U.S. GLOBAL INVESTORS, INC.
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(Exact name of registrant as specified in its charter)
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Texas
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74-1598370
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer Identification No.)
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7900 Callaghan Road
San Antonio, Texas
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78229
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller Reporting Company ☒
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(Do not check if a smaller reporting company)
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PART I. FINANCIAL INFORMATION
|
1
|
|
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1
|
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1
|
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2
|
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3
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4
|
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5
|
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18
|
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22
|
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23
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|
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PART II. OTHER INFORMATION
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24
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|
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24
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24
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24
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25
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26
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September 30, 2016 |
June 30, 2016
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|||||||
Assets
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(UNAUDITED)
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|||||||
(dollars in thousands)
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||||||||
Current Assets
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||||||||
Cash and cash equivalents
|
$
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3,303
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$
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3,993
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||||
Restricted cash
|
1,000
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1,000
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||||||
Investment securities - trading, at fair value
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10,204
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10,104
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||||||
Accounts and other receivables
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804
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787
|
||||||
Note receivable
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2,000
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2,000
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||||||
Prepaid expenses
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226
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290
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||||||
Total Current Assets
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17,537
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18,174
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||||||
Net Property and Equipment
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2,401
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2,466
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||||||
Other Assets
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||||||||
Investment securities - available-for-sale, at fair value
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4,157
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3,481
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||||||
Other investments
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2,683
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1,924
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||||||
Note receivable, long term
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212
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212
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||||||
Other assets, long term
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98
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89
|
||||||
Total Other Assets
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7,150
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5,706
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||||||
Total Assets
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$
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27,088
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$
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26,346
|
||||
Liabilities and Shareholders’ Equity
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||||||||
Current Liabilities
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||||||||
Accounts payable
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$
|
121
|
$
|
148
|
||||
Accrued compensation and related costs
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443
|
451
|
||||||
Dividends payable
|
114
|
115
|
||||||
Other accrued expenses
|
562
|
586
|
||||||
Total Current Liabilities
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1,240
|
1,300
|
||||||
Commitments and Contingencies (Note 11)
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||||||||
Shareholders’ Equity
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||||||||
Common stock (class A) - $0.025 par value; nonvoting; authorized, 28,000,000 shares; issued, 13,866,421 at September 30, 2016, and June 30, 2016
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347
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347
|
||||||
Common stock (class B) - $0.025 par value; nonvoting; authorized, 4,500,000 shares; no shares issued
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-
|
-
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||||||
Convertible common stock (class C) - $0.025 par value; voting; authorized, 3,500,000 shares; issued, 2,069,127 shares at September 30, 2016, and June 30, 2016
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52
|
52
|
||||||
Additional paid-in-capital
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15,651
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15,651
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||||||
Treasury stock, class A shares at cost; 702,055 and 688,700 shares at September 30, 2016, and June 30, 2016, respectively
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(1,689
|
)
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(1,663
|
)
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||||
Accumulated other comprehensive income (loss), net of tax
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534
|
(149
|
)
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|||||
Retained earnings
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10,439
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10,290
|
||||||
Total U.S. Global Investors Inc. Shareholders’ Equity
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25,334
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24,528
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||||||
Non-Controlling Interest in Subsidiary
|
514
|
518
|
||||||
Total Shareholders’ Equity
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25,848
|
25,046
|
||||||
Total Liabilities and Shareholders’ Equity
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$
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27,088
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$
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26,346
|
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Three Months Ended September 30,
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|||||||
(dollars in thousands, except per share data)
|
2016
|
2015
|
||||||
Operating Revenues
|
||||||||
Advisory fees
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$
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1,891
|
$
|
1,139
|
||||
Administrative services fees
|
90
|
111
|
||||||
|
1,981
|
1,250
|
||||||
Operating Expenses
|
||||||||
Employee compensation and benefits
|
987
|
1,376
|
||||||
General and administrative
|
870
|
1,079
|
||||||
Advertising
|
29
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110
|
||||||
Depreciation and amortization
|
64
|
80
|
||||||
|
1,950
|
2,645
|
||||||
Operating Income (Loss)
|
31
|
(1,395
|
)
|
|||||
Other Income
|
||||||||
Investment income
|
253
|
534
|
||||||
Total Other Income
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253
|
534
|
||||||
Income (Loss) Before Income Taxes
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284
|
(861
|
)
|
|||||
Provision for Federal Income Taxes
|
||||||||
Tax expense
|
20
|
11
|
||||||
Income (Loss) from Continuing Operations
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264
|
(872
|
)
|
|||||
Discontinued Operations
|
||||||||
Income from discontinued operations of distributor before income taxes
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-
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7
|
||||||
Tax expense
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-
|
-
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||||||
Income from Discontinued Operations
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-
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7
|
||||||
Net Income (Loss)
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264
|
(865
|
)
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|||||
Less: Net Income Attributable to Non-Controlling Interest
|
1
|
3
|
||||||
Net Income (Loss) Attributable to U.S. Global Investors, Inc.
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$
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263
|
$
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(868
|
)
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|||
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||||||||
Earnings Per Share Attributable to U.S. Global Investors, Inc.
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||||||||
Basic
|
||||||||
Income (loss) from continuing operations
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$
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0.02
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$
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(0.06
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)
|
|||
Income from discontinued operations
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-
|
-
|
||||||
Net income (loss)
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$
|
0.02
|
$
|
(0.06
|
)
|
|||
Diluted
|
||||||||
Income (loss) from continuing operations
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$
|
0.02
|
$
|
(0.06
|
)
|
|||
Income from discontinued operations
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-
|
-
|
||||||
Net income (loss)
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$
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0.02
|
$
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(0.06
|
)
|
|||
Basic weighted average number of common shares outstanding
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15,240,957
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15,342,186
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||||||
Diluted weighted average number of common shares outstanding
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15,240,957
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15,342,186
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Three Months Ended September 30,
|
||||||||
(dollars in thousands)
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2016
|
2015
|
||||||
Net Income (Loss) Attributable to U.S. Global Investors, Inc.
|
$
|
263
|
$
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(868
|
)
|
|||
Other Comprehensive Income (Loss), Net of Tax:
|
||||||||
Unrealized gains (losses) on available-for-sale securities arising during period
|
709
|
(113
|
)
|
|||||
Less: reclassification adjustment for losses included in net income
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(16
|
)
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(471
|
)
|
||||
Net change from available-for-sale investments, net of tax
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693
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(584
|
)
|
|||||
Foreign currency translation adjustment
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(15
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)
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(125
|
)
|
||||
Other Comprehensive Income (Loss)
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678
|
(709
|
)
|
|||||
Comprehensive Income (Loss)
|
941
|
(1,577
|
)
|
|||||
Less: Comprehensive Loss Attributable to Non-Controlling Interest
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(5
|
)
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(44
|
)
|
||||
Comprehensive Income (Loss) Attributable to U.S. Global Investors, Inc.
|
$
|
946
|
$
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(1,533
|
)
|
Three Months Ended September 30,
|
||||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
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$
|
264
|
$
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(865
|
)
|
|||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
64
|
80
|
||||||
Net recognized (gain) loss on securities
|
16
|
(438
|
)
|
|||||
Stock bonuses
|
2
|
8
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
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(18
|
)
|
1,172
|
|||||
Prepaid and other assets
|
54
|
82
|
||||||
Trading securities
|
(100
|
)
|
464
|
|||||
Accounts payable and accrued expenses
|
(91
|
)
|
(23
|
)
|
||||
Total adjustments
|
(73
|
)
|
1,345
|
|||||
Net cash provided by operating activities
|
191
|
480
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Purchase of property and equipment
|
-
|
(5
|
)
|
|||||
Purchase of other investments
|
(776
|
)
|
-
|
|||||
Proceeds on sale of available-for-sale securities
|
-
|
962
|
||||||
Return of capital on investment
|
17
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13
|
||||||
Net cash provided by (used in) investing activities
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(759
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)
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970
|
|||||
Cash Flows from Financing Activities:
|
||||||||
Issuance of common stock
|
1
|
28
|
||||||
Repurchases of common stock
|
(30
|
)
|
(163
|
)
|
||||
Dividends paid
|
(113
|
)
|
(230
|
)
|
||||
Net cash used in financing activities
|
(142
|
)
|
(365
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
20
|
(118
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(690
|
)
|
967
|
|||||
Beginning cash and cash equivalents
|
3,993
|
3,507
|
||||||
Ending cash and cash equivalents
|
$
|
3,303
|
$
|
4,474
|
||||
Supplemental Disclosures of Cash Flow Information
|
||||||||
Cash paid for income taxes
|
$
|
12
|
$
|
-
|
September 30, 2016
|
||||||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
(Losses)
|
Fair Value
|
||||||||||||
Trading securities1
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
9,284
|
$
|
112
|
$
|
-
|
$
|
9,396
|
||||||||
Mutual funds - Domestic equity
|
535
|
-
|
(175
|
)
|
360
|
|||||||||||
Other
|
45
|
-
|
(45
|
)
|
-
|
|||||||||||
Offshore fund
|
1,184
|
-
|
(736
|
)
|
448
|
|||||||||||
Total trading securities
|
$
|
11,048
|
$
|
112
|
$
|
(956
|
)
|
$
|
10,204
|
|||||||
Available-for-sale securities2
|
||||||||||||||||
Common stock - Domestic
|
$
|
109
|
$
|
13
|
$
|
-
|
$
|
122
|
||||||||
Common stock - International
|
602
|
199
|
(1
|
)
|
800
|
|||||||||||
Corporate debt
|
1,038
|
518
|
-
|
1,556
|
||||||||||||
Mutual funds - Fixed income
|
1,221
|
13
|
(8
|
)
|
1,226
|
|||||||||||
Mutual funds - Domestic equity
|
394
|
-
|
(7
|
)
|
387
|
|||||||||||
Other
|
56
|
10
|
-
|
66
|
||||||||||||
Total available-for-sale securities3
|
$
|
3,420
|
$
|
753
|
$
|
(16
|
)
|
$
|
4,157
|
June 30, 2016
|
||||||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
(Losses)
|
Fair Value
|
||||||||||||
Trading securities1
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
9,284
|
$
|
124
|
$
|
-
|
$
|
9,408
|
||||||||
Mutual funds - Domestic equity
|
535
|
-
|
(197
|
)
|
338
|
|||||||||||
Other
|
45
|
-
|
(45
|
)
|
-
|
|||||||||||
Offshore fund
|
1,184
|
-
|
(826
|
)
|
358
|
|||||||||||
Total trading securities
|
$
|
11,048
|
$
|
124
|
$
|
(1,068
|
)
|
$
|
10,104
|
|||||||
Available-for-sale securities2
|
||||||||||||||||
Common stock - Domestic
|
$
|
109
|
$
|
21
|
$
|
-
|
$
|
130
|
||||||||
Common stock - International
|
613
|
16
|
(83
|
)
|
546
|
|||||||||||
Corporate debt
|
1,038
|
86
|
-
|
1,124
|
||||||||||||
Mutual funds - Fixed income
|
1,226
|
18
|
(23
|
)
|
1,221
|
|||||||||||
Mutual funds - Domestic equity
|
394
|
2
|
-
|
396
|
||||||||||||
Other
|
56
|
8
|
-
|
64
|
||||||||||||
Total available-for-sale securities3
|
$
|
3,436
|
$
|
151
|
$
|
(106
|
)
|
$
|
3,481
|
1 |
Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
|
2 |
Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a separate component of shareholders’ equity until realized.
