Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000754811 | |
Entity Registrant Name | U S GLOBAL INVESTORS INC | |
Amendment Flag | true | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q/A | |
Amendment Description | No. 1 | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-13928 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1598370 | |
Entity Address, Address Line One | 7900 Callaghan Road | |
Entity Address, City or Town | San Antonio | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78229 | |
City Area Code | 210 | |
Local Phone Number | 308-1234 | |
Title of 12(b) Security | Class A common stock, $0.025 par value per share | |
Trading Symbol | GROW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class C [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,068,549 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,836,542 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Current Assets | ||||
Cash and cash equivalents | $ 23,287 | $ 22,314 | ||
Restricted cash | 1,000 | 1,000 | ||
Investments in securities at fair value, current | 11,963 | 12,138 | ||
Accounts and other receivables | 1,576 | 1,796 | ||
Tax receivable | 96 | 384 | ||
Prepaid expenses | 312 | 400 | ||
Total Current Assets | 38,234 | 38,032 | ||
Net Property and Equipment | 1,320 | 1,370 | ||
Other Assets | ||||
Deferred tax asset | 1,373 | 872 | ||
Investments in equity securities at fair value, non-current | 2,243 | 2,162 | ||
Investments in available-for-sale debt securities at fair value | 9,866 | 10,625 | ||
Investments in held-to-maturity debt securities | 1,000 | 1,000 | ||
Other investments | 2,630 | 3,992 | $ 3,453 | |
Financing lease, right of use assets | 86 | 93 | ||
Other assets, non-current | 233 | 216 | ||
Total Other Assets | 17,431 | 18,960 | ||
Total Assets | 56,985 | 58,362 | 61,917 | |
Current Liabilities | ||||
Accounts payable | 14 | 73 | ||
Accrued compensation and related costs | 1,925 | 1,864 | ||
Dividends payable | 336 | 337 | ||
Financing lease liability, short-term | 28 | 27 | ||
Other accrued expenses | 1,137 | 1,831 | ||
Taxes payable | 157 | 0 | ||
Total Current Liabilities | 3,597 | 4,132 | ||
Long-Term Liabilities | ||||
Financing lease liability, long-term | 59 | 66 | ||
Total Long-Term Liabilities | 59 | 66 | ||
Total Liabilities | 3,656 | 4,198 | ||
Commitments and Contingencies (Note 13) | ||||
Shareholders’ Equity | ||||
Additional paid-in-capital | 16,440 | 16,438 | ||
Treasury stock, class A shares at cost; 1,014,031 shares and 978,049 shares at September 30, 2022, and June 30, 2022, respectively | (2,722) | (2,599) | ||
Accumulated comprehensive income, net of tax | 3,138 | 3,624 | ||
Retained earnings | 36,074 | 36,302 | ||
Total Shareholders’ Equity | 53,329 | 54,164 | $ 56,061 | $ 54,324 |
Total Liabilities and Shareholders’ Equity | 56,985 | 58,362 | ||
Common Class A [Member] | ||||
Shareholders’ Equity | ||||
Common Stock | 347 | 347 | ||
Treasury stock, class A shares at cost; 1,014,031 shares and 978,049 shares at September 30, 2022, and June 30, 2022, respectively | (2,722) | |||
Common Class B [Member] | ||||
Shareholders’ Equity | ||||
Common Stock | 0 | 0 | ||
Common Class C [Member] | ||||
Shareholders’ Equity | ||||
Common Stock | $ 52 | $ 52 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 |
Common Class A [Member] | ||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common Stock, Shares Authorized (in shares) | 28,000,000 | 28,000,000 |
Common Stock, Shares, Issued (in shares) | 13,866,999 | 13,866,999 |
Common Stock, Shares, Outstanding (in shares) | 12,852,968 | 12,888,950 |
Treasury Stock, Shares (in shares) | 1,014,031 | 978,049 |
Common Class B [Member] | ||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common Stock, Shares Authorized (in shares) | 4,500,000 | 4,500,000 |
Common Stock, Shares, Issued (in shares) | 0 | 0 |
Common Class C [Member] | ||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common Stock, Shares Authorized (in shares) | 3,500,000 | 3,500,000 |
Common Stock, Shares, Issued (in shares) | 2,068,549 | 2,068,549 |
Common Stock, Shares, Outstanding (in shares) | 2,068,549 | 2,068,549 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Revenues | ||
Revenues | $ 4,412 | $ 6,521 |
Operating Expenses | ||
Employee compensation and benefits | 1,175 | 1,924 |
General and administrative | 1,504 | 1,598 |
Advertising | 86 | 84 |
Depreciation | 61 | 48 |
Interest | 1 | 0 |
Operating Expenses | 2,827 | 3,654 |
Operating Income | 1,585 | 2,867 |
Other Income (Loss) | ||
Investment loss | (1,460) | (34) |
Income from equity method investments | 0 | 15 |
Other income | 61 | 56 |
Nonoperating Income (Expense) | (1,399) | 37 |
Income Before Income Taxes | 186 | 2,904 |
Provision for Income Taxes | ||
Tax expense | 79 | 514 |
Net Income | $ 107 | $ 2,390 |
Basic Net Income per Share (in dollars per share) | $ 0.01 | $ 0.16 |
Diluted Net Income per Share (in dollars per share) | $ 0.01 | $ 0.16 |
Basic weighted average number of common shares outstanding (in shares) | 14,948,688 | 15,030,115 |
Diluted weighted average number of common shares outstanding (in shares) | 14,949,275 | 15,031,199 |
Investment Advisory Services [Member] | ||
Operating Revenues | ||
Revenues | $ 4,377 | $ 6,470 |
Administrative Service [Member] | ||
Operating Revenues | ||
Revenues | $ 35 | $ 51 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income | $ 107 | $ 2,390 |
Other Comprehensive Income (Loss), Net of Tax: | ||
Unrealized losses on available-for-sale securities arising during period | (115) | (147) |
Less: reclassification adjustment for gains included in net income | (371) | (476) |
Net change from available-for-sale securities, net of tax | (486) | (623) |
Foreign currency translation adjustment | 0 | (12) |
Other Comprehensive Loss | (486) | (635) |
Comprehensive Income (Loss) | $ (379) | $ 1,755 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class C [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] Common Class A [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at June 30, 2022 (in shares) at Jun. 30, 2021 | 13,866,913 | 2,068,635 | 898,953 | |||||
Balance at Jun. 30, 2021 | $ 347 | $ 52 | $ 15,677 | $ (2,172) | $ 6,587 | $ 33,833 | $ 54,324 | |
Purchases of shares of Common Stock (class A) (in shares) | 0 | 0 | 13,647 | 13,647 | ||||
Purchases of shares of Common Stock (class A) | $ 0 | $ 0 | 0 | $ (82) | 0 | 0 | (82) | |
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | 0 | (2,228) | |||||
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 0 | $ 0 | 8 | $ 6 | 0 | 0 | 14 | |
Dividends declared | 0 | 0 | 0 | 0 | 0 | (338) | (338) | |
Other comprehensive loss, net of tax, as restated | 0 | 0 | 0 | 0 | (635) | 0 | (635) | |
Net Income | 0 | 0 | 0 | 0 | 0 | 2,390 | 2,390 | |
Share-based compensation, net of tax | $ 0 | $ 0 | 388 | $ 0 | 0 | 0 | 388 | |
Balance at September 30, 2022 (As Restated) (in shares) at Sep. 30, 2021 | 13,866,913 | 2,068,635 | 910,372 | |||||
Balance at Sep. 30, 2021 | $ 347 | $ 52 | 16,073 | $ (2,248) | 5,952 | 35,885 | 56,061 | |
Balance at June 30, 2022 (in shares) at Jun. 30, 2022 | 13,866,999 | 2,068,549 | 978,049 | |||||
Balance at Jun. 30, 2022 | $ 347 | $ 52 | 16,438 | $ (2,599) | 3,624 | 36,302 | 54,164 | |
Purchases of shares of Common Stock (class A) (in shares) | 0 | 0 | 39,965 | 39,965 | ||||
Purchases of shares of Common Stock (class A) | $ 0 | $ 0 | 0 | $ (133) | 0 | 0 | (133) | |
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | 0 | (3,983) | |||||
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 0 | $ 0 | 3 | $ 10 | 0 | 0 | 13 | |
Share-based compensation, adjustment for forfeitures, net of tax | 0 | 0 | (1) | 0 | 0 | 0 | (1) | |
Dividends declared | 0 | 0 | 0 | 0 | 0 | (335) | (335) | |
Other comprehensive loss, net of tax, as restated | 0 | 0 | 0 | 0 | (486) | 0 | (486) | |
Net Income | $ 0 | $ 0 | 0 | $ 0 | 0 | 107 | 107 | |
Balance at September 30, 2022 (As Restated) (in shares) at Sep. 30, 2022 | 13,866,999 | 2,068,549 | 1,014,031 | |||||
Balance at Sep. 30, 2022 | $ 347 | $ 52 | $ 16,440 | $ (2,722) | $ 3,138 | $ 36,074 | $ 53,329 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 107 | $ 2,390 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | (77) | (129) |
Net recognized loss on disposal of fixed assets | 3 | 0 |
Net realized gains on securities | (469) | (2,411) |
Unrealized losses on securities | 1,930 | 2,796 |
Net income from equity method investment | 0 | (15) |
Provision for deferred taxes | (371) | (905) |
Stock-based compensation expense | 0 | 388 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | 508 | 1,438 |
Prepaid expenses and other assets | 78 | (11) |
Accounts payable and accrued expenses | (534) | (1,139) |
Total adjustments | 1,068 | 12 |
Net cash provided by operating activities | 1,175 | 2,402 |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (14) | (33) |
Purchase of other investments | (477) | 0 |
Proceeds on sale of equity securities at fair value, non-current | 0 | 2,494 |
Proceeds from principal paydowns of available-for-sale debt securities at fair value | 750 | 750 |
Return of capital on other investments | 2 | 0 |
Net cash provided by investing activities | 261 | 3,211 |
Cash Flows from Financing Activities: | ||
Principal payments on financing lease | (7) | 0 |
Issuance of common stock | 13 | 14 |
Repurchases of common stock | (133) | (82) |
Dividends paid | (336) | (226) |
Net cash used in financing activities | (463) | (294) |
Net increase in cash, cash equivalents, and restricted cash | 973 | 5,319 |
Beginning cash, cash equivalents, and restricted cash | 23,314 | 15,436 |
Ending cash, cash equivalents, and restricted cash | 24,287 | 20,755 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||
Dividends declared but not paid | 336 | 338 |
Unsettled sales of non-current investments | 0 | 291 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid for income taxes | 0 | 1,926 |
Common Class A [Member] | ||
Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||
Unsettled class A common stock repurchases | $ 10 | $ 0 |
Note 1 - Restatement of Previou
Note 1 - Restatement of Previously Issued Consolidated Financial Statements | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Error Correction [Text Block] | Note 1 The unaudited consolidated financial statements as of September 30, 2022, three not 3, 9, 11, 12, An error was detected in the fair value calculations performed by a third not May 2022. September 30, 2022. Three Months Ended and as of (dollars in thousands, except per share data) September 30, 2022 (Overstatement)/Understatement Deferred tax asset $ 449 Investments in equity securities at fair value, non-current $ (2,140 ) Total Shareholders’ Equity $ (1,691 ) Investment Loss $ (13 ) Tax Expense $ (2 ) Net Income $ (11 ) Earnings Per Share $ - The error related to the investment in HIVE unsecured convertible debentures was related to an additional principal payment being included within the binomial lattice valuation model. As a result, the fair value of the HIVE unsecured convertible debentures was corrected at September 30, 2022. Three Months Ended and as of (dollars in thousands) September 30, 2022 (Overstatement)/Understatement Deferred tax asset $ 173 Investments in available-for-sale debt securities at fair value $ (820 ) Total Shareholders’ Equity $ (647 ) Other Comprehensive Loss $ 5 The following tables set forth the impact of the restatement on the Company's consolidated financial statements as of and for the three September 30, 2022. CONSOLIDATED BALANCE SHEET (UNAUDITED) September 30, 2022 As Previously Restatement As (dollars in thousands) Reported Adjustments Restated Assets Current Assets Cash and cash equivalents $ 23,287 $ - $ 23,287 Restricted cash 1,000 - 1,000 Investments in securities at fair value, current 11,963 - 11,963 Accounts and other receivables 1,576 - 1,576 Tax receivable 96 - 96 Prepaid expenses 312 - 312 Total Current Assets 38,234 - 38,234 Net Property and Equipment 1,320 - 1,320 Other Assets Deferred tax asset 751 622 1,373 Investments in equity securities at fair value, non-current 4,383 (2,140 ) 2,243 Investments in available-for-sale debt securities at fair value 10,686 (820 ) 9,866 Investments in held-to-maturity debt securities 1,000 - 1,000 Other investments 2,630 - 2,630 Financing lease, right of use assets 86 - 86 Other assets, non-current 233 - 233 Total Other Assets 19,769 (2,338 ) 17,431 Total Assets $ 59,323 $ (2,338 ) $ 56,985 Liabilities and Shareholders Equity Current Liabilities Accounts payable $ 14 $ - $ 14 Accrued compensation and related costs 1,925 - 1,925 Dividends payable 336 - 336 Financing lease liability, short-term 28 - 28 Other accrued expenses 1,137 - 1,137 Taxes payable 157 - 157 Total Current Liabilities 3,597 - 3,597 Long-Term Liabilities Financing lease liability, long-term 59 - 59 Total Long-Term Liabilities 59 - 59 Total Liabilities 3,656 - 3,656 Commitments and Contingencies (Note 13) Shareholders Equity Common stock (class A) - $ 0.025 28,000,000 13,866,999 12,852,968 12,888,950 347 - 347 Common stock (class B) - $ 0.025 4,500,000 no - - - Convertible common stock (class C) - $ 0.025 3,500,000 2,068,549 52 - 52 Additional paid-in-capital 16,440 - 16,440 Treasury stock, class A shares at cost; 1,014,031 978,049 (2,722 ) - (2,722 ) Accumulated comprehensive income, net of tax 3,785 (647 ) 3,138 Retained earnings 37,765 (1,691 ) 36,074 Total Shareholders Equity 55,667 (2,338 ) 53,329 Total Liabilities and Shareholders Equity $ 59,323 $ (2,338 ) $ 56,985 CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (dollars in thousands, except per share data) Three Months Ended September 30, 2022 As Previously Restatement As Reported Adjustments Restated Operating Revenues Advisory fees $ 4,377 $ - $ 4,377 Administrative services fees 35 - 35 4,412 - 4,412 Operating Expenses Employee compensation and benefits 1,175 - 1,175 General and administrative 1,504 - 1,504 Advertising 86 - 86 Depreciation 61 - 61 Interest 1 - 1 2,827 - 2,827 Operating Income 1,585 - 1,585 Other Income (Loss) Investment loss (1,447 ) (13 ) (1,460 ) Income from equity method investments - - - Other income 61 - 61 (1,386 ) (13 ) (1,399 ) Income Before Income Taxes 199 (13 ) 186 Provision