Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | U S GLOBAL INVESTORS INC | |
Document Type | 10-Q | |
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 | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,097,979 | |
Common Class C [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,068,947 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | |
Current Assets | |||
Cash and cash equivalents | $ 2,973 | $ 3,958 | |
Restricted cash | 1,000 | 1,000 | |
Investment securities - trading, at fair value | [1] | 7,511 | 9,720 |
Accounts and other receivables | 575 | 520 | |
Note receivable | 1,964 | 1,952 | |
Prepaid expenses | 230 | 315 | |
Total Current Assets | 14,253 | 17,465 | |
Net Property and Equipment | 2,154 | 2,212 | |
Other Assets | |||
Investment securities - available-for-sale, at fair value | 14,944 | 3,401 | |
Other investments | 2,119 | 2,130 | |
Equity method investment | 2,013 | 0 | |
Note receivable, long term | 234 | 234 | |
Other assets, long term | 68 | 78 | |
Total Other Assets | 19,378 | 5,843 | |
Total Assets | 35,785 | 25,520 | |
Current Liabilities | |||
Accounts payable | 104 | 118 | |
Accrued compensation and related costs | 336 | 390 | |
Dividends payable | 114 | 114 | |
Other accrued expenses | 579 | 544 | |
Total Current Liabilities | 1,133 | 1,166 | |
Commitments and Contingencies (Note 18) | |||
Shareholders’ Equity | |||
Additional paid-in-capital | 15,645 | 15,646 | |
Treasury stock, class A shares at cost; 758,622 and 751,303 shares at September 30, 2017, and June 30, 2017, respectively | (1,770) | (1,760) | |
Accumulated other comprehensive gain (loss), net of tax | 9,433 | 264 | |
Retained earnings | 10,477 | 9,321 | |
Total U.S. Global Investors Inc. Shareholders’ Equity | 34,184 | 23,870 | |
Non-Controlling Interest in Subsidiary | 469 | 484 | |
Total Shareholders’ Equity | 34,653 | 24,354 | |
Total Liabilities and Shareholders’ Equity | 35,786 | 25,520 | |
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 | Sep. 30, 2017 | Jun. 30, 2017 |
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 | 13,866,601 | 13,866,601 |
Treasury stock, class A shares at cost; shares | 758,622 | 751,303 |
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 | 2,068,947 | 2,068,947 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Revenues | ||
Advisory fees | $ 1,433 | $ 1,891 |
Administrative services fees | 57 | 90 |
1,490 | 1,981 | |
Operating Expenses | ||
Employee compensation and benefits | 901 | 987 |
General and administrative | 948 | 870 |
Advertising | 59 | 29 |
Depreciation and amortization | 61 | 64 |
1,969 | 1,950 | |
Operating Income (Loss) | (479) | 31 |
Other Income | ||
Investment income | 209 | 253 |
Income from equity method investment | 1,513 | 0 |
Other income | 3 | 0 |
1,725 | 253 | |
Income Before Income Taxes | 1,246 | 284 |
Provision for Income Taxes | ||
Tax expense | 10 | 20 |
Net Income | 1,236 | 264 |
Less: Net Income (Loss) Attributable to Non-Controlling Interest | (34) | 1 |
Net Income Attributable to U.S. Global Investors, Inc. | $ 1,270 | $ 263 |
Earnings Per Share Attributable to U.S. Global Investors, Inc. | ||
Basic (in Dollars per share) | $ 0.08 | $ 0.02 |
Diluted (in Dollars per share) | $ 0.08 | $ 0.02 |
Basic weighted average number of common shares outstanding (in Shares) | 15,182,651 | 15,240,957 |
Diluted weighted average number of common shares outstanding (in Shares) | 15,182,651 | 15,240,957 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS ) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net Income Attributable to U.S. Global Investors, Inc. | $ 1,270 | $ 263 |
Other Comprehensive Income, Net of Tax: | ||
Unrealized gains on available-for-sale securities arising during period | 9,140 | 709 |
Less: reclassification adjustment for gains/losses included in net income | (7) | (16) |
Net change from available-for-sale investments, net of tax | 9,133 | 693 |
Foreign currency translation adjustment | 54 | (15) |
Other Comprehensive Income | 9,187 | 678 |
Comprehensive Income | 10,457 | 941 |
Less: Comprehensive Income (Loss) Attributable to Non-Controlling Interest | 18 | (5) |
Comprehensive Income Attributable to U.S. Global Investors, Inc. | $ 10,439 | $ 946 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 1,236 | $ 264 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 61 | 64 |
Net recognized loss on securities | 633 | 16 |
Net income from equity method investment | (1,513) | 0 |
Stock bonuses | 1 | 2 |
Changes in operating assets and liabilities: | ||
Accounts and notes receivable | (63) | (18) |
Prepaid and other assets | 97 | 54 |
Trading securities | 1,555 | (100) |
Accounts payable and accrued expenses | (41) | (91) |
Total adjustments | 730 | (73) |
Net cash provided by operating activities | 1,966 | 191 |
Cash Flows from Investing Activities: | ||
Purchase of equity method investment | (501) | 0 |
Purchase of available-for-sale securities | (2,420) | 0 |
Purchase of other investments | 0 | (776) |
Proceeds on sale of available-for-sale securities | 32 | 0 |
Return of capital on investment | 11 | 17 |
Net cash used in investing activities | (2,878) | (759) |
Cash Flows from Financing Activities: | ||
Issuance of common stock | 2 | 1 |
Repurchases of common stock | (14) | (30) |
Dividends paid | (114) | (113) |
Net cash used in financing activities | (126) | (142) |
Effect of exchange rate changes on cash and cash equivalents | 53 | 20 |
Net decrease in cash and cash equivalents | (985) | (690) |
Beginning cash and cash equivalents | 3,958 | 3,993 |
Ending cash and cash equivalents | 2,973 | 3,303 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid for income taxes | $ 0 | $ 12 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. BASIS OF PRESENTATION U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) has prepared the consolidated financial statements pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The financial information included herein reflects all adjustments (consisting solely of normal recurring adjustments), which are, in management’s opinion, necessary for a fair presentation of results for the interim periods presented. The Company has consistently followed the accounting policies set forth in the notes to the consolidated financial statements in the Company’s Form 10-K for the fiscal year ended June 30, 2017, except for the adoption of new accounting pronouncements discussed below. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, U.S. Global Brokerage, Inc., U.S. Global Investors (Bermuda) Limited, U.S. Global Investors (Canada) Limited (“USCAN”), and U.S. Global Indices, LLC, and its 65 percent interest in Galileo Global Equity Advisor Inc. (“Galileo”). U.S. Global Brokerage, Inc. ceased operations in December 2015. Galileo is consolidated with the operations of the Company. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. Frank Holmes, CEO, and Susan McGee, President and General Counsel, serve as directors of Galileo. There are two primary consolidation models in U.S. GAAP, the variable interest entity (“VIE”) and voting interest entity models. The Company’s evaluation for consolidation includes whether entities in which it has an interest or from which it receives fees are 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 lack certain characteristics of a controlling financial interest. 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 and consolidates the VIE on the basis of having a controlling financial interest. The Company holds variable interests in, but is not deemed to be the primary beneficiary of, certain funds it advises, specifically, certain funds in U.S. Global Investors Funds (“USGIF” or the “Funds”) and one of the offshore funds. The Company’s interests in these VIEs consist of the Company’s direct ownership therein and any fees earned but uncollected. See further information about these funds in Notes 2 and 3. 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 3 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 VIEs 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. The Company’s total exposure to unconsolidated VIEs, consisting of the carrying value of investment securities and receivables for fees, was $9.1 million at September 30, 2017, and $11.3 million at June 30, 2017. The Company holds a variable interest in a fund advised by Galileo, but this fund does not qualify as a VIE. Since the fund is not a VIE, the Company evaluated if it should consolidate the fund under the voting interest entity model. Under the voting interest model, for legal entities other than partnerships, the usual condition for control is ownership, directly or indirectly, of more than 50 percent of the outstanding voting shares over an entity. The Company does not have control of the fund and, therefore, does not consolidate the fund. However, the Company owns approximately 30 percent of the fund, and is considered to have the ability to exercise significant influence. Thus, the investment is accounted for under the equity method of accounting. See further information about this investment in Note 2. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. The results of operations for the three months ended September 30, 2017, are not necessarily indicative of the results to be expected for the entire year. The unaudited interim financial information in these condensed financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s annual report. Recent Accounting Pronouncements Accounting Pronouncements Adopted During the Period In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements in Topic 606 Revenue from Contracts with Customers 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | NOTE 2. INVESTMENTS As of September 30, 2017, the Company held investments with a fair value of approximately $22.5 million and a cost basis of approximately $13.1 million. The fair value of these investments is approximately 62.7 percent of the Company’s total assets. In addition, the Company held other investments of $2.1 million accounted for under the cost method of accounting and an investment of $2.0 million accounted for under the equity method of accounting. Investments in securities classified as trading are reflected as current assets on the Consolidated Balance Sheets at their fair value. Unrealized holding 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, are reflected as non-current assets on the Consolidated Balance Sheets at their fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income 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 investments are accounted for under the cost method of accounting and evaluated periodically 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 a security is determined to be other than temporary, the impairment is recognized as a loss in the Company’s earnings. Investments classified as equity method consist of investments in companies in which the Company is able to exercise significant influence but not control. Under the equity method of accounting, the investment is initially recorded at cost, then the Company’s proportional share of investee’s underlying net income or loss is recorded as a component of “other income” with a corresponding increase or decrease to the carrying value of the investment. Distributions received from the investee reduce the Company’s carrying value of the investment. These investments are evaluated for impairment if events or circumstances arise that indicate that the carrying amount of such assets may not be recoverable. The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale. The following details the components of the Company’s investments recorded at fair value as of September 30, 2017, and June 30, 2017. September 30, 2017 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Mutual funds - Fixed income $ 7,035 $ 32 $ - $ 7,067 Mutual funds - Domestic equity 535 - (146 ) 389 Other 45 - (45 ) - Offshore fund 139 - (84 ) 55 Total trading securities $ 7,754 $ 32 $ (275 ) $ 7,511 Available-for-sale securities 2 Common stock - Domestic $ 109 $ 9 $ - $ 118 Common stock - International 2,586 9,009 - 11,595 Corporate debt 4 1,056 550 - 1,606 Mutual funds - Fixed income 1,148 5 (5 ) 1,148 Mutual funds - Domestic equity 394 16 - 410 Other 56 11 - 67 Total available-for-sale securities 3 $ 5,349 $ 9,600 $ (5 ) $ 14,944 Total securities at fair value $ 13,103 $ 9,632 $ (280 ) $ 22,455 June 30, 2017 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Mutual funds - Fixed income $ 8,884 $ 50 $ (7 ) $ 8,927 Mutual funds - Domestic equity 535 - (157 ) 378 Other 45 - (45 ) - Offshore fund 1,184 - (769 ) 415 Total trading securities $ 10,648 $ 50 $ (978 ) $ 9,720 Available-for-sale securities 2 Common stock - Domestic $ 109 $ 4 $ - $ 113 Common stock - International 191 12 - 203 Corporate debt 4 1,042 427 - 1,469 Mutual funds - Fixed income 1,148 1 (5 ) 1,144 Mutual funds - Domestic equity 394 12 - 406 Other 56 10 - 66 Total available-for-sale securities 3 $ 2,940 $ 466 $ (5 ) $ 3,401 Total securities at fair value $ 13,588 $ 516 $ (983 ) $ 13,121 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 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 September 30, 2017, are $9,595 and $9,595, respectively, and as of June 30, 2017, are $461 and $461, respectively. 4 Corporate debt matures in 2024. On September 30, 2017, the Company had $8.9 million and $55,000 at fair value invested in USGIF and an offshore fund the Company advises, respectively. These amounts were included in the Consolidated Balance Sheets and the table above as “trading securities” and “available-for-sale securities.” Investment income can be volatile and varies depending on market fluctuations, the Company’s ability to participate in investment opportunities, and timing of transactions. The Company expects that gains and losses will continue to fluctuate in the future. Investment income (loss) from the Company’s investments includes: • realized gains and losses on sales of securities; • unrealized gains and losses on trading securities; • realized foreign currency gains and losses; • other-than-temporary impairments on available-for-sale securities; • other-than-temporary impairments on held-at-cost securities; and • dividend and interest income. The following summarizes investment income (loss) reflected in earnings for the periods discussed: (dollars in thousands) Three Months Ended September 30, Investment Income 2017 2016 Realized gains on sales of available-for-sale securities $ 7 $ - Realized losses on sales of trading securities (654 ) - Unrealized gains on trading securities 686 99 Realized foreign currency gains (losses) (22 ) 2 Other-than-temporary declines in available-for-sale securities - (16 ) Dividend and interest income 192 168 Total Investment Income $ 209 $ 253 Included in investment income were other-than temporary declines in value on available-for-sale securities of approximately $16,000 for the three months ended September 30, 2016. There were no impairment losses for the three months ended September 30, 2017. During the three months ended September 30, 2016, impairment losses resulted from fair values of securities being lower than book value, and two securities with a combined cost basis of $98,000 were written down to a combined fair value of $82,000. In making these determinations, the Company considered the length of time and extent to which the fair value has been less than 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. September 30, 2017 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities Common stock - Domestic $ - $ - $ - $ - $ - $ - Common stock - International - - - - - - Corporate debt - - - - - - Mutual funds - Fixed income - - 96 (5 ) 96 (5 ) Mutual funds - Domestic equity - - - - - - Other - - - - - - Total available-for-sale securities $ - $ - $ 96 $ (5 ) $ 96 $ (5 ) June 30, 2017 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities Common stock - Domestic $ - $ - $ - $ - $ - $ - Common stock - International - - - - - - Corporate debt - - - - - - Mutual funds - Fixed income - - 95 (5 ) 95 (5 ) Mutual funds - Domestic equity - - - - - - Other - - - - - - Total available-for-sale securities $ - $ - $ 95 $ (5 ) $ 95 $ (5 ) 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 include securities valued at the mean between the last reported bid and ask quotation and securities valued with an adjustment to the quoted price due to restrictions. 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. The fair value of a security that has a restriction is based on the quoted price for an otherwise identical unrestricted instrument that trades in a public market, adjusted for the estimated effect of the restriction. 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 not traded on an exchange may be 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. Certain debt securities may be valued based on review of similarly structured issuances in similar jurisdictions, when possible, or based on other traded debt securities issued by the issuer. 