|
3 |
Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of September 30, 2016, are $737 and $737, respectively, and as of June 30, 2016, are $45 and $45, respectively.
|
• |
realized gains and losses on sales of securities;
|
• |
unrealized gains and losses on trading securities;
|
• |
realized foreign currency gains and losses;
|
• |
other-than-temporary impairments on available-for-sale securities;
|
• |
other-than-temporary impairments on held-at-cost securities; and
|
• |
dividend and interest income.
|
(dollars in thousands)
|
Three Months Ended September 30,
|
|||||||
Investment Income
|
2016
|
2015
|
||||||
Realized gains on sales of available-for-sale securities
|
$
|
-
|
$
|
531
|
||||
Realized losses on sales of trading securities
|
-
|
(35
|
)
|
|||||
Unrealized gains (losses) on trading securities
|
99
|
(64
|
)
|
|||||
Realized foreign currency gains
|
2
|
35
|
||||||
Other-than-temporary declines in available-for-sale securities
|
(16
|
)
|
(60
|
)
|
||||
Dividend and interest income
|
168
|
127
|
||||||
Total Investment Income
|
$
|
253
|
$
|
534
|
September 30, 2016
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
Available-for-sale securities
|
||||||||||||||||||||||||
Common stock - Domestic
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Common stock - International
|
-
|
-
|
35
|
(1
|
)
|
35
|
(1
|
)
|
||||||||||||||||
Corporate debt
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Mutual funds - Fixed income
|
-
|
-
|
164
|
(8
|
)
|
164
|
(8
|
)
|
||||||||||||||||
Mutual funds - Domestic equity
|
387
|
(7
|
)
|
-
|
-
|
387
|
(7
|
)
|
||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total available-for-sale securities
|
$
|
387
|
$
|
(7
|
)
|
$
|
199
|
$
|
(9
|
)
|
$
|
586
|
$
|
(16
|
)
|
June 30, 2016
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
Available-for-sale securities
|
||||||||||||||||||||||||
Common stock - Domestic
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Common stock - International
|
246
|
(60
|
)
|
23
|
(23
|
)
|
269
|
(83
|
)
|
|||||||||||||||
Corporate debt
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Mutual funds - Fixed income
|
1
|
-
|
201
|
(23
|
)
|
202
|
(23
|
)
|
||||||||||||||||
Mutual funds - Domestic equity
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total available-for-sale securities
|
$
|
247
|
$
|
(60
|
)
|
$
|
224
|
$
|
(46
|
)
|
$
|
471
|
$
|
(106
|
)
|
September 30, 2016
|
||||||||||||||||
Significant
|
||||||||||||||||
Significant
|
Unobservable | |||||||||||||||
Quoted Prices
|
Other Inputs
|
Inputs
|
||||||||||||||
(dollars in thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Trading securities
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
9,396
|
$
|
-
|
$
|
-
|
$
|
9,396
|
||||||||
Mutual funds - Domestic equity
|
360
|
-
|
-
|
360
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Offshore fund investment measured at net asset value1
|
448
|
|||||||||||||||
Total trading securities
|
9,756
|
-
|
-
|
10,204
|
||||||||||||
Available-for-sale securities
|
||||||||||||||||
Common stock - Domestic
|
122
|
-
|
-
|
122
|
||||||||||||
Common stock - International
|
800
|
-
|
-
|
800
|
||||||||||||
Corporate debt
|
-
|
1,556
|
-
|
1,556
|
||||||||||||
Mutual funds - Fixed income
|
1,226
|
-
|
-
|
1,226
|
||||||||||||
Mutual funds - Domestic equity
|
387
|
-
|
-
|
387
|
||||||||||||
Other
|
66
|
-
|
-
|
66
|
||||||||||||
Total available-for-sale securities
|
2,601
|
1,556
|
-
|
4,157
|
||||||||||||
Total
|
$
|
12,357
|
$
|
1,556
|
$
|
-
|
$
|
14,361
|
June 30, 2016
|
||||||||||||||||
Significant
|
||||||||||||||||
Significant
|
Unobservable | |||||||||||||||
Quoted Prices
|
Other Inputs
|
Inputs
|
||||||||||||||
(dollars in thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Trading securities
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
9,408
|
$
|
-
|
$
|
-
|
$
|
9,408
|
||||||||
Mutual funds - Domestic equity
|
338
|
-
|
-
|
338
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Offshore fund investment measured at net asset value1
|
358
|
|||||||||||||||
Total trading securities
|
9,746
|
-
|
-
|
10,104
|
||||||||||||
Available-for-sale securities
|
||||||||||||||||
Common stock - Domestic
|
130
|
-
|
-
|
130
|
||||||||||||
Common stock - International
|
546
|
-
|
-
|
546
|
||||||||||||
Corporate debt
|
1,124
|
-
|
-
|
1,124
|
||||||||||||
Mutual funds - Fixed income
|
1,221
|
-
|
-
|
1,221
|
||||||||||||
Mutual funds - Domestic equity
|
396
|
-
|
-
|
396
|
||||||||||||
Other
|
64
|
-
|
-
|
64
|
||||||||||||
Total available-for-sale securities
|
3,481
|
-
|
-
|
3,481
|
||||||||||||
Total
|
$
|
13,227
|
$
|
-
|
$
|
-
|
$
|
13,585
|
1 |
In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.
|
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis
|
||||||||
September 30, 2016
|
September 30, 2015
|
|||||||
(dollars in thousands)
|
Corporate Debt
|
|||||||
Beginning Balance
|
$
|
-
|
$
|
539
|
||||
Return of capital
|
-
|
(13
|
)
|
|||||
Total gains or losses (realized/unrealized)
|
||||||||
Included in earnings (investment income)
|
-
|
(23
|
)
|
|||||
Included in other comprehensive income (loss)
|
-
|
56
|
||||||
Purchases
|
-
|
-
|
||||||
Sales
|
-
|
-
|
||||||
Transfers into Level 3
|
-
|
-
|
||||||
Transfers out of Level 3
|
-
|
-
|
||||||
Ending Balance
|
$
|
-
|
$
|
559
|
Three Months Ended September 30,
|
||||||||
(dollars in thousands, except per share data)
|
2016
|
2015
|
||||||
Net Income (Loss)
|
||||||||
Income (loss) from continuing operations
|
$
|
264
|
$
|
(872
|
)
|
|||
Less: Income attributable to non-controlling interest in subsidiary
|
1
|
3
|
||||||
Income (loss) from continuing operations attributable to U.S. Global Investors, Inc.
|
263
|
(875
|
)
|
|||||
Income from discontinued operations attributable to U.S. Global Investors, Inc.
|
-
|
7
|
||||||
Net income (loss) attributable to U.S. Global Investors, Inc.
|
$
|
263
|
$
|
(868
|
)
|
|||
Weighted average number of outstanding shares
|
||||||||
Basic
|
15,240,957
|
15,342,186
|
||||||
Effect of dilutive securities
|
||||||||
Employee stock options
|
-
|
-
|
||||||
Diluted
|
15,240,957
|
15,342,186
|
||||||
Earnings Per Share Attributable to U.S. Global Investors, Inc.
|
||||||||
Basic
|
||||||||
Income (loss) from continuing operations
|
$
|
0.02
|
$
|
(0.06
|
)
|
|||
Income from discontinued operations
|
-
|
-
|
||||||
Net income (loss)
|
$
|
0.02
|
$
|
(0.06
|
)
|
|||
Diluted
|
||||||||
Income (loss) from continuing operations
|
$
|
0.02
|
$
|
(0.06
|
)
|
|||
Income from discontinued operations
|
-
|
-
|
||||||
Net income (loss)
|
$
|
0.02
|
$
|
(0.06
|
)
|
(dollars in thousands)
|
Unrealized gains (losses) on available-for-sale investments 1
|
Foreign currency
adjustment
|
Total
|
|||||||||
Three Months Ended September 30, 2016
|
||||||||||||
Balance at June 30, 2016
|
$
|
45
|
$
|
(194
|
)
|
$
|
(149
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
709
|
(10
|
)
|
699
|
||||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Amount reclassified from AOCI
|
(16
|
)
|
-
|
(16
|
)
|
|||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Net other comprehensive income (loss) for quarter
|
693
|
(10
|
)
|
683
|
||||||||
Balance at September 30, 2016
|
$
|
738
|
$
|
(204
|
)
|
$
|
534
|
(dollars in thousands)
|
Unrealized gains (losses) on available-for-sale investments 1
|
Foreign currency
adjustment
|
Total
|
|||||||||
Three Months Ended September 30, 2015
|
||||||||||||
Balance at June 30, 2015
|
$
|
(339
|
)
|
$
|
(144
|
)
|
$
|
(483
|
)
|
|||
Other comprehensive loss before reclassifications
|
(113
|
)
|
(81
|
)
|
(194
|
)
|
||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Amount reclassified from AOCI
|
(471
|
)
|
-
|
(471
|
)
|
|||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Net other comprehensive loss for quarter
|
(584
|
)
|
(81
|
)
|
(665
|
)
|
||||||
Balance at September 30, 2015
|
$
|
(923
|
)
|
$
|
(225
|
)
|
$
|
(1,148
|
)
|
1.
|
Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations.
