0001144204-12-027470.txt : 20120510 0001144204-12-027470.hdr.sgml : 20120510 20120510123706 ACCESSION NUMBER: 0001144204-12-027470 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120510 DATE AS OF CHANGE: 20120510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PORTSMOUTH SQUARE INC CENTRAL INDEX KEY: 0000079661 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 941674111 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-04057 FILM NUMBER: 12828974 BUSINESS ADDRESS: STREET 1: 10940 WILSHIRE, BLVD. STREET 2: SUITE 2150 CITY: LOS ANGELES STATE: CA ZIP: 90024 BUSINESS PHONE: (310) 889-2500 MAIL ADDRESS: STREET 1: 10940 WILSHIRE, BLVD. STREET 2: SUITE 2150 CITY: LOS ANGELES STATE: CA ZIP: 90024 10-Q 1 v312054_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to_________

Commission File Number 0-4057

PORTSMOUTH SQUARE, INC.

(Exact name of registrant as specified in its charter)

CALIFORNIA	94-1674111
(State or other jurisdiction of	(I.R.S. Employer
Incorporation or organization)	Identification No.)

10940 Wilshire Blvd., Suite 2150, Los Angeles, California 90024

(Address of principal executive offices)(Zip Code)

(310) 889-2500

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer ¨	Accelerated filer ¨

Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act):

¨ Yes x No

The number of shares outstanding of registrant’s Common Stock, as of May 7, 2012, was 734,183.

TABLE OF CONTENTS

	PART I – FINANCIAL INFORMATION	Page

Item 1.	Financial Statements.

	Condensed Consolidated Balance Sheets as of March 31, 2012 (Unaudited) and June 30, 2011.	3

	Condensed Consolidated Statements of Operations (Unaudited) for the Three Months ended March 31, 2012 and 2011.	4

	Condensed Consolidated Statements of Operations (Unaudited) for the Nine Months ended March 31, 2012 and 2011.	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months ended March 31, 2012 and 2011.	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	14

Item 4.	Controls and Procedures.	21


	PART II – OTHER INFORMATION

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	22

Item 6.	Exhibits.	23

Signatures		23

PART 1

FINANCIAL INFORMATION

Item 1 – Condensed Consolidated Financial Statements

PORTSMOUTH SQUARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


As of	March 31, 2012			June 30, 2011
	(Unaudited)
ASSETS
Investment in hotel, net	$	32,684,000		$	32,089,000
Investment in real estate		973,000			973,000
Investment in marketable securities		3,689,000			4,866,000
Other investments, net		5,411,000			5,913,000
Cash and cash equivalents		669,000			610,000
Accounts receivable, net		1,327,000			1,683,000
Other assets, net		2,679,000			1,976,000
Deferred tax asset		3,248,000			3,199,000

Total assets	$	50,680,000		$	51,309,000

LIABILITIES AND SHAREHOLDERS' DEFICIT
Liabilities:
Accounts payable and other liabilities	$	7,722,000		$	7,961,000
Due to securities broker		1,185,000			1,835,000
Obligations for securities sold		215,000			153,000
Other notes payable		2,437,000			2,786,000
Mortgage notes payable		44,540,000			45,179,000

Total liabilities		56,099,000			57,914,000

Commitments and contingencies
Shareholders' deficit:
Common stock, no par value: Authorized shares - 750,000;
734,183 shares issued and outstanding		2,092,000			2,092,000
Additional paid-in-capital		916,000			916,000
Retained earnings		100,000			29,000
Total Portsmouth shareholders' equity		3,108,000			3,037,000
Noncontrolling interest		(8,527,000	)		(9,642,000	)
Total shareholders' deficit		(5,419,000	)		(6,605,000	)

Total liabilities and shareholders' deficit	$	50,680,000		$	51,309,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


For the three months ended March 31,	2012			2011

Revenue - Hotel	$	10,154,000		$	8,187,000

Costs and operating expenses
Hotel operating expenses		(8,572,000	)		(7,113,000	)
Depreciation and amortization expense		(546,000	)		(501,000	)
General and administrative expense		(164,000	)		(158,000	)

Total costs and operating expenses		(9,282,000	)		(7,772,000	)

Income from operations		872,000			415,000

Other income (expense)
Interest expense		(676,000	)		(701,000	)
Net gain on marketable securities		344,000			15,000
Net unrealized loss on other investments		(5,000	)		(35,000	)
Impairment loss on other investments		(12,000	)		-
Dividend and interest income		11,000			51,000
Trading and margin interest expense		(66,000	)		(77,000	)

Other expense, net		(404,000	)		(747,000	)

Income (loss) before income taxes		468,000			(332,000	)
Income tax (expense) benefit		(126,000	)		103,000

Net income (loss)		342,000			(229,000	)
Less: Net (income) loss attributable to the noncontrolling interest		(136,000	)		101,000

Net income (loss) attributable to Portsmouth	$	206,000		$	(128,000	)

Basic and diluted net income (loss) per share attributable to Portsmouth	$	0.28		$	(0.17	)

Weighted average number of common shares outstanding		734,183			734,183

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

For the nine months ended March 31,	2012			2011

Revenue - Hotel	$	31,675,000		$	26,855,000

Costs and operating expenses
Hotel operating expenses		(24,513,000	)		(21,246,000	)
Depreciation and amortization expense		(1,591,000	)		(2,949,000	)
General and administrative expense		(453,000	)		(434,000	)

Total costs and operating expenses		(26,557,000	)		(24,629,000	)

Income from operations		5,118,000			2,226,000

Other income (expense)
Interest expense		(2,059,000	)		(2,117,000	)
Net (loss) gain on marketable securities		(1,027,000	)		1,348,000
Net unrealized (loss) gain on other investments		(175,000	)		3,802,000
Impairment loss on other investments		(247,000	)		(197,000	)
Dividend and interest income		204,000			263,000
Trading and margin interest expense		(177,000	)		(195,000	)

Other (expense) income, net		(3,481,000	)		2,904,000

Income before income taxes		1,637,000			5,130,000
Income tax benefit (expense)		49,000			(1,919,000	)

Net income		1,686,000			3,211,000
Less: Net income attributable to the noncontrolling interest		(1,615,000	)		(146,000	)

Net income attributable to Portsmouth	$	71,000		$	3,065,000

Basic and diluted net income per share attributable to Portsmouth	$	0.10		$	4.17

Weighted average number of common shares outstanding		734,183			734,183

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.

CONDENDSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the nine months ended March 31,	2012			2011
Cash flows from operating activities:
Net income	$	1,686,000		$	3,211,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Net unrealized loss (gain) on marketable securities		1,009,000			(1,319,000	)
Unrealized loss (gain) on other investments		175,000			(3,802,000	)
Impairment loss on other investments		247,000			197,000
Depreciation and amortization		1,591,000			2,949,000
Changes in assets and liabilities:
Investment in marketable securities		168,000			(1,478,000	)
Accounts receivable		356,000			294,000
Other assets		(757,000	)		(729,000	)
Accounts payable and other liabilities		(239,000	)		(97,000	)
Due to securities broker		(650,000	)		1,721,000
Obligations for securities sold		62,000			(18,000	)
Deferred income taxes		(49,000	)		1,919,000
Net cash provided by operating activities		3,599,000			2,848,000

Cash flows from investing activities:
Payments for hotel furniture, equipment and building improvements		(2,132,000	)		(1,427,000	)
Other investments		80,000			27,000
Net cash used in investing activities		(2,052,000	)		(1,400,000	)

Cash flows from financing activities:
Distributions to noncontrolling interest		(500,000	)		-
Payments on mortgage notes payable		(639,000	)		(604,000	)
Net payments on other notes payable		(349,000	)		(507,000	)
Net cash used in financing activities		(1,488,000	)		(1,111,000	)

Net increase in cash and cash equivalents		59,000			337,000
Cash and cash equivalents at the beginning of the period		610,000			522,000
Cash and cash equivalents at the end of the period	$	669,000		$	859,000

Supplemental information:
Interest paid	$	2,096,000		$	2,177,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

PORTSMOUTH SQUARE, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The condensed consolidated financial statements included herein have been prepared by Portsmouth Square, Inc. (“Portsmouth” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of Portsmouth and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2011. The June 30, 2011 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2011.

The results of operations for the three and nine months ended March 31, 2012 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2012.

As of March 31, 2012, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth” or the “Company”). Santa Fe is a 79.9%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 12.5% of the common stock of Portsmouth.

Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth has a 50.0% limited partnership interest in Justice and serves as one of the two general partners. The other general partner, Evon Corporation (“Evon”), served as the managing general partner until December 1, 2008 at which time Portsmouth assumed the role of managing general partner. The financial statements of Justice are consolidated with those of the Company.

Justice owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the Hotel) and related facilities including a five level underground parking garage. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel.

Until September 30, 2008, the Partnership also derived income from the lease of the parking garage to Evon. Effective October 1, 2008, Justice entered into an installment sale agreement with Evon to purchase the remaining term of the garage lease and related garage assets, and assumed the contract with Ace Parking for the operations of the garage. That installment sale agreement was fully paid as of November 30, 2010. Justice also agreed to assume Evon’s contract with Ace Parking Management, Inc. (“Ace Parking”) for the management of the garage and any other liabilities related to the operation of the garage commencing October 1, 2008. The management agreement with Ace Parking was extended for another 62 months, effective November 1, 2010. The Partnership also leases a day spa on the lobby level to Tru Spa. Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation.

Due to the temporary closing of the Hotel to undergo major renovations from May 2005 until January 2006 to transition and reposition the Hotel from a Holiday Inn to a Hilton, and the substantial depreciation and amortization expenses resulting from the renovations and operating losses incurred as the Hotel ramped up operations after reopening, Justice has recorded net losses. These losses were anticipated and planned for as part of the Partnership’s renovation and repositioning plan for the Hotel and management considers those net losses to be temporary. The Hotel has been generating positive cash flows from operations since June 2006 and net income is expected to improve in the future, especially since depreciation and amortization expenses attributable to the renovation have decreased substantially. For the fiscal year ended June 30, 2011, that trend of net losses was reversed as the Company recorded net income from hotel operations of $710,000. For the nine months ended March 31, 2012, that positive trend continued as the Company recorded net income from hotel operations of $3,512,000. Even in an uncertain economy, management believes that the revenues expected to be generated from the Hotel, garage and the Partnership’s leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant equity in the Hotel to support additional borrowings, if necessary.

Basic income (loss) per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and nine months ended March 31, 2012 and 2011, the Company did not have any potentially dilutive securities outstanding.

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-04 (ASU 2011-04), “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standard).” ASU 2011-04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. Amendments in ASU 2011-04 clarify the intent of the application of existing fair value measurement and disclosure requirements, as well as change certain measurement requirements and disclosures. ASU 2011-04 is effective for the Company beginning January 1, 2012 and has been applied on a prospective basis.

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 changes the way other comprehensive income (“OCI”) appears within the financial statements. Companies will be required to show net income, OCI and total comprehensive income in one continuous statement or in two separate but consecutive statements. Components of OCI may no longer be presented solely in the statement of changes in shareholders’ deficit. ASU 2011-05 will be effective for the Company beginning July 1, 2012. For the three months and nine months ended March 31, 2012, the Company had no components of Comprehensive Income other than Net Income (loss) itself.

The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

NOTE 2 – INVESTMENT IN HOTEL, NET

Investment in hotel consisted of the following as of:

			Accumulated			Net Book
March 31, 2012	Cost		Depreciation			Value

Land	$	1,124,000	$	-		$	1,124,000
Furniture and equipment		20,638,000		(17,900,000	)		2,738,000
Building and improvements		48,059,000		(19,237,000	)		28,822,000
	$	69,821,000	$	(37,137,000	)	$	32,684,000

			Accumulated			Net Book
June 30, 2011	Cost		Depreciation			Value

Land	$	1,124,000	$	-		$	1,124,000
Furniture and equipment		19,583,000		(17,076,000	)		2,507,000
Building and improvements		46,982,000		(18,524,000	)		28,458,000
	$	67,689,000	$	(35,600,000	)	$	32,089,000

NOTE 3 - INVESTMENT IN MARKETABLE SECURITIES

The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could insure to its shareholders through income and/or capital gain.

At March 31, 2012 and June 30, 2011, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:

			Gross		Gross			Net		Fair
Investment	Cost		Unrealized Gain		Unrealized Loss			Unrealized Gain		Value

As of March 31, 2012

Corporate
Equities	$	3,308,000	$	1,154,000	$	(773,000	)	$	381,000	$	3,689,000

As of June 30, 2011

Corporate
Equities	$	3,336,000	$	2,084,000	$	(554,000	)	$	1,530,000	$	4,866,000

As of March 31, 2012 and June 30, 2011, the Company had $599,000 and $412,000, respectively, of unrealized losses related to securities held for over one year.

Net gain (loss) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the three and nine months ended March 31, 2012 and 2011, respectively.

For the three months ended March 31,	2012			2011
Realized gain on marketable securities	$	159,000		$	90,000
Unrealized gain (loss) on marketable securities		185,000			(75,000	)

Net gain on marketable securities	$	344,000		$	15,000

For the nine months ended March 31,		2012			2011
Realized (loss) gain on marketable securities	$	(18,000	)	$	29,000
Unrealized (loss) gain on marketable securities		(1,009,000	)		1,319,000

Net (loss) gain on marketable securities	$	(1,027,000	)	$	1,348,000

NOTE 4 – OTHER INVESTMENTS, NET

The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses.

Other investments, net consist of the following:

Type	March 31, 2012		June 30, 2011
Preferred stock - Comstock, at cost	$	4,410,000	$	4,410,000
Private equity hedge fund, at cost		769,000		996,000
Corporate debt and equity instruments, at cost		101,000		201,000
Warrants - at fair value		131,000		306,000
	$	5,411,000	$	5,913,000

NOTE 5 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows:

As of March 31, 2012
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
Other investments - warrants		-		-		131,000		131,000
Investment in marketable securities:
Basic materials		1,275,000		-		-		1,275,000
Technology		835,000		-		-		835,000
Financial services		677,000		-		-		677,000
Energy		339,000		-		-		339,000
REITs and real estate companies		246,000		-		-		246,000
Other		317,000		-		-		317,000
		3,689,000		-		-		3,689,000
	$	3,692,000	$	-	$	131,000	$	3,823,000

As of June 30, 2011
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
Other investments - warrants		-				306,000		306,000
Investment in marketable securities:
Basic materials		1,687,000		-		-		1,687,000
Investment funds		924,000		-		-		924,000
Services		815,000		-		-		815,000
REITs and real estate companies		587,000		-		-		587,000
Financial services		443,000		-		-		443,000
Other		410,000		-		-		410,000
		4,866,000		-		-		4,866,000
	$	4,869,000	$	-	$	306,000	$	5,175,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

									Net loss for the nine months
Assets	Level 1		Level 2		Level 3		March 31, 2012		ended March 31, 2012

Other non-marketable investments	$	-	$	-	$	5,280,000	$	5,280,000	$	(247,000	)


									Net gain for the nine months
Assets		Level 1		Level 2		Level 3		June 30, 2011		ended March 31, 2011

Other non-marketable investments	$	-	$	-	$	5,607,000	$	5,607,000	$	3,489,000

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

NOTE 6 - SEGMENT INFORMATION

The Company operates in two reportable segments, the operation of the hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information.

Information below represents reporting segments for the three and nine months ended March 31, 2012 and 2011, respectively. Operating income (loss) from Hotel operations consists of the operation of the hotel and operation of the garage. Operating income (loss) for investment transactions consist of net investment gain (loss) and dividend and interest income.

As of and for the three months	Hotel			Investment
ended March 31, 2012	Operations			Transactions		Other			Total

Revenues	$	10,154,000		$	-	$	-		$	10,154,000
Operating expenses		(9,118,000	)		-		(164,000	)		(9,282,000	)
Income (loss) from operations		1,036,000			-		(164,000	)		872,000
Interest expense		(676,000	)		-		-			(676,000	)
Gain from investments		-			272,000		-			272,000
Income tax expense		-			-		(126,000	)		(126,000	)
Net income (loss)	$	360,000		$	272,000	$	(290,000	)	$	342,000
Total assets	$	32,684,000		$	9,100,000	$	8,896,000		$	50,680,000

As of and for the three months	Hotel			Investment
ended March 31, 2011	Operations			Transactions			Other			Total

Revenues	$	8,187,000		$	-		$	-		$	8,187,000
Operating expenses		(7,614,000	)		-			(158,000	)		(7,772,000	)
Income (loss) from operations		573,000			-			(158,000	)		415,000
Interest expense		(701,000	)		-			-			(701,000	)
Income from investments		-			(46,000	)		-			(46,000	)
Income tax expense		-			-			103,000			103,000
Net income (loss)	$	(128,000	)	$	(46,000	)	$	(55,000	)	$	(229,000	)
Total assets	$	32,243,000		$	11,211,000		$	8,316,000		$	51,770,000

As of and for the nine months	Hotel			Investment
ended March 31, 2012	Operations			Transactions			Other			Total

Revenues	$	31,675,000		$	-		$	-		$	31,675,000
Operating expenses		(26,104,000	)		-			(453,000	)		(26,557,000	)
Income (loss) from operations		5,571,000			-			(453,000	)		5,118,000
Interest expense		(2,059,000	)		-			-			(2,059,000	)
Loss from investments		-			(1,422,000	)		-			(1,422,000	)
Income tax benefit		-			-			49,000			49,000
Net income (loss)	$	3,512,000		$	(1,422,000	)	$	(404,000	)	$	1,686,000
Total assets	$	32,684,000		$	9,100,000		$	8,896,000		$	50,680,000

As of and for the nine months		Hotel			Investment
ended March 31, 2011		Operations			Transactions		Other			Total

Revenues	$	26,855,000		$	-	$	-		$	26,855,000
Operating expenses		(24,195,000	)		-		(434,000	)		(24,629,000	)
Income (loss) from operations		2,660,000			-		(434,000	)		2,226,000
Interest expense		(2,117,000	)		-		-			(2,117,000	)
Income from investments		-			5,021,000		-			5,021,000
Income tax expense		-			-		(1,919,000	)		(1,919,000	)
Net income (loss)	$	543,000		$	5,021,000	$	(2,353,000	)	$	3,211,000
Total assets	$	32,243,000		$	11,211,000	$	8,316,000		$	51,770,000

NOTE 7 - RELATED PARTY TRANSACTIONS

Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three months ended March 31, 2012 and 2011, these expenses were approximately $18,000 for each respective period. For the nine months ended March 31, 2012 and 2011, these expenses were approximately $54,000 for each respective period.

Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of Intergroup.

During the three months ended March 31, 2012 and 2011, the Company received management fees from Justice Investors totaling $84,000 and $71,000, respectively. During the nine months ended March 31, 2012 and 2011, the Company received management fees from Justice Investors totaling $273,000 and $243,000, respectively. These amounts were eliminated in consolidation.

John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Santa Fe and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

Item 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS AND PROJECTIONS

The Company may from time to time make forward-looking statements and projections concerning future expectations. When used in this discussion, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “could,” “might” and similar expressions, are intended to identify forward-looking statements. These statements are subject to certain risks and uncertainties, such as national and worldwide economic conditions, including the impact of recessionary conditions on tourism, travel and the lodging industry, the impact of terrorism and war on the national and international economies, including tourism and securities markets, energy and fuel costs, natural disasters, general economic conditions and competition in the hotel industry in the San Francisco area, seasonality, labor relations and labor disruptions, actual and threatened pandemics such as swine flu, partnership distributions, the ability to obtain financing at favorable interest rates and terms, securities markets, regulatory factors, litigation and other factors discussed below in this Report and in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2011, that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

RESULTS OF OPERATIONS

The Company's principal business is conducted through its general and limited partnership interest in the Justice Investors limited partnership (“Justice” or the “Partnership”). The Company has a 50.0% limited partnership interest in Justice and serves as the managing general partner of Justice. Evon Corporation (“Evon”) serves as the other general partner. Justice owns the land, improvements and leaseholds at 750 Kearny Street, San Francisco, California, known as the Hilton San Francisco Financial District (the “Hotel”). The financial statements of Justice have been consolidated with those of the Company.

The Hotel is operated by the Partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. The term of the Agreement is for a period of 15 years commencing on January 12, 2006, with an option to extend the license term for another five years, subject to certain conditions. Justice also has a Management Agreement with Prism Hospitality L.P. (“Prism”) to perform the day-to-day management functions of the Hotel.

Three Months Ended March 31, 2012 Compared to Three Months Ended March 31, 2011

The Company had net income of $342,000 for the three months ended March 31, 2012 compared to net loss of $229,000 for the three months ended March 31, 2011. The change is primarily attributable to the significant improvement in the hotel operations and a higher net gain on marketable securities during the current quarter.

The Company had net income from hotel operations of $360,000 for the three months ended March 31, 2012, compared to a net loss of $128,000 for the three months ended March 31, 2011. That increase in net income is primarily attributable to a significant increase in total operating revenues compared to the prior year.

The following table sets forth a more detailed presentation of Hotel operations for the three months ended March 31, 2012 and 2011.

For the three months ended March 31,	2012			2011
Hotel revenues:
Hotel rooms	$	7,767,000		$	6,306,000
Food and beverage		1,524,000			1,088,000
Garage		671,000			634,000
Other revenues		192,000			159,000
Total hotel revenues		10,154,000			8,187,000
Operating expenses excluding interest, depreciation and amortization		(8,572,000	)		(7,113,000	)
Operating income before interest, depreciation and amortization		1,582,000			1,074,000
Interest		(676,000	)		(701,000	)
Depreciation and amortization		(546,000	)		(501,000	)

Net income (loss) from hotel operations	$	360,000		$	(128,000	)

For the three months ended March 31, 2012, the Hotel generated operating income of $1,582,000 before interest, depreciation and amortization, on total Hotel revenues of $10,154,000 compared to operating income of $1,074,000 before interest, depreciation and amortization, on Hotel revenues of $8,187,000 for the three months ended March 31, 2011. The increase in income from Hotel operations is primarily attributable to increases in room and food and beverage revenues in the current quarter, partially offset by an increase in operating expenses due to higher labor costs and increased staffing to improve guest satisfaction as well as greater franchise and management fees which are based on a percentage of revenues.

