Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2023 | Dec. 08, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000754811 | |
Entity Registrant Name | U S GLOBAL INVESTORS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-13928 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1598370 | |
Entity Address, Address Line One | 7900 Callaghan Road | |
Entity Address, City or Town | San Antonio | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78229 | |
City Area Code | 210 | |
Local Phone Number | 308-1234 | |
Title of 12(b) Security | Class A common stock, $0.025 par value per share | |
Trading Symbol | GROW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class C [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,068,549 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,187,354 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 26,849 | $ 25,401 |
Restricted cash | 1,000 | 1,000 |
Investments in securities at fair value, current | 10,793 | 11,642 |
Accounts and other receivables (net of allowance for credit losses of $0, and $0, respectively) | 1,109 | 1,245 |
Tax receivable | 421 | 576 |
Prepaid expenses | 337 | 510 |
Total Current Assets | 40,509 | 40,374 |
Net Property and Equipment | 1,136 | 1,138 |
Other Assets | ||
Deferred tax asset | 2,287 | 1,920 |
Investments in equity securities at fair value, non-current | 1,127 | 1,563 |
Investments in available-for-sale debt securities at fair value (amortized cost: $7,414 and $7,729, respectively) (net of allowance for credit losses of $0, and $0, respectively) | 6,343 | 7,008 |
Investments in held-to-maturity debt securities at amortized cost | 1,000 | 1,000 |
Less: Allowance for credit losses | (205) | 0 |
Investments in held-to-maturity debt securities, net of allowance for credit losses | 795 | 1,000 |
Other investments | 1,613 | 2,388 |
Financing lease, right of use assets | 60 | 65 |
Other assets, non-current | 222 | 217 |
Total Other Assets | 12,447 | 14,161 |
Total Assets | 54,092 | 55,673 |
Current Liabilities | ||
Accounts payable | 0 | 143 |
Accrued compensation and related costs | 1,197 | 1,165 |
Dividends payable | 324 | 329 |
Financing lease liability, short-term | 30 | 28 |
Other accrued expenses | 1,277 | 1,274 |
Total Current Liabilities | 2,828 | 2,939 |
Long-Term Liabilities | ||
Deferred tax liability | 1 | 4 |
Reserve for uncertain tax positions | 530 | 496 |
Financing lease liability, long-term | 32 | 38 |
Total Long-Term Liabilities | 563 | 538 |
Total Liabilities | 3,391 | 3,477 |
Commitments and Contingencies (Note 13) | ||
Shareholders’ Equity | ||
Additional paid-in-capital | 16,444 | 16,442 |
Treasury stock, class A shares at cost; 1,563,044 shares and 1,370,325 shares at September 30, 2023, and June 30, 2023, respectively | (4,342) | (3,740) |
Accumulated other comprehensive income, net of tax | 1,134 | 1,348 |
Retained earnings | 37,066 | 37,747 |
Total Shareholders’ Equity | 50,701 | 52,196 |
Total Liabilities and Shareholders’ Equity | 54,092 | 55,673 |
Common Class A [Member] | ||
Shareholders’ Equity | ||
Common Stock | 347 | 347 |
Common Class B [Member] | ||
Shareholders’ Equity | ||
Common Stock | 0 | 0 |
Common Class C [Member] | ||
Shareholders’ Equity | ||
Common Stock | $ 52 | $ 52 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
Accounts and other receivables, allowance for credit loss | $ 0 | $ 0 | |
Investments in available-for-sale debt securities, amortized cost | 7,414 | [1] | 7,729 |
Investments in available-for-sale debt securities, allowance for credit loss | $ 0 | $ 0 | |
Common Class A [Member] | |||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 | |
Common Stock, Shares Authorized (in shares) | 28,000,000 | 28,000,000 | |
Common Stock, Shares, Issued (in shares) | 13,866,999 | 13,866,999 | |
Common Stock, Shares, Outstanding (in shares) | 12,303,955 | 12,496,674 | |
Treasury shares (in shares) | 1,563,044 | 1,370,325 | |
Common Class B [Member] | |||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 | |
Common Stock, Shares Authorized (in shares) | 4,500,000 | 4,500,000 | |
Common Stock, Shares, Issued (in shares) | 0 | 0 | |
Common Class C [Member] | |||
Common Stock, Par value (in dollars per share) | $ 0.025 | $ 0.025 | |
Common Stock, Shares Authorized (in shares) | 3,500,000 | 3,500,000 | |
Common Stock, Shares, Issued (in shares) | 2,068,549 | 2,068,549 | |
Common Stock, Shares, Outstanding (in shares) | 2,068,549 | 2,068,549 | |
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Revenues | ||
Revenues | $ 3,133 | $ 4,412 |
Operating Expenses | ||
Employee compensation and benefits | 1,274 | 1,175 |
General and administrative | 1,501 | 1,504 |
Advertising | 81 | 86 |
Depreciation | 61 | 61 |
Interest | 1 | 1 |
Operating Expenses | 2,918 | 2,827 |
Operating Income | 215 | 1,585 |
Other Income (Loss) | ||
Net investment income (loss) | (513) | (1,460) |
Other income | 57 | 61 |
Nonoperating Income (Expense) | (456) | (1,399) |
Income (Loss) Before Income Taxes | (241) | 186 |
Provision for Income Taxes | ||
Tax expense (benefit) | (65) | 133 |
Net Income (Loss) | $ (176) | $ 53 |
Earnings Per Share | ||
Basic Net Income (Loss) per share (in dollars per share) | $ (0.01) | $ 0 |
Diluted Net Income (Loss) per share (in dollars per share) | $ (0.01) | $ 0 |
Basic weighted average number of common shares outstanding (in shares) | 14,465,510 | 14,948,688 |
Diluted weighted average number of common shares outstanding (in shares) | 14,465,701 | 14,949,275 |
Investment Advisory Services [Member] | ||
Operating Revenues | ||
Revenues | $ 3,103 | $ 4,377 |
Administrative Service [Member] | ||
Operating Revenues | ||
Revenues | $ 30 | $ 35 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) | $ (176) | $ 53 |
Other Comprehensive Loss | ||
Unrealized gains (losses) on available-for-sale securities arising during period, net of tax | 51 | (115) |
Less: reclassification adjustment for gains included in net income (loss), net of tax | (265) | (371) |
Net change from available-for-sale securities | (214) | (486) |
Other Comprehensive Loss | (214) | (486) |
Total Comprehensive Loss | $ (390) | $ (433) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] Common Class A [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] Common Class C [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] Common Class A [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Common Stock [Member] Common Class C [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class C [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] Common Class A [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2022 | 13,866,999 | 2,068,549 | 978,049 | |||||||||||||||||||
Balance at Jun. 30, 2022 | $ 347 | $ 52 | $ 16,438 | $ (2,599) | $ 3,624 | $ 35,923 | $ 53,785 | |||||||||||||||
Repurchases of shares of Common Stock (class A), including excise tax (in shares) | 0 | 0 | 39,965 | 39,965 | ||||||||||||||||||
Repurchases of shares of Common Stock (class A), including excise tax | $ 0 | $ 0 | 0 | $ (133) | 0 | 0 | (133) | |||||||||||||||
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | 0 | (3,983) | |||||||||||||||||||
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 0 | $ 0 | 3 | $ 10 | 0 | 0 | 13 | |||||||||||||||
Dividends declared | 0 | 0 | 0 | 0 | 0 | (335) | (335) | |||||||||||||||
Net other comprehensive loss | 0 | 0 | 0 | 0 | (486) | 0 | (486) | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 53 | 53 | |||||||||||||||
Share-based compensation, net of tax | $ 0 | $ 0 | (1) | $ 0 | 0 | 0 | (1) | |||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 13,866,999 | 2,068,549 | 1,014,031 | |||||||||||||||||||
Balance at Sep. 30, 2022 | $ 347 | $ 52 | 16,440 | $ (2,722) | 3,138 | 35,641 | 52,896 | |||||||||||||||
Balance (in shares) (Accounting Standards Update 2016-13 [Member]) at Jun. 30, 2023 | 0 | 0 | 0 | 13,866,999 | 2,068,549 | 1,370,325 | ||||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 13,866,999 | 2,068,549 | 1,370,325 | |||||||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Jun. 30, 2023 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (183) | $ (183) | $ 347 | $ 52 | $ 16,442 | $ (3,740) | $ 1,348 | $ 37,564 | $ 52,013 | ||||||||
Balance at Jun. 30, 2023 | $ 347 | $ 52 | 16,442 | $ (3,740) | 1,348 | 37,747 | 52,196 | |||||||||||||||
Repurchases of shares of Common Stock (class A), including excise tax (in shares) | 0 | 0 | 198,213 | 198,213 | ||||||||||||||||||
Repurchases of shares of Common Stock (class A), including excise tax | $ 0 | $ 0 | 0 | $ (617) | 0 | 0 | (617) | |||||||||||||||
Issuance of stock under ESPP of shares of Common Stock (class A) (in shares) | 0 | 0 | (5,494) | |||||||||||||||||||
Issuance of stock under ESPP of shares of Common Stock (class A) | $ 0 | $ 0 | 2 | $ 15 | 0 | 0 | 17 | |||||||||||||||
Dividends declared | 0 | 0 | 0 | 0 | 0 | (322) | (322) | |||||||||||||||
Net other comprehensive loss | 0 | 0 | 0 | 0 | (214) | 0 | (214) | |||||||||||||||
Net income (loss) | $ 0 | $ 0 | 0 | $ 0 | 0 | (176) | (176) | |||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 13,866,999 | 2,068,549 | 1,563,044 | |||||||||||||||||||
Balance at Sep. 30, 2023 | $ 347 | $ 52 | $ 16,444 | $ (4,342) | $ 1,134 | $ 37,066 | $ 50,701 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (176,000) | $ 53,000 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | (38,000) | (77,000) | |
Net recognized loss on disposal of fixed assets | 0 | 3,000 | |
Net realized (gains) losses on securities | 482,000 | (469,000) | |
Unrealized losses on securities | 522,000 | 1,930,000 | |
Provision for deferred taxes | (265,000) | (371,000) | |
