The following discussion and analysis should be read in conjunction with the condensed financial statements and the accompanying notes thereto and is qualified in its entirety by the foregoing and by more detailed financial information appearing elsewhere in this quarterly report on Form 10-Q. See "Financial Statements."





Overview



Concierge Technologies, Inc. ("Concierge" or the "Company") conducts business
through its wholly-owned operating subsidiaries operating in the U.S., New
Zealand and Canada. The operations of the Company's wholly-owned subsidiaries
are more particularly described herein but are summarized as follows:

? Wainwright Holdings, Inc. ("Wainwright"), a U.S. based company, is the sole

member of two investment services limited liability company subsidiaries that

manages, operates or is an investment advisor to exchange traded funds

organized as limited partnerships or investment trusts that issue shares that

trade on the NYSE Arca stock exchange.

? Gourmet Foods, Ltd., a New Zealand based company, manufactures and distributes

New Zealand meat pies on a commercial scale and its wholly-owned New Zealand

subsidiary company, Printstock Products Limited, prints specialty wrappers for


    the food industry in New Zealand and Australia. (collectively "Gourmet
    Foods")
  ? Brigadier Security Systems (2000) Ltd. ("Brigadier"), a Canadian based
    company, sells and installs commercial and residential alarm monitoring
    systems.
  ? Kahnalytics, Inc. dba/Original Sprout ("Original Sprout"), a U.S. based
    company, is engaged in the wholesale distribution of hair and skin care
    products under the brand name Original Sprout on a global scale.
  ? Marygold & Co., a newly formed U.S. based company, together with its

wholly-owned limited liability company, Marygold & Co. Advisory Services,

LLC, ( collectively "Marygold") was established by Concierge to explore

opportunities in the financial technology ("Fintech") space, still in the

development stage as of March 2021, and estimated to launch commercial

services in the current fiscal year. Through March 31, 2021, expenditures have

been limited to developing the business model and the associated application


    development.




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Because the Company conducts its businesses through its wholly-owned operating
subsidiaries, the risks related to our wholly-owned subsidiaries are also risks
that impact the Company's financial condition and results of operations.  See,
"Note 2. Summary of Significant Accounting Policies / Major Customers and
Suppliers - Concentration of Credit Risk" in the consolidated financial
statements for more information. The emergence of a novel coronavirus on a
global scale, known as COVID-19, and related geopolitical events could lead to
increased market volatility, disruption to U.S. and world economies and markets
and may have significant adverse effects on the Company and its wholly-owned
subsidiaries. The financial risk to future operations is largely unknown, (refer
to Part II, Item 1A, for further details.)



Results of Operations



Concierge and Subsidiaries

Financial summary and comparison data for the three and nine month periods ended March 31, 2021 and March 31, 2020.





The table below summarizes each of Concierges subsidiaries into one of two
categories for the nine months ended March 31, 2021 and 2020. The Wainwright
business is included in the Financial Services columns and all other
subsidiaries, including Gourmet, Brigadier, and Original Sprout in the Other
Operating Units columns. Corporate expenses, including Marygold, are included in
the Concierge Corporate columns.



                           Financial Services                                 Other Operating Units                                  Concierge Corporate                                       Consolidated
($'s in
thousands)           For Nine Months Ended March 31,                   For the Nine Months Ended March 31,                   For the Nine Months Ended March 31,                   For the Nine Months Ended March 31,
                2021        2020              Change                2021           2020             Change                2021             2020             Change              2021           2020             Change
                                                      $%                                                    $%                                                     $%                                                    $%
Revenue       $ 19,183     $ 8,867     $ 10,316         116 %    $   11,072
$ 8,856     $ 2,216          25 %              -               -          -         -      $   30,254      $ 17,723     $ 12,532         71 %
% of total
revenue             63 %        50 %          -          13 %            37 %          50 %         -         (13 )%             -               -          -         -               -             -            -          - %
Cost of
revenue              -           -            -           -           7,121         5,244       1,878          36 %              -               -          -         -           7,121         5,244     $  1,877         36 %
Gross

profit $ 19,183 $ 8,867 $ 10,316 116 % $ 3,950

$ 3,612     $   338           9 %              -               -

- - $ 23,133 $ 12,479 $ 10,654 85 % Operating expenses 11,084 8,655 2,429 28 % 3,299

         2,760         539          20 %          2,106           1,287        819        64 %        16,489        12,702        3,787         30 %
% of total
operating
expenses            67 %        68 %          -          (1 )%           20 %          22 %         -          (2 )%            13 %            10 %        -         3 %             -             -            -          - %
Income
(loss) from
operations    $  8,099     $   212     $  7,887       3,720 %    $      651       $   852     $  (201 )       (24 )%   $    (2,106 )     $  (1,287 )   $ (819 )     (64 )%   $    6,644      $   (223 )   $  6,867       3080 %
Other
(expense) /
income              14          10            4         (40 )%          190           (21 )       211       1,005 %             (8 )            (6 )       (2 )      33 %           196           (17 )        213       1247 %
Income
(loss)
before
income
taxes         $  8,113     $   222     $  7,891       3,555 %    $      841       $   831     $    10           1 %    $    (2,114 )     $  (1,293 )
$ (819 )     (63 )%   $    6,840      $   (240 )   $  7,079       2950 %