|
(dollars in thousands)
|
Investment Management
Services
|
Investment Management
Services - Canada
|
Corporate Investments
|
Consolidated
|
||||||||||||
Three months ended September 30, 2016
|
||||||||||||||||
Net operating revenues
|
$
|
1,682
|
$
|
299
|
$
|
-
|
$
|
1,981
|
||||||||
Net other income
|
$
|
-
|
$
|
-
|
$
|
253
|
$
|
253
|
||||||||
Income from continuing operations before income taxes
|
$
|
45
|
$
|
4
|
$
|
235
|
$
|
284
|
||||||||
Depreciation and amortization
|
$
|
60
|
$
|
4
|
$
|
-
|
$
|
64
|
||||||||
Capital expenditures
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Gross identifiable assets at September 30, 2016
|
$
|
5,907
|
$
|
1,646
|
$
|
19,535
|
$
|
27,088
|
||||||||
Deferred tax asset
|
$
|
-
|
||||||||||||||
Consolidated total assets at September 30, 2016
|
$
|
27,088
|
||||||||||||||
Three months ended September 30, 2015
|
||||||||||||||||
Net operating revenues
|
$
|
920
|
$
|
330
|
$
|
-
|
$
|
1,250
|
||||||||
Net other income
|
$
|
-
|
$
|
-
|
$
|
534
|
$
|
534
|
||||||||
Income (loss) from continuing operations before income taxes
|
$
|
(1,342
|
)
|
$
|
(45
|
)
|
$
|
526
|
$
|
(861
|
)
|
|||||
Income from discontinued operations
|
$
|
7
|
$
|
-
|
$
|
-
|
$
|
7
|
||||||||
Depreciation and amortization
|
$
|
64
|
$
|
16
|
$
|
-
|
$
|
80
|
||||||||
Capital expenditures
|
$
|
5
|
$
|
-
|
$
|
-
|
$
|
5
|
Three Months Ended September 30,
|
||||||||
(dollars in thousands)
|
2016
|
2015
|
||||||
Revenues
|
||||||||
Distribution fees
|
$
|
-
|
$
|
244
|
||||
Shareholder services fees
|
-
|
103
|
||||||
-
|
347
|
|||||||
Expenses
|
||||||||
Employee compensation and benefits
|
-
|
89
|
||||||
General and administrative
|
-
|
49
|
||||||
Platform fees
|
-
|
195
|
||||||
Advertising
|
-
|
7
|
||||||
-
|
340
|
|||||||
Income from discontinued operations of distributor before income taxes
|
-
|
7
|
||||||
Tax expense
|
-
|
-
|
||||||
Income from discontinued operations of distributor
|
$
|
-
|
$
|
7
|
Changes in Assets Under Management
|
||||||||||||
Three Months Ended September 30, 2016
|
||||||||||||
(dollars in thousands)
|
Equity
|
Fixed Income
|
Total
|
|||||||||
Beginning Balance
|
$
|
525,778
|
$
|
177,242
|
$
|
703,020
|
||||||
Market appreciation (depreciation)
|
49,502
|
(289
|
)
|
49,213
|
||||||||
Dividends and distributions
|
-
|
(439
|
)
|
(439
|
)
|
|||||||
Net shareholder purchases
|
3,308
|
4,703
|
8,011
|
|||||||||
Ending Balance
|
$
|
578,588
|
$
|
181,217
|
$
|
759,805
|
||||||
Average investment management fee
|
0.98
|
%
|
0.00
|
%
|
0.76
|
%
|
||||||
Average net assets
|
$
|
580,365
|
$
|
180,597
|
$
|
760,962
|
Changes in Assets Under Management
|
||||||||||||
Three Months Ended September 30, 2015
|
||||||||||||
(dollars in thousands)
|
Equity
|
Fixed Income
|
Total
|
|||||||||
Beginning Balance
|
$
|
442,243
|
$
|
148,583
|
$
|
590,826
|
||||||
Market appreciation (depreciation)
|
(55,267
|
)
|
918
|
(54,349
|
)
|
|||||||
Dividends and distributions
|
-
|
(390
|
)
|
(390
|
)
|
|||||||
Net shareholder redemptions
|
(22,004
|
)
|
(1,464
|
)
|
(23,468
|
)
|
||||||
Ending Balance
|
$
|
364,972
|
$
|
147,647
|
$
|
512,619
|
||||||
Average investment management fee
|
0.89
|
%
|
0.00
|
%
|
0.65
|
%
|
||||||
Average net assets
|
$
|
393,163
|
$
|
147,963
|
$
|
541,126
|
• |
Advisory fees increased by $752,000, or 66.0 percent, as a result of higher assets under management and performance fees received. USGIF advisory fees are comprised of two components: a base management fee and a performance fee.
|
• |
Base management fees increased $545,000. Base fees increased primarily as a result of higher assets under management in the USGIF due to market appreciation and shareholder purchases, primarily in the gold and natural resources funds.
|
• |
Performance fee adjustments in the current period were $39,000 in fees received compared to $168,000 in fees paid out in the corresponding period in the prior year, a positive difference of $207,000. The performance fee, which applies to the USGIF equity funds only, is a fulcrum fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months.
|
• |
Administrative services fee revenue decreased by $21,000, or 18.9 percent, primarily as a result of the current period’s fees being subject to a lower rate. Effective December 10, 2015, due to the Company’s reduced administrative responsibilities as a result of outsourcing to other service providers a portion of these services previously provided to USGIF, the administrative fee paid to the Company by USGIF was reduced. The effect of the decrease in the fee rate was somewhat offset by higher average net assets under management upon which these fees are based in the current period.
|
• |
Employee compensation and benefits decreased by $389,000, or 28.3 percent, primarily as a result of fewer employees.
|
• |
General and administrative expenses decreased $209,000, or 19.4 percent, primarily due to strategic cost-cutting measures.
|
• |
Advertising expenses decreased $81,000, or 73.6 percent, primarily due to higher costs in the prior period related to the ETF that launched in April 2015.
|
(dollars in thousands)
|
Fair Value at
September 30, 2016
|
Hypothetical Percentage Change
|
Estimated Fair Value After Hypothetical Price Change
|
Increase (Decrease) in Shareholders’ Equity, Net of Tax
|
|||||||||
Trading securities ¹
|
$
|
10,204
|
25% increase
|
$
|
12,755
|
$
|
2,551
|
||||||
25% decrease
|
$
|
7,653
|
$
|
(2,551
|
)
|
||||||||
Available-for-sale ²
|
$
|
4,157
|
25% increase
|
$
|
5,196
|
$
|
1,039
|
||||||
25% decrease
|
$
|
3,118
|
$
|
(1,039
|
)
|
1 |
Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
|
2 |
Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a component of shareholders’ equity until realized.
|
(dollars in thousands, except price data)
|
||||||||||||||||||||
Period
|
Total Number
of Shares
Purchased 1
|
Total Amount
Purchased
|
Average Price
Paid Per Share 2
|
Total Number of Shares Purchased as Part of Publicly Announced Plan 3
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
|
|||||||||||||||
07-01-16 to 07-31-16
|
4,078
|
$
|
9
|
$
|
2.10
|
4,078
|
$
|
2,671
|
||||||||||||
08-01-16 to 08-31-16
|
4,069
|
8
|
2.07
|
4,069
|
2,663
|
|||||||||||||||
09-01-16 to 09-30-16
|
6,800
|
13
|
1.85
|
6,800
|
2,650
|
|||||||||||||||
Total
|
14,947
|
$
|
30
|
$
|
1.98
|
14,947
|
1 |
The Board of Directors of the company approved on December 7, 2012, and renewed on December 12, 2013, December 10, 2014, and December 9, 2015, a repurchase of up to $2.75 million in each of calendar years 2013, 2014, 2015, and 2016, respectively, of its outstanding class A common stock from time to time on the open market in accordance with all applicable rules and regulations.
|
2 |
The average price paid per share of stock repurchased under the stock repurchase program includes the commissions paid to brokers.
|
3 |
The repurchase plan was approved on December 7, 2012, and renewed on December 12, 2013, December 10, 2014, and December 9, 2015, and will continue through calendar year 2016. The total amount of shares that may be repurchased in 2016 under the renewed program is $2.75 million.
|
1. Exhibits –
|
|
31
|
|
32
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
U.S. GLOBAL INVESTORS, INC.
|
|
|
|
|
|
DATED:
|
November 4, 2016
|
BY: /s/ Frank E. Holmes
|
|
|
|
Frank E. Holmes
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
DATED:
|
November 4, 2016
|
BY: /s/ Lisa C. Callicotte
|
|
|
|
Lisa C. Callicotte
|
|
|
|
Chief Financial Officer
|
1. |
I have reviewed this quarterly report on Form 10-Q of U.S. Global Investors, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d–15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Frank E. Holmes
|
Frank E. Holmes
|
Chief Executive Officer
|
1. |
I have reviewed this quarterly report on Form 10-Q of U.S. Global Investors, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d–15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Lisa C. Callicotte
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Lisa C. Callicotte
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Chief Financial Officer
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Date:
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November 4, 2016
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/s/ Frank E. Holmes
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Frank E. Holmes
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Chief Executive Officer
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Date:
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November 4, 2016
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/s/ Lisa C. Callicotte
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Lisa C. Callicotte
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Chief Financial Officer
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Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 27, 2016 |
|
Document Information [Line Items] | ||
Entity Registrant Name | U S GLOBAL INVESTORS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-30 | |
Amendment Flag | false | |
Entity Central Index Key | 0000754811 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Common Class C [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,069,127 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,153,506 |
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares |
Sep. 30, 2016 |
Jun. 30, 2016 |
---|---|---|
Common Class A [Member] | ||
Common stock; par value (in Dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 28,000,000 | 28,000,000 |
Common stock, shares issued | 13,866,421 | 13,866,421 |
Treasury stock, class A shares at cost; shares | 702,055 | 688,700 |
Common Class B [Member] | ||
Common stock; par value (in Dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 4,500,000 | 4,500,000 |
Common stock, shares issued | 0 | 0 |
Common Class C [Member] | ||
Common stock; par value (in Dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 3,500,000 | 3,500,000 |
Common stock, shares issued | 2,069,127 | 2,069,127 |
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Operating Revenues | ||
Advisory fees | $ 1,891 | $ 1,139 |
Administrative services fees | 90 | 111 |
1,981 | 1,250 | |
Operating Expenses | ||
Employee compensation and benefits | 987 | 1,376 |
General and administrative | 870 | 1,079 |
Advertising | 29 | 110 |
Depreciation and amortization | 64 | 80 |
1,950 | 2,645 | |
Operating Income (Loss) | 31 | (1,395) |
Other Income | ||
Investment income | 253 | 534 |
Total Other Income | 253 | 534 |
Income (Loss) Before Income Taxes | 284 | (861) |
Provision for Federal Income Taxes | ||
Tax expense | 20 | 11 |
Income (Loss) from Continuing Operations | 264 | (872) |
Discontinued Operations | ||
Income from discontinued operations of distributor before income taxes | 0 | 7 |
Tax expense | 0 | 0 |
Income from Discontinued Operations | 0 | 7 |
Net Income (Loss) | 264 | (865) |
Less: Net Income Attributable to Non-Controlling Interest | 1 | 3 |
Net Income (Loss) Attributable to U.S. Global Investors, Inc. | $ 263 | $ (868) |
Basic | ||
Income (loss) from continuing operations (in Dollars per share) | $ 0.02 | $ (0.06) |
Income from discontinued operations (in Dollars per share) | 0 | 0 |
Net income (loss) (in Dollars per share) | 0.02 | (0.06) |
Diluted | ||
Income (loss) from continuing operations (in Dollars per share) | 0.02 | (0.06) |
Income from discontinued operations (in Dollars per share) | 0 | 0 |
Net income (loss) (in Dollars per share) | $ 0.02 | $ (0.06) |
Basic weighted average number of common shares outstanding (in Shares) | 15,240,957 | 15,342,186 |
Diluted weighted average number of common shares outstanding (in Shares) | 15,240,957 | 15,342,186 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS ) (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Net Income (Loss) Attributable to U.S. Global Investors, Inc. | $ 263 | $ (868) |
Other Comprehensive Income (Loss), Net of Tax: | ||
Unrealized gains (losses) on available-for-sale securities arising during period | 709 | (113) |
Less: reclassification adjustment for losses included in net income | (16) | (471) |
Net change from available-for-sale investments, net of tax | 693 | (584) |
Foreign currency translation adjustment | (15) | (125) |
Other Comprehensive Income (Loss) | 678 | (709) |
Comprehensive Income (Loss) | 941 | (1,577) |
Less: Comprehensive Loss Attributable to Non-Controlling Interest | (5) | (44) |
Comprehensive Income (Loss) Attributable to U.S. Global Investors, Inc. | $ 946 | $ (1,533) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 264 | $ (865) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 64 | 80 |
Net recognized (gain) loss on securities | 16 | (438) |
Stock bonuses | 2 | 8 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (18) | 1,172 |
Prepaid and other assets | 54 | 82 |
Trading securities | (100) | 464 |
Accounts payable and accrued expenses | (91) | (23) |
Total adjustments | (73) | 1,345 |
Net cash provided by operating activities | 191 | 480 |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | 0 | (5) |
