v3.26.3
INVESTMENT IN HOTEL, NET
 12 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
INVESTMENT IN HOTEL, NET

NOTE 4 – INVESTMENT IN HOTEL, NET

 

Investment in Hotel, net, consisted of the following:

 

       Accumulated   Net Book 
June 30, 2026  Cost   Depreciation   Value 
             
Land  $1,124,000   $-   $1,124,000 
Finance lease right-of-use assets   1,805,000    (1,777,000)   28,000 
Furniture and equipment   41,431,000    (35,142,000)   6,289,000 
Building and improvements   62,099,000    (37,198,000)   24,901,000 
Investment in Hotel, net  $106,459,000   $(74,117,000)  $32,342,000 

 

       Accumulated   Net Book 
June 30, 2025  Cost   Depreciation   Value 
             
Land  $1,124,000   $-   $1,124,000 
Finance lease right-of-use 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 

 

Furniture and equipment are depreciated on a straight-line basis over estimated useful lives ranging from 3 to 7 years. Building and improvements are depreciated on a straight-line basis over estimated useful lives ranging from 15 to 39 years. Finance lease right-of-use assets are amortized over the applicable lease term.

 

Depreciation and amortization expense related to the Hotel was $3,640,000 and $3,534,000 for the years ended June 30, 2026 and 2025, respectively.