For the Three Months Ended March 31, 2021 Compared to the Three Months Ended March 31, 2020





Revenue and Operating Income



Consolidated revenue for the three months ended March 31, 2021 was $9.5 million
representing a $3.6 million increase from the same prior year period revenue of
$5.9 million. Net revenues increased as a result of higher Fund AUM from our
fund management business by approximately $3.0 million, or 101%, for the three
months ended March 31, 2021 as compared to the three months ended March 31,
2020. The Company's revenues derived from its other operating units increased by
$0.6 million, or 22%, from the same prior year period, resulting in an overall
increase in consolidated revenue of approximately 62%. Concierge produced an
operating income for the three months ended March 31, 2021 of $2.0 million as
compared to an operating loss of $181 thousand for the three months ended March
31, 2020. The increase in operating income was primarily attributable to higher
fund management revenue from Wainwright due to higher AUM as well as the
addition of the Printstock business in New Zealand.



Other Income (Expense)



Other income (expense) for the three months ended March 31, 2021 and 2020, were
$23 thousand and ($27) thousand, respectively, resulting in net income (loss)
before income taxes of $2.1 million and ($208) thousand, respectively.



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Income Tax



Provision for income tax (expense) benefit for the three months ended March 31,
2021 and 2020 were ($481) thousand and $191 thousand, respectively, primarily
attributable to our United States operations through our Wainwright subsidiary
who recorded an income for the period ended March 31, 2021 as compared to a loss
for the period ended March 31, 2020. The Company files income taxes as a
combined group and records most income taxes at the Concierge level. Income tax
(expense) recorded at the Concierge level totaled ($0.4) million for the three
months ended March 31, 2021, while a tax benefit of $0.2 million was recorded
for the three months ended March 31, 2020.



Net Income (Loss)



Overall, the net income for the three months ended March 31, 2021 as compared to
the three months ended March 31, 2020 increased by approximately $1.6 million.
The increase in profits for the three months ended March 31, 2021 was primarily
attributable to higher fund management revenue from Wainwright due to a higher
amount of AUM, with only modest increases in variable operating expenses, and
general and administrative costs resulting in a higher net income profit
margins. All Other Operating Units contributed approximately $150 thousand of
net income before tax representing a $134 thousand decrease from the same prior
year period primarily as result of COVID-19. Offsetting the overall increase in
net income were expenses of $441 thousand related to the startup of our new
subsidiary, Marygold. After giving consideration to currency translation losses
of ($17) thousand our comprehensive income for the three months ended March 31,
2021 was $1.6 million as compared to the three months ended March 31, 2020 where
there was a currency translation losses of $295 thousand resulting in
comprehensive loss of ($312) thousand. Comprehensive gains and losses are
comprised of fluctuations in foreign currency exchange rates related to
the effects in the valuation of our holdings in New Zealand and Canada.

For the Nine Months Ended March 31, 2021 Compared to the Nine Months Ended March 31, 2020





Revenue and Operating Income



Consolidated revenue for the nine months ended March 31, 2021 was $30.2 million
representing a $12.5 million increase from the same prior year period revenue of
$17.7 million. Net revenues increased from our fund management business as a
result of higher AUM by approximately $10.3 million, or 116%, for the nine
months ended March 31, 2021 as compared to the nine months ended March 31, 2020.
The Company's revenues derived from its other operating units increased by
$2.2 million, or 25%, from the same prior year period, resulting in an overall
increase in consolidated revenue of approximately 71%. Concierge produced an
operating income for the nine months ended March 31, 2021 of $6.6 million as
compared to an operating loss of ($223) thousand for the nine months ended March
31, 2020. The increase in operating income was primarily attributable to higher
fund management revenue from Wainwright due to higher AUM as well as the
addition of the Printstock business in New Zealand.



Other Income (Expense)



Other income (expense) for the nine months ended March 31, 2021 and 2020, were
$195 thousand and ($17) thousand, respectively, resulting in net income (loss)
before taxes of $6.8 million and ($240) thousand, respectively.



Income Tax



Provision for income tax (expense) benefit for the nine months ended March 31,
2021 and 2020 were ($1.7) million and $202 thousand, respectively, primarily
attributable to our United States operations through our Wainwright subsidiary
who recorded an income for the period ended March 31, 2021 as compared to a loss
for the period ended March 31, 2020. The Company files income taxes as a
combined group and records most income taxes at the Concierge level. Income tax
(expense) recorded at the Concierge level totaled ($1.5) million for the nine
months ended March 31, 2021, while a tax benefit of $0.3 million was recorded
for the nine months ended March 31, 2020.