Purchase of other investments | (776) | 0 |
Proceeds on sale of available-for-sale securities | 0 | 962 |
Return of capital on investment | 17 | 13 |
Net cash provided by (used in) investing activities | (759) | 970 |
Cash Flows from Financing Activities: | ||
Issuance of common stock | 1 | 28 |
Repurchases of common stock | (30) | (163) |
Dividends paid | (113) | (230) |
Net cash used in financing activities | (142) | (365) |
Effect of exchange rate changes on cash and cash equivalents | 20 | (118) |
Net increase (decrease) in cash and cash equivalents | (690) | 967 |
Beginning cash and cash equivalents | 3,993 | 3,507 |
Ending cash and cash equivalents | 3,303 | 4,474 |
Supplemental Disclosures of Cash Flow Information | ||
Cash paid for income taxes | $ 12 | $ 0 |
BASIS OF PRESENTATION |
3 Months Ended |
---|---|
Sep. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. BASIS OF PRESENTATION U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) has prepared the consolidated financial statements pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The financial information included herein reflects all adjustments (consisting solely of normal recurring adjustments), which are, in management’s opinion, necessary for a fair presentation of results for the interim periods presented. The Company has consistently followed the accounting policies set forth in the notes to the consolidated financial statements in the Company’s Form 10-K for the fiscal year ended June 30, 2016, except for the adoption of new accounting pronouncements discussed below. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, United Shareholder Services, Inc. (“USSI”), U.S. Global Brokerage, Inc., U.S. Global Investors (Bermuda) Limited, U.S. Global Investors (Canada) Limited (“USCAN”), and U.S. Global Indices, LLC, and its 65 percent interest in Galileo Global Equity Advisor Inc. (“Galileo”). The Company’s wholly-owned subsidiary, USSI, which ceased operations in fiscal year 2014, was legally dissolved in December 2015. U.S. Global Brokerage, Inc. ceased operations in December 2015 as discussed in Note 12. Galileo is consolidated with the operations of the Company. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. Frank Holmes, CEO, and Susan McGee, President and General Counsel, serve as directors of Galileo. The Company’s evaluation for consolidation includes whether entities in which it has an interest or from which it receives fees are variable interest entities (“VIEs”) and whether the Company is the primary beneficiary of any VIEs identified in its analysis. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns and consolidates the VIE on the basis of having a controlling financial interest. The Company holds variable interests in, but is not deemed to be the primary beneficiary of, certain funds it advises. The Company’s interests in these VIEs consist of the Company’s direct ownership therein and any fees earned but uncollected. In the ordinary course of business, the Company may choose to waive certain fees or assume operating expenses of the funds it advises for competitive, regulatory or contractual reasons (see Note 3 for information regarding fee waivers). The Company has not provided financial support to any of these entities outside the ordinary course of business. The Company’s risk of loss with respect to these VIEs is limited to the carrying value of its investments in, and fees receivable from, the entities. The Company does not consolidate these VIEs because it is not the primary beneficiary. The Company’s total exposure to unconsolidated VIEs, consisting of the carrying value of investment securities and receivables for fees, was $12.0 million at September 30, 2016, and $11.8 million at June 30, 2016. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. The results of operations for the three months ended September 30, 2016, are not necessarily indicative of the results to be expected for the entire year. The unaudited interim financial information in these condensed financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s annual report. Recent Accounting Pronouncements Accounting Pronouncements Adopted During the Period In February 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which amends the consolidation requirements in ASC 810, Consolidation. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. The Company adopted this standard on a modified retrospective approach effective July 1, 2016. The adoption did not result in any change in consolidated entities. See further discussion of the Company’s analysis for consolidation in Note 1, Basis of Presentation. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, and requires the retrospective adoption approach. The Company adopted this standard for the September 30, 2016, financial statements on a retrospective basis and modified the presentation of the fair value hierarchy tables included in the notes to financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. It simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current or noncurrent in a classified balance sheet. Netting by tax jurisdiction is still required under the new guidance. The update is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, and early adoption is permitted. Entities are permitted to apply the amendments either prospectively or retrospectively. The Company early adopted this guidance effective September 30, 2016, on a prospective basis. As a valuation allowance is recorded for deferred tax balances, adoption of the guidance did not result in any changes or reclassifications in the Consolidated Balance Sheets as of September 30, 2016. No prior periods were retrospectively adjusted. Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in our fiscal year 2019. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). This update requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). When conditions or events raise substantial doubts about an entity’s ability to continue as a going concern, management shall disclose: i) the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern; ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and iii) management’s plans that are intended to mitigate the conditions or events - and whether or not those plans alleviate the substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual period and interim periods thereafter. Early application is permitted. Management does not currently anticipate that this update will have any impact on the Company’s financial statement disclosures. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 amends the guidance on the classification and measurement of investments in equity securities. It also amends certain presentation and disclosure requirements. Under the amended guidance, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification (changes in fair value reported in other comprehensive income) for equity securities with readily determinable fair values. ASU 2016-01 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. As indicated, when this standard is adopted, changes in the fair value of the Company’s investments securities classified as available-for-sale will no longer be reported through other comprehensive income, but rather through earnings. The Company is currently evaluating other potential impacts of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 introduces a lessee model that brings most leases on the balance sheet. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts from Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). ASU 2016-08 amends the guidance in ASU 2014-09, which is not yet effective. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. The effective date and transition requirements for the amendments in ASU 2016-08 are the same as the effective date and transition requirements of ASU 2014-09. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and disclosed. ASU 2016-09 is effective for public business entities for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption will be permitted in any interim or annual period, as long as all elements of the new standard are adopted at the same time. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In June 2016, the FASB issued 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. ASU 2016-13 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those years. Earlier application is permitted only for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In August 2016, the FASB issued 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 may change how an entity classifies certain cash receipts and cash payments on its statement of cash flows to reduce existing diversity in practice. The guidance will generally be applied retrospectively and is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. |
INVESTMENTS |
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Disclosure Text Block Supplement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Other Noncurrent Assets [Text Block] | NOTE 2. INVESTMENTS As of September 30, 2016, the Company held investments with a fair value of approximately $14.4 million and a cost basis of approximately $14.5 million. The fair value of these investments is approximately 53.0 percent of the Company’s total assets. In addition, the Company owned other investments of $2.7 million accounted for under the cost method of accounting. On September 30, 2016, the Company had $11.2 million and $448,000 at fair value invested in U.S. Global Investors Funds (“USGIF” or the “Funds”) and an offshore fund the Company advises, respectively. These amounts were included in the Consolidated Balance Sheets as “trading securities” and “available-for-sale securities.” Investments in securities classified as trading are reflected as current assets on the Consolidated Balance Sheets at their fair value. Unrealized holding gains and losses on trading securities are included in earnings in the Consolidated Statements of Operations. Investments in securities classified as available-for-sale, which may not be readily marketable, are reflected as non-current assets on the Consolidated Balance Sheets at their fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income as a separate component of shareholders’ equity until realized. Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not have readily determinable fair values. These investments are accounted for under the cost method of accounting and evaluated periodically for impairment. The Company considers many factors in determining impairment, including the severity and duration of the decline in value below cost, the Company’s interest and ability to hold the security for a period of time sufficient for an anticipated recovery in value, and the financial condition and specific events related to the issuer. When an impairment of a security is determined to be other than temporary, the impairment is recognized as a loss in the Company’s earnings. The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale. The following details the components of the Company’s investments recorded as fair value as of September 30, 2016, and June 30, 2016.
Investment income can be volatile and varies depending on market fluctuations, the Company’s ability to participate in investment opportunities, and timing of transactions. The Company expects that gains and losses will continue to fluctuate in the future. Investment income (loss) from the Company’s investments includes:
The following summarizes investment income reflected in earnings for the periods discussed:
Included in investment income were other-than temporary declines in value on available-for-sale securities of approximately $16,000 for the three months ended September 30, 2016, and $60,000 for the three months ended September 30, 2015. The impairment losses resulted from fair values of securities being lower than book value and proposed changes to debt securities. During the three months ended September 30, 2016, two securities with a combined cost basis of $98,000 were written down to a combined fair value of $82,000. During the three months ended September 30, 2015, three securities with a combined cost basis of $49,000 were written down to a combined fair value of $12,000. Also during the three months ended September 30, 2015, a debt security with a cost basis of $970,000 was written down to $947,000 based on the net present value of estimated cash flows. In making these determinations, the Company considered the length of time and extent to which the fair value has been less than cost basis, financial condition and prospects of the issuers and the Company’s ability to hold the investment until recovery. Unrealized Losses The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. The Company reviewed the gross unrealized losses shown as of September 30, 2016, and determined that the losses were not other-than-temporary based on consideration of the nature of the investment and the cause, severity and duration of the loss.
