LuxUrban Hotels (LUXH) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-41473
Entity Registrant Name	LUXURBAN HOTELS INC.
Entity Central Index Key	0001893311
Entity Tax Identification Number	82-3334945
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2125 Biscayne Blvd
Entity Address, Address Line Two	Suite 253
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33137
City Area Code	(833)
Local Phone Number	723-7368
Title of 12(b) Security	Common stock, $0.00001 par value per share
Trading Symbol	LUXH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,696,591

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 3,777,678	$ 1,076,402
Treasury Bills		2,661,382
Processor Retained Funds	6,911,532	6,734,220
Channel Retained Funds and Receivables from On-Line Travel Agents (“OTAs”)	5,863,561
Prepaid Expenses and Other Current Assets	1,846,433	963,300
Security Deposits - Current	112,290	112,290
Total Current Assets	18,511,494	11,547,594
Other Assets
Furniture, Equipment and Leasehold Improvements, Net	564,053	197,129
Restricted Cash	1,100,000	1,100,000
Security Deposits - Noncurrent	19,366,130	11,233,385
Prepaid Expenses and Other Noncurrent Assets	559,838	559,838
Operating Lease Right-Of-Use Assets, Net	177,480,671	83,325,075
Total Other Assets	199,070,692	96,415,427
Total Assets	217,582,186	107,963,021
Current Liabilities
Accounts Payable and Accrued Expenses	6,581,745	6,252,491
Rents Received in Advance	3,092,972	2,566,504
Short Term Business Financing	1,706,836	2,003,015
Loans Payable - Current	1,456,187	10,324,519
Operating Lease Liabilities - Current	6,020,163	4,293,085
Accrued Income Taxes	2,015,200
Total Current Liabilities	20,873,103	25,439,614
Long-Term Liabilities
Loans Payable - Noncurrent	1,448,829	1,689,193
Security Deposit Letter of Credit	3,500,000	2,500,000
Operating Lease Liabilities - Noncurrent	178,312,362	81,626,338
Total Long-Term Liabilities	183,261,191	85,815,531
Total Liabilities	204,134,294	111,255,145
Stockholders’ Equity (Deficit)
Common Stock (shares authorized, issued and outstanding - 35,136,591 and 27,691,918, respectively)	351	276
Additional Paid In Capital	64,021,728	17,726,592
Accumulated Deficit	(50,574,187)	(21,018,992)
Total Stockholders’ Equity (Deficit)	13,447,892	(3,292,124)
Total Liabilities and Stockholders’ Equity (Deficit)	$ 217,582,186	$ 107,963,021

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares authorized	35,136,591	27,691,918
Common stock, shares issued	35,136,591	27,691,918
Common stock, shares outstanding	35,136,591	27,691,918

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net Rental Revenue	$ 31,861,098	$ 10,201,338	$ 54,675,273	$ 19,300,763
Rent Expense	4,844,114	2,133,569	10,265,981	4,584,547
Non-Cash Rent Expense Amortization	2,583,272	1,115,180	4,234,941	1,202,902
Other Expenses	14,254,698	4,095,971	24,633,463	8,143,433
Total Cost of Revenue	21,682,084	7,344,720	39,134,385	13,930,882
Gross Profit	10,179,014	2,856,618	15,540,888	5,369,881
General and Administrative Expenses	4,417,237	885,621	7,159,823	1,865,227
Non-Cash Issuance of Common Stock for Operating Expenses	784,314		1,669,130
Non-Cash Stock Compensation Expense			429,996
Non-Cash Stock Option Expense	204,814		372,387
Total Operating Expenses	5,406,365	885,621	9,631,336	1,865,227
Income from Operations	4,772,649	1,970,997	5,909,552	3,504,654
Other Income (Expense)
Other Income	58,370	137,154	98,248	587,067
Cash Interest and Financing Costs	(1,189,901)	(595,742)	(3,320,506)	(1,159,879)
Non-Cash Financing Costs	(28,522,740)		(30,227,289)
Total Other Expense	(29,654,271)	(458,588)	(33,449,547)	(572,812)
(Loss) Income Before Provision for Income Taxes	(24,881,622)	1,512,409	(27,539,995)	2,931,842
Provision for Income Taxes	1,893,039	750,000	2,015,200	750,000
Net (Loss) Income	$ (26,774,661)	$ 762,409	$ (29,555,195)	$ 2,181,842
Basic (Loss) Income Per Common Share	$ (0.78)	$ 0.04	$ 0.94	$ 0.10
Diluted (Loss) Income Per Common Share	$ (0.78)	$ 0.04	$ 0.94	$ 0.10
Basic Weighted Average Number of Common Shares Outstanding	34,291,045	21,675,001	31,490,759	21,315,747
Diluted Weighted Average Number of Common Shares Outstanding	34,291,045	21,675,001	31,490,759	21,315,747

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($)	Common Stock [Member]	Stockholder Member Deficit [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance - March 31, 2022 at Dec. 31, 2021		$ (11,214,050)			$ (11,214,050)
Beginning balance, shares at Dec. 31, 2021
Cumulative effect changes in accounting principle		(414,373)			(414,373)
Conversion to C Corp	$ 216	11,628,423		(11,628,639)
Conversion to C Corp, shares	21,675,001
Net Income				1,419,433	1,419,433
Balance - June 30, 2022 at Mar. 31, 2022	$ 216			(10,209,206)	(10,208,990)
Ending balance, shares at Mar. 31, 2022	21,675,001
Net Income				762,409	762,409
Balance - June 30, 2022 at Jun. 30, 2022	$ 216			(9,446,797)	(9,446,581)
Ending balance, shares at Jun. 30, 2022	21,675,001
Balance - March 31, 2022 at Dec. 31, 2022	$ 276		17,726,592	(21,018,992)	(3,292,124)
Beginning balance, shares at Dec. 31, 2022	27,691,918
Net Income				(2,780,534)	(2,780,534)
Non-Cash Stock Compensation Expense	$ 2		429,994		429,996
Non-Cash Stock Compensation Expense, shares	166,665
Non-Cash Option Compensation Expense			167,573		167,573
Issuance of Shares for Operating Expenses	$ 4		884,812		884,816
Non-Cash Issuance of Shares for Operating Expenses, shares	433,881
Conversion of Loans	$ 9		2,699,991		2,700,000
Conversion of Loans, shares	900,000
Warrant Exercise	$ 2		399,998		400,000
Warrant Exercise, shares	200,000
Loss on Debt Extinguishment			58,579		58,579
Balance - June 30, 2022 at Mar. 31, 2023	$ 293		22,367,539	(23,799,526)	(1,431,694)
Ending balance, shares at Mar. 31, 2023	29,392,464
Net Income				(26,774,661)	(26,774,661)
Non-Cash Stock Option Expense			204,814		204,814
Conversion of Loans	$ 23		4,989,607		4,989,630
Conversion of Loans, shares	2,278,975
Issuance of Shares for Operating Expenses	$ 2		784,311		784,313
Issuance of Shares for Operating Expenses, shares	276,525
Warrant Exercise	$ 24		4,912,478		4,912,502
Warrant Exercise, shares	2,356,251
Issuance of Shares to Satisfy Loans	$ 1		157,999		158,000
Issuance of Shares to Satisfy Loans, shares	58,088
Issuance of Shares for Deferred Compensation	$ 2		467,214		467,216
Issuance of Shares for Deferred Compensation, shares	160,036
Issuance of Shares for Revenue Share Agreements	$ 6		1,704,543		1,704,549
Issuance of Shares for Revenue Share Agreements, shares	614,252
Termination of Revenue Share Agreement Adjustment			28,174,148		28,174,148
Modification of Warrants			259,075		259,075
Balance - June 30, 2022 at Jun. 30, 2023	$ 351		$ 64,021,728	$ (50,574,187)	$ 13,447,892
Ending balance, shares at Jun. 30, 2023	35,136,591