Net Income (Loss)



Overall, the net income for the nine months ended March 31, 2021 as compared to
the nine months ended March 31, 2020 increased by approximately $5.2 million.
The increase in profits for the nine months ended March 31, 2021 was primarily
attributable to higher fund management revenue from Wainwright due to a higher
amount of AUM, with only modest increases in variable operating expenses, and
general and administrative costs resulting in a higher net income profit
margins. All Other Operating Units contributed approximately $841
thousand of net income before income tax representing a $12 thousand increase
from same prior year period, attributed primarily to the addition of Printstock
operations to current year earnings. Offsetting increases in net income were
expenses of $1.1 million related to the startup of our new subsidiary, Marygold
& Co. After giving consideration to currency translation gains of $353 thousand
our comprehensive income for the nine months ended March 31, 2021 was
$5.5 million as compared to the nine months ended March 31, 2020 where there was
a currency translation loss of ($126) thousand resulting in comprehensive
loss of ($163) thousand. Comprehensive gain and loss are comprised of
fluctuations in foreign currency exchange rates related to the effects in the
valuation of our holdings in New Zealand and Canada.



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Investment Fund Management - Wainwright Holdings





Wainwright was founded as a holding company in March 2004 as a Delaware
corporation with one subsidiary, Ameristock Corporation, which was an investment
adviser to Ameristock Mutual Fund, Inc., a registered 1940 Act large cap value
equity fund. In January 2010, Ameristock Corporation was spun off as a
standalone company. In May 2005, USCF was formed as a single member limited
liability company in the state of Delaware. In June 2013, USCF Advisers was
formed as a Delaware limited liability company and in July 2014, was registered
as an investment adviser under the Investment Advisers Act of 1940, as amended.
In November 2013, the USCF Advisers board of managers formed USCF ETF Trust
("ETF Trust") and in July 2016, the USCF Mutual Funds Trust ("Mutual Funds
Trust" and together with "ETF Trust" the "Trusts") both as open-end management
investment companies registered under the Investment Company Act of 1940, as
amended ("the 1940 Act"). The Trusts are authorized to have multiple segregated
series or portfolios. Wainwright owns all of the issued and outstanding limited
liability company membership interests of its subsidiaries, USCF and USCF
Advisers, each a Delaware limited liability company and are affiliated
companies.  USCF serves as the general partner ("General Partner") for various
limited partnerships ("LP") and sponsor ("Sponsor") as noted below. USCF and
USCF Advisers are subject to federal, state and local laws and regulations
generally applicable to the investment services industry. USCF is a commodity
pool operator ("CPO") subject to regulation by the Commodity Futures Trading
Commission (the "CFTC") and the National Futures Association (the "NFA") under
the Commodities Exchange Act ("CEA"). USCF Advisers is an investment adviser
registered under the Investment Advisers Act of 1940, as amended and has
registered as a CPO under the CEA. Exchange traded products ("ETPs") issued or
sponsored by USCF are required to be registered with the Securities and Exchange
Commission (the "SEC") in accordance with the Securities Act of 1933.
Wainwright operates through USCF and USCF Advisers, which collectively operate
ten exchange-traded products ("ETPs") and exchange traded funds ("ETFs") listed
on the NYSE Arca, Inc. ("NYSE Arca") with a total of approximately $5.1 billion
assets under management as of March 31, 2021. Wainwright and subsidiaries USCF
and USCF Advisers are collectively referred to as "Wainwright" hereafter.



USCF is currently the General Partner in the following Securities Act of 1933 LP
commodity based index funds and Sponsor for the fund series within the United
States Commodity Index Funds Trust ("USCIF Trust") and the USCF Funds Trust
("USCF Funds Trust"):



USCF as General Partner for the following funds
United States Oil Fund, LP       Organized as a Delaware limited partnership in
("USO")                          May 2005

United States Natural Gas Fund, Organized as a Delaware limited partnership in LP ("UNG")

November 2006

United States Gasoline Fund, LP Organized as a Delaware limited partnership in ("UGA")

April 2007

United States 12 Month Oil Fund, Organized as a Delaware limited partnership in LP ("USL")

June 2007

United States 12 Month Natural Organized as a Delaware limited partnership in Gas Fund, LP ("UNL")

June 2007

United States Brent Oil Fund, LP Organized as a Delaware limited partnership in ("BNO")

September 2009
USCF as fund Sponsor - each a series within the USCIF Trust
United States Commodity Index    A series trust formed in Delaware December 2009
Funds Trust ("USCIF Trust")
United States Commodity Index    A commodity pool formed in April 2010 and made
Fund ("USCI")                    public August 2010

United States Copper Index Fund A commodity pool formed in November 2010 and ("CPER")

                         made public November 2011
USCF as fund Sponsor - each a series within the USCF Funds Trust
USCF Funds Trust ("USCF Funds    A series trust formed in Delaware March 2016
Trust")
United States 3X Oil Fund        A commodity pool formed in May 2017 and made
("USOU")                         public July 2017; Liquidated December 2019

United States 3X Short Oil Fund A commodity pool formed in May 2017 and made ("USOD")

                         public July 2017; Liquidated December 2019




USCF Advisers serves as the investment adviser to the fund(s) listed below
within the Trusts and has overall responsibility for the general management and
administration for the Trusts. Pursuant to the current Investment Advisory
Agreements, USCF Advisers provides an investment program for the Trusts' fund(s)
and manages the investment of the assets.

