INVESTMENT IN HOTEL, NET

12 Months Ended

Jun. 30, 2024

Investment In Hotel Net

INVESTMENT IN HOTEL, NET

NOTE 4 – INVESTMENT IN HOTEL, NET

Investment in Hotel consisted of the following as of:

			Accumulated			Net Book
June 30, 2024	Cost		Depreciation			Value
Land	$	1,124,000	$	-		$	1,124,000
Finance lease ROU assets		1,805,000		(1,521,000	)		284,000
Furniture and equipment		40,310,000		(31,396,000	)		8,914,000
Building and improvements		58,769,000		(34,026,000	)		24,743,000
Investment in Hotel, net	$	102,008,000	$	(66,943,000	)	$	35,065,000

			Accumulated			Net Book
June 30, 2023	Cost		Depreciation			Value
Land	$	1,124,000	$	-		$	1,124,000
Finance lease ROU assets		1,805,000		(1,239,000	)		566,000
Furniture and equipment		38,727,000		(29,682,000	)		9,045,000
Building and improvements		56,273,000		(32,627,000	)		23,646,000
Investment in Hotel, net	$	97,929,000	$	(63,548,000	)	$	34,381,000

Finance lease ROU assets, furniture and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 3 to 7 years and amortized over the life of the lease. Building and improvements are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 15 to 39 years. Depreciation and amortization for the year ended June 30, 2024, and 2023 was $3,394,000 and $2,715,000, respectively.