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net (Loss) Income	$ (29,555,195)	$ 2,181,842
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Non-cash stock compensation expense	897,212
Non-cash stock option expense	372,387
Depreciation expense	31,847	2,556
Shares issued for operating expenses	1,669,130
Non-cash lease expense	13,752,266	5,787,499
Gain on sale of Treasury Bills	(31,014)
Issuance of Shares for Revenue Share Agreement	1,704,549
Termination of Revenue Share Agreement	28,174,148
Modification of Warrants	259,074
Non-cash Financing Changes Associated with Short Term Business Financing	146,682
Loss on Debt Extinguishment	58,579
(Increase) Decrease in:
Processor retained funds	(177,312)	(4,559,391)
Channel retained funds and receivables from OTAs	(5,863,561)
Prepaid expense and other assets	(883,133)	(346,272)
Security deposits	(8,132,745)	(2,731,000)
(Decrease) Increase in:
Accounts payable and accrued expenses	329,254	1,091,687
Operating lease liabilities	(9,494,760)	(5,535,782)
Rents received in advance	526,468	2,251,152
Accrued Income Taxes	2,015,200	750,000
Net cash used in operating activities	(4,200,924)	(1,107,709)
Cash Flows from Investing Activities
Purchase of Furniture and Equipment and Leaseholds	(398,771)
Proceeds from the sale of Treasury Bills	2,692,396
Net cash provided by investing activities	2,293,625
Cash Flows from Financing Activities
Deferred offering costs - net		(462,546)
Repayments of short term business financing - net	(442,861)	(810,519)
Warrant Exercises	5,312,502
(Repayments of) proceeds from loans payable - net	(261,066)	2,374,332
Net cash provided by financing activities	4,608,575	1,101,267
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	2,701,276	(6,442)
Cash and Cash Equivalents and Restricted Cash - beginning of the period	2,176,402	1,106,998
Cash and Cash Equivalents and Restricted Cash - end of the period	4,877,678	1,100,556
Cash and Cash Equivalents	3,777,678	556
Restricted Cash	1,100,000	1,100,000
Total Cash and Cash Equivalents and Restricted Cash	4,877,678	1,100,556
Supplemental Disclosures of Cash Flow Information
Cash paid for income taxes
Cash paid for interest	1,292,268	1,010,688
Noncash operating activities:
Acquisition of New Operating Lease Right-of-Use Assets	99,044,656
Noncash financing activities:
Conversion of debt to common stock and additional paid-in capital	$ 7,847,630

DESCRIPTION OF BUSINESS AND PRI

DESCRIPTION OF BUSINESS AND PRINCIPLES OF CONSOLIDATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND PRINCIPLES OF CONSOLIDATION	1 - DESCRIPTION OF BUSINESS AND PRINCIPLES OF CONSOLIDATION LuxUrban Hotels Inc. (“LUXH” or the “Company”) utilizes an asset light business model to lease entire hotels on a long-term basis and rent out hotel rooms in the properties it leases. The Company currently manages a portfolio of hotel rooms in New York, Washington D.C., Miami Beach, New Orleans and Los Angeles. In late 2021, LUXH commenced the process of winding down its legacy business of leasing and re-leasing multifamily residential units, as it pivoted toward its new strategy of leasing hotels. The consolidated financial statements include the accounts of LuxUrban Hotels Inc. (“LuxUrban”) and its wholly owned subsidiary SoBeNY Partners LLC (“SoBeNY”). On November 2, 2022, CorpHousing Group Inc. (“CorpHousing”) changed its name to LuxUrban Hotels Inc. In June 2021, the members of SoBeNY exchanged all of their membership interests for additional membership interests in Corphousing LLC, with SoBeNY becoming a wholly owned subsidiary of Corphousing LLC. Both entities were under common control at the time of the transaction. Since there was no change in control over the net assets, there is no change in basis in the net assets. In January 2022, Corphousing LLC and its wholly owned subsidiary, SoBeNY, converted into C corporations, with the then current members of Corphousing LLC becoming the stockholders of the newly formed C corporation, CorpHousing Group Inc. The conversion has no effect on our business or operations and was undertaken to convert the forms of these legal entities into corporations for purposes of operating as a public company. All properties, rights, businesses, operations, duties, obligations and liabilities of the predecessor limited liability companies remain those of CorpHousing Group Inc. and SoBeNY Partners Inc. All significant intercompany accounts and transactions have been eliminated in consolidation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation b. Revenue Recognition The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606 which was adopted at the beginning of fiscal year 2018 using the modified retrospective method. The Company did not recognize any cumulative-effect adjustment to retained earnings upon adoption as the effect was immaterial. Payment received for the future use of a rental unit is recognized as a liability and reported as rents received in advance on the balance sheets. Rents received in advance are recognized as revenue after the rental unit is occupied by the customer for the agreed upon length of time. The rents received in advance balance as of June 30, 2023 and December 31, 2022, was $ 3,092,972 2,566,504 c. Use of Estimates d. Cash and Cash Equivalents 3,777,678 1,076,402 e. Fair Value of Financial Instruments f. Commissions 1,482,609 4,556,142 1,393,128 2,690,298 g. Income Taxes Accounting for Uncertainty in Income Taxes, The Company is subject to income taxes in the jurisdictions in which it operates. The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carry-forwards. A valuation allowance is recorded for deferred tax assets if it is more likely than not that the deferred tax assets will not be realized. For the three and six months ended June 30, 2023, the Company recorded a tax provision of $ 1,893,039 2,015,200 750,000 750,000 h. Sales Tax 523,220 229,371 i. Paycheck Protection Program Loan (“PPP”) j. Earnings Per Share (“EPS”) k. Liquidity — 26,774,661 29,555,195 2,361,609 6,020,163 3,658,554

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases
LEASES	3 - LEASES In February 2017, the FASB issued ASU No. 2016-02, Leases (“Topic 842”), to provide guidance on recognizing lease assets and lease liabilities on the consolidated balance sheet and disclosing key information about lease arrangements, specifically differentiating between different types of leases. The Company adopted Topic 842, with an effective date of January 1, 2022. The consolidated financial statements from this date are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with the Company’s historical accounting policy. This standard requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. Under Topic 842, the Company applied a dual approach to all leases whereby the Company is a lessee and classifies leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the Company. Lease classification is evaluated at the inception of the lease agreement. Regardless of classification, the Company records a right-of-use asset and a lease liability for all leases with a term greater than 12 months. Operating lease expense is recognized on a straight-line basis over the term of the lease. Operating right of use (“ROU”) assets and operating lease liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating right of use assets represent our right to use an underlying asset and is based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. The adoption of the new lease standard had a significant impact on the Consolidated Balance Sheets, resulting in the recognition on January 1, 2022 a right-of-use asset of $ 36,304,289 7,370,890 29,884,584 414,373 The components of the right-of-use assets and lease liabilities as of June 30, 2023 and December 31, 2022 were as follows: At June 30, 2023 and December 31, 2022, supplemental balance sheet information related to leases were as follows: Schedule of supplemental balance sheet information related to leases June 30, December 31, Operating lease right of use assets, net $ 177,480,671 $ 83,325,075 Operating lease liabilities, current portion $ 6,020,163 $ 4,293,085 Operating lease liabilities, net of current portion $ 178,312,362 $ 81,626,338 At June 30 2023, future minimum lease payments under the non-cancelable operating leases are as follows: Schedule of future minimum lease payments under the non-cancelable operating leases Twelve Months Ending June 30, 2024 $ 24,876,852 2025 25,952,395 2026 26,668,314 2027 24,584,479 2028 23,318,299 Thereafter 229,191,543 Total lease payment $ 354,591,882 Less interest (170,259,357 ) Present value obligation 184,332,525 Short-term liability 6,020,163 Long-term liability 178,312,362 The following summarizes other supplemental information about the Company’s operating lease: Schedule of other supplemental information related to operating lease June 30, 2023 Weighted average discount rate 10.5 % Weighted average remaining lease term (years) 16.6 Three Months Ended 2023 Six Months Ended Operating lease cost $ 7,295,880 $ 13,752,266 Short-term lease cost $ 131,506 $ 748,656 Total lease cost $ 7,427,386 $ 14,500,922

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued expenses totaled $ 6,581,745 6,252,492 1,405,000 975,000 847,000 347,000 265,000 857,000 890,000 289,000 302,000 269,000 136,000 1,570,000 1,002,000 805,000 572,000 507,000 495,000 371,000 104,000 268,000 265,000 135,000 158,000 2,015,200 no Of the legal amounts accrued, the company believes the accrual best estimates the most likely outcomes of these matters however the range of outcomes could be between $900,000–$1,500,000.

