U S Global Investors Inc 10-K for FY2020

U S Global Investors Inc (GROW)

10-K 2020-09-10 For: 2020-06-30

Added on April 06, 2026

About this 10-K

U S Global Investors Inc filed this 10-K on September 10, 2020, covering the fiscal year ended June 30, 2020 (FY2020).

Headline figures

Fiscal year ended June 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $4.48M; up 29.4% from $3.46M a year earlier
Net loss: $4.68M; compared with a net loss of $3.39M a year earlier
Diluted EPS: -$0.31; compared with -$0.22 a year earlier

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Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

Part I of Annual Report on Form 10-K	1
Item 1. Business	1
Item 1A. Risk Factors	5
Item 1B. Unresolved Staff Comments	10
Item 2. Properties	10
Item 3. Legal Proceedings	10
Item 4. Mine Safety Disclosures	10

Part II of Annual Report on Form 10-K	11
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	11
Item 6. Selected Financial Data	13
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	24
Item 8. Financial Statements and Supplementary Data	26
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	54
Item 9A. Controls and Procedures	54
Item 9B. Other Information	54

Part III of Annual Report on Form 10-K	55
Item 10. Directors, Executive Officers and Corporate Governance	55
Item 11. Executive Compensation	57
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	62
Item 13. Certain Relationships and Related Transactions, and Director Independence	64
Item 14. Principal Accounting Fees and Services	64

Part IV of Annual Report on Form 10-K	65
Item 15. Exhibits, Financial Statement Schedules	65

Signatures	67

Exhibit 10.11 — Promissory Note
Exhibit 21 — Subsidiaries of the Company, Jurisdiction of Incorporation, and Percentage of Ownership
Exhibit 23.1 — Consent of BDO USA, LLP
Exhibit 31.1 — Rule 13a – 14(a) Certifications (under Section 302 of the Sarbanes-Oxley Act of 2002)
Exhibit 32.1 — Section 1350 Certifications (under Section 906 of the Sarbanes-Oxley Act of 2002)

Assets Under Management (“AUM”)
Fund	Ticker	June 30, 2020		June 30, 2019
(dollars in thousands)
U.S. Global Investors Funds
Natural Resources
Global Resources	PSPFX	$	45,899	$	60,805
World Precious Minerals	UNWPX		87,275		72,144
Gold and Precious Metals	USERX		133,277		102,440
Total Natural Resources			266,451		235,389
International Equity
Emerging Europe	EUROX		23,910		33,855
China Region	USCOX		12,640		15,247
Total International Equity			36,550		49,102
Fixed Income
U.S. Government Securities Ultra-Short Bond	UGSDX		41,300		45,254
Near-Term Tax Free	NEARX		41,383		45,667
Total Fixed Income			82,683		90,921
Domestic Equity
Holmes Macro Trends	MEGAX		28,453		36,224
All American Equity	GBTFX		11,760		13,969
Total Domestic Equity			40,213		50,193
Total U.S. Global Investors Funds			425,897		425,605

ETF Clients
U.S. Global Jets ETF	JETS		1,201,641		69,557
U.S. Global GO GOLD and Precious Metal Miners ETF	GOAU		86,210		14,907
Total ETF Clients			1,287,851		84,464
Total AUM		$	1,713,748	$	510,069

(dollars in thousands, except price data)
Period	Total Number of Shares Purchased¹		Total Amount Purchased		Average Price Paid Per Share²		Total Number of Shares Purchased as Part of Publicly Announced Plan³		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan

04-01-20 to 04-30-20		28,901	$	30	$	0.98		28,901	$	2,652
05-01-20 to 05-31-20		1,000		2	$	1.02		1,000	$	2,650
06-01-20 to 06-30-20		3,000		7	$	1.85		3000	$	2,643
Total		32,901	$	39	$	1.18		32,901

Assets Under Management (“AUM”)
(dollars in thousands)	June 30, 2020		June 30, 2019
Investment Management Services
USGIF	$	425,897	$	425,605
ETF Clients		1,287,851		84,464
Total AUM	$	1,713,748	$	510,069

	2020
(dollars in thousands)	Equity			Fixed Income			Total
Beginning Balance	$	334,684		$	90,921		$	425,605
Market appreciation		53,103			1,535			54,638
Dividends and distributions		(2,973	)		(984	)		(3,957	)
Net shareholder redemptions		(41,600	)		(8,789	)		(50,389	)
Ending Balance	$	343,214		$	82,683		$	425,897
Average investment management fee		0.96	%		0.01	%		0.76	%
Average net assets	$	322,452		$	86,572		$	409,024

