Segment Information

12 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

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, 2020 and 2019. 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, 2020	Operations			Operations			Transactions			Other			Total
Revenues	$	42,839,000		$	15,178,000		$	-		$	-		$	58,017,000
Segment operating expenses		(37,333,000	)		(8,051,000	)		-			(2,870,000	)		(48,254,000	)
Segment income (loss) from operations		5,506,000			7,127,000			-			(2,870,000	)		9,763,000
Interest expense - mortgage		(6,885,000	)		(2,436,000	)		-			-			(9,321,000	)
Loss on debt extinguishment		-			(687,000	)		-			-			(687,000	)
Depreciation and amortization expense		(2,389,000	)		(2,483,000	)		-			-			(4,872,000	)
Loss from investments		-			-			(2,766,000	)		-			(2,766,000	)
Income tax benefit		-			-			-			2,794,000			2,794,000
Net income (loss)	$	(3,768,000	)	$	1,521,000		$	(2,766,000	)	$	(76,000	)	$	(5,089,000	)
Total assets	$	56,004,000		$	50,338,000		$	6,456,000		$	17,419,000		$	130,217,000

50

As of and for the year	Hotel			Real Estate			Investment
ended June 30, 2019	Operations			Operations			Transactions			Other			Total
Revenues	$	59,881,000		$	14,872,000		$	-		$	-		$	74,753,000
Segment operating expenses		(44,466,000	)		(7,810,000	)		-			(2,346,000	)		(54,622,000	)
Segment income (loss) from operations		15,415,000			7,062,000			-			(2,346,000	)		20,131,000
Interest expense - mortgage		(7,234,000	)		(2,554,000	)		-			-			(9,788,000	)
Loss on disposal of assets		(398,000	)		-			-			-			(398,000	)
Depreciation and amortization expense		(2,506,000	)		(2,429,000	)		-			-			(4,935,000	)
Loss from investments		-			-			(2,497,000	)		-			(2,497,000	)
Income tax benefit		-			-			-			301,000			301,000
Net income (loss)	$	5,277,000		$	2,079,000		$	(2,497,000	)	$	(2,045,000	)	$	2,814,000
Total assets	$	62,148,000		$	51,773,000		$	10,308,000		$	6,650,000		$	130,879,000