v3.22.2.2
INVESTMENT IN HOTEL, NET
 3 Months Ended
Sep. 30, 2022
Real Estate [Abstract]  
INVESTMENT IN HOTEL, NET

NOTE 4 – INVESTMENT IN HOTEL, NET

 

Investment in hotel consisted of the following as of:

 

       Accumulated   Net Book 
September 30, 2022  Cost   Depreciation   Value 
             
Land  $1,124,000   $-   $1,124,000 
Finance lease ROU assets   1,805,000    (1,002,000)   803,000 
Furniture and equipment   34,492,000    (28,793,000)   5,699,000 
Building and improvements   56,274,000    (31,665,000)   24,609,000 
Investment in Hotel, net  $93,695,000   $(61,460,000)  $32,235,000 

 

       Accumulated   Net Book 
June 30, 2022  Cost   Depreciation   Value 
             
Land  $1,124,000   $-   $1,124,000 
Finance lease ROU assets   1,805,000    (922,000)   883,000 
Furniture and equipment   32,860,000    (28,567,000)   4,293,000 
Building and improvements   56,274,000    (31,344,000)   24,930,000 
Investment in Hotel, net  $92,063,000   $(60,833,000)  $31,230,000 

 

Finance lease ROU assets, furniture and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 3 to 7 years and amortized over the life of the lease. Building and improvements are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 15 to 39 years. Depreciation expense for the three months ended September 30, 2022 and 2021 are $627,000 and $529,000, respectively.