for Income Taxes Tax expense 81 (2 ) 79 Net Income $ 118 $ (11 ) $ 107 Basic Net Income per Share $ 0.01 $ - $ 0.01 Diluted Net Income per Share $ 0.01 $ - $ 0.01 Basic weighted average number of common shares outstanding 14,948,688 14,948,688 Diluted weighted average number of common shares outstanding 14,949,275 14,949,275 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended September 30, 2022 As Previously Restatement As (dollars in thousands) Reported Adjustments Restated Net Income $ 118 $ (11 ) $ 107 Other Comprehensive Income (Loss), Net of Tax: Unrealized losses on available-for-sale securities arising during period (120 ) 5 (115 ) Less: reclassification adjustment for gains included in net income (371 ) - (371 ) Net change from available-for-sale securities, net of tax (491 ) 5 (486 ) Foreign currency translation adjustment - - - Other Comprehensive Loss (491 ) 5 (486 ) Comprehensive Income (Loss) $ (373 ) $ (6 ) $ (379 ) CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (UNAUDITED) Accumulated Common Common Other Stock Common Stock Common Additional Treasury Comprehensive (class A) Stock (class C) Stock Paid-in Stock Treasury Income Retained Shares (class A) Shares (class C) Capital Shares Stock (Loss) Earnings Total (dollars in thousands) As Previously Reported: Balance at June 30, 2022 13,866,999 $ 347 2,068,549 $ 52 $ 16,438 978,049 $ (2,599 ) $ 4,276 $ 37,982 $ 56,496 Purchases of shares of Common Stock (class A) - - - - - 39,965 (133 ) - - (133 ) Issuance of stock under ESPP of shares of Common Stock (class A) - - - - 3 (3,983 ) 10 - - 13 Share-based compensation, adjustment for forfeitures, net of tax - - - - (1 ) - - - - (1 ) Dividends declared - - - - - - - - (335 ) (335 ) Other comprehensive loss, net of tax - - - - - - - (491 ) - (491 ) Net Income - - - - - - - - 118 118 Balance at September 30, 2022 13,866,999 $ 347 2,068,549 $ 52 $ 16,440 1,014,031 $ (2,722 ) $ 3,785 $ 37,765 $ 55,667 Restatement Adjustments: Other comprehensive loss, net of tax - - - - - - - 5 - 5 Net income - - - - - - - - (11 ) (11 ) As Restated: Balance at June 30, 2022 (As Previously Reported) 13,866,999 $ 347 2,068,549 $ 52 $ 16,438 978,049 $ (2,599 ) $ 4,276 $ 37,982 $ 56,496 Restatement adjustments - - - - - - - (652 ) (1,680 ) (2,332 ) Balance at June 30, 2022 (As Restated) 13,866,999 $ 347 2,068,549 $ 52 $ 16,438 978,049 $ (2,599 ) $ 3,624 $ 36,302 $ 54,164 Purchases of shares of Common Stock (class A) - - - - - 39,965 (133 ) - - (133 ) Issuance of stock under ESPP of shares of Common Stock (class A) - - - - 3 (3,983 ) 10 - - 13 Share-based compensation, adjustment for forfeitures, net of tax - - - - (1 ) - - - - (1 ) Dividends declared - - - - - - - - (335 ) (335 ) Other comprehensive loss, net of tax - - - - - - - (486 ) - (486 ) Net Income - - - - - - - - 107 107 Balance at September 30, 2022 13,866,999 $ 347 2,068,549 $ 52 $ 16,440 1,014,031 $ (2,722 ) $ 3,138 $ 36,074 $ 53,329 CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Three Months Ended September 30, 2022 As Previously Restatement As (dollars in thousands) Reported Adjustments Restated Cash Flows from Operating Activities: Net Income $ 118 $ (11 ) $ 107 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion (77 ) - (77 ) Net recognized loss on disposal of fixed assets 3 - 3 Net realized gains on securities (469 ) - (469 ) Unrealized losses on securities 1,917 13 1,930 Net income from equity method investment - - - Provision for deferred taxes (369 ) (2 ) (371 ) Stock-based compensation expense - - - Changes in operating assets and liabilities: Accounts and other receivables 508 - 508 Prepaid expenses and other assets 78 - 78 Accounts payable and accrued expenses (534 ) - (534 ) Total adjustments 1,057 11 1,068 Net cash provided by operating activities 1,175 - 1,175 Cash Flows from Investing Activities: Purchase of property and equipment (14 ) - (14 ) Purchase of other investments (477 ) - (477 ) Proceeds on sale of equity securities at fair value, non-current - - - Proceeds from principal paydowns of available-for-sale debt securities at fair value 750 - 750 Return of capital on other investments 2 - 2 Net cash provided by investing activities 261 - 261 Cash Flows from Financing Activities: Principal payments on financing lease (7 ) - (7 ) Issuance of common stock 13 - 13 Repurchases of common stock (133 ) - (133 ) Dividends paid (336 ) - (336 ) Net cash used in financing activities (463 ) - (463 ) Net increase in cash, cash equivalents, and restricted cash 973 - 973 Beginning cash, cash equivalents, and restricted cash 23,314 - 23,314 Ending cash, cash equivalents, and restricted cash $ 24,287 $ - $ 24,287 Supplemental Disclosures of Non-Cash Investing and Financing Activities Dividends declared but not paid $ 336 $ - $ 336 Unsettled sales of non-current investments $ - $ - $ - Unsettled class A common stock repurchases $ 10 $ - $ 10 Supplemental Disclosures of Cash Flow Information Cash paid for income taxes $ - $ - $ - |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 2. U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) has prepared the consolidated financial statements pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The financial information included herein reflects all adjustments (consisting solely of normal recurring adjustments), which are, in management’s opinion, necessary for a fair presentation of results for the interim periods presented. The Company has consistently followed the accounting policies set forth in the notes to the consolidated financial statements in the Company’s Form 10 2 June 30, 2022 The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, U.S. Global Investors (Bermuda) Limited, U.S. Global Investors (Canada) Limited (“USCAN”), and U.S. Global Indices, LLC. There are two not The Company holds variable interests in, but is not 3 4. may 4 not not not not not September 30, 2022 June 30, 2022 The carrying amount of assets and liabilities recognized in the Consolidated Balance Sheets related to the Company's interests in these non-consolidated VIEs were as follows: Carrying Value and Maximum Exposure to Loss (dollars in thousands) September 30, 2022 June 30, 2022 Investments in securities at fair value, current $ 11,963 $ 12,138 Investments in equity securities at fair value, non-current 608 623 Other receivables 11 21 Total VIE assets, maximum exposure to loss 12,582 12,782 Other accrued expenses - 110 Total carrying amount $ 12,582 $ 12,672 Since the Company is not 50 not not During the three September 30, 2021 not not 50 not not 2022, 3. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. Certain quarterly amounts may not three September 30, 2022 not may June 30, 2023 ( 2023” The unaudited interim financial information in these condensed financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s annual report; interim disclosures generally do not Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” 2016 13 2016 13 December 15, 2022. December 15, 2018, In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12” 2019 12 2019 12 December 15, 2020, July 1, 2021. not In June 2022, 2022 03, 820 2022 03” 2022 03 1 820, 2 3 820. 2022 03 December 15, 2023. not |
Note 3 - Investments
Note 3 - Investments | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | NOTE 3. As of September 30, 2022 September 30, 2022 The cost basis of investments is adjusted for amortization of premium or accretion of discount on debt securities held or the recharacterization of distributions from investments in partnerships. Concentrations of Credit Risk A significant portion of the Company’s investments carried at fair value on a recurring basis is investments in USGIF, which were $12.6 million and $12.8 million as of September 30, 2022 June 30, 2022 September 30, 2022 June 30, 2022 Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for measuring financial instruments at fair value are summarized in the three Level 1 Level 2 1 may Level 3 may The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The inputs or methodology used for valuing securities are not may The Company has established a Proprietary Valuation Committee (the “Committee”) to administer and oversee the Company’s valuation policies and procedures, which are approved by the Board of Directors, and to perform a periodic review of valuations provided by independent pricing services. For actively traded securities, the Company values investments using the closing price of the securities on the exchange or market on which the securities principally trade. If the security is not For common share purchase warrants not may may Certain convertible debt securities not may For other securities included in the fair value hierarchy with unobservable inputs, the Committee considers a number of factors in determining a security’s fair value, including the security’s trading volume, market values of similar class issuances, investment personnel’s judgment regarding the market experience of the issuer, financial status of the issuer, the issuer’s management, and back testing, as appropriate. The fair values may may not The following tables summarize the major categories of investments with fair values adjusted on a recurring basis as of September 30, 2022 June 30, 2022 September 30, 2022 (As Restated) Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 1,100 $ - $ 535 $ 1,635 Mutual funds - Fixed income 11,963 - - 11,963 Mutual funds - Global equity 608 - - 608 Total investments in equity securities: $ 13,671 $ - $ 535 $ 14,206 Investments in debt securities: Available-for-sale - Convertible debentures - - 9,866 9,866 Total investments carried at fair value on a recurring basis: $ 13,671 $ - $ 10,401 $ 24,072 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 1,436 $ 1,436 1. Other investments include equity securities without readily determinable fair values that were adjusted as a result of the measurement alternative on dates during the three September 30, 2022 3 June 30, 2022 Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 1,024 $ - $ 515 $ 1,539 Mutual funds - Fixed income 12,138 - - 12,138 Mutual funds - Global equity 623 - - 623 Total investments in equity securities: $ 13,785 $ - $ 515 $ 14,300 Investments in debt securities: Available-for-sale - Convertible debentures - - 10,625 10,625 Total investments carried at fair value on a recurring basis: $ 13,785 $ - $ 11,140 $ 24,925 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 781 $ 781 1. Other investments include equity securities without readily determinable fair values that were adjusted as a result of the measurement alternative on dates during the fiscal year ended June 30, 2022 3 The securities classified as Level 3 September 30, 2022 June 30, 2022 third The following table is a reconciliation of investments recorded at fair value for which unobservable inputs (Level 3 three September 30, 2022 Changes in Level 3 September 30, 2022 (As Restated) Investments in Investments in (dollars in thousands) equity securities debt securities Beginning Balance $ 515 $ 10,625 Principal repayments - (750 ) Amortization of day one premium - (71 ) Accretion of bifurcation discount - 209 Total unrealized gains or losses included in: Investment Income (Loss) 20 469 Other Comprehensive Income (Loss) - (616 ) Ending Balance $ 535 $ 9,866 During the third 2021, January 2026, January 2024, one one September 30, 2022 not September 30, 2022 June 30, 2022 September 30, 2022 August 31, 2018, December 22, 2020, The Company recorded the warrants at the estimated fair value of $5.9 million on purchase date. The debentures were recorded at the estimated fair value of $16.0 million on purchase date, and an unrealized gain of $6.9 million was recognized in other comprehensive income (loss), which will be realized in investment income (loss) ratably using the effective interest method until maturity, conversion, or other disposition. During the three September 30, 2022 three September 30, 2021 September 30, 2022 June 30, 2022 The Company currently considers the fair value measurements of HIVE convertible securities to contain Level 3 September 30, 2022 3 September 30, 2022 (As Restated) (dollars in thousands) Fair Value Principal Valuation Techniques Unobservable Inputs Investments in equity securities: Common share purchase warrants $ 535 Option pricing model Volatility 92.1 % Investments in debt securities: Available-for-sale - Convertible debentures $ 9,866 Binomial lattice model Volatility 94.2 % Credit Adjusted Discount Rate 5.5 % During the fiscal year ended June 30, 2022, three September 30, 2021 not September 30, 2022 June 2014 March 2021. Equity Investments at Fair Value Investments in equity securities with readily determinable fair values are carried at fair value, and changes in unrealized gains or losses are reported in current period earnings. The following details the components of the Company’s equity investments carried at fair value as of September 30, 2022 June 30, 2022 September 30, 2022 (As Restated) (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,680 $ (5,045 ) $ 1,635 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 12,313 (350 ) 11,963 Mutual funds - Global equity 929 (321 ) 608 Total equity securities at fair value $ 19,967 $ (5,761 ) $ 14,206 June 30, 2022 (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,680 $ (5,141 ) $ 1,539 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 12,313 (175 ) 12,138 Mutual funds - Global equity 929 (306 ) 623 Total equity securities at fair value $ 19,967 $ (5,667 ) $ 14,300 Debt Investments Investments in debt securities are classified on the acquisition dates and at each balance sheet date. Securities classified as held-to-maturity are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. Debt securities classified as trading are acquired with the intent to sell in the near term and are carried at fair value with changes reported in earnings. All other debt securities are classified as available-for-sale and are carried at fair value. Investment gains and losses on available-for-sale debt securities are recorded when the securities are sold, as determined on a specific identification basis, and recognized in current period earnings. Changes in unrealized