LOANS PAYABLE _ SBA _ PPP LOAN

LOANS PAYABLE — SBA — PPP LOAN	6 Months Ended
	Jun. 30, 2023
Loans Payable Sba Ppp Loan
LOANS PAYABLE — SBA — PPP LOAN	5 - LOANS PAYABLE — SBA — PPP LOAN On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to provide emergency assistance for individuals, families, and organizations affected by the coronavirus pandemic. The PPP, created through the CARES Act, provides qualified organizations with loans of up to $ 10,000,000 In April and May 2020, SoBeNY and CorpHousing obtained funding of $ 516,225 298,958 15,932 1.00% Accrued interest at June 30, 2023 and December 31, 2022, was $ 747 5,571 Future minimum principal repayments of the SBA — PPP loans payable are as follows: Schedule of future minimum principal repayments of the SBA, PPP loans payable For the Twelve Months Ending June 30, 2024 $ 276,658

LOANS PAYABLE _ SBA _ EIDL LOAN

LOANS PAYABLE — SBA — EIDL LOAN	6 Months Ended
	Jun. 30, 2023
Loans Payable Sba Eidl Loan
LOANS PAYABLE — SBA — EIDL LOAN	6 - LOANS PAYABLE — SBA — EIDL LOAN During 2020, the Company received three 3 30 3.75% no On April 21, 2020, SoBeNY received an EIDL loan in the amount of $ 500,000 3.75% 2,437 150,000 3.75% 731 150,000 3.75% 731 The outstanding balance at June 30, 2023 and December 31, 2022, was $ 794,134 800,000 Accrued interest at June 30, 2023 was $ 27,644 Future minimum principal repayments of the SBA — EIDL loans payable are as follows: Schedule of future minimum principal repayments of the SBA,EIDL loans payable For the Twelve Months Ending June 30, 2024 $ 17,000 2025 15,106 2026 15,682 2027 16,280 2028 16,902 Thereafter 713,164 Total $ 794,134

SHORT-TERM BUSINESS FINANCING

SHORT-TERM BUSINESS FINANCING	6 Months Ended
	Jun. 30, 2023
Short-term Business Financing
SHORT-TERM BUSINESS FINANCING	7 - SHORT-TERM BUSINESS FINANCING The Company entered into multiple short-term factoring agreements related to future credit card receipts to fund operations. The Company is required to repay this financing in fixed daily payments until the balance is repaid. Fees associated with this financing have been recognized in interest expense in the accompanying consolidated statement of operations. As of June 30, 2023 and December 31, 2022, the outstanding balance on these merchant cash advances net of unamortized costs was $ 1,706,836 2,003,015

LOANS PAYABLE

LOANS PAYABLE	6 Months Ended
	Jun. 30, 2023
Loans Payable
LOANS PAYABLE	8 - LOANS PAYABLE Loans payable consist of the following as of: Schedule of loans payable June 30, 2023 December 31, 2022 Original borrowings of $ 250,000 1% no - 210,500 Original payable of $ 151,096 252,954 1,500 404,050 365,020 392,044 Original payable of $ 553,175 72,237 25,000 625,412 400,000 450,000 Original payable of $ 492,180 620,804 25,000 1,112,984 865,618 865,618 Borrowings of $ 9,075,000 638,388 5% no - 8,275,040 Original borrowings of $ 60,000 1% no 60,000 60,000 Original amounts due of $ 195,000 10,000 25,000 20,000 65,000 Original borrowing of $ 119,224 14,903 - 119,224 Other borrowing 28,610 225,929 Less: Current maturities 1,162,529 7,261,723 $ 576,720 $ 3,401,632 Future minimum principal repayments of the loans payable are as follows: Schedule of future minimum principal repayments of the loans payable For the Twelve Months Ending June 30, 2024 $ 1,162,529 2025 576,720 Loans payable $ 1,739,249

LOANS PAYABLE _ RELATED PARTIES

LOANS PAYABLE — RELATED PARTIES	6 Months Ended
	Jun. 30, 2023
Loans Payable Related Parties
LOANS PAYABLE — RELATED PARTIES	9 - LOANS PAYABLE — RELATED PARTIES Loans payable — related parties consists of the following: Schedule of loans payable, related parties June 30, December 31, 2023 2022 Original borrowings of $ 496,500 6% $ - $ 238,000 Less - 238,000 $ - $ - In May of 2023, the company issued 58,088

CONVERTIBLE NOTES

CONVERTIBLE NOTES	6 Months Ended
	Jun. 30, 2023
Convertible Notes
CONVERTIBLE NOTES	10 - CONVERTIBLE NOTES On February 17, 2023, we entered into an exchange agreement with investors pursuant to which all principal, interest and prepayment premium outstanding under a nonconvertible 15% original issue discount (“OID”) note with private investors, which was exchanged for a convertible note in the principal amount of $ 2,079,686 August 17, 2023 58,579 808,000 none

LINE OF CREDIT

LINE OF CREDIT	6 Months Ended
	Jun. 30, 2023
Line Of Credit
LINE OF CREDIT	11 - LINE OF CREDIT In February 2019, the Company entered into a line of credit agreement in the amount of $ 95,000 8.25% 3.49% 94,975

SECURITY DEPOSIT LETTER OF CRED

SECURITY DEPOSIT LETTER OF CREDIT	6 Months Ended
	Jun. 30, 2023
Security Deposit Letter Of Credit
SECURITY DEPOSIT LETTER OF CREDIT	12 - SECURITY DEPOSIT LETTER OF CREDIT In November of 2022, the Company entered into a standby letter of credit agreement in the amount of $ 2,500,000 1,000,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13 - RELATED PARTY TRANSACTIONS Consulting services related to the management of the Company, including overseeing the leasing of additional units and revenue management, were provided to the Company through a consulting agreement with SuperLuxMia LLC, a consulting firm owned by the Chief Executive Officer and Chairman of the Company. For the three and six months ended June 30, 2023, these consulting fees of the Company were zero 0 0 192,000 general and administrative expenses On December 20, 2022, the Company, and our chairman and chief executive officer, Brian Ferdinand (“Ferdinand”), entered into a Note Extension and Conversion Agreement with Greenle Partners LLC Series Alpha PS (“Greenle Alpha”) and Greenle Partners LLC Series Beta P.S., a Delaware limited liability company (“Greenle Beta” and, together with Greenle Alpha, “Greenle”). Greenle was the purchaser of 15% OID senior secured notes (the “Notes”) and warrants to purchase our common stock (“Warrants”) under certain securities purchase agreements and loan agreements between us and Greenle, including the Securities Purchase Agreement dated as of September 30, 2022, as amended by the letter agreement dated October 20, 2022, and the Loan Agreement dated as of November 23, 2022. Under the terms of the Note Extension and Conversion Agreement, Greenle has agreed to convert from time to time up to $ 3,000,000 1,000,000 3.00 1,250,000 3,000,000 874,474

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
RISKS AND UNCERTAINTIES	14 - RISKS AND UNCERTAINTIES The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash. The Company places its cash with high quality credit institutions. At times, balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. All accounts at an insured depository institution are insured by the FDIC up to the standard maximum deposit insurance of $ 250,000