Fair Value Hierarchy ASC 820, Fair Value Measurement and Disclosures, defines fair value 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. ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value and requires companies to disclose the fair value of their financial instruments according to a fair value hierarchy (i.e., Levels 1, 2, and 3 inputs, as defined below). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, value of these products does not entail a significant degree of judgment. Level 2 – Valuations based on quoted prices in markets for which not all significant inputs are observable, directly or indirectly. Corporate debt securities valued in accordance with the evaluated price supplied by an independent service are categorized as Level 2 in the hierarchy. Other securities categorized as Level 2 include securities valued at the mean between the last reported bid and ask quotation. Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with the investing in those securities. Because of the inherent uncertainties of valuation, the values reflected may materially differ from the values received upon actual sale of those investments. For actively traded securities, the Company values investments using the closing price of the securities on the exchange or market on which the securities principally trade. If the security is not traded on the last business day of the quarter, it is generally valued at the mean between the last bid and ask quotation. Mutual funds, which include open- and closed-end funds, exchange-traded funds, and offshore funds, are valued at net asset value or closing price, as applicable. Certain corporate debt securities not traded on an exchange may be valued by an independent pricing service using an evaluated quote based on such factors as institutional-size trading in similar groups of securities, yield, quality maturity, coupon rate, type of issuance and individual trading characteristics and other market data. As part of its independent price verification process, the Company reviews the fair value provided by the pricing service using information such as transactions in these investments, broker quotes, market transactions in comparable investments, general market conditions and the issuer’s financial condition. Certain debt securities may be valued based on review of similarly structured issuances in similar jurisdictions, when possible, or based on other traded debt securities issued by the issuer. The Company also takes into consideration numerous other factors that could affect valuation such as overall market conditions, liquidity of the security and bond structure. Securities for which market quotations are not readily available are valued at their fair value as determined by the portfolio management team. The portfolio management team includes representatives from the investment, accounting and legal/compliance departments. The portfolio management team meets periodically to consider a number of factors in determining a security’s fair value, including the security’s trading volume, market values of similar class issuances, investment personnel’s judgment regarding the market experience of the issuer, financial status of the issuer, the issuer’s management, and back testing, as appropriate. The fair values may differ from what may have been used had a broader market for these securities existed. The portfolio management team reviews inputs and assumptions and reports material items to the board of directors. The following presents fair value measurements, as of September 30, 2016, and June 30, 2016, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis:
As of September 30, 2016, approximately 89 percent of the Company’s financial assets measured at fair value were derived from Level 1 inputs and 11 percent of the Company’s financial assets measured at fair value were derived from Level 2 inputs. As of June 30, 2016, all of the Company’s financial assets measured at fair value were derived from Level 1 inputs. The Company recognizes transfers between levels at the end of each quarter. The Company has available-for-sale investments in corporate debt securities maturing in 2020 which were valued at $1.6 million as of September 30, 2016, using the mean between the last reported bid/ask quotation and were classified as Level 2. As of June 30, 2016, these securities were valued at $1.1 million based on a quoted price on the reporting date and were classified as Level 1. The Company has an investment in an affiliated offshore fund, classified as trading, which invests in companies in the energy and natural resources sectors. The fair value of this investment has been estimated based on the net asset value per share at $448,000 and $358,000 as of September 30, 2016, and June 30, 2016, respectively. The Company may redeem this investment on the first business day of each month after providing a redemption notice at least forty-five days prior to the proposed redemption date. The following table is a reconciliation of investments for which unobservable inputs (Level 3) were used in determining fair value during the three months ended September 30, 2016, and September 30, 2015:
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INVESTMENT MANAGEMENT AND OTHER FEES |
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Investment Management And Other Fees [Abstract] | |
Investment Management And Other Fees [Text Block] | NOTE 3. INVESTMENT MANAGEMENT AND OTHER FEES The Company serves as investment adviser to USGIF and receives a fee based on a specified percentage of net assets under management. The Company recorded base advisory fees from USGIF totaling $1.5 million and $885,000 for the three months ended September 30, 2016, and 2015, respectively. The advisory agreement for the equity funds within USGIF provides for a base advisory fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months. For the three months ended September 30, 2016, the Company realized an increase in its base advisory fees from USGIF of $39,000. For the three months ended September 30, 2015, the Company realized a decrease in its base advisory fees of $168,000. The Company has agreed to contractually limit the expenses of the Near-Term Tax Free Fund through April 2017. The Company has voluntarily waived or reduced its fees and/or agreed to pay expenses on the remaining funds. These caps will continue on a voluntary basis at the Company’s discretion. The aggregate fees waived and expenses borne by the Company for USGIF for the three months ended September 30, 2016, were $234,000 compared with $378,000 for the corresponding period in the prior fiscal year. Prior to the U.S. Government Securities Ultra-Short Bond Fund (“Government Fund”) conversion in December 2013 to a non-money market fund, the Company voluntarily agreed to waive fees and/or reimburse the Government Fund to the extent necessary to maintain the fund’s yield at a certain level as determined by the Company (“Minimum Yield”). The Company may recapture any fees waived and/or expenses reimbursed to maintain the Minimum Yield within three years after the end of the fund’s fiscal year of such waiver and/or reimbursement. Thus, $498,000 of the waiver for the Government Fund is recoverable by the Company through December 31, 2016. The Company receives administrative service fees from USGIF based on the average daily net assets. However, effective December 10, 2015, upon amending the agreement and reducing the administrative services performed, the fees paid to the Company by USGIF changed from an annual rate, based on average daily net assets, of 0.10 percent to 0.05 percent per investor class and from 0.08 percent to 0.04 percent per institutional class of each fund, and a base fee of $7,000 per fund was eliminated. As of September 30, 2016, the Company had $673,000 in receivables from fund clients, of which $517,000 was from USGIF. The Company also serves as investment adviser to an exchange traded fund (“ETF’) client, U.S. Global Jets ETF, which commenced operations in April 2015. The Company receives a unitary management fee of 0.60 percent of average net assets and has agreed to bear all expenses of the ETF. The Company recorded ETF advisory fees totaling $66,000 and $70,000 for the three months ended September 30, 2016, and 2015, respectively. The Company provides advisory services for offshore clients and receives advisory fees based on the net asset values of the clients and performance fees, if any, based on the overall increase in net asset values. The Company recorded advisory fees from these clients of $36,000 and $22,000 for the three months ended September 30, 2016, and 2015, respectively. The Company recorded no performance fees from these clients for the three months ended September 30, 2016, and 2015. Frank Holmes, CEO, serves as a director of the offshore clients. Galileo provides advisory services for clients in Canada and receives advisory fees based on the net asset values of the clients. Galileo recorded advisory fees from these clients totaling $299,000 and $330,000 for the three months ended September 30, 2016, and 2015, respectively. |
NOTES RECEIVABLE |
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Sep. 30, 2016 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | NOTE 4. NOTES RECEIVABLE The Company has invested in notes receivable consisting of two promissory notes. One note in the amount of $2 million was entered into with an unrelated third party in June 2016 and matures in June 2017. The note has a one-year extension option by the issuer upon payment of a 2.5 percent extension fee. The note bears interest at 12 percent, with 10 percent payable monthly and 2 percent payable at maturity. In case of prepayment, there would be a penalty for the amount of lost interest. The other note of $212,000 is with an unrelated third party, has a stated annual interest rate of 15 percent payable quarterly and matures in 2017. The Company considered the credit quality of the other parties and determined that no allowance for credit losses is necessary. |
BORROWINGS |
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Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 5. BORROWINGS As of September 30, 2016, the Company has no borrowings or long-term liabilities. The Company has access to a $1 million credit facility for working capital purposes. The credit agreement requires the Company to maintain certain covenants; the Company has been in compliance with these covenants during the current fiscal year. The credit agreement will expire on May 31, 2017, and the Company intends to renew annually. The credit facility is collateralized by $1 million at September 30, 2016, held in deposit in a money market account at the financial institution that provided the credit facility. As of September 30, 2016, the credit facility remains unutilized by the Company. |
STOCKHOLDERS' EQUITY |
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Sep. 30, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 6. STOCKHOLDERS’ EQUITY Payment of cash dividends is within the discretion of the Company’s board of directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company, and general business conditions. A monthly dividend of $0.0025 per share was paid for July through September 2016 and is authorized through March 2017, at which time it will be considered for continuation by the Board. The Board of Directors approved a share repurchase program on December 7, 2012, authorizing the Company to purchase up to $2.75 million of its outstanding common shares, as market and business conditions warrant, on the open market in compliance with Rule 10b-18 of the Securities Exchange Act of 1934 through December 31, 2013. On December 12, 2013, December 10, 2014, and December 9, 2015, the Board of Directors renewed the repurchase program for calendar years 2014, 2015 and 2016, respectively. The total amount of shares that may be repurchased in calendar year 2016 under the renewed program is $2.75 million. The acquired shares may be used for corporate purposes, including shares issued to employees in the Company’s stock-based compensation programs. For the three months ended September 30, 2016, and 2015, the Company repurchased 14,947 and 73,021 class A shares using cash of $30,000 and $163,000, respectively. Stock compensation plans The Company’s stock option plans provide for the granting of class A shares as either incentive or nonqualified stock options to employees and non-employee directors. Options are subject to terms and conditions determined by the Compensation Committee of the Board of Directors. There were 2,000 options outstanding and exercisable at September 30, 2016, at a weighted average exercise price of $12.31. There were no options granted, exercised or forfeited for the three months ended September 30, 2016. The Company accounts for stock-based compensation in accordance with ASC 718 Compensation – Stock Compensation. Stock-based compensation expense is recorded for the cost of stock options. There was no stock-based compensation expense for the three months ended September 30, 2016, and 2015. As of September 30, 2016, and 2015, there was no unrecognized share-based compensation cost related to share-based compensation granted under the plans to be recognized over the remainder of their respective vesting periods. |
EARNINGS PER SHARE |
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Earnings Per Share [Text Block] | NOTE 7. EARNINGS PER SHARE The basic earnings per share (“EPS”) calculation excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. The following table sets forth the computation for basic and diluted EPS:
The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the three months ended September 30, 2016, 2,000 options were excluded from diluted EPS. For the three months ended September 30, 2015, 22,000 options were excluded from diluted EPS. During the three months ended September 30, 2016, and 2015, the Company repurchased class A shares on the open market. Upon repurchase, these shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation. |
INCOME TAXES |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 8. INCOME TAXES The Company and its non-Canadian subsidiaries file a consolidated U.S. federal income tax return. USCAN and Galileo file separate tax returns in Canada. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes, resulting from the use of the liability method of accounting for income taxes. The Company has not recognized deferred income taxes on undistributed earnings of Galileo since such earnings are considered to be reinvested indefinitely. For federal income tax purposes at September 30, 2016, the Company has charitable contribution carryovers totaling approximately $92,000, with $34,000 expiring in fiscal year 2018, $34,000 expiring in fiscal year 2019, $19,000 expiring in fiscal year 2020 and $5,000 expiring in 2021. The Company has federal net operating loss carryovers of $5.2 million with $2.4 million expiring in fiscal year 2035 and $2.8 million expiring in fiscal year 2036. For Canadian income tax purposes, Galileo has cumulative eligible capital carryovers of $251,000 with no expiration and net operating loss carryovers of $30,000; $119,000; $44,000 and $122,000 expiring in fiscal 2025, 2027, 2030 and 2036, respectively. If certain changes in the Company’s ownership should occur, there could be an annual limitation on the amount of net operating loss carryovers that could be utilized. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax amount will not be realized. At September 30, 2016, and June 30, 2016, a valuation allowance of $3.0 million and $3.1 million, respectively, was included to fully reserve for net operating loss carryovers, other carryovers and book/tax differences in the balance sheet. In November 2015, the FASB issued accounting guidance that simplifies the presentation of deferred income taxes. The guidance requires that deferred tax balances be classified as non-current in a statement of financial position. The Company early adopted this guidance effective September 30, 2016, on a prospective basis. As a valuation allowance is recorded for deferred tax balances, adoption of the guidance did not result in any changes or reclassifications in the Consolidated Balance Sheets as of September 30, 2016. No prior periods were retrospectively adjusted. |
