SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 13 - SEGMENT INFORMATION

The Company operates in two reportable segments, the operation of the Hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information.

Information below represents reporting segments for the years ended June 30, 2024 and 2023, respectively. Segment loss from Hotel operations consists of the operation of the Hotel and operation of the garage. Loss from investments consists of net investment gain (loss), dividend and interest income and investment related expenses.

As of and for the year	Hotel			Investment
ended June 30, 2024	Operations			Transactions			Other			Total
Revenues	$	41,886,000		$	-		$	-		$	41,886,000
Segment operating expenses		(36,139,000	)		-			(1,682,000	)		(37,821,000	)
Segment income (loss)		5,747,000			-			(1,682,000	)		4,065,000
Interest expense - mortgage		(9,407,000	)		-			-			(9,407,000	)
Interest expense – related party		(2,369,000	)		-			-			(2,369,000	)
Depreciation and amortization expense		(3,394,000	)		-			-			(3,394,000	)
Loss from investments		-			(269,000	)		-			(269,000	)
Income tax expense		-			-			(1,000	)		(1,000	)
Net loss	$	(9,423,000	)	$	(269,000	)	$	(1,683,000	)	$	(11,375,000	)
Total assets	$	40,858,000		$	209,000		$	335,000		$	41,402,000

As of and for the year	Hotel			Investment
ended June 30, 2023	Operations			Transactions			Other			Total
Revenues	$	42,027,000		$	-		$	-		$	42,027,000
Segment operating expenses		(34,457,000	)		-			(1,793,000	)		(36,250,000	)
Segment income (loss)		7,570,000			-			(1,793,000	)		5,777,000
Interest expense – mortgage		(6,467,000	)		-			-			(6,467,000	)
Interest expense – related party		(1,725,000	)		-			-			(1,725,000	)
Depreciation and amortization expense		(2,715,000	)		-			-			(2,715,000	)
Loss from investments		-			(161,000	)		-			(161,000	)
Income tax expense		-			-			(7,912,000	)		(7,912,000	)
Net loss	$	(3,337,000	)	$	(161,000	)	$	(9,705,000	)	$	(13,203,000	)
Total assets	$	40,457,000		$	359,000		$	284,000		$	41,100,000