Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, showing a significant increase from the previous year [27][30] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [28] - Net income after taxes for the quarter increased by $1.2 million compared to the same quarter last fiscal year, reaching $1.5 million or $0.12 per share [30] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to a $101,000 increase in employee compensation and a $52,000 increase in advertising expenses related to expanded ETF marketing efforts [29] - Other income for the quarter was $2.4 million compared to $995,000 in the prior year, primarily due to higher net investment income from unrealized gains [30] Market Data and Key Metrics Changes - The company has maintained a strong balance sheet with approximately $24.6 million in cash and cash equivalents, and current investments totaling $9.7 million [31] - The current ratio stands at 20.5 to 1, indicating a strong liquidity position [31] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which involves rigorous backtesting and active money management [8][14] - A two-pillar strategy is in place to enhance shareholder value through dividends and stock buybacks, with a current share repurchase program purchasing 159,074 Class A shares for approximately $400,000 [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the worst impacts from the election and tariff battles are hopefully behind, with a rebound in assets and investment income [11][13] - The company remains optimistic about the gold market, highlighting that gold has outperformed the S&P 500 and is seen as a strong diversifier in investment portfolios [20][21] Other Important Information - The company has paid a monthly dividend since June 2007, with a current yield of 3.46% at a share price of $2.60 [10] - The company is actively engaging with shareholders through various marketing channels, including YouTube and social media, to provide insights and updates [32][34] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management emphasized that gold has significantly outperformed the S&P 500 and is considered a crucial diversifier for investment portfolios, with recommendations to allocate 10%-15% in gold [20][21] Question: How is the company managing its stock buyback program? - The company utilizes an algorithm to buy back shares on flat and down days, believing the stock is undervalued, and aims to enhance shareholder value through this strategy [9][10]

Financial Data and Key Metrics Changes - Quarterly average assets under management were $1.4 billion, operating revenues were $2.25 million, and net income was $1.5 million, showing a significant increase from the previous year [28][31] - Operating revenues increased by $94,000 or 4% from the same quarter last year, primarily due to increases in advisory and administrative fees for equity mutual funds [29] - Net income after taxes for the quarter increased by $1.2 million compared to the same quarter last fiscal year [31] Business Line Data and Key Metrics Changes - Operating expenses increased by $50,000 or 2%, mainly due to a $101,000 increase in employee compensation and a $52,000 increase in advertising expenses [30] - Other income for the quarter was $2.4 million compared to $995,000 in the prior year, primarily due to higher net investment income [30] Market Data and Key Metrics Changes - The company has experienced a rebound in assets and investment income, which has helped turn the corner after being impacted by the tariff war [13] - Gold reached an all-time high of $4,300, although it has gone through a correction since October [19] Company Strategy and Development Direction - The company is focused on creating thematic products using Smart Beta 2.0 strategy, which requires rigorous backtesting and continuous management [7][8] - U.S. Global has been buying back stock using an algorithm on flat and down days, aiming to enhance shareholder value through dividends and stock repurchases [9][10] Management's Comments on Operating Environment and Future Outlook - Management believes the worst impacts from the election and tariff battles are behind them as they move forward [11] - The company remains optimistic about the travel industry, particularly in Europe and Asia, despite challenges in the U.S. market [16][17] Other Important Information - The company has maintained a strong balance sheet with high levels of cash and investments, including approximately $24.6 million in cash and cash equivalents [32] - The current yield at the share price of $2.60 is 3.46%, and the company has paid a monthly dividend since June 2007 [10] Q&A Session Summary Question: What is the company's outlook on gold investments? - Management highlighted that gold has outperformed the S&P 500 and is considered a crucial diversifier for a diversified portfolio, with recommendations to allocate 10%-15% in gold [20][23] Question: How is the company addressing the challenges in the airline industry? - Management noted that while the U.S. airline industry is facing sentiment challenges, the European and Asian markets are booming, indicating potential for recovery [16][17] Question: What are the company's plans for future product launches? - The company is focused on launching new thematic products, particularly in AI and defense sectors, which are expected to capture significant market interest [18][26]

Monetary Policy & Debt Management - MMT (Modern Monetary Theory) suggests financing government at ultra-low short-term rates to manage interest expense as a percentage of GDP, even with rising overall debt levels [1] - The strategy aims to keep interest expense as a percentage of GDP in check [1] Economic Stimulation - The policy potentially unlocks over $12 trillion in home equity to stimulate the economy [1] - Corporations can issue floaters tied to short-term rates [1] Interest Rates & Financial Products - Home Equity Lines of Credit (HELOCs) are tied to SOFR (Secured Overnight Financing Rate), which is influenced by short-term rates [1]

Fiscal Policy & Debt - The industry expresses concern about the rise of Modern Monetary Theory, which suggests debt doesn't need to be repaid if a country can print money, particularly with the US as the reserve currency [1] - The industry believes that mounting levels of debt and deficit spending are unsustainable [1] - The industry suggests the US government needs to be able to sustain itself, especially as the cost of interest for the Treasury is increasing [2] Bond Market & Risk - The industry anticipates significant issues among bond buyers due to accumulating debt and rising interest costs [2] - The industry observes that the term premium has increased, reflecting a sense of more risk associated with the US due to increased spending [2] - The industry advocates for fiscal conservatism to address these concerns [2]