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 September 30, 2017, and June 30, 2017, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis: September 30, 2017 Quoted Prices Significant Other Inputs Significant Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Mutual funds - Fixed income $ 7,067 $ - $ - $ 7,067 Mutual funds - Domestic equity 389 - - 389 Other - - - - Offshore fund investment measured at net asset value 1 55 Total trading securities 7,456 - - 7,511 Available-for-sale securities Common stock - Domestic 118 - - 118 Common stock - International 200 11,395 - 11,595 Corporate debt 1,606 - - 1,606 Mutual funds - Fixed income 1,148 - - 1,148 Mutual funds - Domestic equity 410 - - 410 Other 67 - - 67 Total available-for-sale securities 3,549 11,395 - 14,944 Total securities at fair value $ 11,005 $ 11,395 $ - $ 22,455 June 30, 2017 Quoted Prices Significant Other Inputs Significant Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Mutual funds - Fixed income $ 8,927 $ - $ - $ 8,927 Mutual funds - Domestic equity 378 - - 378 Other - - - - Offshore fund investment measured at net asset value 1 415 Total trading securities 9,305 - - 9,720 Available-for-sale securities Common stock - Domestic 113 - - 113 Common stock - International 203 - - 203 Corporate debt 1,469 - - 1,469 Mutual funds - Fixed income 1,144 - - 1,144 Mutual funds - Domestic equity 406 - - 406 Other 66 - - 66 Total available-for-sale securities 3,401 - - 3,401 Total securities at fair value $ 12,706 $ - $ - $ 13,121 1 In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. As of September 30, 2017, approximately 49 percent of the Company’s financial assets measured at fair value were classified as Level 1 and 51 percent of the Company’s financial assets measured at fair value were classified as Level 2. As of June 30, 2017, 100 percent of the Company’s financial assets were classified in the fair value hierarchy as Level 1. The Company recognizes transfers between levels at the end of each quarter. During the quarter ended September 30, 2017, the Company invested in common shares of HIVE Blockchain Technologies Ltd. (“HIVE”), a company that is headquartered and traded in Canada with cryptocurrency operations in Iceland. The shares held by the Company are restricted for resale until February 2018 and are also subject to Canadian insider regulations. The investment, classified as available-for-sale, was valued at approximately $11.4 million at September 30, 2017, based on the quoted market price adjusted for the restriction on resale and is classified as Level 2 in the fair value hierarchy. A unit trust investment fund managed by Galileo, described below under Investment Classified as Equity Method, The Company has an investment in an affiliated offshore fund, classified as trading, which invests in companies in the energy and natural resources sectors. The fair value of this investment has been estimated based on the net asset value per share at $55,000 and $415,000 as of September 30, 2017, and June 30, 2017, respectively. This offshore fund is in the process of liquidating, and partial liquidation proceeds were received in the quarter ended September 30, 2017. It is anticipated that the offshore fund will complete its liquidation in the second quarter of fiscal year 2018. Investment Classified as Equity Method During the quarter ended September 30, 2017, the Company, through USCAN, invested in the Galileo Partners Fund, a Canadian unit trust investment fund managed by Galileo. This fund’s sole investment is in HIVE, the same company described above that the Company has also invested in directly; the fund held 6.7 million common shares as of September 30, 2017. The Company owns approximately 30 percent of Galileo Partners Fund, and is considered to have the ability to exercise significant influence. Thus, the investment is accounted for under the equity method of accounting. Under the equity method, the Company’s proportional share of the fund’s net income or loss, which primarily consists of realized and unrealized gains and losses on investments offset by fund expenses, is recognized in the Company’s earnings. Included in other income for the three months ending September 30, 2017, is $1.5 million of equity method income of Galileo Partners Fund. Frank Holmes also directly held an investment in the fund as of September 30, 2017. |
INVESTMENT MANAGEMENT AND OTHER
INVESTMENT MANAGEMENT AND OTHER FEES | 3 Months Ended |
Sep. 30, 2017 | |
Investment Management and Other Fees [Abstract] | |
Investment Management and Other Fees [Text Block] | NOTE 3. 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 Company recorded base advisory fees from USGIF totaling $1.1 million and $1.5 million, respectively, for the three months ended September 30, 2017, and 2016, respectively. The advisory agreement for the equity funds within USGIF provides for a base advisory fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months. For the three months ended September 30, 2017, the Company realized a decrease in its base advisory fees from USGIF of $116,000. For the three months ended September 30, 2016, the Company realized an increase in its base advisory fees from USGIF of $39,000. The Company has agreed to contractually limit the expenses of the Near-Term Tax Free Fund through April 2018. The Company has voluntarily waived or reduced its fees and/or agreed to pay expenses on the remaining USGIF funds. These caps will continue on a voluntary basis at the Company’s discretion. The aggregate fees waived and expenses borne by the Company for USGIF for the three months ended September 30, 2017, were $232,000 compared with $234,000 for the corresponding period in the prior fiscal year. Management cannot predict the impact of future waivers due the number of variables and the range of potential outcomes. The Company receives administrative service fees from USGIF based on the average daily net assets at an annual rate 0.05 percent per investor class and 0.04 percent per institutional class of each fund. As of September 30, 2017, the Company had $437,000 in receivables from fund clients, of which $318,000 was from USGIF. The Company also serves as investment advisor to two exchange-traded funds (ETFs). The U.S. Global Jets ETF commenced operations in April 2015, and U.S. Global GO GOLD and Precious Metal Miners ETF commenced operations in June 2017. The Company receives a unitary management fee of 0.60 percent of average net assets and has agreed to bear all expenses of the ETFs. The Company recorded ETF advisory fees totaling $185,000 and $66,000, respectively, for the three months ended September 30, 2017, and 2016, respectively. The Company provided advisory services for offshore clients and receives advisory fees based on the net asset values of the clients and performance fees, if any, based on the overall increase in net asset values. The Company recorded advisory fees from these clients of $1,000 and $36,000, respectively, for the three months ended September 30, 2017, and 2016, respectively. Frank Holmes, CEO, serves as a director of the offshore clients. The offshore clients are in the process of liquidating, with completion expected in the second quarter of fiscal year 2018. 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 $218,000 and $299,000, respectively, for the three months ended September 30, 2017, and 2016, respectively. Galileo may also receive performance fees from certain clients when market appreciation or realized net gains exceeds established benchmarks. Galileo ended September 30, 2017, and 2016, respectively. On September 29, 2017, Galileo launched its first ETF, U.S. Global GO GOLD and Precious Metal Miners ETF (ticker GOGO), on the Toronto Stock Exchange. |
NOTES RECEIVABLE
NOTES RECEIVABLE | 3 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | NOTE 4. NOTES RECEIVABLE The Company has invested in notes receivable consisting of two promissory notes. One note with a principal amount of $2 million was entered into with an unrelated third party in June 2016 with a one-year maturity. As allowed by the agreement, in June 2017, the initial maturity was extended one-year to June 2018, and the Company received a $50,000 extension fee and all interest to date. The fee, which is included in Notes Receivable on the balance sheet, is amortized to interest income using the interest method over the remaining term of the note. 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 balance of this note was approximately $2.0 million at September 30, 2017, and June 30, 2017. The other note of $234,000 is with an unrelated third party, has an annual interest rate of 15 percent and matures in 2021. Interest is paid monthly. Principal repayments are scheduled to start in February 2019. The balance of this note was $234,000 at September 30, 2017, and June 30, 2017. The Company considered the credit quality of the other parties and determined that no allowance for credit losses is necessary. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 5. BORROWINGS As of September 30, 2017, the Company has no borrowings or 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 current fiscal year. The credit agreement will expire on May 31, 2018, and the Company intends to renew annually. The credit facility is collateralized by $1 million at September 30, 2017, shown as restricted cash on the balance sheet, held in deposit in a money market account at the financial institution that provided the credit facility. As of September 30, 2017, the credit facility remains unutilized by the Company. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 6. STOCKHOLDERS’ EQUITY Payment of cash dividends is within the discretion of the Company’s board of directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company, and general business conditions. A monthly dividend of $0.0025 per share was paid for July through September 2017 and is authorized through December 2017, at which time it will be considered for continuation by the Board. 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. In December 2013, December 2014, December 2015, and December 2016, the Board of Directors renewed the repurchase program for calendar years 2014, 2015, 2016 and 2017, respectively. The total amount of shares that may be repurchased in calendar year 2017 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. For the three months ended September 30, 2017, and 2016, the Company repurchased 9,199 and 14,947 class A shares using cash of $14,000 and $30,000, respectively. Stock compensation plans The Company’s stock option plans provide for the granting of class A shares as either incentive or nonqualified stock options to employees and non-employee directors. Options are subject to terms and conditions determined by the Compensation Committee of the Board of Directors. There were 2,000 options outstanding and exercisable at September 30, 2017, at a weighted average exercise price of $12.31. There were no options granted, exercised or forfeited for the three months ended September 30, 2017. The Company accounts for stock-based compensation in accordance with ASC 718 Compensation – Stock Compensation ASU 2016-09, which was issued in March 2016 and became effective for interim and annual reporting periods beginning after December 15, 2016, simplifies several aspects of accounting for employee share-based payment transactions. The Company adopted ASU 2016-09 on July 1, 2017, without a material impact to the consolidated financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 7. EARNINGS PER SHARE The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. The following table sets forth the computation for basic and diluted EPS: Three Months Ended September 30, (dollars in thousands, except per share data) 2017 2016 Net Income $ 1,236 $ 264 Less: Net Income (Loss) Attributable to Non-Controlling Interest (34 ) 1 Net Income Attributable to U.S. Global Investors, Inc. $ 1,270 $ 263 Weighted average number of outstanding shares Basic 15,182,651 15,240,957 Effect of dilutive securities Employee stock options - - Diluted 15,182,651 15,240,957 Earnings Per Share Attributable to U.S. Global Investors, Inc. Basic $ 0.08 $ 0.02 Diluted $ 0.08 $ 0.02 The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the three months ended September 30, 2017, and 2016, 2,000 options were excluded from diluted EPS. During the three months ended September 30, 2017, and 2016, the Company repurchased class A shares on the open market. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 8. 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. 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 Galileo since such earnings are considered to be reinvested indefinitely. For federal income tax purposes at September 30, 2017, the Company has charitable contribution carryovers totaling approximately $149,000, with $68,000 expiring in fiscal year 2018, $34,000 expiring in fiscal year 2019, $19,000 expiring in fiscal year 2020, $5,000 expiring in fiscal year 2021, $21,000 expiring in fiscal year 2022, and $2,000 expiring in fiscal year 2023. The Company has federal net operating loss carryovers of $4.8 million with $2.0 million expiring in fiscal year 2035, $2.7 million expiring in fiscal year 2036, and $71,000 expiring in fiscal year 2038. For Canadian income tax purposes, Galileo has net operating loss carryovers of $60,000; $125,000; $47,000; $128,000; and $91,000 expiring in fiscal 2025, 2027, 2030, 2036, and 2037, 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 September 30, 2017, and June 30, 2017, a valuation allowance of $3.3 million and $3.3 million, respectively, was included net operating loss carryovers, other carryovers and book/tax differences in the balance sheet. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents change in accumulated other comprehensive income (loss) (“AOCI”) by component: (dollars in thousands) Unrealized gains (losses) on available-for-sale investments 1 Foreign currency adjustment Total Three Months Ended September 30, 2017 Balance at June 30, 2017 $ 461 $ (197 ) $ 264 Other comprehensive income before reclassifications 9,140 36 9,176 Tax effect - - - Amount reclassified from AOCI (7 ) - (7 ) Tax effect - - - Net other comprehensive income for quarter 9,133 36 9,169 Balance at September 30, 2017 $ 9,594 $ (161 ) $ 9,433 (dollars in thousands) Unrealized gains (losses) on available-for-sale investments 1 Foreign currency adjustment Total Three Months Ended September 30, 2016 Balance at June 30, 2016 $ 45 $ (194 ) $ (149 ) Other comprehensive income (loss) before reclassifications 709 (10 ) 699 Tax effect - - - Amount reclassified from AOCI (16 ) - (16 ) Tax effect - - - Net other comprehensive income (loss) for quarter 693 (10 ) 683 Balance at September 30, 2016 $ 738 $ (204 ) $ 534 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 | 3 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 10. FINANCIAL INFORMATION BY BUSINESS SEGMENT The Company operates principally in three business segments: providing investment management services to USGIF, offshore clients and ETF clients; investment management services in Canada; and investing for its own account in an effort to add growth and value to its cash position. The following schedule details total revenues and income by business segment: (dollars in thousands) Investment Management Services Investment Management Services - Canada Corporate Investments Consolidated Three months ended September 30, 2017 Net operating revenues $ 1,272 $ 218 $ - $ 1,490 Net other income $ 3 $ - $ 1,722 $ 1,725 Income (loss) before income taxes $ (398 ) $ (76 ) $ 1,720 $ 1,246 Depreciation and amortization $ 58 $ 3 $ - $ 61 Capital expenditures $ - $ - $ - $ - Gross identifiable assets at September 30, 2017 $ 5,379 $ 1,487 $ 28,919 $ 35,785 Deferred tax asset $ - Consolidated total assets at September 30, 2017 $ 35,785 Three months ended September 30, 2016 Net operating revenues $ 1,682 $ 299 $ - $ 1,981 Net other income $ - $ - $ 253 $ 253 Income before income taxes $ 45 $ 4 $ 235 $ 284 Depreciation and amortization $ 60 $ 4 $ - $ 64 Capital expenditures $ - $ - $ - $ - Net operating revenues from investment management services includes operating revenues from USGIF of $1.1 million and $1.6 million for the three months ended September 30, 2017, and 2016, respectively, and from ETF clients of $185,000 and $66,000 for the three months ended September 30, 2017, and 2016, respectively. Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $214,000 and $225,000 for the three months ended September 30, 2017, and 2016, respectively, and from other significant advisory clients of $70,000 for the three months ended September 30, 2016. |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 3 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11. 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 has authorized a monthly dividend of $0.0025 per share through December 2017, at which time it will be considered for continuation by the Board. Payment of cash dividends is within the discretion of the Company’s Board of Directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company, and general business conditions. The total amount of cash dividends expected to be paid to class A and class C shareholders from October to December 2017 is approximately $114,000. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) has prepared the consolidated financial statements pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The financial information included herein reflects all adjustments (consisting solely of normal recurring adjustments), which are, in management’s opinion, necessary for a fair presentation of results for the interim periods presented. The Company has consistently followed the accounting policies set forth in the notes to the consolidated financial statements in the Company’s Form 10-K for the fiscal year ended June 30, 2017, except for the adoption of new accounting pronouncements discussed below. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, U.S. Global Brokerage, Inc., U.S. Global Investors (Bermuda) Limited, U.S. Global Investors (Canada) Limited (“USCAN”), and U.S. Global Indices, LLC, and its 65 percent interest in Galileo Global Equity Advisor Inc. (“Galileo”). U.S. Global Brokerage, Inc. ceased operations in December 2015. Galileo is consolidated with the operations of the Company. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. Frank Holmes, CEO, and Susan McGee, President and General Counsel, serve as directors of Galileo. There are two primary consolidation models in U.S. GAAP, the variable interest entity (“VIE”) and voting interest entity models. The Company’s evaluation for consolidation includes whether entities in which it has an interest or from which it receives fees are 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 lack certain characteristics of a controlling financial interest. 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 and consolidates the VIE on the basis of having a controlling financial interest. The Company holds variable interests in, but is not deemed to be the primary beneficiary of, certain funds it advises, specifically, certain funds in U.S. Global Investors Funds (“USGIF” or the “Funds”) and one of the offshore funds. The Company’s interests in these VIEs consist of the Company’s direct ownership therein and any fees earned but uncollected. See further information about these funds in Notes 2 and 3. 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 3 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 VIEs 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. The Company’s total exposure to unconsolidated VIEs, consisting of the carrying value of investment securities and receivables for fees, was $9.1 million at September 30, 2017, and $11.3 million at June 30, 2017. The Company holds a variable interest in a fund advised by Galileo, but this fund does not qualify as a VIE. Since the fund is not a VIE, the Company evaluated if it should consolidate the fund under the voting interest entity model. Under the voting interest model, for legal entities other than partnerships, the usual condition for control is ownership, directly or indirectly, of more than 50 percent of the outstanding voting shares over an entity. The Company does not have control of the fund and, therefore, does not consolidate the fund. However, the Company owns approximately 30 percent of the fund, and is considered to have the ability to exercise significant influence. Thus, the investment is accounted for under the equity method of accounting. See further information about this investment in Note 2. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. The results of operations for the three months ended September 30, 2017, are not necessarily indicative of the results to be expected for the entire year. The unaudited interim financial information in these condensed financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s annual report. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Pronouncements Adopted During the Period In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-Based Payment Accounting Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements in Topic 606 Revenue from Contracts with Customers 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017, and June 30, 2017. September 30, 2017 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Mutual funds - Fixed income $ 7,035 $ 32 $ - $ 7,067 Mutual funds - Domestic equity 535 - (146 ) 389 Other 45 - (45 ) - Offshore fund 139 - (84 ) 55 Total trading securities $ 7,754 $ 32 $ (275 ) $ 7,511 Available-for-sale securities 2 Common stock - Domestic $ 109 $ 9 $ - $ 118 Common stock - International 2,586 9,009 - 11,595 Corporate debt 4 1,056 550 - 1,606 Mutual funds - Fixed income 1,148 5 (5 ) 1,148 Mutual funds - Domestic equity 394 16 - 410 Other 56 11 - 67 Total available-for-sale securities 3 $ 5,349 $ 9,600 $ (5 ) $ 14,944 Total securities at fair value $ 13,103 $ 9,632 $ (280 ) $ 22,455 June 30, 2017 (dollars in thousands) Cost Gains (Losses) Fair Value Trading securities 1 Mutual funds - Fixed income $ 8,884 $ 50 $ (7 ) $ 8,927 Mutual funds - Domestic equity 535 - (157 ) 378 Other 45 - (45 ) - Offshore fund 1,184 - (769 ) 415 Total trading securities $ 10,648 $ 50 $ (978 ) $ 9,720 Available-for-sale securities 2 Common stock - Domestic $ 109 $ 4 $ - $ 113 Common stock - International 191 12 - 203 Corporate debt 4 1,042 427 - 1,469 Mutual funds - Fixed income 1,148 1 (5 ) 1,144 Mutual funds - Domestic equity 394 12 - 406 Other 56 10 - 66 Total available-for-sale securities 3 $ 2,940 $ 466 $ (5 ) $ 3,401 Total securities at fair value $ 13,588 $ 516 $ (983 ) $ 13,121 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 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 September 30, 2017, are $9,595 and $9,595, respectively, and as of June 30, 2017, are $461 and $461, respectively. 4 Corporate debt matures in 2024. |
Gain (Loss) on Investments [Table Text Block] | The following summarizes investment income (loss) reflected in earnings for the periods discussed: (dollars in thousands) Three Months Ended September 30, Investment Income 2017 2016 Realized gains on sales of available-for-sale securities $ 7 $ - Realized losses on sales of trading securities (654 ) - Unrealized gains on trading securities 686 99 Realized foreign currency gains (losses) (22 ) 2 Other-than-temporary declines in available-for-sale securities - (16 ) Dividend and interest income 192 168 Total Investment Income $ 209 $ 253 |
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. The Company reviewed the gross unrealized losses shown as of September 30, 2017, 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. September 30, 2017 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities Common stock - Domestic $ - $ - $ - $ - $ - $ - Common stock - International - - - - - - Corporate debt - - - - - - Mutual funds - Fixed income - - 96 (5 ) 96 (5 ) Mutual funds - Domestic equity - - - - - - Other - - - - - - Total available-for-sale securities $ - $ - $ 96 $ (5 ) $ 96 $ (5 ) June 30, 2017 Less Than 12 Months 12 Months or Greater Total Gross Gross Gross (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available-for-sale securities Common stock - Domestic $ - $ - $ - $ - $ - $ - Common stock - International - - - - - - Corporate debt - - - - - - Mutual funds - Fixed income - - 95 (5 ) 95 (5 ) Mutual funds - Domestic equity - - - - - - Other - - - - - - Total available-for-sale securities $ - $ - $ 95 $ (5 ) $ 95 $ (5 ) |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following presents fair value measurements, as of September 30, 2017, and June 30, 2017, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis: September 30, 2017 Quoted Prices Significant Other Inputs Significant Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Mutual funds - Fixed income $ 7,067 $ - $ - $ 7,067 Mutual funds - Domestic equity 389 - - 389 Other - - - - Offshore fund investment measured at net asset value 1 55 Total trading securities 7,456 - - 7,511 Available-for-sale securities Common stock - Domestic 118 - - 118 Common stock - International 200 11,395 - 11,595 Corporate debt 1,606 - - 1,606 Mutual funds - Fixed income 1,148 - - 1,148 Mutual funds - Domestic equity 410 - - 410 Other 67 - - 67 Total available-for-sale securities 3,549 11,395 - 14,944 Total securities at fair value $ 11,005 $ 11,395 $ - $ 22,455 June 30, 2017 Quoted Prices Significant Other Inputs Significant Unobservable Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Trading securities Mutual funds - Fixed income $ 8,927 $ - $ - $ 8,927 Mutual funds - Domestic equity 378 - - 378 Other - - - - Offshore fund investment measured at net asset value 1 415 Total trading securities 9,305 - - 9,720 Available-for-sale securities Common stock - Domestic 113 - - 113 Common stock - International 203 - - 203 Corporate debt 1,469 - - 1,469 Mutual funds - Fixed income 1,144 - - 1,144 Mutual funds - Domestic equity 406 - - 406 Other 66 - - 66 Total available-for-sale securities 3,401 - - 3,401 Total securities at fair value $ 12,706 $ - $ - $ 13,121 1 In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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 EPS: Three Months Ended September 30, (dollars in thousands, except per share data) 2017 2016 Net Income $ 1,236 $ 264 Less: Net Income (Loss) Attributable to Non-Controlling Interest (34 ) 1 Net Income Attributable to U.S. Global Investors, Inc. $ 1,270 $ 263 Weighted average number of outstanding shares Basic 15,182,651 15,240,957 Effect of dilutive securities Employee stock options - - Diluted 15,182,651 15,240,957 Earnings Per Share Attributable to U.S. Global Investors, Inc. Basic $ 0.08 $ 0.02 Diluted $ 0.08 $ 0.02 |
ACCUMULATED OTHER COMPREHENSI21