gains on available-for-sale debt securities are reported net of tax in accumulated other comprehensive income (loss). For debt securities in an unrealized loss position, a loss in earnings is recognized for the excess of amortized cost over fair value if the Company intends to sell before the price recovers. Otherwise, the Company evaluates as of the balance sheet date whether the unrealized losses are attributable to credit losses or other factors. The severity of the decline in value, creditworthiness of the issuer and other relevant factors are considered. The portion of unrealized loss the Company believes is related to a credit loss is recognized earnings, and the portion of unrealized loss the Company believes is not The following details the components of the Company’s available-for-sale debt investments as of September 30, 2022 June 30, 2022 September 30, 2022 (As Restated) (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Investment Loss Fair Value Available-for-sale - Convertible debentures (1) $ 8,433 $ 3,972 $ (2,539 ) $ 9,866 June 30, 2022 (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Investment Loss Fair Value Available-for-sale - Convertible debentures (1) $ 8,576 $ 4,588 $ (2,539 ) $ 10,625 1. Changes in unrealized gains and losses are included in the statement of comprehensive income (loss), except for embedded derivatives. Changes in unrealized gains and losses for embedded derivatives are included in investment income (loss) in the statement of operations. The following details the components of the Company’s held-to-maturity debt investments as of September 30, 2022 June 30, 2022 September 30, 2022 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Held-to-maturity - Debentures (1) $ 1,000 $ - $ (202 ) $ 798 June 30, 2022 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Held-to-maturity - Debentures (1) $ 1,000 $ - $ (133 ) $ 867 1. Held-to-maturity debt investments are carried at amortized cost, and the fair value is classified as Level 2 At September 30, 2022 June 30, 2022 one September 30, 2022 June 30, 2022 September 30, 2022 not 12 The following summarizes the net carrying amount and estimated fair value of debt securities at September 30, 2022 may September 30, 2022 (As Restated) Available-for-sale Held-to-maturity debt securities debt securities Convertible Due after one year (dollars in thousands) debentures (1) through five years Net Carrying Amount $ 8,433 $ 1,000 Fair Value $ 9,866 $ 798 1. Principal payments of $750,000 are due quarterly with a final maturity date in January 2026. Certain derivatives embedded in other financial instruments, such as the conversion option in a convertible bond, are reported at fair value, and changes in fair value are recorded through earnings within investment income (loss). The host contract continues to be accounted for in accordance with the appropriate accounting standard. The embedded derivative and the related host contract represent one one September 30, 2022 June 30, 2022 The following table summarizes the fair values of embedded derivatives on the Consolidated Balance Sheet, categorized by risk exposure, at September 30, 2022 June 30, 2022 September 30, 2022 June 30, 2022 Other Assets Other Assets Investments in Investments in available-for-sale available-for-sale (dollars in thousands) debt securities debt securities Embedded Derivatives: Equity price risk exposure $ 3 $ 3 The following table presents the effect of embedded derivatives on the Consolidated Statements of Operations, categorized by risk exposure, for the three September 30, 2022 2021 Three Months Ended September 30, 2022 2021 Other Income (Loss) Other Income (Loss) (dollars in thousands) Investment Loss Investment Loss Embedded Derivatives: Equity price risk exposure $ - $ (438 ) Other Investments Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not The carrying value of equity securities without readily determinable fair values was approximately $4.0 million as of June 30, 2022 September 30, 2022 2021 Three Months Ended September 30, (dollars in thousands) 2022 2021 Other Investments Carrying value $ 2,630 $ 3,453 Upward carrying value changes $ - $ - Downward carrying value changes/impairment $ (1,839 ) $ - The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. The cumulative amount of upward adjustments to all equity securities without readily determinable fair values total $2.5 million since their respective acquisitions through September 30, 2022 September 30, 2022 The Company has an investment in The Sonar Company (“Sonar”), a company headquartered in the United States, at a cost of $175,000. The investment had a carrying value of approximately $362,000 at September 30, 2022 June 30, 2022 July 2021, September 30, 2022 Investments Classified as Equity Method The Company had an equity method investment in Galileo New Economy Fund LP through its dissolution date, which occurred during the third 2022. three September 30, 2021 Investment Income (Loss) Investment income (loss) from the Company’s investments includes: ● realized gains and losses on sales of securities; ● realized gains and losses on principal payment proceeds; ● unrealized gains and losses on securities at fair value; ● impairments and observable price changes on equity investments without readily determinable fair values; ● dividend and interest income; and ● realized foreign currency gains and losses. The following summarizes investment income (loss) reflected in earnings for the periods presented. Three Months Ended September 30, (dollars in thousands) 2022 2021 As Restated Investment loss Realized gains on equity securities $ - $ 1,809 Realized gains on debt securities 469 602 Unrealized losses on equity securities (1,930 ) (2,358 ) Unrealized losses on embedded derivatives - (438 ) Dividend and interest income 418 497 Realized foreign currency losses (417 ) (146 ) Total Investment Loss $ (1,460 ) $ (34 ) For the three September 30, 2022 three September 30, 2021 The following table presents unrealized gains and losses recognized during the three September 30, 2022 2021 Three Months Ended September 30, (dollars in thousands) 2022 2021 As Restated Net gains (losses) recognized during the period on equity securities $ (1,930 ) $ (549 ) Less: Net gains (losses) recognized during the period on equity securities sold during the period - 1,809 Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date (1) $ (1,930 ) $ (2,358 ) 1. Includes $1.8 million for the three September 30, 2022 three September 30, 2021 Investment income (loss) can be volatile and varies depending on market fluctuations, the Company’s ability to participate in investment opportunities, and timing of transactions. The Company expects that gains and losses will continue to fluctuate in the future. |
Note 4 - Investment Management
Note 4 - Investment Management and Other Fees | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investment Management and Other Fees [Text Block] | NOTE 4. The following table presents operating revenues disaggregated by performance obligation. Three Months Ended September 30, (dollars in thousands) 2022 2021 ETF advisory fees $ 3,913 $ 5,316 USGIF advisory fees 610 966 USGIF performance fees earned (paid) (146 ) 188 Total Advisory Fees 4,377 6,470 USGIF administrative services fees 35 51 Total Operating Revenue $ 4,412 $ 6,521 The Company serves as investment advisor to three April 2023. one The Company serves as investment adviser to USGIF and receives a fee based on a specified percentage of average assets under management. The advisory agreement for the equity funds within USGIF provides for a base advisory fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 The Company has agreed to contractually limit the expenses of the Near-Term Tax Free Fund and the Global Luxury Goods Fund through April 2023. three September 30, 2022 The Company receives administrative service fees from USGIF based on an annual rate of 0.05 percent on the average daily net assets of each fund. As of September 30, 2022 June 30, 2022 |
Note 5 - Restricted and Unrestr
Note 5 - Restricted and Unrestricted Cash | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 5. The Company maintains its cash deposits with established commercial banks. At times, balances may not not not A reconciliation of cash, cash equivalents, and restricted cash reported from the consolidated balance sheets to the statements of cash flows is shown below. (dollars in thousands) September 30, 2022 June 30, 2022 Cash and cash equivalents $ 23,287 $ 22,314 Restricted cash 1,000 1,000 Total cash, cash equivalents, and restricted cash $ 24,287 $ 23,314 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Operating Leases [Text Block] | NOTE 6. The Company has lease agreements for office equipment that expire in fiscal year 2026. three September 30, 2022 three September 30, 2021 The following table presents the components of lease expense included in general and administrative expense on the Consolidated Statements of Operations. Three Months Ended September 30, (dollars in thousands) 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 7 $ - Interest on lease liabilities 1 - Total finance lease cost 8 - Operating lease cost - 13 Short-term lease cost 15 26 Total lease cost $ 23 $ 39 Supplemental information related to the Company's leases follows. Three Months Ended September 30, (dollars in thousands) 2022 2021 Operating cash flows from operating leases included in lease liabilities $ - $ 13 Lease liabilities obtained from new ROU assets - operating $ - $ - Operating cash flows from financing leases included in lease liabilities $ 1 $ - Financing cash flows from financing leases included in lease liabilities $ 7 $ - Lease liabilities obtained from new ROU assets - financing $ - $ - Additional qualitative information concerning the Company’s leases follows. September 30, 2022 June 30, 2022 Weighted-average remaining lease term - financing leases (years) 3.00 3.25 Weighted-average discount rate - financing leases 4.75 % 4.75 % The following table presents the maturities of lease liabilities as of September 30, 2022 (dollars in thousands) Fiscal Year Finance Leases 2023 (excluding the three months ended September 30, 2022) $ 23 2024 31 2025 31 2026 8 2027 - Total lease payments 93 Less imputed interest (6 ) Total $ 87 The Company is the lessor of certain areas of its owned office building under operating leases expiring in various months through fiscal year 2025. no three September 30, 2022, 2021 September 30, 2022 June 30, 2022 The following is a summary analysis of annual undiscounted cash flows to be received on leases as of September 30, 2022 (dollars in thousands) Fiscal Year Operating Leases 2023 (excluding the three months ended September 30, 2022) $ 53 2024 42 2025 36 2026 - 2027 - Thereafter - Total lease payments $ 131 The Company may one hundred eighty six |
Note 7 - Borrowings
Note 7 - Borrowings | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7. The Company has access to a $1 million credit facility for working capital purposes. The credit agreement requires the Company to maintain certain covenants; the Company has been in compliance with these covenants during the current fiscal year. The credit agreement will expire on May 31, 2023, September 30, 2022 September 30, 2022 |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 8. EQUITY Payment of cash dividends is within the discretion of the Company’s Board of Directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company, and general business conditions. The dividend rate per share was $0.0050 per month for July 2021 September 2021, October 2021 September 2022. In September 2022, October December 2022, The Company has a share repurchase program, approved by the Board of Directors, authorizing the Company to annually purchase up to $5.0 million of its outstanding common shares, as market and business conditions warrant, on the open market in compliance with Rule 10b 18 10b5 1 1934. December 2012, February 25, 2022, may three September 30, 2022 2021, The Company’s stock option plans provide for the granting of class A shares as either incentive or nonqualified stock options to employees and non-employee directors. Options are subject to terms and conditions determined by the Compensation Committee of the Board of Directors. At September 30, 2022 1989 1997 September 30, 2021 1989 1997 three September 30, 2022 2021. three September 30, 2022 three September 30, 2021 Stock-based compensation expense is measured at the grant date based on the fair value of the award, and the cost is recognized as expense ratably over the award’s vesting period. There was no stock-based compensation expense for the three September 30, 2022 three September 30, 2021 September 30, 2022 September 30, 2021 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9. The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. The following table sets forth the computation for basic and diluted EPS. Three Months Ended September 30, (dollars in thousands, except per share data) 2022 2021 As Restated Net Income $ 107 $ 2,390 Weighted average number of outstanding shares Basic 14,948,688 15,030,115 Effect of dilutive securities Stock options 587 1,084 Diluted 14,949,275 15,031,199 Earnings Per Share Basic Net Income per Share $ 0.01 $ 0.16 Diluted Net Income per Share $ 0.01 $ 0.16 The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period, as their inclusion would be anti-dilutive. For the three September 30, 2022 three September 30, 2021 During the three September 30, 2022 2021 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10. The Company and its non-Canadian subsidiaries file a consolidated U.S. federal income tax return. USCAN files a separate tax return in Canada. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes resulting from the use of the liability method of accounting for income taxes. Income tax expense for the quarter is based upon the estimated annual ordinary income in each jurisdiction in which the Company operates. The tax effects of discrete items are recognized in the tax provision in the period they occur in accordance with U.S. GAAP. Due to various factors, such as the item’s significance in relation to total ordinary income and the rate of tax, discrete items in any quarter can materially impact the reported effective tax rate. The effective rate for the three September 30, 2022, 2021, For U.S. federal income tax purposes at September 30, 2022 A valuation allowance is provided when it is more likely than not not September 30, 2022 June 30, 2022 |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 11. The following table presents the change in accumulated other comprehensive income (loss) (“AOCI”) by component. (dollars in thousands) Unrealized gains (losses) on available-for-sale investments Foreign currency translation adjustment (1) Total Three Months Ended September 30, 2022 (As Restated) Balance at June 30, 2022 $ 3,624 $ - $ 3,624 Other comprehensive loss before reclassifications (146 ) - (146 ) Tax effect 31 - 31 Amount reclassified from AOCI (469 ) - (469 ) Tax effect 98 - 98 Net other comprehensive loss (486 ) - (486 ) Balance at September 30, 2022 (As Restated) $ 3,138 $ - $ 3,138 Three Months Ended September 30, 2021 Balance at June 30, 2021 $ 6,564 $ 23 $ 6,587 Other comprehensive loss before reclassifications (186 ) (12 ) (198 ) Tax effect 39 - 39 Amount reclassified from AOCI (602 ) - (602 ) Tax effect 126 - 126 Net other comprehensive loss (623 ) (12 ) (635 ) Balance at September 30, 2021 $ 5,941 $ 11 $ 5,952 1. Amounts include no |
