SEGMENT INFORMATION

6 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 10 – 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, 2022 and 2021. 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 three months	Hotel			Real Estate			Investment
ended December 31, 2022	Operations			Operations			Transactions		Corporate			Total
Revenues	$	9,892,000		$	3,980,000		$	-	$	-		$	13,872,000
Segment operating expenses		(8,726,000	)		(2,672,000	)		-		(975,000	)		(12,373,000	)
Segment (loss) income		1,166,000			1,308,000			-		(975,000	)		1,499,000
Interest expense - mortgage		(1,655,000	)		(505,000	)		-		-			(2,160,000	)
Depreciation and amortization expense		(660,000	)		(642,000	)		-		-			(1,302,000	)
Gain on insurance recovery		-			2,692,000			-		-			2,692,000
Gain from investments		-			-			1,062,000		-			1,062,000
Income tax expense		-			-			-		(224,000	)		(224,000	)
Net (loss) income	$	(1,149,000	)	$	2,853,000		$	1,062,000	$	(1,199,000	)	$	1,567,000
Total assets	$	45,660,000		$	48,525,000		$	22,089,000	$	16,025,000			132,299,000

As of and for the three months	Hotel			Real Estate			Investment
ended December 31, 2021	Operations			Operations			Transactions			Corporate			Total
Revenues	$	6,348,000		$	3,866,000		$	-		$	-		$	10,214,000
Segment operating expenses		(6,479,000	)		(2,276,000	)		-			(576,000	)		(9,331,000	)
Segment (loss) income		(131,000	)		1,590,000			-			(576,000	)		883,000
Interest expense - mortgage		(1,654,000	)		(628,000	)		-			-			(2,282,000	)
Depreciation and amortization expense		(539,000	)		(596,000	)		-			-			(1,135,000	)
Gain (loss) from extinguishment of debt		2,000,000			(335,000	)		-			-			1,665,000
Loss from investments		-			-			(2,290,000	)		-			(2,290,000	)
Income tax benefit		-			-			-			916,000			916,000
Net (loss) income	$	(324,000	)	$	31,000		$	(2,290,000	)	$	340,000		$	(2,243,000	)
Total assets	$	45,741,000		$	47,173,000		$	21,148,000		$	19,581,000		$	133,643,000

As of and for the six months	Hotel			Real Estate			Investment
ended December 31, 2022	Operations			Operations			Transactions		Corporate			Total
Revenues	$	22,202,000		$	8,058,000		$	-				$	30,260,000
Segment operating expenses		(18,032,000	)		(4,863,000	)		-		(1,674,000	)		(24,569,000	)
Segment (loss) income		4,170,000			3,195,000			-		(1,674,000	)		5,691,000
Interest expense - mortgage		(3,287,000	)		(1,095,000	)		-		-			(4,382,000	)
Depreciation and amortization expense		(1,311,000	)		(1,320,000	)		-		-			(2,631,000	)
Gain on insurance recovery		-			2,692,000			-		-			2,692,000
Gain from investments		-			-			162,000		-			162,000
Income tax expense		-			-			-		(166,000	)		(166,000	)
Net (loss) income	$	(428,000	)	$	3,472,000		$	162,000	$	(1,840,000	)	$	1,366,000
Total assets	$	45,660,000		$	48,525,000		$	22,089,000	$	16,025,000		$	132,299,000

As of and for the three months	Hotel			Real Estate			Investment
ended December 31, 2021	Operations			Operations			Transactions			Corporate			Total
Revenues	$	13,153,000		$	7,982,000		$	-		$	-		$	21,135,000
Segment operating expenses		(12,812,000	)		(4,350,000	)		-			(1,386,000	)		(18,548,000	)
Segment income (loss)		341,000			3,632,000			-			(1,386,000	)		2,587,000
Interest expense - mortgage		(3,315,000	)		(1,209,000	)		-			-			(4,524,000	)
Depreciation and amortization expense		(1,093,000	)		(1,190,000	)		-			-			(2,283,000	)
Gain (loss) from extinguishment of debt		2,000,000			(335,000	)		-			-			1,665,000
Loss from investments		-			-			(4,625,000	)		-			(4,625,000	)
Income tax benefit		-			-			-			2,031,000			2,031,000
Net (loss) income	$	(2,067,000	)	$	898,000		$	(4,625,000	)	$	645,000		$	(5,149,000	)
Total assets	$	45,741,000		$	47,173,000		$	21,148,000		$	19,581,000		$	133,643,000