Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Jan. 24, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | INTERGROUP CORP | |
Entity Central Index Key | 0000069422 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,299,422 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
ASSETS | ||
Investment in Hotel, net | $ 39,540,000 | $ 39,836,000 |
Investment in real estate, net | 51,064,000 | 51,773,000 |
Investment in marketable securities | 8,148,000 | 9,696,000 |
Other investments, net | 564,000 | 612,000 |
Cash and cash equivalents | 8,456,000 | 11,837,000 |
Restricted cash | 14,884,000 | 13,295,000 |
Other assets, net | 2,464,000 | 2,362,000 |
Deferred tax asset | 1,097,000 | 1,468,000 |
Total assets | 126,217,000 | 130,879,000 |
Liabilities: | ||
Accounts payable and other liabilities - Justice | 8,647,000 | 11,298,000 |
Accounts payable and other liabilities | 4,054,000 | 3,766,000 |
Due to securities broker | 2,355,000 | 1,629,000 |
Obligations for securities sold | 16,000 | 1,225,000 |
Related party and other notes payable | 4,950,000 | 5,261,000 |
Finance leases | 1,282,000 | 1,486,000 |
Line of credit payable | 2,985,000 | 2,985,000 |
Mortgage notes payable - Hotel, net | 111,947,000 | 113,087,000 |
Mortgage notes payable - real estate, net | 57,812,000 | 58,571,000 |
Total liabilities | 194,048,000 | 199,308,000 |
Shareholders' deficit: | ||
Preferred stock, $.01 par value, 100,000 shares authorized; none issued | ||
Common stock, $.01 par value, 4,000,000 shares authorized; 3,404,982 and 3,404,982 issued; 2,299,422 and 2,309,962 outstanding, respectively | 33,000 | 33,000 |
Additional paid-in capital | 10,166,000 | 10,342,000 |
Accumulated deficit | (39,176,000) | (39,760,000) |
Treasury stock, at cost, 1,105,560 and 1,095,020 shares, respectively | (14,693,000) | (14,347,000) |
Total InterGroup shareholders' deficit | (43,670,000) | (43,732,000) |
Noncontrolling interest | (24,161,000) | (24,697,000) |
Total shareholders' deficit | (67,831,000) | (68,429,000) |
Total liabilities and shareholders' deficit | $ 126,217,000 | $ 130,879,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2019 | Jun. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ .01 | $ .01 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock , shares issued | ||
Common stock, par value | $ .01 | $ .01 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 3,404,982 | 3,404,982 |
Common stock, shares outstanding | 2,299,422 | 2,309,962 |
Treasury stock, shares | 1,105,560 | 1,095,020 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||||
Total revenues | $ 18,740,000 | $ 17,749,000 | $ 37,886,000 | $ 37,238,000 |
Costs and operating expenses: | ||||
Depreciation and amortization expenses | (1,232,000) | (1,249,000) | (2,445,000) | (2,492,000) |
General and administrative expenses | (581,000) | (479,000) | (1,341,000) | (1,122,000) |
Total costs and operating expenses | (15,632,000) | (14,830,000) | (30,903,000) | (29,538,000) |
Income from operations | 3,108,000 | 2,919,000 | 6,983,000 | 7,700,000 |
Other income (expense): | ||||
Interest expense - mortgages | (2,330,000) | (2,405,000) | (4,727,000) | (4,970,000) |
Net loss on marketable securities | (53,000) | (1,945,000) | (198,000) | (1,680,000) |
Net loss on marketable securities - Comstock | (66,000) | (26,000) | (370,000) | (462,000) |
Dividend and interest income | 111,000 | 88,000 | 241,000 | 185,000 |
Trading and margin interest expense | (241,000) | (193,000) | (534,000) | (497,000) |
Total other expense, net | (2,579,000) | (4,481,000) | (5,588,000) | (7,424,000) |
Income (loss) before income taxes | 529,000 | (1,562,000) | 1,395,000 | 276,000 |
Income tax (expense) benefit | (149,000) | 440,000 | (371,000) | (270,000) |
Net income (loss) | 380,000 | (1,122,000) | 1,024,000 | 6,000 |
Less: Net (income) loss attributable to the noncontrolling interest | (132,000) | 95,000 | (440,000) | (403,000) |
Net income (loss) attributable to InterGroup Corporation | $ 248,000 | $ (1,027,000) | $ 584,000 | $ (397,000) |
Net income (loss) per share | ||||
Basic | $ 0.17 | $ (0.48) | $ 0.44 | $ 0.003 |
Diluted | 0.14 | 0.39 | 0.002 | |
Net income (loss) per share attributable to InterGroup Corporation | ||||
Basic | 0.11 | (0.44) | 0.25 | (0.17) |
Diluted | $ 0.09 | $ 0.22 | ||
Weighted average number of basic common shares outstanding | 2,302,748 | 2,327,007 | 2,306,070 | 2,330,213 |
Weighted average number of diluted common shares outstanding | 2,633,143 | 2,636,465 | 2,657,008 | |
Hotel [Member] | ||||
Revenues: | ||||