Note 12 - Financial Information
Note 12 - Financial Information by Business Segment | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12. The Company operates principally in two (dollars in thousands) Investment Management Services Corporate Investments Consolidated Three Months Ended September 30, 2022 (As Restated) Net operating revenues $ 4,412 $ - $ 4,412 Investment loss $ - $ (1,460 ) $ (1,460 ) Other income $ 61 $ - $ 61 Income (loss) before income taxes $ 1,661 $ (1,475 ) $ 186 Depreciation $ 61 $ - $ 61 Gross identifiable assets at September 30, 2022 $ 23,607 $ 32,005 $ 55,612 Deferred tax asset $ 1,373 Consolidated total assets at September 30, 2022 $ 56,985 Three Months Ended September 30, 2021 Net operating revenues $ 6,521 $ - $ 6,521 Investment loss $ - $ (34 ) $ (34 ) Income from equity method investments $ - $ 15 $ 15 Other income $ 56 $ - $ 56 Income (loss) before income taxes $ 3,113 $ (209 ) $ 2,904 Depreciation $ 48 $ - $ 48 Gross identifiable assets at September 30, 2021 $ 21,204 $ 40,713 $ 61,917 Net operating revenues from investment management services includes operating revenues from USGIF of $499,000 and $1.2 million for the three September 30, 2022 2021, three September 30, 2022 2021, |
Note 13 - Contingencies and Com
Note 13 - Contingencies and Commitments | 3 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13. The Company continuously reviews investor, employee and vendor complaints, and pending or threatened litigation. The likelihood that a loss contingency exists is evaluated through consultation with legal counsel, and a loss contingency is recorded if probable and reasonably estimable. During the normal course of business, the Company may may not The Board has authorized a monthly dividend of $0.0075 per share through December 2022, October December 2022 The COVID- 19 may |
Note 1 - Restatement of Previ_2
Note 1 - Restatement of Previously Issued Consolidated Financial Statements (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Three Months Ended and as of (dollars in thousands, except per share data) September 30, 2022 (Overstatement)/Understatement Deferred tax asset $ 449 Investments in equity securities at fair value, non-current $ (2,140 ) Total Shareholders’ Equity $ (1,691 ) Investment Loss $ (13 ) Tax Expense $ (2 ) Net Income $ (11 ) Earnings Per Share $ - Three Months Ended and as of (dollars in thousands) September 30, 2022 (Overstatement)/Understatement Deferred tax asset $ 173 Investments in available-for-sale debt securities at fair value $ (820 ) Total Shareholders’ Equity $ (647 ) Other Comprehensive Loss $ 5 September 30, 2022 As Previously Restatement As (dollars in thousands) Reported Adjustments Restated Assets Current Assets Cash and cash equivalents $ 23,287 $ - $ 23,287 Restricted cash 1,000 - 1,000 Investments in securities at fair value, current 11,963 - 11,963 Accounts and other receivables 1,576 - 1,576 Tax receivable 96 - 96 Prepaid expenses 312 - 312 Total Current Assets 38,234 - 38,234 Net Property and Equipment 1,320 - 1,320 Other Assets Deferred tax asset 751 622 1,373 Investments in equity securities at fair value, non-current 4,383 (2,140 ) 2,243 Investments in available-for-sale debt securities at fair value 10,686 (820 ) 9,866 Investments in held-to-maturity debt securities 1,000 - 1,000 Other investments 2,630 - 2,630 Financing lease, right of use assets 86 - 86 Other assets, non-current 233 - 233 Total Other Assets 19,769 (2,338 ) 17,431 Total Assets $ 59,323 $ (2,338 ) $ 56,985 Liabilities and Shareholders Equity Current Liabilities Accounts payable $ 14 $ - $ 14 Accrued compensation and related costs 1,925 - 1,925 Dividends payable 336 - 336 Financing lease liability, short-term 28 - 28 Other accrued expenses 1,137 - 1,137 Taxes payable 157 - 157 Total Current Liabilities 3,597 - 3,597 Long-Term Liabilities Financing lease liability, long-term 59 - 59 Total Long-Term Liabilities 59 - 59 Total Liabilities 3,656 - 3,656 Commitments and Contingencies (Note 13) Shareholders Equity Common stock (class A) - $ 0.025 28,000,000 13,866,999 12,852,968 12,888,950 347 - 347 Common stock (class B) - $ 0.025 4,500,000 no - - - Convertible common stock (class C) - $ 0.025 3,500,000 2,068,549 52 - 52 Additional paid-in-capital 16,440 - 16,440 Treasury stock, class A shares at cost; 1,014,031 978,049 (2,722 ) - (2,722 ) Accumulated comprehensive income, net of tax 3,785 (647 ) 3,138 Retained earnings 37,765 (1,691 ) 36,074 Total Shareholders Equity 55,667 (2,338 ) 53,329 Total Liabilities and Shareholders Equity $ 59,323 $ (2,338 ) $ 56,985 (dollars in thousands, except per share data) Three Months Ended September 30, 2022 As Previously Restatement As Reported Adjustments Restated Operating Revenues Advisory fees $ 4,377 $ - $ 4,377 Administrative services fees 35 - 35 4,412 - 4,412 Operating Expenses Employee compensation and benefits 1,175 - 1,175 General and administrative 1,504 - 1,504 Advertising 86 - 86 Depreciation 61 - 61 Interest 1 - 1 2,827 - 2,827 Operating Income 1,585 - 1,585 Other Income (Loss) Investment loss (1,447 ) (13 ) (1,460 ) Income from equity method investments - - - Other income 61 - 61 (1,386 ) (13 ) (1,399 ) Income Before Income Taxes 199 (13 ) 186 Provision for Income Taxes Tax expense 81 (2 ) 79 Net Income $ 118 $ (11 ) $ 107 Basic Net Income per Share $ 0.01 $ - $ 0.01 Diluted Net Income per Share $ 0.01 $ - $ 0.01 Basic weighted average number of common shares outstanding 14,948,688 14,948,688 Diluted weighted average number of common shares outstanding 14,949,275 14,949,275 Three Months Ended September 30, 2022 As Previously Restatement As (dollars in thousands) Reported Adjustments Restated Net Income $ 118 $ (11 ) $ 107 Other Comprehensive Income (Loss), Net of Tax: Unrealized losses on available-for-sale securities arising during period (120 ) 5 (115 ) Less: reclassification adjustment for gains included in net income (371 ) - (371 ) Net change from available-for-sale securities, net of tax (491 ) 5 (486 ) Foreign currency translation adjustment - - - Other Comprehensive Loss (491 ) 5 (486 ) Comprehensive Income (Loss) $ (373 ) $ (6 ) $ (379 ) Accumulated Common Common Other Stock Common Stock Common Additional Treasury Comprehensive (class A) Stock (class C) Stock Paid-in Stock Treasury Income Retained Shares (class A) Shares (class C) Capital Shares Stock (Loss) Earnings Total (dollars in thousands) As Previously Reported: Balance at June 30, 2022 13,866,999 $ 347 2,068,549 $ 52 $ 16,438 978,049 $ (2,599 ) $ 4,276 $ 37,982 $ 56,496 Purchases of shares of Common Stock (class A) - - - - - 39,965 (133 ) - - (133 ) Issuance of stock under ESPP of shares of Common Stock (class A) - - - - 3 (3,983 ) 10 - - 13 Share-based compensation, adjustment for forfeitures, net of tax - - - - (1 ) - - - - (1 ) Dividends declared - - - - - - - - (335 ) (335 ) Other comprehensive loss, net of tax - - - - - - - (491 ) - (491 ) Net Income - - - - - - - - 118 118 Balance at September 30, 2022 13,866,999 $ 347 2,068,549 $ 52 $ 16,440 1,014,031 $ (2,722 ) $ 3,785 $ 37,765 $ 55,667 Restatement Adjustments: Other comprehensive loss, net of tax - - - - - - - 5 - 5 Net income - - - - - - - - (11 ) (11 ) As Restated: Balance at June 30, 2022 (As Previously Reported) 13,866,999 $ 347 2,068,549 $ 52 $ 16,438 978,049 $ (2,599 ) $ 4,276 $ 37,982 $ 56,496 Restatement adjustments - - - - - - - (652 ) (1,680 ) (2,332 ) Balance at June 30, 2022 (As Restated) 13,866,999 $ 347 2,068,549 $ 52 $ 16,438 978,049 $ (2,599 ) $ 3,624 $ 36,302 $ 54,164 Purchases of shares of Common Stock (class A) - - - - - 39,965 (133 ) - - (133 ) Issuance of stock under ESPP of shares of Common Stock (class A) - - - - 3 (3,983 ) 10 - - 13 Share-based compensation, adjustment for forfeitures, net of tax - - - - (1 ) - - - - (1 ) Dividends declared - - - - - - - - (335 ) (335 ) Other comprehensive loss, net of tax - - - - - - - (486 ) - (486 ) Net Income - - - - - - - - 107 107 Balance at September 30, 2022 13,866,999 $ 347 2,068,549 $ 52 $ 16,440 1,014,031 $ (2,722 ) $ 3,138 $ 36,074 $ 53,329 Three Months Ended September 30, 2022 As Previously Restatement As (dollars in thousands) Reported Adjustments Restated Cash Flows from Operating Activities: Net Income $ 118 $ (11 ) $ 107 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion (77 ) - (77 ) Net recognized loss on disposal of fixed assets 3 - 3 Net realized gains on securities (469 ) - (469 ) Unrealized losses on securities 1,917 13 1,930 Net income from equity method investment - - - Provision for deferred taxes (369 ) (2 ) (371 ) Stock-based compensation expense - - - Changes in operating assets and liabilities: Accounts and other receivables 508 - 508 Prepaid expenses and other assets 78 - 78 Accounts payable and accrued expenses (534 ) - (534 ) Total adjustments 1,057 11 1,068 Net cash provided by operating activities 1,175 - 1,175 Cash Flows from Investing Activities: Purchase of property and equipment (14 ) - (14 ) Purchase of other investments (477 ) - (477 ) Proceeds on sale of equity securities at fair value, non-current - - - Proceeds from principal paydowns of available-for-sale debt securities at fair value 750 - 750 Return of capital on other investments 2 - 2 Net cash provided by investing activities 261 - 261 Cash Flows from Financing Activities: Principal payments on financing lease (7 ) - (7 ) Issuance of common stock 13 - 13 Repurchases of common stock (133 ) - (133 ) Dividends paid (336 ) - (336 ) Net cash used in financing activities (463 ) - (463 ) Net increase in cash, cash equivalents, and restricted cash 973 - 973 Beginning cash, cash equivalents, and restricted cash 23,314 - 23,314 Ending cash, cash equivalents, and restricted cash $ 24,287 $ - $ 24,287 Supplemental Disclosures of Non-Cash Investing and Financing Activities Dividends declared but not paid $ 336 $ - $ 336 Unsettled sales of non-current investments $ - $ - $ - Unsettled class A common stock repurchases $ 10 $ - $ 10 Supplemental Disclosures of Cash Flow Information Cash paid for income taxes $ - $ - $ - |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | Carrying Value and Maximum Exposure to Loss (dollars in thousands) September 30, 2022 June 30, 2022 Investments in securities at fair value, current $ 11,963 $ 12,138 Investments in equity securities at fair value, non-current 608 623 Other receivables 11 21 Total VIE assets, maximum exposure to loss 12,582 12,782 Other accrued expenses - 110 Total carrying amount $ 12,582 $ 12,672 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2022 (As Restated) Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 1,100 $ - $ 535 $ 1,635 Mutual funds - Fixed income 11,963 - - 11,963 Mutual funds - Global equity 608 - - 608 Total investments in equity securities: $ 13,671 $ - $ 535 $ 14,206 Investments in debt securities: Available-for-sale - Convertible debentures - - 9,866 9,866 Total investments carried at fair value on a recurring basis: $ 13,671 $ - $ 10,401 $ 24,072 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 1,436 $ 1,436 June 30, 2022 Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 1,024 $ - $ 515 $ 1,539 Mutual funds - Fixed income 12,138 - - 12,138 Mutual funds - Global equity 623 - - 623 Total investments in equity securities: $ 13,785 $ - $ 515 $ 14,300 Investments in debt securities: Available-for-sale - Convertible debentures - - 10,625 10,625 Total investments carried at fair value on a recurring basis: $ 13,785 $ - $ 11,140 $ 24,925 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 781 $ 781 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | September 30, 2022 (As Restated) Investments in Investments in (dollars in thousands) equity securities debt securities Beginning Balance $ 515 $ 10,625 Principal repayments - (750 ) Amortization of day one premium - (71 ) Accretion of bifurcation discount - 209 Total unrealized gains or losses included in: Investment Income (Loss) 20 469 Other Comprehensive Income (Loss) - (616 ) Ending Balance $ 535 $ 9,866 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | September 30, 2022 (As Restated) (dollars in thousands) Fair Value Principal Valuation Techniques Unobservable Inputs Investments in equity securities: Common share purchase warrants $ 535 Option pricing model Volatility 92.1 % Investments in debt securities: Available-for-sale - Convertible debentures $ 9,866 Binomial lattice model Volatility 94.2 % Credit Adjusted Discount Rate 5.5 % |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | September 30, 2022 (As Restated) (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,680 $ (5,045 ) $ 1,635 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 12,313 (350 ) 11,963 Mutual funds - Global equity 929 (321 ) 608 Total equity securities at fair value $ 19,967 $ (5,761 ) $ 14,206 June 30, 2022 (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,680 $ (5,141 ) $ 1,539 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 12,313 (175 ) 12,138 Mutual funds - Global equity 929 (306 ) 623 Total equity securities at fair value $ 19,967 $ (5,667 ) $ 14,300 September 30, 2022 (As Restated) (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Investment Loss Fair Value Available-for-sale - Convertible debentures (1) $ 8,433 $ 3,972 $ (2,539 ) $ 9,866 June 30, 2022 (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Investment Loss Fair Value Available-for-sale - Convertible debentures (1) $ 8,576 $ 4,588 $ (2,539 ) $ 10,625 September 30, 2022 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Held-to-maturity - Debentures (1) $ 1,000 $ - $ (202 ) $ 798 June 30, 2022 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Held-to-maturity - Debentures (1) $ 1,000 $ - $ (133 ) $ 867 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2022 (As Restated) Available-for-sale Held-to-maturity debt securities debt securities Convertible Due after one year (dollars in thousands) debentures (1) through five years Net Carrying Amount $ 8,433 $ 1,000 Fair Value $ 9,866 $ 798 |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2022 June 30, 2022 Other Assets Other Assets Investments in Investments in available-for-sale available-for-sale (dollars in thousands) debt securities debt securities Embedded Derivatives: Equity price risk exposure $ 3 $ 3 Three Months Ended September 30, 2022 2021 Other Income (Loss) Other Income (Loss) (dollars in thousands) Investment Loss Investment Loss Embedded Derivatives: Equity price risk exposure $ - $ (438 ) |
