Segment Information

6 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

NOTE 10 – 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, 2019 and 2018. Operating income from hotel operations consist of the operation of the hotel and operation of the garage. Operating income for rental properties consists of rental income. Operating loss for investment transactions consist of net investment gains (losses), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense. The other segment consists of corporate general and administrative expenses and the income tax expense for the entire Company.

As of and for the three months	Hotel			Real Estate			Investment
ended December 31, 2019	Operations			Operations			Transactions			Corporate			Total
Revenues	$	14,901,000		$	3,839,000		$	-		$	-		$	18,740,000
Segment operating expenses		(11,730,000	)		(2,089,000	)		-			(581,000	)		(14,400,000	)
Segment income (loss) from operations		3,171,000			1,750,000			-			(581,000	)		4,340,000
Interest expense - mortgage		(1,735,000	)		(595,000	)		-			-			(2,330,000	)
Depreciation and amortization expense		(611,000	)		(621,000	)		-			-			(1,232,000	)
Loss from investments		-			-			(249,000	)		-			(249,000	)
Income tax expense		-			-			-			(149,000	)		(149,000	)
Net income (loss)	$	825,000		$	534,000		$	(249,000	)	$	(730,000	)	$	380,000
Total assets	$	59,981,000		$	51,064,000		$	8,712,000		$	6,460,000		$	126,217,000

For the three months	Hotel			Real Estate			Investment
ended December 31, 2018	Operations			Operations			Transactions			Corporate			Total
Revenues	$	13,997,000		$	3,752,000		$	-		$	-		$	17,749,000
Segment operating expenses		(11,236,000	)		(1,866,000	)		-			(479,000	)		(13,581,000	)
Segment income (loss) from operations		2,761,000			1,886,000			-			(479,000	)		4,168,000
Interest expense - mortgage		(1,797,000	)		(608,000	)		-			-			(2,405,000	)
Depreciation and amortization expense		(643,000	)		(606,000	)		-			-			(1,249,000	)
Loss from investments		-			-			(2,076,000	)		-			(2,076,000	)
Income tax benefit		-			-			-			440,000			440,000
Net income (loss)	$	321,000		$	672,000		$	(2,076,000	)	$	(39,000	)	$	(1,122,000	)

As of and for the six months	Hotel			Real Estate			Investment
ended December 31, 2019	Operations			Operations			Transactions			Corporate			Total
Revenues	$	30,330,000		$	7,556,000		$	-		$	-		$	37,886,000
Segment operating expenses		(23,078,000	)		(4,039,000	)		-			(1,341,000	)		(28,458,000	)
Segment income (loss) from operations		7,252,000			3,517,000			-			(1,341,000	)		9,428,000
Interest expense - mortgage		(3,527,000	)		(1,200,000	)		-			-			(4,727,000	)
Depreciation and amortization expense		(1,204,000	)		(1,241,000	)		-			-			(2,445,000	)
Loss from investments		-			-			(861,000	)		-			(861,000	)
Income tax expense		-			-			-			(371,000	)		(371,000	)
Net income (loss)	$	2,521,000		$	1,076,000		$	(861,000	)	$	(1,712,000	)	$	1,024,000
Total assets	$	59,981,000		$	51,064,000		$	8,712,000		$	6,460,000		$	126,217,000

For the six months	Hotel			Real Estate			Investment
ended December 31, 2018	Operations			Operations			Transactions			Corporate			Total
Revenues	$	29,807,000		$	7,431,000		$	-		$	-		$	37,238,000
Segment operating expenses		(22,046,000	)		(3,878,000	)		-			(1,122,000	)		(27,046,000	)
Segment income (loss) from operations		7,761,000			3,553,000			-			(1,122,000	)		10,192,000
Interest expense - mortgage		(3,611,000	)		(1,359,000	)		-			-			(4,970,000	)
Depreciation and amortization expense		(1,285,000	)		(1,207,000	)		-			-			(2,492,000	)
Loss from investments		-			-			(2,454,000	)		-			(2,454,000	)
Income tax expense		-			-			-			(270,000	)		(270,000	)
Net income (loss)	$	2,865,000		$	987,000		$	(2,454,000	)	$	(1,392,000	)	$	6,000