Advisers as fund manager for each series within the USCF ETF Trust: USCF ETF Trust ("ETF Trust") Organized as a Delaware statutory trust in

November 2013

USCF SummerHaven SHPEI Index Fund launched November 2017; Liquidated Fund ("BUY")

October 2020
USCF SummerHaven SHPEN Index     Fund launched November 2017; Liquidated May 2020
Fund ("BUYN")
USCF SummerHaven Dynamic         Fund launched May 2018
Commodity Strategy No K-1 Fund
("SDCI")
USCF Midstream Energy Income     Fund launched March 2021
Fund ("UMI")

All USCF funds and the Trusts' funds are collectively referred to as the "Funds" hereafter.





Wainwright's revenue and expenses are primarily driven by the amount of AUM.
Wainwright earns monthly management and advisory fees based on agreements with
each Fund as determined by the contractual basis point management fee structure
in each agreement multiplied by the average AUM over the given period. Many of
the company's expenses are dependent upon the amount of AUM. These variable
expenses include Fund administration, custody, accounting, transfer agency,
marketing and distribution, and sub-adviser fees and are primarily determined by
multiplying contractual fee rates by AUM. Total Operating Expenses are grouped
into the following financial statement line items: General and Administrative,
Marketing, Operations and Salaries and Compensation.



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For the Three Months Ended March 31, 2021, Compared to the Three Months Ended March 31, 2020





Revenue



Average AUM for the three months ended March 31, 2021 was at $4.8 billion, as
compared to approximately $2.3 billion from the three months ended March 31,
2020 primarily due to an increase in USO, BNO and USL AUM. As a result, the
revenues from management and advisory fees increased by approximately
$3.0 million, or 101%, to $6.0 million for the three months ended March 31, 2021
as compared to the three months ended March 31, 2020 where revenues from
management and advisory fees totaled $3.0 million.



Expenses



Wainwright's total operating expenses for three months ended March 31,
2021 increased by $0.3 million to $3.4 million, or approximately 12%, from
$3.1 million for the three months ended March 31, 2020. Variable expenses, as
described above, increased by $0.4 million over the respective three-month
period due to higher AUM which increased variable marketing and distribution
expenses, fund accounting and administration expenses, and other variable costs.
General and administrative ("G&A") expenses, excluding new fund development
cost, were remained at $0.6 million for the three months ended March 31,
2021 and March 31, 2020. G&A expenses had increases in fund expense waivers as a
result of higher AUM during the quarter but were offset with lower T&E expenses.
Total marketing expenses increased $0.1 million to $0.6 million for the three
months ended March 31, 2021 as compared to the prior year period due to an
increase in variable distribution costs as a result of higher AUM as mentioned
above, partially offset by decreases in advertising and marketing conference
spend. Employee salaries and benefit compensation expenses were
approximately $1.2 million for both three month periods ended March 31, 2021
and March 31, 2020. Operations expenses increased by $0.2 million due to higher
AUM.



Income



Income before income taxes for the three months ended March 31, 2021 increased
$2.7 million to a $2.6 million compared to ($0.1) million  loss for three months
ended March 31, 2020 due to $3.0 million increase in revenue as a result of
higher AUM, offset by a $0.3 million increase in operating expenses

For the Nine Months Ended March 31, 2021, Compared to the Nine Months Ended March 31, 2020





Revenue



Average AUM for the nine months ended March 31, 2021 was at $5.1 billion, as
compared to approximately $2.2 billion from the nine months ended March 31, 2020
primarily due to an increase in USO, BNO and USL AUM. As a result, the revenues
from management and advisory fees increased by approximately $10.3 million, or
116%, to $19.2 million for the nine months ended March 31, 2021 as compared to
the nine months ended March 31, 2020 where revenues from management and advisory
fees totaled $8.9 million.



Expenses



Wainwright's total operating expenses for the nine months ended March 31,
2021 increased by $2.4 million to $11.1 million, or approximately 28%, from
$8.7 million for the nine months ended March 31, 2020. Variable expenses, as
described above, increased by $1.2 million over the respective nine-month period
due to higher AUM which increased variable marketing and distribution expenses,
fund accounting and administration expenses, and other variable costs, and
partially offset by a reduction in sub-advisory fees. G&A expenses, excluding
new fund development cost, were $2.4 million and $1.4 million for the nine
months ended March 31, 2021 and March 31, 2020, respectively. G&A, excluding
fund development costs, expenses increased $1.0 million due to increases in
legal and professional fees as well as increases in fund expense waivers as a
result of higher AUM during the quarter. Total marketing expenses increased
$0.6 million to $1.9 million for the nine months ended March 31, 2021 as
compared to the prior year period due to an increase in variable distribution
costs as a result of higher AUM as mentioned above, partially offset by
decreases in advertising and marketing conference spend. Employee salaries and
benefit compensation expenses were approximately $3.9 million and
$3.3 million for the nine months ended March 31, 2021 and March 31, 2020,
respectively due to bonuses earned in 2021 and none in 2020. Operations expenses
increased by $0.3 million due to higher AUM and new fund development costs
decreased $0.1 million in the current quarter compared to the prior year
quarter.



