Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Sep. 02, 2016 | Dec. 31, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | U S GLOBAL INVESTORS INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Amendment Flag | false | ||
Entity Central Index Key | 754,811 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 | ||
Common Class C [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,069,127 | ||
Entity Public Float | $ 1,142 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 13,170,616 | ||
Entity Public Float | $ 9,011,941 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | |
Current Assets | |||
Cash and cash equivalents | $ 3,993 | $ 3,507 | |
Restricted cash | 1,000 | 0 | |
Investment securities - trading, at fair value | [1] | 10,104 | 15,640 |
Accounts and other receivables | 787 | 1,653 | |
Note receivable | 2,000 | 0 | |
Prepaid expenses | 290 | 410 | |
Total assets held related to discontinued operations | 0 | 184 | |
Total Current Assets | 18,174 | 21,394 | |
Net Property and Equipment | 2,466 | 2,736 | |
Other Assets | |||
Investment securities - available-for-sale, at fair value | 3,481 | 4,263 | |
Other investments | 1,924 | 2,303 | |
Note receivable, long term | 212 | 0 | |
Intangible assets, net | 0 | 41 | |
Other assets, long term | 89 | 33 | |
Total Other Assets | 5,706 | 6,640 | |
Total Assets | 26,346 | 30,770 | |
Current Liabilities | |||
Accounts payable | 148 | 114 | |
Accrued compensation and related costs | 451 | 456 | |
Dividends payable | 115 | 231 | |
Other accrued expenses | 586 | 692 | |
Total liabilities held related to discontinued operations | 0 | 134 | |
Total Current Liabilities | 1,300 | 1,627 | |
Commitments and Contingencies (Note 20) | |||
Shareholders' Equity | |||
Additional paid-in-capital | 15,651 | 15,694 | |
Treasury stock, class A shares at cost; 688,700 and 555,786 shares at June 30, 2016, and June 30, 2015, respectively | (1,663) | (1,464) | |
Accumulated other comprehensive loss, net of tax | (149) | (483) | |
Retained earnings | 10,290 | 14,423 | |
Total U.S. Global Investors Inc. Shareholders' Equity | 24,528 | 28,569 | |
Non-Controlling Interest in Subsidiary | 518 | 574 | |
Total Shareholders' Equity | 25,046 | 29,143 | |
Total Liabilities and Shareholders' Equity | 26,346 | 30,770 | |
Common Class A [Member] | |||
Shareholders' Equity | |||
Common stock, value | 347 | 347 | |
Common Class B [Member] | |||
Shareholders' Equity | |||
Common stock, value | 0 | 0 | |
Common Class C [Member] | |||
Shareholders' Equity | |||
Common stock, value | $ 52 | $ 52 | |
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Common Class A [Member] | ||
Common stock; par value (in Dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 28,000,000 | 28,000,000 |
Common stock, shares issued | 13,866,421 | 13,866,421 |
Treasury stock, class A shares at cost; shares | 688,700 | 555,786 |
Common Class B [Member] | ||
Common stock; par value (in Dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 4,500,000 | 4,500,000 |
Common stock, shares issued | 0 | 0 |
Common Class C [Member] | ||
Common stock; par value (in Dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 3,500,000 | 3,500,000 |
Common stock, shares issued | 2,069,127 | 2,069,127 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Revenues | |||
Advisory fees | $ 5,185 | $ 6,682 | $ 7,760 |
Administrative services fees | 320 | 651 | 774 |
5,505 | 7,333 | 8,534 | |
Operating Expenses | |||
Employee compensation and benefits | 4,918 | 5,399 | 6,312 |
General and administrative | 3,727 | 4,123 | 4,971 |
Platform fees | 508 | 856 | 216 |
Advertising | 212 | 135 | 56 |
Depreciation and amortization | 316 | 327 | 256 |
9,681 | 10,840 | 11,811 | |
Operating Loss | (4,176) | (3,507) | (3,277) |
Other Income | |||
Investment income | 485 | 434 | 2,145 |
Equity in earnings of Galileo | 0 | 0 | 20 |
Total Other Income | 485 | 434 | 2,165 |
Loss from Continuing Operations Before Income Taxes | (3,691) | (3,073) | (1,112) |
Provision for Federal Income Taxes | |||
Tax expense (benefit) | (6) | 822 | (475) |
Loss from Continuing Operations | (3,685) | (3,895) | (637) |
Discontinued Operations | |||
Tax benefit | 0 | 0 | (167) |
Loss from Discontinued Operations | (18) | (81) | (326) |
Net Loss | (3,703) | (3,976) | (963) |
Less: Net Income (Loss) Attributable to Non-Controlling Interest | (28) | 54 | 7 |
Net Loss Attributable to U.S. Global Investors, Inc. | $ (3,675) | $ (4,030) | $ (970) |
Basic | |||
Loss from continuing operations (in Dollars per share) | $ (0.24) | $ (0.25) | $ (0.04) |
Loss from discontinued operations (in Dollars per share) | 0 | (0.01) | (0.02) |
Net loss (in Dollars per share) | (0.24) | (0.26) | (0.06) |
Diluted | |||
Loss from continuing operations (in Dollars per share) | (0.24) | (0.25) | (0.04) |
Loss from discontinued operations (in Dollars per share) | 0 | (0.01) | (0.02) |
Net loss (in Dollars per share) | $ (0.24) | $ (0.26) | $ (0.06) |
Basic weighted average number of common shares outstanding (in Shares) | 15,294,893 | 15,399,831 | 15,459,022 |
Diluted weighted average number of common shares outstanding (in Shares) | 15,294,893 | 15,399,831 | 15,459,022 |
Transfer Agent [Member] | |||
Discontinued Operations | |||
Loss from discontinued operations before income taxes | $ 0 | $ 0 | $ (368) |
Tax benefit | 0 | 0 | (125) |
Loss from Discontinued Operations | 0 | 0 | (243) |
Distributor [Member] | |||
Discontinued Operations | |||
Loss from discontinued operations before income taxes | (18) | (81) | (125) |
Tax benefit | 0 | 0 | (42) |
Loss from Discontinued Operations | $ (18) | $ (81) | $ (83) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS ) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Loss Attributable to U.S. Global Investors, Inc. | $ (3,675) | $ (4,030) | $ (970) |
Other Comprehensive Income (Loss), Net of Tax: | |||
Unrealized gains (losses) on available-for-sale securities arising during period | 657 | (1,000) | 923 |
Less: reclassification adjustment for gains/losses included in net income | (273) | (227) | (687) |
Net change from available-for-sale investments, net of tax | 384 | (1,227) | 236 |
Foreign currency translation adjustment | (78) | (248) | 27 |
Other Comprehensive Income (Loss) | 306 | (1,475) | 263 |
Comprehensive Loss | (3,369) | (5,505) | (707) |
Less: Comprehensive Income (Loss) Attributable to Non-Controlling Interest | (28) | (86) | 9 |
Comprehensive Loss Attributable to U.S. Global Investors, Inc. | $ (3,341) | $ (5,419) | $ (716) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Common Class A [Member] | Common Class C [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jun. 30, 2013 | $ 347 | $ 52 | $ 15,654 | $ (1,129) | $ 652 | $ 21,273 | $ 0 | $ 36,849 |
Purchases of shares of Common Stock (class A) | (289) | (289) | ||||||
Issuance of stock under ESPP of 37,383 shares of Common Stock (class A) | 27 | 129 | 156 | |||||
Dividends declared | (927) | (927) | ||||||
Stock bonuses | 2 | 9 | 11 | |||||
Stock-based compensation expense | (14) | (14) | ||||||
Galileo acquisition - non-controlling interest | 617 | 617 | ||||||
Other comprehensive income, net of tax | 254 | 9 | 263 | |||||
Net income (loss) | (970) | 7 | (963) | |||||
Balance at Jun. 30, 2014 | 347 | 52 | 15,669 | (1,280) | 906 | 19,376 | 633 | 35,703 |
Purchases of shares of Common Stock (class A) | (292) | (292) | ||||||
Issuance of stock under ESPP of 37,383 shares of Common Stock (class A) | 23 | 98 | 121 | |||||
Dividends declared | (923) | (923) | ||||||
Stock bonuses | 2 | 10 | 12 | |||||
Distribution to non-controlling interests in subsidiary | (27) | (27) | ||||||
Other comprehensive income, net of tax | (1,389) | (86) | (1,475) | |||||
Net income (loss) | (4,030) | 54 | (3,976) | |||||
Balance at Jun. 30, 2015 | 347 | 52 | 15,694 | (1,464) | (483) | 14,423 | 574 | 29,143 |
Purchases of shares of Common Stock (class A) | (313) | (313) | ||||||
Issuance of stock under ESPP of 37,383 shares of Common Stock (class A) | (40) | 99 | 59 | |||||
Dividends declared | (458) | (458) | ||||||
Stock bonuses | (3) | 15 | 12 | |||||
Other comprehensive income, net of tax | 334 | (28) | 306 | |||||
Net income (loss) | (3,675) | (28) | (3,703) | |||||
Balance at Jun. 30, 2016 | $ 347 | $ 52 | $ 15,651 | $ (1,663) | $ (149) | $ 10,290 | $ 518 | $ 25,046 |
CONSOLIDATED STATEMENTS OF SHA7
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parentheticals) - shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Common Class A [Member] | |||
Balance | 13,866,421 | 13,866,361 | 13,865,021 |
Balance | 13,866,421 | 13,866,421 | 13,866,361 |
Purchases of shares of Common Stock (class A) | 177,998 | 95,251 | 93,351 |
Purchases of stock under ESPP of shares of Common Stock (class A) | 39,084 | 37,383 | 52,191 |
Number of shares issued as result of stock conversion | 60 | 1,340 | |
Common Class C [Member] | |||
Balance | 2,069,127 | 2,069,187 | 2,070,527 |
Balance | 2,069,127 | 2,069,127 | 2,069,187 |
Number of shares converted | 60 | 1,340 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (3,703) | $ (3,976) | $ (963) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 316 | 327 | 259 |
Net recognized loss on disposal of fixed assets | 3 | 26 | 26 |
Net recognized gain on securities | (13) | (313) | (878) |
Gain on acquisition of Galileo | 0 | 0 | (290) |
Net income from equity method investment | 0 | 0 | (20) |
Provision for deferred taxes | 0 | 807 | 387 |
Stock bonuses | 12 | 12 | 11 |
Stock-based compensation expense | 0 | 0 | 1 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,046 | 655 | (634) |
Prepaid expenses | 63 | 86 | 109 |
Trading securities | 5,509 | 2,176 | (13,222) |
Accounts payable and accrued expenses | (200) | (472) | 25 |
Total adjustments | 6,736 | 3,304 | (14,226) |
Net cash provided by (used in) operating activities | 3,033 | (672) | (15,189) |
Cash Flows from Investing Activities: | |||
Purchase of property and equipment | (13) | (40) | (30) |
Cash acquired in excess of payment to acquire Galileo shares | 0 | 0 | 1,236 |
Purchase of available-for-sale securities | (155) | (186) | (1,317) |
Purchase of other investments | (751) | (1,000) | (1,187) |
Payment to acquire note receivable | (2,000) | 0 | 0 |
Proceeds on sale of available-for-sale securities | 1,386 | 795 | 5,305 |
Proceeds from other investment | 751 | 5 | 0 |
Return of capital on investments | 136 | 36 | 43 |
Net cash provided by (used in) investing activities | (646) | (390) | 4,050 |
Cash Flows from Financing Activities: | |||
Increase in restricted cash | (1,000) | 0 | 0 |
Issuance of common stock | 59 | 121 | 156 |
Repurchases of common stock | (313) | (292) | (289) |
Distributions to non-controlling interests in subsidiary | 0 | (27) | 0 |
Dividends paid | (574) | (924) | (928) |
Net cash used in financing activities | (1,828) | (1,122) | (1,061) |
Effects of foreign currency translation | (73) | (219) | 25 |
Net increase (decrease) in cash and cash equivalents | 486 | (2,403) | (12,175) |
Beginning cash and cash equivalents | 3,507 | 5,910 | 18,085 |
Ending cash and cash equivalents | 3,993 | 3,507 | 5,910 |
Supplemental Disclosures of Cash Flow Information | |||
Cash paid for income taxes | $ 49 | $ 8 | $ 0 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) serves as investment adviser to U.S. Global Investors Funds (“USGIF” or the “Fund(s)”), a Delaware statutory trust that is a no-load, open-end investment company offering shares in numerous mutual funds to the investing public. The Company also provides administrative services to USGIF. For these services, the Company receives fees from USGIF. It also provided to USGIF transfer agent functions through December 6, 2013, and distribution services through December 9, 2015. The Company also provides advisory services to offshore clients and an SEC registered exchange traded fund (“ETF”). Effective June 1, 2014, the Company holds a controlling interest in Galileo Global Equity Advisors Inc. (“Galileo”), a privately held Toronto-based asset management firm. See Note 2 Significant Accounting Policies and Note 18 Business Combination for additional information on the acquisition of controlling interest of Galileo. U.S. Global formed the following companies to provide transfer agent and distribution services to USGIF: United Shareholder Services, Inc. (“USSI”) and U.S. Global Brokerage, Inc. (“USGB”). USSI, which ceased operations in fiscal 2014, was legally dissolved in December 2015. USGB ceased operations in December 2015 as discussed in Note 3. The Company formed three subsidiaries utilized primarily for corporate investment purposes: U.S. Global Investors (Guernsey) Limited (“USGG”), incorporated in Guernsey (on August 3, 2013, USGG was dissolved); U.S. Global Investors (Bermuda) Limited (“USBERM”), incorporated in Bermuda; and U.S. Global Investors (Canada) Limited (“USCAN”), formed in March 2013. In July 2013, the Company created U.S. Global Indices, LLC, a Texas limited liability company, of which the Company is the sole member, to provide indexing services to exchange-traded funds managed by the Company |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation. In addition, effective June 1, 2014, the Company, through USCAN, completed its purchase of an additional 15 percent interest in Galileo from the company’s founder, Michael Waring. Galileo is consolidated with USCAN and the non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. See Note 18 Business Combination for additional information. After the purchase of the additional interest, Galileo changed its fiscal year end from December 31 to June 30, effective June 30, 2014, to correspond to the Company’s year end. This change was treated as a change in accounting principle. The Company’s evaluation for consolidation includes whether entities in which it has an interest are variable interest entities (“VIEs”) and whether the Company is the primary beneficiary of any VIEs identified in its analysis. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lacks certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. If the VIE qualifies for the investment company deferral, the primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. The Company holds variable interests in, but is not deemed to be the primary beneficiary of, the funds it advises. The Company has determined that these entities qualify for the Investment Company deferral in ASC 810-10-65-2 (aa) and thus determines whether it is the primary beneficiary of these entities by virtue of its exposure to the expected losses and expected residual returns of the entity. The Company’s interests in these entities consist of the Company’s direct ownership therein, which in each case is insignificant to the total ownership of the fund, and any fees earned but uncollected. In the ordinary course of business, the Company may choose to waive certain fees or assume operating expenses of the funds it advises for competitive, regulatory or contractual reasons (see Note 5 Investment Management and Other Fees for information regarding fee waivers). The Company has not provided financial support to any of these entities outside the ordinary course of business. The Company’s risk of loss with respect to these managed entities is limited to the carrying value of its investments in, and fees receivable from, the entities. The Company does not consolidate these VIEs because it is not the primary beneficiary of these VIEs. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. Business Combinations. Cash and Cash Equivalents. Restricted Cash. Investments. Trading Securities. Held-to-Maturity Securities. Available-for-sale Securities. Securities The Company evaluates its available-for-sale investments for other-than-temporary decline in value on a periodic basis. This may exist when the fair value of an investment security has been below the current value for an extended period of time. When a security in the Company’s investment portfolio has an unrealized loss in fair value that is deemed to be other than temporary, the Company reduces the book value of such security to its current fair value, recognizing the credit related decline as a realized loss in the Consolidated Statements of Operations and a revised GAAP cost basis for the security is established. For available-for-sale securities with declines in value deemed other than temporary, the unrealized loss recorded net of tax in accumulated other comprehensive income (loss) is realized as a charge to net income. Other Investments. Equity Method Investments . Fair Value of Financial Instruments. Receivables . Property and Equipment. Impairment of Long-Lived Assets. Intangible Asset. The Company determined that the non-compete agreement has a finite useful life. The Company amortized this finite-lived identifiable intangible asset on a straight-line basis over its estimated useful life of 2 years. Management periodically evaluates the remaining useful lives and carrying values of intangible assets to determine whether events and circumstances indicate that a change in the useful life or impairment in value may have occurred. Indicators of impairment monitored by management include a decline in the level of managed assets, changes to contractual provisions underlying the intangible assets and reductions in underlying operating cash flows. Should there be an indication of a change in the useful life or impairment in value of the finite-lived intangible asset, the Company compares the carrying value of the asset and its related useful life to the projected discounted cash flows expected to be generated from the underlying managed assets over its remaining useful life to determine whether impairment has occurred. If the carrying value of the asset exceeds the discounted cash flows, the asset is written down to its fair value determined using discounted cash flows. Non-Controlling Interests. Treasury Stock. Stock-Based Compensation . Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes Revenue Recognition. Dividends and Interest. Advertising Costs. , after adjustments for discontinued operations. Foreign Exchange. Use of Estimates. Earnings Per Share. Earnings Per Share Accumulated Other Comprehensive Income (Loss). Recent Accounting Pronouncements Accounting Pronouncements Adopted During the Period In April 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts from Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 3. DISCONTINUED OPERATIONS Distributor In December 2015, USGIF elected a new slate of trustees to the Board of Trustees of the Funds. The Company proposed the election of new trustees and the transition of certain functions to third-party service providers with the intention of streamlining the Company’s responsibilities so it can better focus on strategic activities. The new Board of Trustees of USGIF adopted several new service agreements. As anticipated, effective December 10, 2015, the Company, through its wholly-owned subsidiary, U.S. Global Brokerage, Inc., ceased to be the distributor for USGIF and no longer receives distribution fees and shareholder services fees from USGIF. The Company’s portion of one-time transition expenses, recorded in the quarter ended December 31, 2015, was approximately $290,000. Due to this transition, the Company is no longer responsible for paying certain distribution and shareholder servicing related expenses and is reimbursed for certain distribution expenses from the new distributor for USGIF. As a result of this change, the Company filed Form BDW, the Uniform Request Withdrawal From Broker-Dealer Registration, with FINRA, which was approved in February 2016. This constitutes a strategic shift that has started to have, and will continue to have, a major effect on the Company’s operating revenues and expenses. The distribution and shareholder services revenues and the expenses associated with certain distribution operations for USGIF are reflected as discontinued operations in the statement of operations and are, therefore, excluded from continuing operations results. Comparative periods shown in the Statement of Operations have been adjusted to conform with this presentation. These revenues and expenses were included in the investment management services segment in previous reporting periods. The discontinued operations did not have depreciation, amortization, capital expenditures or significant non-cash operating and investing items. The assets and liabilities related to distribution discontinued operations are as follows at June 30, 2016, and June 30, 2015: ( dollars in thousands) June 30, 2016 June 30, 2015 Assets Receivables $ - $ 184 Total assets held related to discontinued operations $ - $ 184 Liabilities Accounts payable $ - $ 5 Other accrued expenses - 129 Total liabilities held related to discontinued operations $ - $ 134 The components of loss from discontinued operations of the distributor were as follows: Year Ended June 30, (dollars in thousands) 2016 2015 2014 Revenues Distribution fees $ 425 $ 1,408 $ 1,974 Shareholder services fees 183 630 931 608 2,038 2,905 Expenses Employee compensation and benefits 188 491 493 General and administrative 77 152 291 Platform fees 347 1,201 1,687 Advertising 14 275 559 626 2,119 3,030 Loss from discontinued operations of distributor before income taxes (18 ) (81 ) (125 ) Tax benefit - - (42 ) Loss from discontinued operations $ (18 ) $ (81 ) $ (83 ) Through December 9, 2015, USGIF paid the Company a distribution fee at an annual rate of 0.25 percent of the average daily net assets of the investor class of each of the equity funds. Effective December 10, 2015, the Company, through U.S. Global Brokerage, Inc., ceased to be the distributor for USGIF and no longer receives distribution fees directly from the Funds. In addition, through December 9, 2015, the Company received shareholder servicing fees from USGIF based on the value of Fund assets held through broker-dealer platforms. Effective December 10, 2015, the Company ceased to be the distributor for USGIF and no longer receives shareholder services fees from the Funds. Due to this transition, the Company is no longer responsible for paying the platform fees for the USGIF equity funds and is reimbursed for certain distribution expenses from the new distributor for USGIF. Transfer Agent The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. USSI served as transfer agent until conversion to a third-party transfer agent on December 9, 2013. The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as “discontinued operations” in the Consolidated Statements of Operations and are therefore, excluded from continuing operations results. These expenses include approximately $65,000 of expenses in fiscal 2014 related to leased equipment that will not be utilized. Comparative periods shown in the Consolidated Financial Statements have been adjusted to conform to this presentation. As of June 30, 2016, and 2015, there were no material remaining assets or liabilities related to the transfer agency business. The components of loss from discontinued operations of the transfer agent were as follows: Year Ended June 30, (dollars in thousands) 2016 2015 2014 Operating revenue $ - $ - $ 529 Operating expenses - - 897 Loss from discontinued operations of transfer agent before income taxes - - (368 ) Tax benefit - - (125 ) Loss from discontinued operations $ - $ - $ (243 ) |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | NOTE 4. INVESTMENTS As of June 30, 2016, the Company held investments with a fair value of $13.6 million and a cost basis of $14.5 million. The market value of these investments is approximately 51.6 percent of the Company’s total assets. In addition, the Company owned other investments of $1.9 million accounted for under the cost method of accounting. Investments in securities classified as trading are reflected as current assets on the Consolidated Balance Sheets at their fair market value. Unrealized gains and losses on trading securities are included in earnings in the Consolidated Statements of Operations. Investments in securities classified as available-for-sale, which may not be readily marketable but have readily determinable fair values, are reflected as non-current assets on the Consolidated Balance Sheets at their fair value. Unrealized gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income (loss) as a separate component of shareholders’ equity until realized. Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not have readily determinable fair values. These equity investments are accounted for under the cost method of accounting and evaluated for impairment. The Company considers many factors in determining impairment, including the severity and duration of the decline in value below cost, the Company’s interest and ability to hold the security for a period of time sufficient for an anticipated recovery in value, and the financial condition and specific events related to the issuer. When an impairment of an equity security is determined to be other-than-temporary, the impairment is recognized in earnings. The following details the components of the Company’s investments recorded at fair value as of June 30, 2016, and 2015: June 30, 2016 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Offshore fund $ 1,184 $ - $ (826 ) $ 358 Mutual funds - Fixed income 9,284 124 - 9,408 Mutual funds - Domestic equity 535 - (197 ) 338 Other 45 - (45 ) - Total trading securities $ 11,048 $ 124 $ (1,068 ) $ 10,104 Available-for-sale securities 2 Common stock - Domestic $ 109 $ 21 $ - $ 130 Common stock - International 613 16 (83 ) 546 Corporate debt 1,038 86 - 1,124 Mutual funds - Fixed income 1,226 18 (23 ) 1,221 Mutual funds - Domestic equity 394 2 - 396 Other 56 8 - 64 Total available-for-sale securities 3 $ 3,436 $ 151 $ (106 ) $ 3,481 June 30, 2015 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Offshore fund $ 1,184 $ - $ (703 ) $ 481 Mutual funds - Fixed income 14,691 68 (5 ) 14,754 Mutual funds - Domestic equity 535 - (130 ) 405 Other 81 - (81 ) - Total trading securities $ 16,491 $ 68 $ (919 ) $ 15,640 Available-for-sale securities 2 Common stock - Domestic $ 535 $ 316 $ (9 ) $ 842 Common stock - International 695 309 (39 ) 965 Corporate debt 1,433 - (817 ) 616 Mutual funds - Fixed income 1,227 9 (22 ) 1,214 Mutual funds - Domestic equity 543 - (80 ) 463 Other 169 1 (7 ) 163 Total available-for-sale securities 3 $ 4,602 $ 635 $ (974 ) $ 4,263 1 Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. 2 Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholders’ equity until realized. 3 Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of June 30, 2016, are $45 and $45, respectively, and as of June 30, 2015, are $(339) and $(339), respectively. The following summarizes investment income (loss) reflected in earnings for the periods presented. (dollars in thousands) Year Ended June 30, Investment Income 2016 2015 2014 Realized gains on sales of available-for-sale securities $ 532 $ 591 $ 1,044 Realized losses on sales of trading securities (25 ) (1 ) (163 ) Realized gains (losses) on sales of securities classified as other investments 3 (30 ) - Unrealized gains (losses) on trading securities (93 ) (601 ) 450 Realized gain on Galileo acquisition - - 290 Realized foreign currency gains 43 71 1 Other-than-temporary declines in available-for-sale securities (259 ) (247 ) (3 ) Other-than-temporary declines in securities held at cost (258 ) - - Dividend and interest income 542 651 526 Total Investment Income $ 485 $ 434 $ 2,145 Included in investment income were other-than temporary declines in value on available-for-sale securities of approximately $259,000; $247,000; and $3,000 in fiscal years 2016, 2015, and 2014, respectively. The impairment losses resulted from fair values of certain equity securities being lower than book value and from proposed changes to debt securities. For the year ending June 30, 2016, there were eight securities with a combined cost basis of $702,000 that were written down to a combined fair value of $466,000. Also during the year ending June 30, 2016, another security with a cost basis of $970,000 was written down to $947,000 based on the net present value of estimated future cash flows. The impairment losses in the 2015 fiscal year resulted from issuers defaulting on scheduled payments. One security with a cost basis of $44,000 was written down to its fair value of $5,000. Two other securities, for which the common issuer has resumed interest payments, were written down to the net present value of estimated future cash flows. These securities had a cost basis of $310,000 and $1.1 million, respectively, and were written down to $234,000 and $970,000, respectively. Also included in investment income for the year ended June 30, 2016, were approximately $258,000 in other-than-temporary declines in value on securities held at cost. The impairment loss resulted from the estimated values of certain securities being lower than cost. Three securities held at cost with a combined cost basis of $1.1 million were written down to a combined adjusted cost basis of $867,000. In making these determinations, the Company considered the length of time and extent to which the fair value has been less than the cost basis, financial condition and prospects of the issuers, and the Company's ability to hold the investment until recovery. Unrealized Losses The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position . The Company reviewed the gross unrealized losses shown as of June 30, 2016, and determined that the losses were not other-than-temporary based on consideration of the nature of the investment and the cause, severity and duration of the loss. June 30, 2016 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities Common stock - Domestic $ - $ - $ - $ - $ - $ - Common stock - International 246 (60 ) 23 (23 ) 269 (83 ) Corporate debt - - - - - - Mutual funds - Fixed income 1 - 201 (23 ) 202 (23 ) Mutual funds - Domestic equity - - - - - - Other - - - - - - Total available-for-sale securities $ 247 $ (60 ) $ 224 $ (46 ) $ 471 $ (106 ) June 30, 2015 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities Common stock - Domestic $ 77 $ (7 ) $ 107 $ (2 ) $ 184 $ (9 ) Common stock - International 114 (23 ) 39 (16 ) 153 (39 ) Corporate debt 386 (817 ) - - 386 (817 ) Mutual funds - Fixed income 67 (7 ) 139 (15 ) 206 (22 ) Mutual funds - Domestic equity 463 (80 ) - - 463 (80 ) Other 112 (7 ) - - 112 (7 ) Total available-for-sale securities $ 1,219 $ (941 ) $ 285 $ (33 ) $ 1,504 $ (974 ) Fair Value Hierarchy ASC 820, Fair Value Measurement and Disclosures Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, value of these products does not entail a significant degree of judgment. Level 2 – Valuations based on quoted prices in markets for which not all significant inputs are observable, directly or indirectly. Corporate debt securities valued in accordance with the evaluated price supplied by an independent service are categorized as Level 2 in the hierarchy. Other securities categorized as Level 2 included securities valued at the mean between the last reported bid and ask quotation. Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. 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 necessarily an indication of the risk associated with the investing in those securities. Because of the inherent uncertainties of valuation, the values reflected may materially differ from the values received upon actual sale of those investments. 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 traded on the last business day of the quarter, it is generally valued at the mean between the last bid and ask quotation. Mutual funds, which include open- and closed-end funds, exchange-traded funds, and offshore funds are valued at net asset value or closing price, as applicable. Certain corporate debt securities are valued by an independent pricing service using an evaluated quote based on such factors as institutional-size trading in similar groups of securities, yield, quality maturity, coupon rate, type of issuance and individual trading characteristics and other market data. As part of its independent price verification process, the Company periodically reviews the fair value provided by the pricing service using information such as transactions in these investments, broker quotes, market transactions in comparable investments, general market conditions and the issuer’s financial condition. Debt securities that are not valued by an independent pricing service are valued based on review of similarly structured issuances in similar jurisdictions when possible. The Company also takes into consideration numerous other factors that could affect valuation such as overall market conditions, liquidity of the security and bond structure. Securities for which market quotations are not readily available are valued at their fair value as determined by the portfolio management team. The portfolio management team includes representatives from the investment, accounting and legal/compliance departments. The portfolio management team meets periodically to consider 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 differ from what may have been used had a broader market for these securities existed. The portfolio management team reviews inputs and assumptions and reports material items to the Board of Directors. The following presents fair value measurements, as of each balance sheet date, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis: June 30, 2016 Significant Significant Quoted Prices Other Inputs Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Offshore fund $ - $ 358 $ - $ 358 Mutual funds - Fixed income 9,408 - - 9,408 Mutual funds - Domestic equity 338 - - 338 Other - - - - Total trading securities 9,746 358 - 10,104 Available-for-sale securities Common stock - Domestic 130 - - 130 Common stock - International 546 - - 546 Corporate debt 1,124 - - 1,124 Mutual funds - Fixed income 1,221 - - 1,221 Mutual funds - Domestic equity 396 - - 396 Other 64 - - 64 Total available-for-sale securities 3,481 - - 3,481 Total $ 13,227 $ 358 $ - $ 13,585 June 30, 2015 Significant Significant Quoted Prices Other Inputs Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Offshore fund $ - $ 481 $ - $ 481 Mutual funds - Fixed income 14,754 - - 14,754 Mutual funds - Domestic equity 405 - - 405 Other - - - - Total trading securities 15,159 481 - 15,640 Available-for-sale securities Common stock - Domestic 842 - - 842 Common stock - International 965 - - 965 Corporate debt - 77 539 616 Mutual funds - Fixed income 1,214 - - 1,214 Mutual funds - Domestic equity 463 - - 463 Other 163 - - 163 Total available-for-sale securities 3,647 77 539 4,263 Total $ 18,806 $ 558 $ 539 $ 19, As of June 30, 2016, approximately 97 percent of the Company’s financial assets measured at fair value are derived from Level 1 inputs, three percent are derived from Level 2 inputs and none from Level 3 inputs. As of June 30, 2015, approximately 94 percent of the Company’s financial assets measured at fair value are derived from Level 1 inputs, three percent are derived from Level 2 inputs and the remaining three percent are Level 3 inputs. The Company recognizes transfers between levels at the end of each quarter. In Level 2, the Company has an investment in an affiliated offshore fund, classified as trading and which invests in companies in the energy and natural resources sectors, with a fair value of $358,000 and $481,000 as of June 30, 2016, and 2015, based on the net asset value per share. The Company may redeem this investment on the first business day of each month after providing a redemption notice at least forty-five days prior to the proposed redemption date. In addition, the Company had investments in corporate debt securities, classified as available-for-sale, of $77,000 as of June 30, 2015, categorized as Level 2 which the Company valued in accordance with the evaluated price supplied by an independent service or valued using the mean between the last reported bid ask quotation. These corporate debt securities were sold in the year ended June 30, 2016. At June 30, 2015, Level 3 corporate debt, classified as available-for-sale, consisted of debt from two issuers. Debt from one issuer was valued at June 30, 2015, at $314,000 based on other traded debt of the issuer. This corporate debt was transferred during the quarter ended March 31, 2016, at its then-current value of $1.0 million from Level 3 to Level 1, as it now also trades on a market. This corporate debt, which matures in 2020, was valued at $1.1 million at June 30, 2016, in Level 1. The other corporate debt classified as Level 3 at June 30, 2015, was valued at cost of $225,000, which approximated fair value as a result of the Company’s review of similar structured issuances in similar jurisdictions. This holding was transferred out of available-for-sale Level 3 assets and classified as a note receivable at its June 30, 2016, value of $212,000. The following table is a reconciliation of investments recorded at fair value for which unobservable inputs (Level 3) were used in determining fair value during the years ended June 30, 2016, and 2015: Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis June 30, 2016 June 30, 2015 (dollars in thousands) Corporate Debt Corporate Debt Beginning Balance $ 539 $ 250 Return of capital (13 ) (25 ) Total gains or losses (realized/unrealized) Included in earnings (investment income) (23 ) (133 ) Included in other comprehensive income (loss) 710 104 Purchases - - Sales - - Transfers into Level 3 - 343 Transfers out of Level 3 (1,213 ) - Ending Balance $ - $ 539 |
INVESTMENT MANAGEMENT AND OTHER
INVESTMENT MANAGEMENT AND OTHER FEES | 12 Months Ended |
Jun. 30, 2016 | |
Investment Management And Other Fees [Abstract] | |
