INVESTMENT IN HOTEL, NET

6 Months Ended

Dec. 31, 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
December 31, 2024	Cost		Depreciation			Value
Land	$	1,124,000	$	-		$	1,124,000
Finance lease ROU assets		1,805,000		(1,605,000	)		200,000
Furniture and equipment		39,581,000		(32,326,000	)		7,255,000
Building and improvements		60,112,000		(34,793,000	)		25,319,000
Investment in Hotel, net	$	102,622,000	$	(68,724,000	)	$	33,898,000

				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

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 expense for the six months ended December 31, 2024 and 2023 was $1,781,000 and $1,662,000, respectively.