	2019
(dollars in thousands)	Equity			Fixed Income			Total
Beginning Balance	$	389,442		$	106,231		$	495,673
Market appreciation (depreciation)		(17,957	)		1,769			(16,188	)
Dividends and distributions		(20,774	)		(1,275	)		(22,049	)
Net shareholder redemptions		(16,027	)		(15,804	)		(31,831	)
Ending Balance	$	334,684		$	90,921		$	425,605
Average investment management fee		0.97	%		0.01	%		0.75	%
Average net assets	$	332,833		$	98,063		$	430,896

Securities at Fair Value	Cost		Unrealized Gain (Loss)			Fair Value
(dollars in thousands)
Securities at fair value¹	$	12,928	$	(1,464	)	$	11,464
Total at June 30, 2020	$	12,928	$	(1,464	)	$	11,464

Securities at fair value¹	$	14,640	$	547		$	15,187
Total at June 30, 2019	$	14,640	$	547		$	15,187

	Year Ended June 30,
(dollars in thousands, except per share data)	2020			2019
Loss from Continuing Operations	$	(4,464	)	$	(3,292	)

Loss from Discontinued Operations		(338	)		(147	)
Less: Net Loss Attributable to Non-Controlling Interest from Discontinued Operations		(118	)		(51	)
Net Loss Attributable from Discontinued Operations to U.S. Global Investors, Inc.		(220	)		(96	)

Net Loss Attributable to U.S. Global Investors, Inc.	$	(4,684	)	$	(3,388	)

Weighted average number of outstanding shares
Basic		15,108,394			15,138,351
Effect of dilutive securities :
Employee stock options		-			-
Diluted		15,108,394			15,138,351

Earnings Per Share Attributable to U.S. Global Investors, Inc.
Basic Net Loss per Share
Loss from continuing operations	$	(0.30	)	$	(0.22	)
Loss from discontinued operations	$	(0.01	)	$	-
Net loss	$	(0.31	)	$	(0.22	)
Diluted Net Loss per Share
Loss from continuing operations	$	(0.30	)	$	(0.22	)
Loss from discontinued operations	$	(0.01	)	$	-
Net loss	$	(0.31	)	$	(0.22	)

	Payments due by period
Contractual Obligations	Total		Less than 1 year		1-3 years		4-5 years		More than 5 years
(dollars in thousands)
Operating lease obligations	$	97	$	53	$	44	$	-	$	-
Contractual obligations		414		346		68		-		-
Total	$	511	$	399	$	112	$	-	$	-

Assets	June 30, 2020			June 30, 2019
(dollars in thousands)
Current Assets
Cash and cash equivalents	$	1,936		$	1,466
Restricted cash		1,025			1,025
Investments in securities at fair value		6,322			8,021
Accounts and other receivables		974			309
Note receivable		-			199
Prepaid expenses		285			293
Total assets held related to discontinued operations		-			1,780
Total Current Assets		10,542			13,093

Net Property and Equipment		1,506			1,708

Other Assets
Investments in securities at fair value, non-current		5,142			7,166
Other investments		1,283			1,404
Equity method investments		158			309
Right of use assets		93			-
Other assets, non-current		92			64
Total Other Assets		6,768			8,943
Total Assets	$	18,816		$	23,744
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable	$	29		$	31
Accrued compensation and related costs		360			311
Dividends payable		113			113
Lease liability, short-term		50			-
Other accrued expenses		1,015			496
Note payable, current		442			-
Total liabilities held related to discontinued operations		-			481
Total Current Liabilities		2,009			1,432

Long-Term Liabilities
Deferred tax liability		-			133
Lease liability, long-term		43			-
Total Long-Term Liabilities		43			133
Total Liabilities		2,052			1,565

Commitments and Contingencies (Note 19)