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Income



Income before income taxes for the nine months ended March 31, 2021 increased
$7.9 million to a $8.1 million compared to $0.2 million for nine months
ended March 31, 2020 due to a $10.3 million increase in revenue as a result of
higher AUM, offset by a $2.4 million increase in operating expenses.

Food Products - Gourmet Foods, Ltd.

Gourmet Foods was organized in its current form in 2005 (previously known as
Pats Pantry Ltd). Pats Pantry was founded in 1966 to produce and sell wholesale
bakery products, meat pies and patisserie cakes and slices, in New Zealand.
Gourmet Foods, located in Tauranga, New Zealand, sells substantially all of its
goods to supermarkets and service station chains with stores located throughout
New Zealand. Gourmet Foods also has a large number of smaller independent lunch
bars, cafes and corner dairies among the customer list, however they comprise a
relatively insignificant dollar volume in comparison to the primary accounts of
large distributors and retailers. On July 1, 2020, Gourmet Foods acquired the
New Zealand company, Printstock Products Limited ("Printstock"). Located in
nearby Napier, New Zealand, Printstock prints wrappers for food products,
including those used by Gourmet Foods. Printstock is a wholly-owned subsidiary
of Gourmet Foods and its operating results are consolidated with those of
Gourmet Foods from July 1, 2020 onwards.



Gourmet Foods operates exclusively in New Zealand and thus the New Zealand
dollar is its functional currency. In order to consolidate Concierge's reporting
currency, the US dollar, with that of Gourmet Foods, Concierge records foreign
currency translation adjustments and transaction gains and losses in accordance
with ASC 830-30. The translation of New Zealand currency into U.S. dollars is
performed for balance sheet accounts using the exchange rates in effect at the
balance sheet date and for revenue and expense accounts using a weighted average
exchange rate during the period. Gains and losses resulting from foreign
currency translations are included in foreign currency translation (loss)
gain on the Condensed Consolidated Statements of Comprehensive Income as well as
accumulated other comprehensive (loss) income found on the Condensed
Consolidated Balance Sheets.

For the Three Months Ended March 31, 2021, Compared to the Three Months Ended March 31, 2020





Revenue



Net revenues for the three months ended March 31, 2021 were $2.0 million with
cost of goods sold of $1.4 million resulting in a gross profit of $0.6 million,
or approximately 30% gross margin, as compared to the three month period
ended March 31, 2020 where net revenues were $1.3 million and cost of goods sold
were $0.9 million producing a gross profit of $0.4 million, or approximately
31%. The increase in revenues is attributed to the acquisition of Printstock
which contributed $1.1 million during the three month period ended March 31,
2021 and no contributing revenues for the three months ended March 31, 2020.



Expenses



General, administrative and selling expenses, including wages and marketing, for
the three month periods ended March 31, 2021 and 2020 were $0.3 million and $0.2
million producing operating income of $0.3 million and $0.2 million,
respectively, or approximately 13% net operating profit for the three months
ended March 31, 2021 and 12% for the three months ended March 31, 2020. The
depreciation expense and other income totaled approximately $0.1 million for the
three months ended March 31, 2021 as compared to $0.1 million for the three
months ended March 31, 2020.



Income



Income for the three months ended March 31, 2021, after expenses of
approximately $0.3 million, resulted in an income of approximately $203
thousand before income tax provision of approximately $48 thousand resulted in a
net income of approximately $124 thousand as compared to a net income of $92
thousand for the three months ended March 31, 2020. The increase in revenues and
operating expenses during the current quarter are attributable to the
acquisition of Printstock and its operating results.

For the Nine Months Ended March 31, 2021, Compared to the Nine Months Ended March 31, 2020





Revenue



Net revenues for the nine months ended March 31, 2021 were $6.2 million with
cost of goods sold of $4.4 million resulting in a gross profit of $1.8 million,
or approximately 29% gross margin, as compared to the nine month period
ended March 31, 2020 where net revenues were $3.8 million and cost of goods sold
were $2.7 million producing a gross profit of $1.1 million, or approximately
30%. The increase in revenues is attributed to the acquisition of Printstock
which contributed $2.7 million during the nine month period ended March 31, 2021
and no contributing revenues for the nine months ended March 31, 2020.



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Expenses



General, administrative and selling expenses, including wages and marketing, for
the nine month periods ended March 31, 2021 and 2020 were $1.0 million and
$0.6 million producing operating income of $0.8 million and $0.5 million,
respectively, or approximately 13% net operating profit for the nine months
ended March 31, 2021 and 14% for the nine months ended March 31, 2020. The
depreciation expense and other income totaled approximately $0.2 million for the
nine months ended March 31, 2021 as compared to $0.2 million for the nine months
ended March 31, 2020.



