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SEGMENT INFORMATION
 9 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 10 – SEGMENT INFORMATION

 

The Company operates in three reportable segments, the operation of the Hotel (“Hotel Operations”), the operation of 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 information.

 

Information below represents reported segments for the three and nine months ended March 31, 2025 and 2024. Segment income from Hotel operations consists of the operation of the Hotel and operation of the garage. Segment income from real estate operations consists of the operation of the rental properties. Loss from investments consists of net investment loss, dividend and interest income and investment related expenses.

 

 

As of and for the three months  Hotel   Real Estate   Investment         
ended March 31, 2025  Operations   Operations   Transactions   Corporate   Total 
Revenues  $12,210,000   $4,614,000   $-   $-   $16,824,000 
Segment operating expenses   (9,685,000)   (2,431,000)   -    (707,000)   (12,823,000)
Segment income (loss)   2,525,000    2,183,000    -    (707,000)   4,001,000 
Interest expense - mortgage   (2,459,000)   (693,000)   -    -    (3,152,000)
Depreciation and amortization expense   (899,000)   (752,000)   -    -    (1,651,000)
Gain on extinguishment of debt   1,416,000              -    1,416,000 
Loss from investments   -    -    (1,379,000)   -    (1,379,000)
Income tax benefit   -    -    -    15,000    15,000 
Net income (loss)  $583,000   $738,000   $(1,379,000)  $(692,000)  $(750,000)
Total assets  $50,860,000   $46,635,000   $751,000   $4,995,000   $103,241,000 

 

As of and for the three months  Hotel   Real Estate   Investment         
ended March 31, 2024  Operations   Operations   Transactions   Corporate   Total 
Revenues  $10,758,000   $4,125,000   $-   $-   $14,883,000 
Segment operating expenses   (9,239,000)   (2,612,000)   -    (716,000)   (12,567,000)
Segment income (loss)   1,519,000    1,513,000    -    (716,000)   2,316,000 
Interest expense - mortgage   (2,591,000)   (643,000)   -    -    (3,234,000)
Depreciation and amortization expense   (886,000)   (721,000)   -    (453,000)   (2,060,000)
Loss from investments   -    -    (1,178,000)   -    (1,178,000)
Income tax benefit   -    -    -    295,000    295,000 
Net (loss) income  $(1,958,000)  $149,000   $(1,178,000)  $(874,000)  $(3,861,000)
Total assets  $46,804,000   $47,907,000   $14,684,000   $9,560,000   $118,955,000 

 

As of and for the nine months  Hotel   Real Estate   Investment         
ended March 31, 2025  Operations   Operations   Transactions   Corporate   Total 
Revenues  $33,995,000   $14,176,000   $-   $-   $48,171,000 
Segment operating expenses   (27,532,000)   (7,096,000)   -    (2,244,000)   (36,872,000)
Segment income (loss)   6,463,000    7,080,000    -    (2,244,000)   11,299,000 
Interest expense - mortgage   (8,128,000)   (2,068,000)   -    -    (10,196,000)
Depreciation and amortization expense   (2,731,000)   (2,236,000)   -    -    (4,967,000)
Gain on extinguishment of debt   1,416,000    -    -    -    1,416,000 
Loss from investments   -    -    (2,388,000)   -    (2,388,000)
Income tax expense   -    -    -    (463,000)   (463,000)
Net (loss) income  $(2,980,000)  $2,776,000   $(2,388,000)  $(2,707,000)  $(5,299,000)
Total assets  $50,860,000   $46,635,000   $751,000   $4,995,000   $103,241,000 

 

As of and for the nine months  Hotel   Real Estate   Investment         
ended March 31, 2024  Operations   Operations   Transactions   Corporate   Total 
Revenues  $32,076,000   $12,638,000   $-   $-   $44,714,000 
Segment operating expenses   (27,925,000)   (7,774,000)   -    (3,365,000)   (39,064,000)
Segment income (loss)   4,151,000    4,864,000    -    (3,365,000)   5,650,000 
Interest expense - mortgage   (5,796,000)   (1,899,000)   -    -    (7,695,000)
Depreciation and amortization expense   (2,597,000)   (2,094,000)   -    (453,000)   (5,144,000)
Loss from investments   -    -    (636,000)   -    (636,000)
Income tax benefit   -    -    -    191,000    191,000 
Net (loss) income  $(4,242,000)  $871,000   $(636,000)  $(3,627,000)  $(7,634,000)
Total assets  $46,804,000   $47,907,000   $14,684,000   $9,560,000   $118,955,000