Room revenues increased by $1,461,000 for the three months ended March 31, 2012 compared to the three months ended March 31, 2011. The increase in room revenues was primarily attributable to a significant increase in average daily room rates during the current period as the Hotel continued to see an increase in the higher rated leisure, corporate and group business travel. Food and beverage revenues increased due to a higher rated mix of business and the opening of the restaurant for lunch and Sunday brunch along with the new buffet service.

The following table sets forth the average daily room rate, average occupancy percentage and room revenue per available room (“RevPar”) of the Hotel for the three months ended March 31, 2012 and 2011.

Three Months Ended March 31,	Average Daily Rate	Average Occupancy %	RevPar

2012	$188	84%	$157
2011	$157	82%	$129

The operations of the Hotel experienced an increase in the higher rated business and group travel segments in the three months ended March 31, 2012 as the hospitality industry in the San Francisco market continued to show signs of recovery. As a result, the Hotel’s average daily rate increased significantly by $31 for the three months ended March 31, 2012 compared to the three months ended March 31, 2011. The increase in occupancy of 2% was due to increased demand for hotel rooms in San Francisco and the Hotel’s ability to capture a greater share of those rooms within its market set. Due to that increased demand, the Hotel was able to reduce the amount of discounted Internet business that it was forced to take in the prior period to maintain occupancy in a very competitive market. As a result, the Hotel was able to achieve a RevPar number that was $28 higher than the comparative three month period.

During the past year, we have seen our management team guide our Hotel through a difficult economic period by taking bold steps to reduce expenses and implement innovative strategies in order to improve operations and enhance our competitiveness in the market. As a result, we were well positioned to take advantage of the gradual recovery that took place in the San Francisco market. We saw a significant improvement in room rates during what is historically our slowest quarter, as the Hotel was able to expand its share of the higher rated business and leisure travel which increased our operating revenues and profitability.

We will continue in our efforts to upgrade our guest rooms and facilities and explore new and innovative ways to differentiate the Hotel from its competition. The addition of our new executive lounge on the 26^th floor of the Hotel, the improvements to our restaurant facilities and recent upgrades to our lobby and common areas are just some of the projects designed to enhance the guest experience. We made the Hotel more energy efficient and have enhanced our recycling program to support the concept of a greener world while reducing our operating costs. The Hotel also became a groundbreaker in implementing Hilton’s Huanying (“Welcome”) program which features a tailored experience for Chinese travelers. We have also taken important steps to further develop our ties to the local Chinese community and the City as part of being a good corporate citizen and to promote new business.

Moving forward, we will continue to focus on cultivating more international business, especially from China, and capturing a greater percentage of the higher rated business, leisure and group travel. During the last twelve months, we have seen improvement in business and leisure travel. If that trend in the San Francisco market and the hotel industry continues, it should translate into an increase in room revenues and profitability. However, like all hotels, it will remain subject to the uncertain domestic and global economic environment.

The Company had a net gain on marketable securities of $344,000 for the three months ended March 31, 2012 compared to a net gain on marketable securities of $15,000 for the three months ended March 31, 2011. For the three months ended March 31, 2012, the Company had a net realized gain of $159,000 and a net unrealized gain of $185,000. For the three months ended March 31, 2011, the Company had a net realized gain of $90,000 and a net unrealized loss of $75,000. Gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company’s results of operations. However, the amount of gain or loss on marketable securities for any given period may have no predictive value and variations in amount from period to period may have no analytical value. For a more detailed description of the composition of the Company’s marketable securities see the Marketable Securities section below.

The Company consolidates Justice (Hotel) for financial reporting purposes and is not taxed on its 50% non-controlling interest in the Hotel. The income tax (expense) benefit during the three months ended March 31, 2012 and 2011 represents the income tax effect on the Company’s pretax income which include its share in net income (loss) of the Hotel (i.e., 50%). The tax expense during the quarter ended March 31, 2012 primarily resulted from income from Justice versus a loss in the previous comparable quarter.

Nine Months Ended March 31, 2012 Compared to Nine Months Ended March 31, 2011

The Company had net income of $1,686,000 for the nine months ended March 31, 2012 compared to net income of $3,211,000 for the nine months ended March 31, 2011. The decrease in net income is primarily attributable to the net loss from investing activities partially offset by the significant improvement in the hotel operations during the nine months ended March 31, 2012.

The Company had net income from hotel operations of $3,512,000 for the nine months ended March 31, 2012, compared to net income of $543,000 for the nine months ended March 31, 2011. That increase in net income is primarily attributable to a $1,358,000 decrease in depreciation and amortization expense, as many of the furniture and fixture improvements from the renovation of the Hotel reached full deprecation during January 2011, and a significant increase in total operating revenues compared to the prior year.

The following table sets forth a more detailed presentation of Hotel operations for the nine months ended March 31, 2012 and 2011.

For the nine months ended March 31,	2012			2011
Hotel revenues:
Hotel rooms	$	24,562,000		$	20,522,000
Food and beverage		4,329,000			3,771,000
Garage		2,053,000			1,915,000
Other revenues		731,000			647,000
Total hotel revenues		31,675,000			26,855,000
Operating expenses excluding interest, depreciation and amortization		(24,513,000	)		(21,246,000	)
Operating income before interest, depreciation and amortization		7,162,000			5,609,000
Interest		(2,059,000	)		(2,117,000	)
Depreciation and amortization		(1,591,000	)		(2,949,000	)

Net income from hotel operations	$	3,512,000		$	543,000

For the nine months ended March 31, 2012, the Hotel generated operating income of $7,162,000 before interest, depreciation and amortization, on total Hotel revenues of $31,675,000 compared to operating income of $5,609,000 before interest, depreciation and amortization, on Hotel revenues of $26,855,000 for the nine months ended March 31, 2011. The increase in income from Hotel operations is primarily attributable to increases in room, food and beverage, and other revenues in the current year, partially offset by an increase in operating expenses due to higher labor costs and increased staffing to improve guest satisfaction as well as greater franchise and management fees which are based on a percentage of revenues.

Room revenues increased by $4,040,000 for the nine months ended March 31, 2012 compared to the nine months ended March 31, 2011 and food and beverage revenues increased by $558,000 for the same period. The increase in room revenues was primarily attributable to a significant increase in average daily room rates during the current period as the Hotel continued to see an increase in the higher rated leisure, corporate and group business travel, which also resulted in higher food and beverage revenues. Garage revenues increased by $138,000 as the result of the higher demand for outside parking during the current period and the resumption of the valet service.

The following table sets forth the average daily room rate, average occupancy percentage and room revenue per available room (“RevPar”) of the Hotel for the nine months ended March 31, 2012 and 2011.

Nine Months Ended March 31,	Average Daily Rate	Average Occupancy %	RevPar

2012	$189	87%	$164
2011	$161	85%	$138

The operations of the Hotel experienced an increase in the higher rated business and group travel segments in the nine months ended March 31, 2012 as the hospitality industry in the San Francisco market continued to show signs of recovery. As a result, the Hotel’s average daily rate increased significantly by $28 for the nine months ended March 31, 2012 compared to the nine months ended March 31, 2011. The increase in occupancy of 2% was due to continued increased demand for hotel rooms in San Francisco and the Hotel’s ability to capture a greater share of those rooms within its market set. Due to that increased demand, the Hotel was able to reduce the amount of discounted Internet business that it was forced to take in the prior period to maintain occupancy in a very competitive market. As a result, the Hotel was able to achieve a RevPar number that was $26 higher than the comparative nine month period.

During the past year, we have seen our management team guide our Hotel through a difficult economic period by taking bold steps to reduce expenses and implement innovative strategies in order to improve operations and enhance our competitiveness in the market. As a result, we were well positioned to take advantage of the gradual recovery that took place in the San Francisco market. We saw a significant improvement in room rates as the Hotel was able to expand its share of the higher rated business and leisure travel which increased our operating revenues and profitability. Those results made it possible for Justice Investors to declare its first limited partnership distribution since September 2008 as the Partnership made a total distribution in the amount of $1,000,000 in December 2011, of which Portsmouth received $500,000.

We will continue in our efforts to upgrade our guest rooms and facilities and explore new and innovative ways to differentiate the Hotel from its competition. Our new executive lounge on the 26^th floor of the Hotel that opened in October 2011 is one of our latest projects designed to enhance the guest experience. We have upgraded our internet connectivity throughout the Hotel and are providing more technological amenities for our guests. We have also made improvements to our restaurant facilities and are currently upgrading the lobby and common areas of the Hotel. We made the Hotel more energy efficient and have enhanced our recycling program to support the concept of a greener world while reducing our operating costs. The Hotel also became a groundbreaker in implementing Hilton’s Huanying (“Welcome”) program which features a tailored experience for Chinese travelers. We have also taken important steps to further develop our ties to the local Chinese community and the City as part of being a good corporate citizen and to promote new business.

The Company had a net loss on marketable securities of $1,027,000 for the nine months ended March 31, 2012 compared to a net gain on marketable securities of $1,348,000 for the nine months ended March 31, 2011. For the nine months ended March 31, 2012, the Company had a net realized loss of $18,000 and a net unrealized loss of $1,009,000. For the nine months ended March 31, 2011, the Company had a net realized gain of $29,000 and a net unrealized gain of $1,319,000. Gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company’s results of operations. However, the amount of gain or loss on marketable securities for any given period may have no predictive value and variations in amount from period to period may have no analytical value. For a more detailed description of the composition of the Company’s marketable securities see the Marketable Securities section below.

During the nine months ended March 31, 2012, the Company had an unrealized loss of $175,000 related to other investments compared to an unrealized gain of $3,802,000 for the nine months ended March 31, 2011. The significant difference is due to an unrealized gain of $3,686,000 related to the Company’s Comstock investment in the prior year comparable period. Comstock had undergone a restructuring which resulted in the unrealized gain for the Company.

During the nine months ended March 31, 2012 and 2011, the Company performed an impairment analysis of its other investments and determined that one of its investments had an other than temporary impairment and recorded impairment losses of $247,000 and $197,000, for each respective period.

The Company consolidates Justice (Hotel) for financial reporting purposes and is not taxed on its 50% non-controlling interest in the Hotel. The income tax benefit during the nine months ended March 31, 2012 compared to the significant tax expense for the same period ended March 31, 2011 represents the income tax effect on the Company’s pretax income which include its share in net income (loss) of the Hotel (i.e., 50%).

MARKETABLE SECURITIES

As of March 31, 2012 and June 30, 2011, the Company had investments in marketable equity securities of $3,689,000 and $4,866,000, respectively. The following table shows the composition of the Company’s marketable securities portfolio by selected industry groups as:

As of March 31, 2012			% of Total
			Investment
Industry Group	Fair Value		Securities

Basic materials	$	1,275,000		34.6	%
Technology		835,000		22.6	%
Financial services		677,000		18.4	%
Energy		339,000		9.2	%
REITs and real estate companies		246,000		6.7	%
Other		317,000		8.5	%
	$	3,689,000		100.0	%

As of June 30, 2011			% of Total
			Investment
Industry Group	Fair Value		Securities

Basic materials	$	1,687,000		34.7	%
Investment funds		924,000		19.0	%
Services		815,000		16.7	%
REITs and real estate companies		587,000		12.1	%
Financial services		443,000		9.1	%
Other		410,000		8.4	%
	$	4,866,000		100.0	%

The Company’s investment portfolio is diversified with 40 different equity positions. The Company holds four individual equity securities that comprise individually more than 5% of the equity value of the portfolio, with the largest being 34% consisting of the common stock held in Comstock Mining which is included in the basic materials industry group. The amount of the Company’s investment in any particular issuer may increase or decrease, and additions or deletions to its securities portfolio may occur, at any time. While it is the internal policy of the Company to limit its initial investment in any single equity to less than 5% of its total portfolio value, that investment could eventually exceed 5% as a result of equity appreciation or reduction of other positions. Marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date.

LIQUIDITYAND SOURCES OF CAPITAL

The Company’s cash flows are primarily generated from its Hotel operations, and general partner management fees and limited partnership distributions from Justice Investors. The Company also receives cash generated from the investment of its cash and marketable securities and other investments.

Following the temporary suspension of operations in May 2005 for major renovations, the Hotel started, and continues, to generate positive cash flows from its operations. As a result, Justice was able to pay some limited partnership distributions in fiscal years 2008 and 2009. However, due to the significant downturn in the San Francisco hotel market beginning in September 2008 and the continued weakness in domestic and international economies, no Partnership distributions were paid in fiscal 2011 and 2010. During such periods, the Company had to depend more on the revenues generated from the investment of its cash and marketable securities and from its general partner management fees. Since we have seen significant improvement in the operations of the Hotel, and the San Francisco market in general, Justice was in a position to pay a limited partnership distribution in December 2011 in an aggregate amount of $1,000,000, of which Portsmouth received $500,000. The general partners of Justice will continue to monitor and review the operations and financial results of the Hotel and to set the amount of any future distributions that may be appropriate based on operating results, cash flows and other factors, including establishment of reasonable reserves for debt payments and operating contingencies.

The new Justice Compensation Agreement that became effective on December 1, 2008, when Portsmouth assumed the role of managing general partner of Justice, has provided additional cash flows to the Company. Under the new Compensation Agreement, Portsmouth is now entitled to 80% of the minimum base fee to be paid to the general partners of $285,000, while under the prior agreement, Portsmouth was entitled to receive only 20% of the minimum base fee. As a result of that new agreement and the increase in Hotel gross revenues in the current period, total general partner fees paid to Portsmouth for the nine months ended March 31, 2012 increased to $273,000, compared to $243,000 for the nine month period ended March 31, 2011.

To meet its substantial financial commitments for the renovation and transition of the Hotel to a Hilton, Justice had to rely on borrowings to meet its obligations. On July 27, 2005, Justice entered into a first mortgage loan with The Prudential Insurance Company of America in a principal amount of $30,000,000 (the “Prudential Loan”). The term of the Prudential Loan is for 120 months at a fixed interest rate of 5.22% per annum. The Prudential Loan calls for monthly installments of principal and interest in the amount of approximately $165,000, calculated on a 30-year amortization schedule. The Loan is collateralized by a first deed of trust on the Partnership’s Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Prudential Loan is without recourse to the limited and general partners of Justice. The principal balance of the Prudential Loan was $26,746,000 as of March 31, 2012.

On March 27, 2007, Justice entered into a second mortgage loan with Prudential (the “Second Prudential Loan”) in a principal amount of $19,000,000. The term of the Second Prudential Loan is for 100 months and matures on August 5, 2015, the same date as the first Prudential Loan. The Second Prudential Loan is at a fixed interest rate of 6.42% per annum and calls for monthly installments of principal and interest in the amount of $119,000, calculated on a 30-year amortization schedule. The Second Prudential Loan is collateralized by a second deed of trust on the Partnership’s Hotel property, including all improvements and personal property thereon and an assignment of all present and future leases and rents. The Second Prudential Loan is also without recourse to the limited and general partners of Justice. The principal balance of the Second Prudential Loan was $17,794,000 as of March 31, 2012.

Effective April 29, 2010, the Partnership obtained a modification of its $2,500,000 unsecured revolving line of credit facility with East West Bank that was to mature on April 30, 2010, and converted that line of credit facility to an unsecured term loan. The modification provides that Justice will pay the $2,500,000 balance on its line of credit facility over a period of four years, to mature on April 30, 2014. This term loan calls for monthly principal and interest payments of $41,000, calculated on a nine-year amortization schedule, with interest only from May 1, 2010 to August 31, 2010. Pursuant to the modification, the annual floating interest rate was reduced by 0.5% to the Wall Street Journal Prime Rate plus 2.5% (with a minimum floor rate of 5.0% per annum). The modification provides for new financial covenants that include specific financial ratios and a return to minimum profitability after June 30, 2011. Management believes that the Partnership has the ability to meet the specific covenants and the Partnership was in compliance with the covenants as of March 31, 2012. As of March 31, 2012, the interest rate was 5.75% and the outstanding balance was $1,881,000.

Despite an uncertain economy, the Hotel has continued to generate positive cash flows. While the debt service requirements related to the two Prudential loans, as well as the term loan to pay off the line of credit, may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is sufficient equity in the Hotel assets to support future borrowings, if necessary, to fund any new capital improvements and other requirements.

The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company's marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations.

Management believes that its cash, marketable securities, and the cash flows generated from those assets and from partnership distributions and management fees, will be adequate to meet the Company’s current and future obligations

MATERIAL CONTRACTUAL OBLIGATIONS

The following table provides a summary of the Company’s material financial obligations which also includes interest.

	Total		Year 1		Year 2		Year 3		Year 4		Year 5		Thereafter
Mortgage notes payable	$	44,540,000	$	219,000	$	907,000	$	960,000	$	1,015,000	$	41,439,000	$	-
Other notes payable		2,437,000		236,000		638,000		1,557,000		6,000		-		-
Interest		8,657,000		717,000		2,629,000		2,522,000		2,396,000		393,000		-
Total	$	55,634,000	$	1,172,000	$	4,174,000	$	5,039,000	$	3,417,000	$	41,832,000	$	-

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no material off balance sheet arrangements.

IMPACT OF INFLATION

Hotel room rates are typically impacted by supply and demand factors, not inflation, since rental of a hotel room is usually for a limited number of nights. Room rates can be, and usually are, adjusted to account for inflationary cost increases. Since Prism has the power and ability under the terms of its management agreement to adjust hotel room rates on an ongoing basis, there should be minimal impact on partnership revenues due to inflation. Partnership revenues are also subject to interest rate risks, which may be influenced by inflation. For the two most recent fiscal years, the impact of inflation on the Company's income is not viewed by management as material.

CRITICAL ACCOUNTING POLICIES

Critical accounting policies are those that are most significant to the portrayal of our financial position and results of operations and require judgments by management in order to make estimates about the effect of matters that are inherently uncertain. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts in our consolidated financial statements. We evaluate our estimates on an on-going basis, including those related to the consolidation of our subsidiaries, to our revenues, allowances for bad debts, accruals, asset impairments, other investments, income taxes and commitments and contingencies. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The actual results may differ from these estimates or our estimates may be affected by different assumptions or conditions.

Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

The Company’s management, with the participation of the Company’s Chief Executive Officer and Principal Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the quarterly period covered by this Quarterly Report on Form 10-Q. Based upon such evaluation, the Chief Executive Officer and Principal Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed in this filing is accumulated and communicated to management and is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in the Company’s internal control over financial reporting during the last quarterly period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II.

OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) None.

(b) Not applicable.

Portsmouth did not repurchase any of its own securities during the third quarter of its fiscal year ending June 30, 2012 and does not have any publicly announced repurchase program. The following table reflects purchases of Portsmouth’s common stock made by its parent company, The InterGroup Corporation, for its own account, during the third quarter of fiscal 2012. InterGroup can be considered an affiliated purchaser.

SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES

			(c) Total Number	(d) Maximum Number
	(a) Total	(b)	of Shares Purchased	of Shares that May
Fiscal	Number of	Average	as Part of Publicly	Yet be Purchased
2012	Shares	Price Paid	Announced Plans	Under the Plans
Period	Purchased	Per Share	or Programs	or Programs

Month #1
(January1-	-	-	-	N/A
January)

Month #2
(February 1-	222	$23.00	-	N/A
February 29)

Month #3
(March 1-	5,000	$25.00	-	N/A
March 31)

TOTAL:	5,222	$24.92	-	N/A

Item 6. Exhibits.

31.1 Certification of Principal Executive Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).

31.2 Certification of Principal Financial Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).

32.1 Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350.