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents change in accumulated other comprehensive income (loss) (“AOCI”) by component: (dollars in thousands) Unrealized gains (losses) on available-for-sale investments 1 Foreign currency adjustment Total Three Months Ended September 30, 2017 Balance at June 30, 2017 $ 461 $ (197 ) $ 264 Other comprehensive income before reclassifications 9,140 36 9,176 Tax effect - - - Amount reclassified from AOCI (7 ) - (7 ) Tax effect - - - Net other comprehensive income for quarter 9,133 36 9,169 Balance at September 30, 2017 $ 9,594 $ (161 ) $ 9,433 (dollars in thousands) Unrealized gains (losses) on available-for-sale investments 1 Foreign currency adjustment Total Three Months Ended September 30, 2016 Balance at June 30, 2016 $ 45 $ (194 ) $ (149 ) Other comprehensive income (loss) before reclassifications 709 (10 ) 699 Tax effect - - - Amount reclassified from AOCI (16 ) - (16 ) Tax effect - - - Net other comprehensive income (loss) for quarter 693 (10 ) 683 Balance at September 30, 2016 $ 738 $ (204 ) $ 534 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 BUSI22
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company operates principally in three business segments: providing investment management services to USGIF, offshore clients and ETF clients; investment management services in Canada; and investing for its own account in an effort to add growth and value to its cash position. The following schedule details total revenues and income by business segment: (dollars in thousands) Investment Management Services Investment Management Services - Canada Corporate Investments Consolidated Three months ended September 30, 2017 Net operating revenues $ 1,272 $ 218 $ - $ 1,490 Net other income $ 3 $ - $ 1,722 $ 1,725 Income (loss) before income taxes $ (398 ) $ (76 ) $ 1,720 $ 1,246 Depreciation and amortization $ 58 $ 3 $ - $ 61 Capital expenditures $ - $ - $ - $ - Gross identifiable assets at September 30, 2017 $ 5,379 $ 1,487 $ 28,919 $ 35,785 Deferred tax asset $ - Consolidated total assets at September 30, 2017 $ 35,785 Three months ended September 30, 2016 Net operating revenues $ 1,682 $ 299 $ - $ 1,981 Net other income $ - $ - $ 253 $ 253 Income before income taxes $ 45 $ 4 $ 235 $ 284 Depreciation and amortization $ 60 $ 4 $ - $ 64 Capital expenditures $ - $ - $ - $ - |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
BASIS OF PRESENTATION (Details) [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $ 9.1 | $ 11.3 |
Galileo [Member] | ||
BASIS OF PRESENTATION (Details) [Line Items] | ||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 65.00% |
INVESTMENTS (Details)
INVESTMENTS (Details) $ in Thousands, shares in Millions | 3 Months Ended | |||
Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2017USD ($) | ||
INVESTMENTS (Details) [Line Items] | ||||
Fair value of investments held | $ 22,455 | $ 13,121 | ||
Cost basis of investments held | $ 13,103 | 13,588 | ||
Market value of investments to Company's total assets | 62.70% | |||
Other investments | $ 2,119 | 2,130 | ||
Equity Method Investments | 2,013 | 0 | ||
Available-for-sale, net unrealized gain (loss), gross | 9,595 | 461 | ||
Available-for-sale, net unrealized gain (loss), net of tax | 9,595 | 461 | ||
Other-than-temporary impairments | 0 | $ 16 | ||
Available-for-sale securities, fair value | [1],[2] | 14,944 | 3,401 | |
Trading Securities | [2] | 7,511 | 9,720 | |
Income (Loss) from Equity Method Investments | 1,513 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Fair value of investments held | $ 11,005 | $ 12,706 | ||
Percentage of Financial Assets Derived From Level 1 Inputs Measured at Fair Value | 49.00% | 100.00% | ||
Available-for-sale securities, fair value | $ 3,549 | $ 3,401 | ||
Trading Securities | 7,456 | 9,305 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Fair value of investments held | $ 11,395 | 0 | ||
Percentage of Financial Assets Derived From Level 2 Inputs Measured at Fair Value | 51.00% | |||
Available-for-sale securities, fair value | $ 11,395 | 0 | ||
Trading Securities | 0 | $ 0 | ||
U.S. Global Investors Funds [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Investments, Fair Value Disclosure | 8,900 | |||
Offshore Fund [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Investments, Fair Value Disclosure | 55 | |||
Offshore Fund [Member] | Net Asset Value Per Share [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Trading Securities | 55 | $ 415 | ||
HIVE Blockchain Technologies Ltd. ("HIVE") [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Available-for-sale securities, fair value | $ 11,400 | |||
Investment Owned, Direct, Percentage | 4.40% | |||
Investment Owned, Percentage | 5.30% | |||
Galileo Partners Fund [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 30.00% | |||
Impaired Securities [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Number of positions, subject to impairment loss | 2 | |||
Available-for-Sale Securities, Combined Cost Basis of Impaired Securities | $ 98 | |||
Available-for-Sale Securities, Combined Fair Value of Impaired Securities | $ 82 | |||
HIVE Blockchain Technologies Ltd. ("HIVE") [Member] | Galileo Partners Fund [Member] | ||||
INVESTMENTS (Details) [Line Items] | ||||
Investment Owned, Balance, Shares (in Shares) | shares | 6.7 | |||
[1] | Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of September 30, 2017, are $9,595 and $9,595, respectively, and as of June 30, 2017, are $461 and $461, respectively. | |||
[2] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. |
INVESTMENTS (Details) - Compone
INVESTMENTS (Details) - Components of Company's Trading and Available-for-Sale Investments - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | |
Trading securities1 | |||
Trading, cost | [1] | $ 7,754 | $ 10,648 |
Trading, gross unrealized gain | [1] | 32 | 50 |
Trading, gross unrealized (losses) | [1] | (275) | (978) |
Trading, fair value | [1] | 7,511 | 9,720 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [1],[2] | 5,349 | 2,940 |
Available-for-sale, gross unrealized gain | [1],[2] | 9,600 | 466 |
Available-for-sale, gross unrealized (losses) | [1],[2] | (5) | (5) |
Available-for-sale, fair value | [1],[2] | 14,944 | 3,401 |
Total securities at fair value, cost | 13,103 | 13,588 | |
Total securities at fair value, gross unrealized gain | 9,632 | 516 | |
Total securities at fair value, gross unrealized (losses) | (280) | (983) | |
Total securities at fair value, fair value | 22,455 | 13,121 | |
Fixed Income Securities [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 7,035 | 8,884 |
Trading, gross unrealized gain | [1] | 32 | 50 |
Trading, gross unrealized (losses) | [1] | 0 | (7) |
Trading, fair value | [1] | 7,067 | 8,927 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [1] | 1,148 | 1,148 |
Available-for-sale, gross unrealized gain | [1] | 5 | 1 |
Available-for-sale, gross unrealized (losses) | [1] | (5) | (5) |
Available-for-sale, fair value | [1] | 1,148 | 1,144 |
Mutual Funds, Domestic Equity [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 535 | 535 |
Trading, gross unrealized gain | [1] | 0 | 0 |
Trading, gross unrealized (losses) | [1] | (146) | (157) |
Trading, fair value | [1] | 389 | 378 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [1] | 394 | 394 |
Available-for-sale, gross unrealized gain | [1] | 16 | 12 |
Available-for-sale, gross unrealized (losses) | [1] | 0 | 0 |
Available-for-sale, fair value | [1] | 410 | 406 |
Other Securities [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 45 | 45 |
Trading, gross unrealized gain | [1] | 0 | 0 |
Trading, gross unrealized (losses) | [1] | (45) | (45) |
Trading, fair value | [1] | 0 | 0 |
Available-for-sale securities2 | |||
Available-for-sale, cost | [1] | 56 | 56 |
Available-for-sale, gross unrealized gain | [1] | 11 | 10 |
Available-for-sale, gross unrealized (losses) | [1] | 0 | 0 |
Available-for-sale, fair value | [1] | 67 | 66 |
Offshore Fund [Member] | |||
Trading securities1 | |||
Trading, cost | [1] | 139 | 1,184 |
Trading, gross unrealized gain | [1] | 0 | 0 |
Trading, gross unrealized (losses) | [1] | (84) | (769) |
Trading, fair value | [1],[3] | 55 | 415 |
Common Stock - Domestic [Member] | |||
Available-for-sale securities2 | |||
Available-for-sale, cost | [1] | 109 | 109 |
Available-for-sale, gross unrealized gain | [1] | 9 | 4 |
Available-for-sale, gross unrealized (losses) | [1] | 0 | 0 |
Available-for-sale, fair value | [1] | 118 | 113 |
Common Stock - International [Member] | |||
Available-for-sale securities2 | |||
Available-for-sale, cost | [1] | 2,586 | 191 |
Available-for-sale, gross unrealized gain | [1] | 9,009 | 12 |
Available-for-sale, gross unrealized (losses) | [1] | 0 | 0 |
Available-for-sale, fair value | [1] | 11,595 | 203 |
Corporate Debt Securities [Member] | |||
Available-for-sale securities2 | |||
Available-for-sale, cost | [1],[4] | 1,056 | 1,042 |
Available-for-sale, gross unrealized gain | [1],[4] | 550 | 427 |
Available-for-sale, gross unrealized (losses) | [1],[4] | 0 | 0 |
Available-for-sale, fair value | [1],[4] | $ 1,606 | $ 1,469 |
[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 September 30, 2017, are $9,595 and $9,595, respectively, and as of June 30, 2017, are $461 and $461, respectively. | ||