Equity Securities without Readily Determinable Fair Value [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2022 2021 Other Investments Carrying value $ 2,630 $ 3,453 Upward carrying value changes $ - $ - Downward carrying value changes/impairment $ (1,839 ) $ - |
Investment Income [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2022 2021 As Restated Investment loss Realized gains on equity securities $ - $ 1,809 Realized gains on debt securities 469 602 Unrealized losses on equity securities (1,930 ) (2,358 ) Unrealized losses on embedded derivatives - (438 ) Dividend and interest income 418 497 Realized foreign currency losses (417 ) (146 ) Total Investment Loss $ (1,460 ) $ (34 ) |
Unrealized Gain (Loss) on Investments [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2022 2021 As Restated Net gains (losses) recognized during the period on equity securities $ (1,930 ) $ (549 ) Less: Net gains (losses) recognized during the period on equity securities sold during the period - 1,809 Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date (1) $ (1,930 ) $ (2,358 ) |
Note 4 - Investment Managemen_2
Note 4 - Investment Management and Other Fees (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2022 2021 ETF advisory fees $ 3,913 $ 5,316 USGIF advisory fees 610 966 USGIF performance fees earned (paid) (146 ) 188 Total Advisory Fees 4,377 6,470 USGIF administrative services fees 35 51 Total Operating Revenue $ 4,412 $ 6,521 |
Note 5 - Restricted and Unres_2
Note 5 - Restricted and Unrestricted Cash (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | (dollars in thousands) September 30, 2022 June 30, 2022 Cash and cash equivalents $ 23,287 $ 22,314 Restricted cash 1,000 1,000 Total cash, cash equivalents, and restricted cash $ 24,287 $ 23,314 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 7 $ - Interest on lease liabilities 1 - Total finance lease cost 8 - Operating lease cost - 13 Short-term lease cost 15 26 Total lease cost $ 23 $ 39 Three Months Ended September 30, (dollars in thousands) 2022 2021 Operating cash flows from operating leases included in lease liabilities $ - $ 13 Lease liabilities obtained from new ROU assets - operating $ - $ - Operating cash flows from financing leases included in lease liabilities $ 1 $ - Financing cash flows from financing leases included in lease liabilities $ 7 $ - Lease liabilities obtained from new ROU assets - financing $ - $ - September 30, 2022 June 30, 2022 Weighted-average remaining lease term - financing leases (years) 3.00 3.25 Weighted-average discount rate - financing leases 4.75 % 4.75 % |
Finance Lease, Liability, to be Paid, Maturity [Table Text Block] | (dollars in thousands) Fiscal Year Finance Leases 2023 (excluding the three months ended September 30, 2022) $ 23 2024 31 2025 31 2026 8 2027 - Total lease payments 93 Less imputed interest (6 ) Total $ 87 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | (dollars in thousands) Fiscal Year Operating Leases 2023 (excluding the three months ended September 30, 2022) $ 53 2024 42 2025 36 2026 - 2027 - Thereafter - Total lease payments $ 131 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, (dollars in thousands, except per share data) 2022 2021 As Restated Net Income $ 107 $ 2,390 Weighted average number of outstanding shares Basic 14,948,688 15,030,115 Effect of dilutive securities Stock options 587 1,084 Diluted 14,949,275 15,031,199 Earnings Per Share Basic Net Income per Share $ 0.01 $ 0.16 Diluted Net Income per Share $ 0.01 $ 0.16 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (dollars in thousands) Unrealized gains (losses) on available-for-sale investments Foreign currency translation adjustment (1) Total Three Months Ended September 30, 2022 (As Restated) Balance at June 30, 2022 $ 3,624 $ - $ 3,624 Other comprehensive loss before reclassifications (146 ) - (146 ) Tax effect 31 - 31 Amount reclassified from AOCI (469 ) - (469 ) Tax effect 98 - 98 Net other comprehensive loss (486 ) - (486 ) Balance at September 30, 2022 (As Restated) $ 3,138 $ - $ 3,138 Three Months Ended September 30, 2021 Balance at June 30, 2021 $ 6,564 $ 23 $ 6,587 Other comprehensive loss before reclassifications (186 ) (12 ) (198 ) Tax effect 39 - 39 Amount reclassified from AOCI (602 ) - (602 ) Tax effect 126 - 126 Net other comprehensive loss (623 ) (12 ) (635 ) Balance at September 30, 2021 $ 5,941 $ 11 $ 5,952 |
Note 12 - Financial Informati_2
Note 12 - Financial Information by Business Segment (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (dollars in thousands) Investment Management Services Corporate Investments Consolidated Three Months Ended September 30, 2022 (As Restated) Net operating revenues $ 4,412 $ - $ 4,412 Investment loss $ - $ (1,460 ) $ (1,460 ) Other income $ 61 $ - $ 61 Income (loss) before income taxes $ 1,661 $ (1,475 ) $ 186 Depreciation $ 61 $ - $ 61 Gross identifiable assets at September 30, 2022 $ 23,607 $ 32,005 $ 55,612 Deferred tax asset $ 1,373 Consolidated total assets at September 30, 2022 $ 56,985 Three Months Ended September 30, 2021 Net operating revenues $ 6,521 $ - $ 6,521 Investment loss $ - $ (34 ) $ (34 ) Income from equity method investments $ - $ 15 $ 15 Other income $ 56 $ - $ 56 Income (loss) before income taxes $ 3,113 $ (209 ) $ 2,904 Depreciation $ 48 $ - $ 48 Gross identifiable assets at September 30, 2021 $ 21,204 $ 40,713 $ 61,917 |
Note 1 - Restatement of Previ_3
Note 1 - Restatement of Previously Issued Consolidated Financial Statements - Summary of Error Correction and Restatement of Financial Statements (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Deferred tax asset | $ 1,373,000 | $ 872,000 | |
Investments in equity securities at fair value, non-current | 2,243,000 | 2,162,000 | |
Total Shareholders’ Equity | 53,329,000 | $ 56,061,000 | 54,164,000 |
Investment loss | (1,460,000) | (34,000) | |
Tax expense | 79,000 | 514,000 | |
Net Income | $ 107,000 | $ 2,390,000 | |
Earnings Per Share (in dollars per share) | $ 0.01 | $ 0.16 | |
Investments in securities at fair value | $ 9,866,000 | 10,625,000 | |
Other comprehensive loss, net of tax, as restated | (486,000) | $ (635,000) | |
Cash and cash equivalents | 23,287,000 | 22,314,000 | |
Restricted cash | 1,000,000 | 1,000,000 | |
Investments in securities at fair value, current | 11,963,000 | 12,138,000 | |
Accounts and other receivables | 1,576,000 | 1,796,000 | |
Tax receivable | 96,000 | 384,000 | |
Prepaid expenses | 312,000 | 400,000 | |
Total Current Assets | 38,234,000 | 38,032,000 | |
Net Property and Equipment | 1,320,000 | 1,370,000 | |
Deferred tax asset | 1,373,000 | 872,000 | |
Investments in held-to-maturity debt securities | 1,000,000 | 1,000,000 | |
Other investments | 2,630,000 | 3,453,000 | 3,992,000 |
Financing lease, right of use assets | 86,000 | 93,000 | |
Other assets, non-current | 233,000 | 216,000 | |
Total Other Assets | 17,431,000 | 18,960,000 | |
Total Assets | 56,985,000 | 61,917,000 | 58,362,000 |
Accounts payable | 14,000 | 73,000 | |
Accrued compensation and related costs | 1,925,000 | 1,864,000 | |
Dividends payable | 336,000 | 337,000 | |
Financing lease liability, short-term | 28,000 | 27,000 | |
Other accrued expenses | 1,137,000 | 1,831,000 | |
Taxes payable | 157,000 | 0 | |
Total Current Liabilities | 3,597,000 | 4,132,000 | |
Financing lease liability, long-term | 59,000 | 66,000 | |
Total Long-Term Liabilities | 59,000 | 66,000 | |
Total Liabilities | 3,656,000 | 4,198,000 | |
Commitments and Contingencies (Note 13) | |||
Additional paid-in-capital | 16,440,000 | 16,438,000 | |
Treasury stock, class A shares at cost; 1,014,031 shares and 978,049 shares at September 30, 2022, and June 30, 2022, respectively | 2,722,000 | 2,599,000 | |
Accumulated comprehensive income, net of tax | 3,138,000 | 3,624,000 | |
Retained earnings | 36,074,000 | 36,302,000 | |
Total Liabilities and Shareholders’ Equity | 56,985,000 | 58,362,000 | |
Revenues | 4,412,000 | 6,521,000 | |
Employee compensation and benefits | 1,175,000 | 1,924,000 | |
General and administrative | 1,504,000 | 1,598,000 | |
Advertising | 86,000 | 84,000 | |
Depreciation | 61,000 | 48,000 | |
Interest | 1,000 | 0 | |
Operating Expenses | 2,827,000 | 3,654,000 | |
Operating Income | 1,585,000 | 2,867,000 | |
Income from equity method investments | 0 | 15,000 | |
Other income | 61,000 | 56,000 | |
Nonoperating Income (Expense) | (1,399,000) | 37,000 | |
Income Before Income Taxes | $ 186,000 | $ 2,904,000 | |
Diluted Net Income per Share (in dollars per share) | $ 0.01 | $ 0.16 | |
Basic weighted average number of common shares outstanding (in shares) | 14,948,688 | 15,030,115 | |
Diluted weighted average number of common shares outstanding (in shares) | 14,949,275 | 15,031,199 | |
Unrealized losses on available-for-sale securities arising during period | $ (115,000) | $ (147,000) | |
Less: reclassification adjustment for gains included in net income | (371,000) | (476,000) | |
Net change from available-for-sale securities, net of tax | (486,000) | (623,000) | |
Foreign currency translation adjustment | 0 | (12,000) | |
Comprehensive Income (Loss) | (379,000) | 1,755,000 | |
Balance | 54,164,000 | 54,324,000 | |
Purchases of shares of Common Stock (class A) | (133,000) | (82,000) | |
Issuance of stock under ESPP of shares of Common Stock (class A) | 13,000 | 14,000 | |
Share-based compensation, adjustment for forfeitures, net of tax | (1,000) | ||
Dividends declared | (335,000) | (338,000) | |
Balance | 53,329,000 | 56,061,000 | |
Depreciation, amortization and accretion | (77,000) | (129,000) | |
Net recognized loss on disposal of fixed assets | 3,000 | 0 | |
Net realized gains on securities | (469,000) | (2,411,000) | |
Unrealized losses on securities | 1,930,000 | 2,796,000 | |
Net income from equity method investment | 0 | (15,000) | |
Provision for deferred taxes | (371,000) | (905,000) | |
Stock-based compensation expense | 0 | 388,000 | |
Accounts and other receivables | 508,000 | 1,438,000 | |
Prepaid expenses and other assets | 78,000 | (11,000) | |
Accounts payable and accrued expenses | (534,000) | (1,139,000) | |
Total adjustments | 1,068,000 | 12,000 | |
Net cash provided by operating activities | 1,175,000 | 2,402,000 | |
Purchase of property and equipment | (14,000) | (33,000) | |
Purchase of other investments | (477,000) | 0 | |
Proceeds on sale of equity securities at fair value, non-current | 0 | 2,494,000 | |
Proceeds from principal paydowns of available-for-sale debt securities at fair value | 750,000 | 750,000 | |
Return of capital on other investments | 2,000 | 0 | |
Net cash provided by investing activities | 261,000 | 3,211,000 | |
Principal payments on financing lease | (7,000) | 0 | |
Issuance of common stock | 13,000 | 14,000 | |
Repurchases of common stock | (133,000) | (82,000) | |
Dividends paid | (336,000) | (226,000) | |
Net cash used in financing activities | (463,000) | (294,000) | |
Net increase in cash, cash equivalents, and restricted cash | 973,000 | 5,319,000 | |
Beginning cash, cash equivalents, and restricted cash | 23,314,000 | 15,436,000 | |
Ending cash, cash equivalents, and restricted cash | 24,287,000 | 20,755,000 | |
Dividends declared but not paid | 336,000 | 338,000 | |
Unsettled sales of non-current investments | 0 | 291,000 | |
Cash paid for income taxes | 0 | 1,926,000 | |
Common Class A [Member] | |||
Common Stock | 347,000 | 347,000 | |
Treasury stock, class A shares at cost; 1,014,031 shares and 978,049 shares at September 30, 2022, and June 30, 2022, respectively | 2,722,000 | ||
Unsettled class A common stock repurchases | 10,000 | 0 | |
Common Class C [Member] | |||
Common Stock | 52,000 | 52,000 | |
Common Class B [Member] | |||
Common Stock | 0 | 0 | |
Common Stock [Member] | Common Class A [Member] | |||
Total Shareholders’ Equity | 347,000 | 347,000 | 347,000 |
Net Income | 0 | 0 | |
Other comprehensive loss, net of tax, as restated | $ 0 | $ 0 | |
Balance at June 30, 2022 (in shares) | 13,866,999 | 13,866,913 | |
Balance | $ 347,000 | $ 347,000 | |
Purchases of shares of Common Stock (class A) (in shares) | 0 | 0 | |
Purchases of shares of Common Stock (class A) | $ 0 | $ 0 | |
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | 0 | |
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 0 | $ 0 | |
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | $ 0 | $ 0 | |
Balance at September 30, 2022 (As Restated) (in shares) | 13,866,999 | 13,866,913 | |
Balance | $ 347,000 | $ 347,000 | |
Common Stock [Member] | Common Class C [Member] | |||
Total Shareholders’ Equity | 52,000 | 52,000 | 52,000 |
Net Income | 0 | 0 | |
Other comprehensive loss, net of tax, as restated | $ 0 | $ 0 | |