Shareholders’ Equity
Common stock (class A) - $0.025 par value; nonvoting; authorized, 28,000,000 shares; issued, 13,866,913 shares and 13,866,751 shares at June 30, 2020, and June 30, 2019, respectively		347			347
Common stock (class B) - $0.025 par value; nonvoting; authorized, 4,500,000 shares; no shares issued		-			-
Convertible common stock (class C) - $0.025 par value; voting; authorized, 3,500,000 shares; issued, 2,068,635 shares and 2,068,797 shares at June 30, 2020, and June 30, 2019, respectively		52			52
Additional paid-in-capital		15,623			15,646
Treasury stock, class A shares at cost; 855,432 shares and 804,959 shares at June 30, 2020, and June 30, 2019, respectively		(1,879	)		(1,888	)
Accumulated other comprehensive income (loss), net of tax		(4	)		(206	)
Retained earnings		2,625			7,761
Total U.S. Global Investors Inc. Shareholders’ Equity		16,764			21,712
Non-Controlling Interest in Subsidiary		-			467
Total Shareholders’ Equity		16,764			22,179
Total Liabilities and Shareholders’ Equity	$	18,816		$	23,744

(dollars in thousands)	Common Stock (class A)		Common Stock (class C)		Additional Paid-in Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Non-Controlling Interest			Total
Balance at June 30, 2018 (13,866,691 shares of class A; 2,068,857 shares of class C)	$	347	$	52	$	15,650		$	(1,878	)	$	1,858		$	9,513		$	518		$	26,060
Reclassification pursuant to adoption of ASU 2016-01, net of tax of $1,049		-		-		-			-			(2,089	)		2,089			-			-
Balance at July 1, 2018		347		52		15,650			(1,878	)		(231	)		11,602			518			26,060
Purchases of 20,575 shares of Common Stock (class A)		-		-		-			(24	)		-			-			-			(24	)
Issuance of stock under ESPP of 2,461 shares of Common Stock (class A)		-		-		(2	)		6			-			-			-			4
Conversion of 60 shares of class C common stock for class A common stock		-		-		-			-			-			-			-			-
Dividends declared		-		-		-			-			-			(453	)		-			(453	)
Stock bonuses		-		-		(4	)		8			-			-			-			4
Stock-based compensation expense		-		-		2			-			-			-			-			2
Other comprehensive income, net of tax		-		-		-			-			25			-			-			25
Net loss		-		-		-			-			-			(3,388	)		(51	)		(3,439	)
Balance at June 30, 2019 (13,866,751 shares of class A; 2,068,797 shares of class C)		347		52		15,646			(1,888	)		(206	)		7,761			467			22,179
Purchases of 105,721 shares of Common Stock (class A)		-		-		-			(113	)		-			-			-			(113	)
Issuance of stock under ESPP of 1,648 shares of Common Stock (class A)		-		-		(1	)		4			-			-			-			3
Conversion of 162 shares of class C common stock for class A common stock		-		-		-			-			-			-			-			-
Dividends declared		-		-		-			-			-			(452	)		-			(452	)
Stock bonuses		-		-		(16	)		118			-			-			-			102
Stock-based compensation expense		-		-		(6	)		-			-			-			-			(6	)
Deconsolidation of non-controlling interest		-		-		-			-			-			-			(463	)		(463	)
Other comprehensive income, net of tax		-		-		-			-			202			-			114			316
Net loss		-		-		-			-			-			(4,684	)		(118	)		(4,802	)
Balance at June 30, 2020 (13,866,913 shares of class A; 2,068,635 shares of class C)	$	347	$	52	$	15,623		$	(1,879	)	$	(4	)	$	2,625		$	-		$	16,764

	June 30,
(dollars in thousands)	2020		2019
Assets
Cash and cash equivalents	$	-	$	1,482
Accounts and other receivables		-		200
Prepaid expenses		-		52
Net property and equipment		-		38
Other assets, non-current		-		8
Total assets held related to discounted operations	$	-	$	1,780
Liabilities
Accounts payable	$	-	$	135
Accrued compensation and related costs		-		84
Other accrued expenses		-		262
Total liabilities held related to discontinued operations	$	-	$	481

(dollars in thousands)	Year Ended June 30,
Investment Income (Loss)	2020			2019
Unrealized losses on fair valued securities	$	(2,011	)	$	(2,406	)
Unrealized gains on equity securities without readily determinable fair values		-			617
Realized gains on sales of fair valued securities		-			23
Realized gain on sale of subsidiary		151			-
Realized foreign currency losses		(232	)		(26	)
Impairments in equity investments that do not have readily determinable fair values		(285	)		(114	)
Dividend and interest income		166			324
Total Investment Income (Loss)	$	(2,211	)	$	(1,582	)