32.2 Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PORTSMOUTH SQUARE, INC.
	(Registrant)

Date: May 10, 2012	by	/s/ John V. Winfield
		John V. Winfield, President,
		Chairman of the Board and
		Chief Executive Officer

Date: May 10, 2012	by	/s/ Michael G. Zybala
		Michael G. Zybala,
		Vice President and Secretary

Date: May 10, 2012	by	/s/ David T. Nguyen
		David T. Nguyen, Treasurer
		and Controller

EX-31.1 2 v312054_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION

I, John V. Winfield, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Portsmouth Square, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements

were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

(a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2012

/s/ John V. Winfield

John V. Winfield

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 v312054_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION

I, David T. Nguyen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Portsmouth Square, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2012

/s/ David T. Nguyen

David T. Nguyen

Treasurer and Controller

(Principal Financial Officer)

EX-32.1 4 v312054_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

Certification of Principal Executive Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report of Portsmouth Square, Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John V. Winfield, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

The Report fully complies with the requirements of Section 13(a) or 5(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ John V. Winfield

John V. Winfield

President and Chief Executive Officer

(Principal Executive Officer)

Date: May 10, 2012

A signed original of this written statement required by Section 906 has been provided to Portsmouth Square, Inc. and will be retained by Portsmouth Square, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 v312054_ex32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

Certification of Principal Financial Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of The Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report of Portsmouth Square, Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David T. Nguyen, Treasurer and Controller of the Company, serving as its Principal Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

The Report fully complies with the requirements of Section 13(a) or 5(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David T. Nguyen

David T. Nguyen

Treasurer and Controller

(Principal Financial Officer)

Date: May 10, 2012

EX-101.INS 6 prsi-20120331.xml XBRL INSTANCE DOCUMENT 0000079661 2011-01-01 2011-03-31 0000079661 2010-07-01 2011-03-31 0000079661 2011-06-30 0000079661 2012-01-01 2012-03-31 0000079661 2011-07-01 2012-03-31 0000079661 2012-03-31 0000079661 2012-05-07 0000079661 2010-06-30 0000079661 2011-03-31 xbrli:shares iso4217:USD iso4217:USDxbrli:shares PORTSMOUTH SQUARE INC 0000079661 --06-30 Smaller Reporting Company prsi 734183 10-Q false 2012-03-31 Q3 2012

32089000

32684000

973000

4866000

3689000

5913000

5411000

610000

669000

522000

859000

1683000

1327000

1976000

2679000

3199000

3248000

51309000

50680000

7961000

7722000

1835000 1185000 153000 215000

2786000

2437000

45179000 44540000

57914000

56099000

2092000

916000

29000

100000

3037000

3108000

-9642000

-8527000

-6605000

-5419000

51309000

50680000

750000

734183

8187000

26855000

10154000

31675000

7113000

21246000

8572000

24513000

501000

2949000

546000

1591000

158000

434000

164000

453000

7772000

24629000

9282000

26557000

415000

2226000

872000

5118000

701000

2117000

676000

2059000

15000

1348000

344000

-1027000

-35000 3802000 -5000 -175000 0 197000 12000 247000

51000

263000

11000

204000

7700019500066000177000

-747000

2904000

-404000

-3481000

-332000

5130000

468000

1637000

-103000

1919000

126000

-49000

-229000

3211000

342000

1686000

-101000

146000

136000

1615000

-128000

3065000

206000

71000

-0.17

4.17

0.28

0.10

734183 734183 734183 734183

1319000

-1009000

2949000

1591000

1478000

-168000

-294000

-356000

729000

757000

-97000

-239000

1721000 -650000 -18000 62000

1919000

-49000

2848000

3599000

1427000

2132000

27000 80000

-1400000

-2052000

500000

604000 639000

507000

349000

-1111000

-1488000

337000

59000

2177000

2096000

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES   The condensed consolidated financial statements included herein have been prepared by Portsmouth Square, Inc. (“Portsmouth” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of Portsmouth and the notes therein included in the Company's Annual Report on Form 10-K for the year ended June 30, 2011. The June 30, 2011 Condensed Consolidated Balance Sheet was derived from the Company’s Form 10-K for the year ended June 30, 2011.   The results of operations for the three and nine months ended March 31, 2012 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2012.   As of March 31, 2012, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8% of the outstanding common shares of Portsmouth Square, Inc. (“Portsmouth” or the “Company”). Santa Fe is a 79.9%-owned subsidiary of The InterGroup Corporation (“InterGroup”), a public company. InterGroup also directly owns approximately 12.5% of the common stock of Portsmouth.   Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). Portsmouth has a 50.0% limited partnership interest in Justice and serves as one of the two general partners. The other general partner, Evon Corporation (“Evon”), served as the managing general partner until December 1, 2008 at which time Portsmouth assumed the role of managing general partner. The financial statements of Justice are consolidated with those of the Company.   Justice owns a 543-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the Hotel) and related facilities including a five level underground parking garage. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with Hilton Hotels Corporation. Justice also has a Management Agreement with Prism Hospitality L.P. (Prism) to perform the day-to-day management functions of the Hotel.   Until September 30, 2008, the Partnership also derived income from the lease of the parking garage to Evon. Effective October 1, 2008, Justice entered into an installment sale agreement with Evon to purchase the remaining term of the garage lease and related garage assets, and assumed the contract with Ace Parking for the operations of the garage. That installment sale agreement was fully paid as of November 30, 2010. Justice also agreed to assume Evon’s contract with Ace Parking Management, Inc. (“Ace Parking”) for the management of the garage and any other liabilities related to the operation of the garage commencing October 1, 2008. The management agreement with Ace Parking was extended for another 62 months, effective November 1, 2010. The Partnership also leases a day spa on the lobby level to Tru Spa. Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation.   Due to the temporary closing of the Hotel to undergo major renovations from May 2005 until January 2006 to transition and reposition the Hotel from a Holiday Inn to a Hilton, and the substantial depreciation and amortization expenses resulting from the renovations and operating losses incurred as the Hotel ramped up operations after reopening, Justice has recorded net losses. These losses were anticipated and planned for as part of the Partnership’s renovation and repositioning plan for the Hotel and management considers those net losses to be temporary. The Hotel has been generating positive cash flows from operations since June 2006 and net income is expected to improve in the future, especially since depreciation and amortization expenses attributable to the renovation have decreased substantially. For the fiscal year ended June 30, 2011, that trend of net losses was reversed as the Company recorded net income from hotel operations of $710,000. For the nine months ended March 31, 2012, that positive trend continued as the Company recorded net income from hotel operations of $3,512,000. Even in an uncertain economy, management believes that the revenues expected to be generated from the Hotel, garage and the Partnership’s leases will be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. Management also believes that there is significant equity in the Hotel to support additional borrowings, if necessary.   Basic income (loss) per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and nine months ended March 31, 2012 and 2011, the Company did not have any potentially dilutive securities outstanding.   In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-04 (ASU 2011-04), “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standard).” ASU 2011-04 attempts to improve the comparability of fair value measurements disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. Amendments in ASU 2011-04 clarify the intent of the application of existing fair value measurement and disclosure requirements, as well as change certain measurement requirements and disclosures. ASU 2011-04 is effective for the Company beginning January 1, 2012 and has been applied on a prospective basis.   In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” ASU 2011-05 changes the way other comprehensive income (“OCI”) appears within the financial statements. Companies will be required to show net income, OCI and total comprehensive income in one continuous statement or in two separate but consecutive statements. Components of OCI may no longer be presented solely in the statement of changes in shareholders’ deficit. ASU 2011-05 will be effective for the Company beginning July 1, 2012. For the three months and nine months ended March 31, 2012, the Company had no components of Comprehensive Income other than Net Income (loss) itself.   The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

NOTE 2 – INVESTMENT IN HOTEL, NET   Investment in hotel consisted of the following as of:     <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Accumulated</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Net Book</td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;">March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Depreciation</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Value</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt; width: 55%; font-size: 10pt;">Land</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Furniture and equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">20,638,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(17,900,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,738,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Building and improvements</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">48,059,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(19,237,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">28,822,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 0.75pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">69,821,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(37,137,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,684,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Accumulated</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Net Book</td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;">June 30, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Depreciation</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Value</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt; width: 55%; font-size: 10pt;">Land</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">1,124,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Furniture and equipment</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">19,583,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(17,076,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,507,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Building and improvements</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">46,982,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(18,524,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">28,458,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 0.75pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">67,689,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(35,600,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,089,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 3 - INVESTMENT IN MARKETABLE SECURITIES   The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also invested in corporate bonds and income producing securities, which may include interests in real estate based companies and REITs, where financial benefit could insure to its shareholders through income and/or capital gain.   At March 31, 2012 and June 30, 2011, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows:     <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Gross</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Gross</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Net</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Fair</td> <td style="font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-size: 10pt;">Investment</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Unrealized Gain</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Unrealized Loss</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Unrealized Gain</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Value</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;" colspan="5">As of March 31, 2012</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt; font-size: 10pt;">Corporate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt; width: 25%; font-size: 10pt;">Equities</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">3,308,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">1,154,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">(773,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;">)</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">381,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">3,689,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt; font-size: 10pt; font-weight: bold; text-decoration: underline;">As of June 30, 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt; font-size: 10pt;">Corporate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt; font-size: 10pt;">Equities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">3,336,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">2,084,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(554,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">1,530,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">4,866,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   As of March 31, 2012 and June 30, 2011, the Company had $599,000 and $412,000, respectively, of unrealized losses related to securities held for over one year.   Net gain (loss) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of the two components for the three and nine months ended March 31, 2012 and 2011, respectively.     <table style="width: 80%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">For the three months ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; width: 64%; font-size: 10pt;">Realized gain on marketable securities</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 15%; font-size: 10pt;">159,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 15%; font-size: 10pt;">90,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Unrealized gain (loss) on marketable securities</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">185,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(75,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Net gain on marketable securities</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">344,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">15,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt; font-weight: bold;">For the nine months ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;">2012</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;">2011</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Realized (loss) gain on marketable securities</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(18,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">29,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Unrealized (loss) gain on marketable securities</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,009,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">1,319,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Net (loss) gain on marketable securities</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(1,027,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,348,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 4 – OTHER INVESTMENTS, NET   The Company may also invest, with the approval of the Securities Investment Committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses.   Other investments, net consist of the following:    <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;">Type</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;" colspan="2">March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;" colspan="2">June 30, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; width: 70%; font-size: 10pt;">Preferred stock - Comstock, at cost</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">4,410,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 12%; font-size: 10pt;">4,410,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Private equity hedge fund, at cost</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">769,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">996,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Corporate debt and equity instruments, at cost</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">101,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">201,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Warrants - at fair value</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">131,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; padding-left: 0.75pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,411,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,913,000</td> </tr> </table>

NOTE 5 - FAIR VALUE MEASUREMENTS   The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).   The assets measured at fair value on a recurring basis are as follows:   <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">As of March 31, 2012</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">Assets:</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 1</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 2</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 3</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 40%; font-size: 10pt;">Cash equivalents - money market</td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Other investments - warrants</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">131,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">131,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Investment in marketable securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; font-size: 10pt;">  Basic materials</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,275,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,275,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; font-size: 10pt;">  Technology</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">835,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">835,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; font-size: 10pt;">  Financial services</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">677,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">677,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; font-size: 10pt;">  Energy</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">339,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">339,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; font-size: 10pt;">  REITs and real estate companies</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">246,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">246,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; font-size: 10pt;">  Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">317,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">317,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">3,689,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">3,689,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,692,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">131,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,823,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">As of June 30, 2011</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">Assets:</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 1</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 2</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 3</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 40%; font-size: 10pt;">Cash equivalents - money market</td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%; font-size: 10pt;">3,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Other investments - warrants</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Investment in marketable securities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; font-size: 10pt;">  Basic materials</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,687,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,687,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; font-size: 10pt;">  Investment funds</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">924,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">924,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.12in; font-size: 10pt;">  Services</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">815,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">815,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; font-size: 10pt;">  REITs and real estate companies</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">587,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">587,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; font-size: 10pt;">  Financial services</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">443,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">443,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; font-size: 10pt;">  Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">410,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">410,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">4,866,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">4,866,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">4,869,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">306,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,175,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.   Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:     <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Net loss for the nine months</td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-size: 10pt;">Assets</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 1</td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 2</td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Level 3</td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">ended March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 25%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 20%;"> </td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Other non-marketable investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,280,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,280,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">(247,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Net gain for the nine months</td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="width: 25%; font-size: 10pt;">Assets</td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 10%; font-size: 10pt;">Level 1</td> <td style="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 10%; font-size: 10pt;">Level 2</td> <td style="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 10%; font-size: 10pt;">Level 3</td> <td style="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 10%; font-size: 10pt;">June 30, 2011</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; width: 20%; font-size: 10pt; font-weight: bold;">ended March 31, 2011</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Other non-marketable investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,607,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">5,607,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">3,489,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

NOTE 6 - SEGMENT INFORMATION   The Company operates in two reportable segments, the operation of the hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information.   Information below represents reporting segments for the three and nine months ended March 31, 2012 and 2011, respectively. Operating income (loss) from Hotel operations consists of the operation of the hotel and operation of the garage. Operating income (loss) for investment transactions consist of net investment gain (loss) and dividend and interest income.   <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">As of and for the three months</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Hotel</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Investment</td> <td style="font-size: 10pt;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">ended March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Transactions</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt; width: 44%; font-size: 10pt;">Revenues</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">10,154,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">10,154,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,118,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(164,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,282,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">1,036,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(164,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">872,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(676,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(676,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Gain from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">272,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">272,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(126,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(126,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">360,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">272,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(290,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">342,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,684,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">9,100,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,896,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">50,680,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">As of and for the three months</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Hotel</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Investment</td> <td style="font-size: 10pt;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">ended March 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Transactions</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt; width: 44%; font-size: 10pt;">Revenues</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">8,187,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">8,187,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(7,614,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(158,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(7,772,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">573,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(158,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">415,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(701,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(701,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Income from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(46,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(46,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">103,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">103,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(128,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(46,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(55,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(229,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,243,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">11,211,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,316,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">51,770,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>    <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt; font-weight: bold;">As of and for the nine months</td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Hotel</td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: center; font-size: 10pt;" colspan="2">Investment</td> <td style="font-size: 10pt;"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">ended March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Transactions</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;" colspan="2">Total</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt; width: 44%; font-size: 10pt;">Revenues</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">31,675,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">-</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">31,675,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(26,104,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(453,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(26,557,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,571,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(453,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,118,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,059,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,059,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Loss from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,422,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,422,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Income tax benefit</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">49,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">49,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,512,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(1,422,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(404,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,686,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,684,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">9,100,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,896,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">50,680,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.75pt; width: 44%; font-size: 10pt; font-weight: bold;">As of and for the nine months</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: center; width: 11%; font-size: 10pt;">Hotel</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: center; width: 11%; font-size: 10pt;">Investment</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 11%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 11%;"> </td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt; font-weight: bold;">ended March 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;">Operations</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;">Transactions</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;">Other</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt;">Total</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.75pt;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.75pt; font-size: 10pt;">Revenues</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">26,855,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;">$</td> <td style="text-align: right; font-size: 10pt;">26,855,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(24,195,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(434,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(24,629,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Income (loss) from operations</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,660,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(434,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,226,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,117,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(2,117,000</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.75pt; font-size: 10pt;">Income from investments</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,021,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">5,021,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,919,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,919,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Net income (loss)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">543,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5,021,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(2,353,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,211,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.75pt; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,243,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">11,211,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">8,316,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">51,770,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 7 - RELATED PARTY TRANSACTIONS   Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three months ended March 31, 2012 and 2011, these expenses were approximately $18,000 for each respective period. For the nine months ended March 31, 2012 and 2011, these expenses were approximately $54,000 for each respective period.   Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of Intergroup.   During the three months ended March 31, 2012 and 2011, the Company received management fees from Justice Investors totaling $84,000 and $71,000, respectively. During the nine months ended March 31, 2012 and 2011, the Company received management fees from Justice Investors totaling $273,000 and $243,000, respectively. These amounts were eliminated in consolidation.   John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Santa Fe and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

EX-101.SCH 7 prsi-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - DOCUMENT AND ENTITY INFORMATION link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - INVESTMENT IN HOTEL, NET link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - INVESTMENT IN MARKETABLE SECURITIES link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - OTHER INVESTMENTS, NET link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - FAIR VALUE MEASUREMENTS link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - SEGMENT INFORMATION link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 prsi-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 prsi-20120331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 prsi-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information [Abstract] Document and Entity Information [Abstract] Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Trading Symbol Trading Symbol Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Statement Of Financial Position [Abstract] Statement of Financial Position [Abstract] Assets [Abstract] ASSETS Property, Plant and Equipment, Net Investment in hotel, net Investment in hotel, net Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Real Estate Investment Property, Net Investment in real estate Trading Securities Investment in marketable securities Other Investments Other investments, net Cash and Cash Equivalents, At Carrying Value Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Accounts Receivable, Net Accounts receivable, net Other Assets Other assets, net Other assets, net Deferred Tax Assets, Net Deferred tax asset Deferred tax asset Assets Total assets Total assets Liabilities and Equity [Abstract] LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable and Accrued Liabilities Accounts payable and other liabilities Due To Securities Broker Due to securities broker Carrying value of amount payable to securities broker as at the reporting date. Obligations For Securities Sold Obligations for securities sold Carrying value of obligations for securities sold as at the reporting date. Other Notes Payable Other notes payable Mortgage Notes Payable Mortgage notes payable Mortgage notes payable Carrying amount as of the balance sheet date of mortgage notes payable related to the property, plant and equipment. Liabilities Total liabilities Total liabilities Commitments and Contingencies Commitments and contingencies Stockholders Equity, Including Portion Attributable To Noncontrolling Interest [Abstract] Shareholders' deficit: Common Stock, Value, Issued Common stock, no par value: Authorized shares - 750,000; 734,183 shares issued and outstanding Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital, Common Stock Additional paid-in-capital Additional Paid in Capital, Common Stock, Beginning Balance Additional Paid in Capital, Common Stock, Ending Balance Retained Earnings (Accumulated Deficit) Retained earnings Retained earnings (accumulated deficit) Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Stockholders Equity Attributable To Parent Total Portsmouth shareholders' equity Total Portsmouth shareholders' equity Stockholders' Equity Attributable to Parent, Beginning Balance Stockholders' Equity Attributable to Parent, Ending Balance Stockholders Equity Attributable To Noncontrolling Interest Noncontrolling interest Noncontrolling interest Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance Stockholders Equity, Including Portion Attributable To Noncontrolling Interest Total shareholders' deficit Total shareholders' deficit Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance Liabilities and Equity Total liabilities and shareholders' deficit Total liabilities and shareholders' deficit Balance Sheets Parenthetical [Abstract] Balance Sheets Parenthetical [Abstract] Balance Sheets Parenthetical. Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock , shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Revenue From Hotels Revenue - Hotel Revenue - Hotel Costs and Expenses [Abstract] Costs and operating expenses Direct Costs Of Hotels Hotel operating expenses Hotel operations Hotel operating expenses Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization expense Depreciation and amortization Depreciation and amortization expense General and Administrative Expense General and administrative expense General and administrative General and administrative expense General and administrative expense Costs and Expenses Total costs and operating expenses Total costs and operating expenses Total costs and operating expenses Total costs and operating expenses Operating Income (Loss) Income from operations Income from operations Nonoperating Income (Expense) [Abstract] Other income (expense) Interest Expense, Debt Interest expense Interest Expense, Debt, Total Interest expense Marketable Securities, Gain (Loss) Net (loss) gain on marketable securities Net gain on marketable securities Net Unrealized Income On Other Investments Net unrealized (loss) gain on other investments The net change during the reporting period between the fair value and carrying value of other investments. Unrealized loss (gain) on other investments Impairment Loss On Other Investments Impairment loss on other investments Amount of impairment losses on other specified investments recognized in earnings during the reporting period. Impairment loss on other investments Investment Income, Interest and Dividend Dividend and interest income Dividend and interest income Trading And Margin Interest Expense Trading and margin interest expense Trading and margin interest expense Trading and margin interest expense Trading and margin interest expense is margin interest, other borrowing costs related to trading and all expenses related to the trading of securities department, including salaries, research tools, etc. It does not include interest or dividend income. Nonoperating Income (Expense) Other expense, net Other (expense) income, net Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest Income (loss) before income taxes Income (loss) before income taxes Income Tax Expense (Benefit) Income tax (expense) benefit Income tax (expense)benefit Income tax (expense) benefit Income tax benefit (expense) Net Income (Loss), Including Portion Attributable To Noncontrolling Interest Net income Net income (loss) Net Income (Loss) Attributable To Noncontrolling Interest Less: Net (income) loss attributable to the noncontrolling interest (Income)loss attributable to the noncontrolling interest Less: Net (income) loss attributable to the noncontrolling interest Less: Net income attributable to the noncontrolling interest Net Income (Loss) Attributable To Parent Net income (loss) attributable to Portsmouth Net income (loss) attributable to Portsmouth Earnings Per Share, Basic and Diluted Basic and diluted net income (loss) per share attributable to Portsmouth (in dollars per share) Weighted Average Number Of Outstanding Shares, Basic and Diluted Weighted average number of common shares outstanding (in shares) The average number of shares issued and outstanding that are used in calculating basic and diluted EPS. Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Trading Securities, Change In Unrealized Holding Gain (Loss) Net unrealized loss (gain) on marketable securities Trading Securities, Change in Unrealized Holding Gain (Loss), Total Net unrealized loss (gain) on marketable securities Depreciation, Depletion and Amortization Depreciation and amortization Depreciation and amortization Increase (Decrease) In Operating Capital [Abstract] Changes in assets and liabilities: Increase (Decrease) In Trading Securities Investment in marketable securities Increase (Decrease) in Trading Securities, Total Investment in marketable securities Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Increase (Decrease) In Other Operating Assets Other assets Other assets Other assets Increase (Decrease) In Accounts Payable and Accrued Liabilities Accounts payable and other liabilities Accounts payable and other liabilities Accounts payable and other liabilities Increase (Decrease) In Due To Securities Broker Due to securities broker Net change during the reporting period in the carrying amount of due to securities broker. Due to securities broker Increase (Decrease) In Obligations For Securities Sold Obligations for securities sold Net change during the reporting period in the carrying amount of obligations for securities sold. Obligations for securities sold Increase (Decrease) In Income Taxes Payable Deferred income taxes Deferred income taxes Net Cash Provided By (Used In) Operating Activities Net cash provided by operating activities Net cash provided by operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] Cash flows from investing activities: Payments To Acquire Property, Plant, and Equipment Payments for hotel furniture, equipment and building improvements Investment in hotel Payments for hotel furniture, equipment and building improvements Proceeds (Payments) Other Investments Other investments Other investments The cash inflow (outflow) associated with the sale or maturity (acquisition) of other investments not otherwise defined in the taxonomy. Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] Cash flows from financing activities: Payments Of Dividends Noncontrolling Interest Distributions to noncontrolling interest Distributions to noncontrolling interest Repayments Of Mortgage Notes Payments on mortgage notes payable The cash outflow during the period towards repayment of borrowings supported by a written promise to pay an obligation that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Payments on mortgage notes payable Repayments Of Other Debt Net payments on other notes payable Net payments on other notes payable Net Cash Provided By (Used In) Financing Activities Net cash used in financing activities Net cash used in financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash and cash equivalents Net increase in cash and cash equivalents Supplemental Cash Flow Elements [Abstract] Supplemental information: Interest Paid Interest paid Interest paid Basis Of Presentation and Significant Accounting Policies [Abstract] Basis Of Presentation and Significant Accounting Policies [Abstract] Basis Of Presentation and Significant Accounting Policies [Text Block] Basis of Presentation and Significant Accounting Policies [Text Block] Property, Plant and Equipment [Abstract] Property, Plant and Equipment [Abstract] Property, Plant and Equipment Disclosure [Text Block] Property, Plant and Equipment Disclosure [Text Block] Investments, Debt and Equity Securities [Abstract] Investments, Debt and Equity Securities [Abstract] Investments In Debt and Marketable Equity Securities (And Certain Trading Assets) Disclosure [Text Block] Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Other Investments [Abstract] Other Investments [Abstract] Other Investments Disclosure [Text Block] Other Investments Disclosure [Text Block] Disclosure relating to investments not specified separately in the taxonomy. Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value Disclosures [Text Block] Segment Reporting [Abstract] Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] Segment Reporting Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Statement, Scenario [Axis] Scenario, Unspecified [Domain] EX-101.PRE 11 prsi-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R9.htm IDEA: XBRL DOCUMENT

OTHER INVESTMENTS, NET

9 Months Ended

Mar. 31, 2012

Other Investments [Abstract]

Other Investments Disclosure [Text Block]

NOTE 4 – OTHER INVESTMENTS, NET

Other investments, net consist of the following:

