SEGMENT INFORMATION

9 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 7 – SEGMENT INFORMATION

The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), its multi-family residential properties (“Real Estate Operations) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information. Information below represents reporting segments for the three and nine months ended March 31, 2013 and 2012, respectively. Operating income for rental properties consist of rental income. Operating income from hotel operations consists of the operation of the hotel and operation of the garage. Operating income (loss) from investment transactions consist of net investment gain (loss) and dividend and interest income.

As of and for the three months	Hotel		Real Estate		Investment
ended March 31, 2013	Operations		Operations		Transactions		Other		Total
Revenues	$	10,475,000	$	135,000	$	-	$	-	$	10,610,000
Segment operating expenses		(9,563,000)		(66,000)		-		(254,000)		(9,883,000)
Segment income (loss)		912,000		69,000		-		(254,000)		727,000
Interest expense		(648,000)		(25,000)		-		-		(673,000)
Depreciation and amortization expense		(585,000)		(16,000)		-		-		(601,000)
Loss from investments		-		-		(99,000)		-		(99,000)
Income tax benefit		-		-		-		141,000		141,000
Net income (loss)	$	(321,000)	$	28,000	$	(99,000)	$	(113,000)	$	(505,000)
Total assets	$	37,316,000	$	5,058,000	$	12,973,000	$	8,821,000	$	64,168,000

As of and for the three months	Hotel		Real Estate		Investment
ended March 31, 2012	Operations		Operations		Transactions		Other		Total
Revenues	$	10,154,000	$	146,000	$	-	$	-	$	10,300,000
Segment operating expenses		(8,572,000)		(50,000)		-		(253,000)		(8,875,000)
Segment income (loss)		1,582,000		96,000		-		(253,000)		1,425,000
Interest expense		(676,000)		(28,000)		-		-		(704,000)
Depreciation and amortization expense		(570,000)		(15,000)		-		-		(585,000)
Income from investments		-		-		481,000		-		481,000
Income tax expense		-		-		-		(126,000)		(126,000)
Net income (loss)	$	336,000	$	53,000	$	481,000	$	(379,000)	$	491,000
Total assets	$	36,368,000	$	5,121,000	$	14,435,000	$	9,008,000	$	64,932,000

  

As of and for the nine months	Hotel		Real Estate		Investment
ended March 31, 2013	Operations		Operations		Transactions		Other		Total
Revenues	$	33,581,000	$	417,000	$	-	$	-	$	33,998,000
Segment operating expenses		(28,125,000)		(189,000)		-		(754,000)		(29,068,000)
Segment income (loss)		5,456,000		228,000		-		(754,000)		4,930,000
Interest expense		(1,972,000)		(82,000)		-		-		(2,054,000)
Depreciation and amortization expense		(1,759,000)		(47,000)		-		-		(1,806,000)
Loss from investments		-		-		(576,000)		-		(576,000)
Income tax expense		-		-		-		(18,000)		(18,000)
Net income (loss)	$	1,725,000	$	99,000	$	(576,000)	$	(772,000)	$	476,000
Total assets	$	37,316,000	$	5,058,000	$	12,973,000	$	8,821,000	$	64,168,000

As of and for the nine months	Hotel		Real Estate		Investment
ended March 31, 2012	Operations		Operations		Transactions		Other		Total
Revenues	$	31,675,000	$	430,000	$	-	$	-	$	32,105,000
Segment operating expenses		(24,513,000)		(156,000)		-		(687,000)		(25,356,000)
Segment income (loss)		7,162,000		274,000		-		(687,000)		6,749,000
Interest expense		(2,059,000)		(87,000)		-		-		(2,146,000)
Depreciation and amortization expense		(1,663,000)		(47,000)		-		-		(1,710,000)
Loss from investments		-		-		(2,332,000)		-		(2,332,000)
Income tax benefit		-		-		-		49,000		49,000
Net income (loss)	$	3,440,000	$	140,000	$	(2,332,000)	$	(638,000)	$	610,000
Total assets	$	36,368,000	$	5,121,000	$	14,435,000	$	9,008,000	$	64,932,000