Total revenues | $ 14,901,000 | $ 13,997,000 | $ 30,330,000 | $ 29,807,000 |
Costs and operating expenses: | ||||
Total costs and operating expenses | (11,730,000) | (11,236,000) | (23,078,000) | (22,046,000) |
Real Estate [Member] | ||||
Revenues: | ||||
Total revenues | 3,839,000 | 3,752,000 | 7,556,000 | 7,431,000 |
Costs and operating expenses: | ||||
Total costs and operating expenses | $ (2,089,000) | $ (1,866,000) | $ (4,039,000) | $ (3,878,000) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | InterGroup Shareholder' Deficit [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance at Jun. 30, 2018 | $ 33,000 | $ 10,522,000 | $ (41,217,000) | $ (13,268,000) | $ (43,930,000) | $ (26,037,000) | $ (69,967,000) |
Beginning balance, shares at Jun. 30, 2018 | 3,395,616 | ||||||
Stock options expense | 30,000 | 30,000 | 30,000 | ||||
Purchase of treasury stock | (198,000) | (198,000) | (198,000) | ||||
Issuance of stock | |||||||
Net income (loss) | 630,000 | 630,000 | 498,000 | 1,128,000 | |||
Ending balance at Sep. 30, 2018 | $ 33,000 | 10,552,000 | (40,587,000) | (13,466,000) | (43,468,000) | (25,539,000) | (69,007,000) |
Ending balance, shares at Sep. 30, 2018 | 3,395,616 | ||||||
Beginning balance at Jun. 30, 2018 | $ 33,000 | 10,522,000 | (41,217,000) | (13,268,000) | (43,930,000) | (26,037,000) | (69,967,000) |
Beginning balance, shares at Jun. 30, 2018 | 3,395,616 | ||||||
Net income (loss) | 6,000 | ||||||
Ending balance at Dec. 31, 2018 | $ 33,000 | 10,550,000 | (41,614,000) | (13,732,000) | (44,763,000) | (25,618,000) | (70,381,000) |
Ending balance, shares at Dec. 31, 2018 | 3,404,982 | ||||||
Beginning balance at Sep. 30, 2018 | $ 33,000 | 10,552,000 | (40,587,000) | (13,466,000) | (43,468,000) | (25,539,000) | (69,007,000) |
Beginning balance, shares at Sep. 30, 2018 | 3,395,616 | ||||||
Stock options expense | 29,000 | 29,000 | 29,000 | ||||
Purchase of treasury stock | (266,000) | (266,000) | (266,000) | ||||
Issuance of stock | |||||||
Issuance of stock, shares | 9,366 | ||||||
Investment in Santa Fe | (31,000) | (31,000) | 16,000 | (15,000) | |||
Net income (loss) | (1,027,000) | (1,027,000) | (95,000) | (1,122,000) | |||
Ending balance at Dec. 31, 2018 | $ 33,000 | 10,550,000 | (41,614,000) | (13,732,000) | (44,763,000) | (25,618,000) | (70,381,000) |
Ending balance, shares at Dec. 31, 2018 | 3,404,982 | ||||||
Beginning balance at Jun. 30, 2019 | $ 33,000 | 10,342,000 | (39,760,000) | (14,347,000) | (43,732,000) | (24,697,000) | (68,429,000) |
Beginning balance, shares at Jun. 30, 2019 | 3,404,982 | ||||||
Stock options expense | 8,000 | 8,000 | 8,000 | ||||
Purchase of treasury stock | (156,000) | (156,000) | (156,000) | ||||
Investment in Santa Fe | (147,000) | (147,000) | 74,000 | (73,000) | |||
Net income (loss) | 336,000 | 336,000 | 308,000 | 644,000 | |||
Ending balance at Sep. 30, 2019 | $ 33,000 | 10,203,000 | (39,424,000) | (14,503,000) | (43,691,000) | (24,315,000) | (68,006,000) |
Ending balance, shares at Sep. 30, 2019 | 3,404,982 | ||||||
Beginning balance at Jun. 30, 2019 | $ 33,000 | 10,342,000 | (39,760,000) | (14,347,000) | (43,732,000) | (24,697,000) | (68,429,000) |
Beginning balance, shares at Jun. 30, 2019 | 3,404,982 | ||||||
Net income (loss) | 1,024,000 | ||||||
Ending balance at Dec. 31, 2019 | $ 33,000 | 10,166,000 | (39,176,000) | (14,693,000) | (43,670,000) | (24,161,000) | (67,831,000) |
Ending balance, shares at Dec. 31, 2019 | 3,404,982 | ||||||
Beginning balance at Sep. 30, 2019 | $ 33,000 | 10,203,000 | (39,424,000) | (14,503,000) | (43,691,000) | (24,315,000) | (68,006,000) |
Beginning balance, shares at Sep. 30, 2019 | 3,404,982 | ||||||
Stock options expense | 9,000 | 9,000 | 9,000 | ||||
Purchase of treasury stock | (190,000) | (190,000) | (190,000) | ||||
Investment in Santa Fe | (46,000) | (46,000) | 22,000 | (24,000) | |||
Net income (loss) | 248,000 | 248,000 | 132,000 | 380,000 | |||
Ending balance at Dec. 31, 2019 | $ 33,000 | $ 10,166,000 | $ (39,176,000) | $ (14,693,000) | $ (43,670,000) | $ (24,161,000) | $ (67,831,000) |
Ending balance, shares at Dec. 31, 2019 | 3,404,982 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 1,024,000 | $ 6,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,417,000 | 2,461,000 |
Deferred taxes | 371,000 | 270,000 |
Net unrealized loss on marketable securities | 491,000 | 2,664,000 |
Stock compensation expense | 17,000 | 59,000 |
Changes in operating assets and liabilities: | ||
Investment in marketable securities | 1,057,000 | 3,591,000 |
Other assets | (102,000) | 449,000 |