Type	March 31, 2012		June 30, 2011
Preferred stock - Comstock, at cost	$	4,410,000	$	4,410,000
Private equity hedge fund, at cost		769,000		996,000
Corporate debt and equity instruments, at cost		101,000		201,000
Warrants - at fair value		131,000		306,000
	$	5,411,000	$	5,913,000

EXCEL 14 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\R-C@P839C,E\R8C4P7S1B8V%?8CAD,5\X9F9D M834Y9C8R,#DB#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-/3D1%3E-%1%]#3TY33TQ)1$%4141?4U1!5$5- M13$\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7 M;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D]42$527TE.5D535$U%3E137TY%5#PO>#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D9!25)?5D%,545?345! M4U5214U%3E13/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E M;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E)%3$%4141?4$%25%E?5%)!3E-!0U1)3TY3/"]X M.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I!8W1I=F53:&5E M=#XP/"]X.D%C=&EV95-H965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA2!296=I'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,C`Q,CQS<&%N/CPO M7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA"!A M6%B M;&4@86YD(&]T:&5R(&QI86)I;&ET:65S/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$;G5M<#XW+#F5D('-H87)E7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA'0O M:F%V87-C3X-"B`@("`\ M=&%B;&4@8VQA'!E;G-E'!E;G-E/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$;G5M/B@U-#8L,#`P*3QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@V-BPP,#`I M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$;G5M<#XT-C@L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQAF5D(&QOF%T:6]N/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$;G5M<#XQ+#4Y,2PP,#`\'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6%B;&4@86YD(&]T M:&5R(&QI86)I;&ET:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M/B@R,SDL,#`P*3QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6UE;G1S(&]N(&]T:&5R(&YO=&5S('!A>6%B;&4\ M+W1D/@T*("`@("`@("`\=&0@8VQA'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQA'0^/'`@2!0;W)T28C.#(R,3LI+"!W:71H;W5T(&%U9&ET+"!A8V-O2!A8V-E<'1E9"!A M8V-O=6YT:6YG('!R:6YC:7!L97,@*%4N4RX@1T%!4"D@:&%V92!B965N(&-O M;F1E;G-E9"!O2!B96QI979E65A6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$ M)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@ M9F]N=#H@,3!P="!T:6UE&EM871E;'D@-C@N."4@;V8@=&AE(&]U='-T86YD M:6YG(&-O;6UO;B!S:&%R97,@;V8@4&]R='-M;W5T:"!3<75A2X\+W`^#0H\<"!S M='EL93TS1"=M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W M(')O;6%N+"!T:6UE2!L;V-A=&5D(&%T(#2!,+E`N("A02!M86YA9V5M96YT(&9U;F-T:6]N2`R,#`U('5N=&EL($IA M;G5A2!);FX@=&\@82!(:6QT;VXL(&%N9"!T:&4@ M2X@5&AE($AO=&5L(&AA2!S:6YC92!D97!R M96-I871I;VX@86YD(&%M;W)T:7IA=&EO;B!E>'!E;G-E2X@1F]R('1H92!F:7-C86P@>65A2!R96-O6QE/3-$)V-O;&]R.B!B;&%C:SLG/DEN M=&5R;F%T:6]N86P@1FEN86YC:6%L(%)E<&]R=&EN9R!3=&%N9&%R9#QF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!T:6UE&ES=&EN9R!F M86ER('9A;'5E(&UE87-U2!O=&AE2!I;B!T:&4@2!H860@;F\@8V]M<&]N96YT2!H87,@979A;'5A=&5D('-U8G-E<75E;G0@979E;G1S('1H7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA2P@ M4&QA;G0@86YD($5Q=6EP;65N="!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=M87)G:6XZ(#!P M="`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`Q,'!T.R<^,2PQ,C0L,#`P M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@ M,24[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N M="US:7IE.B`Q,'!T.R<^)#PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@ M9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=W M:61T:#H@,24[(&9O;G0MF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R M:6=H=#L@=VED=&@Z(#$R)3L@9F]N="US:7IE.B`Q,'!T.R<^,2PQ,C0L,#`P M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@ M,24[(&9O;G0M6QE/3-$)V)A8VMG6QE/3-$)V9O M;G0M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0MF4Z(#$P<'0[)SXI/"]T9#X- M"CQT9"!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0M'0M86QI9VXZ(&QE9G0[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I M9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXH,3DL,C,W+#`P,#PO=&0^#0H\=&0@ M'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A M9&1I;FF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B M;W)D97(M8F]T=&]M.B!B;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ M(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXH,SF4Z(#$P<'0[)SXI/"]T9#X-"CQT9"!S='EL93TS M1"=P861D:6YG+6)O='1O;3H@,BXU<'0[(&9O;G0MF4Z(#$P M<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C M:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z M(#$P<'0[)SXS,BPV.#0L,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,BXU<'0[(&9O;G0M6QE M/3-$)VUA6QE/3-$ M)W=I9'1H.B`Q,#`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`Q,'!T.R<^,2PQ,C0L,#`P/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)#PO M=&0^#0H\=&0@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[(&9O;G0MF4Z(#$P<'0[)SXD/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#L@=VED=&@Z(#$R)3L@ M9F]N="US:7IE.B`Q,'!T.R<^,2PQ,C0L,#`P/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O;G0M6QE/3-$)V)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[(&9O;G0M6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[(&9O;G0M'0M86QI9VXZ(&QE9G0[ M(&9O;G0MF4Z(#$P<'0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P M<'0[)SXH,3@L-3(T+#`P,#PO=&0^#0H\=&0@'0M86QI9VXZ(&QE M9G0[(&9O;G0M6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0[ M(&9O;G0M6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z(#$P M<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C M:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z M(#$P<'0[)SXH,S4L-C`P+#`P,#PO=&0^#0H\=&0@F4Z M(#$P<'0[)SXI/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@ M,BXU<'0[(&9O;G0MF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S M='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C5P="!D;W5B;&4[('1E M>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXS,BPP.#DL,#`P M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG M+6)O='1O;3H@,BXU<'0[(&9O;G0M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!396-U6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$ M)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)V)A8VMG2!H87,@86QS;R!I;G9EF5D(&=A:6YS M(&%N9"!L;W-S97,@;VX@=&AE6QE/3-$)W=I9'1H.B`Q,#`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`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N M.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^ M)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E M>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T M9#X-"CPO='(^#0H\='(@6QE/3-$)W=I9'1H.B`Q)3L@ M9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T M:#H@,3(E.R!F;VYT+7-I>F4Z(#$P<'0[)SXS+#,P."PP,#`\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US M:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@ M,24[(&9O;G0MF4Z(#$P M<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#L@ M=VED=&@Z(#$R)3L@9F]N="US:7IE.B`Q,'!T.R<^,2PQ-30L,#`P/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O M;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE M.B`Q,'!T.R<^)#PO=&0^#0H\=&0@6QE/3-$)W=I9'1H M.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R!W:61T:#H@,3(E.R!F;VYT+7-I>F4Z(#$P<'0[)SXS.#$L,#`P/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O M;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE M.B`Q,'!T.R<^)#PO=&0^#0H\=&0@F4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)V)A M8VMG'0M9&5C;W)A=&EO M;CH@=6YD97)L:6YE.R<^07,@;V8@2G5N92`S,"P@,C`Q,3PO=&0^#0H\=&0^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#LG M/B8C,38P.SPO=&0^#0H\=&0@6QE/3-$)V)A M8VMG6QE/3-$)V)A8VMG6QE/3-$)V)A8VMG6QE/3-$)V9O;G0M6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXR M+#`X-"PP,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[(&9O;G0M6QE/3-$)V9O M;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P M<'0[)SXT+#@V-BPP,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[(&9O;G0M6QE/3-$)VUA#L@9F]N=#H@ M,3!P="!T:6UE6QE/3-$)V)A8VMG6QE/3-$)VUA#L@9F]N=#H@,3!P M="!T:6UE2!H860@ M)#4Y.2PP,#`@86YD("0T,3(L,#`P+"!R97-P96-T:79E;'DL(&]F('5N6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)V)A8VMG6QE/3-$)VUA#L@ M9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UEF4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B M;VQD.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O M;3H@,7!T.R!F;VYT+7-I>F4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C M:R`Q<'0@'0M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;FF5D(&=A:6X@;VX@;6%R:V5T86)L M92!S96-UF4Z M(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@ M9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T M:#H@,34E.R!F;VYT+7-I>F4Z(#$P<'0[)SXY,"PP,#`\+W1D/@T*/'1D('-T M>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE M.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(-"B!S='EL93TS1"=B M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=F5R=&EC86PM86QI9VXZ(&)O='1O M;3LG/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z M(#$P<'0[)SY5;G)E86QI>F5D(&=A:6X@*&QO'0M86QI M9VXZ(&QE9G0[(&9O;G0MF4Z(#$P<'0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I M>F4Z(#$P<'0[)SXH-S4L,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T.R!F;VYT+7-I>F4Z(#$P M<'0[)SXI/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I M9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\ M='(@F4Z(#$P<'0[)SY.970@9V%I;B!O;B!M87)K971A8FQE M('-E8W5R:71I97,\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M M8F]T=&]M.B!B;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT M.R!F;VYT+7-I>F4Z(#$P<'0[)SXQ-2PP,#`\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)V)A8VMGF4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q<'0@'0M86QI9VXZ(&-E;G1E6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;FF4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T9#X- M"CPO='(^#0H\='(@6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z(#$P<'0[)SY296%L:7IE9"`H;&]S6QE/3-$)V9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)V9O;G0M6QE/3-$)W!A9&1I;FF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A M9&1I;FF4Z(#$P<'0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(')I9VAT M.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T M.R<^)B,Q-C`[/"]T9#X-"CQT9#XF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(')I9VAT.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!L969T.R<^)B,Q-C`[/"]T9#X-"CPO='(^#0H\='(@ MF4Z(#$P<'0[)SY.970@*&QOF4Z(#$P<'0[)SXD/"]T9#X- M"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C5P="!D;W5B M;&4[('1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXH,2PP M,C6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0[ M(&9O;G0M6QE/3-$)V)OF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/"]T7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'`@2!M M87D@86QS;R!I;G9E6QE/3-$)VUA#L@9F]N=#H@,3!P="!T M:6UE6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$ M)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$ M)W!A9&1I;F6QE/3-$ M)W!A9&1I;F'0M86QI9VXZ(')I9VAT M.R!F;VYT+7-I>F4Z(#$P<'0[)R!C;VQS<&%N/3-$,CY*=6YE(#,P+"`R,#$Q M/"]T9#X-"CQT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,7!T.R!F;VYT M+7-I>F4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;FF4Z(#$P<'0[ M)SY0F4Z(#$P<'0[)SXF(S$V M,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H M.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)#PO=&0^#0H\=&0@F4Z(#$P<'0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W M:61T:#H@,24[(&9O;G0M6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R!F;VYT+7-I>F4Z M(#$P<'0[)SXT+#0Q,"PP,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[ M/"]T9#X-"CPO='(^#0H\='(@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z(#$P<'0[)SY02!H961G92!F=6YD+"!A M="!C;W-T/"]T9#X-"CQT9"!S='EL93TS1"=F;VYT+7-I>F4Z(#$P<'0[)SXF M(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&9O M;G0M6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXY.38L M,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!F;VYT M+7-I>F4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;FF4Z(#$P<'0[)SY#;W)P;W)A=&4@ M9&5B="!A;F0@97%U:71Y(&EN6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXR,#$L,#`P/"]T9#X-"CQT9"!S M='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!F;VYT+7-I>F4Z(#$P<'0[)SXF M(S$V,#L\+W1D/@T*/"]T'0M86QI9VXZ(&QE9G0[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I M9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXS,#8L,#`P/"]T9#X-"CQT9"!S='EL M93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,7!T.R!F M;VYT+7-I>F4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W!A9&1I;F6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)V)O'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)V)O'0O:F%V M87-C3X-"B`@("`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`Q<'0@'0M86QI9VXZ M(')I9VAT.R!W:61T:#H@,3(E.R!F;VYT+7-I>F4Z(#$P<'0[)SXM/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O M;3H@,7!T.R!W:61T:#H@,24[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)V)OF4Z(#$P<'0[)SXD/"]T9#X- M"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q<'0@'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R!F;VYT+7-I>F4Z(#$P M<'0[)SXM/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!P M861D:6YG+6)O='1O;3H@,7!T.R!W:61T:#H@,24[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)V)OF4Z(#$P M<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C M:R`Q<'0@'0M86QI9VXZ(')I9VAT.R!W:61T:#H@,3(E.R!F M;VYT+7-I>F4Z(#$P<'0[)SXS+#`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`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`P/"]T9#X- M"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!F;VYT+7-I>F4Z(#$P M<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0M6QE M/3-$)W1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXS,SDL M,#`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`Q,'!T.R<^ M)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C M:R`Q<'0@'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P M<'0[)SXS+#8X.2PP,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[('!A9&1I;F6QE/3-$)V)A8VMG XML 15 R8.htm IDEA: XBRL DOCUMENT

INVESTMENT IN MARKETABLE SECURITIES

9 Months Ended

Mar. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 - INVESTMENT IN MARKETABLE SECURITIES

			Gross		Gross			Net		Fair
Investment	Cost		Unrealized Gain		Unrealized Loss			Unrealized Gain		Value

As of March 31, 2012

Corporate
Equities	$	3,308,000	$	1,154,000	$	(773,000	)	$	381,000	$	3,689,000

As of June 30, 2011

Corporate
Equities	$	3,336,000	$	2,084,000	$	(554,000	)	$	1,530,000	$	4,866,000

As of March 31, 2012 and June 30, 2011, the Company had $599,000 and $412,000, respectively, of unrealized losses related to securities held for over one year.

For the three months ended March 31,	2012			2011
Realized gain on marketable securities	$	159,000		$	90,000
Unrealized gain (loss) on marketable securities		185,000			(75,000	)

Net gain on marketable securities	$	344,000		$	15,000

For the nine months ended March 31,		2012			2011
Realized (loss) gain on marketable securities	$	(18,000	)	$	29,000
Unrealized (loss) gain on marketable securities		(1,009,000	)		1,319,000

Net (loss) gain on marketable securities	$	(1,027,000	)	$	1,348,000

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Equity Security

-URI http://asc.fasb.org/extlink&oid=6511694

-Topic 320

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Debt Security

-URI http://asc.fasb.org/extlink&oid=6509901

-Topic 320

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 3, 19, 20, 21, 22, 137

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

+ Details

XML 16 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Jun. 30, 2011
ASSETS
Investment in hotel, net	$ 32,684,000	$ 32,089,000
Investment in real estate	973,000	973,000
Investment in marketable securities	3,689,000	4,866,000
Other investments, net	5,411,000	5,913,000
Cash and cash equivalents	669,000	610,000
Accounts receivable, net	1,327,000	1,683,000
Other assets, net	2,679,000	1,976,000
Deferred tax asset	3,248,000	3,199,000
Total assets	50,680,000	51,309,000
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable and other liabilities	7,722,000	7,961,000
Due to securities broker	1,185,000	1,835,000
Obligations for securities sold	215,000	153,000
Other notes payable	2,437,000	2,786,000
Mortgage notes payable	44,540,000	45,179,000
Total liabilities	56,099,000	57,914,000
Commitments and contingencies
Shareholders' deficit:
Common stock, no par value: Authorized shares - 750,000; 734,183 shares issued and outstanding	2,092,000	2,092,000
Additional paid-in-capital	916,000	916,000
Retained earnings	100,000	29,000
Total Portsmouth shareholders' equity	3,108,000	3,037,000
Noncontrolling interest	(8,527,000)	(9,642,000)
Total shareholders' deficit	(5,419,000)	(6,605,000)
Total liabilities and shareholders' deficit	$ 50,680,000	$ 51,309,000

XML 17 R6.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Mar. 31, 2012

Basis Of Presentation and Significant Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The results of operations for the three and nine months ended March 31, 2012 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2012.

