   $ -     $ 484     $ 484  

Gain on forgiveness of PPP loan

   $ 444     $ -     $ 444  

Other income

   $ 59     $ -     $ 59  

Income before income taxes

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

Depreciation and amortization

   $ 98     $ -     $ 98  

Three months ended December 31, 2021

                        

Net operating revenues

   $ 6,574     $ -     $ 6,574  

Investment income

   $ -     $ 1,579     $ 1,579  

Loss from equity method investments

   $ -     $ (48 )   $ (48 )

Other income

   $ 59     $ -     $ 59  

Income before income taxes

   $ 3,025     $ 1,504     $ 4,529  

Depreciation and amortization

   $ 56     $ -     $ 56  

Three months ended December 31, 2020

                        

Net operating revenues

   $ 4,721     $ -     $ 4,721  

Investment income

   $ -     $ 20,702     $ 20,702  

Income from equity method investments

   $ -     $ 463     $ 463  

Gain on forgiveness of PPP loan

   $ 444     $ -     $ 444  

Other income

   $ 41     $ -     $ 41  

Income before income taxes

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

Depreciation and amortization

   $ 49     $ -     $ 49  

 

Net operating revenues from investment management services includes operating revenues from USGIF of $1.1 million and $2.3 million for the three and six months ended December 31, 2021, respectively, and $1.0 million and $2.0 million for the three and six months ended December 31, 2020, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $5.5 million and $10.8 million, respectively, for the three and six months ended December 31, 2021, respectively, and $3.6 million and $5.9 million for the three and six months ended December 31, 2020, respectively.