Provision for credit losses - reversal (1) | (27,000) | [1] | 0 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | 291,000 | 508,000 | |
Prepaid expenses and other assets | 172,000 | 78,000 | |
Accounts payable and other accrued liabilities | (77,000) | (480,000) | |
Total adjustments | 1,060,000 | 1,122,000 | |
Net cash provided by operating activities | 884,000 | 1,175,000 | |
Cash Flows from Investing Activities: | |||
Purchase of property and equipment | (59,000) | (14,000) | |
Purchase of other investments | 0 | (477,000) | |
Proceeds on sale of equity securities at fair value, non-current | 800,000 | 0 | |
Proceeds from principal paydowns of available-for-sale debt securities at fair value | 750,000 | 750,000 | |
Return of capital on other investments | 0 | 2,000 | |
Net cash provided by investing activities | 1,491,000 | 261,000 | |
Cash Flows from Financing Activities: | |||
Principal payments on financing lease | (7,000) | (7,000) | |
Issuance of common stock | 17,000 | 13,000 | |
Repurchases of common stock | (611,000) | (133,000) | |
Dividends paid | (326,000) | (336,000) | |
Net cash used in financing activities | (927,000) | (463,000) | |
Net increase in cash, cash equivalents, and restricted cash | 1,448,000 | 973,000 | |
Beginning cash, cash equivalents, and restricted cash | 26,401,000 | 23,314,000 | |
Ending cash, cash equivalents, and restricted cash | 27,849,000 | 24,287,000 | |
Supplemental Disclosures of Non-Cash Investing and Financing Activities | |||
Dividends declared but not paid | 324,000 | 336,000 | |
Excise tax liability accrued on stock repurchases | 6,000 | 0 | |
Unsettled class A common stock repurchases | $ 0 | $ 10,000 | |
[1]Represents the change in present value attributable to the passage of time included in interest income. |
Note 1 - Revision of Previously
Note 1 - Revision of Previously Issued Consolidated Financial Statements | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Error Correction [Text Block] | NOTE 1. In connection with the preparation of its Consolidated Financial Statements for the fiscal year ended June 30, 2023, three September 30, 2022 not No. 48 740 10 99 108 not three September 30, 2022 The following table sets forth the impact of correcting this error in the Company’s previously issued Consolidated Financial Statements. Three Months Ended September 30, 2022 As Previously Immaterial As (dollars in thousands, except per share data) Reported Revisions Revised Tax expense $ 79 $ 54 $ 133 Net Income $ 107 $ (54 ) $ 53 Earnings Per Share Basic Net Income per Share $ 0.01 $ (0.01 ) $ - Diluted Net Income per Share $ 0.01 $ (0.01 ) $ - In addition to the changes listed above, the Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders' Equity, Consolidated Statements of Cash Flows, and impacted footnote disclosures have also been revised to reflect the error correction. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Consolidation | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 2. U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) has prepared the Consolidated Financial Statements pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The financial information included herein reflects all adjustments (consisting solely of normal recurring adjustments), which are, in management’s opinion, necessary for a fair presentation of results for the interim periods presented. The Company has consistently followed the accounting policies set forth in the notes to the Consolidated Financial Statements in the Company’s Form 10 June 30, 2023 10 The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, U.S. Global Investors (Bermuda) Limited, U.S. Global Investors (Canada) Limited (“USCAN”), and U.S. Global Indices, LLC. There are two not The Company holds variable interests in, but is not 3 4 may 4 not not not not not September 30, 2023 June 30, 2023 The carrying amount of assets and liabilities recognized in the Consolidated Balance Sheets related to the Company's interests in these non-consolidated VIEs were as follows: Carrying Value and Maximum Exposure to Loss (dollars in thousands) September 30, 2023 June 30, 2023 Investments in securities at fair value, current $ 10,793 $ 11,642 Investments in equity securities at fair value, non-current 702 785 Other receivables 44 45 Total VIE assets, maximum exposure to loss $ 11,539 $ 12,472 Since the Company is not 50 not not All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. Certain quarterly amounts may not not may June 30, 2024 ( 2024” The unaudited interim financial information in these Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s annual report on Form 10 not Use of Estimates Preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may Adoption of New Accounting Standard In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” 2016 13 July 1, 2023, one Recent Accounting Pronouncement In June 2022, 2022 03, Fair Value Measurement (Topic 820 2022 03” 2022 03 1 820, 2 3 820. 2022 03 December 15, 2023. not not Significant Accounting Policies 10 June 30, 2023. Investments in Debt Securities. Allowance for Credit Losses (Held-to-Maturity Debt Securities). 3 Allowance for Credit Losses (Available-for-Sale Debt Securities). first not not 3 Credit Quality Indicators. /Baa3 Receivables and Allowance for Credit Losses. may no September 30, 2023 June 30, 2023 Dividends and Interest. 180 not not |
Note 3 - Investments
Note 3 - Investments | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | NOTE 3. As of September 30, 2023 September 30, 2023 The cost basis of investments is adjusted for amortization of premium or accretion of discount on debt securities held or the recharacterization of distributions from investments in partnerships. Concentrations of Credit Risk A significant portion of the Company’s investments carried at fair value on a recurring basis is investments in USGIF, which were $11.5 million and $12.4 million as of September 30, 2023 June 30, 2023 September 30, 2023 June 30, 2023 Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for measuring financial instruments at fair value are summarized in the three Level 1 Level 2 1 may Level 3 may The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The inputs or methodology used for valuing securities are not may The Company has established a Proprietary Valuation Committee (the “Committee”) to administer and oversee the Company’s valuation policies and procedures, which are approved by the Board of Directors, and to perform a periodic review of valuations provided by independent pricing services. For actively traded securities, the Company values investments using the closing price of the securities on the exchange or market on which the securities principally trade. If the security is not For common share purchase warrants not may may Certain convertible debt securities not third may For other securities included in the fair value hierarchy with unobservable inputs, the Committee considers a number of factors in determining a security’s fair value, including the security’s trading volume, market values of similar class issuances, investment personnel’s judgment regarding the market experience of the issuer, financial status of the issuer, the issuer’s management, and back testing, as appropriate. The fair values may may not The following tables summarize the major categories of investments with fair values adjusted on a recurring basis as of September 30, 2023 June 30, 2023 September 30, 2023 Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 421 $ - $ 4 $ 425 Mutual funds - Fixed income 10,793 - - 10,793 Mutual funds - Global equity 702 - - 702 Total investments in equity securities: $ 11,916 $ - $ 4 $ 11,920 Investments in debt securities: Available-for-sale - Convertible debentures - - 6,343 6,343 Total investments carried at fair value on a recurring basis: $ 11,916 $ - $ 6,347 $ 18,263 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 435 $ 435 1. Other investments include equity securities without readily determinable fair values that were adjusted as a result of the measurement alternative on dates during the three September 30, 2023 3 June 30, 2023 Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 488 $ - $ 290 $ 778 Mutual funds - Fixed income 11,642 - - 11,642 Mutual funds - Global equity 785 - - 785 Total investments in equity securities: $ 12,915 $ - $ 290 $ 13,205 Investments in debt securities: Available-for-sale - Convertible debentures - - 7,008 7,008 Total investments carried at fair value on a recurring basis: $ 12,915 $ - $ 7,298 $ 20,213 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 1,786 $ 1,786 1. Other investments include equity securities without readily determinable fair values that were adjusted as a result of the measurement alternative on dates during the fiscal year ended June 30, 2023 3 The securities classified as Level 3 September 30, 2023 June 30, 2023 third The following table is a reconciliation of investments recorded at fair value for which unobservable inputs (Level 3 three September 30, 2023 Changes in Level 3 Three Months Ended September 30, 2023 Investments in Investments in (dollars in thousands) equity securities debt securities Beginning Balance $ 290 $ 7,008 Principal repayments - (750 ) Amortization of day one premium - (51 ) Accretion of bifurcation discount - 150 Total gains or losses included in: Net Investment Income (Loss) (286 ) 257 Other Comprehensive Loss - (271 ) Ending Balance $ 4 $ 6,343 During January 2021, January 2026, January 2024, one one September 30, 2023 not September 30, 2023 June 30, 2023 September 30, 2023 August 2018 January 2023, The