MAJOR SALES CHANNELS

MAJOR SALES CHANNELS	6 Months Ended
	Jun. 30, 2023
Major Sales Channels
MAJOR SALES CHANNELS	15 - MAJOR SALES CHANNELS The Company uses third-party sales channels to handle the reservations, collections, and other rental processes for most of the units. These sales channels represented over 90%

STOCK OPTIONS AND WARRANTS

STOCK OPTIONS AND WARRANTS	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCK OPTIONS AND WARRANTS	16 - STOCK OPTIONS AND WARRANTS Options During the six months ended June 30, 2023, the Company granted options to purchase an aggregate of 75,000 2.61 The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model using the assumptions noted as follows: expected volatility was based on the historical volatility of a peer group of companies; the expected term of options granted was determined using the simplified method under SAB 107, which represents the mid-point between the vesting term and the contractual term; and the risk-free rate is calculated using the U.S. Treasury yield curve and is based on the expected term of the option. The Black-Scholes option pricing model was used with the following weighted assumptions for options granted during the period: Schedule of Black-Scholes option pricing model was used with the following weighted assumptions for options granted Schedule of stock options and warrants assumptions June 30, Risk-free interest rate 0.52 4.92% Expected option life 6 48 Expected volatility 39.77 66.59% Expected dividend yield - Exercise price $ 1.40 4.00 The following table summarizes stock option activity for the three months ended June 30, 2023: Schedule of stock option activity Schedule of stock option activity Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 1,910,484 $ 2.55 9.8 $ - Granted 75,000 2.61 Exercised - - Expired - - Forfeited (259,158 ) 2.03 Outstanding at June 30, 2023 1,726,326 $ 2.63 9.2 $ 1,472,448 Exercisable at June 30, 2023 50,000 $ 3.05 4.9 $ 5,000 The Company is expensing these stock option awards on a straight-line basis over the requisite service period. The Company recognized stock option expense of $ 204,814 372,387 1,393,537 2.1 A summary of the status of the Company’s nonvested options as of June 30, 2023, is presented below: Nonvested options Schedule of status of non vested options Number of Weighted Nonvested options at December 31, 2022 1,910,484 $ 2.55 Granted 75,000 2.61 Forfeited (259,158 ) 2.03 Vested 50,000 3.05 Nonvested options at June 30, 2023 1,676,326 2.62 Warrants In connection with certain private placements funded by certain of our officers and directors prior to our initial public offering, we issued notes and warrants. The warrants were contingent upon, and became effective only upon, consummation of our initial public offering on August 11, 2022. In total, 695,000 of such warrants were issued to certain of our officers and directors with a weighted average exercise price of $ 4.20 . These warrants are exercisable for five 5 Also, in conjunction with the initial public offering, the Company issued 135,000 4.40 5 Also, in connection with certain private placements with a third-party investor, the Company issued 920,000 4.00 5 32,000 4.40 5 On September 16, September 30, and October 20, 2022 in conjunction with a financing with the same third-party investor, we issued 517,500 352,188 366,562 4.00 On February 15, 2023 in conjunction with an advisory agreement, we issued 250,000 4.00 On April 16, 2023 in conjunction with an agreement with certain lenders, we issued 1,000,000 warrants with an exercise price of $3.00 per share and 250,000 warrants with an exercise price of $4.00 per share. Under this agreement, these lenders would be forced to convert under trigger prices ranging between $3.00 per share - $4.00 per share. On June 19, 2023, we modified this agreement to convert all of related outstanding debt within two trading days in exchange for a reduction in the exercise price of these warrants from $3.00 or $4.00 per share to $2.50 per share. 259,074 The following table summarizes warrant activity for the six months ended June 30, 2023: Schedule of warrant activity Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 3,018,250 $ 2.64 4.8 $ - Issued 1,500,000 2.75 Exercised (2,556,250 ) 2.08 - Expired - - - Outstanding at June 30, 2023 1,962,000 $ 3.46 4.5 $ 552,500 Exercisable at June 30, 2023 1,712,000 $ 3.38 4.4 $ 552,500 During the six months ended June 30, 2023, 1,500,000

Revenue Share Exchange

Revenue Share Exchange	6 Months Ended
	Jun. 30, 2023
Revenue Share Exchange
Revenue Share Exchange	17 - Revenue Share Exchange Under the terms of agreements entered into with Greenle, we were obligated to make quarterly payments (each a “Revenue Share”) to Greenle based on certain percentages of the revenues generated by certain of our leased properties during the term of the applicable leases (including any extensions thereof). As previously reported, on February 13, 2023, the Company and Greenle entered into an agreement pursuant to which certain Revenue Share payments for 2023 were converted into an obligation to issue shares of our common stock to Greenle in the amounts prescribed therein (the “February 2023 Revenue Share Agreement”), with all future Revenue Share obligations accruing on and after January 1, 2024 remaining in place. On May 21, 2023, we entered into a further agreement with Greenle (the “May 2023 Revenue Share Exchange Agreement”) pursuant to which the right to receive any and all Revenue Share with respect to any property or operations of the Company has been terminated in its entirety for 2024 and forever thereafter, and Greenle shall not be entitled to receive any payment therefor (other than the remaining periodic share issuances and cash payments under the February 2023 Revenue Share Agreement, all of which shall be completed by January 1, 2024). In consideration for the termination of the Revenue Share for 2024 and thereafter, we agreed to issue to Greenle, from time to time, in each case, at Greenle’s election upon 61 days’ prior written notice delivered to us on and after September 1, 2023 and before August 31, 2028, up to an aggregate of 6,740,000 shares of our common stock (the “Agreement Shares”). As a result of this transaction, we recorded interest expense of $ 28,174,148

