Segment Information

9 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

NOTE 9 – 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, 2020 and 2019, 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. Segment (loss) gain from investments consists of net investment gain (loss), dividend and interest income and investment related expenses.

As of and for the three months	Hotel			Real Estate			Investment
ended March 31, 2020	Operations			Operations			Transactions			Corporate			Total
Revenues	$	11,259,000		$	79,000		$	-		$	-		$	11,338,000
Segment operating expenses		(10,060,000	)		(53,000	)		-			(440,000	)		(10,553,000	)
Segment income (loss)		1,199,000			26,000			-			(440,000	)		785,000
Interest expense - mortgage and related party		(1,793,000	)		(28,000	)		-			-			(1,821,000	)
Depreciation and amortization expense		(571,000	)		(27,000	)		-			-			(598,000	)
Loss from investments		-			-			(542,000	)		-			(542,000	)
Income tax benefit		-			-			-			582,000			582,000
Net income (loss)	$	(1,165,000	)	$	(29,000	)	$	(542,000	)	$	142,000		$	(1,594,000	)
Total assets	$	54,284,000		$	4,786,000		$	756,000		$	7,534,000		$	67,360,000

For the three months	Hotel			Real Estate			Investment
ended March 31, 2019	Operations			Operations			Transactions		Corporate			Total
Revenues	$	15,469,000		$	81,000		$	-	$	-		$	15,550,000
Segment operating expenses		(11,378,000	)		(52,000	)		-		(364,000	)		(11,794,000	)
Segment income (loss)		4,091,000			29,000			-		(364,000	)		3,756,000
Interest expense - mortgage and related party		(1,941,000	)		(26,000	)		-		-			(1,967,000	)
Loss on disposal of assets		(398,000	)		-			-		-			(398,000	)
Depreciation and amortization expense		(585,000	)		(28,000	)		-		-			(613,000	)
Gain from investments		-			-			248,000		-			248,000
Income tax expense		-			-			-		(280,000	)		(280,000	)
Net income (loss)	$	1,167,000		$	(25,000	)	$	248,000	$	(644,000	)	$	746,000

As of and for the nine months	Hotel			Real Estate			Investment
ended March 31, 2020	Operations			Operations			Transactions			Corporate			Total
Revenues	$	41,589,000		$	237,000		$	-		$	-		$	41,826,000
Segment operating expenses		(33,138,000	)		(135,000	)		-			(1,050,000	)		(34,323,000	)
Segment income (loss)		8,451,000			102,000			-			(1,050,000	)		7,503,000
Interest expense - mortgage and related party		(5,541,000	)		(72,000	)		-			-			(5,613,000	)
Depreciation and amortization expense		(1,725,000	)		(82,000	)		-			-			(1,807,000	)
Loss from investments		-			-			(943,000	)		-			(943,000	)
Income tax benefit		-			-			-			244,000			244,000
Net income (loss)	$	1,185,000		$	(52,000	)	$	(943,000	)	$	(806,000	)	$	(616,000	)
Total assets	$	54,284,000		$	4,786,000		$	756,000		$	7,534,000		$	67,360,000

As of and for the nine months	Hotel			Real Estate			Investment
ended March 31, 2019	Operations			Operations			Transactions			Corporate			Total
Revenues	$	45,276,000		$	242,000		$	-		$	-		$	45,518,000
Segment operating expenses		(33,424,000	)		(170,000	)		-			(843,000	)		(34,437,000	)
Segment income (loss)		11,852,000			72,000			-			(843,000	)		11,081,000
Interest expense - mortgage and related party		(5,733,000	)		(204,000	)		-			-			(5,937,000	)
Loss on disposal of assets		(398,000	)		-			-			-			(398,000	)
Depreciation and amortization expense		(1,820,000	)		(82,000	)		-			-			(1,902,000	)
Loss from investments		-			-			(632,000	)		-			(632,000	)
Income tax expense		-			-			-			(769,000	)		(769,000	)
Net income (loss)	$	3,901,000		$	(214,000	)	$	(632,000	)	$	(1,612,000	)	$	1,443,000