The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

ZIP 18 0001144204-12-027470-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-027470-xbrl.zip M4$L#!!0````(`*]DJD`%@/1WQ#<``/E"`P`1`!P`<')S:2TR,#$R,#,S,2YX M;6Q55`D``\KNJT_*[JM/=7@+``$$)0X```0Y`0``Y%UY<^.VDO\[J7K?`3N[ MR6:J=)"ZY9G,*XV/B9/Q$$MFN<00C+IL2AZYNR#G?]=EJ=\3Z30T^+=/_E?K M-K5>LZ7I+:)U3UK:26M`;J_^C]3K0:_OJ0.]0!O90:NADZA0/CH+*%X!K!F/ MD?R-LT_V-1BSI2N:^2*KHDVK!&)0==.VKV3SI",KGPJ M3Q-A\A/\/P%66,[)"CK[\=7"=5;CXV.#6RX3$TA`B0DG2@2F+6WY8IVLZS"C,;U_1Z)(:&)P0H\;9V?FE&PRGCV6V@(*,Z>S(6 MV?6Q)*,!MQZ8XV8W4649C2S*#2>[C2S*:.)P([L!%&15=U=B2WTHR6C@.?4Y MI:NPS8PZ$SF'?L'V)G7JNMN;0:'@$\]E3JP9RKB3V4:69-!Z,G>HY>\?T5:` MY?OF+5J-$T?:@SLV(]**G/B:L=O6-%?"7C'A,2G^!#OG+JW<:_M,?]GKZ MVV:ZL:+2W"#C4P&F<'N:(`QV4[AG8(_@:3!7F@Z>I[E9_DUL!--$FS;,;]0F M*HW`1*2#)S[7CA/DCK:^FHYDI*MUAXZVGH^'7TQ?-3WT-&C\M'7T1?`R82.;O"D2AU5 M/(&)@H72R^))%\3KF#R);+GV,GBB'=.6IW7GY?BW0W4'X]-/%M\6G'I8A)P: M+ZB`T/V=_WS)J.,)]LXW?;(PZ#XH"_[&/K*Z_#0^V^C/7UB?0-D>W=TR(7&& MW4[Y`S#[7:SJ-2ZH<3F\)^6-]OCPC%GVDEM9W19E4**+9A)]>N`X9^_>WMS=CZ]N/MW_1,:_?AK= MG9/+Z].WS6V=2BA1X2F@$=2\M*;LZ1>V+D8RKAM;NPH)GGSCN6@HL$$F MG4V_25#Z9!W?$I`I,SB,%9;OX$'Z[8X^:"IS!&)CJ,M%Z`^2M-*2E9"Z*;Y*8$UUM$%)2J>I< MP#.G&+%?VTDB&]UL(83B7X(,_C^+4-B-)..G?4YN53)E?6N"V1A9T_._/+[" M1M?,W2%Z\:5F)'KH,9)RUVYI@R'8D+?-(@0K01;CQ6YDO4%G/V1WC)KGH"LN MNY2)0RDQ?N-JV#;LMQ/0`M`&D?TA M%)6F7DK,=T.X<1=,1,RJ@@G=H9Z6'F**@2I$MUJD!?G7ZPV_--+8FG/G3+=:7QII M;"6X"^F@>RA/1X;OUA(;)G;,9@.3*]IT^JM*+82!\FZ6?1.0A( MX5"H,R@'I+*I[X+32C(A@_^5S7A7ZPVT7&J^]-_2-8H^F`MX(CPV_2#(N;!%5&]LF],J&-)M1U!V MT3H<45&#K7=+($I8]6O;98'05<";5G^0X;'B1/:'4)09G7:_``3)JRM;N',Z M9Q5SH=/5?0^ZEQ,%>ZK/]232818__O0+>K(>EHJ M=MA&%]-\7*V_,/`%:A#F,LO8>_Q/P&6+FS^^94 M(3[U8:^3-`UI(GLC*,B$^J";RA/L1+#)HDO+,#U,BM[BQIMMC?P3I^BC[VV, M]0&7L$T3JE3)N5Y/Z^;,WC[0GGFT16>IV]&'QQYM+-@`/W\4O=],#.01K0SA MWLF$4@@W]E]'GKL`=?J;E5^\96_Y=K5MH42:8!7`,KEV7&"7CN-5QBU_@SR' MV*&`2G"I"D#%SA%4R:;T*8)#H57(L&W0[M@#LSQV(>SE1X8OA('RWCQ"W/,3 M+"+-[)5+^@6`G9L0^J"?BJMV$CP87/I4_>XD^*#;?59TZ7/9NR-2O=OY@KS+ M"PM[_?UY=\8%,]Q3VW&=FUE%HM;74YO`&43V`E%*I/16IW<4%&5$9]#MMYZ! M%7E)NF[9"9%O$'*9V,3L^!)#M+_EGP=+1U=+[B[LH'40IE+",NRD-\&.`ZJ, M['33\OLLC,HQA=WA?K/W@5E,4!.K3)?L^+K8RP=;KMO;%)VX;'YU19!4ZMWT\G19,4RI,O M9:$ZO53N[G#Z9>1DV!H<=_AYIR2ZW7YQ^C&O60?;>=P`>CHR2@K M@\9>&$I)0:O5.PJ(4C%-2A&.PX@OW,9+8QVK;_0+E5B;%(V8I= MM`X#5496]';JA-7Q8)61GG:G\T68E9/"UK7T1D,>+KGW?\W<3Y9@U,3,H3)& M-U:A@\YEY*L>/R94B&05",L(6WN@M;X`Q#*"5__R/,R3P?[^$"^7*\H%/D0! M/8(,!KCR"!T(J92%&_8C?AT95ZE55NO98)5+#)5E5^1<@^=*$`-G"P'YF7P? MU@"B5*$I'5[DD*X%8+F_=_B(82\G>U\#&O-BMLQ=&*;?^.TY0!K3FW$K% M?14L_",=R:'U;G]$Y:Q<]SD@E5H!])Z?23EB7VK>`LF[MBT[N9*L2HSJ_4XR MG-Q**J%^Y0"5RWFGM.X8@$J%8YUG`%0J_(+UDKX'HB@%@5MP2)E;'K3P^>/C'G_,D5U!8@I%2L+UVV=$JST!O\6/"GE5'KM=+;M.9D"[7U[\YY9;+;EN&TI M8,K%-7HZA5X?==AF2I[%$K MM6S9CV2Y-&2K\D'F69/4^UM;2%XS-[(S>Y_@+6D64H%/60A'&$`I4Y(Z._$U MX"]E?=I?'_YRHIW:`:EP`!5(=VNP'5Q)PJ6LFM;;P96#1IR78-DA3@<-..?- MZQU6)$$V>+DGN)OO/76X(=,]IN=N.\L)$S>S MV)%M=8;[,.G<>6[\$!S'&/UL+O)GOVD\_;J!X#Y@'GC@O!A,!#X,L0 M9TS]O+2*W)Z1Y(AUJYTG+H6'H@Z7;+0O?GE5*0O<;^FQ(RW%J!X#9@Y_>UVM4IBE M[[PJ)=?^6>L]:!\1<\Z!A-9!D*,P0]U!^&Q;'CD$*P97;MNA#+9KYN+]IK?" MQO,ZT_?K3PXVC*RVX?*':LQN:]#92.<5I'T\R#E[#=W4Q5E[0@;C*\_FW=LC MXR^/"[;U]O`*8MO4<>CBM(\'.>^FOM19AY*0I?&`*@9C4R=H6_F9U5;LG%(> ML4IAY;SEHY6$E2/*JGJUFE^7U]X5T*,,XL?#G!=::=U6%9C#R9@%9R*=0O'F7WVB9^IV'40KU'5N%U1,7-A[,M9Y_CFTWF6J0Y$1![6%1 M)`$/X[6DGE?RFEI72U\^DD&E$AQYF_SI"_#R<&S1S@MN4F]MN!=WXUM'WIOMF11QWC1^-7LH#YB=$6[GPW],;,H-F)T3' MOUV^!)6SV",1]I):-?6@1AR8L]F;5]_/W3?8UP1_N;ZY/R3JZOB>CT].;3]?W ME]W1\&M`.L][-`U08YA34-A?%Q:V:+I=J!PCV M=6QJ(AC`7GO)7>Q@Y0G'`]U%ECF>L\4M)`4"`'H`01M6PZ&9`.]/+UCP_?"XX,"(ZQ"\8(+MC+5Z#Q8C;:U&T(4V"-JJQ"/H M.)")T[A,O*>FU)WQ@C&7/`(3I\"U!QP2&,(XI-`W]-\X9;`",3FS%H-S`3PV*$A;EVQH2?U&I0VT@$L;*`43V(W]!Z1` M^4'LV-,*U))%TCSS0`5G\K.&(;-1Q^+<;KU@;H\DDY-ET,=PUXUHP&"G*.D/&\/OZC9>IPA6:^+P*4<#"D!0.&44 M^D'8WFHK4Z(JN]G2B'<&8:\-K@IO[0/F9/`+!*T;\BO@D;S8/L&BXTDC](4M M@NXFU/@\!^C6M&[8IBU."+@GEV6*+K8[=FQ:&-NFJ$CS"F'*$N=YXCE@5QP' MA0&=NF#/#UEL)^25;WY>L,L(!JLL%.EVVG5A0]2RP#M&08G4=@N!M;5D`;"_ MW]7(+^`\(2X?N^"[7>EAR(5`9CJ&'5.'&OEL0W'KZ:*QZD1'*'@P?7T&!=C/&#"DL$$.8)H3!D/ MG/[/4APH'J544B`[1>.@8A.UHI2A;TR!I'[)Z`&E%_GE#V$B$(W/K-@2AZJ! M+3C(RD>HCV\WC^;`+1FG2T'R>_"OC(WI3R.20'0B2KFOPH5$NI];P9TE=./( MCY7@)?4?&[?@3>7SUP@&!H;K'[5ZHNNZ:]?A1VQM`D-347FX:)6H7K!8?Y+6 M8XR+5VD^5'"G#=3B[C8^M=)1^P$[EQOE4=QNRC2@SY.D]"!CT;@UR/ELQ@P9 M@=X8KATS5K5P(IDTP-@_R@8N6<#DF*;DO4/!6-'DG$J3BC/G02B'$*158TO* M+9EV8#";/BH?C4(:5PV_@,K35C59%+>1\@T>:O@$1X;DBAQ?$"W'@O4$+=0; MZNX<`X@L:LL:>,:G_K+RVGZ(SX6NI>1<-I]*Y9$P2=QU2)>^'?)5;)F]$4O& M*L8]43C.F!XD>2I9!F9.^3TS=EPKX+&?_PDYE>H`PSHF<^AIT5"V)T8Y)0#Q MP2$WV9.KED1RW6\I1+V6OURJ$1;*8,AF/>#R?9;$2WE!PX*6P%E17!U+B;TD?"TV%[(PY'00]R*,!5,T`UG'O.J.`",NGQ#BG:;`&3A M,"9M-_`\=-LI74T(@Y)K'!WZ8T4:'#;#^,>2DZ,2#K[[1KOZ1^W!5@+>5),:WV)\RA8);]$*SET5Y>@2"!:'?]R.UG:GG8 M&SSJ21K@#U4RRK=206XJ1D3V0^$/G+(U:+*E?*ERE;4P_X/+.%A>NA@L3&/G MRI7&QH^QL^`^6Y49D.8M,.[Q$6##\*(04`+'41$%?D8TC%452`&S#<]@C1?/ MG,W`)D./\`@M=&3YT7L#/EN@\EK,]?N66NFP@-(CP]0E#,C@*Q5G8;1B4LL* M5-Z1NA3,R3:EB(:48K),W$)_H=%38PFUC07G=V!Y#/WZ46Z$U\^HA$(2CYUP MB#+QJ[1>)8DE73!'L;RC9'R,9R!DAI]BDT(B9`^:LK^;E1@5=NP.99YY,UPF?_^#;:+7C!GD^^UA;(W0^H/:]Q/:/2B3*G M0TU#?5R03*2N>O_?WK4U)XXLZ>?C"/^'VMDYL3A"=B/N=L].A+N'GN.SW>X) MFYX3^S110&&T+21"$G;[_/K-K))`8'$12.A"OG0;D.KR95965N5MZN\I+W[D M'.,J=(Y9,G8.R;MR)QFZK1S.I-5%<%@QROAQQ7Y3W\6]K8:'`BFP6$Y#0QF> MI(#!+Z9`45^PP(_F3*Y)=V$S#`VNP&1,J]T[R]<[`IP7MP@++P'VB`!R9^BR M#S;\QRJ?;A\_7`#WR+I;D0]^F^*=CVSXLMI@E=O';\&'"RU\67<+JWFH[HY@ M6=["D1\6-%-5I-@GM,^I*J]?0/3,''_M`VO\-C=CLH>0C,"%/K>JR@?O/CT\ MNG"@6;D3]2]"^R8??`^P`!W$XKXT6`"AS%_AZ:VVA7]?COC$,%]O=D']XNTM M.Q%SH:\NG4E`8G==@3/PQ7:961HY:=+0S62[N! MACOMBT"C,$@QY1,0;)/A)L+OK+0'.TIXU*@QS<^!@:*WL*'#.I-Z8*"9AP75 M7(>3\Y/&:+1O.#:J5[*]/GKE%%@"W5F!JCD7%2`$YC)@#F-S:76'G9"0WHBF M(\:@0R(F*JYB#J%!_<(@Z4F@ITMU.?7CW=+]Q1`$E`P7[<,V`0[LPYTK/ MDH-#`*KA;]]^J`#`O<(WTZF;:R_8,79WS7E1&C6N\1!D"R?$0WP-5[.,10>F+/;YW#@IUI:< M%._N_^P^]KYT[WOP)_L'//!98_?=7DE=$!=1,"A"U"%6WGM(9Z;`@\HV37F4 M4G?7-Z5"8/T25[-[D6*;>/?BU18W.UX4R@"(N%\-X1,&!EY'Y+V'-8L M]+>>9/\Y&(Q&@\%[%D<&!$,TQ0C6=/6JW=P)UKW$)?:QIZ1U4.;L^>Z.W=*4 M\C^EG=>"\JH\?"4P7W=L-O^^9N5^AO/SABD&NN>ZU_?#B6UK]N=8%)LW5UO7 MGJ[IM09:PQ(=Y4Z3+PF"EX1<47@OW1WW[5"C)4_DJ#_-',N0AEJ\MA/!U4SJ M)QTUT&3:\ND>V5BMJK7JG=C$SOH@>"QX*GI;NZY6D\'GHC2PU+3V$9@F3>5C MO5!8.CO$D!0?9H8Y#/P0?3.EO$G.YYGK4%:)T]0Z_>2%$ M1;_6:O5VBI38)/^(`.]K':U3JV6S$HYSYQ$,L7;57"M<]U^S?JL)$U*VRH;V MK&^*G?EFDT8>LY=-'-.Z!H[1#^:8@X$C2E1`<.H)",]-R,41GZ='@7I-:W7B MGUH3`FY)?KZ3QM#%YPCKZX_(%LF>2O;4V-,Y/R.+ZL$6U:7@BWRJJ610)8,J M&53)H$I3*O*4R*!Z*D:MTB%(!M7"\!X95#,SC>G76K-3)X/J6BM#6ZNV6V10 M736H-JOQ;P_)H)JC,U=>S$B-EG;=R0,JHUF?#>5 M`MUYD$$U88-J6VMU#G=&(8-J`@;5IM;:P_&.#*H)&E2KV:V%-0;54/VO&%'3 M*Z5IYK7L[BPL`04O?^'.=R$[Z+V8>0"P+7QCVP%&/AQ*&A#*](!9 M(,+1W),Y!X0S*/G1W4%*<*P:(%-`J82[0F78,OR*EO M6T.5!<)/E0$GF^%,IOI<=*WYN:HQTX5?I6*>BUMFL'`$-YF0^0K\[%6#>0X/ M;/NA>]>3K6`:@T6"@_Z\7NS,Q`'(W#*85P?S:H:28BS2G*LQ0I/O;(<-N$P5 MS)Y@0:PD%<\%L5=X+U=CN_6B\GRMI/T+)9&+8MIH-I7IQDWNNL;(\-/P*6$5 M>DBQJ)\LR,^.,K.0BT`H#R5!%>/X:095)C17A-:)ZBA<,P5S>6/6.&C\38?R M873@>^5;&2A?>?S[HJ\K/9&Y-M"F_@=M`D"9PTXGS<+UM,&AS@G3RYZ153\ MJ+NB=I>`3K*+O_=BR,WY07$F#^@1-1#EN&;SL^#I$*/E9NRL_!3%`YNF1%.B*273;6;1#+6UT0Q=WR2W89HE\2JO:_5J?.\F M\LM?\LMO4DS((0A6VNWXON[;!KG)+ZF1%/*?$K9ZS5D-:$IT91H2H71N/:VE:2>1B/FS>`Z2T@]H90B M.TVM$*!@^&9\XT;)0:DT]S#XY"_W3!)0Z%JSGE!AD_+P1T/KM-*7)'&S19A72&XLO;7)<9K@Q$=@Q7U<2>$P))]B;@M*+(6P-).`>)*5]7:C6$.4>[>V-BG)6Z)9I(-$O^@OG?:XI*('-GLZZ[< M59.H%WW01$L%Y<&9XO>8:#Y2>_H"I-58YTKQ$);S:S>3#?@5RU%EK3NBOD=M MLQ-T]%F+WW7\(TIR7C[G9XG>+6]/EA0W1>:W97UJF^YVJ+A*1PCG)5V@WFE2 MULS,J5!IITF%M[P.YQ@-L1&9K7EB`QA M=3H7"2F/X71P@B*UA%,Z!MOL<7K8=E&VX3*U,)<[T=(JEW=+.US-[:GUENBR MKGCTW'0_>#QZYN/&IZFO#GR[/R!,\T)9Q2$2_S$MXI3N\R"3>*6ORJ M>U1B)K';/*W>.+P^5[(59M+TQ]K!'6Q1X":M.C6R&,[4<8V;K]Y8.*%N=4GU$"X?@R5?0N5C-/9B>&-Y M*\>G6`23SRN$+,C/%F3$=B:&Y_END382>=[VT\P8"HRUA^YAVY@ZQC,6D`G5 MPI$E;5[9:!84J5$-S"S3D*5LPB5JW-E@C'4]@$GDAHA[CV5[8E$])NA@"E)" M%>_$.B3V2ED1&(EE6Y<;BIMPQY&53;!PC>L%/JA1%5+ZW.36`%H8"]@C87!3 M[B@?53F/4+<:D"3TBS?FT*J88$R?\XH%1[GA2$B4CVIZCJ*I<]?7Z*G[U8T" M;E+564!TW!QAIK'\5`M1`"7).T4E$UZGJ>?]3O;TM^HB&9%*^2AS*0`TV_*; M)#J5;$XWD1ZC[>HZM[P_'#$2CH-;C(>:QR6*=_FG%LC]#3@5R]UQ;5ZSAM;0 MC^KQ2`AFGADN/?/*'[[VY>MT8S%\$E*SVV5%I6Y)V/,6*+JQ=BM]FT)1L;F^ M/G)(8T9;3.28YUDZV!#.T/)$XR\'PW(]9^;KPV5;#WHU?H+14UD/M2-@D]6N ML*\%\E]PPN9X%K_$I3""HR][/D;AH8*;NNKQ.:D\9YV\4*%>C;^_Y?Y<%<=& M1![$NS-+$\X'AR]:G3N^#66F5_>[6JUD":.P(Z"A5-E#;W%@VYN M[!M-V&\_W=X]L#]O/W_KLB_=V\=O#UUIVY"3+X%9`^_N7[$TN-0GW$W5S=$( ML"A5']+/E>7CAS%!/7ZAG+#A3!:OA_;@*W=L.QZ#1P++0<6X$E>@V@\&((L] MS`$R$'`@!G;2_#M_+HUDH4>F_%7>/R\,'Z;!^X;I&SS\_D+6B;YC?\>&\/D^ M,+V?!0/34X2>@@UM>,$"WVHK"$\YDCLCB_6#D:@3*HA(>V00F^L2?Q/)/ M%P6V4""C*&*PB>"X1H?+>BB:?#A2<.8XR$Q][AK*-K1:5S[SK!J%LE;LZE^\ MMC9B7,>@XI9K*W=W*13?]!D'5_5-/D\P.Q?A_2R>A-].>PW&OH/W-OK'6GOF1NV-YU0SZBU`W:Q/;$J^^HV9<-!(QS\6_ MW3G$?+?'_E)!$VBTWHZ71*-B$9$HQ+(NV-;LB+']\:#$7;3%]]D ME4_=*"_&D006>2%U4\*?\,=VR41[TE0X[J$PU/78SC0J2HPE M38FFE,F4LO;0U6N&M5URS?_ZP%UC@'9,X1CI^*4&$]/ M)%26VC@_.S%Y M4YTKG&=CD&TRO42IW6K'S^!R*BN!Y`.ADJ=UE&-]LFL)IT2Z9+U.X;"T_@F5 M(JRC@NF2#]V[GLH,A3EKF9"%0&5I3FYEG*4Y4=+7&J4J*4["@E`I[3K*L6(I M/9CB@5$!Q*!A'\> M\#\_RP$%,I1$:9RA]B;^Z:7#`/3AD8JS_(AL\703]6Q++[^=;8N;R:;GG!OE*=G9U`H3P_EZ=D&"N7I MH3P]9RF@;IH7_/?TGR-")&X"RZJ:!U$A M#U2@A#WQG&X/$%X)7'W2E&A*R7=[L"I[?D8I>Y+PW=>U5H?"JRG>@U`IQDK* MM@IK3*$94K.P)G%YI.9UK4$RDZ0#H5*`=93NK>F!$O*Q;,EZ.CJE.",90*@4 M81T52I<\E:0433J.DZ@@5`JQC@J6UZ?$.2(;C?CN&:>R$D@^$"IY6D>4RJ?( M;@,-O4K.&YE3@7S)"/]3QC\S*42I?#(GO=9I9>8_>'Y&E"`A2/@3_ME*(DKE MDU!0T'Z9,Y#RAR=QHA0FE,JGZ`1((HJ`R'`P&9J:OD>UP(Q2^7@RG8_L1O6P M+?-.1/_3Y'OHC04;<<-AS]R<"9ED)QSFN"Y0A'%'L*'PA#,Q+#%D_5?F04L3 MV_68(S`Q@PG?.'P(OTT=8R"P8<$'XZ"-5\8]^4J?F]R"W]VQ$,`"W!-7;'E0 M^"H^&01@:\ MB!UQ^=?$'@KS2L*-[4@JI(1]^M1=&+^XS(,#.`+L2+N)X.[,`=S@3`.D%X#>6#@.]9-D8/#Z=O/(OB1JM`LO`,(@*B2$USF143< ML%S/F:DU@OQN/,-+%>-*7&G`[V(D'!R<.P;(W`O$2?P8C+GU!&U!-[8Y7&K! M?W$H^E[X^PM_)=BF:;\@*7R*Z=6@K*UFJJL%`.!`.Q<"A=C0<8OO# MG)^EEY5NY18M=,T6X\"5N(/N)A/`R7DK$Q@)@]'4:IWXOG`$RNF!4JDU$@J) MNMB\#9QT-8^ME-_.&D6^DJ7N\E`')%\3H>Y.R^KQQ`TK-U:/I"^.DC1]'#VS M>D#9S#M>6ZLC0?-+(I,\;F]EI&4BUB"B92YHF8AQBFB9,2VWE0Z,&;N02>61 MHYG4MA8C.;IQ+W3'N_-@(HQ[Z5(^304NV=#*_:]J#KFI/^"&*,$C!$V)ID13 MRNA02:8MLN80&!NM.*UJJ9(A$B@I@5+7&IWX\;AIQ[FMB:4H4.1(2NV^K2%H M6*L[W$J`W8`[CA$*8"%#`X;IZ? ML1$?>+;C8DS6/.H/5`\A\>0JW`!ZBNHE&'+01!"6TE`-8FJ[!L80:M".WQ`L/WP% MA@ZZ$AQ#0_%7T(PI7`FY)*`09LZMCN5`P\ M-PB/E%1SY%,5X_F"V3/XT#=,C+6$_L<8=":?"]6GP)`WGV+SR;JS$?",X0^; M8R"8>A"(`YP$/TTYXH7Q<4"B5P1C,:VKQ?+YY=W,O7SB?'KS"7[^$W_]S7`' M`-7,$6X/H/E@VH/OOYZ?_>V7X,E'\80C>Q!`/P^.WHL7YL]+[H4/#V+TWS]] M5'__=?VE^U==OX2S_B6Z\/[T:](2H8]_W'_M=5F+7;+'[N]?NO<]=G?_Z>O# ME]O>W==[.>]^L45?>!W:P!9`9\GKW@N&0R))?"GUY(=Q(C^I!Y%!?48V_YHB1 M"6L3H'B!T5O\2?AE]V#I6C*`-1!S?DRT["\8F-Y^[^*JA%4WP=CH*_9ET08W M71O:_"YCEWU`,;[7PCT?*?8$LG!012K79]8P*>>F66_L"*%DZ<)(RZ+B`.1#>&>(])2RUG@6)NPI M7^>,`ON)#8A64/Q?L!$,EBE>GY/&E>QBN`LYO6:]2'9>_>F).T#W#3W:8>[' M@/LYEP?]JHAE+_R8-%7[+6"W0^/9&`H,\+:&BD?A2;^G##BDL%Y0<>WZMZ[2 MYH8KS!G;<2!9CXK;'-^U)N4TXN#K`(&E[NYG07E,P M8Q--B::4;RMG(B42Y?(.?$<:C75N0P_B65BSC35J$O M=??6FF7O9NK?4GH?'-1J,5JW'3]^>M8TCRPJ1B_H_IXO+7G(ZMD@N%B:= M=GS160SM?R=AZ=O)?3V_-%2MM-H)BH,^8D M3(=8/754:D=0`(J*#7%,5AQ3K`MC_]#M\1\[:))T94,7EH3_2>-?T6MIEE^E M"^-\H9^5QK]2'3'&AG8OO.4HA1@<=7HU+.NM^"E[J91HXF381R\E,B1.ADKM M.MWE0,)HHS!J9+8*LCVTQ=_EI/^Y7V&3>&H33]6T5N=P%P<2K@=3XEK3JZ1L MY(`0':US307D"L)V:^]\?'W)=?,"U-4V)II3+ M*5%]F&W&*C4XRHR0^40H,T+LUG*8&6%3=NLB!'539H1H7"@SPEJ.HK\2^KB`JEH0)E13BZBE MA'YBZ#?C7R$3^LFEH*A='QE^RGU04EZJU[1:XW`5B2*]#Z:$KFLU/?X%-%$B M<4ITM+I.R0]R0(BFKK7;F>4#B1L;G4"-^7[$D-1W^!>%66.8M658%&6]Z=SF,LZ8*](6Z+J4X:XJS+E><-8534Z`N3:D@4Z)PZDP#,T%G:[7C MWZA3;.N^W@Z$'"%7Q&5;+(\Y"JB.&=)8:VEZE2*JR67N1/&O-)II>FL1]V\5 M/\UF_`0A%%*]U&FQW/N;6K.=4-13"8,?*"0D,3$=6R(7"Y.FINL)19KG3O\_ MZ:#JFE9MQO>V*SFWDUPD5/*Q@G*L0'X&Q;%D8=7G9\3N6^-"M$8MH0KBM&$0 MKYQ@>'5?6&)D;'(_H]L:NJLD_$\:_\;A(5!$A*(2@8*K#R=WG@,_ZEI3IVKG M.2#$GAHJQ?HF%^>>@$,`P;]W4*;6ZF06"DA!UR7E*BHXGQ=*4,'YG!"""L[G MA!")%IP_;,NC>M1BG^`)]45RH=09>6OO':R]U6][6[!VN;S>T\-QITCQU,%, M!KN#C#LAI(X]FM/&(:W`^]T./>L$;7'*GA_S'GEMU#(VO%.X?R8W^N=GIT:+ M'5,,D'WE&.MB2U(#(L(Q%L26-`K'-7)18@4*V:37"14\K&"\J]`EBLU`;'[-L=.K5JC M3%_YX9FE7!JYQ>4X7%.LZV.J!$^WEX0_X;^SHJEKU_IQKR\)_VSQIP0%AU,Z MUU%25#,W%V382SLE0B1.B$I-JR>0NYT2%>R?,27#XM&4J*"L7$75X7-"":H. MGQ=*4'7XG!#B%*K#FSO5A/_EWO,HGM"6\R"FMH,.KK\9[@!.?Q`F]\3P#^YXK^&XOXCWV`"&#A\>Q.B_?_JH_O[K M^DOWK[I^^84[EUAT^J=?4YG]_==>E[79)7OH?K[M=7]C?]P^]/Z7]1YN[Q]O M/_;NOMX_1L&2,"W6YIA(B,#[66-3QX!. M#/.5\>'$L`S70W^R9Q%ZQ`&^DF\9%O`%MP:"07.,F\`:5^&A/ MIMQZU<(?%'R=FMY^[\(:Q-8T]L@MC[-/0K8K735^!WUQJEY4#V'.BN`QC?6Y M"SW9%H.I\B>!O/Y?+A,N3!K&@,_*-QV;P?@YFWF&:?Q;>L;A;XYP[9DS$.X5 M^^2GP/#&C@AR8+"H.NIR:!C!+0?E+A!A+P*G/X7.?LC>`;R?50T0A@DV!(=6 MH,>I&$@DIT`0>[CH.91\(X&.FXUM'1=W77P"H@6D_0/DFCNQ9]Z8#0T'9F@[ M+CX+\^1NZ"MX7/(3GC^F5ZPGR2S;L`'*Q7/<=.TU[P=@()RHD%B M8LLNGP@8!T[#@/G#MR]C`]@PS'/J#5>)EN!+80U`T@$+@D2;P0LAWQS6%P,^ M`T8R/#8%G1D>`;'NVA8W%[O:',(-<"]FQR9BTA<(!WZ/[RTUM'9KAFE+-!7K M6D(JC.S%\,(#9D,Q,%Q)A@D?"B147XRY.5HA\U64$AM#*97*[']<7L*N:GN6 M#2K`HS^@RTOY&RS4[S6A&"HJ?_&\=&Q?"V/.F-^_> MO;R\7/WH.^:5[3R]JU6K]7?X\SM\\"?9]KLWC6[7_P9=] M70*$V4Q");M%OG:I2B94DIF[;U/";HAJC,1(IX#I MEKK/D5IJ25:._YB-0^\1&,>4G-1:>\V:!\2G`2:CD]KG^\OZ8>V/WW_^S_%_ MZ_6_3V^OO'/J1V,@PKN6,D,,@3?%XL&[^%'_@F$*S/NR*,N31>VU]PX\^?$N M(@&:_^I=H[G7//C5VV^V]N6'3O.PLW_@]:^]>GW;*NXCX*LZ#I=UM%J==KOS MVX'7W;*.C_EU-#]VVJW.A_;6?NCK^'#8^>WC;K#Z'P1DO9:C!*UFIWW0^7"T M0BO$Y-L`)?I2C''1[K7U$?B;C9&NWR M/ZJW]>KNU-^-!36+PTS&C(=S"T(OK[XCY!$YJ'(\GH;([?O;` M8'A2FTB@ZPK(9GNA_LN=0`(4.S?#2TRDIQB%?96"85 MT@*6>Y0%P$YJ^W+@B;@TBDY4A2BL>5/`HP<(<;FL@E]06$$&E;L M])VFRA*")7^MIEL$=GV?1M+>6_!!VCX(03_29,L[35".BPDACDT"XIYOG$BN M2SD-_H8[">2.C>3G,`3&(+A'LX6E^BZ0*>XT"=D.)FPX-J9?833`H6E&M2Y5 M7M3LH[F*)S+\RR[SJQR\+T9A'@4N\$O*5N9<4?# M(`]FK8[C:.O]=3B5^D0%)-W4-/O8D'67$(U_NTZII_>Y#]$!A7Z9J8:]IYAG`)*38=CRF)33%FT\]%2VXY^6"GDNB4 MDVXNT7:#`"_LZ",<],@9FF"!PC7S=5,\LW)E"+,!PLUUVUL0"!,(+A`CF(RX MG(M&8P4V!#)/PC[6+[0;E2M#H0T0;LY5TC[VB!]&:LVZ+PZI2"DJ$Q%&:,NJIS47@.IIW5(%S36$;F)XWGZR&YF;0OL:$LMA[(_$IT7=- M81H8-T/VV@RT2X)"4SBCJCN3:ZUKSZG;F)07Z'95\W-7'<"Z81\WGIU\"<08"A4U@9C3#`7+(X[2U!9P-]T+S6&P7D9_DI-()^VIO[$^$B2$P:-5*;F9& M2E*YMQ:#-]KX_@3B,V&`0OP#@H79-\3B4&4!Y:KP4@2/-]HV[XTG"#-5IVH4 M]L08]2K%B1D%\Z2GE"B]LG'A9+(8(4>8<_R(`YF&:X*=C795>"R$R!OMRB_/ MN,NJ920>89+8DC^26JE5A1([#"PV\4OJ6AN&GL-`MZB?)5T5GK0>6QQA+HF> M9*JM4HGA)_"D#)8R-VC&?"+F4QEI3^8(#;O2>QXX4V[UZRU MY.;R!H"FSDMEY4T5R/=*@$K3F=U<1^LS.L3"D&VM"95,:=K<='1\1=+=7+=^ M8\$\?;BMKOGZ0+?=/<\77T9G459(7NU M2KZ#T_EGKI:]GJ9^75_(M-SP)E:!0OX_TS%WX(*$5"]"IRX76*VX_D5#]9/% M5D"!0BI/:1'`=CXC^O=N'+R8MQ?L).QNZ?K?MI6P'4O6>PN.7;NQ?G9'?@[A MY:>73P$ODSX]/7E!0B M.$/]'3*\6!;P#FG.!LKBPA)'B+:Y\>)%O5M;X#ML M"'9`)@WCM<\,I.TK='.(K7IE>2P&TM/RQ)NS]I+[2`J6\MXXM+K29-^QI:;D MWJOB>V4FS MFXU00\5&C#'#XN;Z=6+O/>WZWR/,(/>J:=V6@WTAE67Y)8"YNZ.?!<+R\OGM MHDY6(3N(.K(X*AK.MV;+ M5Y8U`PR.AHBG86R8'&7G!>X=L=&N/*%6$#GZ,D?V+=]]8)@&S[,E#<^%BBG[ MI>07N)QQV,@Z4:G`X>)7A"1S0E7@^/`[A"0SM%B_X9YU%.WXZ9\SR2__`%!+ M`P04````"`"O9*I`T;-(',`*``"HA@``%0`<`'!R`L``00E#@``!#D!``#M75MSXC@6?IZMVO_` MTJ]#P)`KE>P4G;MY6GE^J-1J>9MX1LXRRZC<99NV6TCUNY><2W<7S>/CDKQE=_@$V66[D(O-5HMT[;QQ<+ M;SF8_.@A#A7920B_J@Z%&+?K]8^/CZ-)CSE'E`WJS4:C50\,J[YE>\+QBO5' M*[`UZG\^W+]:0QBA&B9<(&(M2JEJPLH9%Q<7=>^OTI3C-O?*WU,+":_;)N*J M1%JHWVJ!64U]53.:M99Q-.'V')>TL<6\F>4*3NK^'ZO27;]<(F8QZL`+]"NS MC]]>NIOE,!%U&X_J,YLZU.?4"@8;5G@LNH:)3Z+B95>B#"A`EU3Z6LVM-S9Z-EC]G?`EF MY`ZQ;XG`8MHE?+'P((/@8,8EB"`);R,E$9=LV"E2E*Q=C(^@X$A^1J-XAKQ:;%?IHY7R, MB2?.O82V`AHF`J0#[`"VJK*P'JP:_^72H=9*DXYZME,6.I2]8=Q'O.>-99?7 M!@B-Y9@VC#HX@@??*)<:M88Q>YA_F7UMSGTA>4)7?N1!*P[J@>.U;48;FPW? M87HPOZ'>HOO$X?4,32/`NE"WPU91R_DTJ&\VM6ZU8.DS.DKALJ!)F@"W0ID- M[*HJ2[A<(J%CA5D-6W^Z;LL1*&1_O'6\8G)`P4!]6/S=H7*<7E4%FWYM?8("Y8(B(1S0*$R?