Accounts payable and other liabilities - Justice | (2,651,000) | (1,181,000) |
Accounts payable and other liabilities | 288,000 | (84,000) |
Due to securities broker | 726,000 | (1,475,000) |
Obligations for securities sold | (1,209,000) | (1,935,000) |
Net cash provided by operating activities | 2,429,000 | 4,825,000 |
Cash flows from investing activities: | ||
Payments for hotel investments | (909,000) | (583,000) |
Payments for real estate investments | (531,000) | (399,000) |
Payments for investment in Santa Fe | (97,000) | (15,000) |
Proceeds from other investments | 48,000 | 80,000 |
Net cash used in investing activities | (1,489,000) | (917,000) |
Cash flows from financing activities: | ||
Net payments of mortgage and other notes payable | (2,386,000) | (4,411,000) |
Proceeds from line of credit | 2,985,000 | |
Purchase of treasury stock | (346,000) | (464,000) |
Net cash used in financing activities | (2,732,000) | (1,890,000) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (1,792,000) | 2,018,000 |
Cash, cash equivalents and restricted cash at the beginning of the period | 25,132,000 | 17,511,000 |
Cash, cash equivalents and restricted cash at the end of the period | 23,340,000 | 19,529,000 |
Supplemental information: | ||
Interest paid | 4,799,000 | 5,081,000 |
Taxes paid | $ 39,000 | $ 265,000 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements included herein have been prepared by The InterGroup Corporation (“InterGroup” or the “Company”), without audit, according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of InterGroup and the notes therein included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2019. The December 31, 2019 Condensed Consolidated Balance Sheet was derived from the Consolidated Balance Sheet as included in the Company’s Form 10-K for the year ended June 30, 2019. The results of operations for the six months ended December 31, 2019 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2020. Basic and diluted income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding. The computation of diluted income per share is similar to the computation of basic earnings per share except that the weighted-average number of common shares is increased to include the number of additional common shares that would have been outstanding if potential dilutive common shares had been issued. The Company’s only potentially dilutive common shares are stock options. As of December 31, 2019, the Company had the power to vote 86.3% of the voting shares of Santa Fe Financial Corporation (“Santa Fe”), a public company (OTCBB: SFEF). This percentage includes the power to vote an approximately 4% interest in the common stock in Santa Fe owned by the Company’s Chairman and President pursuant to a voting trust agreement entered into on June 30, 1998. Santa Fe’s primary business is conducted through the management of its 68.8% owned subsidiary, Portsmouth Square, Inc. (“Portsmouth”), a public company (OTCBB: PRSI). Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors Limited Partnership; a California limited partnership (“Justice” or the “Partnership”). InterGroup also directly owns approximately 13.4% of the common stock of Portsmouth. Justice, through its subsidiaries Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”) owns and operates a 544-room hotel property located at 750 Kearny Street, San Francisco California, known as the Hilton San Francisco Financial District (the “Hotel”) and related facilities including a five-level underground parking garage. Mezzanine is a wholly-owned subsidiary of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the borrower under certain mezzanine indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating. The Hotel is operated by the partnership as a full-service Hilton brand hotel pursuant to a Franchise License Agreement with HLT Franchise Holding LLC (Hilton) through January 31, 2030. Justice entered into a Hotel management agreement (“HMA”) with Interstate Management Company, LLC (“Interstate”) to manage the Hotel, along with its five-level parking garage, with an effective takeover date of February 3, 2017. The term of the management agreement is for an initial period of ten years commencing on the takeover date and automatically renews for successive one (1) year periods, to not exceed five years in the aggregate, subject to certain conditions. Under the terms on the HMA, base management fee payable to Interstate shall be one and seven-tenths percent (1.70%) of total Hotel revenue. On October 25, 2019, Interstate merged with Aimbridge Hospitality, North