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FINANCIAL INFORMATION BY BUSINESS SEGMENT
 9 Months Ended
Mar. 31, 2022
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 gross identifiable assets, total revenues, and income by business segment.

 

(dollars in thousands)

  

Investment Management Services

    

Corporate Investments

    

Consolidated

  

Nine months ended March 31, 2022

                        

Net operating revenues

   $ 19,270     $ -     $ 19,270  

Investment loss

   $ -     $ (1,950 )   $ (1,950 )

Loss from equity method investments

   $ -     $ (206 )   $ (206 )

Other income

   $ 174     $ -     $ 174  

Income (loss) before income taxes

   $ 8,750     $ (2,409 )   $ 6,341  

Depreciation and amortization

   $ 165     $ -     $ 165  

Gross identifiable assets at March 31, 2022

   $ 27,652     $ 34,863     $ 62,515  

Nine months ended March 31, 2021

                        

Net operating revenues

   $ 14,321     $ -     $ 14,321  

Investment income

   $ -     $ 30,124     $ 30,124  

Income from equity method investments

   $ -     $ 420     $ 420  

Gain on forgiveness of PPP loan

   $ 444     $ -     $ 444  

Other income

   $ 92     $ -     $ 92  

Income before income taxes

   $ 6,842     $ 28,542     $ 35,384  

Depreciation and amortization

   $ 147     $ -     $ 147  

Gross identifiable assets at March 31, 2021

   $ 11,530     $ 55,292     $ 66,822  

Three months ended March 31, 2022

                        

Net operating revenues

   $ 6,175     $ -     $ 6,175  

Investment loss

   $ -     $ (3,495 )   $ (3,495 )

Loss from equity method investments

   $ -     $ (173 )   $ (173 )

Other income

   $ 59     $ -     $ 59  

Income (loss) before income taxes

   $ 2,612     $ (3,704 )   $ (1,092 )

Depreciation and amortization

   $ 61     $ -     $ 61  

Three months ended March 31, 2021

                        

Net operating revenues

   $ 6,355     $ -     $ 6,355  

Investment income

   $ -     $ 8,424     $ 8,424  

Loss from equity method investments

   $ -     $ (64 )   $ (64 )

Other income

   $ 33     $ -     $ 33  

Income before income taxes

   $ 3,379     $ 8,306     $ 11,685  

Depreciation and amortization

   $ 49     $ -     $ 49  

 

Net operating revenues from investment management services includes operating revenues from USGIF of $803,000 and $3.1 million for the three and nine months ended March 31, 2022, respectively, and $1.2 million and $3.2 million for the three and nine months ended March 31, 2021, respectively. Net operating revenues from investment management services also include operating revenues from ETF clients of $5.4 million and $16.1 million for the three and nine months ended March 31, 2022, respectively, $5.2 million and $11.1 million for the three and nine months ended March 31, 2021, respectively.