Segment Information

6 Months Ended

Dec. 31, 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 and six months ended December 31, 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 December 31, 2020	Operations			Operations			Transactions		Corporate			Total
Revenues	$	3,109,000		$	3,554,000		$	-	$	-		$	6,663,000
Segment operating expenses		(5,133,000	)		(2,101,000	)		-		(559,000	)		(7,793,000	)
Segment income (loss) from operations		(2,024,000	)		1,453,000			-		(559,000	)		(1,130,000	)
Interest expense - mortgage		(1,668,000	)		(573,000	)		-		-			(2,241,000	)
Depreciation and amortization expense		(582,000	)		(599,000	)		-		-			(1,181,000	)
Gain from investments		-			-			3,224,000		-			3,224,000
Income tax benefit		-			-			-		265,000			265,000
Net income (loss)	$	(4,274,000	)	$	281,000		$	3,224,000	$	(294,000	)	$	(1,063,000	)
Total assets	$	45,990,000		$	46,476,000		$	22,079,000	$	23,991,000		$	138,536,000

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

As of and for the six months	Hotel			Real Estate			Investment
ended December 31, 2020	Operations			Operations			Transactions		Corporate			Total
Revenues	$	6,534,000		$	7,038,000		$	-	$	-		$	13,572,000
Segment operating expenses		(10,166,000	)		(3,988,000	)		-		(1,926,000	)		(16,080,000	)
Segment income (loss) from operations		(3,632,000	)		3,050,000			-		(1,926,000	)		(2,508,000	)
Interest expense - mortgage		(3,368,000	)		(1,188,000	)		-		-			(4,556,000	)
Gain on sale of real estate					12,043,000								12,043,000
Depreciation and amortization expense		(1,161,000	)		(1,211,000	)		-		-			(2,372,000	)
Gain from investments		-			-			2,859,000		-			2,859,000
Income tax expense		-			-			-		(1,710,000	)		(1,710,000	)
Net income (loss)	$	(8,161,000	)	$	12,694,000		$	2,859,000	$	(3,636,000	)	$	3,756,000
Total assets	$	45,990,000		$	46,476,000		$	22,079,000	$	23,991,000		$	138,536,000

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