Segment Information

9 Months Ended

Mar. 31, 2021

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 nine months ended March 31, 2021 and 2020. 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 gains (losses) 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 March 31, 2021	Operations			Operations			Transactions		Corporate			Total
Revenues	$	2,902,000		$	3,465,000		$	-	$	-		$	6,367,000
Segment operating expenses		(3,990,000	)		(1,944,000	)		-		(704,000	)		(6,638,000	)
Segment income (loss) from operations		(1,088,000	)		1,521,000			-		(704,000	)		(271,000	)
Interest expense - mortgage		(1,642,000	)		(538,000	)		-		-			(2,180,000	)
Gain from debt extinguishment		-			-			-		453,000			453,000
Depreciation and amortization expense		(529,000	)		(598,000	)		-		-			(1,127,000	)
Gain from investments		-			-			5,404,000		-			5,404,000
Income tax expense		-			-			-		(880,000	)		(880,000	)
Net income (loss)	$	(3,259,000	)	$	385,000		$	5,404,000	$	(1,131,000	)	$	1,399,000
Total assets	$	46,316,000		$	46,225,000		$	37,037,000	$	13,715,000		$	143,293,000

For the three months	Hotel			Real Estate			Investment
ended March 31, 2020	Operations			Operations			Transactions			Corporate			Total
Revenues	$	11,259,000		$	3,757,000		$	-		$	-		$	15,016,000
Segment operating expenses		(10,060,000	)		(2,071,000	)		-			(890,000	)		(13,021,000	)
Segment income (loss) from operations		1,199,000			1,686,000			-			(890,000	)		1,995,000
Interest expense - mortgage		(1,663,000	)		(588,000	)		-			-			(2,251,000	)
Depreciation and amortization expense		(597,000	)		(619,000	)		-			-			(1,216,000	)
Loss from investments		-			-			(2,647,000	)		-			(2,647,000	)
Income tax benefit		-			-			-			1,060,000			1,060,000
Net income (loss)	$	(1,061,000	)	$	479,000		$	(2,647,000	)	$	170,000		$	(3,059,000	)

As of and for the nine months	Hotel			Real Estate			Investment
ended March 31, 2021	Operations			Operations			Transactions		Corporate			Total
Revenues	$	9,436,000		$	10,503,000		$	-	$	-		$	19,939,000
Segment operating expenses		(14,156,000	)		(5,932,000	)		-		(2,630,000	)		(22,718,000	)
Segment income (loss) from operations		(4,720,000	)		4,571,000			-		(2,630,000	)		(2,779,000	)
Interest expense - mortgage		(5,010,000	)		(1,726,000	)		-		-			(6,736,000	)
Gain on extinguishment of debt		-			-			-		453,000			453,000
Gain on sale of real estate					12,043,000								12,043,000
Depreciation and amortization expense		(1,690,000	)		(1,809,000	)		-		-			(3,499,000	)
Gain from investments		-			-			8,263,000		-			8,263,000
Income tax expense		-			-			-		(2,590,000	)		(2,590,000	)
Net income (loss)	$	(11,420,000	)	$	13,079,000		$	8,263,000	$	(4,767,000	)	$	5,155,000
Total assets	$	46,316,000		$	46,225,000		$	37,037,000	$	13,715,000		$	143,293,000

For the nine months	Hotel			Real Estate			Investment
ended March 31, 2020	Operations			Operations			Transactions			Corporate			Total
Revenues	$	41,589,000		$	11,313,000		$	-		$	-		$	52,902,000
Segment operating expenses		(33,138,000	)		(6,110,000	)		-			(2,231,000	)		(41,479,000	)
Segment income (loss) from operations		8,451,000			5,203,000			-			(2,231,000	)		11,423,000
Interest expense - mortgage		(5,190,000	)		(1,788,000	)		-			-			(6,978,000	)
Depreciation and amortization expense		(1,801,000	)		(1,860,000	)		-			-			(3,661,000	)
Loss from investments		-			-			(3,508,000	)		-			(3,508,000	)
Income tax benefit		-			-			-			689,000			689,000
Net income (loss)	$	1,460,000		$	1,555,000		$	(3,508,000	)	$	(1,542,000	)	$	(2,035,000	)