SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2018

Segment Reporting Disclosure [Text Block]

NOTE 15 – 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 years ended June 30, 2018 and 2017. 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 year	Hotel			Real Estate			Investment
ended June 30, 2018	Operations			Operations			Transactions			Other			Total
Revenues	$	57,099,000		$	14,480,000		$	-		$	-		$	71,579,000
Segment operating expenses		(40,103,000	)		(7,579,000	)		-			(3,053,000	)		(50,735,000	)
Segment income (loss) from operations		16,996,000			6,901,000			-			(3,053,000	)		20,844,000
Interest expense - mortgage		(7,237,000	)		(2,530,000	)		-			-			(9,767,000	)
Recovery of legal settlement costs		5,775,000												5,775,000
Depreciation and amortization expense		(2,707,000	)		(2,347,000	)		-			-			(5,054,000	)
Loss from investments		-			-			(2,929,000	)		-			(2,929,000	)
Income tax expense		-			-			-			(3,056,000	)		(3,056,000	)
Net income (loss)	$	12,827,000		$	2,024,000		$	(2,929,000	)	$	(6,109,000	)	$	5,813,000
Total assets	$	58,019,000		$	53,369,000		$	14,654,000		$	5,638,000		$	131,680,000

As of and for the year	Hotel			Real Estate			Investment
ended June 30, 2017	Operations			Operations			Transactions			Other			Total
Revenues	$	54,334,000		$	14,671,000		$	-		$	-		$	69,005,000
Segment operating expenses		(40,717,000	)		(7,166,000	)		-			(2,821,000	)		(50,704,000	)
Segment income (loss) from operations		13,617,000			7,505,000			-			(2,821,000	)		18,301,000
Interest expense - mortgage		(7,066,000	)		(2,538,000	)		-			-			(9,604,000	)
Depreciation and amortization expense		(3,057,000	)		(2,248,000	)		-			-			(5,305,000	)
Loss from investments		-			-			(4,547,000	)		-			(4,547,000	)
Income tax expense		-			-			-			(521,000	)		(521,000	)
Net income (loss)	$	3,494,000		$	2,719,000		$	(4,547,000	)	$	(3,342,000	)	$	(1,676,000	)
Total assets	$	48,739,000		$	54,984,000		$	18,388,000		$	11,098,000		$	133,209,000