[3] | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. | ||
[4] | Corporate debt matures in 2024. |
INVESTMENTS (Details) - Investm
INVESTMENTS (Details) - Investment Income (Loss) Reflected in Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Investments Debt And Equity Securities Abstract | ||
Realized gains on sales of available-for-sale securities | $ 7 | $ 0 |
Realized losses on sales of trading securities | (654) | 0 |
Unrealized gains on trading securities | 686 | 99 |
Realized foreign currency gains (losses) | (22) | 2 |
Other-than-temporary declines in available-for-sale securities | 0 | (16) |
Dividend and interest income | 192 | 168 |
Total Investment Income | $ 209 | $ 253 |
INVESTMENTS (Details) - Summary
INVESTMENTS (Details) - Summary of Gross Unrealized Losses and Fiar Value of Available-for-Sale Investments - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | $ 0 | $ 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 96 | 95 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (5) | (5) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 96 | 95 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (5) | (5) |
Common Stock - Domestic [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
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 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | 0 |
Common Stock - International [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
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 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | 0 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
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 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | 0 |
Fixed Income Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 96 | 95 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (5) | (5) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 96 | 95 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (5) | (5) |
Mutual Funds, Domestic Equity [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
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 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | 0 |
Other Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
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 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | $ 0 | $ 0 |
INVESTMENTS (Details) - Fair Va
INVESTMENTS (Details) - Fair Value, Assets Measured on Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | |
Trading securities | |||
Trading securities, at fair value | [1] | $ 7,511 | $ 9,720 |
Available-for-sale securities | |||
Total available-for-sale securities | [1],[2] | 14,944 | 3,401 |
Total Investments | 22,455 | 13,121 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 7,456 | 9,305 | |
Available-for-sale securities | |||
Total available-for-sale securities | 3,549 | 3,401 | |
Total Investments | 11,005 | 12,706 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 11,395 | 0 | |
Total Investments | 11,395 | 0 | |
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 | 0 | |
Total Investments | 0 | 0 | |
Fixed Income Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1] | 7,067 | 8,927 |
Available-for-sale securities | |||
Total available-for-sale securities | [1] | 1,148 | 1,144 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 7,067 | 8,927 | |
Available-for-sale securities | |||
Total available-for-sale securities | 1,148 | 1,144 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Fixed Income Securities [Member] | 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 | 0 | |
Mutual Funds, Domestic Equity [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1] | 389 | 378 |
Available-for-sale securities | |||
Total available-for-sale securities | [1] | 410 | 406 |
Mutual Funds, Domestic Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 389 | 378 | |
Available-for-sale securities | |||
Total available-for-sale securities | 410 | 406 | |
Mutual Funds, Domestic Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Mutual Funds, Domestic Equity [Member] | 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 | 0 | |
Other Securities [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1] | 0 | 0 |
Available-for-sale securities | |||
Total available-for-sale securities | [1] | 67 | 66 |
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 67 | 66 | |
Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Trading securities | |||
Trading securities, at fair value | 0 | 0 | |
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Other Securities [Member] | 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 | 0 | |
Offshore Fund [Member] | |||
Trading securities | |||
Trading securities, at fair value | [1],[3] | 55 | 415 |
Common Stock - Domestic [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | [1] | 118 | 113 |
Common Stock - Domestic [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 118 | 113 | |
Common Stock - Domestic [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Common Stock - Domestic [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Common Stock - International [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | [1] | 11,595 | 203 |
Common Stock - International [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 200 | 203 | |
Common Stock - International [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 11,395 | 0 | |
Common Stock - International [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | [1],[4] | 1,606 | 1,469 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 1,606 | 1,469 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | 0 | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Available-for-sale securities | |||
Total available-for-sale securities | $ 0 | $ 0 | |
[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 September 30, 2017, are $9,595 and $9,595, respectively, and as of June 30, 2017, are $461 and $461, respectively. | ||
[3] | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. | ||
[4] | Corporate debt matures in 2024. |
INVESTMENT MANAGEMENT AND OTH29
INVESTMENT MANAGEMENT AND OTHER FEES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Advisory fees | $ 1,433 | $ 1,891 |
Fund Clients [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Receivables | 437 | |
Galileo [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Advisory fees | 218 | 299 |
Aggregate Fees Waived and Expenses Borne | 24 | 12 |
U.S. Global Investors Funds [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Advisory fees | $ 1,100 | 1,500 |
Base percentage adjustment, fund performance not within benchmark index | 0.25% | |
Minimum performance to designated benchmark over prior rolling twelve months, percent | 5.00% | |
Increase (decrease) in base advisory fees realized | $ (116) | 39 |
Aggregate Fees Waived and Expenses Borne | $ 232 | 234 |
U.S. Global Investors Funds [Member] | Investor Class Shares [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Administrative fee rate | 0.05% | |
U.S. Global Investors Funds [Member] | Institutional Class Shares [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Administrative fee rate | 0.04% | |
U.S. Global Investors Funds [Member] | Fund Clients [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Receivables | $ 318 | |
U.S. Global ETFs [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Advisory fees | $ 185 | 66 |
Unitary Management Fee, Percentage of Average Net Assets | 0.60% | |
Offshore Clients [Member] | ||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||
Advisory fees | $ 1 | 36 |
Performance Fees | $ 0 | $ 0 |
NOTES RECEIVABLE (Details)
NOTES RECEIVABLE (Details) $ in Thousands | 1 Months Ended | 3 Months Ended |
Jun. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
NOTES RECEIVABLE (Details) [Line Items] | ||
Number of promissory notes | 2 | |
Proceeds from Fees Received | $ 50 | |
Notes, Loans and Financing Receivable, Net, Current | $ 1,952 | $ 1,964 |
Note Receivable #1 [Member] | ||
NOTES RECEIVABLE (Details) [Line Items] | ||
Note Receivable, Face Amount | $ 2,000 | |
Note recievable, Maturity | June 2,018 | |
Note receivable, interest rate | 12.00% | |
Notes Receivable #2 [Member] | ||
NOTES RECEIVABLE (Details) [Line Items] | ||
Note Receivable, Face Amount | $ 234 | |
Note recievable, Maturity | 2,021 | |
Note receivable, interest rate | 15.00% | |
Portion Payable Monthly [Member] | Note Receivable #1 [Member] | ||
NOTES RECEIVABLE (Details) [Line Items] | ||
Note receivable, interest rate | 10.00% | |
Portion Payable at Maturity [Member] | Note Receivable #1 [Member] | ||
NOTES RECEIVABLE (Details) [Line Items] | ||
Note receivable, interest rate | 2.00% |
BORROWINGS (Details)
BORROWINGS (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Debt Disclosure [Abstract] | |
Long-term liabilities | $ 0 |
