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Note 15 - Financial Information by Business Segment
 12 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

 

NOTE 15. 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. All segment accounting policies are the same as those described in the summary of significant accounting policies.

 

The Company's Chief Executive Officer, serving as the Chief Operating Decision Maker ("CODM"), 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 significant expenses are disclosed on the Consolidated Statements of Operations. The CODM evaluates the performance of the Company’s Investment Management Services segment based on operating income (loss) before depreciation, interest, and income taxes.

 

The following schedule details total revenues, income, and gross identifiable assets by business segment:

 

  

Investment

         
  

Management

  

Corporate

     

(dollars in thousands)

 

Services

  

Investments

  

Consolidated

 

Year Ended June 30, 2025

            

Operating revenues

 $8,452  $-  $8,452 

Net investment income (loss)

 $-  $2,393  $2,393 

Other income (loss)

 $331  $-  $331 

Income (loss) before income taxes

 $(2,655) $2,393  $(262)

Operating income (loss)

 $(2,986) $-  $(2,986)

Add back: Depreciation

 $61  $-  $61 

Add back: Interest

 $1  $-  $1 

Operating income (loss), as adjusted

 $(2,924) $-  $(2,924)
             

Gross identifiable assets at June 30, 2025

 $26,134  $20,662  $46,796 

Deferred tax asset

         $1,268 

Consolidated total assets at June 30, 2025

         $48,064 
             

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

 $(229) $2,144  $1,915 

Operating income (loss)

 $(480) $-  $(480)

Add back: Depreciation

 $196  $-  $196 

Add back: Interest

 $3  $-  $3 

Operating income (loss), as adjusted

 $(281) $-  $(281)
             

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 

 

Operating revenues from investment management services include revenues from ETF clients of $6.6 million and $9.4 million in fiscal years 2025 and 2024, respectively. Operating revenues from investment management services also include revenues from USGIF of $1.8 million and $1.6 million in fiscal years 2025 and 2024, respectively.