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

NOTE 12. 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:

 

(dollars in thousands)

 

Investment Management Services

  

Corporate Investments

  

Consolidated

 

Three Months Ended September 30, 2025

            

Operating revenues

 $2,251  $-  $2,251 

Net investment income (loss)

 $-  $2,277  $2,277 

Other income (loss)

 $82  $-  $82 

Income (loss) before income taxes

 $(433) $2,277  $1,844 

Operating income (loss)

 $(515) $-  $(515)

Add back: Depreciation

 $11  $-  $11 

Add back: Interest

 $2  $-  $2 

Operating income (loss), as adjusted

 $(502) $-  $(502)
             

Gross identifiable assets at September 30, 2025

 $25,485  $22,500  $47,985 

Deferred tax asset

         $945 

Consolidated total assets at September 30, 2025

         $48,930 
             

Three Months Ended September 30, 2024

            

Operating revenues

 $2,157  $-  $2,157 

Net investment income (loss)

 $-  $917  $917 

Other income (loss)

 $78  $-  $78 

Income (loss) before income taxes

 $(481) $917  $436 

Operating income (loss)

 $(559) $-  $(559)

Add back: Depreciation

 $22  $-  $22 

Add back: Interest

 $1  $-  $1 

Operating income (loss), as adjusted

 $(536) $-  $(536)
             

Gross identifiable assets at September 30, 2024

 $27,188  $22,092  $49,280 

Deferred tax asset

         $1,804 

Consolidated total assets at September 30, 2024

         $51,084 

 

Operating revenues from investment management services include revenues from ETF clients of $1.5 million for the three months ended September 30, 2025, and $1.8 million for the three months ended September 30, 2024. Operating revenues from investment management services also include revenues from USGIF of $727,000 for the three months ended September 30, 2025, and $393,000 for the three months ended September 30, 2024.