Company recorded the warrants at the estimated fair value of $5.9 million on the purchase date. The debentures were recorded at the estimated fair value of $16.0 million on purchase date, and an unrealized gain of $6.9 million was recognized in other comprehensive income (loss), which will be realized in net investment income (loss) ratably using the effective interest method until maturity, conversion, or other disposition. During the three September 30, 2023, 2022 September 30, 2023 June 30, 2023 The Company currently considers the fair value measurements of HIVE convertible securities to contain Level 3 September 30, 2023 3 September 30, 2023 (dollars in thousands) Fair Value Principal Valuation Techniques Unobservable Inputs Investments in equity securities: Common share purchase warrants $ 4 Option pricing model Volatility 90.0 % Risk-Free Rate 5.1 % Investments in debt securities: Available-for-sale - Convertible debentures $ 6,343 Binomial lattice model Volatility 90.0 % Credit Spread 10.4 % Risk-Free Rate 4.7 % Equity Investments at Fair Value Investments in equity securities with readily determinable fair values are carried at fair value, and changes in unrealized gains or losses are reported in the current period's earnings. The following details the components of the Company’s equity investments carried at fair value as of September 30, 2023 June 30, 2023 September 30, 2023 (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,680 $ (6,255 ) $ 425 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 11,097 (304 ) 10,793 Mutual funds - Global equity 929 (227 ) 702 Total equity securities at fair value $ 18,751 $ (6,831 ) $ 11,920 June 30, 2023 (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,679 $ (5,901 ) $ 778 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 11,947 (305 ) 11,642 Mutual funds - Global equity 930 (145 ) 785 Total equity securities at fair value $ 19,601 $ (6,396 ) $ 13,205 Debt Investments Investments in debt securities are classified on the acquisition dates and at each balance sheet date. Securities classified as held-to-maturity are carried at amortized cost, net of allowance for credit losses, reflecting the ability and intent to hold the securities to maturity. Debt securities classified as trading are acquired with the intent to sell in the near term and are carried at fair value with changes reported in earnings. All other debt securities are classified as available-for-sale and are carried at fair value. Investment gains and losses on available-for-sale debt securities are recorded when the securities are sold, as determined on a specific identification basis, and recognized in current period earnings. Changes in unrealized gains on available-for-sale debt securities are reported net of tax in accumulated other comprehensive income (loss). For debt securities in an unrealized loss position, a loss in earnings is recognized for the excess of amortized cost over fair value if the Company intends to sell before the price recovers. Otherwise, the Company evaluates as of the balance sheet date whether the unrealized losses are attributable to credit losses or other factors. The severity of the decline in value, creditworthiness of the issuer and other relevant factors are considered. The portion of unrealized loss the Company believes is related to a credit loss is recognized in earnings, and the portion of unrealized loss the Company believes is not Certain derivatives embedded in other financial instruments, such as the conversion option in a convertible bond, are reported at fair value, and changes in fair value are recorded through earnings within net investment income (loss). The host contract continues to be accounted for in accordance with the appropriate accounting standard. The embedded derivative and the related host contract represent one one September 30, 2023 June 30, 2023 September 30, 2023 not not The following details the components of the Company’s available-for-sale debt investments as of September 30, 2023 June 30, 2023 September 30, 2023 (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Other Comprehensive Income (Loss) Gross Unrealized Losses in Net Investment Income (Loss) (1) Fair Value Allowance for Credit Losses Available-for-sale - Convertible debentures $ 7,414 $ 1,436 $ - $ (2,507 ) $ 6,343 $ - June 30, 2023 (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Other Comprehensive Income (Loss) Gross Unrealized Losses in Net Investment Income (Loss) (1) Fair Value Allowance for Credit Losses Available-for-sale - Convertible debentures $ 7,729 $ 1,707 $ - $ (2,428 ) $ 7,008 $ - 1. Represents changes in unrealized gains and losses related to embedded derivatives included within net investment income (loss) on the Consolidated Statements of Operations. The following table summarizes the fair values of embedded derivatives on the Consolidated Balance Sheets, categorized by risk exposure, at September 30, 2023 June 30, 2023 September 30, 2023 June 30, 2023 Other Assets Other Assets Investments in Investments in available-for-sale available-for-sale (dollars in thousands) debt securities debt securities Embedded Derivatives: Equity price risk exposure $ 35 $ 114 The following table presents the effect of embedded derivatives on the Consolidated Statements of Operations, categorized by risk exposure, for the three September 30, 2023 2022 Three Months Ended September 30, 2023 2022 Other Income (Loss) Other Income (Loss) (dollars in thousands) Net Investment Income (Loss) Net Investment Income (Loss) Embedded Derivatives: Equity price risk exposure $ (79 ) $ - At September 30, 2023 June 30, 2023 one September 30, 2023 June 30, 2023 twelve September 30, 2023 not The following details the components of the Company’s held-to-maturity debt investments as of September 30, 2023 June 30, 2023 September 30, 2023 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Allowance for Credit Losses Held-to-maturity - Debentures (1) $ 1,000 $ - $ (205 ) $ 795 $ 205 June 30, 2023 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Allowance for Credit Losses Held-to-maturity - Debentures (1) $ 1,000 $ - $ (232 ) $ 768 $ - 1. Held-to-maturity debt investments are carried at amortized cost, net of allowance for credit losses, and the fair value is classified as Level 2 On July 1, 2023, 2016 13, 2016 13, may The Company monitors the credit quality of debt securities through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Investment grade securities are rated BBB- /Baa3 September 30, 2023 not Since the held-to-maturity debt security does not three September 30, 2023 The following table presents the activity in the allowance for credit losses for the held-to-maturity debt investment. There was no June 30, 2023 (dollars in thousands) September 30, 2023 Beginning Balance, prior to adoption of ASU 2016-13 $ - Impact of ASU 2016-13 adoption 232 Provision for credit losses - reversal (1) (27 ) Ending Balance $ 205 1. Represents the change in present value attributable to the passage of time included in interest income. The following summarizes the net carrying amount and estimated fair value of debt securities at September 30, 2023 may September 30, 2023 Available-for-sale Held-to-maturity debt securities debt securities Convertible Due after one year (dollars in thousands) debentures (1) through five years Amortized Cost $ 7,414 $ 1,000 Fair Value $ 6,343 $ 795 1. Principal payments of $750,000 are due quarterly with a final maturity date in January 2026. As of September 30, 2023 none Other Investments Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not The carrying value of equity securities without readily determinable fair values was approximately $2.4 million as of June 30, 2023 September 30, 2023 2022 Three Months Ended September 30, (dollars in thousands) 2023 2022 Other Investments Carrying value $ 1,613 $ 2,630 Upward carrying value changes $ - $ - Downward carrying value changes/impairment $ (775 ) $ (1,839 ) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. The cumulative amount of upward adjustments to all equity securities without readily determinable fair values total $2.5 million since their respective acquisitions through September 30, 2023 September 30, 2023 The Company has an investment in The Sonar Company (“Sonar”), a company headquartered in the United States, at a cost of $175,000. The investment had a carrying value of approximately $362,000 at September 30, 2023 June 30, 2023 July 2021, September 30, 2023 Net Investment Income (Loss) Net investment income (loss) from the Company’s investments includes: ● realized gains and losses on sales of securities; ● realized gains and losses on principal payment proceeds; ● unrealized gains and losses on securities at fair value; ● impairments and observable price changes on equity investments without readily determinable fair values; ● dividend and interest income; and ● realized foreign currency gains and losses. The following summarizes net investment income (loss) reflected in earnings for the periods presented. Three Months Ended (dollars in thousands) September 30, Net Investment Income (Loss) 2023 2022 Realized losses on equity securities $ (818 ) $ - Realized gains on debt securities 336 469 Unrealized losses on equity securities (443 ) (1,930 ) Unrealized losses on embedded derivatives (79 ) - Unrealized losses on cash equivalents (1 ) - Dividend and interest income 582 418 Realized foreign currency losses (90 ) (417 ) Total Net Investment Income (Loss) $ (513 ) $ (1,460 ) For the three September 30, 2023, 2022 The following table presents unrealized gains and losses recognized during the three September 30, 2023, 2022 Three Months Ended September 30, (dollars in thousands) 2023 2022 Net gains and losses recognized during the period on equity securities $ (1,261 ) $ (1,930 ) Less: Net gains and losses recognized during the period on equity securities sold during the period (43 ) - Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date (1) $ (1,218 ) $ (1,930 ) 1. Includes $775,000 and $1.8 million of net losses for the three September 30, 2023, 2022 Net investment income (loss) can be volatile and vary depending on market fluctuations, the Company’s ability to participate in investment opportunities, and the timing of transactions. The Company expects that gains and losses will continue to fluctuate in the future. |