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Comprehensive Income (Loss) Note [Text Block] | NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents change in accumulated other comprehensive income (loss) (“AOCI”) by component:
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FINANCIAL INFORMATION BY BUSINESS SEGMENT |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 10. FINANCIAL INFORMATION BY BUSINESS SEGMENT The Company operates principally in three business segments: providing investment management services to USGIF, offshore clients and an ETF client, investment management services in Canada, and investing for its own account in an effort to add growth and value to its cash position. The following schedule details total revenues and income by business segment:
Net operating revenues from investment management services include revenues from USGIF of $1.6 million and $828,000 for the three months ended September 30, 2016, and 2015, respectively. The loss from discontinued operations in investment management services includes revenues from USGIF of $347,000 for the three months ended September 30, 2015, and none for the three months ended September 30, 2016. Net operating revenues from investment management services in Canada includes revenues from Galileo funds of $225,000 and $267,000 for the three months ended September 30, 2016, and 2015, respectively, and other significant advisory clients of $70,000 and $61,000 for the three months ended September 30, 2016, and 2015, respectively. |
CONTINGENCIES AND COMMITMENTS |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11. CONTINGENCIES AND COMMITMENTS The Company continuously reviews all investor, employee and vendor complaints, and pending or threatened litigation. The likelihood that a loss contingency exists is evaluated through consultation with legal counsel, and a loss contingency is recorded if probable and reasonably estimable. During the normal course of business, the Company may be subject to claims, legal proceedings, and other contingencies. These matters are subject to various uncertainties, and it is possible that some of these matters may be resolved unfavorably. The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated. Management believes that any liability in excess of these accruals upon the ultimate resolution of these matters will not have a material adverse effect on the consolidated financial statements of the Company. The Board has authorized a monthly dividend of $0.0025 per share through March 2017, at which time it will be considered for continuation by the Board. Payment of cash dividends is within the discretion of the Company’s Board of Directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company, and general business conditions. Prior to the September 2016 quarter-end, the Board of Directors approved monthly dividends from October to December 2016, and estimated dividends payable of $114,000 is included in the Consolidated Balance Sheets at September 30, 2016. The total amount of cash dividends expected to be paid to class A and class C shareholders from October 2016 to March 2017 is approximately $229,000. |
DISCONTINUED OPERATIONS |
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Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 12. DISCONTINUED OPERATIONS In December 2015, USGIF elected a new slate of trustees to the Board of Trustees of the Funds. The Company proposed the election of new trustees with the intention of streamlining the Company’s responsibilities, so it can better focus on strategic activities. The new Board of Trustees of USGIF adopted several new agreements. As anticipated, effective December 10, 2015, the Company, through its wholly-owned subsidiary, U.S. Global Brokerage, Inc., ceased to be the distributor for USGIF and no longer receives distribution fees and shareholder services fees from USGIF. Due to this transition, the Company is no longer responsible for paying certain distribution and shareholder servicing related expenses and is reimbursed for certain distribution expenses from the new distributor for USGIF. As a result of this change, the Company filed Form BDW, the Uniform Request Withdrawal From Broker-Dealer Registration, with FINRA, which was approved in February 2016. This constitutes a strategic shift that has had, and will continue to have, a major effect on the Company’s operating revenues and expenses. The distribution and shareholder services revenues and the expenses associated with certain distribution operations for USGIF are reflected as discontinued operations in the Statements of Operations and are, therefore, excluded from continuing operations results. Comparative periods shown in the Statements of Operations have been adjusted to conform with this presentation. These revenues and expenses had previously been included in the investment management services segment. The discontinued operations did not have depreciation, amortization, capital expenditures or significant non-cash operating and investing items. There were no assets and liabilities related to discontinued operations at September 30, 2016, and June 30, 2016. The components of loss from discontinued operations were as follows for the three months ended September 30, 2016, and September 30, 2015:
Through December 9, 2015, USGIF paid the Company a distribution fee at an annual rate of 0.25 percent of the average daily net assets of the investor class of each of the equity funds. Effective December 10, 2015, the Company, through U.S. Global Brokerage, Inc., ceased to be the distributor for USGIF and no longer receives distribution fees directly from the Funds. In addition, through December 9, 2015, the Company received shareholder servicing fees from USGIF based on the value of Fund assets held through broker-dealer platforms. Effective December 10, 2015, the Company ceased to be the distributor for USGIF and no longer receives shareholder services fees from the Funds. Due to this transition, the Company is no longer responsible for paying the platform fees for the USGIF equity funds and is reimbursed for certain distribution expenses from the new distributor for USGIF. |
Accounting Policies, by Policy (Policies) |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) has prepared the consolidated financial statements pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. The financial information included herein reflects all adjustments (consisting solely of normal recurring adjustments), which are, in management’s opinion, necessary for a fair presentation of results for the interim periods presented. The Company has consistently followed the accounting policies set forth in the notes to the consolidated financial statements in the Company’s Form 10-K for the fiscal year ended June 30, 2016, except for the adoption of new accounting pronouncements discussed below. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, United Shareholder Services, Inc. (“USSI”), U.S. Global Brokerage, Inc., U.S. Global Investors (Bermuda) Limited, U.S. Global Investors (Canada) Limited (“USCAN”), and U.S. Global Indices, LLC, and its 65 percent interest in Galileo Global Equity Advisor Inc. (“Galileo”). The Company’s wholly-owned subsidiary, USSI, which ceased operations in fiscal year 2014, was legally dissolved in December 2015. U.S. Global Brokerage, Inc. ceased operations in December 2015 as discussed in Note 12. Galileo is consolidated with the operations of the Company. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. Frank Holmes, CEO, and Susan McGee, President and General Counsel, serve as directors of Galileo. The Company’s evaluation for consolidation includes whether entities in which it has an interest or from which it receives fees are variable interest entities (“VIEs”) and whether the Company is the primary beneficiary of any VIEs identified in its analysis. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns and consolidates the VIE on the basis of having a controlling financial interest. The Company holds variable interests in, but is not deemed to be the primary beneficiary of, certain funds it advises. The Company’s interests in these VIEs consist of the Company’s direct ownership therein and any fees earned but uncollected. In the ordinary course of business, the Company may choose to waive certain fees or assume operating expenses of the funds it advises for competitive, regulatory or contractual reasons (see Note 3 for information regarding fee waivers). The Company has not provided financial support to any of these entities outside the ordinary course of business. The Company’s risk of loss with respect to these VIEs is limited to the carrying value of its investments in, and fees receivable from, the entities. The Company does not consolidate these VIEs because it is not the primary beneficiary. The Company’s total exposure to unconsolidated VIEs, consisting of the carrying value of investment securities and receivables for fees, was $12.0 million at September 30, 2016, and $11.8 million at June 30, 2016. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. The results of operations for the three months ended September 30, 2016, are not necessarily indicative of the results to be expected for the entire year. The unaudited interim financial information in these condensed financial statements should be read in conjunction with the consolidated financial statements contained in the Company’s annual report.
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New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Pronouncements Adopted During the Period In February 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which amends the consolidation requirements in ASC 810, Consolidation. This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. The Company adopted this standard on a modified retrospective approach effective July 1, 2016. The adoption did not result in any change in consolidated entities. See further discussion of the Company’s analysis for consolidation in Note 1, Basis of Presentation. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015, and requires the retrospective adoption approach. The Company adopted this standard for the September 30, 2016, financial statements on a retrospective basis and modified the presentation of the fair value hierarchy tables included in the notes to financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. It simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current or noncurrent in a classified balance sheet. Netting by tax jurisdiction is still required under the new guidance. The update is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, and early adoption is permitted. Entities are permitted to apply the amendments either prospectively or retrospectively. The Company early adopted this guidance effective September 30, 2016, on a prospective basis. As a valuation allowance is recorded for deferred tax balances, adoption of the guidance did not result in any changes or reclassifications in the Consolidated Balance Sheets as of September 30, 2016. No prior periods were retrospectively adjusted. Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in our fiscal year 2019. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). This update requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). When conditions or events raise substantial doubts about an entity’s ability to continue as a going concern, management shall disclose: i) the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern; ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations; and iii) management’s plans that are intended to mitigate the conditions or events - and whether or not those plans alleviate the substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual period and interim periods thereafter. Early application is permitted. Management does not currently anticipate that this update will have any impact on the Company’s financial statement disclosures. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 amends the guidance on the classification and measurement of investments in equity securities. It also amends certain presentation and disclosure requirements. Under the amended guidance, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification (changes in fair value reported in other comprehensive income) for equity securities with readily determinable fair values. ASU 2016-01 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. As indicated, when this standard is adopted, changes in the fair value of the Company’s investments securities classified as available-for-sale will no longer be reported through other comprehensive income, but rather through earnings. The Company is currently evaluating other potential impacts of this standard on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 introduces a lessee model that brings most leases on the balance sheet. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts from Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). ASU 2016-08 amends the guidance in ASU 2014-09, which is not yet effective. Among other things, the ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. The effective date and transition requirements for the amendments in ASU 2016-08 are the same as the effective date and transition requirements of ASU 2014-09. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and disclosed. ASU 2016-09 is effective for public business entities for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption will be permitted in any interim or annual period, as long as all elements of the new standard are adopted at the same time. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In June 2016, the FASB issued 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. ASU 2016-13 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those years. Earlier application is permitted only for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. In August 2016, the FASB issued 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 may change how an entity classifies certain cash receipts and cash payments on its statement of cash flows to reduce existing diversity in practice. The guidance will generally be applied retrospectively and is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements.