Balance at June 30, 2022 (in shares) | 2,068,549 | 2,068,635 | |
Balance | $ 52,000 | $ 52,000 | |
Purchases of shares of Common Stock (class A) (in shares) | 0 | 0 | |
Purchases of shares of Common Stock (class A) | $ 0 | $ 0 | |
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | 0 | |
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 0 | $ 0 | |
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | $ 0 | $ 0 | |
Balance at September 30, 2022 (As Restated) (in shares) | 2,068,549 | 2,068,635 | |
Balance | $ 52,000 | $ 52,000 | |
Additional Paid-in Capital [Member] | |||
Total Shareholders’ Equity | 16,440,000 | 16,073,000 | 16,438,000 |
Net Income | 0 | 0 | |
Other comprehensive loss, net of tax, as restated | 0 | 0 | |
Balance | 16,438,000 | 15,677,000 | |
Purchases of shares of Common Stock (class A) | 0 | 0 | |
Issuance of stock under ESPP of shares of Common Stock (class A) | 3,000 | 8,000 | |
Share-based compensation, adjustment for forfeitures, net of tax | (1,000) | ||
Dividends declared | 0 | 0 | |
Balance | 16,440,000 | 16,073,000 | |
Treasury Stock, Common [Member] | |||
Total Shareholders’ Equity | (2,722,000) | (2,248,000) | (2,599,000) |
Net Income | 0 | 0 | |
Other comprehensive loss, net of tax, as restated | $ 0 | $ 0 | |
Balance at June 30, 2022 (in shares) | 978,049 | 898,953 | |
Balance | $ (2,599,000) | $ (2,172,000) | |
Purchases of shares of Common Stock (class A) (in shares) | 39,965 | 13,647 | |
Purchases of shares of Common Stock (class A) | $ (133,000) | $ (82,000) | |
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | (3,983) | (2,228) | |
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 10,000 | $ 6,000 | |
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | $ 0 | $ 0 | |
Balance at September 30, 2022 (As Restated) (in shares) | 1,014,031 | 910,372 | |
Balance | $ (2,722,000) | $ (2,248,000) | |
Treasury Stock, Common [Member] | Common Class A [Member] | |||
Purchases of shares of Common Stock (class A) (in shares) | 39,965 | 13,647 | |
Repurchases of common stock | $ (133,000) | $ (82,000) | |
AOCI Attributable to Parent [Member] | |||
Total Shareholders’ Equity | 3,138,000 | 5,952,000 | 3,624,000 |
Net Income | 0 | 0 | |
Other comprehensive loss, net of tax, as restated | (486,000) | (635,000) | |
Balance | 3,624,000 | 6,587,000 | |
Purchases of shares of Common Stock (class A) | 0 | 0 | |
Issuance of stock under ESPP of shares of Common Stock (class A) | 0 | 0 | |
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | 0 | 0 | |
Balance | 3,138,000 | 5,952,000 | |
Retained Earnings [Member] | |||
Total Shareholders’ Equity | 36,074,000 | 35,885,000 | 36,302,000 |
Net Income | 107,000 | 2,390,000 | |
Other comprehensive loss, net of tax, as restated | 0 | 0 | |
Balance | 36,302,000 | 33,833,000 | |
Purchases of shares of Common Stock (class A) | 0 | 0 | |
Issuance of stock under ESPP of shares of Common Stock (class A) | 0 | 0 | |
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | (335,000) | (338,000) | |
Balance | 36,074,000 | 35,885,000 | |
Investment Advisory Services [Member] | |||
Revenues | 4,377,000 | 6,470,000 | |
Administrative Service [Member] | |||
Revenues | 35,000 | $ 51,000 | |
Revision of Prior Period, Adjustment [Member] | |||
Deferred tax asset | 622,000 | ||
Investments in equity securities at fair value, non-current | (2,140,000) | ||
Total Shareholders’ Equity | (2,338,000) | (2,332,000) | |
Investment loss | (13,000) | ||
Tax expense | (2,000) | ||
Net Income | $ (11,000) | ||
Earnings Per Share (in dollars per share) | $ 0 | ||
Investments in securities at fair value | $ (820,000) | ||
Other comprehensive loss, net of tax, as restated | 5,000 | ||
Cash and cash equivalents | 0 | ||
Restricted cash | 0 | ||
Investments in securities at fair value, current | 0 | ||
Accounts and other receivables | 0 | ||
Tax receivable | 0 | ||
Prepaid expenses | 0 | ||
Total Current Assets | 0 | ||
Net Property and Equipment | 0 | ||
Deferred tax asset | 622,000 | ||
Investments in held-to-maturity debt securities | 0 | ||
Other investments | 0 | ||
Financing lease, right of use assets | 0 | ||
Other assets, non-current | 0 | ||
Total Other Assets | (2,338,000) | ||
Total Assets | (2,338,000) | ||
Accounts payable | 0 | ||
Accrued compensation and related costs | 0 | ||
Dividends payable | 0 | ||
Financing lease liability, short-term | 0 | ||
Other accrued expenses | 0 | ||
Taxes payable | 0 | ||
Total Current Liabilities | 0 | ||
Financing lease liability, long-term | 0 | ||
Total Long-Term Liabilities | 0 | ||
Total Liabilities | 0 | ||
Additional paid-in-capital | 0 | ||
Accumulated comprehensive income, net of tax | (647,000) | ||
Retained earnings | (1,691,000) | ||
Total Liabilities and Shareholders’ Equity | (2,338,000) | ||
Revenues | 0 | ||
Employee compensation and benefits | 0 | ||
General and administrative | 0 | ||
Advertising | 0 | ||
Depreciation | 0 | ||
Interest | 0 | ||
Operating Expenses | 0 | ||
Operating Income | 0 | ||
Income from equity method investments | 0 | ||
Other income | 0 | ||
Nonoperating Income (Expense) | (13,000) | ||
Income Before Income Taxes | $ (13,000) | ||
Diluted Net Income per Share (in dollars per share) | $ 0 | ||
Basic weighted average number of common shares outstanding (in shares) | |||
Diluted weighted average number of common shares outstanding (in shares) | |||
Unrealized losses on available-for-sale securities arising during period | $ 5,000 | ||
Less: reclassification adjustment for gains included in net income | 0 | ||
Net change from available-for-sale securities, net of tax | 5,000 | ||
Foreign currency translation adjustment | 0 | ||
Comprehensive Income (Loss) | (6,000) | ||
Balance | (2,332,000) | ||
Balance | (2,338,000) | ||
Depreciation, amortization and accretion | 0 | ||
Net recognized loss on disposal of fixed assets | 0 | ||
Net realized gains on securities | 0 | ||
Unrealized losses on securities | 13,000 | ||
Net income from equity method investment | 0 | ||
Provision for deferred taxes | (2,000) | ||
Stock-based compensation expense | 0 | ||
Accounts and other receivables | 0 | ||
Prepaid expenses and other assets | 0 | ||
Accounts payable and accrued expenses | 0 | ||
Total adjustments | 11,000 | ||
Net cash provided by operating activities | 0 | ||
Purchase of property and equipment | 0 | ||
Purchase of other investments | 0 | ||
Proceeds on sale of equity securities at fair value, non-current | 0 | ||
Proceeds from principal paydowns of available-for-sale debt securities at fair value | 0 | ||
Return of capital on other investments | 0 | ||
Net cash provided by investing activities | 0 | ||
Principal payments on financing lease | 0 | ||
Issuance of common stock | 0 | ||
Repurchases of common stock | 0 | ||
Dividends paid | 0 | ||
Net cash used in financing activities | 0 | ||
Net increase in cash, cash equivalents, and restricted cash | 0 | ||
Beginning cash, cash equivalents, and restricted cash | 0 | ||
Ending cash, cash equivalents, and restricted cash | 0 | ||
Dividends declared but not paid | 0 | ||
Unsettled sales of non-current investments | 0 | ||
Cash paid for income taxes | 0 | ||
Revision of Prior Period, Adjustment [Member] | Common Class A [Member] | |||
Common Stock | 0 | ||
Treasury stock, class A shares at cost; 1,014,031 shares and 978,049 shares at September 30, 2022, and June 30, 2022, respectively | 0 | ||
Unsettled class A common stock repurchases | 0 | ||
Revision of Prior Period, Adjustment [Member] | Common Class C [Member] | |||
Common Stock | 0 | ||
Revision of Prior Period, Adjustment [Member] | Common Class B [Member] | |||
Common Stock | 0 | ||
Revision of Prior Period, Adjustment [Member] | Common Stock [Member] | Common Class A [Member] | |||
Total Shareholders’ Equity | 0 | ||
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | 0 | ||
Balance | 0 | ||
Revision of Prior Period, Adjustment [Member] | Common Stock [Member] | Common Class C [Member] | |||
Total Shareholders’ Equity | 0 | ||
Balance | 0 | ||
Revision of Prior Period, Adjustment [Member] | Additional Paid-in Capital [Member] | |||
Total Shareholders’ Equity | 0 | ||
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | 0 | ||
Balance | 0 | ||
Revision of Prior Period, Adjustment [Member] | Treasury Stock, Common [Member] | |||
Total Shareholders’ Equity | 0 | ||
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | 0 | ||
Balance | 0 | ||
Revision of Prior Period, Adjustment [Member] | AOCI Attributable to Parent [Member] | |||
Total Shareholders’ Equity | (652,000) | ||
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | 5,000 | ||
Balance | (652,000) | ||
Revision of Prior Period, Adjustment [Member] | Retained Earnings [Member] | |||
Total Shareholders’ Equity | (1,680,000) | ||
Net Income | (11,000) | ||
Other comprehensive loss, net of tax, as restated | 0 | ||
Balance | (1,680,000) | ||
Revision of Prior Period, Adjustment [Member] | Investment Advisory Services [Member] | |||
Revenues | 0 | ||
Revision of Prior Period, Adjustment [Member] | Administrative Service [Member] | |||
Revenues | 0 | ||
Previously Reported [Member] | |||
Deferred tax asset | 751,000 | ||
Investments in equity securities at fair value, non-current | 4,383,000 | ||
Total Shareholders’ Equity | 55,667,000 | 56,496,000 | |
Investment loss | (1,447,000) | ||
Tax expense | 81,000 | ||
Net Income | $ 118,000 | ||
Earnings Per Share (in dollars per share) | $ 0.01 | ||
Investments in securities at fair value | $ 10,686,000 | ||
Other comprehensive loss, net of tax, as restated | (491,000) | ||
Cash and cash equivalents | 23,287,000 | ||
Restricted cash | 1,000,000 | ||
Investments in securities at fair value, current | 11,963,000 | ||
Accounts and other receivables | 1,576,000 | ||
Tax receivable | 96,000 | ||
Prepaid expenses | 312,000 | ||
Total Current Assets | 38,234,000 | ||
Net Property and Equipment | 1,320,000 | ||
Deferred tax asset | 751,000 | ||
Investments in held-to-maturity debt securities | 1,000,000 | ||
Other investments | 2,630,000 | ||
Financing lease, right of use assets | 86,000 | ||
Other assets, non-current | 233,000 | ||
Total Other Assets | 19,769,000 | ||
Total Assets | 59,323,000 | ||
Accounts payable | 14,000 | ||
Accrued compensation and related costs | 1,925,000 | ||
Dividends payable | 336,000 | ||
Financing lease liability, short-term | 28,000 | ||
Other accrued expenses | 1,137,000 | ||
Taxes payable | 157,000 | ||
Total Current Liabilities | 3,597,000 | ||
Financing lease liability, long-term | 59,000 | ||
Total Long-Term Liabilities | 59,000 | ||
Total Liabilities | 3,656,000 | ||
Additional paid-in-capital | 16,440,000 | ||
Accumulated comprehensive income, net of tax | 3,785,000 | ||
Retained earnings | 37,765,000 | ||
Total Liabilities and Shareholders’ Equity | 59,323,000 | ||
Revenues | 4,412,000 | ||
Employee compensation and benefits | 1,175,000 | ||
General and administrative | 1,504,000 | ||
Advertising | 86,000 | ||
Depreciation | 61,000 | ||
Interest | 1,000 | ||
Operating Expenses | 2,827,000 | ||
Operating Income | 1,585,000 | ||
Income from equity method investments | 0 | ||
Other income | 61,000 | ||
Nonoperating Income (Expense) | (1,386,000) | ||
Income Before Income Taxes | $ 199,000 | ||
Diluted Net Income per Share (in dollars per share) | $ 0.01 | ||
Basic weighted average number of common shares outstanding (in shares) | 14,948,688 | ||
Diluted weighted average number of common shares outstanding (in shares) | 14,949,275 | ||
Unrealized losses on available-for-sale securities arising during period | $ (120,000) | ||
Less: reclassification adjustment for gains included in net income | (371,000) | ||
Net change from available-for-sale securities, net of tax | (491,000) | ||
Foreign currency translation adjustment | 0 | ||
Comprehensive Income (Loss) | (373,000) | ||
Balance | 56,496,000 | ||
Purchases of shares of Common Stock (class A) | (133,000) | ||
Issuance of stock under ESPP of shares of Common Stock (class A) | 13,000 | ||
Share-based compensation, adjustment for forfeitures, net of tax | (1,000) | ||
Dividends declared | (335,000) | ||
Balance | 55,667,000 | ||
Depreciation, amortization and accretion | (77,000) | ||
Net recognized loss on disposal of fixed assets | 3,000 | ||
Net realized gains on securities | (469,000) | ||
Unrealized losses on securities | 1,917,000 | ||
Net income from equity method investment | 0 | ||
Provision for deferred taxes | (369,000) | ||
Stock-based compensation expense | 0 | ||
Accounts and other receivables | 508,000 | ||
Prepaid expenses and other assets | 78,000 | ||
Accounts payable and accrued expenses | (534,000) | ||
Total adjustments | 1,057,000 | ||
Net cash provided by operating activities | 1,175,000 | ||
Purchase of property and equipment | (14,000) | ||
Purchase of other investments | (477,000) | ||
Proceeds on sale of equity securities at fair value, non-current | 0 | ||
Proceeds from principal paydowns of available-for-sale debt securities at fair value | 750,000 | ||
Return of capital on other investments | 2,000 | ||
Net cash provided by investing activities | 261,000 | ||
Principal payments on financing lease | (7,000) | ||
Issuance of common stock | 13,000 | ||
Repurchases of common stock | (133,000) | ||
Dividends paid | (336,000) | ||
Net cash used in financing activities | (463,000) | ||
Net increase in cash, cash equivalents, and restricted cash | 973,000 | ||
Beginning cash, cash equivalents, and restricted cash | 23,314,000 | ||
Ending cash, cash equivalents, and restricted cash | 24,287,000 | ||
Dividends declared but not paid | 336,000 | ||
Unsettled sales of non-current investments | 0 | ||
Cash paid for income taxes | 0 | ||
Previously Reported [Member] | Common Class A [Member] | |||
Common Stock | 347,000 | ||
Treasury stock, class A shares at cost; 1,014,031 shares and 978,049 shares at September 30, 2022, and June 30, 2022, respectively | 2,722,000 | ||
Unsettled class A common stock repurchases | 10,000 | ||
Previously Reported [Member] | Common Class C [Member] | |||
Common Stock | 52,000 | ||
Previously Reported [Member] | Common Class B [Member] | |||
Common Stock | 0 | ||
Previously Reported [Member] | Common Stock [Member] | Common Class A [Member] | |||