Note 4 - Investment Management
Note 4 - Investment Management and Other Fees | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investment Management and Other Fees [Text Block] | NOTE 4. The following table presents operating revenues disaggregated by performance obligation. Three Months Ended September 30, (dollars in thousands) 2023 2022 ETF advisory fees $ 2,709 $ 3,913 USGIF advisory fees 506 610 USGIF performance fees paid (112 ) (146 ) Total Advisory Fees 3,103 4,377 USGIF administrative services fees 30 35 Total Operating Revenue $ 3,133 $ 4,412 The Company serves as investment advisor to three April 2024. three September 30, 2023, 2022 one The Company serves as investment adviser to USGIF and receives a fee based on a specified percentage of average assets under management. The advisory agreement for the equity funds within USGIF provides for a base advisory fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 The Company has agreed to contractually limit the expenses of the Near-Term Tax Free Fund and the Global Luxury Goods Fund through April 2024 three September 30, 2023 The Company receives administrative service fees from USGIF based on an annual rate of 0.05 percent on the average daily net assets of each fund. As of September 30, 2023 June 30, 2023 |
Note 5 - Restricted and Unrestr
Note 5 - Restricted and Unrestricted Cash | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 5. The Company maintains its cash deposits with established commercial banks. At times, balances may not not not A reconciliation of cash, cash equivalents, and restricted cash reported from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is shown below. (dollars in thousands) September 30, 2023 June 30, 2023 Cash and cash equivalents $ 26,849 $ 25,401 Restricted cash 1,000 1,000 Total cash, cash equivalents, and restricted cash $ 27,849 $ 26,401 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Operating Leases [Text Block] | NOTE 6. The Company has lease agreements for office equipment that expire in the fiscal year 2026. three September 30, 2023, 2022 The following table presents the components of lease cost. Three Months Ended September 30, (dollars in thousands) 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 8 $ 7 Interest on lease liabilities 1 1 Total finance lease cost 9 8 Short-term lease cost 25 15 Total lease cost $ 34 $ 23 Supplemental information related to the Company's leases follows. Three Months Ended September 30, (dollars in thousands) 2023 2022 Operating cash flows from financing leases included in lease liabilities $ 1 $ 1 Financing cash flows from financing leases included in lease liabilities $ 7 $ 7 Additional qualitative information concerning the Company’s leases follows. September 30, 2023 June 30, 2023 Weighted-average remaining lease term - financing leases (years) 2.00 2.25 Weighted-average discount rate - financing leases 4.75 % 4.75 % The following table presents the maturities of lease liabilities as of September 30, 2023 (dollars in thousands) Fiscal Year Finance Leases 2024 (excluding the three months ended September 30, 2023) $ 24 2025 33 2026 8 Total lease payments 65 Less imputed interest (3 ) Total $ 62 The Company is the lessor of certain areas of its owned office building under operating leases expiring in various months through fiscal year 2025. no three September 30, 2023, 2022 September 30, 2023 June 30, 2023 The following is a summary analysis of annual undiscounted cash flows to be received on leases as of September 30, 2023 (dollars in thousands) Fiscal Year Operating Leases 2024 (excluding the three months ended September 30, 2023) $ 31 2025 36 Total lease payments $ 67 The Company may one hundred eighty six |
Note 7 - Borrowings
Note 7 - Borrowings | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7. The Company has access to a $1 million credit facility for working capital purposes. The credit agreement requires the Company to maintain certain covenants; the Company has been in compliance with these covenants during the current fiscal year. The credit agreement expires on May 31, 2024 September 30, 2023 September 30, 2023 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 8. EQUITY Payment of cash dividends is within the discretion of the Company’s Board of Directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company, and general business conditions. The dividend rate per share was $0.0075 per month for fiscal year 2023 September 2023 In September 2023 October December 2023 The Company has a share repurchase program, approved by the Board of Directors, authorizing the Company to annually purchase up to $5.0 million of its outstanding common shares, as market and business conditions warrant, on the open market in compliance with Rule 10b 18 10b5 1 1934. December 2012, February 25, 2022, may three September 30, 2023 three September 30, 2022 In August 2022, 1% January 1, 2023. three September 30, 2023 The Company’s stock option plans provide for the granting of class A shares as either incentive or nonqualified stock options to employees and non-employee directors. Options are subject to terms and conditions determined by the Compensation Committee of the Board of Directors. At September 30, 2023, 2022 1989 1997 three September 30, 2023 2022 three September 30, 2023 three September 30, 2022 Stock-based compensation expense is measured at the grant date based on the fair value of the award, and the cost is recognized as expense ratably over the award’s vesting period. There was no stock-based compensation expense for the three September 30, 2023 three September 30, 2022 September 30, 2023, 2022 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 9. The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. The following table sets forth the computation for basic and diluted EPS. Three Months Ended September 30, (dollars in thousands, except per share data) 2023 2022 Net Income (Loss) $ (176 ) $ 53 Weighted average number of outstanding shares Basic 14,465,510 14,948,688 Effect of dilutive securities Stock options 191 587 Diluted 14,465,701 14,949,275 Earnings Per Share Basic Net Income (Loss) per share $ (0.01 ) $ 0.00 Diluted Net Income (Loss) per share $ (0.01 ) $ 0.00 The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period, as their inclusion would be anti-dilutive. For the three September 30, 2023, 2022 During the three September 30, 2023 2022 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10. The Company and its non-Canadian subsidiaries file a consolidated U.S. federal income tax return. USCAN files a separate tax return in Canada. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes resulting from the use of the liability method of accounting for income taxes. Income tax expense for the quarter is based upon the estimated annual ordinary income in each jurisdiction in which the Company operates. The tax effects of discrete items are recognized in the tax provision in the period they occur in accordance with U.S. GAAP. Due to various factors, such as the item’s significance in relation to total ordinary income and the rate of tax, discrete items in any quarter can materially impact the reported effective tax rate. The effective tax rate for the three September 30, 2023 2022 For U.S. federal income tax purposes at September 30, 2023 2043 2044 A valuation allowance is provided when it is more likely than not not September 30, 2023 June 30, 2023 The Company maintains a reserve for uncertain tax positions for income tax matters. The Company believes the reserve for uncertain tax positions, including interest and penalties, and net of federal benefits, of $530,000 adequately covers open tax years and uncertain tax positions up to and including September 30, 2023 September 30, 2023 |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 11. The following table presents the change in accumulated other comprehensive income (loss) (“AOCI”) by component. (dollars in thousands) Unrealized gains (losses) on available-for-sale investments Total Three Months Ended September 30, 2023 Balance at June 30, 2023 $ 1,348 $ 1,348 Other comprehensive income before reclassifications 65 65 Tax effect (14 ) (14 ) Amount reclassified from AOCI (336 ) (336 ) Tax effect 71 71 Net other comprehensive loss (214 ) (214 ) Balance at September 30, 2023 $ 1,134 $ 1,134 Three Months Ended September 30, 2022 Balance at June 30, 2022 $ 3,624 $ 3,624 Other comprehensive loss before reclassifications (146 ) (146 ) Tax effect 31 31 Amount reclassified from AOCI (469 ) (469 ) Tax effect 98 98 Net other comprehensive loss (486 ) (486 ) Balance at September 30, 2022 $ 3,138 $ 3,138 |
Note 12 - Financial Information
