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CONCENTRATION OF CREDIT RISK
12 Months Ended
Jun. 30, 2024
Risks and Uncertainties [Abstract]  
CONCENTRATION OF CREDIT RISK

NOTE 11 – CONCENTRATION OF CREDIT RISK

 

As of June 30, 2024 and 2023, all accounts receivables are related to Hotel customers. The Hotel had two customers that accounted for 98%, or $307,000 of accounts receivable at June 30, 2024, and two customers that accounted for 97%, or $131,000 of accounts receivable at June 30, 2023.

 

The Company maintains its cash and cash equivalents and restricted cash with various financial institutions that are monitored regularly for credit quality. At times, such cash and cash equivalents holdings may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) or other federally insured limits. Any loss incurred or a lack of access to such funds could have significant adverse impact on the Company’s financial condition, results of operations, and cash flows.