SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 15 – 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 year ended June 30, 2014 and 2013, respectively. Segment income (loss) from Hotel operations consists of the operation of the hotel and operation of the garage. Segment income (loss) from real estate operations consists of the operation of the rental properties. Loss from investments consists of net investment gain (loss), dividend and interest income and investment related expenses.

As of and for the year	Hotel		Real Estate		Investment
ended June 30, 2014	Operations		Operations		Transactions		Other		Total
Revenues	$	50,963,000	$	633,000	$	-	$	-	$	51,596,000
Segment operating expenses		(48,764,000)		(382,000)		-		(954,000)		(50,100,000)
Segment income (loss)		2,199,000		251,000		-		(954,000)		1,496,000
Interest expense - mortgage		(4,960,000)		(102,000)		-		-		(5,062,000)
Interest expense - occupancy tax		(328,000)		-		-		-		(328,000)
Loss on extinguishment of debt		(3,910,000)		-		-		-		(3,910,000)
Loss on disposal of assets		(1,092,000)		-		-		-		(1,092,000)
Depreciation and amortization expense		(2,472,000)		(62,000)		-		-		(2,534,000)
Income from investments		-		-		403,000		-		403,000
Income tax benefit		-		-		-		4,000,000		4,000,000
Net income (loss)	$	(10,563,000)	$	87,000	$	403,000	$	3,046,000	$	(7,027,000)
Total assets	$	37,883,000	$	4,981,000	$	13,141,000	$	32,314,000	$	88,319,000

As of and for the year	Hotel		Real Estate		Investment
ended June 30, 2013	Operations		Operations		Transactions		Other		Total
Revenues	$	46,565,000	$	556,000	$	-	$	-	$	47,121,000
Segment operating expenses		(38,635,000)		(242,000)		-		(946,000)		(39,823,000)
Segment income (loss)		7,930,000		314,000		-		(946,000)		7,298,000
Interest expense		(2,612,000)		(108,000)						(2,720,000)
Depreciation and amortization expense		(2,354,000)		(63,000)		-		-		(2,417,000)
Loss from investments		-				(865,000)		-		(865,000)
Income tax expense		-				-		(130,000)		(130,000)
Net income (loss)	$	2,964,000	$	143,000	$	(865,000)	$	(1,076,000)	$	1,166,000
Total assets	$	37,611,000	$	5,042,000	$	13,138,000	$	8,942,000	$	64,733,000