Note 12 - Financial Information by Business Segment | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12. The Company operates principally in two (dollars in thousands) Investment Management Services Corporate Investments Consolidated Three Months Ended September 30, 2023 Net operating revenues $ 3,133 $ - $ 3,133 Net investment loss $ - $ (513 ) $ (513 ) Other income $ 57 $ - $ 57 Income (loss) before income taxes $ 288 $ (529 ) $ (241 ) Depreciation $ 61 $ - $ 61 Gross identifiable assets at September 30, 2023 $ 26,954 $ 24,851 $ 51,805 Deferred tax asset $ 2,287 Consolidated total assets at September 30, 2023 $ 54,092 Three Months Ended September 30, 2022 Net operating revenues $ 4,412 $ - $ 4,412 Net investment loss $ - $ (1,460 ) $ (1,460 ) Other income $ 61 $ - $ 61 Income (loss) before income taxes $ 1,661 $ (1,475 ) $ 186 Depreciation $ 61 $ - $ 61 Gross identifiable assets at September 30, 2022 $ 23,607 $ 32,005 $ 55,612 Deferred tax asset $ 1,373 Consolidated total assets at September 30, 2022 $ 56,985 Net operating revenues from investment management services includes operating revenues from ETF clients of $2.7 million and $3.9 million for the three September 30, 2023, 2022 three September 30, 2023, 2022 |
Note 13 - Contingencies and Com
Note 13 - Contingencies and Commitments | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13. The Company continuously reviews investor, employee and vendor complaints, and pending or threatened litigation. The likelihood that a loss contingency exists is evaluated through consultation with legal counsel, and a loss contingency is recorded if probable and reasonably estimable. During the normal course of business, the Company may may not no September 30, 2023 June 30, 2023 The Board has authorized a monthly dividend of $0.0075 per share through December 2023 October December 2023 The COVID- 19 may |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 14. In December 2023 January March 2024 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates Preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standard In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” 2016 13 July 1, 2023, one Recent Accounting Pronouncement In June 2022, 2022 03, Fair Value Measurement (Topic 820 2022 03” 2022 03 1 820, 2 3 820. 2022 03 December 15, 2023. not not |
Investment, Policy [Policy Text Block] | Investments in Debt Securities. Allowance for Credit Losses (Held-to-Maturity Debt Securities). 3 Allowance for Credit Losses (Available-for-Sale Debt Securities). first not not 3 Credit Quality Indicators. /Baa3 Receivables and Allowance for Credit Losses. may no September 30, 2023 June 30, 2023 |
Dividends and Interest [Policy Text Block] | Dividends and Interest. 180 not not |
Note 1 - Revision of Previous_2
Note 1 - Revision of Previously Issued Consolidated Financial Statements (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Three Months Ended September 30, 2022 As Previously Immaterial As (dollars in thousands, except per share data) Reported Revisions Revised Tax expense $ 79 $ 54 $ 133 Net Income $ 107 $ (54 ) $ 53 Earnings Per Share Basic Net Income per Share $ 0.01 $ (0.01 ) $ - Diluted Net Income per Share $ 0.01 $ (0.01 ) $ - |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Consolidation (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | Carrying Value and Maximum Exposure to Loss (dollars in thousands) September 30, 2023 June 30, 2023 Investments in securities at fair value, current $ 10,793 $ 11,642 Investments in equity securities at fair value, non-current 702 785 Other receivables 44 45 Total VIE assets, maximum exposure to loss $ 11,539 $ 12,472 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2023 Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 421 $ - $ 4 $ 425 Mutual funds - Fixed income 10,793 - - 10,793 Mutual funds - Global equity 702 - - 702 Total investments in equity securities: $ 11,916 $ - $ 4 $ 11,920 Investments in debt securities: Available-for-sale - Convertible debentures - - 6,343 6,343 Total investments carried at fair value on a recurring basis: $ 11,916 $ - $ 6,347 $ 18,263 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 435 $ 435 June 30, 2023 Significant Significant Quoted Other Unobservable Prices Inputs Inputs (dollars in thousands) (Level 1) (Level 2) (Level 3) Total Investments carried at fair value on a recurring basis: Investments in equity securities: Equities - International $ 488 $ - $ 290 $ 778 Mutual funds - Fixed income 11,642 - - 11,642 Mutual funds - Global equity 785 - - 785 Total investments in equity securities: $ 12,915 $ - $ 290 $ 13,205 Investments in debt securities: Available-for-sale - Convertible debentures - - 7,008 7,008 Total investments carried at fair value on a recurring basis: $ 12,915 $ - $ 7,298 $ 20,213 Investments carried at fair value on a nonrecurring basis: Other investments (1) $ - $ - $ 1,786 $ 1,786 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended September 30, 2023 Investments in Investments in (dollars in thousands) equity securities debt securities Beginning Balance $ 290 $ 7,008 Principal repayments - (750 ) Amortization of day one premium - (51 ) Accretion of bifurcation discount - 150 Total gains or losses included in: Net Investment Income (Loss) (286 ) 257 Other Comprehensive Loss - (271 ) Ending Balance $ 4 $ 6,343 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | September 30, 2023 (dollars in thousands) Fair Value Principal Valuation Techniques Unobservable Inputs Investments in equity securities: Common share purchase warrants $ 4 Option pricing model Volatility 90.0 % Risk-Free Rate 5.1 % Investments in debt securities: Available-for-sale - Convertible debentures $ 6,343 Binomial lattice model Volatility 90.0 % Credit Spread 10.4 % Risk-Free Rate 4.7 % |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | September 30, 2023 (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,680 $ (6,255 ) $ 425 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 11,097 (304 ) 10,793 Mutual funds - Global equity 929 (227 ) 702 Total equity securities at fair value $ 18,751 $ (6,831 ) $ 11,920 June 30, 2023 (dollars in thousands) Cost Unrealized Gains (Losses) Fair Value Equity securities at fair value Equities - International $ 6,679 $ (5,901 ) $ 778 Equities - Domestic 45 (45 ) - Mutual funds - Fixed income 11,947 (305 ) 11,642 Mutual funds - Global equity 930 (145 ) 785 Total equity securities at fair value $ 19,601 $ (6,396 ) $ 13,205 September 30, 2023 (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Other Comprehensive Income (Loss) Gross Unrealized Losses in Net Investment Income (Loss) (1) Fair Value Allowance for Credit Losses Available-for-sale - Convertible debentures $ 7,414 $ 1,436 $ - $ (2,507 ) $ 6,343 $ - June 30, 2023 (dollars in thousands) Amortized Cost Gross Unrealized Gains in Other Comprehensive Income (Loss) Gross Unrealized Losses in Other Comprehensive Income (Loss) Gross Unrealized Losses in Net Investment Income (Loss) (1) Fair Value Allowance for Credit Losses Available-for-sale - Convertible debentures $ 7,729 $ 1,707 $ - $ (2,428 ) $ 7,008 $ - September 30, 2023 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Allowance for Credit Losses Held-to-maturity - Debentures (1) $ 1,000 $ - $ (205 ) $ 795 $ 205 June 30, 2023 (dollars in thousands) Amortized Cost Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value Allowance for Credit Losses Held-to-maturity - Debentures (1) $ 1,000 $ - $ (232 ) $ 768 $ - |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2023 June 30, 2023 Other Assets Other Assets Investments in Investments in available-for-sale available-for-sale (dollars in thousands) debt securities debt securities Embedded Derivatives: Equity price risk exposure $ 35 $ 114 Three Months Ended September 30, 2023 2022 Other Income (Loss) Other Income (Loss) (dollars in thousands) Net Investment Income (Loss) Net Investment Income (Loss) Embedded Derivatives: Equity price risk exposure $ (79 ) $ - |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] | (dollars in thousands) September 30, 2023 Beginning Balance, prior to adoption of ASU 2016-13 $ - Impact of ASU 2016-13 adoption 232 Provision for credit losses - reversal (1) (27 ) Ending Balance $ 205 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2023 Available-for-sale Held-to-maturity debt securities debt securities Convertible Due after one year (dollars in thousands) debentures (1) through five years Amortized Cost $ 7,414 $ 1,000 Fair Value $ 6,343 $ 795 |
Equity Securities without Readily Determinable Fair Value [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2023 2022 Other Investments Carrying value $ 1,613 $ 2,630 Upward carrying value changes $ - $ - Downward carrying value changes/impairment $ (775 ) $ (1,839 ) |
Investment Income [Table Text Block] | Three Months Ended (dollars in thousands) September 30, Net Investment Income (Loss) 2023 2022 Realized losses on equity securities $ (818 ) $ - Realized gains on debt securities 336 469 Unrealized losses on equity securities (443 ) (1,930 ) Unrealized losses on embedded derivatives (79 ) - Unrealized losses on cash equivalents (1 ) - Dividend and interest income 582 418 Realized foreign currency losses (90 ) (417 ) Total Net Investment Income (Loss) $ (513 ) $ (1,460 ) |
Unrealized Gain (Loss) on Investments [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2023 2022 Net gains and losses recognized during the period on equity securities $ (1,261 ) $ (1,930 ) Less: Net gains and losses recognized during the period on equity securities sold during the period (43 ) - Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date (1) $ (1,218 ) $ (1,930 ) |
Note 4 - Investment Managemen_2