	June 30, 2020
			Significant		Significant
	Quoted Prices		Other Inputs		Unobservable Inputs
(dollars in thousands)	(Level 1)		(Level 2)		(Level 3)		Total
Securities at fair value
Common stock - International	$	4,447	$	32	$	-	$	4,479
Common stock - Domestic		-		-		-		-
Mutual funds - Fixed income		6,322		-		-		6,322
Mutual funds - Domestic equity		663		-		-		663
Total securities at fair value	$	11,432	$	32	$	-	$	11,464

	Year Ended
	June 30,
(dollars in thousands)	2020
Operating lease cost	$	53
Short-term lease cost		100
Total lease cost	$	153

Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	53

Right-of-use assets obtained in exchanged for:
Net operating lease liabilities	$	141

Weighted-average remaining lease term (in years)		1.83
Weighted-average discount rate		4.11	%

(dollars in thousands)
Fiscal Year	Operating Leases
2021	$	53
2022		44
Total lease payments		97
Less imputed interest		(4	)
Total	$	93

(dollars in thousands, except price data)	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value (net of tax)
Outstanding June 30, 2018		4,000		$	7.53
Granted		-			n/a
Exercised		-			n/a
Forfeited		-			n/a
Outstanding June 30, 2019		4,000		$	7.53
Granted		-			n/a
Exercised		-			n/a
Forfeited		(2,000	)	$	12.31
Outstanding June 30, 2020		2,000		$	2.74		7.72	$	-

	Options Outstanding							Options Exercisable
	Date of Option Grant	Number Outstanding		Remaining Life in Years		Weighted Average Exercise Price ($)		Number Exercisable		Weighted Average Option Price ($)
1997 Plan Class A	03/21/18		2,000		7.72	$	2.74		2,000	$	2.74
			2,000		7.72	$	2.74		2,000	$	2.74

(dollars in thousands)	Investment Management Services			Corporate Investments			Consolidated
Year ended June 30, 2020
Net operating revenues	$	4,476		$	-		$	4,476
Investment loss	$	-		$	(2,211	)	$	(2,211	)
Loss from equity method investments	$	-		$	(142	)	$	(142	)
Other income	$	117		$	-		$	117
Loss from continuing operations before income taxes	$	(2,071	)	$	(2,568	)	$	(4,639	)
Depreciation and amortization	$	202		$	-		$	202
Gross identifiable assets at June 30, 2020	$	5,654		$	13,162		$	18,816
Deferred tax asset							$	-
Consolidated total assets at June 30, 2020							$	18,816
Year ended June 30, 2019
Net operating revenues	$	3,459		$	-		$	3,459
Investment loss	$	-		$	(1,582	)	$	(1,582	)
Income from equity method investments	$	-		$	23		$	23
Other income	$	47		$	-		$	47
Loss from continuing operations before income taxes	$	(2,444	)	$	(1,825	)	$	(4,269	)
Depreciation and amortization	$	201		$	13		$	214

Name	Age	Position
Frank E. Holmes	65	Director of the Company and Chief Executive Officer of the Company since October 1989, and Chief Investment Officer since June 1999. Since October 1989, Mr. Holmes has served and continues to serve in various positions with the Company and its subsidiaries. Mr. Holmes has served on the board of Thunderbird Entertainment Group Inc. (formerly Thunderbird Entertainment, Inc.) from June 2014 to present. He has also served as Chairman of the Board of HIVE Blockchain Technologies Ltd. since August 2017 and has served as Interim Executive Chairman since August 2018. Mr. Holmes served as Chairman of the Board of GoldSpot Discoveries Corp. from February 2019 to May 2020 and as a director from February 2019 to June 2020. Mr. Holmes served as Trustee of U.S. Global Investors Funds from August 1989 to December 2015; Director of Meridian Global Gold & Resources Fund Ltd. from December 2003 to November 2017; and Director of Meridian Global Energy & Resources Fund Ltd. from April 2006 to November 2017.
Jerold H. Rubinstein	82	Chairman of the Board of Directors since February 2006 and Director of the Company since October 1989. Mr. Rubinstein has served as Director and Chairman of Salton Sea Industries from June 2016 to present. Mr. Rubinstein served as Director and Chairman of the Audit Committee of CKE Restaurants from June 2006 to July 2010 and April 2011 to December 2017. He also served as Director and Chairman of the Audit Committee of Greenwood Hall, Inc. from November 2016 to June 2017 and Director and Chairman of the Audit Committee of SpendSmart Payments Co. from October 2013 to April 2016.
Roy D. Terracina	74	Director of the Company since December 1994 and Vice Chairman of the Board of Directors since May 1997. Mr. Terracina is the owner of Sunshine Ventures, Inc., a company formed to hold investments, since January 1994.
Thomas F. Lydon, Jr.	60	Director of the Company since June 1997. Mr. Lydon has served as Chairman of the Board and President of Global Trends Investments since April 1996; co-CEO of ETF Flows LLC since February 2019; Trustee of Guggenheim Investments since February 2012; and Director of Harvest Volatility Edge Trust from December 2017 to December 2018.
Lisa C. Callicotte	47	Chief Financial Officer of the Company since July 12, 2013. Controller of the Company from July 2009 until July 2013. Since July 2009, Ms. Callicotte has served and continues to serve in various positions with the Company and its subsidiaries.