America’s largest independent hotel management firm. With the completion of the merger, the newly combined company will be positioned under the Aimbridge Hospitality name in the Americas. In addition to the operations of the Hotel, the Company also generates income from the ownership, management and, when appropriate, sale of real estate. Properties include sixteen apartment complexes, one commercial real estate property and three single-family houses. The properties are located throughout the United States, but are concentrated in Dallas, Texas and Southern California. The Company also has an investment in unimproved real property. As of December 31, 2019, all of the Company’s residential and commercial rental properties are managed in-house. Due to Securities Broker Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability. Obligations for Securities Sold Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the condensed consolidated statements of operations. Income Tax The Company consolidates Justice (“Hotel”) for financial reporting purposes and is not taxed on its non-controlling interest in the Hotel. The income tax expense during the six months ended December 31, 2019 and 2018 represent the income tax effect on the Company’s pretax income which includes its share in the net income of the Hotel. Financial Condition and Liquidity The Company’s cash flows are primarily generated from the ownership and management of real estate. To fund the redemption of limited partnership interests and to repay the prior mortgage of $42,940,000, Justice obtained a $97,000,000 mortgage loan and a $20,000,000 mezzanine loan in December 2013. The mortgage loan is secured by the Partnership’s principal asset, the Hotel. The mortgage loan bears an interest rate of 5.275% per annum with interest only payments due through January 2017. Beginning in February 2017, the loan began to amortize over a thirty-year period through its maturity date of January 2024. Outstanding principal balance on the loan was $92,914,000 and $93,746,000 as of December 31, 2019 and June 30, 2019, respectively. As additional security for the mortgage loan, there is a limited guaranty executed by Portsmouth in favor of the mortgage lender. The mezzanine loan is secured by the Operating membership interest held by Mezzanine and is subordinated to the Mortgage Loan. The mezzanine interest only loan had an interest rate of 9.75% per annum and a maturity date of January 1, 2024. As additional security for the mezzanine loan, there is a limited guaranty executed by Portsmouth in favor of the mezzanine lender. On July 31, 2019, Mezzanine refinanced the mezzanine loan by entering into a new mezzanine loan agreement (“New Mezzanine Loan Agreement”) with Cred Reit Holdco LLC in the amount of $20,000,000. The prior Mezzanine Loan which had a 9.75% per annum interest rate was paid off. Interest rate on the new mezzanine loan is 7.25% and the loan matures on January 1, 2024. Interest only payments are due monthly. Effective as of May 11, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under the environmental indemnity for Justice Investors limited partnership’s $97,000,000 mortgage loan and the $20,000,000 mezzanine loan. Pursuant to the agreement, InterGroup is required to maintain a certain net worth and liquidity. As of December 31, 2019, InterGroup is in compliance with both requirements. In July 2018, InterGroup obtained a revolving $5,000,000 line of credit (“RLOC”) from CIBC Bank USA (“CIBC”). On July 31, 2018, $2,969,000 was drawn from the RLOC to pay off the mortgage note payable at Intergroup Woodland Village, Inc. (“Woodland Village”) and a new mortgage note payable was established at Woodland Village due to InterGroup for the amount drawn. Woodland Village holds a three-story apartment complex in Santa Monica, California and is 55.4% and 44.6% owned by Santa Fe and the Company, respectively. The RLOC carries a variable interest rate of 30-day LIBOR plus 3%. Interest is paid on a monthly basis. The RLOC and all accrued and unpaid interest were due in July 2019. In July 2019, the Company obtained a modification from CIBC which increased the RLOC by $3,000,000 and extended the maturity date from July 24, 2019 to July 23, 2020. The $2,969,000 mortgage due to InterGroup carries same terms as InterGroup’s RLOC. On August 31, 2018, $1,005,000 was drawn from the RLOC to pay off a mortgage note payable on a single-family house located in Los Angeles, California. On September 28, 2018, the Company obtained a new mortgage in the amount of $1,000,000 on the same property. The interest rate on the new loan is fixed at 4.75% per annum for the first five years and variable for the remaining of the term. The note matures in October 2048. Net proceeds of $995,000 received as a result of the refinance was used to pay down the RLOC. The Hotel has continued to generate positive operating income. While the debt service requirements related to the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company’s marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, and the cash flows generated from its real estate assets, will be adequate to meet the Company’s current and future obligations. Additionally, management believes there is significant appreciated value in the Hotel property to support additional borrowings, if necessary. The following table provides a summary as of December 31, 2019, the Company’s material financial obligations which also including interest payments. 6 Months Year Year Year Year Total 2020 2021 2022 2023 2024 Thereafter Mortgage and subordinated notes payable $ 170,968,000 $ 1,433,000 $ 12,483,000 $ 3,095,000 $ 37,812,000 $ 107,655,000 $ 8,490,000 Other notes payable 9,217,000 585,000 3,991,000 1,022,000 744,000 567,000 2,308,000 Interest 33,535,000 4,460,000 8,598,000 8,148,000 7,014,000 3,401,000 1,914,000 Total $ 213,720,000 $ 6,478,000 $ 25,072,000 $ 12,265,000 $ 45,570,000 $ 111,623,000 $ 12,712,000 Recently Issued and Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Revenue
Revenue | 6 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 2 – REVENUE Our revenue from real estate is primarily rental income from residential and commercial property leases which is recorded when due from residents and is recognized monthly as earned. The following table present our Hotel revenue disaggregated by revenue streams. For the three months ended December 31, 2019 2018 Hotel revenues: Hotel rooms $ 12,497,000 $ 11,565,000 Food and beverage 1,425,000 1,565,000 Garage 776,000 734,000 Other operating departments 203,000 133,000 Total hotel revenue $ 14,901,000 $ 13,997,000 For the six months ended December 31, 2019 2018 Hotel revenues: Hotel rooms $ 25,811,000 $ 25,087,000 Food and beverage 2,647,000 3,014,000 Garage 1,512,000 1,508,000 Other operating departments 360,000 198,000 Total hotel revenue $ 30,330,000 $ 29,807,000 Performance obligations We identified the following performance obligations, for which revenue is recognized as the respective performance obligations are satisfied, which results in recognizing the amount we expect to be entitled to for providing the goods or services: ● Cancelable room reservations or ancillary services ● Noncancelable room reservations and banquet or conference reservations ● Other ancillary goods and services ● Components of package reservations Hotel revenue primarily consists of hotel room rentals, revenue from accommodations sold in conjunction with other services (e.g., package reservations), food and beverage sales and other ancillary goods and services (e.g., parking). Revenue is recognized when rooms are occupied or goods and services have been delivered or rendered, respectively. Payment terms typically align with when the goods and services are provided. For package reservations, the transaction price is allocated to the performance obligations within the package based on the estimated standalone selling prices of each component. We do not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Due to the nature of our business, our revenue is not significantly impacted by refunds. Cash payments received in advance of guests staying at our hotel are refunded to hotel guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to service are generally recognized as an adjustment to the transaction price at the time the hotel stay occurs or services are rendered. Contract assets and liabilities We do not have any material contract assets as of December 31, 2019 and June 30, 2019 other than trade and other receivables, net on our condensed consolidated balance sheets. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. We record contract liabilities when cash payments are received or due in advance of guests staying at our hotel, which are presented within accounts payable and other liabilities on our condensed consolidated balance sheets. Contract liabilities decreased to $1,027,000 as of December 31, 2019, from $1,215,000 as of June 30, 2019. The decrease for the six months ended December 31, 2019 was primarily driven by $188,000 revenue recognized that was included in the advanced deposits balance as of June 30, 2019. Contract costs We consider sales commissions earned to be incremental costs of obtaining a contract with our customers. As a practical expedient, we expense these costs as incurred as our contracts with customers and lease agreements do not extend beyond one year. |