*U&SN1I[0Q48VH6*@!U(9 M&UKMQ^W7$CE#3E?.3)/_PC36[VNV9NN`'+^)/?!\<^^>OW:9>L[=82X?<_\# MQ&Z)?2/)1#@_RMP\/@C_Q\`/)&AIZOQWV`%V+;$,*(OO^BN6YLE!.#X<>>#S MX[W[_(TAE1![G8YZU(GP]HJ->7H0?E['''CX1->43D3.05%=?<7&O#@(!Z]C#CQ\KJT#/P/#U(Y?MX3:FD;C(%P>"3[P_84V MW_LK*1_8G?PN+/*.M3>-'46T.](@E,`B<-(LA%K2II=A;FT:AQ&WQL"?2Q`1 MO%[65]-AN\Z0IJPSD(WNFIK)(E8H1:-3R`K%DD\.)S M9MG=_\SH&)B8/CO(3\W_Y>*Q(O8(<6+$%=.<5]MT=[@L"10BQ]7^-7H!Y-QR MU>.ZY!VX\-9U,_3Q,B64U)R!2ZM4,HLRC:@@G0*6RZ1'(>YAN6&K.3675I$P MW,7GH[-K\"2&P!:=)4Z"=5/-2;NT"H3`+CX;G5V`:\2'75JJT7(K/;.=8E5D6=27*%[!`(I9+S?@'3:B] MYO1?6GVBL!>?!\\YH?F$DN8RWTIS9G"K:6R.N/C$=G:/WT`?&`/[#4U\?/$# M(,Q<=ZXPK0A1V(M/A.<-$Q/#0]VIP=1SSAQM\;GP[$Z^QZB''6]!)Q]8WONG M(74D/*X>7&*:(DI/6\4AI`^S<"K3*CAXL#VCJ7JJ2>SR&^:"O41HMKM!_NV1 M$LO_)<5S?MLJ34-O4F`K">.7"5FH%Y),V-PAJKXQ;UQXHXM(["NC/Q:>6)(P MVM@T].8!%)&YE MFAF]9>A-$10PEX5R*B9_$#%:'B@3`S2`!*='VIJ&WF`_ M[^B(XE2FH'^)8[H5GFGHC?`+&`EK;,H4\ZM=8-C/[JGT$24"DP$0*UZ>F%*F MH3S*E$#8Y-\4;5BE'RD0R6405=M M%0`N4H1CG\`D)Z$.Q;Q(CD MRCN6Y8Y<1YTDO9%263C^;7Y28;.I^TS3GI1/YXHRA9R;KMGJD6XV=9^6VI.R MX=3+]&[[`1/*/`?XI&)T7#HYG-@\V';4,QX>WHOG?H;WL%R.=6_<^M^G^?K?IS0J\6$,0P M[4QPJOZU;+^KC?LQ%U?%R#B7)D'"-08ERB4$R+X1/@;+.R%TLW(+6I@P465V MMG4_XH:V&&76/1XA4`R3OZ](:L?6XMJ\'8JU>O/?+M6:4RJ1:AO'\#NN&,JP MYB>$O>!/4>H`;CQ)QZ),*;4-I%W.W>T4\DL_O;;B=CE6U.=0HAGN!L82(?9"&G4N9Z1>&?Z< M7;8?+4UT*!M$?2M8J9"C)G7&/T2BBI^;3Y]IHE M\RG3M+?.;XMGD>:SZ-LK$T*@3!N0GF2(B(2W[T%E:NXIC[T48--:]\'T;58% M$?#+I,='$-\(`^2H M5X`^\B>2XIZM](5U'T//(LUV[(I9ST4(U!V-$6;>3"W[0WIMDLKI/I>>698T MQ,JTC%A`\VG.M\\2^P:_8QM(W$OM%*5U'US/][!*1:^8Q47$")O=>BB;E#/Q M`).U!VC4`$LHIOMD>^;QE8)7F39C1_+,LCK7??(]SU"*)56F$]2+B$_E[?W# MWJX$/0L)*>%?H4\9^'9O:`+\=B+92PJ8(#;UHI6M3V[LL%7=!_"WB>5V[(8R MS0QS"K-Q\!6(5">YCVR4T'UV?GM]0RF4:0YX9E2B2@CX%D;Z3[BG5V`5=9FN M&)`!S6+XYSP(MW5=^D^O;Y'PRD*N3#<^KA!(JZ+^4^89%5H^$U[<_S_*[OW@ M]/HS,&^+Z%?$L>5%-(XK8K^DO;=?W]N\GJY*E._]'P9,GR\LOP#Y&UL M550)``/*[JM/RNZK3W5X"P`!!"4.```$.0$``-U=6W/&M`^ M69;08#?X=:/1;'3__-?'38"^D2CV:?C+BZ-7AR\0"3VZ\L.[7UY\N;W8?_OB MKW_YMW_]^=_W]_]Q^OD#.J/>;D/"!'UD8]8^6:$'/[E'YW_N_^:3!Q*AW^1< MB$WUZO6K-XC]>+,+5_AI@3[B)W3X9H&^/SSZGOUP?/CV^/LWZ/HCVM\?^XC; M'8F+9[Q-GW%T=/SZ]?&/;]#)R&?\U/V,PY^.7Q\=__!ZM!SJ9_SP]OC'GZ99 MJ[^355A^RKMLM0Z/7[\Y_N%=L5J!'WY=XI@@!I(P_N7%?9)LCP\.'AX>7CTN MH^`5C>X.OC\\?'V0#7PA1QX_QGYE],/K;.S1P3\^?KCQ[LD&[_MAG.#0*ZCX M-&UT1^_>O3L0?V5#8_\X%O0?J(<3`=M>OE#G"/Z__6S8/O_5_M'W^Z^/7CW& MJQ=L#?[EYX@&Y#-9(_'\X^1I2WYY$?N;;<#Y%K^[C\BZG8D@B@XX_4%([G!" M5OP!;_?9,^0#_B/]]0O$!WWY?)G/(F;8Q0>[>/\.XZV<),!+$F13O3B8A;MW M7/RC-V7N/O#'-EFLK^6[RER2"(S':Q+Y='4>#F.V1@W,]4V"HV0$WR5Z,,YO M:8*#03R7*,&X_42&K6].![>NS%R38>M:4$[*;=+DU'@Q*ZLHK-@']OP*9^0Q M(>&*FT+Y6TZI,.S2'O(-@<_))J5>9;J`[PTTJDJZ95OA/M_J#E^G]I?_YH]L M#ST)F0E(_.3I,ES3:"/VEI-EG$382[*)!/-B^C_T:0]2'CEMA<1( M:+GV57;PTH`=OMLR2N[@D7#_R\V+O^1>!`Y72!*B$B7Z/:/]GY_E\Z<4B#F? M2YJ#WAFY3J(JHG#D9=RQ'WL$2T<<>)2Y-]MDO_+2UA'=F$(H8X6:+LJ!@7Z4 M?8\UCI="GLP#87IS=$"")/=)N"8=[1\>9;Y,^NL_V':4$,[7+5X6MJ:D.!T# M0;2DD\DZ=/(!Z'H/:>L_ MDSN?F_@P^80W;5:VAMA_@WRYFFSI(TU3]FOC@'#9IVU^DM._X[D`#MP M',LC%`);7W,9>^WO>&9?E6XV-+Q)J/?UYAZS-W2U2_B72LZ(VG%5$4)[L6HA MNIQ#084$V0))0E2BM.KA`DD$[/UJ@*W%%=9!VEQ:D@6>;]FT'?I0&0*&_!IC MG9\#^-_M('DGAB@._NUCP:U>G=5.XR('6C[N3\\UM'5L MA4:;F6S'Q=S(E;$%^>P+]KNVSUOJ\>`(;F.Y$P]I\">%A1AN%\G3>SW2+QGY/$IH1N9V,!;5`W>D`5VN4$Z*,TFHJVF2B46/1K&0_:$"Q,Q]" M!X=PVG42QR2)-?2H-A!48QI,-HYJ8H`3*M#/Z\W-^>V-72"WO_4Z9#M>.1PX MKR.Z)5'R=,T64"1S_G/G;[D.?2(JJ"K)0(';(T`=&MGP!1($,CDW(UD@1F0/ MUX:B7(;?2)P(F^Z'Z)XF)%B@ M>+N(^?A$E4+?'`NJ#&VL=F9%Y(/L@5V'WRJ\-SCZ2A)^FP+%"@$@@=Z)CSJT MN\$!!^:KY)Y$Q9*JL-P8"@KE%D;KR!!#2B;<(I"UN?6+,1U>*"1TN]!01VXG M%."`^Q[']\QIXO]PQ^D;#C@C)\E['$5/3*M^P\%.=1%/CQX4XKHB-3*#&8'P MD,4/)=(%.DE01HT$N3V5&"V=QW\@!:FM\^9S$,3@Y#FY.`@GB-D'M,S/GW0M M?B&9LGD*G4U6PO[6(R6D'3/9GD=WC)//Q".,*^;RJ8^E[>-A MH]L=+#<"Q^DX5`RT?.PTYCPJ<6[=CU%"I1$+5^($V!67@?D^+SP=!>^`Y^RU M>[/RSY;=[AX>L?BSU8CU:#;!SP156+8>!VJ8A-.;,[(F4416M_A1\J#>%EJ' M@VI2!\.--)-T&&+C4LVRO"F8,IXPQ@6.;2G:A`Q#JIP*T77=4$9.MF@-\G` M1G)!9U*![4R"MF`L1W5J^VTIS4#FX),P`)2XJW=-@ M1:*8'Z22)XU<'.TI0!7)0+`Z:$JD^5?G%Y^N+R]/+]!)Y_. MT,VO)Y_/?[WZ<';^^>8[='9^,(`P3L/[NE<0CG3V5!I.OLAB"F%W9:$ MI>*<%:A$M1&S&`KJKK#&8$2/J2ZZ([>T^*YY&M&O)&K1/L5@P/JA';^;1=;SA@,YU MN$THYIUF(?F(;&F4\`E6."&O;!8[56E#M;JI4A5&*.35,O#OQ&N)+VA4/.&& M[>A=>JFD@5//'M8;T;-B.&+CR^K**2PIZP@AUDR($L[C>8304EU#*9H:3-5R M.:F].JI346(MO0'^K/"))B3S!/H^+E3&PG]BJ+':'AT7@S+7U?+W!BV&0\'P MMHMA\(!^&R!:P_JM:!BQ$WUD:GV'[T@/(KO'PNT\':S67W`VS#8H!_'<@\MY M(XY.^`J>O*]KV2*5B6XG7ZH5DK45=U8%5)T*HG1\,E!$6F$\: MH]FT%+C5B,W:2+VEFXTO$W]YGA@-N9].0D^M1BHJV#1;)?L-$UZ,ECFVY?$6 MLVE'">&IA0!-5>P'4R-!40-)D$4LZE]&+D,OV/&;'=?\"$O#DR2)_.5.W%*Y MI3S2REAF:\18N;L,$$@DFB5NYCT0<"%,29>I&:=B>(!Z3?&!#"W^AR4/0[I.RX%LE0YS$ZV27W-/+_ M9(>V6%;?W4<__7BX.#P\_$_TT^L?%D=O7V=_\86H\I/DK$6']6ZWC'IA"R2< M:;WT&[!)G MJF22?F+8M!$=81HY$SD1XE3,-T(IW:)27]QB@LA(L;:,:M\/]SU)9]=H3?*. M_(YWY)A-FUE6ETR>OAUIY._H&Q'((C$)]D.R.L<1!U-\XGF[S4Y$I\_D^4%A M%C6(@4O%:`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`ZHK14`*`-C4W)7CKQX6B(5+*+DI^*DVY,+38( M4C.T@5;7$WV4068`R0N`*2=G9*G._FF.!L[\:6.W:4_3>N[I,!X!7EJ\3&[( MM>4XR)@UGJ$0M)GS/M52PR93=>I@,Y&J6P$!:QCAZ"L1]XF+-H=_PW[8X_@J MR6!K&ZD%:#0ARX>7^HHN$*>P[A4;BO*))&@OX"RC.\X^#=&FD*YHS&FMUI&Y M.(9R@);)T5"41LD<'2T9<3N7+=F7,"(XX)>@I!MR%0H_ZS+\QDR+:+#3HL4& MQ'!W='6%:<--09CYRUD[IM"[M#A7O]IZ@ MD(GHW;/?$K1B^L&..]7.P?)Z`EJ2Y(&04/QQC?VT1X?L@]7L4%Q?F)9+P'.[ M,*,6I@1F_LK1'G_E+S7?.=CU9B/;4[GA;&9X1IC'R\V6@85/QPVNOF7LI8,S MBAHB-!SBG`1Q&I(M\?RU3U9E(9E5 M].A=*,P"VP'R.ND*NVG+\(&]9C!CIVM)*G9.VXQ`AHBRITN[F_=!"U=G_C=_ M14+5#78=:N`0DHXXS8A!1I4ZBXNB:R!W*3)2FT&F(7)E?Q)"9&5CTX"KO0#4 M_)+`QG>T%:@9[]'7GA%.SVV$^0U4-BL[?=[Y82W,U.7S])'!N3S]`C1.$I(" M,1(D:5`]I&G)X1DN"T?^1LKBSQA,-MC5GYDLRMP*9P0RYVFP"SM`&.3']3\M M4K]L2:.(/G!ZF782$=GD):$H*4V,@R#/0:F,8>YJ-HXYPT60#ZW(%D?"3"ZX MQ4^KAL8XP)&(U#(FF._KW;-9:,#^3Q+O%;I,T(HRXI`F*1$IA*$16F4;BMQ# M;)8%TWS#%4]2US@[\(5^R)=Y1[[(FWZ)=_#S>^=G=Y)]V0N)M1J>YESG60*I MWG:P[T3&@'&F@+4:(?PTRN]_OZ.P"51Z, MQ),7[I7FM[.B\D/*4BY;FI"4\+GMG9(=7P;X>C2S&JGVFC;S6BAH*\^X3#>: M4Q*2M;*M:Q>%!>O:QG8'@-G0['B/]M+1%ITR8_Z9KI4\G*4<;M<$#>5^!N9- M<\5<6_P!-ST&"9&R[DI&;8_Q:;>\W98'SFI>1Y0]N"?MK30(U#96F&O+$ZDX MB\^R2U.OB'8_9&BREWI5=G6P">6ZVK7@&#!V1)+"X1K9L,U\+MA8TP!1>]7; M?5V>0NP/)(Z/DSOQ+^[9W.=L!>+[\BGW69)HJMUJ;^!;'C0KUBCIH-+ M.1LN4,,![1SK@7`Z0*$<@'H&GEI`Y=&XQ:AGO+7 M<\3OM7+YIUL!?J^I*7RE`94LTE-:@.0>)XC;L%TLT_L]''B[0.:=+!M6\/SZ MQF8*TTC[4$EM&FL20;J4/0(T&SDG74J8<:+ M$R!!X43]D<&B4&U18-N*]T.KV2Q<`U>@AV'.QG5$>:;EZO3I2\PO]^7UA$Z\ MQ/\F>Q5KU/`QGPSZ6&TN;-NI3V`QFP:=/J$]/A,[DK]$^62HF,T)W9M$>"'X M6BAAN506SQK.R8^MGW4'(KKE0#P4SG`*?++ZWUUZ,>V6?B9\D?R`5,[RMW0Z M%9_E<:!&8*8%:]P8+1[#XW'Y@U`S=L?^_!P-BH6%3*BX3BL7LA138+\7)0GX M*FZS55P^N6B>YM37N@&;55GA3%QZC:*HQ5*4(?B5!OQ/&I6/#"8!-4=&PG7= M!2J71'HOZW)XWN\]=EKUNMGK3L)],4&?>%:,KT%$=K+ MR%]REZPXS*53.'&2&R6I=$IB[I7@."9I*X/`QTL_<.'`98[1EF1W4X#:5,&& M,V&D>TUJRTK7)HZFMC5]:)=T3$^PO.:1[]CI9KHWY;>]*>MG&,`79M<<=MJ+ M?CO8;2QL&L`3S^/5^N+/Q"/^-[[Z1A:PA=RR"6P52-,&9K2H(';)"&J)ELL0 MS2+#6+LPG0QV#4&WWO1;`H726#V.\'HD131;^*=F1Y&V"6P?0]J%TCV"B!(M MI:]*@MXEFZ`IGQ0$S\7^0"?(,O-C;=DD[%L^WBET7N-HIU)X%[R::_S$S2L/ M_GA>M&,ON3AJ#_)SE!,ZXOGT"&WJ"Z73R="MG!"59G3)&`Y<@5S4;4E460(P MF%70@6;SV8@YE;,()*@;'J6.S=+W,;4,UIC^`XTGG^W(+2U.N:<1_4JB%F-K M1`[8C4!;($U#RLAYUE(Q`9(SV.I/,%@^+DA"RW5,EW,)HM>:8+`DG_1:LOBR M&TO>?@7GC0U6'4MAK1L!P$N%:T1@9E*J_0@,[<0::",-Y1IM M*JEZ8=RQF'._<(OV4\U)E&4M=8RJ0/91PF<7=4GAJ95+!GF M.5RIZ_)"="ZL6"Q_8T4Z-R\+=AF7`5IHW<[())6);O>J)G/![JB%-;0_^62N M7<:;1/CZ[5X_E]:9ZW/#$:VIN#IP!JQNC)_2ZWLGWC]W?D08N\RR)$_7[,7Q M%G3G[+=;/D2AN`:3P%9'-A&NCM6,F,>A4W*4T2^0F&$A/I+DDUBLD3R)H/Q$ M?D\3QO9Z%X5^LN-UPDA&*61=[GQY&W^@1:F-+5"C:+6Y^1D1PF:3>X2LXNRINLW#>^G@PM0:(C1`EI*@O8SHI3/= MPP>(,GSO"B_?,:12_??!C@E9D[8+Y[Y)SGNNGO.F.=\]AT.=*@*3U29L.\TY%EN: M53(WCZGCCZ?NV)<+/\2A-U%<2369"_9&+:RAWR9Q)3/AZW&E=2ZMZW$E M#41K*JX.G.'C2E?KL[3%=OS1#REWY#2Z]^A06XDDJ<7I/)E?K5%.YUY7GF'" MG?FQ+*LNLCEX@337&L]`RV4C:J*A7UWA$AWE&A$G^4RV^8,^TBBYXU6<:=)Z M(N@A@(N,J)BN`Z48R_4[&XW$<$N1$!/V<^/$:UYES(=\<'8%P%9HP42*/*:0 MQA+*"7=IFEU"'W"TXO=BTVEY[&!)HX@^B*88\6[+$_/D%V2,'I@B)"3DWY4W M/(K`+`"C0S@L9>7)NNQ^C#S>.X+I3%I*;&^)O:]RHFU`5G=D42PMC?+K%"3, M8A*,&Z9VW\7I3;>7MC+[Y@8.6("EU^I4(BO])@?.8RKS(B(\9V2I\I':QX-Z M15TLJRVE#&'RH?9<'EW.^:EJ6\*[U.#9K*29?S.K$)#.C!+Z=?=%C7L70Q23 MA"9<#4E,$XIX#O$'G4!A6^#!L1#HK)*Y&5$9'TFQ8%\X9R?ABO_#OU]_PP&W M>=?"IZU?-5!8&*-I0&V,H8"M,3^>TR!^*,VP0'(.U)+V;\_.C)0V;04IY1%] MH%+IQ0^DF-&6M;$G'Z3-&:*4=:LS2",!VUFQXW`@$H-PD#40.I>_T&IKI4,. MV]Y*3Z!&;Z@26=$;"F643GP\F4(T/US3:"/"&I8_D9@@K]'UR@1VD%5V9$#U M&ONJ_K*58<`5<2H,-K,DY9\1_[O-JC5Z7&[GX5*SY,P8'F'+J#1!V2R.TH+( M$5\#>)M&=F"_9G-FX5^V!][X=Z&_]CV>IBEKKS"O^YH&OJ?^LC]Z2K@O"N,$ M;VM\+()HY?F$GU2:$153HFQ.J]O5LUD(L##U!.I0"61/H0MPN^(`;F_)8W+* M6/JJV$5'30NZZXY<@`F5@4^+Q+P6W=A9EH-.OAR0>_04*E+?TR?1#\`4HJY; M'!JGT'Y:V/0A#5%:;ER4[YI5KYHYHW<&FW<.:!'9W[L!33> M141G=S6:Q@WM:A?0#)+%'(YLEFY(ZX0V*@"LK9@J]$+&B?+;//QS=LI@\E34 MC-+J2(39[*=?!N$4*B.*!F=*4SRN17_V M3O@W8_G,O"V4?.I+]W9[2ZOI:Z\FGF(U+=FM611;8>7FT6HXFUB_>*SADW22 M@-HD!>/M%^S+NN""9S&;`)":UP>?NN;T8F?$]ZCZW'H[M38IW/+, MSO=,I=*ZV3),K)(0$0ED?<.$-@I?Q%OB^6N?K%!,MCC""0F>7*I]8:!RE6]; M)OH&MQ=>8#_Z#0<[4K"CLQ\JR4#WQ!X!ZB#DPY$87U(J-S;'^26!W"5U@%7? M*;5095Y MMHL$-J&VF_%&IJD8&,H>;J-V]8#7/,&MR;:[.N.V>^.1$$<^/7GT5?44VL?#>H,=+#?8#(_T+^YG]L\0Q87_Y/U!+`P04````"`"O9*I`**9< M-$X0``"*]P``%0`<`'!R`L``00E#@``!#D!``#M75ESVS@2?IZMVO^@];R.;$M.G-B5[)1\S;C6 MA\IV,K-/+(B$9&PH0`.0MC6_?@%2U$F`X"&UQ/)3$@4-=O>'!M`-=./+KV]# MO_&"N2",?MUK[1_N-3!UF4?HX.O>MZ>KYN>]7__]SW]\^5>S^>?9PTWC@KGA M$-.@<2O;]`GV&J\D>&Y<_MW\3O`KYHWO<5\-V=7^T?YQ0_[U,:0>&O_2N$7C MQN'Q+XWV8:LM_W)Z^/FT?=SHWC::S;*?>`JQF'WC\^0;K=;IT='IQ^-&I^0W M/NF_<@&)T>'+R^ONZ_];B_S_C@H'UX>'20--R+6YZ^";+0^O4H M:=LZ^//VYM%]QD/4)%0$B+HS*M5-&EWKY.3D(/I?V5204Q'1WS`7!=&PS>2K MH6VA_M5,FC753\U6NWG4VG\3WI[4P4]?.//Q`^XWHN^?!N,1_KHGR'#D*[ZC MWYXY[G_=&TE%-Y4B#X]B\I\3<#K4NZ0!"<;7M,_X,&)ZKZ'Z_?9PO<`]H0'F M`\["DJ]8&QPX.2W#X&*,"J]_O^%:$2%X+\+A-$=7[N(R&B M\56(;\NNRTIPSJB'J<">RZA@/O'D5[T>\M48$\\8!V*$N.3B&0?$17XA4?)^ MHT)4KN6\/,0=7_)')5#?`@QJ3*"^H38H)VJ#TCJ.Y)C\?(-Z.@.?W^V<+/05 M$VV,QR[FA,EM2S%FEZ@WS+58YR8]S>X6+ZG=)M M3J_2H<+%]#JCK)3;8)73W,IXUF3NOK%,77?Z8F`([43C3ORE(IWW MD>A%B@]%5O.P-?$_?Y[\[$QWP4]J7Y/"?GI#IY7P M.H]HAR_RC;B;]"C_N@+GHKL\:7$0.SE-]YGXTY'0YVR87YL)+RQ#D@;C'N9? M]R1%*"2+;*0Z4EZ<%*Z/.9^L:`;F(\Y?,.^Q!3N$@5(:%KZ6?Q4V<$X;.VT@ M2/6X9.`WS_I682BPNS]@+P<>)C%\\B_+J,F?G'CP/N`!46.6!G=HF&:"NJ;. MT;8@MH#$(FH&YK68;4;OYY)QCGSI\^.W_^"Q4?%+;9T/.Z7Y5>X3U;5](833JUS5W/NX(`@8!$A#:0`9P17S,SR4O`\;-PW^A MI7.\(ZI/YSW1^M'&M2X]>'7X]3@>]IBOT?="&^?3CFAZF>M$QQ^@IG8V'#+Z M&##WQ^.SE%34?0L!(E@>CCQB%*=N]/LEL-&/--G),= M4?L2TXF"CS>NX([DPE.<7/E(-]P7VCBMPQW1\0K;B98_@0WC:?S0L(M);>NT MH)SHHB-[A?U$^Y_!M!_OJV+&KN1O:3ZOL;W3VAJ_UQ*%5!$2)$Z`D5`[7'L< MIJV=UJ[XL@8!9DY5.@A?#I;#G^N/B5K>CX`+5J7P90BFYB%_CZ<6&?YFA;Z' M5-]#JCN&84<('`B+.66QX4X$5[6LUP2[+F%MV5MN!19UL\TSC71_IW"\'5RXI:`)>;@L>R;?%+85Q_9+!;\*E[SG(E M47^HU>0%^4K`3G"..!_+,1O=TS1@:D4/'B:W!=I6&OUAQFZA/[D*+AZPBZ6T MTB$P+["I[<&C\;;HZKC7GWOL%IK1-!4K(VL6CEO!!_ESS<`SIO4'*;N%V,6$ MUR?T%@MG-K^TYO!'!K88ZKC7G]?L%IB9EI>,7^@0D/5\.>57?ZB3$Z)@Z;;W M1@&Z(:A'_&@#KC*BU#'X,_.E8$(M]L'8(B!DV\5N'%X4D:HNGF>R&>BBL=H) M2+GE+SR4S,^4,;FH)?_OCE$W_H?%[BAOETX+.@"5:P"8-U=%A`,@#TC9T6=,RI!+1FL>`G`@UJ]SV?#"(UBRO&9ZP_LIF>EL$S MT3@MZ#A360RSI*M5+.J.!3B9A;+U*7ATD<_U8A M4A95D,#4-4-KH'+:T-&G"J#.D*\N@:I5W5Q3UP^]J(@(CV`+`DYZ850+XXFI M_;W4A61=LC*X5A?2L`BL;G%5^2&G#1T@H MW!I@U4]1RZ*#>]P5!7$\C\2,=Q'QKNDY&A&Y1,Y);`K79!([;?@HWH8&B9TR MX'W^JJX8!8A0[%TB3J6>1,=UPV$8%=:YP'WB$O,MHRQBIPT=T-O8N+%31ET" M#*MJS;65<=K0T<"-C8MTX2N+1(!Z0K>$,AZI+E:'80PL-W7:T+'$C8V`--'K M$M:H1HEK=X.<-G1($W"^*:JP>D1KLOS.$F?<3GN'HZYYA%S;K0>(K+^\I83+ M1_?/XLX?H\Z[\YUGE4;+IGQ/Y+,MC&:E2^VD6O,""CQ[+QVNS)A[BAPU6497A+P6 M(LP';TP!GLA7"MJI#+4U77.I-!LR\%2_4@@O"K+&8#9P.9C5)UHV/O9B%J8\ M6=P8T%"\>X@YK$.OPW?/\-TSW#T'XMTS?/<,WSW#+9UC'_`+IB&^DMJYP4A@ MKT.]^U>*O>C-+Q.B&90[Y2%FRU*3)?6AN[.7;2)T_V)3=TI'LF)^H%:(N MEGP1O8P8"7K?S[3>E-;@;J$)I'18TZ4H;:O:U](V7(]`LNN2Y-'(SE`=G?\] M>4Q/#ZR>"KSR2P&`C=*4-]WM0/HW3#%'OA+0&Q(:O<*B//Z)G@QH9U""5X/) MCWBV1.5#/MN!^K)N!_\-$9HQ4YO(X*O%E($[2S)X MUUASF_$.!]\HQ\A79_BQU/?4HOBI/3%\K9@BP.:3#SX12`/O]7"$"(_6)SD2 M[9'-HH,O'E,85!O1JMY-PRW"B5BQBJ:9!]2[("_$P]1TK<6"&KZZ3+E%VDI` M^/0>C75/"G!+=N7Z,R!T:=.A,^X,,OCR,X5MVT*R\GDPVV':6AT5\:?@R].4 M,6.C6)65*@'UHF>1`76R%M=C":6XD]`!H^(,]QG'<;LG](;%Y9O4FQ2>4,3' MD6>:.UUOC5^%KY*3QW-?LR(J6V"V8(Q*X2?6=X8I[AM+#F@HX,O;Y!\;J4+4 M9:WI)&?JL?!L9DE0S*;2CF M8H^NA3#Z]X*!O?<_,!D\2R8[LF-5*S4<]C"_[\]E9<1I&MG0ENEN&TJW9.-= M5D+#@\6[GMVB7G6Z\MFKN)8J4)>X0)\XGG*3[VGC%3*0/!>Y5BA&Y(Y0!?^\ ML_$WH>+^T_/YCAN0E[BXAL7A=>[.P/-E,@#1K[#Y!:W)+>#\@G5MT:,_+N/BZ?0Z,C!DZ4VNZA8JJ0^UX!=KO)`+W#\ MYYS6)K78[6IA6'8"GIBUV<&42S'PUYC6-:16-FJYQM(*-7BN5SY8;8=&FIS@ MN]9U#8G51]%SC8E5O:UM^U&9M-MEF/6YMUP%\OMEZ!H=. MUKHDCNK-P?3>;Z&9Q-0A?!K;>N>6+-GA-[LZ;WE%I%QO)UN2PV>ZE8$_KZ3P MVU!KL(L\N9RO%_BLMS5`GR5P94]1@`='8E[S7WS-H(1/F:MB/;`0LB[OB-H? M>55R86`+LN\J/./+)W=-JB*DRQP'D2NZ:6+H##YMK]*K)AF2UN6T5VZC)X'% MCOM72#B6>I!&$HR[/J(J:5&]\3-234R74:P[V8(\P&)P:ZZKY!(;&1(O*V[C`<\ MF@IPRW@P4.D6+$A=1,P$\,F`E>":+61=3LSFA8PV3AF5VU+;PZ<(5FK-6AGK M<@YFKZU*]@+P.8:5#H]\@M?CL7@EL/29U1_*;WY!OC*/+N:$>EHVBX26YY M4/,1`1VT7.N(J*)^V<*(N*1@FX['<#3R(TTA/]'49?R#5?:P!;G3AHYJ%AL- MMK+5Y?PT\8F[B)@+4LZ:.4?0D4AKD'37I1:%65\&+42!`E6#07I+W7EHJ/=( M!I3TB:L.7.*[87)JZS*?N,JU*!^W*/!5PTQ3MDN0&@8%^'V28)])EGX83*], MMV!U#2H`4&.\)=51+UN?+Z,;/1VU^0HDVK-+)*^[/M!,1"Y]B[ MIA,&9]I?854Z=W*`(I+D8<79%/FL>5V?!+?\7%!K-]1K4TZ]IHN5.T.;?^!K MB0.+R4!'DM/T-8[#!N6E'73:B50OH[A"A$=!MEN,E*1`EC%E M8Z9S&^LPD8$LCFD,V:QP1CIP.\I0LV9ARI*I7H;TB`?Q3K3/^#`N$++YT'+, MPP,>J:(:*3=L@5\.%,\] M)+#\Q_\!4$L#!!0````(`*]DJD#>9DRR!P@``+HT```1`!P`<')S:2TR,#$R M,#,S,2YXAN*0N!J*/6T2F" MIANS`#]]1'W\A!JG']%QHWD,C7;CK'U\BH9]9!C[JO!B(E8ZSA(=S6:[U6J? MG")S3QV?BW4T/K=;S?:GUMY^E.OX=-8^^?PVL?I&`I;5UF92+=KW^\/!P1)DD?,JC>.%'?!%Q+$';D1_- MZTIFH]5JPH0*B;*Q&_'Y-9G@.)27M3]C'&J#:PAF(!/M!=BYLV3-^H+KH744 M\2F0-)KU[_V>JSU(=824_7A!_3CF84K?JJOA,18D)5>C@7QFR!*?U)>#SZ1A MB=SO/1"<%4I+B"D3$C-_9<2&T8F+S?/S\[H>34D9F6))@D+AYW4>A:2>D*5< ML3"F&"^>N298C#5',J#"W30:3>,YX"F+@:4L9H-!3L>Q)")E\Z.82?[T,J"" M^$?3Z+Z>#.9H\V/.84\JXDM&`@7QTY-."B%QH]$B>#KG@!4I@)(>!DTGA1#NMP^@* MA04G_I:)B;FOY^8$^](@CXL0,RPC_M2%W\^1BQB+Y_E"`LGKRK4Z$!E`13CU M5\M";E\2*RW;523B88?\<($9BZ3>FKY\"$5.-V M9%?>X`K`U/F(A"&JAM:(Q#=<"*&2$2$AHX/>2,2`I&+G';E:D8P-9K`$3_'9HC M6(8WEF=WS-[O!T#SUY\-UY0Y,4.@A[."WI.-5;=)40S5IVI0N1[\4YNEBYPN M`U#'=&]3M.=\.(&5! MNL*""F\>V#NAF MT;7U]4,M$YO=1)(D1]MF=S$RG]>1L0=WENOI3-$>H!O'LWH?T<#R#H$O"'P? M\Q]$XG%(7`+75'`A74-;J8IA.2N'I6^.?K4\\ZH'Z835`>.]P])XB9`#B1M? M`9`@LM%;C,#Y.@(.Y&JC#`[N85FL![V+*;_#84SZ!*NH92*?/U08_F9C/?Q= MTQZA.[-W:Z&^9;JWH^79?XA_-B4CT^5NL_:"D--?'/GF>N1=ZVNR[QQ>"_*B M/B*ANCL.,9=/'L=,8%\1)!._<+08@>-U!$963Z>\<&7T?D/>R!RX9N?_\T:B M_JC7^1&9(/WLW5:O<9>+4#V7Z[Z9?I=4Q00C+1/\`0X>/<[#E$0)+WF` MU\BMQR11G(I(GBO+G^5!2+0@7)WGJ])"_6U<@NCOZM)+P'XVAT(\WM4A8"'A MS^@+3/-=?5E;&6_LT44]?9J&UNK!6KU?@S,1EXCE%O>**E/+NF`O\K6<$A;U MRTCY#-5E-(^-5O/H401+VW8QX-FK'0U(^78T(+_>5U%URJ!TGE315EIV*U"J M%>8RUDDH1=ICK$15]KNDCE5F3`Y;TM['B+S:8!4KLGSIC[WLR*LU5C(DR_C\ M:Q]3-DJ25^ZRB/^51C;UTKY=$*RE/F71K M1_7;2OE5=J60\Q=<:FLZ5]MA\W0O$RINBAGU5 MHOU1C7R9Y^D/==K01]G4EF2N[B,UA!.JRYKDLI9\(I'/PC/^I,_GG5@'L%ZP_PI MSX4)#D6N#\N43:9#2?'SLN9S$E#Y%IXYXY!.=9Q$-^(K%]PH##(.EI.]`S_[ ML&JF>$H&D21BB)^4M(Q_^,$QS2 MOTBPK"$[+/_56'M7D7YO4%<^_FVHVO,%IEQU]"(A2KW>3OKW.1R0\=OX^XW0 MZ0Q2(?.><+4*X_F8<&?BQ%*M'_41M#N#Z2I4S=.'0^.:AK$DV0WJU1)>S'=- M\LK8O`'J#&80W(^OR?*_S;:=.Y4YWL$&UL550%``/* M[JM/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`KV2J0$P;\*=]"```AVP` M`!4`&````````0```*2!#S@``'!R`Q0````(`*]DJD#1LT@`L``00E#@``!#D!``!02P$"'@,4````"`"O9*I`6;9[,!T?``#D MN0$`%0`8```````!````I('J2P``<')S:2TR,#$R,#,S,5]L86(N>&UL550% M``/*[JM/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`KV2J0"BF7#1.$``` MBO<``!4`&````````0```*2!5FL``'!R`Q0````(`*]DJD#>9DRR!P@` M`+HT```1`!@```````$```"D@?-[``!P XML 19 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "
"+ text.join( "