Income



Income for the nine months ended March 31, 2021, after expenses of approximately
$1.2 million, resulted in an income of approximately $637 thousand before income
tax provision of approximately $153 thousand resulted in a net income of
approximately $484 thousand as compared to a net income of $349 thousand for the
nine months ended March 31, 2020. The increase in revenues and operating
expenses during the current quarter are attributable to the acquisition of
Printstock and its operating results. Contributing to the lower net income
percentage for the nine months were the expenses associated with the acquisition
of Printstock as well as the continuing negative effects of the COVID-19
pandemic on the New Zealand economy in general.

Security Systems - Brigadier Security Systems (2000) Ltd.

Brigadier Security Systems, founded in 1985, is a leading electronic security
company in the province of Saskatchewan.  Brigadier Security Systems has offices
located in the urban areas of Saskatchewan, Brigadier Security in Saskatoon, and
operating as Elite Security in Regina. The company has a combined industry
experience of over 135 years. Brigadier provides comprehensive security
solutions including access control, camera systems, fire alarm monitoring
panels, and intrusion alarms to home and business owners as well as government
offices, schools, and public buildings. Their experience as the provider of
choice on many large notable sites shows a commitment to design, service and
support.  Brigadier specializes, and is certified, in several major
manufacturers' products: Honeywell Security, Panasonic, Avigilon and
JCI/DSC/Kantech security products. The company and staff are recognized for
dedication to customer service with annual awards from SecurTek including being
recipients of the Customer Retention, Service Excellence, and overall best
dealer with the President's Award.  The company demonstrates a commitment to
delivering outstanding quality to customers by the notable facilities,
businesses, and homes they secure.



Brigadier Security Systems is an authorized SecurTek dealer. SecurTek is owned
by SaskTel which is Saskatchewan's leading Information and Communications
Technology (ICT) provider with over 1.4 million customer connections across
Canada. Under the terms of its authorized dealer contract with the monitoring
company, Brigadier earns monthly payments during the term of the monitoring
contract in exchange for performance of customer service activities on behalf of
the monitoring company.



Brigadier operates exclusively in Canada and thus the Canadian dollar is its
functional currency. In order to consolidate Concierge's reporting currency, the
U.S. dollar, with that of Brigadier, Concierge records foreign currency
translation adjustments and transaction gains and losses in accordance with ASC
830-30. The translation of Canadian currency into U.S. dollars is performed for
balance sheet accounts using the exchange rates in effect at the balance sheet
date and for revenue and expense accounts using a weighted average exchange rate
during the period.

For the Three Months Ended March 31, 2021 Compared to the Three Months Ended March 31, 2020





Revenue



Net revenues for the three months ended March 31, 2021 were $0.7 million with
cost of goods sold recorded as approximately $0.4 million, resulting in a gross
profit of approximately $0.3 million with a gross margin of approximately 49% as
compared to the three months ended March 31, 2020 where net revenues were
approximately $0.6 million with cost of goods sold of $0.3 million and a gross
profit of $0.3 million, or approximately 54%. The decline in revenues is a
direct result of the negative effects of the COVID-19 pandemic on the Company's
ability to perform installation services at residential locations. Management
believes that this is business deferred rather than lost, and expects that the
eventual resolution of the pandemic will restore operations to their prior, or
better, levels.



Expenses



General, administrative and selling expenses for the three months ended March
31, 2021 were $0.3 million producing an operating profit of $0.1 million or
approximately 11% as compared to the three months ended March 31, 2020 where
operating profits were $0.1 million, or approximately 13%, with general,
administrative and selling expenses of $0.3 million.



Income



Other expenses comprised of depreciation, income tax, interest income, other
income (expense) totaled approximately ($19) thousand for the three months ended
March 31, 2021 resulting in income after income taxes of approximately
$58 thousand as compared to income after income taxes of approximately
$41 thousand for the three months ended March 31, 2020 where other expense
totaled approximately ($17) thousand.



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For the Nine Months Ended March 31, 2021 Compared to the Nine Months Ended March 31, 2020





Revenue



Net revenues for the nine months ended March 31, 2021 were $2.0 million with
cost of goods sold recorded as approximately $1.0 million, resulting in a gross
profit of approximately $1.0 million with a gross margin of approximately 51% as
compared to the nine months ended March 31, 2020 where net revenues were
approximately $2.1 million with cost of goods sold of $1.0 million and a gross
profit of $1.1 million, or approximately 53%. The decline in revenues is a
direct result of the negative effects of the COVID-19 pandemic on the Company's
ability to perform installation services at residential locations. Management
believes that this is business deferred rather than lost, and expects that the
eventual resolution of the pandemic will restore operations to their prior, or
better, levels.



Expenses

General, administrative and selling expenses for the nine months ended March 31, 2021 were $0.8 million producing an operating profit of $0.2 million or approximately 12% as compared to the nine months ended March 31, 2020 where operating profits were $0.3 million, or approximately 14%, with general, administrative and selling expenses of $0.8 million.





Income



Other income (expense) comprised of depreciation, income tax, interest income,
other income (expense) including taxable government subsidies due to COVID-19 of
approximately $150 thousand, impairment to inventory value, and gain on sale of
assets totaled approximately $19 thousand for the nine months ended March 31,
2021 resulting in income after income taxes of approximately $260 thousand as
compared to income after income taxes of approximately $209 thousand for the
nine months ended March 31, 2020 where other expense totaled approximately
($82) thousand.