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INVESTMENTS (Tables) |
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Unrealized Gain (Loss) on Investments [Table Text Block] | The following details the components of the Company’s investments recorded as fair value as of September 30, 2016, and June 30, 2016.
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Gain (Loss) on Investments [Table Text Block] | The following summarizes investment income reflected in earnings for the periods discussed:
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. The Company reviewed the gross unrealized losses shown as of September 30, 2016, and determined that the losses were not other-than-temporary based on consideration of the nature of the investment and the cause, severity and duration of the loss.
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Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following presents fair value measurements, as of September 30, 2016, and June 30, 2016, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis:
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table is a reconciliation of investments for which unobservable inputs (Level 3) were used in determining fair value during the three months ended September 30, 2016, and September 30, 2015:
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EARNINGS PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation for basic and diluted EPS:
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS ) (Tables) |
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Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents change in accumulated other comprehensive income (loss) (“AOCI”) by component:
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FINANCIAL INFORMATION BY BUSINESS SEGMENT (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company operates principally in three business segments: providing investment management services to USGIF, offshore clients and an ETF client, investment management services in Canada, and investing for its own account in an effort to add growth and value to its cash position. The following schedule details total revenues and income by business segment:
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DISCONTINUED OPERATIONS (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The components of loss from discontinued operations were as follows for the three months ended September 30, 2016, and September 30, 2015:
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BASIS OF PRESENTATION (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Sep. 30, 2016 |
Jun. 30, 2016 |
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BASIS OF PRESENTATION (Details) [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $ 12.0 | $ 11.8 |
Galileo [Member] | ||
BASIS OF PRESENTATION (Details) [Line Items] | ||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 65.00% |
INVESTMENTS (Details) |
3 Months Ended | |||||||
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Sep. 30, 2016
USD ($)
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Sep. 30, 2015
USD ($)
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Jun. 30, 2016
USD ($)
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INVESTMENTS (Details) [Line Items] | ||||||||
Fair value of investments held | $ 14,361,000 | $ 13,585,000 | ||||||
Cost basis of investments held | $ 14,500,000 | |||||||
Market value of investments to Company's total assets | 53.00% | |||||||
Other investments | $ 2,683,000 | 1,924,000 | ||||||
Available-for-sale, net unrealized gain (loss), gross | 737,000 | $ 45,000 | ||||||
Available-for-sale, net unrealized gain (loss), net of tax | 737,000 | 45,000 | ||||||
Other-than-temporary impairments | $ 16,000 | $ 60,000 | ||||||
Percentage of Financial Assets Derived From Level 1 Inputs Measured at Fair Value | 89.00% | |||||||
Percentage of Financial Assets Derived From Level 2 Inputs Measured at Fair Value | 11.00% | |||||||
Available-for-sale securities, fair value | [1],[2] | $ 4,157,000 | 3,481,000 | |||||
Corporate Debt Securities [Member] | ||||||||
INVESTMENTS (Details) [Line Items] | ||||||||
Available-for-sale securities, fair value | [2] | 1,556,000 | 1,124,000 | |||||
U.S. Global Investors Funds [Member] | ||||||||
INVESTMENTS (Details) [Line Items] | ||||||||
Fair value of investments held | 11,200,000 | |||||||
Offshore Fund [Member] | ||||||||
INVESTMENTS (Details) [Line Items] | ||||||||
Fair value of investments held | 448,000 | |||||||
Offshore Fund [Member] | Trading Securities [Member] | ||||||||
INVESTMENTS (Details) [Line Items] | ||||||||
Fair value of investments held | $ 448,000 | $ 358,000 | ||||||
Minimum redmption notice | 45 days | |||||||
Impaired Securities [Member] | ||||||||
INVESTMENTS (Details) [Line Items] | ||||||||
Number of positions, subject to impairment loss | 2 | 3 | ||||||
Available-for-Sale Securities, Combined Cost Basis of Impaired Securities | $ 98,000 | $ 49,000 | ||||||
Available-for-Sale Securities, Combined Fair Value of Impaired Securities | $ 82,000 | 12,000 | ||||||
Impaired Securities, Net Present Value of Estimated Cash Flows [Member] | Corporate Debt Securities [Member] | ||||||||
INVESTMENTS (Details) [Line Items] | ||||||||
Available-for-Sale Securities, Combined Cost Basis of Impaired Securities | 970,000 | |||||||
Available-for-Sale Securities, Combined Fair Value of Impaired Securities | $ 947,000 | |||||||
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INVESTMENTS (Details) - Components of Company's Trading and Available-for-Sale Investments - USD ($) $ in Thousands |
Sep. 30, 2016 |
Jun. 30, 2016 |
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Trading securities1 | |||||||||
Trading, cost | [1] | $ 11,048 | $ 11,048 | ||||||
Trading, gross unrealized gain | [1] | 112 | 124 | ||||||
Trading, gross unrealized (losses) | [1] | (956) | (1,068) | ||||||
Trading, fair value | [1] | 10,204 | 10,104 | ||||||
Available-for-sale securities2 | |||||||||
Available-for-sale, cost | [2],[3] | 3,420 | 3,436 | ||||||
Available-for-sale, gross unrealized gain | [2],[3] | 753 | 151 | ||||||
Available-for-sale, gross unrealized (losses) | [2],[3] | (16) | (106) | ||||||
Available-for-sale, fair value | [2],[3] | 4,157 | 3,481 | ||||||
Fixed Income Securities [Member] | |||||||||
Trading securities1 | |||||||||
Trading, cost | [1] | 9,284 | 9,284 | ||||||
Trading, gross unrealized gain | [1] | 112 | 124 | ||||||
Trading, gross unrealized (losses) | [1] | 0 | 0 | ||||||
Trading, fair value | [1] | 9,396 | 9,408 | ||||||
Available-for-sale securities2 | |||||||||
Available-for-sale, cost | [3] | 1,221 | 1,226 | ||||||
Available-for-sale, gross unrealized gain | [3] | 13 | 18 | ||||||
Available-for-sale, gross unrealized (losses) | [3] | (8) | (23) | ||||||
Available-for-sale, fair value | [3] | 1,226 | 1,221 | ||||||
Mutual Funds, Domestic Equity [Member] | |||||||||
Trading securities1 | |||||||||
Trading, cost | [1] | 535 | 535 | ||||||
Trading, gross unrealized gain | [1] | 0 | 0 | ||||||
Trading, gross unrealized (losses) | [1] | (175) | (197) | ||||||
Trading, fair value | [1] | 360 | 338 | ||||||
Available-for-sale securities2 | |||||||||
Available-for-sale, cost | [3] | 394 | 394 | ||||||
Available-for-sale, gross unrealized gain | [3] | 0 | 2 | ||||||
Available-for-sale, gross unrealized (losses) | [3] | (7) | 0 | ||||||
Available-for-sale, fair value | [3] | 387 | 396 | ||||||
Other Securities [Member] | |||||||||
Trading securities1 | |||||||||
Trading, cost | [1] | 45 | 45 | ||||||
Trading, gross unrealized gain | [1] | 0 | 0 | ||||||
Trading, gross unrealized (losses) | [1] | (45) | (45) | ||||||
Trading, fair value | [1] | 0 | 0 | ||||||
Available-for-sale securities2 | |||||||||
Available-for-sale, cost | [3] | 56 | 56 | ||||||
Available-for-sale, gross unrealized gain | [3] | 10 | 8 | ||||||
Available-for-sale, gross unrealized (losses) | [3] | 0 | 0 | ||||||
Available-for-sale, fair value | [3] | 66 | 64 | ||||||
Offshore Fund [Member] | |||||||||
Trading securities1 | |||||||||
Trading, cost | [1] | 1,184 | 1,184 | ||||||
Trading, gross unrealized gain | [1] | 0 | 0 | ||||||
Trading, gross unrealized (losses) | [1] | (736) | (826) | ||||||
Trading, fair value | [1] | 448 | 358 | ||||||
Common Stock - Domestic [Member] | |||||||||
Available-for-sale securities2 | |||||||||
Available-for-sale, cost | [3] | 109 | 109 | ||||||
Available-for-sale, gross unrealized gain | [3] | 13 | 21 | ||||||
Available-for-sale, gross unrealized (losses) | [3] | 0 | 0 | ||||||
Available-for-sale, fair value | [3] | 122 | 130 | ||||||
Common Stock - International [Member] | |||||||||
Available-for-sale securities2 | |||||||||
Available-for-sale, cost | [3] | 602 | 613 | ||||||
Available-for-sale, gross unrealized gain | [3] | 199 | 16 | ||||||
Available-for-sale, gross unrealized (losses) | [3] | (1) | (83) | ||||||
Available-for-sale, fair value | [3] | 800 | 546 | ||||||
Corporate Debt Securities [Member] | |||||||||
Available-for-sale securities2 | |||||||||
Available-for-sale, cost | [3] | 1,038 | 1,038 | ||||||
Available-for-sale, gross unrealized gain | [3] | 518 | 86 | ||||||
Available-for-sale, gross unrealized (losses) | [3] | 0 | 0 | ||||||
Available-for-sale, fair value | [3] | $ 1,556 | $ 1,124 | ||||||
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INVESTMENTS (Details) - Investment Income (Loss) Reflected in Earnings - USD ($) |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
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Investments Debt And Equity Securities Abstract | ||
Realized gains on sales of available-for-sale securities | $ 0 | $ 531,000 |
Realized losses on sales of trading securities | 0 | (35,000) |
Unrealized gains (losses) on trading securities | 99,000 | (64,000) |
Realized foreign currency gains | 2,000 | 35,000 |
Other-than-temporary declines in available-for-sale securities | (16,000) | (60,000) |
Dividend and interest income | 168,000 | 127,000 |
Total Investment Income | $ 253,000 | $ 534,000 |
INVESTMENTS (Details) - Summary of Gross Unrealized Losses and Fiar Value of Available-for-Sale Investments - USD ($) $ in Thousands |
Sep. 30, 2016 |
Jun. 30, 2016 |
---|---|---|
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | $ 387 | $ 247 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | (7) | (60) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 199 | 224 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (9) | (46) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 586 | 471 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (16) | (106) |
Common Stock - Domestic [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | 0 |
Common Stock - International [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 246 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | (60) |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 35 | 23 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (1) | (23) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 35 | 269 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (1) | (83) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | 0 | 0 |
Fixed Income Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 1 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 164 | 201 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | (8) | (23) |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 164 | 202 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (8) | (23) |
Mutual Funds, Domestic Equity [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 387 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | (7) | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 387 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | (7) | 0 |
Other Securities [Member] | ||
Available-for-sale securities | ||
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, less than 12 months, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, fair value | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, 12 months or greater, gross unrealized loss | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, fair value, total | 0 | 0 |
Available-for-sale securities, continuous unrealized loss position, gross unrealized losses, total | $ 0 | $ 0 |
INVESTMENTS (Details) - Fair Value, Assets Measured on Recurring Basis - USD ($) $ in Thousands |
Sep. 30, 2016 |
Jun. 30, 2016 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Trading securities | |||||||||
Trading securities, at fair value | [1] | $ 10,204 | $ 10,104 | ||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | [2],[3] | 4,157 | 3,481 | ||||||
Total Investments | 14,361 | 13,585 | |||||||
Fixed Income Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | [1] | 9,396 | 9,408 | ||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | [3] | 1,226 | 1,221 | ||||||
Mutual Funds, Domestic Equity [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | [1] | 360 | 338 | ||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | [3] | 387 | 396 | ||||||
Other Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | [1] | 0 | 0 | ||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | [3] | 66 | 64 | ||||||
Offshore Fund [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | [1] | 448 | 358 | ||||||
Common Stock - Domestic [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | [3] | 122 | 130 | ||||||
Common Stock - International [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | [3] | 800 | 546 | ||||||
Corporate Debt Securities [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | [3] | 1,556 | 1,124 | ||||||
Fair Value, Inputs, Level 1 [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 9,756 | 9,746 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 2,601 | 3,481 | |||||||
Total Investments | 12,357 | 13,227 | |||||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 9,396 | 9,408 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 1,226 | 1,221 | |||||||
Fair Value, Inputs, Level 1 [Member] | Mutual Funds, Domestic Equity [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 360 | 338 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 387 | 396 | |||||||
Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 66 | 64 | |||||||
Fair Value, Inputs, Level 1 [Member] | Offshore Fund [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | |||||||||
Fair Value, Inputs, Level 1 [Member] | Common Stock - Domestic [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 122 | 130 | |||||||
Fair Value, Inputs, Level 1 [Member] | Common Stock - International [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 800 | 546 | |||||||
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 1,124 | |||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 1,556 | 0 | |||||||
Total Investments | 1,556 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds, Domestic Equity [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Offshore Fund [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | |||||||||