\n" ) +"
"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "
" + text[p] + "
\n"; } } }else{ formatted = '
' + raw + '
'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+'
'+formatted+'
'+ "\n"+'
'+ "\n"+'
'+raw+'
'+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6

INVESTMENT IN HOTEL, NET
9 Months Ended

Mar. 31, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]
NOTE 2 – INVESTMENT IN HOTEL, NET

Investment in hotel consisted of the following as of:

Accumulated Net Book

March 31, 2012 Cost Depreciation Value

Land $ 1,124,000 $ - $ 1,124,000

Furniture and equipment 20,638,000 (17,900,000 ) 2,738,000

Building and improvements 48,059,000 (19,237,000 ) 28,822,000

$ 69,821,000 $ (37,137,000 ) $ 32,684,000

Accumulated Net Book

June 30, 2011 Cost Depreciation Value

Land $ 1,124,000 $ - $ 1,124,000

Furniture and equipment 19,583,000 (17,076,000 ) 2,507,000

Building and improvements 46,982,000 (18,524,000 ) 28,458,000

$ 67,689,000 $ (35,600,000 ) $ 32,089,000

X

- Details

Name: us-gaap_PropertyPlantAndEquipmentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13-14)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230

+ Details

Name: us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL]

Mar. 31, 2012

Jun. 30, 2011

Common stock, shares authorized 750,000 750,000

Common stock, shares issued 734,183 734,183

Common stock , shares outstanding 734,183 734,183

X

- Definition

The maximum number of common shares permitted to be issued by an entity's charter and bylaws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6

DOCUMENT AND ENTITY INFORMATION
9 Months Ended

Mar. 31, 2012

May 07, 2012

Entity Registrant Name PORTSMOUTH SQUARE INC

Entity Central Index Key 0000079661

Current Fiscal Year End Date --06-30

Entity Filer Category Smaller Reporting Company

Trading Symbol prsi

Entity Common Stock, Shares Outstanding 734,183

Document Type 10-Q

Amendment Flag false

Document Period End Date Mar. 31, 2012

Document Fiscal Period Focus Q3

Document Fiscal Year Focus 2012

X

- Definition

If the value is true, then the document as an amendment to previously-filed/accepted document.