Credit facility with a one-year maturity for working capital | $ 1 |
Amended credit agreement expiration date | May 31, 2018 |
Debt Instrument, Collateral Amount | $ 1 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 06, 2016 | Dec. 09, 2015 | Dec. 10, 2014 | Dec. 12, 2013 | Dec. 07, 2012 | |
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Repurchasing Amount | $ 14 | $ 30 | ||||||
Options outstanding (in Shares) | 2,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 2,000 | |||||||
Weighted average exercise price, exercisable options (in Dollars per share) | $ 12.31 | |||||||
Number of options exercised (in Shares) | 0 | |||||||
Number of options forfeited (in Shares) | 0 | |||||||
Number of options granted (in Shares) | 0 | |||||||
Share-based Compensation | $ 0 | $ 0 | ||||||
Common Class A [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Number of shares repurchased (in Shares) | 9,199 | 14,947 | ||||||
Repurchasing Amount | $ 14 | $ 30 | ||||||
Share Repurchase Plan - December 2012 [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 2,750 | |||||||
Share Repurchase Renewal, December 2014 [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 2,750 | |||||||
Share Repurchase Renewal, December 2013 [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 2,750 | |||||||
Share Repurchase Renewal, December 2016 [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 2,750 | |||||||
Share Repurchase Renewal, December 2015 [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 2,750 | |||||||
Monthly Dividend Authorized [Member] | Scenario, Forecast [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Monthly Dividend Declared (in Dollars per share) | $ 0.0025 | |||||||
Monthly Dividends Paid [Member] | ||||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ 0.0025 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||
EARNINGS PER SHARE (Details) [Line Items] | ||
Employee stock options excluded from diluted EPS | 2,000 | 2,000 |
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 | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share Basic And Diluted Abstract | ||
Net Income | $ 1,236 | $ 264 |
Less: Net Income (Loss) Attributable to Non-Controlling Interest | (34) | 1 |
Net Income Attributable to U.S. Global Investors, Inc. | $ 1,270 | $ 263 |
Weighted average number of outstanding shares | ||
Basic | 15,182,651 | 15,240,957 |
Effect of dilutive securities | ||
Employee stock options | 0 | 0 |
Diluted | 15,182,651 | 15,240,957 |
Earnings Per Share Attributable to U.S. Global Investors, Inc. | ||
Basic | $ 0.08 | $ 0.02 |
Diluted | $ 0.08 | $ 0.02 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
INCOME TAXES (Details) [Line Items] | ||
Valuation allowance | $ 3,300 | $ 3,300 |
Domestic Tax Authority [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 4,800 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 149 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2018 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 68 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2019 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 34 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2020 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 19 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2021 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 5 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring In Fiscal Year 2022 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 21 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring In Fiscal Year 2023 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 2 | |
Expiring in Fiscal Year 2035 [Member] | Domestic Tax Authority [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 2,000 | |
Expiring in Fiscal Year 2036 [Member] | Domestic Tax Authority [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 2,700 | |
Expiring in Fiscal Year 2036 [Member] | Foreign Tax Authority [Member] | Galileo [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 128 | |
Expiring In Fiscal Year 2037 [Member] | Domestic Tax Authority [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 71 | |
Expiring In Fiscal Year 2037 [Member] | Foreign Tax Authority [Member] | Galileo [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 91 | |
Expiring in Fiscal Year 2025 [Member] | Foreign Tax Authority [Member] | Galileo [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 60 | |
Expiring in Fiscal Year 2027 [Member] | Foreign Tax Authority [Member] | Galileo [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 125 | |
Expiring in Fiscal Year 2030 [Member] | Foreign Tax Authority [Member] | Galileo [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | $ 47 |
ACCUMULATED OTHER COMPREHENSI36
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax, begining of period | $ 264 | $ (149) | |
Accumulated other comprehensive income (loss), net of tax, end of period | 9,433 | 534 | |
Other comprehensive income (loss) before reclassifications | 9,176 | 699 | |
Tax effect | 0 | 0 | |
Amount reclassified from AOCI | (7) | (16) | |
Tax effect | 0 | 0 | |
Net other comprehensive income (loss) for quarter | 9,169 | 683 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax, begining of period | [1] | 461 | 45 |
Accumulated other comprehensive income (loss), net of tax, end of period | [1] | 9,594 | 738 |
Other comprehensive income (loss) before reclassifications | [1] | 9,140 | 709 |
Tax effect | [1] | 0 | 0 |
Amount reclassified from AOCI | [1] | (7) | (16) |
Tax effect | [1] | 0 | 0 |
Net other comprehensive income (loss) for quarter | [1] | 9,133 | 693 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), net of tax, begining of period | (197) | (194) | |
Accumulated other comprehensive income (loss), net of tax, end of period | (161) | (204) | |
Other comprehensive income (loss) before reclassifications | 36 | (10) | |
Tax effect | 0 | 0 | |
Amount reclassified from AOCI | 0 | 0 | |
Tax effect | 0 | 0 | |
Net other comprehensive income (loss) for quarter | $ 36 | $ (10) | |
[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 BUSI37
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Number of Operating Segments | 3 | |
Net Operating Revenues | $ 1,490 | $ 1,981 |
Investment Management Services [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 1,272 | 1,682 |
Investment Management Services [Member] | U.S. Global Investors Funds [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 1,100 | 1,600 |
Investment Management Services [Member] | U.S. Global ETFs [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 185 | 66 |
Investment Management Services - Canada [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 218 | 299 |
Investment Management Services - Canada [Member] | Galileo Funds [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | $ 214 | 225 |
Investment Management Services - Canada [Member] | Other advisory clients [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | $ 70 |
FINANCIAL INFORMATION BY BUSI38
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) - Schedule Details of Financial Information by Business Segment - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | |||
Net operating revenues | $ 1,490 | $ 1,981 | |
Net other income loss | 1,725 | 253 | |
Income (loss) before income taxes | 1,246 | 284 | |
Depreciation and amortization | 61 | 64 | |
Capital expenditures | 0 | 0 | |
Identifiable assets | 35,785 | ||
Deferred tax asset | 0 | ||
Consolidated total assets | 35,785 | $ 25,520 | |
Investment Management Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenues | 1,272 | 1,682 | |
Net other income loss | 3 | 0 | |
Income (loss) before income taxes | (398) | 45 | |
Depreciation and amortization | 58 | 60 | |
Capital expenditures | 0 | 0 | |
Identifiable assets | 5,379 | ||
Investment Management Services - Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenues | 218 | 299 | |
Net other income loss | 0 | 0 | |
Income (loss) before income taxes | (76) | 4 | |
Depreciation and amortization | 3 | 4 | |
Capital expenditures | 0 | 0 | |
Identifiable assets | 1,487 | ||
Corporate Investments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenues | 0 | 0 | |
Net other income loss | 1,722 | 253 | |
Income (loss) before income taxes | 1,720 | 235 | |
Depreciation and amortization | 0 | 0 | |
Capital expenditures | 0 | $ 0 | |
Identifiable assets | $ 28,919 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Details) - Scenario, Forecast [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Dec. 31, 2017USD ($)$ / shares | |
Class A and C [Member] | |
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |
Amount of cash dividends to be paid to class A and C shareholders | $ | $ 114 |
Monthly Dividend Authorized [Member] | |
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |
Monthly Dividend Declared | $ / shares | $ 0.0025 |