OTHER NOTES PAYABLE

12 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Other Notes Payable And Line Of Credit [Text Block]

NOTE 9 – OTHER NOTES PAYABLE

The Company has various notes payable and financing obligations outstanding at June 30, 2015 and 2014 totaling $313,000 and $282,000, respectively. The notes bear interest at market rates and require monthly principal payments through May 2017 when the obligations will be fully repaid.

The balance of other notes payable at June 30, 2015 relates to an obligation to Hilton(franchisor) in the form of a self-exhausting, interest free development incentive note which will be reduced approximately $316,000 annually through 2030 by Hilton if the Partnership is still a Franchisee with Hilton. For the year ended June 30, 2015, the note was reduced by approximately $158,000 and treated as a reduction of royalty expense.