SEGMENT INFORMATION

6 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 8 – 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 six months ended December 31, 2013 and 2012. Operating income from hotel operations consist of the operation of the hotel and operation of the garage. Operating income for rental properties consist of rental income. Operating loss for investment transactions consist of net investment gain (loss) and dividend and interest income.

As of and for the three months ended December 31, 2013	Hotel Operations		Real Estate Operations		Investment Transactions		Other		Total
Revenues	$	12,274,000	$	4,158,000	$	-	$	-	$	16,432,000
Segment operating expenses		(17,872,000)		(2,266,000)		-		(484,000)		(20,622,000)
Segment income (loss) from operations		(5,598,000)		1,892,000		-		(484,000)		(4,190,000)
Interest expense - mortgage		(767,000)		(762,000)		-		-		(1,529,000)
Interest expense - occupancy tax		(328,000)		-		-		-		(328,000)
Loss on extinguishment of debt		(3,910,000)		-		-		-		(3,910,000)
Loss on disposal of assets		(1,092,000)		-		-		-		(1,092,000)
Depreciation and amortization expense		(747,000)		(537,000)		-		-		(1,284,000)
Gain from investments		-		-		688,000		-		688,000
Income tax benefit		-		-		-		2,477,000		2,477,000
Net income (loss)	$	(12,442,000)	$	593,000	$	688,000	$	1,993,000	$	(9,168,000)
Total assets	$	40,800,000	$	64,581,000	$	28,373,000	$	32,944,000	$	166,698,000

As of and for the three months ended December 31, 2012	Hotel Operations		Real Estate Operations		Investment Transactions		Other		Subtotal
Revenues	$	10,970,000	$	4,078,000	$	-	$	-	$	15,048,000
Segment operating expenses		(9,398,000)		(2,197,000)		-		(472,000)		(12,067,000)
Segment income (loss) from operations		1,572,000		1,881,000		-		(472,000)		2,981,000
Interest expense		(660,000)		(984,000)		-		-		(1,644,000)
Depreciation and amortization expense		(617,000)		(528,000)						(1,145,000)
Loss from investments		-		-		(2,047,000)		-		(2,047,000)
Income tax benefit		-		-		-		568,000		568,000
Net income (loss)	$	295,000	$	369,000	$	(2,047,000)	$	96,000	$	(1,287,000)
Total assets	$	40,852,000	$	65,768,000	$	27,429,000	$	10,180,000	$	144,229,000

As of and for the six months	Hotel		Real Estate		Investment
ended December 31, 2013	Operations		Operations		Transactions		Other		Total
Revenues	$	25,579,000	$	8,236,000	$	-	$	-	$	33,815,000
Segment operating expenses		(27,404,000)		(4,544,000)		-		(1,011,000)		(32,959,000)
Segment income (loss) from operations		(1,825,000)		3,692,000		-		(1,011,000)		856,000
Interest expense - mortgage		(1,402,000)		(1,534,000)		-		-		(2,936,000)
Interest expense - occupancy tax		(328,000)		-		-		-		(328,000)
Loss on extinguishment of debt		(3,910,000)		-		-		-		(3,910,000)
Loss on disposal of assets		(1,092,000)		-		-		-		(1,092,000)
Depreciation and amortization expense		(1,396,000)		(1,072,000)		-		-		(2,468,000)
Gain from investments		-		-		385,000		-		385,000
Income tax benefit		-		-		-		2,017,000		2,017,000
Net income (loss)	$	(9,953,000)	$	1,086,000	$	385,000	$	1,006,000	$	(7,476,000)
Total assets	$	40,800,000	$	64,581,000	$	28,373,000	$	32,944,000	$	166,698,000

As of and for the six months	Hotel		Real Estate		Investment
ended December 31, 2012	Operations		Operations		Transactions		Other		Subtotal
Revenues	$	23,106,000	$	7,753,000	$	-	$	-	$	30,859,000
Segment operating expenses		(18,562,000)		(4,359,000)		-		(1,035,000)		(23,956,000)
Segment income (loss) from operations		4,544,000		3,394,000		-		(1,035,000)		6,903,000
Interest expense		(1,324,000)		(2,019,000)		-		-		(3,343,000)
Depreciation and amortization expense		(1,225,000)		(1,052,000)						(2,277,000)
Loss from investments		-		-		(1,077,000)		-		(1,077,000)
Income tax benefit		-		-		-		194,000		194,000
Net income (loss)	$	1,995,000	$	323,000	$	(1,077,000)	$	(841,000)	$	400,000
Total assets	$	40,852,000	$	65,768,000	$	27,429,000	$	10,180,000	$	144,229,000