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18 - SUBSEQUENT EVENTS Warrant Exercises On July 5, 2023 and July 11, 2023, Greenle exercised its right to purchase an aggregate of 160,000 and 400,000 shares, respectively, of the Company’s common stock at an exercise price of $ 2.50 per share pursuant to rights underlying certain of its warrants that were issued pursuant to the April 2023 Letter Agreement. In connection with such exercise, the Company received aggregate gross proceeds of $ 1,400,000 . Wyndham Transaction On August 2, 2023, the Company entered into several agreements, including seventeen franchise agreements (each, a “Franchise Agreement”), with certain affiliates of Wyndham Hotels & Resorts, Inc. (collectively, “Wyndham”) pursuant to which the following hotels operated by the Company (the “Initial Properties”) will become part of the Trademark Collection® by Wyndham and Travelodge by Wyndham brands while staying under the operational control of the Company: Summary of Hotel Hotel Name Location Number of Rooms The Blakely Hotel New York City 117 The Herald Hotel New York City 167 The Washington New York City 217 The Astor Miami 42 The Impala Hotel Miami 17 La Flora Miami 31 BeHome New York City 44 The Bogart Hotel New York City 65 The Lafayette New Orleans 60 Georgetown Residences Washington, DC 80 The Variety Miami 68 12 th Miami 24 Townhouse Hotel Miami Beach Miami 70 O Hotel Los Angeles 68 Hotel 57 New York City 216 Condor Hotel New York City 35 Tuscany New York City 125 The Company expects rebranding of the Initial Properties, including the Initial Properties’ use of Wyndham booking channels, to be completed by December 2023. The Franchise Agreements have initial terms of 15 to 20 years and require Wyndham to provide financial, sales and operational-related support with respect to the Initial Properties. The Franchise Agreements contain customary representations, warranties, covenants, indemnification, liquidated damages and other terms for transactions of a similar nature, including customary membership and marketing fees in an initial aggregate amount of 6.0% of gross room revenue, increasing to 6.5% of gross room revenue over the term of the Franchise Agreements. Pursuant to the Franchise Agreements, the Company agreed to make certain property improvements, modifications and maintenance items (collectively, “Capital Improvements”), which the Company expects to complete over the next twelve months. In exchange for these Capital Improvements, Wyndham will provide capital through development advance notes (“Key Money”) to the Company for these Capital Improvements, which the Company expects will provide significant working or growth capital to the Company. Consistent with market practice, such Key Money will be evidenced by certain promissory notes with customary amortization and repayment terms. In conjunction with the Company’s entry into the Franchise Agreements, the Company paid a one-time, initial, nonrefundable franchise fee to Wyndham. As a result of entering into the Franchise Agreements, the Company expects to be subject to significantly reduced booking fees, inclusive of franchise and other fees, as a result of using the Wyndham booking platform. Conversely, to the extent that the Company continues to use third party online travel agencies for bookings, the Company expects to benefit from Wyndham’s lower online travel agency commission rates, while paying franchise fees and other fees on such booking activity, as a result of the Company’s entry into the Franchise Agreements. The Company expects that the net impact of the Franchise Agreements will be a material reduction to such fees in comparison to the Company’s previous operations. In addition to the Initial Properties, the Company and Wyndham are in the process of reviewing a pipeline of properties currently under letter of intent, already executed lease, or subject to an executed lease with the Company (such properties, “Pipeline Properties”). To the extent that the Company ultimately enters into master leasing agreements with respect to any such Pipeline Properties, the Company has set up a general framework to bring new LuxUrban properties onto the Wyndham platform and expects to add such Pipeline Properties to both the Company’s and Wyndham’s booking platforms. The Franchise Agreements provide for future commitments to Wyndham, and in return Wyndham has agreed to fund capital to the Company via Key Money on a property-by-property basis, which the Company expects will provide significant working or growth capital to the Company. The Company expects that any such working or growth capital provided by Wyndham will offset a percentage of the deposit money required. Wyndham has the ability to accept or reject properties to the platform on a property by property basis, subject to certain conditions, with a three-year right of first refusal. In conjunction with the Company’s entry into the Franchise Agreements and the positive impact such Franchise Agreements are expected to have on the Company, including the reduced costs mentioned above, the Company agreed to terms that incentivize Brian Ferdinand, the Company’s Chairman and Chief Executive Officer, to remain with the Company for an extended period of time, including the requirement of Brian Ferdinand to personally guaranty (the “Key Man Terms”) the Company’s obligations under the Franchise Agreements and Key Money during the term of the Franchise Agreements, with the ability of the Company to remove the Key Man Terms after five years.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation
Revenue Recognition	b. Revenue Recognition The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606 which was adopted at the beginning of fiscal year 2018 using the modified retrospective method. The Company did not recognize any cumulative-effect adjustment to retained earnings upon adoption as the effect was immaterial. Payment received for the future use of a rental unit is recognized as a liability and reported as rents received in advance on the balance sheets. Rents received in advance are recognized as revenue after the rental unit is occupied by the customer for the agreed upon length of time. The rents received in advance balance as of June 30, 2023 and December 31, 2022, was $ 3,092,972 2,566,504
Use of Estimates	c. Use of Estimates
Cash and Cash Equivalents	d. Cash and Cash Equivalents 3,777,678 1,076,402
Fair Value of Financial Instruments	e. Fair Value of Financial Instruments
Commissions	f. Commissions 1,482,609 4,556,142 1,393,128 2,690,298
Income Taxes	g. Income Taxes Accounting for Uncertainty in Income Taxes, The Company is subject to income taxes in the jurisdictions in which it operates. The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carry-forwards. A valuation allowance is recorded for deferred tax assets if it is more likely than not that the deferred tax assets will not be realized. For the three and six months ended June 30, 2023, the Company recorded a tax provision of $ 1,893,039 2,015,200 750,000 750,000
Sales Tax	h. Sales Tax 523,220 229,371
Earnings Per Share (“EPS”)	i. Paycheck Protection Program Loan (“PPP”) j. Earnings Per Share (“EPS”)
Substantial Doubt about Going Concern [Text Block]
Liquidity	k. Liquidity — 26,774,661 29,555,195 2,361,609 6,020,163 3,658,554

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases
Schedule of supplemental balance sheet information related to leases	Schedule of supplemental balance sheet information related to leases June 30, December 31, Operating lease right of use assets, net $ 177,480,671 $ 83,325,075 Operating lease liabilities, current portion $ 6,020,163 $ 4,293,085 Operating lease liabilities, net of current portion $ 178,312,362 $ 81,626,338
Schedule of future minimum lease payments under the non-cancelable operating leases	Schedule of future minimum lease payments under the non-cancelable operating leases Twelve Months Ending June 30, 2024 $ 24,876,852 2025 25,952,395 2026 26,668,314 2027 24,584,479 2028 23,318,299 Thereafter 229,191,543 Total lease payment $ 354,591,882 Less interest (170,259,357 ) Present value obligation 184,332,525 Short-term liability 6,020,163 Long-term liability 178,312,362
Schedule of other supplemental information related to operating lease	Schedule of other supplemental information related to operating lease June 30, 2023 Weighted average discount rate 10.5 % Weighted average remaining lease term (years) 16.6 Three Months Ended 2023 Six Months Ended Operating lease cost $ 7,295,880 $ 13,752,266 Short-term lease cost $ 131,506 $ 748,656 Total lease cost $ 7,427,386 $ 14,500,922

LOANS PAYABLE _ SBA _ PPP LOAN

LOANS PAYABLE — SBA — PPP LOAN (Tables)	6 Months Ended
	Jun. 30, 2023
Loans Payable Sba Ppp Loan
Schedule of future minimum principal repayments of the SBA, PPP loans payable	Schedule of future minimum principal repayments of the SBA, PPP loans payable For the Twelve Months Ending June 30, 2024 $ 276,658

LOANS PAYABLE _ SBA _ EIDL LO_2

LOANS PAYABLE — SBA — EIDL LOAN (Tables)	6 Months Ended
	Jun. 30, 2023
Loans Payable Sba Eidl Loan
Schedule of future minimum principal repayments of the SBA,EIDL loans payable	Schedule of future minimum principal repayments of the SBA,EIDL loans payable For the Twelve Months Ending June 30, 2024 $ 17,000 2025 15,106 2026 15,682 2027 16,280 2028 16,902 Thereafter 713,164 Total $ 794,134

LOANS PAYABLE (Tables)

LOANS PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2023
Loans Payable
Schedule of loans payable	Schedule of loans payable June 30, 2023 December 31, 2022 Original borrowings of $ 250,000 1% no - 210,500 Original payable of $ 151,096 252,954 1,500 404,050 365,020 392,044 Original payable of $ 553,175 72,237 25,000 625,412 400,000 450,000 Original payable of $ 492,180 620,804 25,000 1,112,984 865,618 865,618 Borrowings of $ 9,075,000 638,388 5% no - 8,275,040 Original borrowings of $ 60,000 1% no 60,000 60,000 Original amounts due of $ 195,000 10,000 25,000 20,000 65,000 Original borrowing of $ 119,224 14,903 - 119,224 Other borrowing 28,610 225,929 Less: Current maturities 1,162,529 7,261,723 $ 576,720 $ 3,401,632
Schedule of future minimum principal repayments of the loans payable	Schedule of future minimum principal repayments of the loans payable For the Twelve Months Ending June 30, 2024 $ 1,162,529 2025 576,720 Loans payable $ 1,739,249

LOANS PAYABLE _ RELATED PARTI_2

LOANS PAYABLE — RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2023
Loans Payable Related Parties
Schedule of loans payable, related parties	Schedule of loans payable, related parties June 30, December 31, 2023 2022 Original borrowings of $ 496,500 6% $ - $ 238,000 Less - 238,000 $ - $ -

