INVESTMENT IN REAL ESTATE

9 Months Ended

Mar. 31, 2017

Apartment Building [Member]

Real Estate Properties [Line Items]

Real Estate Disclosure [Text Block]

NOTE 3 – INVESTMENT IN REAL ESTATE

Investment in real estate consisted of the following:

As of	March 31, 2017		June 30, 2016
Land	$	25,033,000	$	25,033,000
Buildings, improvements and equipment		66,634,000		65,929,000
Accumulated depreciation		(36,285,000)		(34,606,000)
Investment in real estate, net	$	55,382,000	$	56,356,000

In July 2015, the Company purchased residential house in Los Angeles, California as a strategic asset for $1,975,000 in cash. In August 2016, the Company obtained a mortgage note payable on the house in the amount of $1,000,000. The note has an adjustable interest rate of 4.5% as of March 31, 2017 and requires interest only payments for the first twenty three months with a balloon payment at maturity in August 2018.