OTHER ASSETS, NET

12 Months Ended

Jun. 30, 2014

Other Assets [Abstract]

Other Assets Disclosure [Text Block]

NOTE 8 – OTHER ASSETS, NET

Other assets consist of the following as of June 30:

	2014		2013
Inventory - hotel	$	653,000	$	918,000
Prepaid expenses		1,120,000		581,000
Occupancy tax deposit		1,061,000		-
Note receivable - related party		634,000		644,000
Miscellaneous assets, net		1,390,000		961,000
Total other assets	$	4,858,000	$	3,104,000

The City of San Francisco’s Tax Collector’s office has claimed that Justice owes the City of San Francisco $2.1 million based on the Tax Collector’s interpretation of the San Francisco Business and Tax Regulations Code relating to Transient Occupancy Tax and Tourist Improvement District Assessment. This amount exceeds Justice’s estimate of the taxes owed, and Justice has disputed the claim and is seeking to discharge all penalties and interest charges imposed by the Tax Collector. The Company paid the full amount in March 2014 as part of the appeals process but is reflecting the amount on the balance sheet in “Other Assets, Net” as it is currently under protest.

Amortization expense of loan fees and franchise costs for the years ended June 30, 2014 and 2013 was $88,000 and $72,000, respectively.