| SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT |
Information
below represents the Company’s reportable segments for the years ended June 30, 2025 and 2024, respectively. Segment loss from
Hotel Operations includes the results of the Hotel and its five-level parking garage. Loss from Investments Transactions include net
investment gain (loss), dividend and interest income, and investment-related expenses.
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| As of and for the year | |
Hotel | | |
Investment | | |
| | |
| |
| ended June
30, 2025 | |
Operations | | |
Transactions | | |
Other | | |
Total | |
| Revenues | |
$ | 46,363,000 | | |
$ | - | | |
$ | - | | |
$ | 46,363,000 | |
| Operating expenses | |
| (31,593,000 | ) | |
| - | | |
| - | | |
| (31,593,000 | ) |
| Utilities | |
| (3,210,000 | ) | |
| - | | |
| - | | |
| (3,210,000 | ) |
| Real estate taxes | |
| (1,912,000 | ) | |
| - | | |
| - | | |
| (1,912,000 | ) |
| Insurance | |
| (916,000 | ) | |
| - | | |
| - | | |
| (916,000 | ) |
| General and administrative | |
| - | | |
| - | | |
| (1,327,000 | ) | |
| (1,327,000 | ) |
| Segment income (loss) | |
| 8,732,000 | | |
| - | | |
| (1,327,000 | ) | |
| 7,405,000 | |
| Interest expense - mortgage | |
| (10,680,000 | ) | |
| - | | |
| - | | |
| (10,680,000 | ) |
| Interest expense – related party | |
| (3,570,000 | ) | |
| - | | |
| - | | |
| (3,570,000 | ) |
| Gain on extinguishment of debt | |
| 1,416,000 | | |
| | | |
| | | |
| 1,416,000 | |
| Depreciation and amortization expense | |
| (3,534,000 | ) | |
| - | | |
| - | | |
| (3,534,000 | ) |
| Loss from investments | |
| - | | |
| (146,000 | ) | |
| - | | |
| (146,000 | ) |
| Income tax expense | |
| - | | |
| - | | |
| (1,000 | ) | |
| (1,000 | ) |
| Net loss | |
$ | (7,636,000 | ) | |
$ | (146,000 | ) | |
$ | (1,328,000 | ) | |
$ | (9,110,000 | ) |
| Total assets | |
$ | 46,621,000 | | |
$ | 127,000 | | |
$ | 172,000 | | |
$ | 46,920,000 | |
| As of and for the year | |
Hotel | | |
Investment | | |
| | |
| |
| ended June
30, 2024 | |
Operations | | |
Transactions | | |
Other | | |
Total | |
| Revenues | |
$ | 41,886,000 | | |
$ | - | | |
$ | - | | |
$ | 41,886,000 | |
| Operating expenses | |
| (30,363,000 | ) | |
| - | | |
| - | | |
| (30,363,000 | ) |
| Utilities | |
| (3,069,000 | ) | |
| - | | |
| - | | |
| (3,069,000 | ) |
| Real estate taxes | |
| (1,906,000 | ) | |
| - | | |
| - | | |
| (1,906,000 | ) |
| Insurance | |
| (801,000 | ) | |
| - | | |
| - | | |
| (801,000 | ) |
| General and administrative | |
| - | | |
| - | | |
| (1,682,000 | ) | |
| (1,682,000 | ) |
| Segment income (loss) | |
| 5,747,000 | | |
| - | | |
| (1,682,000 | ) | |
| 4,065,000 | |
| Interest expense – mortgage | |
| (9,407,000 | ) | |
| - | | |
| - | | |
| (9,407,000 | ) |
| Interest expense – related party | |
| (2,369,000 | ) | |
| - | | |
| - | | |
| (2,369,000 | ) |
| Depreciation and amortization expense | |
| (3,394,000 | ) | |
| - | | |
| - | | |
| (3,394,000 | ) |
| Loss from investments | |
| - | | |
| (269,000 | ) | |
| - | | |
| (269,000 | ) |
| Income tax expense | |
| - | | |
| - | | |
| (1,000 | ) | |
| (1,000 | ) |
| Net loss | |
$ | (9,423,000 | ) | |
$ | (269,000 | ) | |
$ | (1,683,000 | ) | |
$ | (11,375,000 | ) |
| Total assets | |
$ | 40,858,000 | | |
$ | 209,000 | | |
$ | 335,000 | | |
$ | 41,402,000 | |
|