INVESTMENT IN HOTEL, NET

9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 2 – INVESTMENT IN HOTEL, NET

Investment in hotel consisted of the following as of:

			Accumulated		Net Book
March 31, 2013	Cost		Depreciation		Value

Land	$	2,738,000	$	-	$	2,738,000
Furniture and equipment		21,955,000		(19,036,000)		2,919,000
Building and improvements		58,343,000		(22,542,000)		35,801,000
	$	83,036,000	$	(41,578,000)	$	41,458,000

			Accumulated		Net Book
June 30, 2012	Cost		Depreciation		Value

Land	$	2,738,000	$	-	$	2,738,000
Furniture and equipment		20,856,000		(18,185,000)		2,671,000
Building and improvements		56,909,000		(21,640,000)		35,269,000
	$	80,503,000	$	(39,825,000)	$	40,678,000

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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