Total Shareholders’ Equity | 347,000 | 347,000 | |
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | $ 0 | ||
Balance at June 30, 2022 (in shares) | 13,866,999 | ||
Balance | $ 347,000 | ||
Purchases of shares of Common Stock (class A) (in shares) | 0 | ||
Purchases of shares of Common Stock (class A) | $ 0 | ||
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | ||
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 0 | ||
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | $ 0 | ||
Balance at September 30, 2022 (As Restated) (in shares) | 13,866,999 | ||
Balance | $ 347,000 | ||
Previously Reported [Member] | Common Stock [Member] | Common Class C [Member] | |||
Total Shareholders’ Equity | 52,000 | ||
Balance at June 30, 2022 (in shares) | 2,068,549 | ||
Balance | $ 52,000 | ||
Purchases of shares of Common Stock (class A) (in shares) | 0 | ||
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | ||
Balance at September 30, 2022 (As Restated) (in shares) | 2,068,549 | ||
Previously Reported [Member] | Additional Paid-in Capital [Member] | |||
Total Shareholders’ Equity | $ 16,440,000 | 16,438,000 | |
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | 0 | ||
Balance | 16,438,000 | ||
Purchases of shares of Common Stock (class A) | 0 | ||
Issuance of stock under ESPP of shares of Common Stock (class A) | 3,000 | ||
Share-based compensation, adjustment for forfeitures, net of tax | (1,000) | ||
Dividends declared | 0 | ||
Balance | 16,440,000 | ||
Previously Reported [Member] | Treasury Stock, Common [Member] | |||
Total Shareholders’ Equity | (2,722,000) | (2,599,000) | |
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | $ 0 | ||
Balance at June 30, 2022 (in shares) | 978,049 | ||
Balance | $ (2,599,000) | ||
Purchases of shares of Common Stock (class A) (in shares) | 39,965 | ||
Purchases of shares of Common Stock (class A) | $ (133,000) | ||
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | (3,983) | ||
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 10,000 | ||
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | $ 0 | ||
Balance at September 30, 2022 (As Restated) (in shares) | 1,014,031 | ||
Balance | $ (2,722,000) | ||
Previously Reported [Member] | AOCI Attributable to Parent [Member] | |||
Total Shareholders’ Equity | 3,785,000 | 4,276,000 | |
Net Income | 0 | ||
Other comprehensive loss, net of tax, as restated | (491,000) | ||
Balance | 4,276,000 | ||
Purchases of shares of Common Stock (class A) | 0 | ||
Issuance of stock under ESPP of shares of Common Stock (class A) | 0 | ||
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | 0 | ||
Balance | 3,785,000 | ||
Previously Reported [Member] | Retained Earnings [Member] | |||
Total Shareholders’ Equity | 37,765,000 | $ 37,982,000 | |
Net Income | 118,000 | ||
Other comprehensive loss, net of tax, as restated | 0 | ||
Balance | 37,982,000 | ||
Purchases of shares of Common Stock (class A) | 0 | ||
Issuance of stock under ESPP of shares of Common Stock (class A) | 0 | ||
Share-based compensation, adjustment for forfeitures, net of tax | 0 | ||
Dividends declared | (335,000) | ||
Balance | 37,765,000 | ||
Previously Reported [Member] | Investment Advisory Services [Member] | |||
Revenues | 4,377,000 | ||
Previously Reported [Member] | Administrative Service [Member] | |||
Revenues | 35,000 | ||
Common Shares Purchase Warrants [Member] | Revision of Prior Period, Adjustment [Member] | |||
Deferred tax asset | 449,000 | ||
Investments in equity securities at fair value, non-current | (2,140,000) | ||
Total Shareholders’ Equity | (1,691,000) | ||
Investment loss | (13,000) | ||
Tax expense | (2,000) | ||
Net Income | $ (11,000) | ||
Earnings Per Share (in dollars per share) | $ 0 | ||
Deferred tax asset | $ 449,000 | ||
Balance | |||
Balance | (1,691,000) | ||
Unsecured Convertible Debentures [Member] | Revision of Prior Period, Adjustment [Member] | |||
Deferred tax asset | 173,000 | ||
Total Shareholders’ Equity | (647,000) | ||
Investments in securities at fair value | (820,000) | ||
Other comprehensive loss, net of tax, as restated | 5,000 | ||
Deferred tax asset | 173,000 | ||
Balance | |||
Balance | $ (647,000) |
Note 1 - Restatement of Previ_4
Note 1 - Restatement of Previously Issued Consolidated Financial Statements - Summary of Error Correction and Restatement of Financial Statements (Details) (Parentheticals) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 |
Common Class A [Member] | ||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common Stock, Shares Authorized (in shares) | 28,000,000 | 28,000,000 |
Common Stock, Shares, Issued (in shares) | 13,866,999 | 13,866,999 |
Common Stock, Shares, Outstanding (in shares) | 12,852,968 | 12,888,950 |
Treasury Stock, Shares (in shares) | 1,014,031 | 978,049 |
Common Class B [Member] | ||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common Stock, Shares Authorized (in shares) | 4,500,000 | 4,500,000 |
Common Stock, Shares, Issued (in shares) | 0 | 0 |
Common Class C [Member] | ||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common Stock, Shares Authorized (in shares) | 3,500,000 | 3,500,000 |
Common Stock, Shares, Issued (in shares) | 2,068,549 | 2,068,549 |
Common Stock, Shares, Outstanding (in shares) | 2,068,549 | 2,068,549 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 12.6 | $ 12.8 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation - Carrying Amount of Assets and Liabilities associated with VIE's (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 |
Investments in securities at fair value, current | $ 11,963 | $ 12,138 | |
Investments in equity securities at fair value, non-current | 2,243 | 2,162 | |
Total VIE assets, maximum exposure to loss | 56,985 | 58,362 | $ 61,917 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Investments in securities at fair value, current | 11,963 | 12,138 | |
Investments in equity securities at fair value, non-current | 608 | 623 | |
Other receivables | 11 | 21 | |
Total VIE assets, maximum exposure to loss | 12,582 | 12,782 | |
Other accrued expenses | 0 | 110 | |
Total carrying amount | $ 12,582 | $ 12,672 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) shares | Mar. 31, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Sep. 30, 2022 $ / shares | Mar. 31, 2021 $ / shares | ||
Investment Owned, Fair Value | $ 24,100,000 | ||||||
Investment Owned, at Cost | $ 28,400,000 | ||||||
Value of Fair Value Investments to Company Assets, Percent | 42.20% | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 2,630,000 | $ 3,453,000 | $ 3,992,000 | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | 1,000,000 | ||||||
Equity Securities, FV-NI, Total | 14,206,000 | 14,300,000 | |||||
Debt Securities, Available-for-Sale, Total | 9,866,000 | [1] | 10,625,000 | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (115,000) | (147,000) | |||||
Investment Income, Net, Total | (1,460,000) | (34,000) | |||||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | 202,000 | [2] | 133,000 | ||||
Debt Securities, Available-for-Sale, Periodic Principal Payments | 750,000 | ||||||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | 2,500,000 | 4,000,000 | |||||
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Cumulative Amount | 3,300,000 | ||||||
Income (Loss) from Equity Method Investments | 0 | 15,000 | |||||
Realized Gain (Loss) on Principal Payment Proceeds | 469,000 | 602,000 | |||||
Equity Securities Without Readily Determinable Fair Values, Unrealized Gain (Loss) | 1,800,000 | 0 | |||||
U S Global Investors Funds [Member] | |||||||
Investment Owned, Fair Value | 12,600,000 | 12,800,000 | |||||
HIVE Blockchain Technologies Ltd. [Member] | Convertible Securities [Member] | |||||||
Investment Owned, Balance, Principal Amount | 9,800,000 | $ 15,000,000 | |||||
HIVE Blockchain Technologies Ltd. [Member] | Warrants and Convertible Debentures [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities and Equity Securities [Member] | |||||||
Investment Owned, Fair Value | 10,400,000 | 11,100,000 | |||||
HIVE Blockchain Technologies Ltd. [Member] | Unsecured Convertible Debentures [Member] | |||||||
Debt Securities, Available-for-Sale, Total | $ 9,900,000 | 16,000,000 | 10,600,000 | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | $ 6,900,000 | ||||||
HIVE Blockchain Technologies Ltd. [Member] | Unsecured Convertible Debentures [Member] | Convertible Debt Securities [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 11.70 | $ 2.34 | |||||
Investment Income, Net, Total | $ 469,000 | $ 602,000 | |||||
HIVE Blockchain Technologies Ltd. [Member] | Common Shares Purchase Warrants [Member] | |||||||
Investment, Common Share Purchase Warrants (in shares) | shares | 5,000,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 15 | $ 3 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 5 | ||||||
Equity Securities, FV-NI, Total | $ 535,000 | $ 5,900,000 | 515,000 | ||||
Thunderbird Entertainment Group [Member] | |||||||
Equity Securities, Shares Sold (in shares) | shares | 779,000 | ||||||
Equity Securities, FV-NI, Realized Gain | $ 1,800,000 | ||||||
The Sonar Company [Member] | |||||||
Equity Securities without Readily Determinable Fair Value, Amount | 362,000 | ||||||
Other Investments and Securities, at Cost | $ 175,000 | ||||||
Investment Owned, Direct Percentage | 2.80% | ||||||
Galileo New Economy Fund L P [Member] | |||||||
Equity Method Investment, Ownership Percentage | 22% | ||||||
Income (Loss) from Equity Method Investments | $ 15,000 | ||||||
Galileo New Economy Fund L P [Member] | Cash [Member] | |||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 85,000 | ||||||
Galileo New Economy Fund L P [Member] | Common Shares [Member] | |||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 228,000 | ||||||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026.[2]Held-to-maturity debt investments are carried at amortized cost, and the fair value is classified as Level 2 according to the fair value hierarchy. |
Note 3 - Investments - Investme
Note 3 - Investments - Investments With Fair Values Adjusted on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | ||
Investments in equity securities | $ 14,206 | $ 14,300 | ||
Investments in debt securities | 9,866 | [1] | 10,625 | |
Fair Value, Recurring [Member] | ||||
Investments in equity securities | 14,206 | 14,300 | ||
Investments in debt securities | 9,866 | 10,625 | ||
Total investments carried at fair value | 24,072 | 24,925 | ||
Fair Value, Nonrecurring [Member] | ||||
Total investments carried at fair value | 1,436 | [2] | 781 | [3] |
Equity Securities International [Member] | ||||
Investments in equity securities | 1,635 | 1,539 | ||
Equity Securities International [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 1,635 | 1,539 | ||
Mutual Funds Fixed Income [Member] | ||||
Investments in equity securities | 11,963 | 12,138 | ||
Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 11,963 | 12,138 | ||
Mutual Funds Global Equity [Member] | ||||
Investments in equity securities | 608 | 623 | ||
Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 608 | 623 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 13,671 | 13,785 | ||
Investments in debt securities | 0 | 0 | ||
Total investments carried at fair value | 13,671 | 13,785 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Total investments carried at fair value | 0 | [2] | 0 | [3] |
Fair Value, Inputs, Level 1 [Member] | Equity Securities International [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 1,100 | 1,024 | ||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 11,963 | 12,138 | ||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 608 | 623 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 0 | 0 | ||
Investments in debt securities | 0 | 0 | ||
Total investments carried at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Total investments carried at fair value | 0 | [2] | 0 | [3] |
Fair Value, Inputs, Level 2 [Member] | Equity Securities International [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 535 | 515 | ||
Investments in debt securities | 9,866 | 10,625 | ||
Total investments carried at fair value | 10,401 | 11,140 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Total investments carried at fair value | 1,436 | [2] | 781 | [3] |
Fair Value, Inputs, Level 3 [Member] | Equity Securities International [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 535 | 515 | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | ||||
Investments in equity securities | $ 0 | $ 0 | ||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026.[2]Other investments include equity securities without readily determinable fair values that were adjusted as a result of the measurement alternative on dates during the three months ended September 30, 2022. These securities are classified as level 3 due to the infrequency of the observable price changes and/or restrictions on the shares.[3]Other investments include equity securities without readily determinable fair values that were adjusted as a result of the measurement alternative on dates during the fiscal year ended June 30, 2022. These securities are classified as level 3 due to the infrequency of the observable price changes and/or restrictions on the shares. |
Note 3 - Investments - Reconcil
Note 3 - Investments - Reconciliation of Investments Recorded at Fair Value (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Equity Securities [Member] | |
Beginning Balance | $ 515 |
Principal repayments | 0 |
Amortization of day one premium | 0 |
Accretion of bifurcation discount | 0 |
Total gains or losses (realized/unrealized) included in Investment Income (Loss) | 20 |
Total gains or losses (realized/unrealized) included in Other Comprehensive Income (Loss) | 0 |
Ending Balance | 535 |
Debt Securities [Member] | |
Beginning Balance | 10,625 |
Principal repayments | (750) |
Amortization of day one premium | (71) |
Accretion of bifurcation discount | 209 |
Total gains or losses (realized/unrealized) included in Investment Income (Loss) | 469 |
Total gains or losses (realized/unrealized) included in Other Comprehensive Income (Loss) | (616) |
Ending Balance | $ 9,866 |
Note 3 - Investments - Securiti