Investment Management And Other Fees [Text Block] | NOTE 5. INVESTMENT MANAGEMENT AND OTHER FEES The Company serves as investment adviser to USGIF and receives a fee based on a specified percentage of net 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 if 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 months. For the years ended June 30, 2016, 2015, and 2014, the Company realized a decrease in its base advisory fee of $132,000; $1.0 million; and $815,000, respectively, due to these performance adjustments. The Company has agreed to contractually limit the expenses of the Near-Term Tax Free Fund through April 2017. The Company has voluntarily waived or reduced its fees and/or agreed to pay expenses on the remaining funds. These caps will continue on a voluntary basis at the Company’s discretion. The aggregate fees waived and expenses borne by the Company were $1.3 million; $1.3 million; and $2.4 million for the years ended June 30, 2016, 2015, and 2014, respectively. Management cannot predict the impact of future waivers due to the number of variables and the range of potential outcomes. In addition, the Company has an administrative services agreement with USGIF. Effective December 2013, the Funds’ Board of Trustees increased the administrative services fees paid to the Company from an annual rate of 0.08 percent to 0.10 percent per investor class and from 0.06 percent to 0.08 percent per institutional class of each Fund, based on average daily net assets, plus $10,000 per Fund. Effective November 1, 2014, the annual per fund fee changed to $7,000. Effective December 10, 2015, upon amending the agreement and reducing the administrative services performed, the annual rate changed to 0.05 percent for each investor class and to 0.04 percent for each institutional class, and the per fund fee was eliminated. The Company also serves as investment advisor to U.S. Global Jets ETF. The ETF commenced operations in April 2015, and fiscal 2016 was its first full year of operations. The Company receives a unitary management fee of 0.60 percent of average net assets and has agreed to bear all expenses of the ETF. The Company recorded advisory fees from the ETF totaling $296,000 and $26,000 in fiscal 2016 and fiscal 2015, respectively. The Company provides advisory services to offshore clients and received a monthly advisory fee based on the net asset values of the clients and performance fees based on the overall increase in net asset values, if any. The Company recorded advisory fees from these clients totaling $91,000; $130,000; and $190,000 for the years ended June 30, 2016, 2015, and 2014, respectively. The Company recorded no performance fees from these clients for the years ended June 30, 2016, and 2015, and $4,000 for the year ended June 30, 2014. One of the offshore funds liquidated in November 2013. The contracts between the Company and the two current offshore clients expire periodically, and management anticipates that its remaining offshore clients will renew the contracts. Galileo provides advisory services for clients in Canada and receives advisory fees based on the net asset values of the clients. Galileo recorded advisory fees from these clients totaling $1.2 million; $2.0 million; and $234,000 for the years ended June 30, 2016, 2015, and 2014, respectively. Prior to December 10, 2015, in connection with obtaining and/or providing administrative services to the beneficial owners of USGIF through broker-dealers, banks, trust companies and similar institutions which provide such services, the Company received shareholder services fees at an annual rate of up to 0.20 percent of the value of shares held in accounts at the institutions. The Company also received distribution fees from USGIF based on average net assets. The Company no longer receives shareholder services or distribution fees, which are included in “discontinued operations” in the Consolidated Statements of Operations. See further discussion in Note 3, Discontinued Operations. Prior to conversion to a third party transfer agent on December 9, 2013, USSI received transfer agent fees from USGIF based on the number of shareholder accounts, transaction and activity-based fees and certain miscellaneous fees. The transfer agency fees are included in “discontinued operations” in the Consolidated Statements of Operations. See further discussion in Note 3, Discontinued Operations. The following changes were made during fiscal year 2014 to the mutual funds the Company manages: (1) the Global Emerging Markets Fund liquidated on October 31, 2013, (2) the MegaTrends Fund was reorganized into the Holmes Growth Fund (renamed Holmes Macro Trends Fund), (3) the Tax Free Fund was reorganized into the Near-Term Tax Free Fund, (4) the U.S. Government Securities Savings Fund changed from a money market fund to the U.S. Government Securities Ultra-Short Bond Fund (“Government Fund”) Prior to the Government Fund conversion in December 2013, the Company voluntarily agreed to waive fees and/or reimburse the fund to the extent necessary to maintain the fund’s yield at a certain level as determined by the Company (Minimum Yield). The Company may recapture any fees waived and/or expenses reimbursed to maintain Minimum Yield within three years after the end of the fund’s fiscal year of such waiver and/or reimbursement to the extent that such recapture would not cause the funds’ yield to fall below the Minimum Yield. Thus, $498,000 of the waiver for the Government Fund is recoverable by the Company through December 31, 2016. The U.S. Treasury Securities Cash Fund also had waivers subject to future recapture; however, because the fund was liquidated in December 2013, there will be no recapture. |
NOTES RECEIVABLE
NOTES RECEIVABLE | 12 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | NOTE 6. NOTES RECEIVABLE The Company has invested in notes receivable consisting of two promissory notes. One note in the amount of $2 million was entered into with an unrelated third party in June 2016 and matures in June 2017. The note has a one-year extension option by the issuer upon payment of a 2.5 percent extension fee. The note bears interest at 12 percent, with 10 percent payable monthly and 2 percent payable at maturity. In case of prepayment, there would be a penalty for the amount of lost interest. The other note of $212,000 is with an unrelated third party, has a stated annual interest rate of 15 percent payable quarterly and matures in 2017. The Company considered the credit quality of the other parties and determined that no allowance for credit losses is necessary. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7. PROPERTY AND EQUIPMENT Property and equipment are composed of the following: June 30, (dollars in thousands) 2016 2015 Building and land $ 4,597 $ 4,608 Furniture, equipment, and other 2,103 2,412 6,700 7,020 Accumulated depreciation (4,234 ) (4,284 ) Net property and equipment $ 2,466 $ 2,736 Depreciation expense totaled $275,000; $282,000; and $255,000 in fiscal years 2016, 2015, and 2014, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | NOTE 8. INTANGIBLE ASSETS Intangible assets consist of the following: June 30, (dollars in thousands) 2016 2015 Intangible asset - Non-compete agreement Gross carrying amount $ 90 $ 90 Accumulated amortization (90 ) (49 ) Net carrying amount $ - $ 41 The non-compete agreement included as an intangible asset was acquired effective June 1, 2014, in connection with the acquisition of Galileo. This finite-lived identifiable intangible asset was amortized on a straight-line basis over its estimated useful life. Amortization expense totaled $41,000; $45,000; and $4,000 in fiscal years 2016, 2015, and 2014 |
OTHER ACCRUED EXPENSES
OTHER ACCRUED EXPENSES | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 9. OTHER ACCRUED EXPENSES Other accrued expenses consist of the following: June 30, (dollars in thousands) 2016 2015 Professional fees $ 272 $ 297 Vendors payable 253 278 Taxes payable 61 117 Other accrued expenses $ 586 $ 692 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 10. BORROWINGS As of June 30, 2016, the Company has no long-term liabilities. 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 fiscal year. The credit agreement will expire on May 31, 2017, and the Company intends to renew annually. The credit facility is collateralized by $1 million at June 30, 2016, held in deposit in a money market account at the financial institution that provided the credit facility. As of June 30, 2016, the credit facility remains unutilized by the Company. |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | NOTE 11. LEASE COMMITMENTS The Company has operating leases for office equipment that expire between fiscal years 2017 and 2019 and for office facilities in Canada that expire in 2018. Lease expenses totaled $397,000; $514,000; and $494,000 in fiscal years 2016, 2015, and 2014, respectively. Minimum non-cancelable lease payments required under operating leases for future periods, are as follows: (dollars in thousands) Fiscal Year Amount 2017 $ 196 2018 193 2019 72 2020 - 2021 - Total $ 461 |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 12. BENEFIT PLANS The Company offers a savings and investment plan qualified under Section 401(k) of the Internal Revenue Code covering substantially all employees. In connection with this 401(k) plan, participants can voluntarily contribute a portion of their compensation, up to certain limitations, to this plan, and the Company will match 100 percent of participants’ contributions up to the first 3 percent of compensation and 50 percent of the next 2 percent of compensation. The Company has recorded expenses for contributions to the 401(k) plan of $113,000; $131,000; and $175,000 for fiscal years 2016, 2015, and 2014, respectively . The 401(k) plan allows for a discretionary profit sharing contribution by the Company, as authorized by the Board of Directors. No profit sharing contributions were made in fiscal years 2016, 2015, or 2014 The Company offers employees, including its executive officers, an opportunity to participate in savings programs using mutual funds managed by the Company. Employees may contribute to an IRA, and the Company matches these contributions on a limited basis. A similar savings plan utilizing Uniform Gifts to Minors Act (“UGMA”) accounts is offered to employees to save for their minor relatives. Through December 31, 2015, certain employees could have contributed to the Near-Term Tax Free Fund, and the Company matched these contributions on a limited basis. The Company match, reflected in base salary expense, aggregated in all programs to $39,000; $51,000; and $58,000 in fiscal years 2016, 2015, and 2014, respectively. The Company has an Employee Stock Purchase Plan whereby eligible employees can purchase treasury shares at market price. Through December 31, 2015, the Company matched their contributions up to 3 percent of gross salary. During fiscal years 2016, 2015, and 2014, employees purchased 39,084; 37,383; and 52,191, respectively, shares of treasury stock from the Company. Additionally, the Company self-funds its employee health care plan. The Company has obtained reinsurance with both a specific and an aggregate stop-loss in the event of catastrophic claims. The Company has accrued an amount representing the Company’s estimate of claims incurred but not paid at June 30, 2016. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 13. SHAREHOLDERS’ EQUITY Dividends The Company paid $0.005 per share per month in fiscal years 2014 and 2015 and through September 2015 and $0.0025 per share per month from October 2015 through June 2016. Dividends of $496,000; $800,000; and $804,000 were paid to holders of class A common stock in fiscal years 2016, 2015, and 2014, respectively. Dividends of $78,000; $124,000; and $124,000 were paid to holders of class C common stock in fiscal years 2016, 2015, and 2014, respectively. The monthly dividend 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. On a per share basis, the holders of the class C common stock and the nonvoting class A common stock participate equally in dividends as declared by the Company’s Board of Directors. Share Repurchase Plan Effective January 1, 2013, the Board of Directors approved a share repurchase program on December 7, 2012, authorizing the Company to purchase up to $2.75 million of its outstanding common shares, as market and business conditions warrant, on the open market in compliance with Rule 10b-18 of the Securities Exchange Act of 1934 through December 31, 2013. On December 12, 2013, December 10, 2014, and December 9, 2015, the Board of Directors renewed the repurchase program for calendar years 2014, 2015 and 2016, respectively. The total amount of shares that may be repurchased in 2016 under the renewed program is $2.75 million. The acquired shares may be used for corporate purposes, including shares issued to employees in the Company’s stock-based compensation programs. As of June 30, 2016, approximately $2.68 million remains available for repurchase under this authorization. During fiscal years 2016, 2015, and 2014, the Company repurchased 177,998; 95,251; and 93,351, respectively, of its class A shares on the open market using cash of $313,000; $292,000; and $289,000, respectively. To date, the Company has repurchased a total of 421,652 class A shares under the repurchase program using cash of $1,067,000. Other Activity The Company granted 2,400 shares of class A common stock at a weighted average fair value of $2.66 to an employee during fiscal year 2016. The Company did not grant any shares of class A common stock to employees during fiscal year 2015 or 2014. Grants vest immediately after issuance. The Company granted 3,600; 3,600; and 3,600 shares of class A common stock at a weighted average fair value of $1.63, $3.24, and $3.07 to its non-employee directors in fiscal years 2016, 2015, and 2014, respectively. Grants vest immediately after issuance. Issuances of treasury stock for grants or bonuses are accounted for using the weighted-average cost basis of the shares issued. During fiscal 2016, shares were issued, as described above, with a weighted-average cost basis greater than current fair value, which resulted in a combined negative adjustment to additional paid-in capital of approximately $43,000. Shareholders of class C shares are allowed to convert to class A. During fiscal year 2016, no shares were converted from class C to class A. During fiscal years 2015 and 2014, 60 and 1,340 shares, respectively, were converted from class C to class A. Conversions are one class A share for one class C share and are recorded at par value. There are no restrictions or requirements to convert. Stock-based compensation In November 1989, the Board of Directors adopted the 1989 Non-Qualified Stock Option Plan (“1989 Plan”), amended in December 1991, which provides for the granting of options to purchase 1,600,000 shares of the Company’s class A common stock to directors, officers and employees of the Company and its subsidiaries. Options issued under the 1989 Plan vest six months from the grant date or 20 percent on the first, second, third, fourth, and fifth anniversaries of the grant date. Options issued under the 1989 Plan expire ten years after issuance. No options were granted in fiscal years 2016, 2015, or 2014. As of June 30, 2016, there were no options outstanding under the 1989 Plan. In April 1997, the Board of Directors adopted the 1997 Non-Qualified Stock Option Plan (“1997 Plan”), which provides for the granting of stock appreciation rights (SARs) and/or options to purchase 400,000 shares of the Company’s class A common stock to directors, officers, and employees of the Company and its subsidiaries. Options issued under the 1997 Plan expire ten years after issuance. No options were granted in fiscal years 2016, 2015, or 2014. As of June 30, 2016, there were 2,000 options outstanding under the 1997 Plan. The estimated fair value of options granted is amortized to expense over the options’ vesting period. The fair value of these options is estimated at the date of the grant using a Black-Scholes option pricing model. Stock option transactions under the various employee stock option plans for the past three fiscal years are summarized below: (dollars in thousands, except price data) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (net of tax) Outstanding June 30, 2013 29,000 $ 17.03 Granted - n/a Exercised - n/a Forfeited (7,000 ) $ 11.74 Outstanding June 30, 2014 22,000 $ 18.72 Granted - n/a Exercised - n/a Forfeited - n/a Outstanding June 30, 2015 22,000 $ 18.72 Granted - n/a Exercised - n/a Forfeited (20,000 ) $ 19.36 Outstanding June 30, 2016 2,000 $ 12.31 3.27 $ 12 As of June 30, 2016, 2015, and 2014, exercisable employee stock options totaled 2,000; 22,000; and 22,000 shares and had weighted average exercise prices of $12.31, $18.72, and $18.72 per share, respectively. Class A common stock options outstanding and exercisable under the employee stock option plans at June 30, 2016, were as follows: Options Outstanding Options Exercisable Date of Option Grant Number Outstanding Remaining Life in Years Weighted Average Exercise Price ($) Number Exercisable Weighted Average Option Price ($) 1997 Plan Class A 10/07/09 2,000 3.27 $ 12.31 2,000 $ 12.31 2,000 3.27 $ 12.31 2,000 $ 12 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 14. INCOME TAXES The Company and its non-Canadian subsidiaries file a consolidated U.S. federal income tax return. USCAN and Galileo file separate tax returns in Canada. The current applicable U.S. statutory rate for the consolidated U.S. federal income tax return is approximately 34 percent and the current applicable Canadian statutory rate for the Canadian subsidiaries is approximately 26.5 percent. 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. The Company has not recognized deferred income taxes on undistributed earnings of USCAN and Galileo since such earnings are considered to be reinvested indefinitely. For U.S. federal income tax purposes at June 30, 2016, the Company has charitable contribution carryovers totaling approximately $126,000 with $68,000 expiring in fiscal year 2018, $34,000 expiring in fiscal year 2019, $19,000 expiring in fiscal year 2020 and $5,000 expiring in fiscal year 2021. The Company has U.S. federal net operating loss carryovers of $5.5 million with $2.7 million expiring in fiscal year 2035 and $2.8 million expiring in fiscal year 2036. For Canadian income tax purposes, Galileo has cumulative eligible capital carryovers of $254,000 with no expiration and net operating loss carryovers of $66,000; $120,000; $45,000 and $123,000 expiring in fiscal 2025, 2027, 2030 and 2036, respectively. If certain changes in the Company's ownership should occur, there could be an annual limitation on the amount of net operating loss carryovers that could be utilized. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax amount will not be realized. At June 30, 2016, and 2015, a valuation allowance of $3.1 million and $2.1 million, respectively, was included to fully reserve for net operating loss carryovers, other carryovers and book/tax differences in the balance sheet. The Company's components of income (loss) before tax by jurisdiction are as follows: Year ended June 30, (dollars in thousands) 2016 2015 2014 United States $ (3,496 ) $ (3,400 ) $ (1,934 ) Canada (213 ) 246 329 Total $ (3,709 ) $ (3,154 ) $ (1,605 ) The reconciliation of income tax computed for continuing operations at the U.S. federal statutory rates to income tax expense is as follows: Year ended June 30, (dollars in thousands) 2016 % of Pretax 2015 % of Pretax 2014 % of Pretax Tax expense (benefit) at statutory rate - continuing operations $ (1,255 ) 34.0 % $ (1,045 ) 34.0 % $ (378 ) 34.0 % Valuation allowance 1,067 (28.9 )% 1,857 (60.4 )% 35 (3.1 )% Income from controlled foreign corporation 51 (1.4 )% - 0.0 % - 0.0 % Nondeductible meals and entertainment 18 (0.5 )% 15 (0.5 )% 25 (2.3 )% Nondeductible membership dues 15 (0.4 )% 23 (0.7 )% 25 (2.2 )% Nondeductible insurance 8 (0.2 )% 8 (0.3 )% 8 (0.7 )% Nondeductible gain on business combination - 0.0 % - 0.0 % (99 ) 8.9 % Non-taxable dividend income (19 ) 0.5 % (25 ) 0.8 % (33 ) 3.0 % Other 109 (3.0 )% (11 ) 0.4 % (58 ) 5.1 % Total tax expense (benefit) - continuing operations $ (6 ) 0.1 % $ 822 (26.7 )% $ (475 ) 42.7 % Components of total tax expense (benefit) are as follows: Year ended June 30, (dollars in thousands) 2016 2015 2014 Continuing Operations Current tax benefit - U.S. Federal $ - $ (21 ) $ (862 ) Current tax expense (benefit) - Non-U.S. (6 ) 36 - Deferred tax expense - U.S. Federal - 807 387 Total tax expense (benefit) - continuing operations (6 ) 822 (475 ) Discontinued Operations Current tax benefit - U.S. Federal - - (167 ) Total tax expense (benefit) $ (6 ) $ 822 $ (642 ) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred assets and liabilities using the effective U.S. statutory tax rate are as follows: Year ended June 30, (dollars in thousands) 2016 2015 Book/tax differences in the balance sheet Trading securities $ 321 $ 289 Prepaid expenses (73 ) (115 ) Accumulated depreciation 142 129 Available-for-sale securities 436 366 Other Investments 83 - Accrued expenses 99 125 Product start-up costs 63 - Stock-based compensation expense 6 103 Tax Carryovers Net operating loss carryover 1,953 1,051 Cumulative eligible capital carryover 67 76 Charitable contributions carryover 43 41 Capital loss carryover - 8 Valuation Allowance (3,140 ) (2,073 ) Net deferred tax asset $ - $ - |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 15. EARNINGS PER SHARE The following table sets forth the computation for basic and diluted earnings per share (EPS): Year Ended June 30, (dollars in thousands, except per share data) 2016 2015 2014 Net Loss Loss from continuing operations $ (3,685 ) $ (3,895 ) $ (637 ) Less: Income (loss) attributable to non-controlling interest in subsidiary (28 ) 54 7 Loss from continuing operations attributable to U.S. Global Investors, Inc. (3,657 ) (3,949 ) (644 ) Loss from discontinued operations attributable to U.S. Global Investors, Inc. (18 ) (81 ) (326 ) Net loss attributable to U.S. Global Investors, Inc. $ (3,675 ) $ (4,030 ) $ (970 ) Weighted average number of outstanding shares Basic 15,294,893 15,399,831 15,459,022 Effect of dilutive securities Employee stock options - - - Diluted 15,294,893 15,399,831 15,459,022 Net loss per share attributable to U.S. Global Investors, Inc. Basic Loss from continuing operations $ (0.24 ) $ (0.25 ) $ (0.04 ) Loss from discontinued operations - (0.01 ) (0.02 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.24 ) $ (0.26 ) $ (0.06 ) Diluted Loss from continuing operations $ (0.24 ) $ (0.25 ) $ (0.04 ) Loss from discontinued operations - (0.01 ) (0.02 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.24 ) $ (0.26 ) $ (0. ) The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the years ended June 30, 2016, 2015, and 2014, employee stock options for 2,000; 22,000; and 22,000 shares were excluded from diluted EPS. During fiscal years 2016, 2015, and 2014, the Company repurchased class A shares on the open market. Repurchased shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS ) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents changes in accumulated other comprehensive income (loss) by component: (dollars in thousands) Unrealized gains (losses) on available-for-sale investments 1 Foreign currency translation adjustment Total Balance at June 30, 2013 $ 652 $ - $ 652 Other comprehensive income before reclassifications 1,399 18 1,417 Tax effect (476 ) - (476 ) Amount reclassified from AOCI (1,041 ) - (1,041 ) Tax effect 354 - 354 Net other comprehensive income for 2014 236 18 254 Balance at June 30, 2014 888 18 906 Other comprehensive loss before reclassifications (1,341 ) (162 ) (1,503 ) Tax effect 341 - 341 Amount reclassified from AOCI (344 ) - (344 ) Tax effect 117 - 117 Net other comprehensive loss for 2015 (1,227 ) (162 ) (1,389 ) Balance at June 30, 2015 (339 ) (144 ) (483 ) Other comprehensive income (loss) before reclassifications 657 (50 ) 607 Tax effect - - - Amount reclassified from AOCI (273 ) - (273 ) Tax effect - - - Net other comprehensive income (loss) for 2016 384 (50 ) 334 Balance at June 30, 2016 $ 45 $ (194 ) $ (149 ) 1. Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations. |
FINANCIAL INFORMATION BY BUSINE
FINANCIAL INFORMATION BY BUSINESS SEGMENT | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 17. FINANCIAL INFORMATION BY BUSINESS SEGMENT The Company manages the following business segments: 1. Investment management services, by which the Company offers, through USGIF, offshore clients, and an ETF client a range of investment management products and services to meet the needs of individual and institutional investors; 2. Investment management services - Canada, through which, as of June 1, 2014, the Company owns a 65% controlling interest in Galileo, a privately held Toronto-based asset management firm which offers investment management products and services in Canada; and 3. Corporate investments, through which the Company invests for its own account in an effort to add growth and value to its cash position. Although the Company generates the majority of its revenues from its investment advisory segments, the Company holds a significant amount of its total assets in investments. The following schedule details total revenues and income by business segment and certain amounts have been reclassified for comparative purposes: (dollars in thousands) Investment Management Services Investment Management Services - Canada Corporate Investments Consolidated Year ended June 30, 2016 Net operating revenues $ 4,341 $ 1,164 $ - $ 5,505 Net other income $ - $ 35 $ 450 $ 485 Income (loss) from continuing operations before income taxes $ (4,018 ) $ (122 ) $ 449 $ (3,691 ) Loss from discontinued operations $ (18 ) $ - $ - $ (18 ) Depreciation and amortization $ 255 $ 61 $ - $ 316 Capital expenditures $ 13 $ - $ - $ 13 Gross identifiable assets at June 30, 2016 $ 5,973 $ 1,618 $ 18,755 $ 26,346 Deferred tax asset $ - Consolidated total assets at June 30, 2016 $ 26,346 Year ended June 30, 2015 Net operating revenues $ 5,326 $ 2,007 $ - $ 7,333 Net other income $ - $ 102 $ 332 $ 434 Income (loss) from continuing operations before income taxes $ (3,473 ) $ 111 $ 289 $ (3,073 ) Loss from discontinued operations $ (81 ) $ - $ - $ (81 ) Depreciation and amortization $ 253 $ 74 $ - $ 327 Capital expenditures $ 40 $ - $ - $ 40 Year ended June 30, 2014 Net operating revenues $ 8,300 $ 234 $ - $ 8,534 Net other income (loss) $ - $ (12 ) $ 2,177 $ 2,165 Income (loss) from continuing operations before income taxes $ (3,301 ) $ 19 $ 2,170 $ (1,112 ) Loss from discontinued operations $ (326 ) $ - $ - $ (326 ) Depreciation and amortization $ 252 $ 7 $ - $ 259 Capital expenditures $ 30 $ - $ - $ 30 Net operating revenues from investment management services include revenues from USGIF of $4.0 million; $5.2 million; and $8.1 million in fiscal years 2016, 2015, and 2014, respectively. The loss from discontinued operations in investment management services includes revenues from USGIF of $608,000; $2.0 million; and $3.4 million in fiscal years 2016, 2015, and 2014, respectively. Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $900,000; $1.6 million; and $184,000 in fiscal years 2016, 2015, and 2014, respectively, and other significant advisory clients of $254,000; $354,000; and $48,000 in fiscal years 2016, 2015, and 2014, respectively. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 18. BUSINESS COMBINATION Effective March 31, 2013, the Company, through USCAN, purchased 50 percent of the issued and outstanding shares of Galileo, a privately held Toronto-based asset management firm, for $600,000 cash. Effective June 1, 2014, the Company, through USCAN, completed its purchase of an additional 15 percent interest in Galileo from the company’s founder, Michael Waring, for $180,000 cash. This strategic investment brought USCAN’s ownership to 65 percent of the issued and outstanding shares of Galileo, which represents a controlling interest of Galileo. Through Galileo, the Company expects to increase its presence in Canada. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiaries” in the equity section of the Consolidated Balance Sheets. Frank Holmes, CEO, and Susan McGee, President, General Counsel, and Chief Compliance Officer, serve as directors of Galileo. From March 31, 2013, to June 1, 2014, the Company accounted for its interest in Galileo under the equity method with its share of Galileo’s profit or loss recognized in earnings. $20,000 was included in other income in fiscal year 2014. The Company accounted for the June 1, 2014, Galileo share purchase using the acquisition method of accounting, which requires, among other things, that the fair values of assets acquired, including an intangible asset, and liabilities assumed, along with the fair value of the non-controlling interest in the subsidiary, be recognized on the Consolidated Balance Sheets as of the acquisition date. Business combinations achieved in stages also must value prior investments at fair value. A $161,000 increase in fair value of the Company’s initial investment was recognized as a gain and included in investment income in fiscal year 2014. The Company recognized a gain of $129,000 on the June 1, 2014, purchase since the fair value of the net assets acquired was greater than the fair value of consideration given. This gain was also included in investment income in fiscal 2014. The following unaudited pro forma condensed consolidated results of operations for the year ended 2014 are presented as if the Galileo acquisition had been completed on July 1, 2013. The unaudited pro forma results do not include any adjustments to eliminate the impact of cost savings or other synergies that may result from the acquisition. In addition, the unaudited pro forma results of operations do not purport to be indicative of the actual results that would have been achieved by the combined company for the periods presented or that may be achieved by the combined company in the future. The information below reflects certain nonrecurring adjustments to remove the Company’s equity in earnings of Galileo and include amortization of the intangible asset. (dollars in thousands) Year Ended June 30, 2014 Operating revenues $ 10,866 Net loss (856 ) Net loss attributable to U.S. Global Investors, Inc. (916 ) Net Loss per Share Loss from continuing operations - basic $ (0.04 ) Loss from continuing operations - diluted $ (0.04 ) Post-Acquisition Financial Information The following amounts associated with the acquisition of Galileo, subsequent to the June 1, 2014, effective date, are included in the Consolidated Statements of Operations: (dollars in thousands) Year Ended June 30, 2014 Total revenues $ 234 Net income 18 Net income attributable to U.S. Global Investors, Inc. 12 Costs associated with the acquisition 1 33 1 Costs associated with the Galileo acquisition are included in general and administrative expenses in the Consolidated Statements of Operations. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 19. RELATED PARTY TRANSACTIONS On June 30, 2016, and 2015, the Company had $11.5 million and $17.1 million, respectively, at fair value invested in USGIF and offshore funds the Company advises. These amounts were included in the Consolidated Balance Sheet as “trading securities” and “available-for-sale securities” in fiscal year 2016 and 2015. The Company recorded $180,000; $244,000; and $132,000 in income from dividends and capital gain distributions and $(273,000); $(596,000); and $942,000 in net recognized gains (losses) on its investments in the Funds and offshore clients for fiscal years 2016, 2015, and 2014, respectively. The Company earned advisory, administrative, distribution and shareholder services fees, as applicable, from the various funds for which it and its subsidiaries act as investment adviser, as disclosed in Note 5 and Note 3. Receivables include amounts due from the funds for those fees and out-of-pocket expenses, net of amounts payable to the funds, for expense reimbursements. As of June 30, 2016, and 2015, the Company had $595,000 and $701,000, respectively, of receivables from mutual funds included in the Consolidated Balance Sheets within “receivables.” Frank Holmes, a director and Chief Executive Officer of the Company, was a trustee of USGIF until December 2015. Mr. Holmes is a director of each offshore fund and is also a director of Meridian Fund Managers Ltd., the manager of the offshore funds. Mr. Holmes is also a director of a private company in which the Company holds common stock and warrants classified as other investments and valued at $723,000 at June 30, 2016, and in which he holds nontransferable stock options. The Company received $117,000 and $68,000 in dividend and interest income from its investments in this company in fiscal year 2016 and 2015, respectively. The Company recorded $211,000 in recognized losses on its investments in this company in fiscal year 2016. Charlemagne Capital (IOM) Limited, a wholly owned subsidiary of Charlemagne Capital Limited, was the non-discretionary subadviser to the Emerging Europe Fund, a fund within USGIF, through July 31, 2014. The Company paid $5,000 and $60,000 in subadvisory fees in fiscal years 2015 and 2014, respectively. While still in the subadvisory relationship, the Company received $60,000 in dividend income in fiscal year 2014 from an investment in the common stock of the subadviser. |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 20. CONTINGENCIES AND COMMITMENTS The Company continuously reviews all 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 be subject to claims, legal proceedings, and other contingencies. These matters are subject to various uncertainties, and it is possible that some of these matters may be resolved unfavorably. The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated. Management believes that any liability in excess of these accruals upon the ultimate resolution of these matters will not have a material adverse effect on the consolidated financial statements of the Company. The Board of Directors has authorized a monthly dividend of $0.0025 per share from July 2016 through December 2016, at which time it will be considered for continuation by the Board of Directors. 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. Prior to the June 30, 2016, fiscal year-end, the Board of Directors approved monthly dividends from July 2016 to September 2016, and estimated dividends payable of $115,000 for that period is included in the Consolidated Balance Sheets at June 30, 2016. The total amount of cash dividends to be paid to class A and class C shareholders from July 2016 to December 2016 will be approximately $229,000. |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 21. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) Note that quarterly per share amounts may not add to the annual total due to rounding. Quarters Fiscal 2016 1st 2nd 3rd 4th Total (dollars in thousands except per share data) Operating revenues $ 1,250 $ 1,289 $ 1,330 $ 1,636 $ 5,505 Loss from continuing operations before income taxes (861 ) (2,187 ) (392 ) (251 ) (3,691 ) Tax expense (benefit) 11 - (16 ) (1 ) (6 ) Loss from continuing operations (872 ) (2,187 ) (376 ) (250 ) (3,685 ) Income (loss) from discontinued operations 7 (25 ) - - (18 ) Net loss (865 ) (2,212 ) (376 ) (250 ) (3,703 ) Net income (loss) attributable to non-controlling interest 3 - (26 ) (5 ) (28 ) Net loss attributable to U.S. Global Investors, Inc. (868 ) (2,212 ) (350 ) (245 ) (3,675 ) Comprehensive income (loss) (1,577 ) (1,592 ) 148 (348 ) (3,369 ) Comprehensive income (loss) attributable to U.S. Global Investors, Inc. (1,533 ) (1,575 ) 115 (348 ) (3,341 ) Earnings (loss) per share attributable to U.S. Global Investors, Inc.: Basic Loss from continuing operations $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0.24 ) Loss from discontinued operations - - - - - Net loss attributable to U.S. Global Investors, Inc. $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0.24 ) Diluted Loss from continuing operations $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0.24 ) Loss from discontinued operations - - - - - Net loss attributable to U.S. Global Investors, Inc. $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0 ) Quarters Fiscal 2015 1st 2nd 3rd 4th Total (dollars in thousands except per share data) Operating revenues $ 2,628 $ 1,858 $ 1,389 $ 1,458 $ 7,333 Loss from continuing operations before income taxes (108 ) (784 ) (922 ) (1,259 ) (3,073 ) Tax expense (benefit) (7 ) 3 26 800 822 Loss from continuing operations (101 ) (787 ) (948 ) (2,059 ) (3,895 ) Income (loss) on discontinued operations 12 (54 ) (46 ) 7 (81 ) Net loss (89 ) (841 ) (994 ) (2,052 ) (3,976 ) Net income attributable to non-controlling interest 39 1 13 1 54 Net loss attributable to U.S. Global Investors, Inc. (128 ) (842 ) (1,007 ) (2,053 ) (4,030 ) Comprehensive loss (632 ) (1,587 ) (1,225 ) (2,061 ) (5,505 ) Comprehensive loss attributable to U.S. Global Investors, Inc. (604 ) (1,562 ) (1,177 ) (2,076 ) (5,419 ) Earnings (loss) per share attributable to U.S. Global Investors, Inc.: Basic Loss from continuing operations $ (0.01 ) $ (0.05 ) $ (0.06 ) $ (0.13 ) $ (0.25 ) Loss from discontinued operations - - (0.01 ) - (0.01 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.01 ) $ (0.05 ) $ (0.07 ) $ (0.13 ) $ (0.26 ) Diluted Loss from continuing operations $ (0.01 ) $ (0.05 ) $ (0.06 ) $ (0.13 ) $ (0.25 ) Loss from discontinued operations - - (0.01 ) - (0.01 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.01 ) $ (0.05 ) $ (0.07 ) $ (0.13 ) $ (0.26 ) |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. In addition, effective June 1, 2014, the Company, through USCAN, completed its purchase of an additional 15 percent interest in Galileo from the company’s founder, Michael Waring. Galileo is consolidated with USCAN and the non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. See Note 18 Business Combination for additional information. After the purchase of the additional interest, Galileo changed its fiscal year end from December 31 to June 30, effective June 30, 2014, to correspond to the Company’s year end. This change was treated as a change in accounting principle. The Company’s evaluation for consolidation includes whether entities in which it has an interest are variable interest entities (“VIEs”) and whether the Company is the primary beneficiary of any VIEs identified in its analysis. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lacks certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. If the VIE qualifies for the investment company deferral, the primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. The Company holds variable interests in, but is not deemed to be the primary beneficiary of, the funds it advises. The Company has determined that these entities qualify for the Investment Company deferral in ASC 810-10-65-2 (aa) and thus determines whether it is the primary beneficiary of these entities by virtue of its exposure to the expected losses and expected residual returns of the entity. The Company’s interests in these entities consist of the Company’s direct ownership therein, which in each case is insignificant to the total ownership of the fund, and any fees earned but uncollected. In the ordinary course of business, the Company may choose to waive certain fees or assume operating expenses of the funds it advises for competitive, regulatory or contractual reasons (see Note 5 Investment Management and Other Fees for information regarding fee waivers). The Company has not provided financial support to any of these entities outside the ordinary course of business. The Company’s risk of loss with respect to these managed entities is limited to the carrying value of its investments in, and fees receivable from, the entities. The Company does not consolidate these VIEs because it is not the primary beneficiary of these VIEs. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. |
