Segment Information

12 Months Ended

Jun. 30, 2021

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, 2021 and 2020. 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 ended	Hotel			Real Estate			Investment
June 30, 2021	Operations			Operations			Transactions		Other			Total
Revenues	$	14,668,000			13,990,000			-		-			28,658,000
Segment operating expenses		(17,911,000	)		(7,869,000	)		-		(3,109,000	)		(28,889,000	)
Segment income (loss) from operations		(3,243,000	)		6,121,000			-		(3,109,000	)		(231,000	)
Interest expense - mortgage		(6,710,000	)		(2,204,000	)		-		-			(8,914,000	)
Gain on disposal of assets		12,000			-			-		-			12,000
Gain on debt forgiveness		4,719,000			-			-		453,000			5,172,000
Gain on sale of real estate					12,043,000			-		-			12,043,000
Depreciation and amortization expense		(2,228,000	)		(2,411,000	)		-		-			(4,639,000	)
Gain from investments		-			-			10,705,000		-			10,705,000
Income tax expense		-			-					(3,603,000	)		(3,603,000	)
Net income (loss)	$	(7,450,000	)		13,549,000			10,705,000		(6,259,000	)		10,545,000
Total assets	$	46,505,000			47,709,000			35,833,000		10,299,000			140,346,000

As of and for the year ended	Hotel			Real Estate			Investment
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