Note 3 - Investments - Securities Measured and Carried at Fair Value on Recurring Basis With Significant Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Investments in equity securities | $ 14,206 | $ 14,300 | |
Investments in debt securities | $ 9,866 | [1] | $ 10,625 |
Measurement Input, Price Volatility [Member] | |||
Investments in equity securities, unobservable inputs | 0.921 | ||
Investments in debt securities, unobservable input | 0.942 | ||
Measurement Input, Discount Rate [Member] | |||
Investments in debt securities, unobservable input | 0.055 | ||
Valuation Technique, Option Pricing Model [Member] | |||
Investments in equity securities | $ 535 | ||
Valuation Technique, Binomial Lattice Model [Member] | |||
Investments in debt securities | $ 9,866 | ||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026. |
Note 3 - Investments - Componen
Note 3 - Investments - Components of Investments (Details) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 | ||
Cost | $ 19,967,000 | $ 19,967,000 | ||
Unrealized gains losses | (5,761,000) | (5,667,000) | ||
Investments in equity securities | 14,206,000 | 14,300,000 | ||
Amortized cost | 8,433,000 | [1] | 8,576,000 | |
Unrealized gains | 3,972,000 | 4,588,000 | ||
Available-for-sale - Convertible debentures(1) | (2,539,000) | (2,539,000) | ||
Investments in debt securities | 9,866,000 | [1] | 10,625,000 | |
Amortized cost, held-to-maturity | [2] | 1,000,000 | 1,000,000 | |
Unrecognized gains, held-to-maturity | 0 | [2] | 0 | |
Unrecognized losses, held-to-maturity | (202,000) | [2] | (133,000) | |
Fair value, held-to-maturity | 798,000 | [2] | 867,000 | |
Equity Securities International [Member] | ||||
Cost | 6,680,000 | 6,680,000 | ||
Unrealized gains losses | (5,045,000) | (5,141,000) | ||
Investments in equity securities | 1,635,000 | 1,539,000 | ||
Equity Securities Domestic [Member] | ||||
Cost | 45,000 | 45,000 | ||
Unrealized gains losses | (45,000) | (45,000) | ||
Investments in equity securities | 0 | 0 | ||
Mutual Funds Fixed Income [Member] | ||||
Cost | 12,313,000 | 12,313,000 | ||
Unrealized gains losses | (350,000) | (175,000) | ||
Investments in equity securities | 11,963,000 | 12,138,000 | ||
Mutual Funds Global Equity [Member] | ||||
Cost | 929,000 | 929,000 | ||
Unrealized gains losses | (321,000) | (306,000) | ||
Investments in equity securities | $ 608,000 | $ 623,000 | ||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026.[2]Held-to-maturity debt investments are carried at amortized cost, and the fair value is classified as Level 2 according to the fair value hierarchy. |
Note 3 - Investments - Invest_2
Note 3 - Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | |
Amortized cost | $ 8,433 | [1] | $ 8,576 |
Net Carrying Amount, held to maturity debt securities, due after five years through ten years | 1,000 | ||
Investments in debt securities | 9,866 | [1] | $ 10,625 |
Fair Value, held to maturity debt securities, due after five years through ten years | $ 798 | ||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026. |
Note 3 - Investments - Fair Val
Note 3 - Investments - Fair Value and Effect of Embedded Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Equity price risk exposure, asset | $ 3 | $ 3 | |
Equity price risk exposure, other income (loss) | $ 0 | $ (438) |
Note 3 - Investments - Carrying
Note 3 - Investments - Carrying Value of Equity Securities Without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Other investments | $ 2,630 | $ 3,453 | $ 3,992 |
Upward carrying value changes | 0 | 0 | |
Downward carrying value changes/impairment | $ (1,839) | $ 0 |
Note 3 - Investments - Invest_3
Note 3 - Investments - Investment Income or Loss Reflected in Earnings From Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Realized gains on equity securities | $ 0 | $ 1,809 |
Realized gains on debt securities | 469 | 602 |
Unrealized losses on equity securities | (1,930) | (2,358) |
Unrealized losses on embedded derivatives | 0 | (438) |
Dividend and interest income | 418 | 497 |
Realized foreign currency losses | (417) | (146) |
Total Investment Loss | $ (1,460) | $ (34) |
Note 3 - Investments - Unrealiz
Note 3 - Investments - Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Net gains (losses) recognized during the period on equity securities | $ (1,930) | $ (549) | |
Less: Net gains (losses) recognized during the period on equity securities sold during the period | 0 | 1,809 | |
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date (1) | [1] | $ (1,930) | $ (2,358) |
[1]Includes $1.8 million for the three months ended September 30, 2022, of net losses as a result of the measurement alternative. There were no net gains (losses) as a result of the measurement alternative for the three months ended September 30, 2021. |
Note 4 - Investment Managemen_3
Note 4 - Investment Management and Other Fees (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Fund Clients [Member] | |||
Receivables, Net, Current, Total | $ 1,400,000 | $ 1,600,000 | |
U S Global E T Fs [Member] | |||
Unitary Management Fee, Percentage of Average Net Assets | 0.60% | ||
U S Global E T Fs [Member] | Fund Clients [Member] | |||
Receivables, Net, Current, Total | $ 1,200,000 | 1,400,000 | |
U S Global Jets U C I T S E T F [Member] | |||
Unitary Management Fee, Percentage of Average Net Assets | 0.65% | ||
U S Global Investors Funds [Member] | |||
Aggregate Fees Waived and Expenses Borne | $ 220,000 | $ 158,000 | |
Annual Administrative Fee Rate | 0.05% | ||
U S Global Investors Funds [Member] | Fund Clients [Member] | |||
Receivables, Net, Current, Total | $ 144,000 | $ 188,000 | |
U S Global Investors Funds [Member] | Equity Funds [Member] | |||
Investment Advisory Fees, Fee Adjustment Base Percentage Adjustment When Fund Performance is Not Within Limits to Benchmark Index | 0.25% | ||
Investment Advisory Fees, Fee Adjustment Percent, Minimum Performance to Designed Benchmark Over Prior Rolling 12 Months | 5% |
Note 4 - Investment Managemen_4
Note 4 - Investment Management and Other Fees - Operating Revenues Disaggregated by Performance Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,412 | $ 6,521 |
Investment And Advisory Services [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 4,377 | 6,470 |
Investment And Advisory Services [Member] | U S Global E T Fs [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,913 | 5,316 |
Investment And Advisory Services [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 610 | 966 |
Investment Performance [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | (146) | 188 |
Administrative Service [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 35 | 51 |
Administrative Service [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 35 | $ 51 |
Note 5 - Restricted and Unres_3
Note 5 - Restricted and Unrestricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Cash and cash equivalents | $ 23,287 | $ 22,314 |
Restricted cash | 1,000 | 1,000 |
Total cash, cash equivalents, and restricted cash | $ 24,287 | $ 23,314 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Lease, Cost, Total | $ 23,000 | $ 39,000 | |
Operating Lease, Lease Income, Total | 34,000 | 26,000 | |
Other Assets [Member] | |||
Lessor, Cost, Contracts Asset | 8,000 | $ 9,000 | |
Continuing Operations [Member] | |||
Lease, Cost, Total | $ 23,000 | $ 39,000 |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Amortization of right-of-use assets | $ 7 | $ 0 | |
Interest on lease liabilities | 1 | 0 | |
Total finance lease cost | 8 | 0 | |
Operating lease cost | 0 | 13 | |
Short-term lease cost | 15 | 26 | |
Total lease cost | 23 | 39 | |
Operating cash flows from operating leases included in lease liabilities | 0 | 13 | |
Lease liabilities obtained from new ROU assets - operating | 0 | 0 | |
Operating cash flows from financing leases included in lease liabilities | 1 | 0 | |
Financing cash flows from financing leases included in lease liabilities | 7 | 0 | |
Lease liabilities obtained from new ROU assets - financing | $ 0 | $ 0 | |
Weighted-average remaining lease term - financing leases (years) (Year) | 3 years | 3 years 3 months | |
Weighted-average discount rate - financing leases | 4.75% | 4.75% |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2023 (excluding the three months ended September 30, 2022) | $ 23 |
2024 | 31 |
2025 | 31 |
2026 | 8 |
2027 | 0 |
Total lease payments | 93 |
Less imputed interest | (6) |
Total | $ 87 |
Note 6 - Leases - Summary Analy
Note 6 - Leases - Summary Analysis of Annual Undiscounted Cash Flows to be Received on Leases (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2023 (excluding the three months ended September 30, 2022) | $ 53 |
2024 | 42 |
2025 | 36 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total lease payments | $ 131 |
Note 7 - Borrowings (Details Te
Note 7 - Borrowings (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2021 | Jun. 30, 2022 | Feb. 25, 2022 | Feb. 24, 2022 | |
Payments for Repurchase of Common Stock | $ 133,000 | $ 82,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 2,000 | 0 | |||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 388,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | $ 345,000 | $ 345,000 | ||||
Plan1989 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 229,000 | 231,000 | 231,000 | ||||
Treasury Stock, Common [Member] | |||||||
Treasury Stock, Shares, Acquired (in shares) | 39,965 | 13,647 | |||||
Common Class A [Member] | Plan1989 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 6.05 | $ 6.05 | $ 6.05 | ||||
Common Class A [Member] | Plan1997 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 2,000 | 2,000 | 2,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 2.74 | $ 2.74 | $ 2.74 | ||||
Common Class A [Member] | Treasury Stock, Common [Member] | |||||||
Treasury Stock, Shares, Acquired (in shares) | 39,965 | 13,647 | |||||
Payments for Repurchase of Common Stock | $ 133,000 | $ 82,000 | |||||
Share Repurchase Plan Renewal December2012 December2020 [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 | $ 5,000,000 | $ 2,750,000 | ||||
Monthly Dividends Paid [Member] | |||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.0075 | $ 0.0050 | $ 0.0075 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 229,000 | 231,000 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income | $ 107 | $ 2,390 |
Basic weighted average number of common shares outstanding (in shares) | 14,948,688 | 15,030,115 |
Stock options (in shares) | 587 | 1,084 |
Diluted (in shares) | 14,949,275 | 15,031,199 |
Basic Net Income per Share (in dollars per share) | $ 0.01 | $ 0.16 |
Diluted Net Income per Share (in dollars per share) | $ 0.01 | $ 0.16 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards | $ 0 | |
Tax Credit Carryforward, Amount | 0 | |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards | 15,000 | |
Tax Credit Carryforward, Amount | 0 | |
Deferred Tax Assets, Valuation Allowance | $ 4,000 | $ 0 |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Balance | $ 54,164 | $ 54,324 | |
Balance | 53,329 | 56,061 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | 3,624 | 6,564 | |
Other comprehensive loss before reclassifications | (146) | (186) | |
Tax effect | 31 | 39 | |
Amount reclassified from AOCI | (469) | (602) | |
Tax effect | 98 | 126 | |
Net other comprehensive loss | (486) | (623) | |
Balance | 3,138 | 5,941 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | [1] | 0 | 23 |
Other comprehensive loss before reclassifications | [1] | 0 | (12) |
Tax effect | [1] | 0 | 0 |
Amount reclassified from AOCI | [1] | 0 | 0 |
Tax effect | [1] | 0 | 0 |
Net other comprehensive loss | [1] | 0 | (12) |
Balance | [1] | 0 | 11 |
AOCI Attributable to Parent [Member] | |||
Balance | 3,624 | 6,587 | |
Other comprehensive loss before reclassifications | (146) | (198) | |
Tax effect | 31 | 39 | |
Amount reclassified from AOCI | (469) | (602) | |
Tax effect | 98 | 126 | |
Net other comprehensive loss | (486) | (635) | |
Balance | $ 3,138 | $ 5,952 | |
[1]Amounts include no tax expense or benefit. |
Note 12 - Financial Informati_3
Note 12 - Financial Information by Business Segment (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,412,000 | $ 6,521,000 |
Investment Management Services [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 4,412,000 | 6,521,000 |
Investment Management Services [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 499,000 | 1,200,000 |
Investment Management Services [Member] | U S Global E T Fs [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,900,000 | $ 5,300,000 |
Note 12 - Financial Informati_4
Note 12 - Financial Information by Business Segment - Total Revenues and Income by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,412 | $ 6,521 | |
Investment Income, Net, Total | (1,460) | (34) | |
Other income | 61 | 56 | |
Income (loss) before income taxes | 186 | 2,904 | |
Depreciation | 61 | 48 | |
Gross identifiable assets | 55,612 | ||
Deferred tax asset | 1,373 | $ 872 | |
Consolidated total assets | 56,985 | 61,917 | $ 58,362 |
Income (Loss) from Equity Method Investments | 0 | 15 | |
Investment Management Services [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 4,412 | 6,521 | |
Investment Income, Net, Total | 0 | 0 | |
Other income | 61 | 56 | |
Income (loss) before income taxes | 1,661 | 3,113 | |
Depreciation | 61 | 48 | |
Gross identifiable assets | 23,607 | ||
Deferred tax asset | |||
Consolidated total assets | 21,204 | ||
Income (Loss) from Equity Method Investments | 0 | ||
Corporate Investments [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Investment Income, Net, Total | (1,460) | (34) | |
Other income | 0 | 0 | |
Income (loss) before income taxes | (1,475) | (209) | |
Depreciation | 0 | 0 | |
Gross identifiable assets | 32,005 | ||
Deferred tax asset | |||
Consolidated total assets | 40,713 | ||
Income (Loss) from Equity Method Investments | $ 15 |
Note 13 - Contingencies and C_2
Note 13 - Contingencies and Commitments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | |
Dividends, Common Stock, Cash | $ 335,000 | $ 338,000 | ||
Monthly Dividend [Member] | Forecast [Member] | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.0075 | |||
Dividends, Common Stock, Cash | $ 336,000 |