Investment in Hotel, Net
Investment in Hotel, Net | 6 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Investment in Hotel, Net | NOTE 3 – INVESTMENT IN HOTEL, NET Investment in hotel consisted of the following as of: Accumulated Net Book December 31, 2019 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Finance lease ROU assets 1,746,000 (137,000 ) 1,609,000 Furniture and equipment 30,268,000 (27,206,000 ) 3,062,000 Building and improvements 63,879,000 (31,748,000 ) 32,131,000 Investment in Hotel, net $ 98,631,000 $ (59,091,000 ) $ 39,540,000 Accumulated Net Book June 30, 2019 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Finance lease ROU assets 521,000 (35,000 ) 486,000 Furniture and equipment 30,585,000 (26,842,000 ) 3,743,000 Building and improvements 63,879,000 (31,010,000 ) 32,869,000 Investment in Hotel, net $ 97,723,000 $ (57,887,000 ) $ 39,836,000 |
Investment in Real Estate, Net
Investment in Real Estate, Net | 6 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Investment in Real Estate, Net | NOTE 4 – INVESTMENT IN REAL ESTATE, NET The Company’s investment in real estate includes sixteen apartment complexes, one commercial real estate property and three single-family houses. The properties are located throughout the United States, but are concentrated in Dallas, Texas and Southern California. The Company also has an investment in unimproved real property. Investment in real estate consisted of the following: As of December 31, 2019 June 30, 2019 Land $ 23,566,000 $ 23,566,000 Buildings, improvements and equipment 68,899,000 68,369,000 Accumulated depreciation (42,869,000 ) (41,629,000 ) 49,596,000 50,306,000 Land held for development 1,468,000 1,467,000 Investment in real estate, net $ 51,064,000 $ 51,773,000 |
Investment in Marketable Securi
Investment in Marketable Securities | 6 Months Ended |
Dec. 31, 2019 | |
Investment In Marketable Securities | |
Investment in Marketable Securities | NOTE 5 – INVESTMENT IN MARKETABLE SECURITIES The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also periodically invested in corporate bonds and income producing securities, which may include interests in real estate-based companies and REITs, where financial benefit could transfer to its shareholders through income and/or capital gain. At December 31, 2019 and June 30, 2019, all of the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows: Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of December 31, 2019 Corporate Equities $ 10,576,000 $ 1,672,000 $ (4,100,000 ) $ (2,428,000 ) $ 8,148,000 As of June 30, 2019 Corporate Equities $ 19,204,000 $ 1,753,000 $ (11,261,000 ) $ (9,508,000 ) $ 9,696,000 As of December 31, 2019, and June 30, 2019, approximately 4% and 7%, respectively, of the investment in marketable securities balance above is comprised of the common stock of Comstock Mining Inc (“Comstock”). As of December 31, 2019, and June 30, 2019, the Company had $3,845,000 and $11,088,000, respectively, of unrealized losses related to securities held for over one year; of which $3,684,000 and $10,900,000 are related to its investment in Comstock, respectively. For the six months ended December 31, 2019, the decrease in unrealized losses is a result of reclassing $7,586,000 of unrealized gain related to Comstock that was included in the cost basis as of June 30, 2019. Net gains (losses) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of net loss on marketable securities for the three and six months ended December 31, 2019 and 2018, respectively: For the three months ended December 31, 2019 2018 Realized (loss) gain on marketable securities, net $ (3,000 ) $ 530,000 Unrealized loss on marketable securities, net (50,000 ) (2,475,000 ) Unrealized loss on marketable securities related to Comstock (66,000 ) (26,000 ) Net loss on marketable securities $ (119,000 ) $ (1,971,000 ) For the six months ended December 31, 2019 2018 Realized (loss) gain on marketable securities, net $ (77,000 ) $ 522,000 Unrealized loss on marketable securities, net (121,000 ) (2,202,000 ) Unrealized loss on marketable securities related to Comstock (370,000 ) (462,000 ) Net loss on marketable securities $ (568,000 ) $ (2,142,000 ) |
Other Investments, Net
Other Investments, Net | 6 Months Ended |
