SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2016

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, 2016 and 2015, respectively. Segment loss from Hotel operations consists of the operation of the Hotel and operation of the garage. Segment income from real estate operations consists of the operation of the rental properties. Segment loss from investments consists of net investment loss, dividend and interest income and investment related expenses. 

As of and for the year	Hotel		Real Estate		Investment
ended June 30, 2016	Operations		Operations		Transactions		Other		Total
Revenues	$	58,566,000	$	428,000	$	-	$	-	$	58,994,000
Segment operating expenses		(47,246,000)		(166,000)		-		(1,072,000)		(48,484,000)
Segment income (loss)		11,320,000		262,000		-		(1,072,000)		10,510,000
Legal settlement costs		(5,396,000)		-		-		-		(5,396,000)
Interest expense - mortgage		(7,790,000)		(95,000)		-		-		(7,885,000)
Loss on disposal of assets		(30,000)		-		-		-		(30,000)
Depreciation and amortization expense		(2,952,000)		(84,000)		-		-		(3,036,000)
Loss from investments		-		-		(3,652,000)		-		(3,652,000)
Income tax benefit		-		-		-		2,697,000		2,697,000
Net income (loss)	$	(4,848,000)	$	83,000	$	(3,652,000)	$	1,625,000	$	(6,792,000)
Total assets	$	52,106,000	$	5,051,000	$	6,979,000	$	10,566,000	$	74,702,000

As of and for the year	Hotel		Real Estate		Investment
ended June 30, 2015	Operations		Operations		Transactions		Other		Total
Revenues	$	56,811,000	$	618,000	$	-	$	-	$	57,429,000
Segment operating expenses		(47,016,000)		(287,000)		-		(961,000)		(48,264,000)
Segment income (loss)		9,795,000		331,000		-		(961,000)		9,165,000
Interest expense - mortgage		(7,787,000)		(99,000)		-		-		(7,886,000)
Loss on disposal of assets		(47,000)				-		-		(47,000)
Depreciation and amortization expense		(2,801,000)		(62,000)		-		-		(2,863,000)
Loss from investments		-		-		(2,513,000)		-		(2,513,000)
Income tax benefit		-		-		-		1,081,000		1,081,000
Net income (loss)	$	(840,000)	$	170,000	$	(2,513,000)	$	120,000	$	(3,063,000)
Total assets	$	48,289,000	$	4,972,000	$	9,666,000	$	12,959,000	$	75,886,000