Note 4 - Investment Management and Other Fees (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2023 2022 ETF advisory fees $ 2,709 $ 3,913 USGIF advisory fees 506 610 USGIF performance fees paid (112 ) (146 ) Total Advisory Fees 3,103 4,377 USGIF administrative services fees 30 35 Total Operating Revenue $ 3,133 $ 4,412 |
Note 5 - Restricted and Unres_2
Note 5 - Restricted and Unrestricted Cash (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | (dollars in thousands) September 30, 2023 June 30, 2023 Cash and cash equivalents $ 26,849 $ 25,401 Restricted cash 1,000 1,000 Total cash, cash equivalents, and restricted cash $ 27,849 $ 26,401 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, (dollars in thousands) 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 8 $ 7 Interest on lease liabilities 1 1 Total finance lease cost 9 8 Short-term lease cost 25 15 Total lease cost $ 34 $ 23 Three Months Ended September 30, (dollars in thousands) 2023 2022 Operating cash flows from financing leases included in lease liabilities $ 1 $ 1 Financing cash flows from financing leases included in lease liabilities $ 7 $ 7 September 30, 2023 June 30, 2023 Weighted-average remaining lease term - financing leases (years) 2.00 2.25 Weighted-average discount rate - financing leases 4.75 % 4.75 % |
Finance Lease, Liability, to be Paid, Maturity [Table Text Block] | (dollars in thousands) Fiscal Year Finance Leases 2024 (excluding the three months ended September 30, 2023) $ 24 2025 33 2026 8 Total lease payments 65 Less imputed interest (3 ) Total $ 62 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | (dollars in thousands) Fiscal Year Operating Leases 2024 (excluding the three months ended September 30, 2023) $ 31 2025 36 Total lease payments $ 67 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, (dollars in thousands, except per share data) 2023 2022 Net Income (Loss) $ (176 ) $ 53 Weighted average number of outstanding shares Basic 14,465,510 14,948,688 Effect of dilutive securities Stock options 191 587 Diluted 14,465,701 14,949,275 Earnings Per Share Basic Net Income (Loss) per share $ (0.01 ) $ 0.00 Diluted Net Income (Loss) per share $ (0.01 ) $ 0.00 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (dollars in thousands) Unrealized gains (losses) on available-for-sale investments Total Three Months Ended September 30, 2023 Balance at June 30, 2023 $ 1,348 $ 1,348 Other comprehensive income before reclassifications 65 65 Tax effect (14 ) (14 ) Amount reclassified from AOCI (336 ) (336 ) Tax effect 71 71 Net other comprehensive loss (214 ) (214 ) Balance at September 30, 2023 $ 1,134 $ 1,134 Three Months Ended September 30, 2022 Balance at June 30, 2022 $ 3,624 $ 3,624 Other comprehensive loss before reclassifications (146 ) (146 ) Tax effect 31 31 Amount reclassified from AOCI (469 ) (469 ) Tax effect 98 98 Net other comprehensive loss (486 ) (486 ) Balance at September 30, 2022 $ 3,138 $ 3,138 |
Note 12 - Financial Informati_2
Note 12 - Financial Information by Business Segment (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (dollars in thousands) Investment Management Services Corporate Investments Consolidated Three Months Ended September 30, 2023 Net operating revenues $ 3,133 $ - $ 3,133 Net investment loss $ - $ (513 ) $ (513 ) Other income $ 57 $ - $ 57 Income (loss) before income taxes $ 288 $ (529 ) $ (241 ) Depreciation $ 61 $ - $ 61 Gross identifiable assets at September 30, 2023 $ 26,954 $ 24,851 $ 51,805 Deferred tax asset $ 2,287 Consolidated total assets at September 30, 2023 $ 54,092 Three Months Ended September 30, 2022 Net operating revenues $ 4,412 $ - $ 4,412 Net investment loss $ - $ (1,460 ) $ (1,460 ) Other income $ 61 $ - $ 61 Income (loss) before income taxes $ 1,661 $ (1,475 ) $ 186 Depreciation $ 61 $ - $ 61 Gross identifiable assets at September 30, 2022 $ 23,607 $ 32,005 $ 55,612 Deferred tax asset $ 1,373 Consolidated total assets at September 30, 2022 $ 56,985 |
Note 1 - Revision of Previous_3
Note 1 - Revision of Previously Issued Consolidated Financial Statements - Impact of Correcting Errors (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Tax expense | $ (65) | $ 133 |
Net Income | $ (176) | $ 53 |
Basic Net Income per Share (in dollars per share) | $ (0.01) | $ 0 |
Diluted Net Income per Share (in dollars per share) | $ (0.01) | $ 0 |
Previously Reported [Member] | ||
Tax expense | $ 79 | |
Net Income | $ 107 | |
Basic Net Income per Share (in dollars per share) | $ 0.01 | |
Diluted Net Income per Share (in dollars per share) | $ 0.01 | |
Revision of Prior Period, Adjustment [Member] | ||
Tax expense | $ 54 | |
Net Income | $ (54) | |
Basic Net Income per Share (in dollars per share) | $ (0.01) | |
Diluted Net Income per Share (in dollars per share) | $ (0.01) |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Consolidation (Details Textual) - USD ($) | Sep. 30, 2023 | Jul. 01, 2023 | Jun. 30, 2023 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 11,500,000 | $ 12,500,000 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Noncurrent | 205,000 | 0 | |
Retained Earnings (Accumulated Deficit) | $ 37,066,000 | $ 37,747,000 | |
Accounting Standards Update 2016-13 [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Noncurrent | $ 232,000 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit) | $ (183,000) |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation - Carrying Amount of Assets and Liabilities associated with VIE's (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 |
Investments in securities at fair value, current | $ 10,793 | $ 11,642 | |
Investments in equity securities at fair value, non-current | 1,127 | 1,563 | |
Total VIE assets, maximum exposure to loss | 54,092 | 55,673 | $ 56,985 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Investments in securities at fair value, current | 10,793 | 11,642 | |
Investments in equity securities at fair value, non-current | 702 | 785 | |
Other receivables | 44 | 45 | |
Total VIE assets, maximum exposure to loss | $ 11,539 | $ 12,472 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | 3 Months Ended | |||||||
Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 $ / shares | Jun. 30, 2023 USD ($) | Mar. 31, 2021 $ / shares shares | Jan. 31, 2021 USD ($) $ / shares | |||
Investment Owned, Fair Value | $ 18,300,000 | |||||||
Investment Owned, Cost | $ 26,200,000 | |||||||
Value of Fair Value Investments to Company Assets, Percent | 33.80% | |||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 1,613,000 | $ 2,630,000 | $ 2,388,000 | |||||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | [1] | 795,000 | 1,000,000 | |||||
Equity Securities, FV-NI, Total | 11,920,000 | 13,205,000 | ||||||
Debt Securities, Available-for-Sale, Total | 6,343,000 | [2] | 7,008,000 | |||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 51,000 | (115,000) | ||||||
Investment Income, Net | (513,000) | (1,460,000) | ||||||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | [1] | 205,000 | 232,000 | |||||
Debt Securities, Held-to-Maturity, Credit Loss Expense (Reversal) | (27,000) | [3] | 0 | |||||
Debt Securities, Available-for-Sale, Periodic Principal Payments | 750,000 | |||||||
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Cumulative Amount | 4,500,000 | 2,400,000 | ||||||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | 2,500,000 | |||||||
Realized Gain (Loss) on Principal Payment Proceeds | 336,000 | 469,000 | ||||||
Equity Securities Without Readily Determinable Fair Values, Unrealized Gain (Loss) | 775,000 | 1,800,000 | ||||||
U S Global Investors Funds [Member] | ||||||||
Investment Owned, Fair Value | 11,500,000 | 12,400,000 | ||||||
HIVE Blockchain Technologies Ltd. [Member] | Convertible Securities [Member] | ||||||||
Investment Owned, Balance, Principal Amount | $ 15,000,000 | |||||||
HIVE Blockchain Technologies Ltd. [Member] | Warrants and Convertible Debentures [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities and Equity Securities [Member] | ||||||||
Investment Owned, Fair Value | 6,300,000 | 7,300,000 | ||||||
HIVE Blockchain Technologies Ltd. [Member] | Unsecured Convertible Debentures [Member] | ||||||||
Debt Securities, Available-for-Sale, Total | 6,300,000 | 7,000,000 | ||||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | $ 6,900,000 | |||||||
HIVE Blockchain Technologies Ltd. [Member] | Unsecured Convertible Debentures [Member] | Convertible Debt Securities [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 11.7 | $ 2.34 | ||||||
Investment Income, Net | $ 336,000 | $ 469,000 | ||||||
HIVE Blockchain Technologies Ltd. [Member] | Common Shares Purchase Warrants [Member] | ||||||||
Investment, Common Share Purchase Warrants (in shares) | shares | 5,000,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 15 | $ 3 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 5 | |||||||
Equity Securities, FV-NI, Total | $ 4,000 | 290,000 | ||||||
HIVE Blockchain Technologies Ltd. [Member] | Common Shares Purchase Warrants [Member] | Estimate of Fair Value Measurement [Member] | ||||||||
Equity Securities, FV-NI, Total | 5,900,000 | |||||||
Debt Securities, Available-for-Sale, Total | 16,000,000 | |||||||
HIVE Blockchain Technologies Ltd. [Member] | Convertible Securities [Member] | ||||||||
Investment Owned, Balance, Principal Amount | 6,800,000 | |||||||
The Sonar Company [Member] | ||||||||
Equity Securities without Readily Determinable Fair Value, Amount | 362,000 | $ 362,000 | ||||||
Other Investments and Securities, at Cost | $ 175,000 | |||||||
Investment Owned, Direct Percentage | 2.80% | |||||||
