ACQUISITIONS AND HELD FOR SALE (Tables)

12 Months Ended

Jun. 30, 2023

ACQUISITIONS AND HELD FOR SALE [Abstract]

Purchase Price Allocation of General Partnership Interests Acquired

As discussed in Note 1, on May 6, 2022, the Operating Partnership purchased 100% of the membership interests in the eight Management Companies that own the general partnership interests in eight limited partnerships, each of which own a Class A or B office property in Napa, Fairfield, Suisun City or Woodland, California. Each Management Company is the sole general partner of each of the limited partnerships as disclosed in the following table:

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 Two, 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 Two, 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, 2023		June 30, 2022
Assets
Real estate assets
Land	$	-	$	6,456,615
Building, fixtures and improvements		-		19,108,041
Intangible lease assets		-		5,154,568
Less: accumulated depreciation and amortization		-		(5,112,309	)
Total real estate assets, net		-		25,606,915
Cash		-		505,186
Investments income, rents and other receivables		-		490,239
Due from related entities		-		401
Prepaid expenses and other assets		-		14,301
Allowance for impairment of assets held for sale		-		(9,126,461	)
Total assets	$	-	$	17,490,581
Liabilities
Deferred rent and other liabilities	$	-	$	410,908
Accounts payable and accrued liabilities		-		334,081
Total liabilities	$	-	$	744,989