Financial Data and Key Metrics Changes - The company reported assets under management of $1.4 billion for the quarter, with operating revenues of $2.1 million, reflecting a decrease of $490,000 or 19% from the same quarter last year [64][65] - The net loss for the quarter was $832,000, or $0.03 per share, which is an unfavorable change compared to a net loss of $35,000 in the same quarter of the previous fiscal year [67] - Operating expenses were $3 million, a decrease of $85,000 or 3%, primarily due to lower fund expenses [66] Business Line Data and Key Metrics Changes - The decrease in operating revenues was primarily attributed to declines in assets under management, particularly in the JET ETF [65] - Operational earnings consist of advisory services and other earnings, which include realized and unrealized gains and losses on investment holdings [65] Market Data and Key Metrics Changes - The company noted a significant apathy towards the airline industry despite strong performance from airlines like United, which was up 130% last year [18][36] - The gold mining stocks are trading at multiyear highs, yet there is a paradox where redemptions are occurring despite rising gold prices [40][42] Company Strategy and Development Direction - The company aims to increase exposure to the Bitcoin ecosystem and plans to deploy remaining capital back into Bitcoin and Hive, citing a unique growth opportunity [17][26] - The strategic buyback of stock is part of the company's two-pillar strategy to enhance shareholder value through increasing dividends and buying back stock [48][53] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the airline industry transitioning from a cyclical to a growth business, driven by increased travel demand post-COVID [23][20] - The company remains bullish on gold as an asset class, anticipating continued interest from central banks and a potential rise in gold prices due to modern monetary theory [30][34] Other Important Information - The company has maintained a strong balance sheet with high levels of cash and securities, and it has no long-term debt [67] - The current dividend yield is approximately 4.13%, with a total shareholder yield of 10.53% [50][53] Q&A Session Summary Question: What is the company's outlook on the airline industry? - Management believes the airline industry will evolve into a growth business rather than remaining cyclical, supported by strong demand for travel [18][20] Question: How does the company view the current state of gold stocks? - Despite the paradox of rising gold prices and redemptions in gold stocks, management remains optimistic about the long-term potential of gold as a safe haven asset [40][42] Question: What are the company's plans regarding Bitcoin investments? - The company plans to increase its exposure to Bitcoin through a dollar-cost averaging program and investments in Hive shares, anticipating regulatory changes that will favor Bitcoin [26][17]

Financial Data and Key Metrics Changes - The company reported assets under management of $1.4 billion and operating revenues of $2.1 million for the quarter, with a net loss of $832,000, translating to a loss of $0.03 per share, which is an unfavorable change compared to a net loss of $35,000 in the same quarter last year [65][68] - Operating revenues decreased by $490,000 or 19% from $2.6 million in the same quarter last year, primarily due to decreases in assets under management, particularly in the JET ETF [66] - Operating expenses were $3 million, a decrease of $85,000 or 3%, mainly due to lower fund expenses [67] Business Line Data and Key Metrics Changes - The operational earnings consist of advisory services and other earnings, which are subject to market fluctuations [66] - The operating loss for the quarter was $893,000, an unfavorable change of $405,000 compared to the same quarter last year [67] Market Data and Key Metrics Changes - The company experienced a significant decrease in assets under management, which impacted overall revenues [66] - Despite the challenges, the company maintains a strong balance sheet with high levels of cash and securities, and no long-term debt [68] Company Strategy and Development Direction - The company aims to create thematic products that are sustainable using a Smart Beta 2.0 strategy, which requires rigorous backtesting [13] - There is a strategic focus on increasing exposure to the Bitcoin ecosystem, with plans to deploy capital back into Bitcoin and Hive shares due to their growth potential [17][26] - The company is committed to stock buybacks and increasing dividends as part of its strategy to enhance shareholder value [49][51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the airline industry transitioning from a cyclical to a growth business, citing strong performance from airlines like United [18][23] - There is a belief that gold will continue to perform well as a safe haven asset, especially with increasing central bank purchases and regulatory changes favoring physical gold [30][34] - The company acknowledges current market apathy but remains confident in the long-term growth potential of its products and strategies [45][59] Other Important Information - The company has been actively engaging with shareholders through various platforms, including social media and video content [70][73] - Upcoming participation in industry conferences to connect with potential shareholders and enhance market presence [71] Q&A Session Summary Question: What is the outlook for the airline industry? - Management believes the airline industry will transition from being cyclical to a growth business, supported by strong demand and pricing power [18][23] Question: How does the company plan to address current market challenges? - The company plans to focus on stock buybacks and increasing dividends while maintaining a strong balance sheet to weather market volatility [49][51] Question: What is the company's stance on gold investments? - Management remains bullish on gold, citing its historical performance and the increasing interest from central banks as key factors for future growth [30][34]