[1]Held-to-maturity debt investments are carried at amortized cost, and the fair value is classified as Level 2 according to the fair value hierarchy.[2]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026.[3]Represents the change in present value attributable to the passage of time included in interest income. |
Note 3 - Investments - Investme
Note 3 - Investments - Investments With Fair Values Adjusted on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
Investments in equity securities | $ 11,920 | $ 13,205 | |
Investments in debt securities | 6,343 | [1] | 7,008 |
Fair Value, Recurring [Member] | |||
Investments in equity securities | 11,920 | 13,205 | |
Investments in debt securities | 6,343 | 7,008 | |
Total investments carried at fair value | 18,263 | 20,213 | |
Fair Value, Nonrecurring [Member] | |||
Total investments carried at fair value | 435 | [2] | 1,786 |
Equity Securities International [Member] | |||
Investments in equity securities | 425 | 778 | |
Equity Securities International [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 425 | 778 | |
Mutual Funds Fixed Income [Member] | |||
Investments in equity securities | 10,793 | 11,642 | |
Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 10,793 | 11,642 | |
Mutual Funds Global Equity [Member] | |||
Investments in equity securities | 702 | 785 | |
Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 702 | 785 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 11,916 | 12,915 | |
Investments in debt securities | 0 | 0 | |
Total investments carried at fair value | 11,916 | 12,915 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||
Total investments carried at fair value | 0 | [2] | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities International [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 421 | 488 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 10,793 | 11,642 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 702 | 785 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 0 | 0 | |
Investments in debt securities | 0 | 0 | |
Total investments carried at fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||
Total investments carried at fair value | 0 | [2] | 0 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities International [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 4 | 290 | |
Investments in debt securities | 6,343 | 7,008 | |
Total investments carried at fair value | 6,347 | 7,298 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||
Total investments carried at fair value | 435 | [2] | 1,786 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities International [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 4 | 290 | |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds Fixed Income [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds Global Equity [Member] | Fair Value, Recurring [Member] | |||
Investments in equity securities | $ 0 | $ 0 | |
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026.[2]Other investments include equity securities without readily determinable fair values that were adjusted as a result of the measurement alternative on dates during the three months ended September 30, 2022. These securities are classified as level 3 due to the infrequency of the observable price changes and/or restrictions on the shares. |
Note 3 - Investments - Reconcil
Note 3 - Investments - Reconciliation of Investments Recorded at Fair Value (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Equity Securities [Member] | |
Beginning Balance | $ 290 |
Principal repayments | 0 |
Amortization of day one premium | 0 |
Accretion of bifurcation discount | 0 |
Net Investment Income (Loss) | (286) |
Total gains or losses (realized/unrealized) included in Other Comprehensive Income (Loss) | 0 |
Ending Balance | 4 |
Debt Securities [Member] | |
Beginning Balance | 7,008 |
Principal repayments | (750) |
Amortization of day one premium | (51) |
Accretion of bifurcation discount | 150 |
Net Investment Income (Loss) | 257 |
Total gains or losses (realized/unrealized) included in Other Comprehensive Income (Loss) | (271) |
Ending Balance | $ 6,343 |
Note 3 - Investments - Securiti
Note 3 - Investments - Securities Measured and Carried at Fair Value on Recurring Basis With Significant Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Investments in equity securities | $ 11,920 | $ 13,205 | |
Investments in debt securities | 6,343 | [1] | $ 7,008 |
Valuation Technique, Option Pricing Model [Member] | |||
Investments in equity securities | $ 4 | ||
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | |||
Investments in debt securities, unobservable input | 0.90 | ||
Valuation Technique, Option Pricing Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Investments in debt securities, unobservable input | 0.051 | ||
Valuation Technique, Binomial Lattice Model [Member] | |||
Investments in debt securities | $ 6,343 | ||
Valuation Technique, Binomial Lattice Model [Member] | Measurement Input, Price Volatility [Member] | |||
Investments in debt securities, unobservable input | 0.90 | ||
Valuation Technique, Binomial Lattice Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Investments in debt securities, unobservable input | 0.047 | ||
Valuation Technique, Binomial Lattice Model [Member] | Measurement Input, Credit Spread [Member] | |||
Investments in debt securities, unobservable input | 0.104 | ||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026. |
Note 3 - Investments - Componen
Note 3 - Investments - Components of Investments (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | ||
Cost | $ 18,751,000 | $ 19,601,000 | ||
Unrealized gains losses | (6,831,000) | (6,396,000) | ||
Investments in equity securities | 11,920,000 | 13,205,000 | ||
Investments in available-for-sale debt securities, amortized cost | 7,414,000 | [1] | 7,729,000 | |
Unrealized gains | 1,436,000 | 1,707,000 | ||
Unrealized losses | 0 | 0 | ||
Unrealized gains (losses) | (2,507,000) | (2,428,000) | ||
Investments in debt securities | 6,343,000 | [1] | 7,008,000 | |
Allowance for credit loss | 0 | 0 | ||
Amortized cost, held-to-maturity | [2] | 795,000 | 1,000,000 | |
Unrecognized gains, held-to-maturity | [2] | 0 | 0 | |
Unrecognized losses, held-to-maturity | [2] | (205,000) | (232,000) | |
Fair value, held-to-maturity | [2] | 795,000 | 768,000 | |
Allowance for credit loss, held-to-maturity | [2] | 205,000 | 0 | |
Equity Securities International [Member] | ||||
Cost | 6,680,000 | 6,679,000 | ||
Unrealized gains losses | (6,255,000) | (5,901,000) | ||
Investments in equity securities | 425,000 | 778,000 | ||
Equity Securities Domestic [Member] | ||||
Cost | 45,000 | 45,000 | ||
Unrealized gains losses | (45,000) | (45,000) | ||
Investments in equity securities | 0 | 0 | ||
Mutual Funds Fixed Income [Member] | ||||
Cost | 11,097,000 | 11,947,000 | ||
Unrealized gains losses | (304,000) | (305,000) | ||
Investments in equity securities | 10,793,000 | 11,642,000 | ||
Mutual Funds Global Equity [Member] | ||||
Cost | 929,000 | 930,000 | ||
Unrealized gains losses | (227,000) | (145,000) | ||
Investments in equity securities | $ 702,000 | $ 785,000 | ||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026.[2]Held-to-maturity debt investments are carried at amortized cost, and the fair value is classified as Level 2 according to the fair value hierarchy. |
Note 3 - Investments - Fair Val
Note 3 - Investments - Fair Value and Effect of Embedded Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Equity price risk exposure, asset | $ 35 | $ 114 | |
Equity price risk exposure | 79 | $ 0 | |
Equity price risk exposure | $ (79) | $ 0 |
Note 3 - Investments - Schedule
Note 3 - Investments - Schedule of Allowance for Credit Loss on Held to Maturity Investments (Details) - USD ($) | 3 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | |||
Balance | [1] | $ 0 | ||
Provision for credit losses - reversal (1) | (27,000) | [2] | $ 0 | |
Balance | [1] | 205,000 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | $ 232,000 | |||
[1]Held-to-maturity debt investments are carried at amortized cost, and the fair value is classified as Level 2 according to the fair value hierarchy.[2]Represents the change in present value attributable to the passage of time included in interest income. |
Note 3 - Investments - Invest_2
Note 3 - Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | |
Investments in available-for-sale debt securities, amortized cost | $ 7,414 | [1] | $ 7,729 |
Amortized Cost | 1,000 | ||
Investments in debt securities | 6,343 | [1] | $ 7,008 |
Fair Value, held to maturity debt securities, due after five years through ten years | $ 795 | ||
[1]Principal payments of $750,000 are due quarterly with a final maturity date in January 2026. |
Note 3 - Investments - Carrying
Note 3 - Investments - Carrying Value of Equity Securities Without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Other investments | $ 1,613 | $ 2,630 | $ 2,388 |
Upward carrying value changes | 0 | 0 | |
Downward carrying value changes/impairment | $ (775) | $ (1,839) |
Note 3 - Investments - Invest_3
Note 3 - Investments - Investment Income or Loss Reflected in Earnings From Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Realized losses on equity securities | $ (818) | $ 0 |
Realized gains on debt securities | 336 | 469 |
Unrealized losses on equity securities | (443) | (1,930) |
Unrealized losses on embedded derivatives | (79) | 0 |
Unrealized losses on cash equivalents | (1) | 0 |
Dividend and interest income | 582 | 418 |
Realized foreign currency losses | (90) | (417) |
Total Net Investment Income (Loss) | $ (513) | $ (1,460) |
Note 3 - Investments - Unrealiz