Business Combinations Policy [Policy Text Block] | Business Combinations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash. |
Investment, Policy [Policy Text Block] | Investments. Trading Securities. Held-to-Maturity Securities. Available-for-sale Securities. Securities The Company evaluates its available-for-sale investments for other-than-temporary decline in value on a periodic basis. This may exist when the fair value of an investment security has been below the current value for an extended period of time. When a security in the Company’s investment portfolio has an unrealized loss in fair value that is deemed to be other than temporary, the Company reduces the book value of such security to its current fair value, recognizing the credit related decline as a realized loss in the Consolidated Statements of Operations and a revised GAAP cost basis for the security is established. For available-for-sale securities with declines in value deemed other than temporary, the unrealized loss recorded net of tax in accumulated other comprehensive income (loss) is realized as a charge to net income. Other Investments. |
Equity Method Investments, Policy [Policy Text Block] | Equity Method Investments . |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Receivables . |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Asset. The Company determined that the non-compete agreement has a finite useful life. The Company amortized this finite-lived identifiable intangible asset on a straight-line basis over its estimated useful life of 2 years. Management periodically evaluates the remaining useful lives and carrying values of intangible assets to determine whether events and circumstances indicate that a change in the useful life or impairment in value may have occurred. Indicators of impairment monitored by management include a decline in the level of managed assets, changes to contractual provisions underlying the intangible assets and reductions in underlying operating cash flows. Should there be an indication of a change in the useful life or impairment in value of the finite-lived intangible asset, the Company compares the carrying value of the asset and its related useful life to the projected discounted cash flows expected to be generated from the underlying managed assets over its remaining useful life to determine whether impairment has occurred. If the carrying value of the asset exceeds the discounted cash flows, the asset is written down to its fair value determined using discounted cash flows. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-Controlling Interests. |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation . |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes |
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure [Policy Text Block] | Revenue Recognition. |
Revenue Recognition, Policy [Policy Text Block] | Dividends and Interest. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs. , after adjustments for discontinued operations. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share. Earnings Per Share |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss). |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Pronouncements Adopted During the Period In April 2014, the FASB issued Accounting Standard Update (“ASU”) 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts from Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Distributor [Member] | Balance Sheet [Member] | |
DISCONTINUED OPERATIONS (Tables) [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets and liabilities related to distribution discontinued operations are as follows at June 30, 2016, and June 30, 2015: ( dollars in thousands) June 30, 2016 June 30, 2015 Assets Receivables $ - $ 184 Total assets held related to discontinued operations $ - $ 184 Liabilities Accounts payable $ - $ 5 Other accrued expenses - 129 Total liabilities held related to discontinued operations $ - $ 134 |
Distributor [Member] | Components in Income [Member] | |
DISCONTINUED OPERATIONS (Tables) [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The components of loss from discontinued operations of the distributor were as follows: Year Ended June 30, (dollars in thousands) 2016 2015 2014 Revenues Distribution fees $ 425 $ 1,408 $ 1,974 Shareholder services fees 183 630 931 608 2,038 2,905 Expenses Employee compensation and benefits 188 491 493 General and administrative 77 152 291 Platform fees 347 1,201 1,687 Advertising 14 275 559 626 2,119 3,030 Loss from discontinued operations of distributor before income taxes (18 ) (81 ) (125 ) Tax benefit - - (42 ) Loss from discontinued operations $ (18 ) $ (81 ) $ (83 ) |
Transfer Agent [Member] | Components in Income [Member] | |
DISCONTINUED OPERATIONS (Tables) [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The components of loss from discontinued operations of the transfer agent were as follows: Year Ended June 30, (dollars in thousands) 2016 2015 2014 Operating revenue $ - $ - $ 529 Operating expenses - - 897 Loss from discontinued operations of transfer agent before income taxes - - (368 ) Tax benefit - - (125 ) Loss from discontinued operations $ - $ - $ (243 ) |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following details the components of the Company’s investments recorded at fair value as of June 30, 2016, and 2015: June 30, 2016 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Offshore fund $ 1,184 $ - $ (826 ) $ 358 Mutual funds - Fixed income 9,284 124 - 9,408 Mutual funds - Domestic equity 535 - (197 ) 338 Other 45 - (45 ) - Total trading securities $ 11,048 $ 124 $ (1,068 ) $ 10,104 Available-for-sale securities 2 Common stock - Domestic $ 109 $ 21 $ - $ 130 Common stock - International 613 16 (83 ) 546 Corporate debt 1,038 86 - 1,124 Mutual funds - Fixed income 1,226 18 (23 ) 1,221 Mutual funds - Domestic equity 394 2 - 396 Other 56 8 - 64 Total available-for-sale securities 3 $ 3,436 $ 151 $ (106 ) $ 3,481 June 30, 2015 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Offshore fund $ 1,184 $ - $ (703 ) $ 481 Mutual funds - Fixed income 14,691 68 (5 ) 14,754 Mutual funds - Domestic equity 535 - (130 ) 405 Other 81 - (81 ) - Total trading securities $ 16,491 $ 68 $ (919 ) $ 15,640 Available-for-sale securities 2 Common stock - Domestic $ 535 $ 316 $ (9 ) $ 842 Common stock - International 695 309 (39 ) 965 Corporate debt 1,433 - (817 ) 616 Mutual funds - Fixed income 1,227 9 (22 ) 1,214 Mutual funds - Domestic equity 543 - (80 ) 463 Other 169 1 (7 ) 163 Total available-for-sale securities 3 $ 4,602 $ 635 $ (974 ) $ 4,263 1 Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. 2 Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholders’ equity until realized. 3 Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of June 30, 2016, are $45 and $45, respectively, and as of June 30, 2015, are $(339) and $(339), respectively. |
Gain (Loss) on Investments [Table Text Block] | The following summarizes investment income (loss) reflected in earnings for the periods presented. (dollars in thousands) Year Ended June 30, Investment Income 2016 2015 2014 Realized gains on sales of available-for-sale securities $ 532 $ 591 $ 1,044 Realized losses on sales of trading securities (25 ) (1 ) (163 ) Realized gains (losses) on sales of securities classified as other investments 3 (30 ) - Unrealized gains (losses) on trading securities (93 ) (601 ) 450 Realized gain on Galileo acquisition - - 290 Realized foreign currency gains 43 71 1 Other-than-temporary declines in available-for-sale securities (259 ) (247 ) (3 ) Other-than-temporary declines in securities held at cost (258 ) - - Dividend and interest income 542 651 526 Total Investment Income $ 485 $ 434 $ 2,145 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. June 30, 2016 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities Common stock - Domestic $ - $ - $ - $ - $ - $ - Common stock - International 246 (60 ) 23 (23 ) 269 (83 ) Corporate debt - - - - - - Mutual funds - Fixed income 1 - 201 (23 ) 202 (23 ) Mutual funds - Domestic equity - - - - - - Other - - - - - - Total available-for-sale securities $ 247 $ (60 ) $ 224 $ (46 ) $ 471 $ (106 ) June 30, 2015 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Available-for-sale securities Common stock - Domestic $ 77 $ (7 ) $ 107 $ (2 ) $ 184 $ (9 ) Common stock - International 114 (23 ) 39 (16 ) 153 (39 ) Corporate debt 386 (817 ) - - 386 (817 ) Mutual funds - Fixed income 67 (7 ) 139 (15 ) 206 (22 ) Mutual funds - Domestic equity 463 (80 ) - - 463 (80 ) Other 112 (7 ) - - 112 (7 ) Total available-for-sale securities $ 1,219 $ (941 ) $ 285 $ (33 ) $ 1,504 $ (974 ) |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following presents fair value measurements, as of each balance sheet date, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis: June 30, 2016 Significant Significant Quoted Prices Other Inputs Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Offshore fund $ - $ 358 $ - $ 358 Mutual funds - Fixed income 9,408 - - 9,408 Mutual funds - Domestic equity 338 - - 338 Other - - - - Total trading securities 9,746 358 - 10,104 Available-for-sale securities Common stock - Domestic 130 - - 130 Common stock - International 546 - - 546 Corporate debt 1,124 - - 1,124 Mutual funds - Fixed income 1,221 - - 1,221 Mutual funds - Domestic equity 396 - - 396 Other 64 - - 64 Total available-for-sale securities 3,481 - - 3,481 Total $ 13,227 $ 358 $ - $ 13,585 June 30, 2015 Significant Significant Quoted Prices Other Inputs Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Offshore fund $ - $ 481 $ - $ 481 Mutual funds - Fixed income 14,754 - - 14,754 Mutual funds - Domestic equity 405 - - 405 Other - - - - Total trading securities 15,159 481 - 15,640 Available-for-sale securities Common stock - Domestic 842 - - 842 Common stock - International 965 - - 965 Corporate debt - 77 539 616 Mutual funds - Fixed income 1,214 - - 1,214 Mutual funds - Domestic equity 463 - - 463 Other 163 - - 163 Total available-for-sale securities 3,647 77 539 4,263 Total $ 18,806 $ 558 $ 539 $ 19, |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table is a reconciliation of investments recorded at fair value for which unobservable inputs (Level 3) were used in determining fair value during the years ended June 30, 2016, and 2015: Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis June 30, 2016 June 30, 2015 (dollars in thousands) Corporate Debt Corporate Debt Beginning Balance $ 539 $ 250 Return of capital (13 ) (25 ) Total gains or losses (realized/unrealized) Included in earnings (investment income) (23 ) (133 ) Included in other comprehensive income (loss) 710 104 Purchases - - Sales - - Transfers into Level 3 - 343 Transfers out of Level 3 (1,213 ) - Ending Balance $ - $ 539 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment are composed of the following: June 30, (dollars in thousands) 2016 2015 Building and land $ 4,597 $ 4,608 Furniture, equipment, and other 2,103 2,412 6,700 7,020 Accumulated depreciation (4,234 ) (4,284 ) Net property and equipment $ 2,466 $ 2,736 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Intangible assets consist of the following: June 30, (dollars in thousands) 2016 2015 Intangible asset - Non-compete agreement Gross carrying amount $ 90 $ 90 Accumulated amortization (90 ) (49 ) Net carrying amount $ - $ 41 |
OTHER ACCRUED EXPENSES (Tables)
OTHER ACCRUED EXPENSES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other accrued expenses consist of the following: June 30, (dollars in thousands) 2016 2015 Professional fees $ 272 $ 297 Vendors payable 253 278 Taxes payable 61 117 Other accrued expenses $ 586 $ 692 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The Company has operating leases for office equipment that expire between fiscal years 2017 and 2019 and for office facilities in Canada that expire in 2018. Lease expenses totaled $397,000; $514,000; and $494,000 in fiscal years 2016, 2015, and 2014, respectively. Minimum non-cancelable lease payments required under operating leases for future periods, are as follows: (dollars in thousands) Fiscal Year Amount 2017 $ 196 2018 193 2019 72 2020 - 2021 - Total $ 461 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Stock option transactions under the various employee stock option plans for the past three fiscal years are summarized below: (dollars in thousands, except price data) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (net of tax) Outstanding June 30, 2013 29,000 $ 17.03 Granted - n/a Exercised - n/a Forfeited (7,000 ) $ 11.74 Outstanding June 30, 2014 22,000 $ 18.72 Granted - n/a Exercised - n/a Forfeited - n/a Outstanding June 30, 2015 22,000 $ 18.72 Granted - n/a Exercised - n/a Forfeited (20,000 ) $ 19.36 Outstanding June 30, 2016 2,000 $ 12.31 3.27 $ 12 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Class A common stock options outstanding and exercisable under the employee stock option plans at June 30, 2016, were as follows: Options Outstanding Options Exercisable Date of Option Grant Number Outstanding Remaining Life in Years Weighted Average Exercise Price ($) Number Exercisable Weighted Average Option Price ($) 1997 Plan Class A 10/07/09 2,000 3.27 $ 12.31 2,000 $ 12.31 2,000 3.27 $ 12.31 2,000 $ 12 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The Company's components of income (loss) before tax by jurisdiction are as follows: Year ended June 30, (dollars in thousands) 2016 2015 2014 United States $ (3,496 ) $ (3,400 ) $ (1,934 ) Canada (213 ) 246 329 Total $ (3,709 ) $ (3,154 ) $ (1,605 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of income tax computed for continuing operations at the U.S. federal statutory rates to income tax expense is as follows: Year ended June 30, (dollars in thousands) 2016 % of Pretax 2015 % of Pretax 2014 % of Pretax Tax expense (benefit) at statutory rate - continuing operations $ (1,255 ) 34.0 % $ (1,045 ) 34.0 % $ (378 ) 34.0 % Valuation allowance 1,067 (28.9 )% 1,857 (60.4 )% 35 (3.1 )% Income from controlled foreign corporation 51 (1.4 )% - 0.0 % - 0.0 % Nondeductible meals and entertainment 18 (0.5 )% 15 (0.5 )% 25 (2.3 )% Nondeductible membership dues 15 (0.4 )% 23 (0.7 )% 25 (2.2 )% Nondeductible insurance 8 (0.2 )% 8 (0.3 )% 8 (0.7 )% Nondeductible gain on business combination - 0.0 % - 0.0 % (99 ) 8.9 % Non-taxable dividend income (19 ) 0.5 % (25 ) 0.8 % (33 ) 3.0 % Other 109 (3.0 )% (11 ) 0.4 % (58 ) 5.1 % Total tax expense (benefit) - continuing operations $ (6 ) 0.1 % $ 822 (26.7 )% $ (475 ) 42.7 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of total tax expense (benefit) are as follows: Year ended June 30, (dollars in thousands) 2016 2015 2014 Continuing Operations Current tax benefit - U.S. Federal $ - $ (21 ) $ (862 ) Current tax expense (benefit) - Non-U.S. (6 ) 36 - Deferred tax expense - U.S. Federal - 807 387 Total tax expense (benefit) - continuing operations (6 ) 822 (475 ) Discontinued Operations Current tax benefit - U.S. Federal - - (167 ) Total tax expense (benefit) $ (6 ) $ 822 $ (642 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred assets and liabilities using the effective U.S. statutory tax rate are as follows: Year ended June 30, (dollars in thousands) 2016 2015 Book/tax differences in the balance sheet Trading securities $ 321 $ 289 Prepaid expenses (73 ) (115 ) Accumulated depreciation 142 129 Available-for-sale securities 436 366 Other Investments 83 - Accrued expenses 99 125 Product start-up costs 63 - Stock-based compensation expense 6 103 Tax Carryovers Net operating loss carryover 1,953 1,051 Cumulative eligible capital carryover 67 76 Charitable contributions carryover 43 41 Capital loss carryover - 8 Valuation Allowance (3,140 ) (2,073 ) Net deferred tax asset $ - $ - |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation for basic and diluted earnings per share (EPS): Year Ended June 30, (dollars in thousands, except per share data) 2016 2015 2014 Net Loss Loss from continuing operations $ (3,685 ) $ (3,895 ) $ (637 ) Less: Income (loss) attributable to non-controlling interest in subsidiary (28 ) 54 7 Loss from continuing operations attributable to U.S. Global Investors, Inc. (3,657 ) (3,949 ) (644 ) Loss from discontinued operations attributable to U.S. Global Investors, Inc. (18 ) (81 ) (326 ) Net loss attributable to U.S. Global Investors, Inc. $ (3,675 ) $ (4,030 ) $ (970 ) Weighted average number of outstanding shares Basic 15,294,893 15,399,831 15,459,022 Effect of dilutive securities Employee stock options - - - Diluted 15,294,893 15,399,831 15,459,022 Net loss per share attributable to U.S. Global Investors, Inc. Basic Loss from continuing operations $ (0.24 ) $ (0.25 ) $ (0.04 ) Loss from discontinued operations - (0.01 ) (0.02 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.24 ) $ (0.26 ) $ (0.06 ) Diluted Loss from continuing operations $ (0.24 ) $ (0.25 ) $ (0.04 ) Loss from discontinued operations - (0.01 ) (0.02 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.24 ) $ (0.26 ) $ (0. ) |
ACCUMULATED OTHER COMPREHENSI40
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS ) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in accumulated other comprehensive income (loss) by component: (dollars in thousands) Unrealized gains (losses) on available-for-sale investments 1 Foreign currency translation adjustment Total Balance at June 30, 2013 $ 652 $ - $ 652 Other comprehensive income before reclassifications 1,399 18 1,417 Tax effect (476 ) - (476 ) Amount reclassified from AOCI (1,041 ) - (1,041 ) Tax effect 354 - 354 Net other comprehensive income for 2014 236 18 254 Balance at June 30, 2014 888 18 906 Other comprehensive loss before reclassifications (1,341 ) (162 ) (1,503 ) Tax effect 341 - 341 Amount reclassified from AOCI (344 ) - (344 ) Tax effect 117 - 117 Net other comprehensive loss for 2015 (1,227 ) (162 ) (1,389 ) Balance at June 30, 2015 (339 ) (144 ) (483 ) Other comprehensive income (loss) before reclassifications 657 (50 ) 607 Tax effect - - - Amount reclassified from AOCI (273 ) - (273 ) Tax effect - - - Net other comprehensive income (loss) for 2016 384 (50 ) 334 Balance at June 30, 2016 $ 45 $ (194 ) $ (149 ) 1. Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations. |
FINANCIAL INFORMATION BY BUSI41
