v3.25.2
INVESTMENT IN HOTEL, NET
 12 Months Ended
Jun. 30, 2025
Investment In Hotel Net  
INVESTMENT IN HOTEL, NET

NOTE 4 – INVESTMENT IN HOTEL, NET

 

Investment in Hotel consisted of the following as of:

 

       Accumulated   Net Book 
June 30, 2025  Cost   Depreciation   Value 
             
Land  $1,124,000   $-   $1,124,000 
Finance lease ROU assets   1,805,000    (1,665,000)   140,000 
Furniture and equipment   41,195,000    (33,248,000)   7,947,000 
Building and improvements   60,136,000    (35,564,000)   24,572,000 
Investment in Hotel, net  $104,260,000   $(70,477,000)  $33,783,000 

 

       Accumulated   Net Book 
June 30, 2024  Cost   Depreciation   Value 
             
Land  $1,124,000   $-   $1,124,000 
Finance lease ROU assets   1,805,000    (1,521,000)   284,000 
Furniture and equipment   40,310,000    (31,396,000)   8,914,000 
Building and improvements   58,769,000    (34,026,000)   24,743,000 
Investment in Hotel, net  $102,008,000   $(66,943,000)  $35,065,000 

 

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, or amortized over the life of the lease, as applicable. Building and improvements are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 15 to 39 years.

 

Depreciation and amortization expense for the year ended June 30, 2025, and 2024 was $3,534,000 and $3,394,000, respectively.

 

There have been no material changes to these balances or related accounting policies during the periods presented.