ACQUISITIONS AND HELD FOR SALE (Tables)

12 Months Ended

Jun. 30, 2022

ACQUISITIONS AND HELD FOR SALE [Abstract]

Purchase Price Allocation of General Partnership Interests Acquired

The following table presents the purchase price allocation of general partnership interests acquired on May 6, 2022:

General Partnership Interests	Management Companies	Total Purchase Price
1300 Main, LP	1300 Main, LLC	$	1,688,000
First & Main, LP	First & Main, LLC		2,237,000
Green Valley Medical Center, LP	Green Valley Medical Center, LLC		3,010,000
Main Street West, LP	Main Street West, LLC		4,708,000
Martin Plaza Associates, LP	Martin Plaza, LLC		725,000
One Harbor Center, LP	One Harbor Center, LLC		4,162,000
Westside Professional Center I, LP	Westside Professional Center, LLC		1,803,000
Woodland Corporate Center II, LP	Woodland Corporate Center, LLC		-
Total		$	18,333,000

Acquisition of General Partnership Interests In Exchange for Cash, Preferred Units in Operating Partnership and Contingent Liability

The acquisition of general partnership interests was made in exchange for cash, preferred units in the Operating Partnership, and, in some cases, a contingent liability as shown below:

General Partnership Interests	Number of Preferred Units issued		Amount of Preferred Units issued		Cash Payments		Contingent liability		Total Purchase Price
1300 Main, LP		-	$	-	$	1,688,000	$	-	$	1,688,000
First & Main, LP		99,422.22		2,237,000		-		-		2,237,000
Green Valley Medical Center, LP		-		-		2,410,000		600,000		3,010,000
Main Street West, LP		-		-		3,850,000		858,000		4,708,000
Martin Plaza Associates, LP		26,977.78		607,000		-		118,000		725,000
One Harbor Center, LP		80,266.67		1,806,000		1,571,000		785,000		4,162,000
Westside Professional Center I, LP		-		-		1,449,000		354,000		1,803,000
Woodland Corporate Center II, LP		-		-		-		-		-
Total		206,666.67	$	4,650,000	$	10,968,000	$	2,715,000	$	18,333,000

Major Classes of Assets and Liabilities Classified as Held For Sale

The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in our consolidated balance sheets:

	June 30, 2022			June 30, 2021
Assets
Real estate assets
Land	$	6,456,615		$	6,456,615
Building, fixtures and improvements		19,108,041			19,108,041
Intangible lease assets		5,154,568			5,104,794
Less: accumulated depreciation and amortization		(5,112,309	)		(1,661,988	)
Total real estate assets, net		25,606,915			29,007,462
Cash		505,186			528,185
Restricted cash		-			2,919,705
Investments income, rents and other receivables		490,239			256,849
Due from related entities		401			-
Prepaid expenses and other assets		14,301			201,148
Allowance for impairment of assets held for sale		(9,126,461	)		-
Total assets	$	17,490,581		$	32,913,349
Liabilities
Deferred rent and other liabilities	$	410,908		$	542,033
Accounts payable and accrued liabilities		334,081			858,937
Due to related entities		-			11
Total liabilities	$	744,989		$	1,400,981