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following schedule details total revenues and income by business segment and certain amounts have been reclassified for comparative purposes: (dollars in thousands) Investment Management Services Investment Management Services - Canada Corporate Investments Consolidated Year ended June 30, 2016 Net operating revenues $ 4,341 $ 1,164 $ - $ 5,505 Net other income $ - $ 35 $ 450 $ 485 Income (loss) from continuing operations before income taxes $ (4,018 ) $ (122 ) $ 449 $ (3,691 ) Loss from discontinued operations $ (18 ) $ - $ - $ (18 ) Depreciation and amortization $ 255 $ 61 $ - $ 316 Capital expenditures $ 13 $ - $ - $ 13 Gross identifiable assets at June 30, 2016 $ 5,973 $ 1,618 $ 18,755 $ 26,346 Deferred tax asset $ - Consolidated total assets at June 30, 2016 $ 26,346 Year ended June 30, 2015 Net operating revenues $ 5,326 $ 2,007 $ - $ 7,333 Net other income $ - $ 102 $ 332 $ 434 Income (loss) from continuing operations before income taxes $ (3,473 ) $ 111 $ 289 $ (3,073 ) Loss from discontinued operations $ (81 ) $ - $ - $ (81 ) Depreciation and amortization $ 253 $ 74 $ - $ 327 Capital expenditures $ 40 $ - $ - $ 40 Year ended June 30, 2014 Net operating revenues $ 8,300 $ 234 $ - $ 8,534 Net other income (loss) $ - $ (12 ) $ 2,177 $ 2,165 Income (loss) from continuing operations before income taxes $ (3,301 ) $ 19 $ 2,170 $ (1,112 ) Loss from discontinued operations $ (326 ) $ - $ - $ (326 ) Depreciation and amortization $ 252 $ 7 $ - $ 259 Capital expenditures $ 30 $ - $ - $ 30 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following amounts associated with the acquisition of Galileo, subsequent to the June 1, 2014, effective date, are included in the Consolidated Statements of Operations: (dollars in thousands) Year Ended June 30, 2014 Operating revenues $ 10,866 Net loss (856 ) Net loss attributable to U.S. Global Investors, Inc. (916 ) Net Loss per Share Loss from continuing operations - basic $ (0.04 ) Loss from continuing operations - diluted $ (0.04 ) |
Business Combination, Separately Recognized Transactions [Table Text Block] | The information below reflects certain nonrecurring adjustments to remove the Company’s equity in earnings of Galileo and include amortization of the intangible asset. (dollars in thousands) Year Ended June 30, 2014 Total revenues $ 234 Net income 18 Net income attributable to U.S. Global Investors, Inc. 12 Costs associated with the acquisition 1 33 1 Costs associated with the Galileo acquisition are included in general and administrative expenses in the Consolidated Statements of Operations. |
SELECTED QUARTERLY FINANCIAL 43
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Quarters Fiscal 2016 1st 2nd 3rd 4th Total (dollars in thousands except per share data) Operating revenues $ 1,250 $ 1,289 $ 1,330 $ 1,636 $ 5,505 Loss from continuing operations before income taxes (861 ) (2,187 ) (392 ) (251 ) (3,691 ) Tax expense (benefit) 11 - (16 ) (1 ) (6 ) Loss from continuing operations (872 ) (2,187 ) (376 ) (250 ) (3,685 ) Income (loss) from discontinued operations 7 (25 ) - - (18 ) Net loss (865 ) (2,212 ) (376 ) (250 ) (3,703 ) Net income (loss) attributable to non-controlling interest 3 - (26 ) (5 ) (28 ) Net loss attributable to U.S. Global Investors, Inc. (868 ) (2,212 ) (350 ) (245 ) (3,675 ) Comprehensive income (loss) (1,577 ) (1,592 ) 148 (348 ) (3,369 ) Comprehensive income (loss) attributable to U.S. Global Investors, Inc. (1,533 ) (1,575 ) 115 (348 ) (3,341 ) Earnings (loss) per share attributable to U.S. Global Investors, Inc.: Basic Loss from continuing operations $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0.24 ) Loss from discontinued operations - - - - - Net loss attributable to U.S. Global Investors, Inc. $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0.24 ) Diluted Loss from continuing operations $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0.24 ) Loss from discontinued operations - - - - - Net loss attributable to U.S. Global Investors, Inc. $ (0.06 ) $ (0.14 ) $ (0.02 ) $ (0.02 ) $ (0 ) Quarters Fiscal 2015 1st 2nd 3rd 4th Total (dollars in thousands except per share data) Operating revenues $ 2,628 $ 1,858 $ 1,389 $ 1,458 $ 7,333 Loss from continuing operations before income taxes (108 ) (784 ) (922 ) (1,259 ) (3,073 ) Tax expense (benefit) (7 ) 3 26 800 822 Loss from continuing operations (101 ) (787 ) (948 ) (2,059 ) (3,895 ) Income (loss) on discontinued operations 12 (54 ) (46 ) 7 (81 ) Net loss (89 ) (841 ) (994 ) (2,052 ) (3,976 ) Net income attributable to non-controlling interest 39 1 13 1 54 Net loss attributable to U.S. Global Investors, Inc. (128 ) (842 ) (1,007 ) (2,053 ) (4,030 ) Comprehensive loss (632 ) (1,587 ) (1,225 ) (2,061 ) (5,505 ) Comprehensive loss attributable to U.S. Global Investors, Inc. (604 ) (1,562 ) (1,177 ) (2,076 ) (5,419 ) Earnings (loss) per share attributable to U.S. Global Investors, Inc.: Basic Loss from continuing operations $ (0.01 ) $ (0.05 ) $ (0.06 ) $ (0.13 ) $ (0.25 ) Loss from discontinued operations - - (0.01 ) - (0.01 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.01 ) $ (0.05 ) $ (0.07 ) $ (0.13 ) $ (0.26 ) Diluted Loss from continuing operations $ (0.01 ) $ (0.05 ) $ (0.06 ) $ (0.13 ) $ (0.25 ) Loss from discontinued operations - - (0.01 ) - (0.01 ) Net loss attributable to U.S. Global Investors, Inc. $ (0.01 ) $ (0.05 ) $ (0.07 ) $ (0.13 ) $ (0.26 ) |
SIGNIFICANT ACCOUNTING POLICI44
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Jun. 01, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable (in Dollars) | $ 0 | $ 0 | $ 0 | |
Net advertising expenditures (in Dollars) | $ 212,000 | $ 135,000 | $ 56,000 | |
Noncompete Agreements [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Estimated useful life | 2 years | |||
Minimum [Member] | Galileo [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Depreciation period | 2 years | |||
Minimum [Member] | Furniture and Fixtures [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Depreciation period | 3 years | |||
Minimum [Member] | Building and Building Improvements [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Depreciation period | 14 years | |||
Maximum [Member] | Galileo [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Depreciation period | 5 years | |||
Maximum [Member] | Furniture and Fixtures [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Depreciation period | 10 years | |||
Maximum [Member] | Building and Building Improvements [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Depreciation period | 40 years | |||
Galileo [Member] | ||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Purchase of additional equity shares | 15.00% | |||
Percentage of shares issued and outstanding of Galileo | 65.00% | 65.00% |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 09, 2015 | Jun. 30, 2014 | |
DISCONTINUED OPERATIONS (Details) [Line Items] | |||
Transition Expense | $ 290,000 | ||
Distributor [Member] | |||
DISCONTINUED OPERATIONS (Details) [Line Items] | |||
Investment Distribution Fee, Annual Rate, Percentage | 0.25% | ||
Transfer Agent [Member] | |||
DISCONTINUED OPERATIONS (Details) [Line Items] | |||
Expenses related to leased equipment that will not be utilized | $ 65,000 |
DISCONTINUED OPERATIONS (Deta46
DISCONTINUED OPERATIONS (Details) - Disposal Groups, Assets and Liabilities Related to Distributor Discontinued Operations - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Assets | ||
Total assets held related to discontinued operations | $ 0 | $ 184 |
Liabilities | ||
Total liabilities held related to discontinued operations | 0 | 134 |
Distributor [Member] | ||
Assets | ||
Receivables | 0 | 184 |
Total assets held related to discontinued operations | 0 | 184 |
Liabilities | ||
Accounts payable | 0 | 5 |
Other accrued expenses | 0 | 129 |
Total liabilities held related to discontinued operations | $ 0 | $ 134 |
DISCONTINUED OPERATIONS (Deta47
DISCONTINUED OPERATIONS (Details) - Disposal Groups, Components of Income from Distributor Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Expenses | |||||||||||
Tax benefit | $ 0 | $ 0 | $ (167) | ||||||||
Loss from discontinued operations | $ 0 | $ 0 | $ (25) | $ 7 | $ 7 | $ (46) | $ (54) | $ 12 | (18) | (81) | (326) |
Distributor [Member] | |||||||||||
Revenues | |||||||||||
Operating revenue | 608 | 2,038 | 2,905 | ||||||||
Expenses | |||||||||||
Employee compensation and benefits | 188 | 491 | 493 | ||||||||
General and administrative | 77 | 152 | 291 | ||||||||
Platform fees | 347 | 1,201 | 1,687 | ||||||||
Advertising | 14 | 275 | 559 | ||||||||
626 | 2,119 | 3,030 | |||||||||
Loss from discontinued operations of distributor before income taxes | (18) | (81) | (125) | ||||||||
Tax benefit | 0 | 0 | (42) | ||||||||
Loss from discontinued operations | (18) | (81) | (83) | ||||||||
Distributor [Member] | Distribution Fees [Member] | |||||||||||
Revenues | |||||||||||
Operating revenue | 425 | 1,408 | 1,974 | ||||||||
Distributor [Member] | Shareholder Services Fees [Member] | |||||||||||
Revenues | |||||||||||
Operating revenue | $ 183 | $ 630 | $ 931 |
DISCONTINUED OPERATIONS (Deta48
DISCONTINUED OPERATIONS (Details) - Disposal Groups, Components of Income from Transfer Agent Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Tax benefit | $ 0 | $ 0 | $ (167) | ||||||||
Loss from discontinued operations | $ 0 | $ 0 | $ (25) | $ 7 | $ 7 | $ (46) | $ (54) | $ 12 | (18) | (81) | (326) |
Transfer Agent [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Operating revenue | 0 | 0 | 529 | ||||||||
Operating expenses | 0 | 0 | 897 | ||||||||
Loss from discontinued operations of transfer agent before income taxes | 0 | 0 | (368) | ||||||||
Tax benefit | 0 | 0 | (125) | ||||||||
Loss from discontinued operations | $ 0 | $ 0 | $ (243) |
INVESTMENTS (Details)
INVESTMENTS (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | ||
INVESTMENTS (Details) [Line Items] | |||||
Fair value of investments held | $ 13,585,000 | $ 19,903,000 | |||
Cost basis of investments held | $ 14,500,000 | ||||
Market value of investments to Company's total assets | 51.60% | ||||
Other investments | $ 1,924,000 | 2,303,000 | |||
Available-for-sale, net unrealized gain (loss), gross | 45,000 | (339,000) | |||
Available-for-sale, net unrealized gain (loss), net of tax | 45,000 | (339,000) | |||
Other-than-temporary impairments | 259,000 | 247,000 | $ 3,000 | ||
Available-for-sale, amortized cost | [1],[2] | 3,436,000 | 4,602,000 | ||
Available-for-sale securities, fair value | [1],[2] | 3,481,000 | 4,263,000 | ||
Cost-method Investments, Other than Temporary Impairment | $ 258,000 | $ 0 | $ 0 | ||
Percentage of Financial Assets Derived From Level 1 Inputs Measured at Fair Value | 97.00% | 94.00% | |||
Percentage of Financial Assets Derived From Level 2 Inputs Measured at Fair Value | 3.00% | 3.00% | |||
Percentage of Financial Assets Derived From Level 3 Inputs Measured at Fair Value | 3.00% | ||||
Available-for-sale Securities, Noncurrent | $ 3,481,000 | $ 4,263,000 | |||
Corporate Debt Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale, amortized cost | [2] | 1,038,000 | 1,433,000 | ||
Available-for-sale securities, fair value | [2] | 1,124,000 | 616,000 | ||
Available-for-sale Securities, Noncurrent | 1,100,000 | $ 314,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 212,000 | ||||
Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | $ 1,000,000 | ||||
Other Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Number of positions, subject to impairment loss | 2 | ||||
Available-for-sale, amortized cost | [2] | 56,000 | $ 169,000 | ||
Available-for-sale securities, fair value | [2] | 64,000 | 163,000 | ||
Other Securities, One [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale, amortized cost | 310,000 | ||||
Available-for-sale securities, fair value | 234,000 | ||||
Other Securities, Two [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale, amortized cost | 1,100,000 | ||||
Available-for-sale securities, fair value | 970,000 | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Fair value of investments held | 358,000 | 558,000 | |||
Available-for-sale securities, fair value | 0 | 77,000 | |||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale securities, fair value | 0 | 77,000 | |||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale securities, fair value | 77,000 | ||||
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale securities, fair value | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Offshore Fund [Member] | Trading Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Fair value of investments held | $ 358,000 | 481,000 | |||
Minimum redmption notice | 45 days | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Fair value of investments held | $ 0 | 539,000 | |||
Available-for-sale securities, fair value | 0 | 539,000 | |||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale securities, fair value | 0 | 539,000 | |||
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale securities, fair value | $ 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Other Corporate Debt Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-sale securities, fair value | $ 225,000 | ||||
Impaired Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Number of positions, subject to impairment loss | 8 | ||||
Available-for-Sale Securities, Combined Cost Basis of Impaired Securities | $ 702,000 | ||||
Available-for-Sale Securities, Combined Fair Value of Impaired Securities | $ 466,000 | ||||
Number of Impaired Securities Held at Cost | 3 | ||||
Cost Method Investments, Original Cost | $ 1,100,000 | ||||
Cost Method Investments | 867,000 | ||||
Impaired Securities, Net Present Value of Estimated Cash Flows [Member] | Corporate Debt Securities [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Available-for-Sale Securities, Combined Cost Basis of Impaired Securities | 970,000 | ||||
Available-for-Sale Securities, Combined Fair Value of Impaired Securities | $ 947,000 | ||||
Impaired Securities, Net Present Value of Estimated Cash Flows [Member] | Corporate Debt Securities, One [Member] | |||||
INVESTMENTS (Details) [Line Items] | |||||
Number of positions, subject to impairment loss | 1 | ||||
Available-for-sale, amortized cost | $ 44,000 | ||||
Available-for-sale securities, fair value | $ 5,000 | ||||
[1] | Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of June 30, 2016, are $45 and $45, respectively, and as of June 30, 2015, are $(339) and $(339), respectively. | ||||
[2] | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholders' equity until realized. |
INVESTMENTS (Details) - Compone
INVESTMENTS (Details) - Components of Company's Trading and Available-for-Sale Investments - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | |
Trading securities1 | |||
Trading, cost | [1] | $ 11,048 | $ 16,491 |
Trading, gross unrealized gain | [1] | 124 | 68 |
Trading, gross unrealized (losses) | [1] | (1,068) | (919) |
Trading, fair value | [1] | 10,104 | 15,640 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [2],[3] | 3,436 | 4,602 |
Available-for-sale, gross unrealized gain | [2],[3] | 151 | 635 |
Available-for-sale, gross unrealized (losses) | [2],[3] | (106) | (974) |
Available-for-sale, fair value | [2],[3] | 3,481 | 4,263 |
Offshore Fund [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 1,184 | 1,184 |
Trading, gross unrealized gain | [1] | 0 | 0 |
Trading, gross unrealized (losses) | [1] | (826) | (703) |
Trading, fair value | [1] | 358 | 481 |
Fixed Income Securities [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 9,284 | 14,691 |
Trading, gross unrealized gain | [1] | 124 | 68 |
Trading, gross unrealized (losses) | [1] | 0 | (5) |
Trading, fair value | [1] | 9,408 | 14,754 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [3] | 1,226 | 1,227 |
Available-for-sale, gross unrealized gain | [3] | 18 | 9 |
Available-for-sale, gross unrealized (losses) | [3] | (23) | (22) |
Available-for-sale, fair value | [3] | 1,221 | 1,214 |
Mutual Funds, Domestic Equity [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 535 | 535 |
Trading, gross unrealized gain | [1] | 0 | 0 |
Trading, gross unrealized (losses) | [1] | (197) | (130) |
Trading, fair value | [1] | 338 | 405 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [3] | 394 | 543 |
Available-for-sale, gross unrealized gain | [3] | 2 | 0 |
Available-for-sale, gross unrealized (losses) | [3] | 0 | (80) |
Available-for-sale, fair value | [3] | 396 | 463 |
Other Securities [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 45 | 81 |
Trading, gross unrealized gain | [1] | 0 | 0 |
Trading, gross unrealized (losses) | [1] | (45) | (81) |
Trading, fair value | [1] | 0 | 0 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [3] | 56 | 169 |
Available-for-sale, gross unrealized gain | [3] | 8 | 1 |
Available-for-sale, gross unrealized (losses) | [3] | 0 | (7) |
Available-for-sale, fair value | [3] | 64 | 163 |
Common Stock - Domestic [Member] | |||
Available-for-sale securities2 | |||
Available-for-sale, cost | [3] | 109 | 535 |
Available-for-sale, gross unrealized gain | [3] | 21 | 316 |
Available-for-sale, gross unrealized (losses) | [3] | 0 | (9) |
Available-for-sale, fair value | [3] | 130 | 842 |
Common Stock - International [Member] | |||
Available-for-sale securities2 | |||
Available-for-sale, cost | [3] | 613 | 695 |
Available-for-sale, gross unrealized gain | [3] | 16 | 309 |
Available-for-sale, gross unrealized (losses) | [3] | (83) | (39) |
Available-for-sale, fair value | [3] | 546 | 965 |
Corporate Debt Securities [Member] | |||
Available-for-sale securities2 | |||
Available-for-sale, cost | [3] | 1,038 | 1,433 |
Available-for-sale, gross unrealized gain | [3] | 86 | 0 |
Available-for-sale, gross unrealized (losses) | [3] | 0 | (817) |
Available-for-sale, fair value | [3] | $ 1,124 | $ 616 |
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | ||
[2] | Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of June 30, 2016, are $45 and $45, respectively, and as of June 30, 2015, are $(339) and $(339), respectively. | ||
[3] | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholders' equity until realized. |
INVESTMENTS (Details) - Investm
INVESTMENTS (Details) - Investment Income (Loss) Reflected in Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments Debt And Equity Securities Abstract | |||
Realized gains on sales of available-for-sale securities | $ 532 | $ 591 | $ 1,044 |
Realized losses on sales of trading securities | (25) | (1) | (163) |
Realized gains (losses) on sales of securities classified as other investments | 3 | (30) | 0 |
Unrealized gains (losses) on trading securities | (93) | (601) | 450 |
Realized gain on Galileo acquisition | 0 | 0 | 290 |
Realized foreign currency gains | 43 | 71 | 1 |
Other-than-temporary declines in available-for-sale securities | (259) | (247) | (3) |
Other-than-temporary declines in securities held at cost | (258) | 0 | 0 |
Dividend and interest income | 542 | 651 | 526 |
Total Investment Income | $ 485 | $ 434 | $ 2,145 |
INVESTMENTS (Details) - Summary
INVESTMENTS (Details) - Summary of Gross Unrealized Losses and Fiar Value of Available-for-Sale Investments - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | $ 247 | $ 1,219 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | (60) | (941) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 224 | 285 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (46) | (33) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 471 | 1,504 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (106) | (974) |
