Segment Information

6 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

NOTE 10 – 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 six months ended December 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 ended December 31, 2020	Hotel Operations			Real Estate Operations			Investment Transactions			Corporate			Total
Revenues	$	3,109,000		$	12,000		$	-		$	-		$	3,121,000
Segment operating expenses		(5,133,000	)		(5,000	)		-			(258,000	)		(5,396,000	)
Segment income (loss)		(2,024,000	)		7,000			-			(258,000	)		(2,275,000	)
Interest expense - mortgage		(1,791,000	)		(1,000	)		-			-			(1,792,000	)
Gain on sale of real estate					901,000									901,000
Depreciation and amortization expense		(557,000	)		(1,000	)		-			-			(558,000	)
Loss from investments		-			-			(7,000	)		-			(7,000	)
Income tax benefit		-			-			-			1,210,000			1,210,000
Net income (loss)	$	(4,372,000	)	$	906,000		$	(7,000	)	$	952,000		$	(2,521,000	)
Total assets	$	42,641,000		$	980,000		$	749,000		$	16,913,000		$	61,283,000

For the three months ended December 31, 2019	Hotel Operations			Real Estate Operations			Investment Transactions			Corporate			Total
Revenues	$	14,901,000		$	79,000		$	-		$	-		$	14,980,000
Segment operating expenses		(11,730,000	)		(48,000	)		-			(286,000	)		(12,064,000	)
Segment income (loss)		3,171,000			31,000			-			(286,000	)		2,916,000
Interest expense - mortgage		(1,825,000	)		(19,000	)		-			-			(1,844,000	)
Depreciation and amortization expense		(586,000	)		(27,000	)		-			-			(613,000	)
Loss from investments		-			-			(97,000	)		-			(97,000	)
Income tax expense		-			-			-			(95,000	)		(95,000	)
Net income (loss)	$	760,000		$	(15,000	)	$	(97,000	)	$	(381,000	)	$	267,000

As of and for the six months ended December 31, 2020	Hotel Operations			Real Estate Operations			Investment Transactions		Corporate			Total
Revenues	$	6,534,000		$	64,000		$	-	$	-		$	6,598,000
Segment operating expenses		(10,166,000	)		(40,000	)		-		(1,196,000	)		(11,402,000	)
Segment income (loss)		(3,632,000	)		24,000			-		(1,196,000	)		(4,804,000	)
Interest expense - mortgage		(3,582,000	)		(18,000	)		-		-			(3,600,000	)
Gain on sale of real estate					12,944,000								12,944,000
Depreciation and amortization expense		(1,111,000	)		(21,000	)		-		-			(1,132,000	)
Income from investments		-			-			31,000		-			31,000
Income tax expense		-			-			-		(872,000	)		(872,000	)
Net income (loss)	$	(8,325,000	)	$	12,929,000		$	31,000	$	(2,068,000	)	$	2,567,000
Total assets	$	42,641,000		$	980,000		$	749,000	$	16,913,000		$	61,283,000

For the six months ended December 31, 2019	Hotel Operations			Real Estate Operations			Investment Transactions			Corporate			Total
Revenues	$	30,330,000		$	158,000		$	-		$	-		$	30,488,000
Segment operating expenses		(23,078,000	)		(82,000	)		-			(610,000	)		(23,770,000	)
Segment income (loss)		7,252,000			76,000			-			(610,000	)		6,718,000
Interest expense - mortgage		(3,748,000	)		(44,000	)		-			-			(3,792,000	)
Depreciation and amortization expense		(1,154,000	)		(55,000	)		-			-			(1,209,000	)
Loss from investments		-			-			(401,000	)		-			(401,000	)
Income tax expense		-			-			-			(338,000	)		(338,000	)
Net income (loss)	$	2,350,000		$	(23,000	)	$	(401,000	)	$	(948,000	)	$	978,000