STOCK OPTIONS AND WARRANTS (Tab

STOCK OPTIONS AND WARRANTS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of stock options and warrants assumptions	Schedule of stock options and warrants assumptions June 30, Risk-free interest rate 0.52 4.92% Expected option life 6 48 Expected volatility 39.77 66.59% Expected dividend yield - Exercise price $ 1.40 4.00
Schedule of stock option activity	Schedule of stock option activity Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 1,910,484 $ 2.55 9.8 $ - Granted 75,000 2.61 Exercised - - Expired - - Forfeited (259,158 ) 2.03 Outstanding at June 30, 2023 1,726,326 $ 2.63 9.2 $ 1,472,448 Exercisable at June 30, 2023 50,000 $ 3.05 4.9 $ 5,000
Schedule of status of non vested options	Schedule of status of non vested options Number of Weighted Nonvested options at December 31, 2022 1,910,484 $ 2.55 Granted 75,000 2.61 Forfeited (259,158 ) 2.03 Vested 50,000 3.05 Nonvested options at June 30, 2023 1,676,326 2.62
Schedule of warrant activity	Schedule of warrant activity Number of Weighted Weighted Aggregate Outstanding at December 31, 2022 3,018,250 $ 2.64 4.8 $ - Issued 1,500,000 2.75 Exercised (2,556,250 ) 2.08 - Expired - - - Outstanding at June 30, 2023 1,962,000 $ 3.46 4.5 $ 552,500 Exercisable at June 30, 2023 1,712,000 $ 3.38 4.4 $ 552,500

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Summary of Hotel	Summary of Hotel Hotel Name Location Number of Rooms The Blakely Hotel New York City 117 The Herald Hotel New York City 167 The Washington New York City 217 The Astor Miami 42 The Impala Hotel Miami 17 La Flora Miami 31 BeHome New York City 44 The Bogart Hotel New York City 65 The Lafayette New Orleans 60 Georgetown Residences Washington, DC 80 The Variety Miami 68 12 th Miami 24 Townhouse Hotel Miami Beach Miami 70 O Hotel Los Angeles 68 Hotel 57 New York City 216 Condor Hotel New York City 35 Tuscany New York City 125

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 02, 2022
Accounting Policies [Abstract]
Rents received in advance	$ 3,092,972		$ 3,092,972		$ 2,566,504
Cash and Cash Equivalents	3,777,678		3,777,678		1,076,402
Pays commissions to third-party	1,482,609	$ 1,393,128	4,556,142	$ 2,690,298
Provision for income taxes	1,893,039	750,000	2,015,200	750,000
Accrued sales tax payable	523,220		523,220		229,371
Net loss	26,774,661	$ (762,409)	29,555,195	$ (2,181,842)
Working capital deficit	2,361,609		2,361,609
Operating lease liabilities, current portion	6,020,163		6,020,163		$ 4,293,085	$ 7,370,890
Recognition of current asset	$ 3,658,554		$ 3,658,554

LEASES (Details)

LEASES (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jan. 02, 2022
Leases
Operating lease right of use assets, net	$ 177,480,671	$ 83,325,075	$ 36,304,289
Operating lease liabilities, current portion	6,020,163	4,293,085	7,370,890
Operating lease liabilities, net of current portion	$ 178,312,362	$ 81,626,338	$ 29,884,584

LEASES (Details 1)

LEASES (Details 1) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jan. 02, 2022
Leases
2024	$ 24,876,852
2025	25,952,395
2026	26,668,314
2027	24,584,479
2028	23,318,299
Thereafter	229,191,543
Total lease payment	354,591,882
Less interest	(170,259,357)
Present value obligation	184,332,525
Short-term liability	6,020,163	$ 4,293,085	$ 7,370,890
Long-term liability	$ 178,312,362	$ 81,626,338	$ 29,884,584

LEASES (Details 2)

LEASES (Details 2)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Leases
Weighted average discount rate	10.50%	10.50%
Weighted average remaining lease term (years)	16 years 7 months 6 days	16 years 7 months 6 days
Operating lease cost	$ 7,295,880	$ 13,752,266
Short-term lease cost	131,506	748,656
Total lease cost	$ 7,427,386	$ 14,500,922

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	Jan. 02, 2022	Jun. 30, 2023	Dec. 31, 2022
Leases
Operating lease right-of-use asset, net	$ 36,304,289	$ 177,480,671	$ 83,325,075
Operating Lease Liabilities - Current	7,370,890	6,020,163	4,293,085
Operating Lease Liabilities - Noncurrent	29,884,584	$ 178,312,362	$ 81,626,338
Cumulative effect adjustment of unamortized deferred lease costs incurred to retained earnings	$ 414,373

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 6,581,745	$ 6,252,492
Accrued payroll and related liabilities	1,405,000	1,570,000
Legal exposure	975,000	805,000
Tax exposure	847,000
Printing	347,000
Credit cards payable	265,000	507,000
Professional fee	857,000	495,000
Utilities	890,000
Repairs and maintenance	289,000
Linens	302,000
Cleaning expense	269,000
Other miscellaneous items	136,000	158,000
Accrued interest		1,002,000
Commissions		572,000
Sales and real estate taxes		371,000
Rent		104,000
Costs related to the initial public offering		268,000
Legal and accounting fees		265,000
Director fees		135,000
Accrued income taxes	$ 2,015,200	$ 0
Accounts payable description	Of the legal amounts accrued, the company believes the accrual best estimates the most likely outcomes of these matters however the range of outcomes could be between $900,000–$1,500,000.

LOANS PAYABLE - SBA - PPP LOAN

LOANS PAYABLE - SBA - PPP LOAN (Details)	Jun. 30, 2023 USD ($)
Loans Payable Sba Ppp Loan
2024	$ 276,658

LOANS PAYABLE _ SBA _ PPP LOA_2

LOANS PAYABLE — SBA — PPP LOAN (Details Narrative) - USD ($)	1 Months Ended
	May 31, 2020	Jun. 30, 2023	Feb. 17, 2023	Jan. 30, 2023	Dec. 31, 2022	Dec. 20, 2022	Apr. 30, 2020	Mar. 27, 2020
Short-Term Debt [Line Items]
Original amount of loans payable			$ 2,079,686	$ 1,250,000		$ 3,000,000
PPP Loan
Short-Term Debt [Line Items]
Original amount of loans payable								$ 10,000,000
Monthly payment of loans payable	$ 15,932
Interest rate of loans payable							1%
Accrued interest		$ 747			$ 5,571
PPP Loan | SoBeNY [Member]
Short-Term Debt [Line Items]
Original amount of loans payable							$ 516,225
PPP Loan | Corphousing [Member]
Short-Term Debt [Line Items]
Original amount of loans payable	$ 298,958

LOANS PAYABLE - SBA - EIDL LOAN

LOANS PAYABLE - SBA - EIDL LOAN (Details)	Jun. 30, 2023 USD ($)
Loans Payable Sba Eidl Loan
2024	$ 17,000
2025	15,106
2026	15,682
2027	16,280
2028	16,902
Thereafter	713,164
Total	$ 794,134

LOANS PAYABLE _ SBA _ EIDL LO_3

LOANS PAYABLE — SBA — EIDL LOAN (Details Narrative)

1 Months Ended

12 Months Ended

Jul. 25, 2022 USD ($)

Jun. 18, 2022 USD ($)

Apr. 21, 2022 USD ($)

Dec. 31, 2020 USD ($) Item

Jun. 30, 2023 USD ($)

Feb. 17, 2023 USD ($)

Jan. 30, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 20, 2022 USD ($)

Jul. 25, 2020 USD ($)

Jun. 18, 2020 USD ($)

Apr. 21, 2020 USD ($)

Short-Term Debt [Line Items]

Original amount of loans payable

$ 2,079,686

$ 1,250,000

$ 3,000,000

EIDL

Short-Term Debt [Line Items]

Number of loans | Item

3

Loan payable term

30 years

Interest rate of loans payable

3.75%

Prepayment penalty

$ 0

Loans payable - SBA - EIDL Loan

$ 794,134

$ 800,000

Accrued interest

$ 27,644

EIDL | SoBeNY [Member]

Short-Term Debt [Line Items]

Interest rate of loans payable

3.75%

3.75%

Original amount of loans payable

$ 150,000

$ 500,000

Monthly payments of principal and interest

$ 731

$ 2,437

EIDL | Corphousing [Member]

Short-Term Debt [Line Items]

