| SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT |
Hotel
Operations includes the operations of the Hotel and its five-level parking garage. The following tables present the Company’s reportable
segment information for the years ended June 30, 2026 and 2025.
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| As of and for the year | |
Hotel | | |
Investment | | |
| | |
| |
| ended June
30, 2026 | |
Operations | | |
Transactions | | |
Other | | |
Total | |
| Revenues | |
$ | 55,797,000 | | |
$ | - | | |
$ | - | | |
$ | 55,797,000 | |
| Operating expenses | |
| (38,265,000 | ) | |
| - | | |
| - | | |
| (38,265,000 | ) |
| Utilities | |
| (1,900,000 | ) | |
| - | | |
| - | | |
| (1,900,000 | ) |
| Real estate taxes | |
| (2,159,000 | ) | |
| - | | |
| - | | |
| (2,159,000 | ) |
| Insurance | |
| (949,000 | ) | |
| - | | |
| - | | |
| (949,000 | ) |
| General and administrative | |
| - | | |
| - | | |
| (1,095,000 | ) | |
| (1,095,000 | ) |
| Segment income (loss) | |
| 12,524,000 | | |
| - | | |
| (1,095,000 | ) | |
| 11,429,000 | |
| Interest expense - mortgage | |
| (9,686,000 | ) | |
| - | | |
| - | | |
| (9,686,000 | ) |
| Interest expense – related party | |
| (3,437,000 | ) | |
| - | | |
| - | | |
| (3,437,000 | ) |
| Gain on extinguishment of debt | |
| - | | |
| | | |
| | | |
| - | |
| Depreciation and amortization expense | |
| (3,640,000 | ) | |
| - | | |
| - | | |
| (3,640,000 | ) |
| Loss from investments | |
| - | | |
| (79,000 | ) | |
| - | | |
| (79,000 | ) |
| Income tax expense | |
| - | | |
| - | | |
| (1,000 | ) | |
| (1,000 | ) |
| Net loss | |
$ | (4,239,000 | ) | |
$ | (79,000 | ) | |
$ | (1,096,000 | ) | |
$ | (5,414,000 | ) |
| Total assets | |
$ | 46,548,000 | | |
$ | 200,000 | | |
$ | 187,000 | | |
$ | 46,935,000 | |
| 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 | |
|