Independent Directors	Audit Committee	Compensation Committee
Roy D. Terracina	Chairman	Member
Thomas F. Lydon, Jr.	Member	Chairman
Jerold H. Rubinstein	Member	Member

Name		Title
Frank E. Holmes		Chief Executive Officer and Chief Investment Officer
Lisa C. Callicotte		Chief Financial Officer

Summary Compensation Table
Name and Principal Position	Year	Salary ($)		Bonus ($)		Non-Equity Incentive Plan Compensation ($)¹			All Other Compensation ($)		Total ($)
(dollars in thousands)

Frank E. Holmes
Chief Executive Officer	2019		422		4		(45	)		91		472
Chief Investment Officer	2020		422		4		34			91²		551

Lisa C. Callicotte
Chief Financial Officer	2019		141		42		-			14		197
	2020		141		35		-			11³		187

Director Compensation
Name	Fees Earned or Paid in Cash ¹		Stock Awards ²		Total
(dollars in thousands)
Jerold H. Rubinstein	$	98	$	2	$	100
Roy D. Terracina	$	43	$	2	$	45
Thomas F. Lydon, Jr.	$	34	$	2	$	36

Name and Address of Beneficial Owner	Class C Common Shares Beneficially Owned		Percent of Class (%)
Frank Holmes		2,064,560		99.80	%
7900 Callaghan Road
San Antonio, TX 78229

Beneficial Owner	Class C Common Stock					Class A Common Stock
	Number of Shares		%			Number of Shares		%
Frank E. Holmes, CEO, Director		2,064,560		99.80	%		501,455		3.85	%
Lisa C. Callicotte, CFO		-		-			19,001		0.15	%
Jerold H. Rubinstein, Director		-		-			1,800		0.01	%
Roy D. Terracina, Director		-		-			62,800		0.48	%
Thomas F. Lydon, Jr., Director		-		-			16,500		0.13	%
All directors and executive officers as a group (five persons)		2,064,560		99.80	%		601,556		4.62	%

	Fiscal year ended June 30,
(dollars in thousands)	2020		2019
Audit fees ¹	$	220	$	220
Audit-related fees²		-		-
Tax fees ³		78		92
Total fees	$	298	$	312