Interest rate of loans payable

3.75%

Original amount of loans payable

$ 150,000

Monthly payments of principal and interest

$ 731

SHORT-TERM BUSINESS FINANCING (

SHORT-TERM BUSINESS FINANCING (Details Narrative) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Short-term Business Financing
Merchant cash advances net of unamortized fees	$ 1,706,836	$ 2,003,015

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Feb. 17, 2023	Jan. 30, 2023	Dec. 20, 2022
Short-Term Debt [Line Items]
Original amount of loans payable			$ 2,079,686	$ 1,250,000	$ 3,000,000
Loans payable	$ 1,739,249
Other borrowing	28,610	$ 225,929
Less: Current maturities	1,162,529	7,261,723
Loans payable non current	576,720	3,401,632
Original borrowings of $250,000, bears interest at 1%, requires no payments until maturity in January 2024
Short-Term Debt [Line Items]
Original amount of loans payable	$ 250,000	$ 250,000
Interest rate of loans payable	1%	1%
Additional borrowings	$ 0	$ 0
Loans payable		210,500
Original payable of $151,096 with additional net borrowings of $89,154, requires monthly payments of $1,500 until total payments of $240,250 have been made
Short-Term Debt [Line Items]
Original amount of loans payable	151,096	151,096
Additional borrowings	252,954	252,954
Loans payable	365,020	392,044
Monthly payment of loans payable	1,500	1,500
Total payments made	404,050	404,050
Original payable of $553,175 with additional net borrowings of $125,412, requires monthly payments of $25,000 until total payments of $678,587 have been made
Short-Term Debt [Line Items]
Original amount of loans payable	553,175	553,175
Additional borrowings	72,237	72,237
Loans payable	400,000	450,000
Monthly payment of loans payable	25,000	25,000
Total payments made	625,412	625,412
Original payable of $492,180, requires monthly payments of $25,000 until total payments of $492,180 have been made
Short-Term Debt [Line Items]
Original amount of loans payable	492,180	492,180
Additional borrowings	620,804	620,804
Loans payable	865,618	865,618
Monthly payment of loans payable	25,000	25,000
Total payments made	1,112,984	1,112,984
Original borrowings of $4,580,000 and unamortized original issue discount of $453,750, bears interest at 5%, requires no payments until maturity in May 2023
Short-Term Debt [Line Items]
Original amount of loans payable	$ 9,075,000	$ 9,075,000
Interest rate of loans payable	5%	5%
Additional borrowings	$ 0	$ 0
Loans payable		8,275,040
Debt Instrument, unamortized discount	638,388	638,388
Original borrowings of $60,000, bears interest at 1%, requires no payments until maturity in January 2024
Short-Term Debt [Line Items]
Original amount of loans payable	$ 60,000	$ 60,000
Interest rate of loans payable	1%	1%
Additional borrowings	$ 0	$ 0
Loans payable	60,000	60,000
Original amounts due of $195,000, related to services provided by a vendor, requires monthly payments of $10,000 through May 2022, then monthly payments of $25,000 through August 2022 at which time any remaining balance is due
Short-Term Debt [Line Items]
Original amount of loans payable	195,000	195,000
Additional borrowings	10,000	10,000
Loans payable	20,000	65,000
Monthly payment of loans payable	25,000	25,000
Original borrowing of $119,224 with monthly payments $14,903
Short-Term Debt [Line Items]
Original amount of loans payable	119,224	119,224
Loans payable		$ 119,224
Monthly payment of loans payable	$ 14,903

LOANS PAYABLE (Details 1)

LOANS PAYABLE (Details 1)	Jun. 30, 2023 USD ($)
Loans Payable
2024	$ 1,162,529
2025	576,720
Loans payable	$ 1,739,249

LOANS PAYABLE - RELATED PARTIES

LOANS PAYABLE - RELATED PARTIES (Details) - USD ($)	Jun. 30, 2023	Feb. 17, 2023	Jan. 30, 2023	Dec. 31, 2022	Dec. 20, 2022
Short-Term Debt [Line Items]
Original amount of loans payable		$ 2,079,686	$ 1,250,000		$ 3,000,000
Less: Current maturities				$ 238,000
Loans payable - related parties, non current
Original borrowings of $496,500, bears interest at 6%. Lender is a stockholder of the Company | Lender, Stockholder of the Company
Short-Term Debt [Line Items]
Original amount of loans payable	$ 496,500			$ 496,500
Interest rate of loans payable	6%			6%
Loans payable - related parties				$ 238,000

LOANS PAYABLE _ RELATED PARTI_3

LOANS PAYABLE — RELATED PARTIES (Details Narrative)	1 Months Ended
	May 31, 2023 USD ($)
Common Stock [Member]
Shares issued for repayment of debt	$ 58,088

CONVERTIBLE NOTES (Details Narr

CONVERTIBLE NOTES (Details Narrative) - USD ($)	1 Months Ended		6 Months Ended
	Mar. 31, 2023	Feb. 17, 2023	Jun. 30, 2023	Jun. 30, 2022	Jan. 30, 2023	Dec. 20, 2022
Convertible Notes
Aggregate principal amount		$ 2,079,686			$ 1,250,000	$ 3,000,000
Maturity date		Aug. 17, 2023
Loss on extinguishment of debt		$ 58,579	$ (58,579)
Repayment of convertible debt	$ 808,000
Outstanding notes amount			$ 0

LINE OF CREDIT (Details Narrati

LINE OF CREDIT (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Feb. 28, 2019
Line of Credit Facility [Line Items]
Line of credit outstanding balance	$ 94,975	$ 94,975
Line of Credit [Member]
Line of Credit Facility [Line Items]
Amount borrowed under convertible credit line			$ 95,000
Interest rate, variable	3.49%
Line of Credit [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Interest rate, stated	8.25%

SECURITY DEPOSIT LETTER OF CR_2

SECURITY DEPOSIT LETTER OF CREDIT (Details Narrative) - USD ($)	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022
Line of Credit Facility [Line Items]
Security deposit letter of credit	$ 3,500,000		$ 2,500,000
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Security deposit letter of credit		$ 1,000,000		$ 2,500,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2023	Dec. 20, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 17, 2023	Jan. 30, 2023
Related Party Transaction [Line Items]
Aggregate principal amount		$ 3,000,000					$ 2,079,686	$ 1,250,000
Conversion of common stock shares		1,000,000
Conversion price		$ 3
Debt amount converted	$ 3,000,000
Provided Conversion Shares	874,474
General and Administrative Expense [Member] | Consulting Services [Member] | SuperLuxMia LLC, By A Firm By Stockholder [Member]
Related Party Transaction [Line Items]
Transaction amount with related parties			$ 0	$ 0	$ 0	$ 192,000

RISKS AND UNCERTAINTIES (Detail

RISKS AND UNCERTAINTIES (Details Narrative)	Jun. 30, 2023 USD ($)
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Sales Channels [Member]
Concentration Risk [Line Items]
FDIC insured amount	$ 250,000

MAJOR SALES CHANNELS (Details N

MAJOR SALES CHANNELS (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Sales Channels [Member]
Product Information [Line Items]
Total rental revenue, percentage	90%	90%	90%	90%

STOCK OPTIONS AND WARRANTS (Det

STOCK OPTIONS AND WARRANTS (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares
Risk-free interest rate, minimum	0.52%
Risk-free interest rate, maximum	4.92%
Expected volatility, minimum	39.77%
Expected volatility, maximum	66.59%
Expected dividend yield	(0.00%)
Minimum [Member]
Expected option life	6 months
Exercise price	$ 1.40
Maximum [Member]
Expected option life	48 months
Exercise price	$ 4