Beauty Products - Original Sprout

Kahnalytics was founded in 2015 and adopted the dba/Original Sprout in December
2017. Original Sprout formulates and packages various hair and skin care
products that are 100% vegan, tested safe and non-toxic, and marketed globally
through distribution networks to salons, resorts, grocery stores, health food
stores, e-tail sites and on the company's website. The company operates from
warehouse and sales offices located in San Clemente, CA, USA. As a result of the
ongoing COVID-19 pandemic, Original Sprout has made adjustments to its primary
channels to market. Prior to the pandemic Original Sprout relied heavily upon
its wholesale distribution network to place products at retail locations and
generally to make products available to consumers, whereas in the current
environment of social distancing and closures of retail businesses the company
found a significant drop in sales volumes as consumers avoided traditional sales
outlets. In response to this trend, Original Sprout has established new sales
channels with online retailers and also encouraged those national retail chains
who stock the product to also make it available at online shopping carts. The
positive effects of this transition are now being realized while at the same
time the negative effects of the pandemic on the wholesale distribution business
continues to increase. The result is that sales overall have been relatively
stable during the pandemic, though derived from different sources. Contributing
to lower profit margins and higher expenses during the current fiscal year are
the costs of relocating to a larger facility during December and January, the
disposal of obsolete product, the transition to new packaging and new product
development.

For the Three Months Ended March 31, 2021 Compared to the Three Months Ended March 31, 2020





Revenue



Net revenues for the three months ended March 31, 2021 were $0.8 million as
compared to $1.1 million for the three months ended March 31, 2020. Cost of
goods sold for the three months ended March 31, 2021 and 2020 were $0.5 million
and $0.6 million, respectively, resulting in a gross profit of approximately
$0.3 million and $0.5 million, respectively. The decrease in revenues are
attributed to a decline in wholesale and retail distribution in response to the
changing shopping habits of consumers, which were likely brought about due to
restrictions imposed by the ongoing COVID-19 control efforts both domestically
and internationally.



Expenses



General, administrative and selling expenses were approximately $0.4 million
resulting in an operating loss of approximately ($74) thousand, as compared to
$0.3 million of general, administrative and selling expenses resulting in
operating income of $184 thousand for the three months ended March 31, 2020, or
approximately 17%. The higher operating expenses during the current quarter
where primarily attributed to the cost of relocating facilities.



Income (Loss)



After consideration given to income tax provision, other income (expense), and
depreciation expense, the net loss for the three months ended March 31, 2021 was
approximately ($120) thousand as compared to 131 thousand net income from the
prior year comparable period. The net loss was due, in part, to the expenses
associated with the relocation of the warehouse and office facilities during the
current quarter coupled with the disposal of obsolete packaging and component
parts inventories.

For the Nine Months Ended March 31, 2021 Compared to the Nine Months Ended March 31, 2020





Revenue



Net revenues for the nine months ended March 31, 2021 were $2.8 million as
compared to $2.9 million for the nine months ended March 31, 2020. Cost of goods
sold for the nine months ended March 31, 2021 and 2020 were $1.7 million and
$1.6 million, respectively, resulting in a gross profit of approximately $1.1
million and $1.3 million, respectively.



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Expenses



General, administrative and selling expenses were approximately $1.1 million
resulting in an operating income of approximately $35 thousand, or approximately
1%, as compared to $0.9 million of general, administrative and selling expenses
resulting in operating income of $0.4 million for the nine months ended March
31, 2020, or approximately 13%.



Income (Loss)



After consideration given to income tax provision, other income (expense), and
depreciation expense, the net loss for the nine months ended March 31, 2021 was
approximately ($116) thousand as compared to $154 thousand net income from the
prior year comparable period. The decline in net income is primarily attributed
to the expense associated with the relocation of the warehouse and office
facilities during the current quarter.

Plan of Operation for the Next Twelve Months





Our plan of operation for the next twelve months is to apply necessary
resources, which may include experienced personnel, cash, or synergistic
acquisitions made with cash, equity or debt, into growing each of our business
units to their potential. Original Sprout is in the initial stages of
transitioning from a largely boutique offering distributed through specialty
wholesalers to a more mainstream product available at traditional outlets and
online and as such we anticipate measurable growth in revenues for the coming
years, though there may be one-time initial expenses associated with the launch
of new sales channels. Additionally, we are expecting moderate growth in
Brigadier through focused management initiatives and consolidation within the
security industry coupled with expanded product offerings. Similarly, we expect
Gourmet Foods to be operating more efficiently under current management and
continue to increase market share through additional product offerings and
channels to market, including the printing and sale of food wrappers by
their newly acquired subsidiary, Printstock. Wainwright will continue to develop
innovative and new fund products to grow its portfolio. In addition to our
long-term mission that is an acquisition strategy based upon identifying and
acquiring profitable, mature, companies of a diverse nature and with in-place
management that produces increased revenue streams, the Company is also focused
upon building expertise and developing Fintech opportunities in the financial
services sector through its development stage subsidiary Marygold and Co. In a
more general sense, the Company is characterizing its business in two
categories: 1) financial services and 2) other operating units. The purpose is
to isolate the cyclical nature of the financial services business from our other
industry segments. As revenues from financial services fluctuate over time due
to varying performance of the commodities markets, our other operations are
expected to be stable and sustainable by comparison. By these initiatives we
seek to:

? continue to gain market share for our wholly-owned subsidiaries' areas of

operation,

? increase our gross revenues and realize net operating profits,

? lower our operating costs by unburdening certain selling expenses to third

party distributors,

? have sufficient cash reserves to pay down accrued expenses and losses,

? attract parties who have an interest in selling their privately held companies

to us,

? achieve efficiencies in accounting and reporting through adoption of standards

used by all subsidiaries on a consistent basis,

? strategically pursue additional company acquisitions, and

? explore opportunities as may present themselves in the Fintech space,

including the launch of services by Marygold and Marygold Advisory Services,

and the creation of new corporate entities as focused subsidiary holdings.

Liquidity and Capital Resources





Concierge is a holding company that conducts its operations through its
subsidiaries. At its holding-company level, its liquidity needs relate to
operational expense, the funding of additional business acquisitions and new
investment opportunities. Our operating subsidiaries' principal liquidity
requirements arise from cash used in operating activities, debt service, and
capital expenditures, including purchases of equipment and services, operating
costs and expenses, and income taxes.

As of March 31, 2021, we had $14.3 million of cash and cash equivalents on a consolidated basis as compared to $9.8 million as of June 30, 2020.


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During the past five fiscal years combined, Concierge has invested approximately
$8.2 million in cash towards purchasing and assimilating Gourmet Foods and its
Printstock subsidiary, Brigadier Security Systems and the Original Sprout assets
into the Concierge Technologies group of companies as well as the acquisition
through a stock-for-stock exchange of Wainwright, which provides a significant
revenue stream and value. We have also invested approximately $1.1 million in
the development of Fintech applications through our newly organized subsidiary,
Marygold. Despite these cash investments, our working capital position remains
strong at $19 million and our position has strengthened year-to-year. Management
forecasts Wainwright, Gourmet Foods, Brigadier and Original Sprout to all
produce a profit during the coming fiscal year and the realization of those
profits by Concierge is not expected to be significantly impacted by foreign
currency fluctuations against the U.S. dollar during the period. While Concierge
intends to maintain and improve its revenue stream from wholly owned
subsidiaries, Concierge continues to pursue acquisitions of other profitable
companies which meet its target profile. Provided Concierge's subsidiaries
continue to operate as they are presently, and are projected to operate,
Concierge has sufficient capital to pay its general and administrative expenses
for the coming fiscal year and to adequately pursue its long term business
objectives. However, given the significant economic and financial market
disruptions associated with the COVID-19 pandemic, the Company's results of
operations could be adversely impacted.



Borrowings



As of March 31, 2021, we had $1.0 million of related-party and third-party
indebtedness on a consolidated basis as compared to $1.0 million as of June 30,
2020. Approximately US$392,949 is owed by Brigadier and secured with the land
and building in Saskatoon purchased in July 2019. The initial principal balance
was CD$525,000 (approximately US$401,000 translated as of the loan date July 1,
2019) with an annual interest rate of 4.14% maturing June 30, 2024. The
short-term portion of principal for this loan due within 12 months as of March
31, 2021 is CD$18,526 (approximately US$14,727) and the long term principal
amount due is CD$475,787 (approximately US$378,222). Interest on the loan is
expensed or accrued as it becomes due. Interest expense on the loan for the
three months ended March 31, 2021 and 2020 was US$4,001 and US$3,926,
respectively, and for the nine months ended March 31, 2021 and 2020, was
US$11,981 and $12,173, respectively. Concierge, without inclusion of its
subsidiary companies, as of March 31, 2021 and June 30, 2020, had $0.6 million
of related-party indebtedness. We are not required to make interest payments on
our related party notes until the maturity date.

Current related party notes payable consist of the following:

March 31,        June 30,
                                                               2021            2020

Notes payable to shareholder, interest rate of 8%, unsecured and payable on December 31, 2012 (past due) $ 3,500 $ 3,500 Notes payable to shareholder, interest rate of 4%, unsecured and payable on May 25, 2022

                           250,000

250,000

Notes payable to shareholder, interest rate of 4%, unsecured and payable on April 8, 2022

                          350,000         350,000
                                                           $    603,500     $   603,500




Investments



Wainwright, from time to time, provides initial investments in the creation of
ETF funds that Wainwright manages. Wainwright classifies these investments as
current assets as these investments are generally sold within one year from the
balance sheet date. As of March 31, 2021 and June 30, 2020 we have no such
investments. These investments are described further in Note 7 of the
accompanying financial statements.



Dividends



Our strategy on dividends is to declare and pay dividends only from retained
earnings and only when our Board of Directors deems it prudent and in the best
interests of the Company to declare and pay dividends. We have paid no dividends
and we do not expect to pay any dividends over the next fiscal year.

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