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Note 16 - Financial Information by Business Segment
 12 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

 

NOTE 16. FINANCIAL INFORMATION BY BUSINESS SEGMENT

 

The Company manages the following business segments:

 

1.

Investment management services, by which the Company offers, to USGIF and ETF clients, a range of investment management products and services to meet the needs of individual and institutional investors; and

 

2.

Corporate investments, through which the Company invests for its own account in an effort to add growth and value to its cash position

 

These segments are managed separately. The Company’s segment information is prepared on the same basis that management uses to review the financial information for operational and investment decision-making purposes. The Company's chief operating and investment decision maker, the Chief Executive Officer, evaluates the performance of the Company’s Corporate Investments segment separately from the Investment Management Services segment based on net investment income (loss), and the Corporate Investments segment does not include any allocated company expenses. All segment accounting policies are the same as those described in the summary of significant accounting policies.

 

The following schedule details total revenues and income by business segment:

 

  

Investment

         
  

Management

  

Corporate

     

(dollars in thousands)

 

Services

  

Investments

  

Consolidated

 

Year Ended June 30, 2024

            

Operating revenues

 $10,984  $-  $10,984 

Net investment income (loss)

 $-  $2,144  $2,144 

Other income (loss)

 $251  $-  $251 

Income (loss) before income taxes

 $(130) $2,045  $1,915 

Depreciation

 $196  $-  $196 

Gross identifiable assets at June 30, 2024

 $27,494  $22,636  $50,130 

Deferred tax asset

         $1,833 

Consolidated total assets at June 30, 2024

         $51,963 

Year Ended June 30, 2023

            

Operating revenues

 $15,074  $-  $15,074 

Net investment income (loss)

 $-  $316  $316 

Other income (loss)

 $242  $-  $242 

Income (loss) before income taxes

 $3,868  $215  $4,083 

Depreciation

 $243  $-  $243 

Gross identifiable assets at June 30, 2023

 $25,918  $27,835  $53,753 

Deferred tax asset

         $1,920 

Consolidated total assets at June 30, 2023

         $55,673 

 

Net operating revenues from investment management services include revenues from ETF clients of $9.4 million and $13.2 million in fiscal years 2024 and 2023, respectively. Net operating revenues from investment management services also include revenues from USGIF of $1.6 million and $1.9 million in fiscal years 2024 and 2023, respectively.