+ References

No definition available.

+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition

End date of current fiscal year in the format --MM-DD.

+ References

No definition available.

+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition

The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.

+ References

No definition available.

+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.

+ References

No definition available.

+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument

+ References

No definition available.

+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.

+ References

No definition available.

+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name: dei_TradingSymbol

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Mar. 31, 2012

Mar. 31, 2011

Revenue - Hotel $ 10,154,000 $ 8,187,000 $ 31,675,000 $ 26,855,000

Costs and operating expenses

Hotel operating expenses (8,572,000) (7,113,000) (24,513,000) (21,246,000)

Depreciation and amortization expense (546,000) (501,000) (1,591,000) (2,949,000)

General and administrative expense (164,000) (158,000) (453,000) (434,000)

Total costs and operating expenses (9,282,000) (7,772,000) (26,557,000) (24,629,000)

Income from operations 872,000 415,000 5,118,000 2,226,000

Other income (expense)

Interest expense (676,000) (701,000) (2,059,000) (2,117,000)

Net (loss) gain on marketable securities 344,000 15,000 (1,027,000) 1,348,000

Net unrealized (loss) gain on other investments (5,000) (35,000) (175,000) 3,802,000

Impairment loss on other investments (12,000) 0 (247,000) (197,000)

Dividend and interest income 11,000 51,000 204,000 263,000

Trading and margin interest expense (66,000) (77,000) (177,000) (195,000)

Other (expense) income, net (404,000) (747,000) (3,481,000) 2,904,000

Income (loss) before income taxes 468,000 (332,000) 1,637,000 5,130,000

Income tax (expense) benefit (126,000) 103,000 49,000 (1,919,000)

Net income (loss) 342,000 (229,000) 1,686,000 3,211,000

Less: Net (income) loss attributable to the noncontrolling interest (136,000) 101,000 (1,615,000) (146,000)

Net income (loss) attributable to Portsmouth $ 206,000 $ (128,000) $ 71,000 $ 3,065,000

Basic and diluted net income (loss) per share attributable to Portsmouth (in dollars per share) $ 0.28 $ (0.17) $ 0.10 $ 4.17

Weighted average number of common shares outstanding (in shares) 734,183 734,183 734,183 734,183

X

- Definition

Amount of impairment losses on other specified investments recognized in earnings during the reporting period.

+ References

No definition available.

+ Details

Name: prsi_ImpairmentLossOnOtherInvestments

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net change during the reporting period between the fair value and carrying value of other investments.

+ References

No definition available.

+ Details

Name: prsi_NetUnrealizedIncomeOnOtherInvestments

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Trading and margin interest expense is margin interest, other borrowing costs related to trading and all expenses related to the trading of securities department, including salaries, research tools, etc. It does not include interest or dividend income.

+ References

No definition available.

+ Details

Name: prsi_TradingAndMarginInterestExpense

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The average number of shares issued and outstanding that are used in calculating basic and diluted EPS.

+ References

No definition available.

+ Details

Name: prsi_WeightedAverageNumberOfOutstandingSharesBasicAndDiluted

Namespace Prefix: prsi_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Total costs of sales and operating expenses for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostsAndExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_CostsAndExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_DepreciationAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate direct costs incurred in operating leased, owned and other hotels.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 2

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_DirectCostsOfHotels

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

No definition available.

+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 10

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Income Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6515339

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 8

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.8)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_InterestExpenseDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Income derived from investments in debt and equity securities and on cash and cash equivalents. Interest income represents earnings which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Dividend income represents a distribution of earnings to shareholders by investee companies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 14

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 7

-Subparagraph a, b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7(a),(b))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_InvestmentIncomeInterestAndDividend

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7(c))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(c)-(e)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 13, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 7

+ Details

Name: us-gaap_MarketableSecuritiesGainLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A1, A4, A5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

+ Details

Name: us-gaap_NetIncomeLossAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 7

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_NonoperatingIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_NonoperatingIncomeExpenseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

No definition available.

+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A1, A4, A5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Aggregate revenue generated from managing and operating hotels.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_RevenueFromLeasedAndOwnedHotels

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

RELATED PARTY TRANSACTIONS
9 Months Ended

Mar. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]
NOTE 7 - RELATED PARTY TRANSACTIONS

Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three months ended March 31, 2012 and 2011, these expenses were approximately $18,000 for each respective period. For the nine months ended March 31, 2012 and 2011, these expenses were approximately $54,000 for each respective period.

Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of Intergroup.

During the three months ended March 31, 2012 and 2011, the Company received management fees from Justice Investors totaling $84,000 and $71,000, respectively. During the nine months ended March 31, 2012 and 2011, the Company received management fees from Justice Investors totaling $273,000 and $243,000, respectively. These amounts were eliminated in consolidation.

John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, his family, Santa Fe and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and his family members, and the resources of Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company.

X

- Details

Name: us-gaap_RelatedPartyTransactionsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

Name: us-gaap_RelatedPartyTransactionsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6

SEGMENT INFORMATION
9 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]
NOTE 6 - SEGMENT INFORMATION

The Company operates in two reportable segments, the operation of the hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information.

Information below represents reporting segments for the three and nine months ended March 31, 2012 and 2011, respectively. Operating income (loss) from Hotel operations consists of the operation of the hotel and operation of the garage. Operating income (loss) for investment transactions consist of net investment gain (loss) and dividend and interest income.

As of and for the three months Hotel Investment

ended March 31, 2012 Operations Transactions Other Total

Revenues $ 10,154,000 $ - $ - $ 10,154,000

Operating expenses (9,118,000 ) - (164,000 ) (9,282,000 )

Income (loss) from operations 1,036,000 - (164,000 ) 872,000

Interest expense (676,000 ) - - (676,000 )

Gain from investments - 272,000 - 272,000

Income tax expense - - (126,000 ) (126,000 )

Net income (loss) $ 360,000 $ 272,000 $ (290,000 ) $ 342,000

Total assets $ 32,684,000 $ 9,100,000 $ 8,896,000 $ 50,680,000

As of and for the three months Hotel Investment

ended March 31, 2011 Operations Transactions Other Total

Revenues $ 8,187,000 $ - $ - $ 8,187,000

Operating expenses (7,614,000 ) - (158,000 ) (7,772,000 )

Income (loss) from operations 573,000 - (158,000 ) 415,000

Interest expense (701,000 ) - - (701,000 )

Income from investments - (46,000 ) - (46,000 )

Income tax expense - - 103,000 103,000

Net income (loss) $ (128,000 ) $ (46,000 ) $ (55,000 ) $ (229,000 )

Total assets $ 32,243,000 $ 11,211,000 $ 8,316,000 $ 51,770,000



As of and for the nine months Hotel Investment

ended March 31, 2012 Operations Transactions Other Total

Revenues $ 31,675,000 $ - $ - $ 31,675,000

Operating expenses (26,104,000 ) - (453,000 ) (26,557,000 )

Income (loss) from operations 5,571,000 - (453,000 ) 5,118,000

Interest expense (2,059,000 ) - - (2,059,000 )

Loss from investments - (1,422,000 ) - (1,422,000 )

Income tax benefit - - 49,000 49,000

Net income (loss) $ 3,512,000 $ (1,422,000 ) $ (404,000 ) $ 1,686,000

Total assets $ 32,684,000 $ 9,100,000 $ 8,896,000 $ 50,680,000

As of and for the nine months Hotel Investment

ended March 31, 2011 Operations Transactions Other Total

Revenues $ 26,855,000 $ - $ - $ 26,855,000

Operating expenses (24,195,000 ) - (434,000 ) (24,629,000 )

Income (loss) from operations 2,660,000 - (434,000 ) 2,226,000

Interest expense (2,117,000 ) - - (2,117,000 )

Income from investments - 5,021,000 - 5,021,000

Income tax expense - - (1,919,000 ) (1,919,000 )

Net income (loss) $ 543,000 $ 5,021,000 $ (2,353,000 ) $ 3,211,000

Total assets $ 32,243,000 $ 11,211,000 $ 8,316,000 $ 51,770,000

X

- Details

Name: us-gaap_SegmentReportingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

Name: us-gaap_SegmentReportingDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 26 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Cash flows from operating activities:

Net income $ 1,686,000 $ 3,211,000

Adjustments to reconcile net income to net cash provided by operating activities:

Net unrealized loss (gain) on marketable securities 1,009,000 (1,319,000)

Unrealized loss (gain) on other investments 175,000 (3,802,000)

Impairment loss on other investments 247,000 197,000

Depreciation and amortization 1,591,000 2,949,000

Changes in assets and liabilities:

Investment in marketable securities 168,000 (1,478,000)

Accounts receivable 356,000 294,000

Other assets (757,000) (729,000)

Accounts payable and other liabilities (239,000) (97,000)

Due to securities broker (650,000) 1,721,000

Obligations for securities sold 62,000 (18,000)

Deferred income taxes (49,000) 1,919,000

Net cash provided by operating activities 3,599,000 2,848,000

Cash flows from investing activities:

Payments for hotel furniture, equipment and building improvements (2,132,000) (1,427,000)

Other investments 80,000 27,000

Net cash used in investing activities (2,052,000) (1,400,000)

Cash flows from financing activities:

Distributions to noncontrolling interest (500,000) 0

Payments on mortgage notes payable (639,000) (604,000)

Net payments on other notes payable (349,000) (507,000)

Net cash used in financing activities (1,488,000) (1,111,000)

Net increase in cash and cash equivalents 59,000 337,000

Cash and cash equivalents at the beginning of the period 610,000 522,000

Cash and cash equivalents at the end of the period 669,000 859,000

Supplemental information:

Interest paid $ 2,096,000 $ 2,177,000

X

- Definition

Amount of impairment losses on other specified investments recognized in earnings during the reporting period.

+ References

No definition available.

+ Details

Name: prsi_ImpairmentLossOnOtherInvestments

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Net change during the reporting period in the carrying amount of due to securities broker.

+ References

No definition available.

+ Details

Name: prsi_IncreaseDecreaseInDueToSecuritiesBroker

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Net change during the reporting period in the carrying amount of obligations for securities sold.

+ References

No definition available.

+ Details

Name: prsi_IncreaseDecreaseInObligationsForSecuritiesSold

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net change during the reporting period between the fair value and carrying value of other investments.

+ References

No definition available.

+ Details

Name: prsi_NetUnrealizedIncomeOnOtherInvestments

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash inflow (outflow) associated with the sale or maturity (acquisition) of other investments not otherwise defined in the taxonomy.

+ References

No definition available.

+ Details

Name: prsi_ProceedsPaymentsOtherInvestments

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cash outflow during the period towards repayment of borrowings supported by a written promise to pay an obligation that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).

+ References

No definition available.

+ Details

Name: prsi_RepaymentsOfMortgageNotes

Namespace Prefix: prsi_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition

The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Deferred Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6510177

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 289

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

+ Details

Name: us-gaap_DeferredIncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_DepreciationDepletionAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsReceivable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the aggregate market value of equity or debt securities that are purchased and held principally for the purpose of selling them in the near future and benefiting from increases in prices.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3444-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 102

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_IncreaseDecreaseInTradingSecurities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The amount of cash paid for interest during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4297-108586

+ Details

Name: us-gaap_InterestPaid

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net cash inflow or outflow from financing activity for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash inflow or outflow from investing activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The cash outflow for the return on capital for noncontrolled interest in the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 20

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfDividendsMinorityInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 17

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

+ Details

Name: us-gaap_PaymentsToAcquirePropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A1, A4, A5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow for the payment of other borrowing not otherwise defined in the taxonomy.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 20

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_RepaymentsOfOtherDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_SupplementalCashFlowElementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of trading securities held at each balance sheet date, that was included in earnings for the period. Trading securities are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) and the change in net unrealized holding gain (loss) is included in earnings for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7(c))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Trading Securities

-URI http://asc.fasb.org/extlink&oid=6526789

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 13

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 12

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 21

-Subparagraph e

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 35

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6956420&loc=d3e24584-111560

+ Details

Name: us-gaap_TradingSecuritiesUnrealizedHoldingGainLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 27 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6

FAIR VALUE MEASUREMENTS
9 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]
NOTE 5 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows:

As of March 31, 2012

Assets: Level 1 Level 2 Level 3 Total

Cash equivalents - money market $ 3,000 $ - $ - $ 3,000

Other investments - warrants - - 131,000 131,000

Investment in marketable securities:

 Basic materials 1,275,000 - - 1,275,000

 Technology 835,000 - - 835,000

 Financial services 677,000 - - 677,000

 Energy 339,000 - - 339,000

 REITs and real estate companies 246,000 - - 246,000

 Other 317,000 - - 317,000

3,689,000 - - 3,689,000

$ 3,692,000 $ - $ 131,000 $ 3,823,000

As of June 30, 2011

Assets: Level 1 Level 2 Level 3 Total

Cash equivalents - money market $ 3,000 $ - $ - $ 3,000

Other investments - warrants - 306,000 306,000

Investment in marketable securities:

 Basic materials 1,687,000 - - 1,687,000

 Investment funds 924,000 - - 924,000

 Services 815,000 - - 815,000

 REITs and real estate companies 587,000 - - 587,000

 Financial services 443,000 - - 443,000

 Other 410,000 - - 410,000

4,866,000 - - 4,866,000

$ 4,869,000 $ - $ 306,000 $ 5,175,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

Net loss for the nine months

Assets Level 1 Level 2 Level 3 March 31, 2012 ended March 31, 2012

Other non-marketable investments $ - $ - $ 5,280,000 $ 5,280,000 $ (247,000 )

Net gain for the nine months

Assets Level 1 Level 2 Level 3 June 30, 2011 ended March 31, 2011

Other non-marketable investments $ - $ - $ 5,607,000 $ 5,607,000 $ 3,489,000

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.

X

- Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15A

-Subparagraph a-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44A, 44B

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32, 33, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 28 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 9 83 1 false 0 0 false 3 false false R1.htm 001 - Document - DOCUMENT AND ENTITY INFORMATION Sheet http://www.intergroupcorporation.com/role/DocumentAndEntityInformation DOCUMENT AND ENTITY INFORMATION true false R2.htm 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://www.intergroupcorporation.com/role/StatementOfFinancialPositionClassified CONDENSED CONSOLIDATED BALANCE SHEETS false false R3.htm 003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] Sheet http://www.intergroupcorporation.com/role/Condensedconsolidatedbalancesheetsparenthetical CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] false false R4.htm 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.intergroupcorporation.com/role/StatementOfIncomeAlternative CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS false false R5.htm 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.intergroupcorporation.com/role/StatementOfCashFlowsIndirect CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS false false R6.htm 006 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.intergroupcorporation.com/role/BasisOfPresentationAndSignificantAccountingPolicies BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES false false R7.htm 007 - Disclosure - INVESTMENT IN HOTEL, NET Sheet http://www.intergroupcorporation.com/role/InvestmentInHotel INVESTMENT IN HOTEL, NET false false R8.htm 008 - Disclosure - INVESTMENT IN MARKETABLE SECURITIES Sheet http://www.intergroupcorporation.com/role/InvestmentInMarketableSecurities INVESTMENT IN MARKETABLE SECURITIES false false R9.htm 009 - Disclosure - OTHER INVESTMENTS, NET Sheet http://www.intergroupcorporation.com/role/OtherInvestments OTHER INVESTMENTS, NET false false R10.htm 010 - Disclosure - FAIR VALUE MEASUREMENTS Sheet http://www.intergroupcorporation.com/role/FairValueMeasurements FAIR VALUE MEASUREMENTS false false R11.htm 011 - Disclosure - SEGMENT INFORMATION Sheet http://www.intergroupcorporation.com/role/SegmentInformation SEGMENT INFORMATION false false R12.htm 012 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://www.intergroupcorporation.com/role/RelatedPartyTransactions RELATED PARTY TRANSACTIONS false false All Reports Book All Reports Process Flow-Through: 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: 003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL] Process Flow-Through: 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Process Flow-Through: 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS prsi-20120331.xml prsi-20120331.xsd prsi-20120331_cal.xml prsi-20120331_def.xml prsi-20120331_lab.xml prsi-20120331_pre.xml true true

CONDENSED CONSOLIDATED BALANCE SHEETS [PARENTHETICAL]	Mar. 31, 2012	Jun. 30, 2011
Common stock, shares authorized	750,000	750,000
Common stock, shares issued	734,183	734,183
Common stock , shares outstanding	734,183	734,183

DOCUMENT AND ENTITY INFORMATION	9 Months Ended
DOCUMENT AND ENTITY INFORMATION	Mar. 31, 2012	May 07, 2012
Entity Registrant Name	PORTSMOUTH SQUARE INC
Entity Central Index Key	0000079661
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	prsi
Entity Common Stock, Shares Outstanding		734,183
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011
Revenue - Hotel	$ 10,154,000	$ 8,187,000	$ 31,675,000	$ 26,855,000
Costs and operating expenses
Hotel operating expenses	(8,572,000)	(7,113,000)	(24,513,000)	(21,246,000)
Depreciation and amortization expense	(546,000)	(501,000)	(1,591,000)	(2,949,000)
General and administrative expense	(164,000)	(158,000)	(453,000)	(434,000)
Total costs and operating expenses	(9,282,000)	(7,772,000)	(26,557,000)	(24,629,000)
Income from operations	872,000	415,000	5,118,000	2,226,000
Other income (expense)
Interest expense	(676,000)	(701,000)	(2,059,000)	(2,117,000)
Net (loss) gain on marketable securities	344,000	15,000	(1,027,000)	1,348,000
Net unrealized (loss) gain on other investments	(5,000)	(35,000)	(175,000)	3,802,000
Impairment loss on other investments	(12,000)	0	(247,000)	(197,000)
Dividend and interest income	11,000	51,000	204,000	263,000
Trading and margin interest expense	(66,000)	(77,000)	(177,000)	(195,000)
Other (expense) income, net	(404,000)	(747,000)	(3,481,000)	2,904,000
Income (loss) before income taxes	468,000	(332,000)	1,637,000	5,130,000
Income tax (expense) benefit	(126,000)	103,000	49,000	(1,919,000)
Net income (loss)	342,000	(229,000)	1,686,000	3,211,000
Less: Net (income) loss attributable to the noncontrolling interest	(136,000)	101,000	(1,615,000)	(146,000)
Net income (loss) attributable to Portsmouth	$ 206,000	$ (128,000)	$ 71,000	$ 3,065,000
Basic and diluted net income (loss) per share attributable to Portsmouth (in dollars per share)	$ 0.28	$ (0.17)	$ 0.10	$ 4.17
Weighted average number of common shares outstanding (in shares)	734,183	734,183	734,183	734,183

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income	$ 1,686,000	$ 3,211,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net unrealized loss (gain) on marketable securities	1,009,000	(1,319,000)
Unrealized loss (gain) on other investments	175,000	(3,802,000)
Impairment loss on other investments	247,000	197,000
Depreciation and amortization	1,591,000	2,949,000
Changes in assets and liabilities:
Investment in marketable securities	168,000	(1,478,000)
Accounts receivable	356,000	294,000
Other assets	(757,000)	(729,000)
Accounts payable and other liabilities	(239,000)	(97,000)
Due to securities broker	(650,000)	1,721,000
Obligations for securities sold	62,000	(18,000)
Deferred income taxes	(49,000)	1,919,000
Net cash provided by operating activities	3,599,000	2,848,000
Cash flows from investing activities:
Payments for hotel furniture, equipment and building improvements	(2,132,000)	(1,427,000)
Other investments	80,000	27,000
Net cash used in investing activities	(2,052,000)	(1,400,000)
Cash flows from financing activities:
Distributions to noncontrolling interest	(500,000)	0
Payments on mortgage notes payable	(639,000)	(604,000)
Net payments on other notes payable	(349,000)	(507,000)
Net cash used in financing activities	(1,488,000)	(1,111,000)
Net increase in cash and cash equivalents	59,000	337,000
Cash and cash equivalents at the beginning of the period	610,000	522,000
Cash and cash equivalents at the end of the period	669,000	859,000
Supplemental information:
Interest paid	$ 2,096,000	$ 2,177,000