Segment Information

3 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

NOTE 9 – SEGMENT INFORMATION

The Company operates in three reportable segments, the operation of the Hotel (“Hotel Operations”), its multi-family residential properties (“Real Estate Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the 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 three months ended September 30, 2019 and 2018, respectively. Segment income from Hotel operations consists of the operation of the Hotel and operation of the garage. Segment income (loss) from real estate operations consists of the operation of the rental properties. Segment (loss) gain from investments consists of net investment gain (loss), dividend and interest income and investment related expenses.

As of and for the three months	Hotel			Real Estate			Investment
ended September 30, 2019	Operations			Operations			Transactions			Corporate			Total
Revenues	$	15,429,000		$	79,000		$	-		$	-		$	15,508,000
Segment operating expenses		(11,348,000	)		(34,000	)		-			(324,000	)		(11,706,000	)
Segment income (loss)		4,081,000			45,000			-			(324,000	)		3,802,000
Interest expense		(1,923,000	)		(25,000	)		-			-			(1,948,000	)
Depreciation and amortization expense		(568,000	)		(28,000	)		-			-			(596,000	)
Loss from investments		-			-			(304,000	)		-			(304,000	)
Income tax expense		-			-			-			(243,000	)		(243,000	)
Net income (loss)	$	1,590,000		$	(8,000	)	$	(304,000	)	$	(567,000	)	$	711,000
Total assets	$	58,596,000		$	4,838,000		$	2,680,000		$	7,505,000		$	73,619,000

For the three months	Hotel			Real Estate			Investment
ended September 30, 2018	Operations			Operations			Transactions			Corporate			Total
Revenues	$	15,810,000		$	77,000		$	-		$	-		$	15,887,000
Segment operating expenses		(10,810,000	)		(57,000	)		-			(256,000	)		(11,123,000	)
Segment income (loss)		5,000,000			20,000			-			(256,000	)		4,764,000
Interest expense		(1,905,000	)		(153,000	)		-			-			(2,058,000	)
Depreciation and amortization expense		(617,000	)		(27,000	)		-			-			(644,000	)
Loss from investments		-			-			(365,000	)		-			(365,000	)
Income tax expense		-			-			-			(630,000	)		(630,000	)
Net income (loss)	$	2,478,000		$	(160,000	)	$	(365,000	)	$	(886,000	)	$	1,067,000