Fair Value, Inputs, Level 2 [Member] | Common Stock - Domestic [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Common Stock - International [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 1,556 | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Total Investments | 0 | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds, Domestic Equity [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | 0 | 0 | |||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | Offshore Fund [Member] | |||||||||
Trading securities | |||||||||
Trading securities, at fair value | |||||||||
Fair Value, Inputs, Level 3 [Member] | Common Stock - Domestic [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | Common Stock - International [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | 0 | 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||||||||
Available-for-sale securities | |||||||||
Total available-for-sale securities | $ 0 | $ 0 | |||||||
|
INVESTMENTS (Details) - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Abstract | ||
Beginning Balance | $ 0 | $ 539 |
Ending Balance | 0 | 559 |
Return of capital | 0 | (13) |
Total gains or losses (realized/unrealized) | ||
Included in earnings (investment income) | 0 | (23) |
Included in other comprehensive income (loss) | 0 | 56 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | $ 0 | $ 0 |
INVESTMENT MANAGEMENT AND OTHER FEES (Details) - USD ($) |
3 Months Ended | 10 Months Ended | 23 Months Ended | |
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Dec. 09, 2015 |
|
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Advisory fees | $ 1,891,000 | $ 1,139,000 | ||
Minimum yield waivers recoverable through 12/31/16 | 498,000 | |||
Galileo [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Advisory fees | 299,000 | 330,000 | ||
Fund Clients [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Receivables | 673,000 | $ 673,000 | ||
Investor Class Shares [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Administrative fee rate | 0.05% | 0.10% | ||
Institutional Class Shares [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Administrative fee rate | 0.04% | 0.08% | ||
U.S. Global Investors Funds [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Advisory fees | $ 1,500,000 | 885,000 | ||
Base percentage adjustment, fund performance not within benchmark index | 0.25% | 0.25% | ||
Minimum performance to designated benchmark over prior rolling twelve months, percent | 5.00% | 5.00% | ||
Increase (decrease) in base advisory fees realized | $ 39,000 | (168,000) | ||
Aggregate Fees Waived and Expenses Borne | 234,000 | 378,000 | ||
Administrative services fees, per fund | $ 7,000 | |||
U.S. Global Investors Funds [Member] | Fund Clients [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Receivables | 517,000 | $ 517,000 | ||
U. S. Global Jets EFT [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Advisory fees | $ 66,000 | 70,000 | ||
Unitary Management Fee, Percentage of Average Net Assets | 0.60% | |||
Offshore Clients [Member] | ||||
INVESTMENT MANAGEMENT AND OTHER FEES (Details) [Line Items] | ||||
Advisory fees | $ 36,000 | 22,000 | ||
Performance Fees | $ 0 | $ 0 |
NOTES RECEIVABLE (Details) |
3 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
NOTES RECEIVABLE (Details) [Line Items] | |
Number of promissory notes | 2 |
Note Receivable #1 [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note Receivable, Face Amount (in Dollars) | $ 2,000,000 |
Note recievable, Maturity | June 2017 |
Note Receivable, Description | The note has a one-year extension option by the issuer upon payment of a 2.5 percent extension fee. |
Note receivable, interest rate | 12.00% |
Note Receivable #1 [Member] | Portion Payable Monthly [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note receivable, interest rate | 10.00% |
Note Receivable #1 [Member] | Portion Payable at Maturity [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note receivable, interest rate | 2.00% |
Notes Receivable #2 [Member] | |
NOTES RECEIVABLE (Details) [Line Items] | |
Note Receivable, Face Amount (in Dollars) | $ 212,000 |
Note recievable, Maturity | 2017 |
Note receivable, interest rate | 15.00% |
BORROWINGS (Details) |
3 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Debt Disclosure [Abstract] | |
Long-term liabilities | $ 0 |
Credit facility with a one-year maturity for working capital | $ 1,000,000 |
Amended credit agreement expiration date | May 31, 2017 |
Debt Instrument, Collateral Amount | $ 1,000,000 |
STOCKHOLDERS' EQUITY (Details) - USD ($) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 09, 2015 |
Dec. 10, 2014 |
Dec. 12, 2013 |
Dec. 07, 2012 |
|
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||
Repurchasing Amount | $ 30,000 | $ 163,000 | ||||
Options exercisable (in Shares) | 2,000 | |||||
Options outstanding (in Shares) | 2,000 | |||||
Weighted average exercise price, exercisable options (in Dollars per share) | $ 12.31 | |||||
Number of options granted (in Shares) | 0 | |||||
Number of options exercised (in Shares) | 0 | |||||
Number of options forfeited (in Shares) | 0 | |||||
Share-based Compensation | $ 0 | $ 0 | ||||
Share Repurchase Renewal, December 2013 [Member] | ||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 2,750,000 | |||||
Share Repurchase Plan - December 2012 [Member] | ||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 2,750,000 | |||||
Share Repurchase Renewal, December 2014 [Member] | ||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 2,750,000 | |||||
Share Repurchase Renewal, December 2015 [Member] | ||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 2,750,000 | |||||
Common Class A [Member] | ||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||
Number of shares repurchased (in Shares) | 14,947 | 73,021 | ||||
Repurchasing Amount | $ 30,000 | $ 163,000 | ||||
Monthly Dividends Paid [Member] | ||||||
STOCKHOLDERS' EQUITY (Details) [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ 0.0025 |
EARNINGS PER SHARE (Details) - shares |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Employee Stock Option [Member] | ||
EARNINGS PER SHARE (Details) [Line Items] | ||
Employee stock options excluded from diluted EPS | 2,000 | 22,000 |
EARNINGS PER SHARE (Details) - Computation for Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Net Income (Loss) | ||
Income (loss) from continuing operations (in Dollars) | $ 264 | $ (872) |
Less: Income attributable to non-controlling interest in subsidiary (in Dollars) | 1 | 3 |
Income (loss) from continuing operations attributable to U.S. Global Investors, Inc. (in Dollars) | 263 | (875) |
Income from discontinued operations attributable to U.S. Global Investors, Inc. (in Dollars) | 0 | 7 |
Net income (loss) attributable to U.S. Global Investors, Inc. (in Dollars) | $ 263 | $ (868) |
Weighted average number of outstanding shares | ||
Basic (in Shares) | 15,240,957 | 15,342,186 |
Effect of dilutive securities | ||
Employee stock options (in Shares) | 0 | 0 |
Diluted (in Shares) | 15,240,957 | 15,342,186 |
Basic | ||
Income (loss) from continuing operations | $ 0.02 | $ (0.06) |
Income from discontinued operations | 0 | 0 |
Net income (loss) | 0.02 | (0.06) |
Diluted | ||
Income (loss) from continuing operations | 0.02 | (0.06) |
Income from discontinued operations | 0 | 0 |
Net income (loss) | $ 0.02 | $ (0.06) |
INCOME TAXES (Details) - USD ($) |
Sep. 30, 2016 |
Jun. 30, 2016 |
---|---|---|
INCOME TAXES (Details) [Line Items] | ||
Valuation allowance | $ 3,000,000 | $ 3,100,000 |
Galileo [Member] | Expiring in Fiscal Year 2036 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 122,000 | |
Galileo [Member] | Expiring in Fiscal Year 2025 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 30,000 | |
Galileo [Member] | Expiring in Fiscal Year 2027 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 119,000 | |
Galileo [Member] | Expiring in Fiscal Year 2030 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 44,000 | |
Domestic Tax Authority [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 5,200,000 | |
Domestic Tax Authority [Member] | Expiring in Fiscal Year 2035 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 2,400,000 | |
Domestic Tax Authority [Member] | Expiring in Fiscal Year 2036 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Operating loss carryover | 2,800,000 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 92,000 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2018 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 34,000 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2019 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 34,000 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2020 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 19,000 | |
Domestic Tax Authority [Member] | Charitable Contributions [Member] | Expiring in Fiscal Year 2021 [Member] | ||
INCOME TAXES (Details) [Line Items] | ||
Charitable contribution carryovers | 5,000 | |
Foreign Tax Authority [Member] | Galileo [Member] | CANADA | ||
INCOME TAXES (Details) [Line Items] | ||
Cumulative Eligible Capital Carryovers with No Expiration | $ 251,000 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS ) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax, begining of period | $ (149) | $ (483) | |||
Accumulated other comprehensive income (loss), net of tax, end of period | 534 | (1,148) | |||
Other comprehensive income (loss) before reclassifications | 699 | (194) | |||
Tax effect | 0 | 0 | |||
Amount reclassified from AOCI | (16) | (471) | |||
Tax effect | 0 | 0 | |||
Net other comprehensive income (loss) for quarter | 683 | (665) | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax, begining of period | [1] | 45 | (339) | ||
Accumulated other comprehensive income (loss), net of tax, end of period | [1] | 738 | (923) | ||
Other comprehensive income (loss) before reclassifications | [1] | 709 | (113) | ||
Tax effect | [1] | 0 | 0 | ||
Amount reclassified from AOCI | [1] | (16) | (471) | ||
Tax effect | [1] | 0 | 0 | ||
Net other comprehensive income (loss) for quarter | [1] | 693 | (584) | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), net of tax, begining of period | (194) | (144) | |||
Accumulated other comprehensive income (loss), net of tax, end of period | (204) | (225) | |||
Other comprehensive income (loss) before reclassifications | (10) | (81) | |||
Tax effect | 0 | 0 | |||
Amount reclassified from AOCI | 0 | 0 | |||
Tax effect | 0 | 0 | |||
Net other comprehensive income (loss) for quarter | $ (10) | $ (81) | |||
|
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) |
3 Months Ended | |
---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
|
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Number of Operating Segments | 3 | |
Net Operating Revenues | $ 1,981,000 | $ 1,250,000 |
Investment Management Services [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 1,682,000 | 920,000 |
Investment Management Services - Canada [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 299,000 | 330,000 |
U.S. Global Investors Funds [Member] | Investment Management Services [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 1,600,000 | 828,000 |
Galileo Funds [Member] | Investment Management Services - Canada [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | 225,000 | 267,000 |
Other advisory clients [Member] | Investment Management Services - Canada [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Net Operating Revenues | $ 70,000 | 61,000 |
Discontinued Operations [Member] | U.S. Global Investors Funds [Member] | Investment Management Services [Member] | ||
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) [Line Items] | ||
Disposal Group, Including Discontinued Operation, Revenue | $ 347,000 |
FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) - Schedule Details of Financial Information by Business Segment - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Jun. 30, 2016 |
|
Segment Reporting Information [Line Items] | |||
Net operating revenues | $ 1,981 | $ 1,250 | |
Net other income loss | 253 | 534 | |
Income (loss) before income taxes | 284 | (861) | |
Depreciation and amortization | 64 | 80 | |
Capital expenditures | 0 | 5 | |
Gross identifiable assets at September 30, 2016 | 27,088 | ||
Deferred tax asset | 0 | ||
Consolidated total assets at September 30, 2016 | 27,088 | $ 26,346 | |
Three months ended September 30, 2015 | |||
Income from discontinued operations | 0 | 7 | |
Investment Management Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenues | 1,682 | 920 | |
Net other income loss | 0 | 0 | |
Income (loss) before income taxes | 45 | (1,342) | |
Depreciation and amortization | 60 | 64 | |
Capital expenditures | 0 | 5 | |
Gross identifiable assets at September 30, 2016 | 5,907 | ||
Three months ended September 30, 2015 | |||
Income from discontinued operations | 7 | ||
Investment Management Services - Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenues | 299 | 330 | |
Net other income loss | 0 | 0 | |
Income (loss) before income taxes | 4 | (45) | |
Depreciation and amortization | 4 | 16 | |
Capital expenditures | 0 | 0 | |
Gross identifiable assets at September 30, 2016 | 1,646 | ||
Three months ended September 30, 2015 | |||
Income from discontinued operations | 0 | ||
Corporate Investments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenues | 0 | 0 | |
Net other income loss | 253 | 534 | |
Income (loss) before income taxes | 235 | 526 | |
Depreciation and amortization | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Gross identifiable assets at September 30, 2016 | $ 19,535 | ||
Three months ended September 30, 2015 | |||
Income from discontinued operations | $ 0 |
CONTINGENCIES AND COMMITMENTS (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
|
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |||
Dividends Payable, Current | $ 114,000 | $ 115,000 | |
Class A and C [Member] | Scenario, Forecast [Member] | |||
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |||
Amount of cash dividends to be paid to class A and C shareholders | $ 229,000 | ||
Monthly Dividend Authorized [Member] | Scenario, Forecast [Member] | |||
CONTINGENCIES AND COMMITMENTS (Details) [Line Items] | |||
Monthly Dividend Declared (in Dollars per share) | $ 0.0025 |
DISCONTINUED OPERATIONS (Details) |
5 Months Ended |
---|---|
Dec. 09, 2015 | |
Distributor [Member] | |
DISCONTINUED OPERATIONS (Details) [Line Items] | |
Investment Distribution Fee, Annual Rate, Percentage | 0.25% |
DISCONTINUED OPERATIONS (Details) - Disposal Groups, Components of Income from Distributor Discontinued Operations - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Expenses | ||
Income from discontinued operations of distributor before income taxes | $ 0 | $ 7 |
Tax expense | 0 | 0 |
Income from discontinued operations of distributor | 0 | 7 |
Distributor [Member] | ||
Revenues | ||
Operating revenue | 0 | 347 |
Expenses | ||
Employee compensation and benefits | 0 | 89 |
General and administrative | 0 | 49 |
Platform fees | 0 | 195 |
Advertising | 0 | 7 |
0 | 340 | |
Income from discontinued operations of distributor before income taxes | 0 | 7 |
Tax expense | 0 | 0 |
Income from discontinued operations of distributor | 0 | 7 |
Distributor [Member] | Distribution Fees [Member] | ||
Revenues | ||
Operating revenue | 0 | 244 |
Distributor [Member] | Shareholder Services Fees [Member] | ||
Revenues | ||
Operating revenue | $ 0 | $ 103 |
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