Note 3 - Investments - Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Net gains and losses recognized during the period on equity securities | $ (1,261) | $ (1,930) | |
Less: Net gains and losses recognized during the period on equity securities sold during the period | (43) | 0 | |
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date (1) | [1] | $ (1,218) | $ (1,930) |
[1]Includes $1.8 million of net losses for the nine months ended March 31, 2023, as a result of the measurement alternative. There were no net gains (losses) as a result of the measurement alternative for the three months ended March 31, 2023, or for the three and nine months ended March 31, 2022. |
Note 4 - Investment Managemen_3
Note 4 - Investment Management and Other Fees (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Fund Clients [Member] | |||
Receivables, Net, Current | $ 914,000 | $ 1,100,000 | |
U S Global E T Fs [Member] | |||
Unitary Management Fee, Percentage of Average Net Assets | 0.60% | ||
Aggregate Fees Waived and Expenses Borne | $ 35,000 | $ 48,000 | |
U S Global E T Fs [Member] | Fund Clients [Member] | |||
Receivables, Net, Current | $ 792,000 | 1,000,000 | |
U S Global Jets U C I T S E T F [Member] | |||
Unitary Management Fee, Percentage of Average Net Assets | 0.65% | ||
U S Global Investors Funds [Member] | |||
Aggregate Fees Waived and Expenses Borne | $ 253,000 | $ 220,000 | |
Investment Advisory Fees, Fee Adjustment Base Percentage Adjustment When Fund Performance is Not Within Limits to Benchmark Index | 0.25% | ||
Investment Advisory Fees, Fee Adjustment Percent, Minimum Performance to Designed Benchmark Over Prior Rolling 12 Months | 5% | ||
Annual Administrative Fee Rate | 0.05% | ||
U S Global Investors Funds [Member] | Fund Clients [Member] | |||
Receivables, Net, Current | $ 122,000 | $ 126,000 |
Note 4 - Investment Managemen_4
Note 4 - Investment Management and Other Fees - Operating Revenues Disaggregated by Performance Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,133 | $ 4,412 |
Investment And Advisory Services [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,103 | 4,377 |
Investment And Advisory Services [Member] | U S Global E T Fs [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,709 | 3,913 |
Investment And Advisory Services [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 506 | 610 |
Investment Performance [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | (112) | (146) |
Administrative Service [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 30 | 35 |
Administrative Service [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 30 | $ 35 |
Note 5 - Restricted and Unres_3
Note 5 - Restricted and Unrestricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Cash and cash equivalents | $ 26,849 | $ 25,401 |
Restricted cash | 1,000 | 1,000 |
Total cash, cash equivalents, and restricted cash | $ 27,849 | $ 26,401 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Lease, Cost | $ 34,000 | $ 23,000 | |
Operating Lease, Lease Income | 27,000 | 34,000 | |
Other Assets [Member] | |||
Lessor, Cost, Contracts Asset | 4,000 | $ 4,000 | |
General and Administrative Expense [Member] | |||
Lease, Cost | $ 33,000 | $ 22,000 |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Amortization of right-of-use assets | $ 8 | $ 7 | |
Interest on lease liabilities | 1 | 1 | |
Total finance lease cost | 9 | 8 | |
Short-term lease cost | 25 | 15 | |
Total lease cost | 34 | 23 | |
Operating cash flows from financing leases included in lease liabilities | 1 | 1 | |
Financing cash flows from financing leases included in lease liabilities | $ 7 | $ 7 | |
Weighted-average remaining lease term - financing leases (years) (Year) | 2 years | 2 years 3 months | |
Weighted-average discount rate - financing leases | 4.75% | 4.75% |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2024 (excluding the three months ended September 30, 2023) | $ 24 |
2025 | 33 |
2026 | 8 |
Total lease payments | 65 |
Less imputed interest | (3) |
Total | $ 62 |
Note 6 - Leases - Summary Analy
Note 6 - Leases - Summary Analysis of Annual Undiscounted Cash Flows to be Received on Leases (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2024 (excluding the three months ended September 30, 2023) | $ 31 |
2025 | 36 |
Total lease payments | $ 67 |
Note 7 - Borrowings (Details Te
Note 7 - Borrowings (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 24 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Feb. 25, 2022 | Feb. 24, 2022 | |
Payments for Repurchase of Common Stock | $ 611,000 | $ 133,000 | ||||
Excise Tax Liability Accrued on Stock Repurchases | $ 6,000 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 0 | 2,000 | ||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | $ 0 | $ 0 | $ 0 | ||
Plan 1989 [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 229,000 | 229,000 | 229,000 | |||
Common Class A [Member] | Plan 1989 [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 6.05 | $ 6.05 | $ 6.05 | |||
Common Class A [Member] | Plan 1997 [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 2,000 | 2,000 | 2,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 2.74 | $ 2.74 | $ 2.74 | |||
Treasury Stock, Common [Member] | ||||||
Treasury Stock, Shares, Acquired (in shares) | 198,213 | 39,965 | ||||
Treasury Stock, Common [Member] | Common Class A [Member] | ||||||
Treasury Stock, Shares, Acquired (in shares) | 198,213 | 39,965 | ||||
Payments for Repurchase of Common Stock | $ 611,000 | $ 133,000 | ||||
Share Repurchase Plan Renewal December2012 December2020 [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 2,750,000 | |
Monthly Dividends Paid [Member] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.0075 | $ 0.0075 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 229,000 | 229,000 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) | $ (176) | $ 53 |
Basic weighted average number of common shares outstanding (in shares) | 14,465,510 | 14,948,688 |
Stock options (in shares) | 191 | 587 |
Diluted (in shares) | 14,465,701 | 14,949,275 |
Basic Net Income (Loss) per share (in dollars per share) | $ (0.01) | $ 0 |
Diluted Net Income (Loss) per share (in dollars per share) | $ (0.01) | $ 0 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Liability for Uncertainty in Income Taxes, Current | $ 530,000 | |
Unrecognized Tax Benefits | 530,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards | 0 | |
Tax Credit Carryforward, Amount | 0 | |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards | 108,000 | |
Tax Credit Carryforward, Amount | 0 | |
Deferred Tax Assets, Valuation Allowance | $ 29,000 | $ 24,000 |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Balance | $ 52,196 | $ 53,785 | |
Net other comprehensive loss | (214) | (486) | |
Balance | 50,701 | 52,896 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | 1,348 | 3,624 | |
Other comprehensive income (loss) before reclassifications | 65 | (146) | |
Tax effect | (14) | 31 | |
Amount reclassified from AOCI | (336) | (469) | |
Tax effect | 71 | 98 | |
Net other comprehensive loss | (214) | (486) | |
Balance | 1,134 | 3,138 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | 1,348 | [1] | 3,624 |
Other comprehensive income (loss) before reclassifications | 65 | (146) | |
Tax effect | (14) | [1] | 31 |
Amount reclassified from AOCI | (336) | [1] | (469) |
Tax effect | 71 | [1] | 98 |
Net other comprehensive loss | (214) | (486) | |
Balance | $ 1,134 | [1] | $ 3,138 |
[1]Amounts include no tax expense or benefit. |
Note 12 - Financial Informati_3
Note 12 - Financial Information by Business Segment (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,133,000 | $ 4,412,000 |
Investment Management Services [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,133,000 | 4,412,000 |
Investment Management Services [Member] | U S Global E T Fs [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,700,000 | 3,900,000 |
Investment Management Services [Member] | U S Global Investors Funds [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 424,000 | $ 499,000 |
Note 12 - Financial Informati_4
Note 12 - Financial Information by Business Segment - Total Revenues and Income by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,133 | $ 4,412 | |
Investment Income, Net | (513) | (1,460) | |
Other income | 57 | 61 | |
Income (loss) before income taxes | (241) | 186 | |
Depreciation | 61 | 61 | |
Gross identifiable assets | 51,805 | 55,612 | |
Deferred tax asset | 2,287 | 1,373 | $ 1,920 |
Consolidated total assets | 54,092 | 56,985 | $ 55,673 |
Investment Management Services [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 3,133 | 4,412 | |
Investment Income, Net | 0 | 0 | |
Other income | 57 | 61 | |
Income (loss) before income taxes | 288 | 1,661 | |
Depreciation | 61 | 61 | |
Gross identifiable assets | 26,954 | 23,607 | |
Corporate Investments [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Investment Income, Net | (513) | (1,460) | |
Other income | 0 | 0 | |
Income (loss) before income taxes | (529) | (1,475) | |
Depreciation | 0 | 0 | |
Gross identifiable assets | $ 24,851 | $ 32,005 |
Note 13 - Contingencies and C_2
Note 13 - Contingencies and Commitments (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Dividends, Common Stock, Cash | $ 322,000 | $ 335,000 | ||
Monthly Dividend [Member] | Forecast [Member] | ||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.0075 | $ 0.0075 | ||
Dividends, Common Stock, Cash | $ 324,000 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Monthly Dividend [Member] | Forecast [Member] | ||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.0075 | $ 0.0075 |