Common Stock - Domestic [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 77 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | (7) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 107 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | (2) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 0 | 184 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | (9) |
Common Stock - International [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 246 | 114 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | (60) | (23) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 23 | 39 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (23) | (16) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 269 | 153 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (83) | (39) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 386 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | (817) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 0 | 386 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | (817) |
Fixed Income Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 1 | 67 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | (7) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 201 | 139 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (23) | (15) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 202 | 206 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (23) | (22) |
Mutual Funds, Domestic Equity [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 463 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | (80) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 0 | 463 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | (80) |
Other Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 112 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | (7) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 0 | 112 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | $ 0 | $ (7) |
INVESTMENTS (Details) - Fair Va
INVESTMENTS (Details) - Fair Value, Assets Measured on Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | |
Trading securities | |||
Trading securities, at fair value | [1] | $ 10,104 | $ 15,640 |
Available-for-sale securities | |||
Total available-for-sale securities | [2],[3] | 3,481 | 4,263 |
Total Investments | 13,585 | 19,903 | |
Offshore Fund [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1] | 358 | 481 |
Fixed Income Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1] | 9,408 | 14,754 |
Available-for-sale securities | |||
Total available-for-sale securities | [3] | 1,221 | 1,214 |
Mutual Funds, Domestic Equity [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1] | 338 | 405 |
Available-for-sale securities | |||
Total available-for-sale securities | [3] | 396 | 463 |
Other Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1] | 0 | 0 |
Available-for-sale securities | |||
Total available-for-sale securities | [3] | 64 | 163 |
Common Stock - Domestic [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | [3] | 130 | 842 |
Common Stock - International [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | [3] | 546 | 965 |
Corporate Debt Securities [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | [3] | 1,124 | 616 |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 9,746 | 15,159 | |
Available-for-sale securities | |||
Total available-for-sale securities | 3,481 | 3,647 | |
Total Investments | 13,227 | 18,806 | |
Fair Value, Inputs, Level 1 [Member] | Offshore Fund [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | 9,408 | 14,754 | |
Available-for-sale securities | |||
Total available-for-sale securities | 1,221 | 1,214 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds, Domestic Equity [Member] | |||
Trading securities | |||
Trading securities, at fair value | 338 | 405 | |
Available-for-sale securities | |||
Total available-for-sale securities | 396 | 463 | |
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 64 | 163 | |
Fair Value, Inputs, Level 1 [Member] | Common Stock - Domestic [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 130 | 842 | |
Fair Value, Inputs, Level 1 [Member] | Common Stock - International [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 546 | 965 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 1,124 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 358 | 481 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 77 | |
Total Investments | 358 | 558 | |
Fair Value, Inputs, Level 2 [Member] | Offshore Fund [Member] | |||
Trading securities | |||
Trading securities, at fair value | 358 | 481 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Domestic Equity [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Common Stock - Domestic [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Common Stock - International [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 77 | |
Fair Value, Inputs, Level 3 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 539 | |
Total Investments | 0 | 539 | |
Fair Value, Inputs, Level 3 [Member] | Offshore Fund [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds, Domestic Equity [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Common Stock - Domestic [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Common Stock - International [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | $ 0 | $ 539 | |
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | ||
[2] | Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of June 30, 2016, are $45 and $45, respectively, and as of June 30, 2015, are $(339) and $(339), respectively. | ||
[3] | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholders' equity until realized. |
INVESTMENTS (Details) - Fair 54
INVESTMENTS (Details) - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||
Beginning Balance | $ 539 | $ 250 |
Ending Balance | 0 | 539 |
Return of capital | (13) | (25) |
Total gains or losses (realized/unrealized) | ||
Included in earnings (investment income) | (23) | (133) |
Included in other comprehensive income (loss) | 710 | 104 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 343 |
Transfers out of Level 3 | $ (1,213) | $ 0 |
INVESTMENT MANAGEMENT AND OTH55
INVESTMENT MANAGEMENT AND OTHER FEES (Details) | Dec. 27, 2013 | Nov. 30, 2013 | Dec. 09, 2015 | Dec. 31, 2013 | Jun. 30, 2016 | Oct. 31, 2014USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 09, 2015USD ($) | Dec. 09, 2015 |
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | |||||||||||
Administrative services fees, per fund | $ 10,000 | $ 7,000 | |||||||||
Advisory fees | $ 5,185,000 | $ 6,682,000 | $ 7,760,000 | ||||||||
Number of funds liquidated | 1 | 1 | |||||||||
Shareholder services fee, percentage of shares value in account | 0.20% | ||||||||||
Minimum yield waivers recoverable, recapture period | 3 years | ||||||||||
Minimum yield waivers recoverable through 12/31/16 | $ 498,000 | ||||||||||
Galileo [Member] | |||||||||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | |||||||||||
Advisory fees | $ 1,200,000 | 2,000,000 | 234,000 | ||||||||
Investor Class Shares [Member] | |||||||||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | |||||||||||
Administrative fee rate | 0.08% | 0.05% | 0.10% | ||||||||
Institutional Class Shares [Member] | |||||||||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | |||||||||||
Administrative fee rate | 0.06% | 0.04% | 0.08% | ||||||||
U.S. Global Investors Funds [Member] | |||||||||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | |||||||||||
Base percentage adjustment, fund performance not within benchmark index | 0.25% | 0.25% | |||||||||
Minimum performance to designated benchmark over prior rolling twelve months, percent | 5.00% | 5.00% | |||||||||
Increase (decrease) in base advisory fees realized | $ (132,000) | (1,000,000) | (815,000) | ||||||||
Aggregate Fees Waived and Expenses Borne | $ 1,300,000 | 1,300,000 | 2,400,000 | ||||||||
U. S. Global Jets EFT [Member] | |||||||||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | |||||||||||
Unitary Management Fee, Percentage of Average Net Assets | 0.60% | ||||||||||
Advisory fees | $ 296,000 | 26,000 | |||||||||
Offshore Clients [Member] | |||||||||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | |||||||||||
Advisory fees | 91,000 | 130,000 | 190,000 | ||||||||
Performance Fees | $ 0 | $ 0 | $ 4,000 |
NOTES RECEIVABLE (Details)
NOTES RECEIVABLE (Details) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
NOTES RECEIVABLE (Details) [Line Items] | |
Number of promissory notes | 2 |
Note Receivable #1 [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note Receivable, Face Amount (in Dollars) | $ 2,000,000 |
Note recievable, Maturity | June 2,017 |
Note Receivable, Description | The note has a one-year extension option by the issuer upon payment of a 2.5 percent extension fee. |
Note receivable, interest rate | 12.00% |
Note Receivable #1 [Member] | Portion Payable Monthly [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note receivable, interest rate | 10.00% |
Note Receivable #1 [Member] | Portion Payable at Maturity [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note receivable, interest rate | 2.00% |
Notes Receivable #2 [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note Receivable, Face Amount (in Dollars) | $ 212,000 |
Note recievable, Maturity | 2,017 |
Note receivable, interest rate | 15.00% |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 275,000 | $ 282,000 | $ 255,000 |
PROPERTY AND EQUIPMENT (Detai58
PROPERTY AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 6,700 | $ 7,020 |
Accumulated depreciation | (4,234) | (4,284) |
Net property and equipment | 2,466 | 2,736 |
Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,597 | 4,608 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,103 | $ 2,412 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | |||
Amortization expense | $ 41,000 | $ 45,000 | $ 4,000 |
INTANGIBLE ASSETS (Details) - S
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets and Goodwill - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Intangible asset - Non-compete agreement | ||
Gross carrying amount | $ 90 | $ 90 |
Accumulated amortization | (90) | (49) |
Net carrying amount | $ 0 | $ 41 |
OTHER ACCRUED EXPENSES (Details
OTHER ACCRUED EXPENSES (Details) - Schedule of Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Schedule of Accrued Liabilities [Abstract] | ||
Professional fees | $ 272 | $ 297 |
Vendors payable | 253 | 278 |
Taxes payable | 61 | 117 |
Other accrued expenses | $ 586 | $ 692 |
BORROWINGS (Details)
BORROWINGS (Details) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Long-term liabilities | $ 0 |
Credit facility with a one-year maturity for working capital | $ 1,000,000 |
Amended credit agreement expiration date | May 31, 2017 |
Debt Instrument, Collateral Amount | $ 1,000,000 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure Text Block Supplement [Abstract] | |||
Lease expenses | $ 397,000 | $ 514,000 | $ 494,000 |
LEASE COMMITMENTS (Details) - S
LEASE COMMITMENTS (Details) - Schedule of Future Minimum Lease Payments for Capital Leases $ in Thousands | Jun. 30, 2016USD ($) |
Schedule of Future Minimum Lease Payments for Capital Leases [Abstract] | |
2,017 | $ 196 |
2,018 | 193 |
2,019 | 72 |
2,020 | 0 |
2,021 | 0 |
Total | $ 461 |
BENEFIT PLANS (Details)
BENEFIT PLANS (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
BENEFIT PLANS (Details) [Line Items] | ||||
Company percentage match of participants contributions for the first three percent of compenation | 100.00% | |||
Percentage of first compensation | 3.00% | |||
Company percentage match of participants contributions for next two percent of compensation | 50.00% | |||
Percentage of next compensation | 2.00% | |||
Company 401(k) Match | $ 113,000 | $ 131,000 | $ 175,000 | |
Company match of savings programs | $ 39,000 | $ 51,000 | $ 58,000 | |
Employee Stock Purchase Plan [Member] | ||||
BENEFIT PLANS (Details) [Line Items] | ||||
Shares of treasury stock purchased by employees (in Shares) | 39,084 | 37,383 | 52,191 | |
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||
BENEFIT PLANS (Details) [Line Items] | ||||
Company Employee Stock Purchase Plan percentage match of employee's contributions of gross salary | 3.00% |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) | 6 Months Ended | 9 Months Ended | 12 Months Ended | 27 Months Ended | 42 Months Ended | |||||||
Dec. 31, 2016$ / shares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015$ / shares | Jun. 30, 2016USD ($)$ / sharesshares | Dec. 09, 2015USD ($) | Dec. 10, 2014USD ($) | Dec. 12, 2013USD ($) | Jun. 30, 2013shares | Dec. 07, 2012USD ($) | |
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Repurchasing Amount (in Dollars) | $ | $ 313,000 | $ 292,000 | $ 289,000 | |||||||||
Adjustment to additional paid in capital from shares issued with a weighted average cost basis greater than the current fair value (in Dollars) | $ | $ (43,000) | |||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,000 | 2,000 | 22,000 | 22,000 | 2,000 | 29,000 | ||||||
Options exercisable | 2,000 | 2,000 | 2,000 | |||||||||
Weighted average exercise price, exercisable options (in Dollars per share) | $ / shares | $ 12.31 | $ 12.31 | $ 12.31 | |||||||||
Share Repurchase Plan - December 2012 [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Stock repurchase program, authorized amount (in Dollars) | $ | $ 2,750,000 | |||||||||||
Share Repurchase Renewal, December 2014 [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Stock repurchase program, authorized amount (in Dollars) | $ | $ 2,750,000 | |||||||||||
Share Repurchase Renewal, December 2013 [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Stock repurchase program, authorized amount (in Dollars) | $ | $ 2,750,000 | |||||||||||
Share Repurchase Renewal, December 2015 [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Stock repurchase program, authorized amount (in Dollars) | $ | $ 2,750,000 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars) | $ | $ 2,680,000 | $ 2,680,000 | $ 2,680,000 | |||||||||
Share Repurchase Plan, December 2012 and Renewal, December 2013, December 2014, and December 2015 [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Repurchasing Amount (in Dollars) | $ | $ 1,067,000 | |||||||||||
Number of shares repurchased | 421,652 | |||||||||||
Scenario, Forecast [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Monthly dividend (in Dollars per share) | $ / shares | $ 0.0025 | |||||||||||
Common Class A [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Dividends, Cash (in Dollars) | $ | $ 496,000 | $ 800,000 | $ 804,000 | |||||||||
Number of shares repurchased | 177,998 | 95,251 | 93,351 | |||||||||
Repurchasing Amount (in Dollars) | $ | $ 313,000 | $ 292,000 | $ 289,000 | |||||||||
Common Class C [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Dividends, Cash (in Dollars) | $ | $ 78,000 | $ 124,000 | $ 124,000 | |||||||||
Number of shares converted | 60 | 1,340 | ||||||||||
Conversion ratio, shares issued as a result of stock conversion | 1 | |||||||||||
Monthly Dividends Paid [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ / shares | $ 0.0025 | $ 0.005 | ||||||||||
Employee [Member] | Common Class A [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Class A common stock granted | 2,400 | |||||||||||
Class A common stock granted (in Dollars per share) | $ / shares | $ 2.66 | |||||||||||
Director [Member] | Common Class A [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Class A common stock granted | 3,600 | 3,600 | 3,600 | |||||||||
Class A common stock granted (in Dollars per share) | $ / shares | $ 1.63 | $ 3.24 | $ 3.07 | |||||||||
Employees [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Options exercisable | 2,000 | 2,000 | 22,000 | 22,000 | 2,000 | |||||||
Weighted average exercise price, exercisable options (in Dollars per share) | $ / shares | $ 12.31 | $ 12.31 | $ 18.72 | $ 18.72 | $ 12.31 | |||||||
1989 Plan [Member] | Common Class A [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Number of shares authorized under Stock Option Plan | 1,600,000 | 1,600,000 | 1,600,000 | |||||||||
Award vesting period | 6 months | |||||||||||
Annual award vesting, percentage | 20.00% | |||||||||||
Stock Option Plan expiration | 10 years | |||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||
1997 Plan [Member] | Common Class A [Member] | ||||||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||||||
Number of shares authorized under Stock Option Plan | 400,000 | 400,000 | 400,000 | |||||||||
Stock Option Plan expiration | 10 years | |||||||||||
Number of options granted | 0 | 0 | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,000 | 2,000 | 2,000 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - Schedule of Share-based Compensation, Activity - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Share-based Compensation, Activity [Abstract] | |||
Outstanding, Shares | 22,000 | 22,000 | 29,000 |
Outstanding, Weighted Average Exercise Price | $ 18.72 | $ 18.72 | $ 17.03 |
Outstanding, Weighted Average Remaining Contractual Life | 3 years 98 days | ||
Outstanding, Aggregate Intrinsic Value | $ 12 | ||
Granted, Shares | 0 | 0 | 0 |
Granted, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 |
Exercised, Shares | 0 | 0 | 0 |
Exercised, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 |
Forfeited, Shares | (20,000) | 0 | (7,000) |
Forfeited, Weighted Average Exercise Price | $ 19.36 | $ 0 | $ 11.74 |
Outstanding, Shares | 2,000 | 22,000 | 22,000 |
Outstanding, Weighted Average Exercise Price | $ 12.31 | $ 18.72 | $ 18.72 |
STOCKHOLDERS' EQUITY (Details68
STOCKHOLDERS' EQUITY (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable - $ / shares | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
STOCKHOLDERS' EQUITY (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Line Items] | ||||
Options Outstanding, Shares | 2,000 | 22,000 | 22,000 | 29,000 |
Options Outstanding, Remaining Life in Years | 3 years 98 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 12.31 | $ 18.72 | $ 18.72 | $ 17.03 |
Options Exercisable, Shares | 2,000 | |||
Options Exercisable, Weighted Average Exercise Price | $ 12.31 | |||
October 7, 2009 [Member] | ||||
STOCKHOLDERS' EQUITY (Details) - Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Line Items] | ||||
Options Outstanding, Date of Option Grant | Oct. 7, 2009 | |||
Options Outstanding, Shares | 2,000 | |||
Options Outstanding, Remaining Life in Years | 3 years 98 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 12.31 | |||
Options Exercisable, Shares | 2,000 | |||
Options Exercisable, Weighted Average Exercise Price | $ 12.31 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
INCOME TAXES (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% |
Valuation allowance | $ 3,140,000 | $ 2,073,000 | |
Expiring in Fiscal Year 2025 [Member] | Galileo [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Operating loss carryover | 66,000 | ||
Expiring in Fiscal Year 2027 [Member] | Galileo [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Operating loss carryover | 120,000 | ||