STOCK OPTIONS AND WARRANTS (D_2

STOCK OPTIONS AND WARRANTS (Details 1)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Equity [Abstract]
Outstanding at the beginning (in shares) | shares	1,910,484
Outstanding at the beginning (in dollars per shares) | $ / shares	$ 2.55
Weighted Average Remaining Contractual Life (years)	9 years 9 months 18 days
Aggregate intrinsic value, outstanding at the beginning | $
Granted (in shares) | shares	75,000
Granted (in dollars per shares) | $ / shares	$ 2.61
Exercised (in shares) | shares
Exercised (in dollars per shares) | $ / shares
Expired (in shares) | shares
Expired (in dollars per shares) | $ / shares
Forfeited (in shares) | shares	(259,158)
Forfeited (in dollars per shares) | $ / shares	$ 2.03
Outstanding at the end (in shares) | shares	1,726,326
Outstanding at the end (in dollars per shares) | $ / shares	$ 2.63
Weighted Average Remaining Contractual Life (years)	9 years 2 months 12 days
Aggregate intrinsic value, outstanding at the end | $	$ 1,472,448
Number of share exercisable | shares	50,000
Weighted Average Exercise Price exercisable | $ / shares	$ 3.05
Weighted Average Remaining Contractual Life (years)	4 years 10 months 24 days
Aggregate Intrinsic Value exercisable | $	$ 5,000

STOCK OPTIONS AND WARRANTS (D_3

STOCK OPTIONS AND WARRANTS (Details 2)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Equity [Abstract]
Nonvested options at the beginning | shares	1,910,484
Nonvested options at the beginning (in dollars per share) | $ / shares	$ 2.55
Granted | shares	75,000
Granted (in dollars per share) | $ / shares	$ 2.61
Forfeited | shares	(259,158)
Forfeited (in dollars per share) | $ / shares	$ 2.03
Vested | shares	50,000
Vested (in dollars per share) | $ / shares	$ 3.05
Nonvested options at the end | shares	1,676,326
Nonvested options at the end (in dollars per share) | $ / shares	$ 2.62

STOCK OPTIONS AND WARRANTS (D_4

STOCK OPTIONS AND WARRANTS (Details 3)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Equity [Abstract]
Outstanding at the beginning | shares	3,018,250
Outstanding at the beginning (in dollars per share) | $ / shares	$ 2.64
Outstanding at the beginning (in years)	4 years 9 months 18 days
Aggregate Intrinsic Value at the beginning | $
Issued | shares	1,500,000
Issued (in dollars per share) | $ / shares	$ 2.75
Exercised | shares	(2,556,250)
Exercised (in dollars per share) | $ / shares	$ 2.08
Expired | shares
Expired (in dollars per share) | $ / shares
Outstanding at the end | shares	1,962,000
Outstanding at the end (in dollars per share) | $ / shares	$ 3.46
Outstanding at the end (in years)	4 years 6 months
Aggregate Intrinsic Value at the end | $	$ 552,500
Exercisable | shares	1,712,000
Exercisable (in dollars per share) | $ / shares	$ 3.38
Exercisable (in years)	4 years 4 months 24 days
Aggregate intrinsic value exercisable | $	$ 552,500

STOCK OPTIONS AND WARRANTS (D_5

STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($)		1 Months Ended					3 Months Ended	6 Months Ended
	Aug. 11, 2022	Apr. 16, 2023	Feb. 15, 2023	Oct. 20, 2022	Sep. 30, 2022	Sep. 16, 2022	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Number of aggregate shares granted								75,000
Weighted average exercise price								$ 2.61
Stock option expense							$ 204,814	$ 372,387
Unamortized option expense							$ 1,393,537	$ 1,393,537
Unamortized option expense expected to be recognized over a weighted average period								2 years 1 month 6 days
Issued								1,500,000
Weighted average exercise price							$ 3.46	$ 3.46	$ 2.64
Transaction losses		$ 259,074
Letter Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants description		in conjunction with an agreement with certain lenders, we issued 1,000,000 warrants with an exercise price of $3.00 per share and 250,000 warrants with an exercise price of $4.00 per share. Under this agreement, these lenders would be forced to convert under trigger prices ranging between $3.00 per share - $4.00 per share. On June 19, 2023, we modified this agreement to convert all of related outstanding debt within two trading days in exchange for a reduction in the exercise price of these warrants from $3.00 or $4.00 per share to $2.50 per share.
Officers and directors [Member] | IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Issued	695,000
Weighted average exercise price	$ 4.20
Warrants exercisable term	5 years
Underwriter [Member]
Subsidiary, Sale of Stock [Line Items]
Issued	135,000
Weighted average exercise price	$ 4.40
Warrants exercisable term	5 years
Third-party Investor [Member]
Subsidiary, Sale of Stock [Line Items]
Issued	920,000			366,562	352,188	517,500
Weighted average exercise price	$ 4			$ 4	$ 4	$ 4
Warrants exercisable term	5 years
Maxim [Member] | Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Issued	32,000
Weighted average exercise price	$ 4.40
Warrants exercisable term	5 years
Advisory [Member]
Subsidiary, Sale of Stock [Line Items]
Issued			250,000
Weighted average exercise price			$ 4

Revenue Share Exchange (Details

Revenue Share Exchange (Details Narrative)	60 Months Ended
	Aug. 31, 2028 USD ($)
Revenue Share Exchange
Interest Expenses	$ 28,174,148

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Aug. 02, 2023 Item
The Blakely Hotel [Member]
Subsequent Event [Line Items]
Hotel Name	The Blakely Hotel
Location	New York City
Number of Rooms	117
The Herald Hotel [Member]
Subsequent Event [Line Items]
Hotel Name	The Herald Hotel
Location	New York City
Number of Rooms	167
The Washington [Member]
Subsequent Event [Line Items]
Hotel Name	The Washington
Location	New York City
Number of Rooms	217
The Astor [Member]
Subsequent Event [Line Items]
Hotel Name	The Astor
Location	Miami
Number of Rooms	42
The Impala Hotel [Member]
Subsequent Event [Line Items]
Hotel Name	The Impala Hotel
Location	Miami
Number of Rooms	17
La Flora [Member]
Subsequent Event [Line Items]
Hotel Name	La Flora
Location	Miami
Number of Rooms	31
Be Home [Member]
Subsequent Event [Line Items]
Hotel Name	BeHome
Location	New York City
Number of Rooms	44
The Bogart Hotel [Member]
Subsequent Event [Line Items]
Hotel Name	The Bogart Hotel
Location	New York City
Number of Rooms	65
The Lafayette [Member]
Subsequent Event [Line Items]
Hotel Name	The Lafayette
Location	New Orleans
Number of Rooms	60
Georgetown Residences [Member]
Subsequent Event [Line Items]
Hotel Name	Georgetown Residences
Location	Washington, DC
Number of Rooms	80
The Variety [Member]
Subsequent Event [Line Items]
Hotel Name	The Variety
Location	Miami
Number of Rooms	68
N 12th And Ocean Apartments [Member]
Subsequent Event [Line Items]
Hotel Name	12th and Ocean Apartments
Location	Miami
Number of Rooms	24
Townhouse Hotel Miami Beach [Member]
Subsequent Event [Line Items]
Hotel Name	Townhouse Hotel Miami Beach
Location	Miami
Number of Rooms	70
O Hotel [Member]
Subsequent Event [Line Items]
Hotel Name	O Hotel
Location	Los Angeles
Number of Rooms	68
Hotel 57 [Member]
Subsequent Event [Line Items]
Hotel Name	Hotel 57
Location	New York City
Number of Rooms	216
Condor Hotel [Member]
Subsequent Event [Line Items]
Hotel Name	Condor Hotel
Location	New York City
Number of Rooms	35
Tuscany [Member]
Subsequent Event [Line Items]
Hotel Name	Tuscany
Location	New York City
Number of Rooms	125

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)			1 Months Ended	6 Months Ended
	Jul. 11, 2023	Jul. 05, 2023	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 3.46		$ 2.64
Proceeds from Warrant Exercises				$ 5,312,502
Greenle [Member]
Subsequent Event [Line Items]
Proceeds from Warrant Exercises			$ 1,400,000
Subsequent Event [Member] | Greenle [Member]
Subsequent Event [Line Items]
Stock Repurchased During Period, Shares	400,000	160,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.50