3.1		Fourth Restated and Amended Articles of Incorporation of Company, incorporated by reference to the Company’s Form 10-Q for the quarter ended March 31, 2007 (EDGAR Accession Number 000095134-07-010817)
3.2		Amended and Restated By-Laws of Company, incorporated by reference to Exhibit 3.02 of the Company’s Form 8-K filed on November 8, 2006, (EDGAR Accession Number 0000754811-06-000076)
4.1		Description of Capital Stock, incorporated by reference to the Company’s Form 10-K for the year ended June 30, 2019 (Edgar Accession No. 0001185185-19-001226)
10.1		Advisory Agreement with U.S. Global Investors Funds, dated October 1, 2008, incorporated by reference to Post-Effective Amendment 100 filed October 1, 2008 (EDGAR Accession No. 0000950134-08-017422)
10.2		Distribution Agreement dated December 10, 2015, by and between U.S. Global Investors Funds and Foreside Fund Services, LLC, incorporated by reference to the Company’s Form 10-Q for the quarter ended December 31, 2015, filed February 12, 2016 (EDGAR Accession No. 0001185185-16-003686)
10.3		Novation to the Distribution Agreement dated December 10, 2015, by and between U.S. Global Investors Funds and Foreside Fund Services, LLC, incorporated by reference to U.S. Global Investors Funds, Post-Effective Amendment No. 127, filed April 28, 2017 (EDGAR Accession No. 0001398344-17-005412)
10.4		Distribution Services Agreement dated December 10, 2015, by and between U.S. Global Investors, Inc. and Foreside Fund Services, LLC, incorporated by reference to the Company’s Form 10-Q for the quarter ended December 31, 2015, filed February 12, 2016 (EDGAR Accession No. 0001185185-16-003686)
10.5		Amended and Restated Administrative Services Agreement dated December 9, 2015, by and between U.S. Global Investors Funds and U.S. Global Investors, Inc., incorporated by reference to the Company’s Form 10-Q for the quarter ended December 31, 2015, filed February 12, 2016 (EDGAR Accession No. 0001185185-16-003686)
10.6		Distribution Plan Pursuant to Rule 12b-1 adopted December 9, 2015 by the Board of Trustees of U.S. Global Investors Funds, incorporated by reference to the Company’s Form 10-Q for the quarter ended December 31, 2015, filed February 12, 2016 (EDGAR Accession No. 0001185185-16-003686)
10.7		United Services Advisors, Inc. 1989 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 4(a) of the Company’s Registration Statement No. 33-3012, Post-Effective Amendment No. 2, filed on Form S-8 with the Commission on April 23, 1997 (EDGAR Accession No. 0000754811-97-000004)
10.8		U.S. Global Investors, Inc. 1997 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 4 of the Company’s Registration Statement No. 333-25699 filed on Form S-8 with the Commission on April 23, 1997 (EDGAR Accession No. 0000754811-97-000003)
10.9		2010 Stock Incentive Plan, amended May 26, 2020, incorporated by reference to the Company’s Form 8-K filed on May 28, 2020 (EDGAR Accession No. 0001185185-20-000741)

10.10		(A) Advisory Agreement with ETF Series Solutions dated February 19, 2015, incorporated by reference to Post-Effective Amendment 53 filed April 22, 2015 (EDGAR Accession No. 0000894189-15-001923)
		(B) Amended Schedule A to Advisory Agreement with ETF Series Solutions, incorporated by reference to Post-Effective Amendment 210 filed June 8, 2017 (EDGAR Accession No. 0000894189-17-003025)
10.11		Promissory Note, effective as of April 12, 2020, between U.S. Global Investors, Inc., as borrower, and Texas Capital Bank, N.A., as lender, included herein.
14.01		Code of Ethics for Principal Executive and Senior Financial Officers, adopted December 15, 2003, and amended February 17, 2016, incorporated by reference to the Company’s Form 10-Q for the quarter ended March 31, 2016, filed on May 12, 2016 (EDGAR Accession No. 0001185185-16-004512)
14.02		Code of Ethics, incorporated by reference to the Company’s Form 10-Q for the quarter ended December 31, 2019 (EDGAR Accession No. 0001185185-20-000164)
21		List of Subsidiaries of the Company, included herein.
23.1		BDO USA, LLP consent of independent registered public accounting firm for Form 10-K for U.S. Global Investors, Inc., included herein.
31.1		Rule 13a-14(a) Certifications (under Section 302 of the Sarbanes-Oxley Act of 2002), included herein.
32.1		Section 1350 Certifications (under Section 906 of the Sarbanes-Oxley Act of 2002), included herein.
101.INS		INS XBRL Instance Document.
101.SCH		SCH XBRL Taxonomy Extension Schema Document.
101.CAL		CAL XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		DEF XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		LAB XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE		PRE XBRL Taxonomy Extension Presentation Linkbase Document.

	U.S. Global Investors, Inc.

	By: /s/ Frank E. Holmes
	Frank E. Holmes
Date: September 10, 2020	Chief Executive Officer

Signature	Capacity in which signed	Date
/s/ Frank E. Holmes
Frank E. Holmes	Chief Executive Officer Chief Investment Officer Director	September 10, 2020

/s/ Thomas F. Lydon, Jr.
Thomas F. Lydon, Jr.	Director	September 10, 2020

/s/ Jerold H. Rubinstein
Jerold H. Rubinstein	Chairman, Board of Directors	September 10, 2020

/s/ Roy D. Terracina
Roy D. Terracina	Director	September 10, 2020

/s/ Lisa C. Callicotte
Lisa C. Callicotte	Chief Financial Officer	September 10, 2020

Loan #			38739571-09
Effective Date			April 12, 2020
Loan Amount			$441,756
Interest Rate			A fixed rate equal to ONE PERCENT (1.00%) per annum
Maturity Date			April 12, 2022
Borrower			US Global Investors Inc.
Lender			Texas Capital Bank, N.A.