Expiring in Fiscal Year 2030 [Member] | Galileo [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Operating loss carryover | 45,000 | ||
Expiring in Fiscal Year 2031 [Member] | Galileo [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Operating loss carryover | $ 123,000 | ||
Domestic Tax Authority [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Operating loss carryover | $ 5,500,000 | ||
Domestic Tax Authority [Member] | Charitable Contributions [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Charitable contribution carryovers | 126,000 | ||
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2018 [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Charitable contribution carryovers | 68,000 | ||
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2019 [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Charitable contribution carryovers | 34,000 | ||
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2020 [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Charitable contribution carryovers | 19,000 | ||
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2021 [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Charitable contribution carryovers | 5,000 | ||
Domestic Tax Authority [Member] | Expiring in Fiscal Year 2035 [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Operating loss carryover | 2,700,000 | ||
Domestic Tax Authority [Member] | Expiring in Fiscal Year 2036 [Member] | |||
INCOME TAXES (Details) [Line Items] | |||
Operating loss carryover | $ 2,800,000 | ||
Foreign Tax Authority [Member] | CANADA | |||
INCOME TAXES (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 26.50% | ||
Foreign Tax Authority [Member] | Galileo [Member] | CANADA | |||
INCOME TAXES (Details) [Line Items] | |||
Cumulative Eligible Capital Carryovers with No Expiration | $ 254,000 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Income before Income Tax, Domestic and Foreign - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Income before Income Tax, Domestic and Foreign [Abstract] | |||
United States | $ (3,496) | $ (3,400) | $ (1,934) |
Canada | (213) | 246 | 329 |
Total | $ (3,709) | $ (3,154) | $ (1,605) |
INCOME TAXES (Details) - Sche71
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
Tax expense (benefit) at statutory rate - continuing operations | $ (1,255) | $ (1,045) | $ (378) | ||||||||
Tax expense (benefit) at statutory rate - continuing operations | 34.00% | 34.00% | 34.00% | ||||||||
Valuation allowance | $ 1,067 | $ 1,857 | $ 35 | ||||||||
Valuation allowance | (28.90%) | (60.40%) | (3.10%) | ||||||||
Income from controlled foreign corporation | $ 51 | $ 0 | $ 0 | ||||||||
Income from controlled foreign corporation | (1.40%) | 0.00% | 0.00% | ||||||||
Nondeductible meals and entertainment | $ 18 | $ 15 | $ 25 | ||||||||
Nondeductible meals and entertainment | (0.50%) | (0.50%) | (2.30%) | ||||||||
Nondeductible membership dues | $ 15 | $ 23 | $ 25 | ||||||||
Nondeductible membership dues | (0.40%) | (0.70%) | (2.20%) | ||||||||
Nondeductible insurance | $ 8 | $ 8 | $ 8 | ||||||||
Nondeductible insurance | (0.20%) | (0.30%) | (0.70%) | ||||||||
Nondeductible gain on business combination | $ 0 | $ 0 | $ (99) | ||||||||
Nondeductible gain on business combination | 0.00% | 0.00% | 8.90% | ||||||||
Non-taxable dividend income | $ (19) | $ (25) | $ (33) | ||||||||
Non-taxable dividend income | 0.50% | 0.80% | 3.00% | ||||||||
Other | $ 109 | $ (11) | $ (58) | ||||||||
Other | (3.00%) | 0.40% | 5.10% | ||||||||
Total tax expense (benefit) - continuing operations | $ (1) | $ (16) | $ 0 | $ 11 | $ 800 | $ 26 | $ 3 | $ (7) | $ (6) | $ 822 | $ (475) |
Total tax expense (benefit) - continuing operations | 0.10% | (26.70%) | 42.70% |
INCOME TAXES (Details) - Sche72
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Continuing Operations | |||||||||||
Current tax benefit - U.S. Federal | $ 0 | $ (21) | $ (862) | ||||||||
Current tax expense (benefit) - Non-U.S. | (6) | 36 | 0 | ||||||||
Deferred tax expense - U.S. Federal | 0 | 807 | 387 | ||||||||
Total tax expense (benefit) - continuing operations | $ (1) | $ (16) | $ 0 | $ 11 | $ 800 | $ 26 | $ 3 | $ (7) | (6) | 822 | (475) |
Discontinued Operations | |||||||||||
Current tax benefit - U.S. Federal | 0 | 0 | (167) | ||||||||
Total tax expense (benefit) | $ (6) | $ 822 | $ (642) |
INCOME TAXES (Details) - Sche73
INCOME TAXES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Book/tax differences in the balance sheet | ||
Trading securities | $ 321 | $ 289 |
Prepaid expenses | (73) | (115) |
Accumulated depreciation | 142 | 129 |
Available-for-sale securities | 436 | 366 |
Other Investments | 83 | 0 |
Accrued expenses | 99 | 125 |
Product start-up costs | 63 | 0 |
Stock-based compensation expense | 6 | 103 |
Tax Carryovers | ||
Net operating loss carryover | 1,953 | 1,051 |
Cumulative eligible capital carryover | 67 | 76 |
Charitable contributions carryover | 43 | 41 |
Capital loss carryover | 0 | 8 |
Valuation Allowance | (3,140) | (2,073) |
Net deferred tax asset | $ 0 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Stock Option [Member] | |||
EARNINGS PER SHARE (Details) [Line Items] | |||
Employee stock options excluded from diluted EPS | 2,000 | 22,000 | 22,000 |
EARNINGS PER SHARE (Details) -
EARNINGS PER SHARE (Details) - Computation for Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Loss | |||||||||||
Loss from continuing operations (in Dollars) | $ (250) | $ (376) | $ (2,187) | $ (872) | $ (2,059) | $ (948) | $ (787) | $ (101) | $ (3,685) | $ (3,895) | $ (637) |
Less: Income (loss) attributable to non-controlling interest in subsidiary (in Dollars) | (5) | (26) | 0 | 3 | 1 | 13 | 1 | 39 | (28) | 54 | 7 |
Loss from continuing operations attributable to U.S. Global Investors, Inc. (in Dollars) | (3,657) | (3,949) | (644) | ||||||||
Loss from discontinued operations attributable to U.S. Global Investors, Inc. (in Dollars) | 0 | 0 | (25) | 7 | 7 | (46) | (54) | 12 | (18) | (81) | (326) |
Net loss attributable to U.S. Global Investors, Inc. (in Dollars) | $ (245) | $ (350) | $ (2,212) | $ (868) | $ (2,053) | $ (1,007) | $ (842) | $ (128) | $ (3,675) | $ (4,030) | $ (970) |
Weighted average number of outstanding shares | |||||||||||
Basic (in Shares) | 15,294,893 | 15,399,831 | 15,459,022 | ||||||||
Effect of dilutive securities | |||||||||||
Employee stock options (in Shares) | 0 | 0 | 0 | ||||||||
Diluted (in Shares) | 15,294,893 | 15,399,831 | 15,459,022 | ||||||||
Basic | |||||||||||
Loss from continuing operations | $ (0.02) | $ (0.02) | $ (0.14) | $ (0.06) | $ (0.13) | $ (0.06) | $ (0.05) | $ (0.01) | $ (0.24) | $ (0.25) | $ (0.04) |
Loss from discontinued operations | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | (0.02) |
Net loss attributable to U.S. Global Investors, Inc. | (0.02) | (0.02) | (0.14) | (0.06) | (0.13) | (0.07) | (0.05) | (0.01) | (0.24) | (0.26) | (0.06) |
Diluted | |||||||||||
Loss from continuing operations | (0.02) | (0.02) | (0.14) | (0.06) | (0.13) | (0.06) | (0.05) | (0.01) | (0.24) | (0.25) | (0.04) |
Loss from discontinued operations | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | (0.02) |
Net loss attributable to U.S. Global Investors, Inc. | $ (0.02) | $ (0.02) | $ (0.14) | $ (0.06) | $ (0.13) | $ (0.07) | $ (0.05) | $ (0.01) | $ (0.24) | $ (0.26) | $ (0.06) |
ACCUMULATED OTHER COMPREHENSI76
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS ) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, balance | $ (483) | $ 906 | $ 652 | |
Other comprehensive loss before reclassifications | 607 | (1,503) | 1,417 | |
Tax effect | 0 | 341 | (476) | |
Amount reclassified from AOCI | (273) | (344) | (1,041) | |
Tax effect | 0 | 117 | 354 | |
Net other comprehensive income (loss) | 334 | (1,389) | 254 | |
Accumulated other comprehensive income (loss), net of tax, balance | (149) | (483) | 906 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, balance | [1] | (339) | 888 | 652 |
Other comprehensive loss before reclassifications | [1] | 657 | (1,341) | 1,399 |
Tax effect | [1] | 0 | 341 | (476) |
Amount reclassified from AOCI | [1] | (273) | (344) | (1,041) |
Tax effect | [1] | 0 | 117 | 354 |
Net other comprehensive income (loss) | [1] | 384 | (1,227) | 236 |
Accumulated other comprehensive income (loss), net of tax, balance | [1] | 45 | (339) | 888 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of tax, balance | (144) | 18 | 0 | |
Other comprehensive loss before reclassifications | (50) | (162) | 18 | |
Tax effect | 0 | 0 | 0 | |
Amount reclassified from AOCI | 0 | 0 | 0 | |
Tax effect | 0 | 0 | 0 | |
Net other comprehensive income (loss) | (50) | (162) | 18 | |
Accumulated other comprehensive income (loss), net of tax, balance | $ (194) | $ (144) | $ 18 | |
[1] | Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations. |
FINANCIAL INFORMATION BY BUSI77
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) - USD ($) | Jun. 01, 2014 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Net operating revenues | $ 1,636,000 | $ 1,330,000 | $ 1,289,000 | $ 1,250,000 | $ 1,458,000 | $ 1,389,000 | $ 1,858,000 | $ 2,628,000 | $ 5,505,000 | $ 7,333,000 | $ 8,534,000 | |
Investment Management Services [Member] | ||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Net operating revenues | 4,341,000 | 5,326,000 | 8,300,000 | |||||||||
Investment Management Services - Canada [Member] | ||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Net operating revenues | 1,164,000 | 2,007,000 | 234,000 | |||||||||
U.S. Global Investors Funds [Member] | Investment Management Services [Member] | ||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Net operating revenues | 4,000,000 | 5,200,000 | 8,100,000 | |||||||||
Galileo Funds [Member] | Investment Management Services - Canada [Member] | ||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Net operating revenues | 900,000 | 1,600,000 | 184,000 | |||||||||
Other advisory clients [Member] | Investment Management Services - Canada [Member] | ||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Net operating revenues | 254,000 | 354,000 | 48,000 | |||||||||
Discontinued Operations [Member] | U.S. Global Investors Funds [Member] | Investment Management Services [Member] | ||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Net operating revenues | $ 608,000 | $ 2,000,000 | $ 3,400,000 | |||||||||
Galileo [Member] | ||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||||||||||||
Percentage of shares issued and outstanding of Galileo | 65.00% | 65.00% |
FINANCIAL INFORMATION BY BUSI78
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) - Schedule Details of Financial Information by Business Segment - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net operating revenues | $ 1,636 | $ 1,330 | $ 1,289 | $ 1,250 | $ 1,458 | $ 1,389 | $ 1,858 | $ 2,628 | $ 5,505 | $ 7,333 | $ 8,534 |
Net other income loss | 485 | 434 | 2,165 | ||||||||
Income (loss) before income taxes | (251) | (392) | (2,187) | (861) | (1,259) | (922) | (784) | (108) | (3,691) | (3,073) | (1,112) |
Loss from discontinued operations | 0 | $ 0 | $ (25) | $ 7 | 7 | $ (46) | $ (54) | $ 12 | (18) | (81) | (326) |
Depreciation and amortization | 316 | 327 | 259 | ||||||||
Capital expenditures | 13 | 40 | 30 | ||||||||
Gross identifiable assets at June 30, 2016 | 26,346 | 26,346 | |||||||||
Deferred tax asset | 0 | 0 | |||||||||
Consolidated total assets at June 30, 2016 | 26,346 | $ 30,770 | 26,346 | 30,770 | |||||||
Investment Management Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating revenues | 4,341 | 5,326 | 8,300 | ||||||||
Net other income loss | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes | (4,018) | (3,473) | (3,301) | ||||||||
Loss from discontinued operations | (18) | (81) | (326) | ||||||||
Depreciation and amortization | 255 | 253 | 252 | ||||||||
Capital expenditures | 13 | 40 | 30 | ||||||||
Gross identifiable assets at June 30, 2016 | 5,973 | 5,973 | |||||||||
Investment Management Services - Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating revenues | 1,164 | 2,007 | 234 | ||||||||
Net other income loss | 35 | 102 | (12) | ||||||||
Income (loss) before income taxes | (122) | 111 | 19 | ||||||||
Loss from discontinued operations | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 61 | 74 | 7 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Gross identifiable assets at June 30, 2016 | 1,618 | 1,618 | |||||||||
Corporate Investments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating revenues | 0 | 0 | 0 | ||||||||
Net other income loss | 450 | 332 | 2,177 | ||||||||
Income (loss) before income taxes | 449 | 289 | 2,170 | ||||||||
Loss from discontinued operations | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Capital expenditures | 0 | $ 0 | $ 0 | ||||||||
Gross identifiable assets at June 30, 2016 | $ 18,755 | $ 18,755 |
BUSINESS COMBINATION (Details)
BUSINESS COMBINATION (Details) - USD ($) | Jun. 01, 2014 | Mar. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
BUSINESS COMBINATION (Details) [Line Items] | |||||
Equity method profit (loss) | $ 0 | $ 0 | $ 20,000 | ||
Other Income [Member] | |||||
BUSINESS COMBINATION (Details) [Line Items] | |||||
Equity method profit (loss) | 20,000 | ||||
Galileo [Member] | |||||
BUSINESS COMBINATION (Details) [Line Items] | |||||
Percentage of shares issued and outstanding of Galileo purchased | 50.00% | ||||
Purchase of Galileo shares | $ 600,000 | ||||
Purchase of additional equity shares | 15.00% | ||||
Payments to acquire additional interest in subsidiary | $ 180,000 | ||||
Percentage of shares issued and outstanding of Galileo | 65.00% | 65.00% | |||
Gain on Galileo acquisition | $ 161,000 | ||||
Galileo, Additional 15% Purchase [Member] | |||||
BUSINESS COMBINATION (Details) [Line Items] | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 129,000 |
BUSINESS COMBINATION (Details)
BUSINESS COMBINATION (Details) - Business Acquisition, Pro Forma Information $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2014USD ($)$ / shares | |
Business Acquisition, Pro Forma Information [Abstract] | |
Operating revenues | $ 10,866 |
Net loss | (856) |
Net loss attributable to U.S. Global Investors, Inc. | $ (916) |
Net Loss per Share | |
Loss from continuing operations - basic (in Dollars per share) | $ / shares | $ (0.04) |
Loss from continuing operations - diluted (in Dollars per share) | $ / shares | $ (0.04) |
BUSINESS COMBINATION (Details81
BUSINESS COMBINATION (Details) - Business Acquisition, Post-Acquisition Financial Information $ in Thousands | 12 Months Ended | |
Jun. 30, 2014USD ($) | ||
Business Acquisition Line Items | ||
Total revenues | $ 234 | |
Net income | 18 | |
Net income attributable to U.S. Global Investors, Inc. | 12 | |
Costs associated with the acquisition1 | $ 33 | [1] |
[1] | Costs associated with the Galileo acquisition are included in general and administrative expenses in the Consolidated Statements of Operations. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Other Long-term Investments | $ 1,924,000 | $ 2,303,000 | |
Investment Income, Interest and Dividend | 542,000 | 651,000 | $ 526,000 |
USGIF and offshore clients [Member] | |||
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Fair Value Investment Included in Trading Securitites and Available for Sale Securities | 11,500,000 | 17,100,000 | |
Investment Income, Dividends and Capital Gains | 180,000 | 244,000 | 132,000 |
Recognized Gains (Losses) on Related Party Securities, Net | (273,000) | (596,000) | 942,000 |
Private Company [Member] | |||
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Recognized Gains (Losses) on Related Party Securities, Net | (211,000) | ||
Other Long-term Investments | 723,000 | ||
Investment Income, Interest and Dividend | 117,000 | 68,000 | |
Charlemagne Capital Limited [Member] | |||
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Investment Income, Dividends and Capital Gains | 60,000 | ||
Investment advisory fees receivable | 5,000 | $ 60,000 | |
Mutual Fund [Member] | |||
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Receivables, Net, Current | $ 595,000 | $ 701,000 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Details) - USD ($) | 6 Months Ended | ||
Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |||
Dividends Payable, Current | $ 115,000 | $ 231,000 | |
Scenario, Forecast [Member] | |||
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |||
Monthly Dividend Declared (in Dollars per share) | $ 0.0025 | ||
Class A and C [Member] | Scenario, Forecast [Member] | |||
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |||
Amount of cash dividends to be paid to class A and C shareholders | $ 229,000 | ||
Monthly Dividend Authorized [Member] | Scenario, Forecast [Member] | |||
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |||
Monthly Dividend Declared (in Dollars per share) | $ 0.0025 |
SELECTED QUARTERLY FINANCIAL 84
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Details) - Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $ 1,636 | $ 1,330 | $ 1,289 | $ 1,250 | $ 1,458 | $ 1,389 | $ 1,858 | $ 2,628 | $ 5,505 | $ 7,333 | $ 8,534 |
Loss from continuing operations before income taxes | (251) | (392) | (2,187) | (861) | (1,259) | (922) | (784) | (108) | (3,691) | (3,073) | (1,112) |
Tax expense (benefit) | (1) | (16) | 0 | 11 | 800 | 26 | 3 | (7) | (6) | 822 | (475) |
Loss from continuing operations | (250) | (376) | (2,187) | (872) | (2,059) | (948) | (787) | (101) | (3,685) | (3,895) | (637) |
Income (loss) from discontinued operations | 0 | 0 | (25) | 7 | 7 | (46) | (54) | 12 | (18) | (81) | (326) |
Net loss | (250) | (376) | (2,212) | (865) | (2,052) | (994) | (841) | (89) | (3,703) | (3,976) | (963) |
Net income (loss) attributable to non-controlling interest | (5) | (26) | 0 | 3 | 1 | 13 | 1 | 39 | (28) | 54 | 7 |
Net loss attributable to U.S. Global Investors, Inc. | (245) | (350) | (2,212) | (868) | (2,053) | (1,007) | (842) | (128) | (3,675) | (4,030) | (970) |
Comprehensive income (loss) | (348) | 148 | (1,592) | (1,577) | (2,061) | (1,225) | (1,587) | (632) | (3,369) | (5,505) | (707) |
Comprehensive income (loss) attributable to U.S. Global Investors, Inc. | $ (348) | $ 115 | $ (1,575) | $ (1,533) | $ (2,076) | $ (1,177) | $ (1,562) | $ (604) | $ (3,341) | $ (5,419) | $ (716) |
Basic | |||||||||||
Loss from continuing operations (in Dollars per share) | $ (0.02) | $ (0.02) | $ (0.14) | $ (0.06) | $ (0.13) | $ (0.06) | $ (0.05) | $ (0.01) | $ (0.24) | $ (0.25) | $ (0.04) |
Loss from discontinued operations (in Dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | (0.02) |
Net loss attributable to U.S. Global Investors, Inc. (in Dollars per share) | (0.02) | (0.02) | (0.14) | (0.06) | (0.13) | (0.07) | (0.05) | (0.01) | (0.24) | (0.26) | (0.06) |
Diluted | |||||||||||
Loss from continuing operations (in Dollars per share) | (0.02) | (0.02) | (0.14) | (0.06) | (0.13) | (0.06) | (0.05) | (0.01) | (0.24) | (0.25) | (0.04) |
Loss from discontinued operations (in Dollars per share) | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | (0.01) | (0.02) |
Net loss attributable to U.S. Global Investors, Inc. (in Dollars per share) | $ (0.02) | $ (0.02) | $ (0.14) | $ (0.06) | $ (0.13) | $ (0.07) | $ (0.05) | $ (0.01) | $ (0.24) | $ (0.26) | $ (0.06) |