Segment Information

3 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

NOTE 11 – 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 months ended September 30, 2020 and 2019. Operating income (loss) from hotel operations consists of the operation of the hotel and the garage. Operating income from real estate operations consists of the operation of rental properties. Operating loss from investment transactions consists 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) benefit for the entire Company.

As of and for the three months	Hotel			Real Estate			Investment
ended September 30, 2020	Operations			Operations			Transactions			Corporate			Total
Revenues	$	3,425,000		$	3,484,000		$	-		$	-		$	6,909,000
Segment operating expenses		(5,033,000	)		(1,887,000	)		-			(1,366,000	)		(8,286,000	)
Segment income (loss)		(1,608,000	)		1,597,000			-			(1,366,000	)		(1,377,000	)
Interest expense - mortgage and related party		(1,700,000	)		(615,000	)		-			-			(2,315,000	)
Depreciation and amortization expense		(579,000	)		(612,000	)		-			-			(1,191,000	)
Gain from sale of real estate		-			12,043,000			-			-			12,043,000
Loss from investments		-			-			(365,000	)		-			(365,000	)
Income tax expense		-			-			-			(1,975,000	)		(1,975,000	)
Net income (loss)	$	(3,887,000	)	$	12,413,000		$	(365,000	)	$	(3,341,000	)	$	4,820,000
Total assets	$	50,854,000		$	46,885,000		$	8,764,000		$	22,871,000		$	129,374,000

For the three months	Hotel			Real Estate			Investment
ended September 30, 2019	Operations			Operations			Transactions			Corporate			Total
Revenues	$	15,429,000		$	3,717,000		$	-		$	-		$	19,146,000
Segment operating expenses		(11,348,000	)		(1,950,000	)		-			(760,000	)		(14,058,000	)
Segment income (loss)		4,081,000			1,767,000			-			(760,000	)		5,088,000
Interest expense - mortgage and related party		(1,792,000	)		(605,000	)		-			-			(2,397,000	)
Depreciation and amortization expense		(593,000	)		(620,000	)		-			-			(1,213,000	)
Loss from investments		-			-			(612,000	)		-			(612,000	)
Income tax expense		-			-			-			(222,000	)		(222,000	)
Net income (loss)	$	1,696,000		$	542,000		$	(612,000	)	$	(982,000	)	$	644,000