Dec. 31, 2019 | |
Other Investments [Abstract] | |
Other Investments, Net | NOTE 6 – OTHER INVESTMENTS, NET The Company may also invest, with the approval of the securities investment committee and other Company guidelines, in private investment equity funds and other unlisted securities, such as convertible notes through private placements. Those investments in non-marketable securities are carried at cost on the Company’s balance sheet as part of other investments, net of other than temporary impairment losses. Other investments also include non-marketable warrants carried at fair value. Other investments, net consist of the following: Type December 31, 2019 June 30, 2019 Private equity hedge fund, at cost $ 376,000 $ 376,000 Other preferred stock, at cost 188,000 236,000 $ 564,000 $ 612,000 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 7 - FAIR VALUE MEASUREMENTS The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable). The assets measured at fair value on a recurring basis are as follows: 12/31/2019 06/30/2019 As of Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: REITs and real estate companies $ 3,263,000 $ 3,069,000 Energy 1,278,000 950,000 Insurance 1,109,000 - Corporate bonds 883,000 1,420,000 Consumer cyclical 572,000 1,448,000 Basic material 546,000 829,000 Financial services 278,000 951,000 Technology 149,000 651,000 Industrials 70,000 193,000 Healthcare - 185,000 $ 8,148,000 $ 9,696,000 The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment. The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: Assets Level 3 December 31, 2019 Net loss for the Other non-marketable investments $ 564,000 $ 564,000 $ - Assets Level 3 June 30, 2019 Net loss for the Other non-marketable investments $ 612,000 $ 612,000 $ - For the six months ended December 31, 2019 and 2018, we received distribution from other non-marketable investments of $48,000 and $80,000, respectively. Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Dec. 31, 2019 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | NOTE 8 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows. As of 12/31/2019 06/30/2019 Cash and cash equivalents $ 8,456,000 $ 11,837,000 Restricted cash 14,884,000 13,295,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 23,340,000 $ 25,132,000 Restricted cash is comprised of amounts held by lenders for payment of real estate taxes, insurance, replacement and capital addition reserves. It also includes key money received from Interstate that is restricted for capital improvements for the Hotel. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 6 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation Plans | NOTE 9 – STOCK BASED COMPENSATION PLANS The Company follows Accounting Standard Codification (ASC) Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units. Please refer to Note 16 – Stock Based Compensation Plans in the Company’s Form 10-K for the year ended June 30, 2019 for more detailed information on the Company’s stock-based compensation plans. During the three months ended December 31, 2019 and 2018, the Company recorded stock option compensation cost of $9,000 and $29,000, respectively, related to stock options that were previously issued. During the six months ended December 31, 2019 and 2018, the Company recorded stock option compensation cost of $17,000 and $59,000, respectively, related to stock options that were previously issued. As of December 31, 2019, there was a total of $28,000 of unamortized compensation related to stock options which is expected to be recognized over the weighted-average period of 2.17 years. In December 2018, the Company’s President and Chief Executive Officer, John V. Winfield exercised 26,805 vested Incentive Stock Options by surrendering 17,439 shares of the Company’s common stock at fair value as payment of the exercise price, resulting in a net issuance to him of 9,366 shares. No additional compensation expense was recorded related to the issuance. Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility is based on analysis of the Company’s stock price history. The Company has selected to use the simplified method for estimating the expected term. The risk-free interest rate is based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. No dividend yield is included as the Company has not issued any dividends and does not anticipate issuing any dividends in the future. The following table summarizes the stock options activity from July 1, 2018 through December 31, 2019: Number of Weighted Average Weighted Average Aggregate Shares Exercise Price Remaining Life Intrinsic Value Oustanding at July 1, 2018 368,000 $ 17.21 4.17 $ 3,505,000 Granted - - Exercised (26,805 ) 20.52 Forfeited - - Exchanged - - Outstanding at June 30, 2019 341,195 $ 16.95 3.07 years $ 4,680,000 Exercisable at June 30, 2019 330,395 $ 16.62 2.92 years $ 4,643,000 Vested and Expected to vest at June 30, 2019 341,195 $ 16.95 3.07 years $ 4,680,000 Oustanding at July 1, 2019 341,195 $ 16.95 3.07 years $ 4,680,000 Granted - - Exercised - - Forfeited - - Exchanged - - Outstanding at December 31, 2019 341,195 $ 16.95 2.57 years $ 6,993,000 Exercisable at December 31, 2019 330,395 $ 16.62 2.42 years $ 6,883,000 Vested and Expected to vest at December 31, 2019 341,195 $ 16.95 2.57 years $ 6,993,000 |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 10 – SEGMENT INFORMATION The Company operates in three reportable segments, the operation of the hotel (“Hotel Operations”), the operation of its multi-family residential properties (“Real Estate Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These three operating segments, as presented in the financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this information. Information below represents reported segments for the three and six months ended December 31, 2019 and 2018. Operating income from hotel operations consist of the operation of the hotel and operation of the garage. Operating income for rental properties consists of rental income. Operating loss for investment transactions consist of net investment gains (losses), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense. The other segment consists of corporate general and administrative expenses and the income tax expense for the entire Company. As of and for the three months Hotel Real Estate Investment ended December 31, 2019 Operations Operations Transactions Corporate Total Revenues $ 14,901,000 $ 3,839,000 $ - $ - $ 18,740,000 Segment operating expenses (11,730,000 ) (2,089,000 ) - (581,000 ) (14,400,000 ) Segment income (loss) from operations 3,171,000 1,750,000 - (581,000 ) 4,340,000 Interest expense - mortgage (1,735,000 ) (595,000 ) - - (2,330,000 ) Depreciation and amortization expense (611,000 ) (621,000 ) - - (1,232,000 ) Loss from investments - - (249,000 ) - (249,000 ) Income tax expense - - - (149,000 ) (149,000 ) Net income (loss) $ 825,000 $ 534,000 $ (249,000 ) $ (730,000 ) $ 380,000 Total assets $ 59,981,000 $ 51,064,000 $ 8,712,000 $ 6,460,000 $ 126,217,000 For the three months Hotel Real Estate Investment ended December 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 13,997,000 $ 3,752,000 $ - $ - $ 17,749,000 Segment operating expenses (11,236,000 ) (1,866,000 ) - (479,000 ) (13,581,000 ) Segment income (loss) from operations 2,761,000 1,886,000 - (479,000 ) 4,168,000 Interest expense - mortgage (1,797,000 ) (608,000 ) - - (2,405,000 ) Depreciation and amortization expense (643,000 ) (606,000 ) - - (1,249,000 ) Loss from investments - - (2,076,000 ) - (2,076,000 ) Income tax benefit - - - 440,000 440,000 Net income (loss) $ 321,000 $ 672,000 $ (2,076,000 ) $ (39,000 ) $ (1,122,000 ) As of and for the six months Hotel Real Estate Investment ended December 31, 2019 Operations Operations Transactions Corporate Total Revenues $ 30,330,000 $ 7,556,000 $ - $ - $ 37,886,000 Segment operating expenses (23,078,000 ) (4,039,000 ) - (1,341,000 ) (28,458,000 ) Segment income (loss) from operations 7,252,000 3,517,000 - (1,341,000 ) 9,428,000 Interest expense - mortgage (3,527,000 ) (1,200,000 ) - - (4,727,000 ) Depreciation and amortization expense (1,204,000 ) (1,241,000 ) - - (2,445,000 ) Loss from investments - - (861,000 ) - (861,000 ) Income tax expense - - - (371,000 ) (371,000 ) Net income (loss) $ 2,521,000 $ 1,076,000 $ (861,000 ) $ (1,712,000 ) $ 1,024,000 Total assets $ 59,981,000 $ 51,064,000 $ 8,712,000 $ 6,460,000 $ 126,217,000 For the six months Hotel Real Estate Investment ended December 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 29,807,000 $ 7,431,000 $ - $ - $ 37,238,000 Segment operating expenses (22,046,000 ) (3,878,000 ) - (1,122,000 ) (27,046,000 ) Segment income (loss) from operations 7,761,000 3,553,000 - (1,122,000 ) 10,192,000 Interest expense - mortgage (3,611,000 ) (1,359,000 ) - - (4,970,000 ) Depreciation and amortization expense (1,285,000 ) (1,207,000 ) - - (2,492,000 ) Loss from investments - - (2,454,000 ) - (2,454,000 ) Income tax expense - - - (270,000 ) (270,000 ) Net income (loss) $ 2,865,000 $ 987,000 $ (2,454,000 ) $ (1,392,000 ) $ 6,000 |
Related Party and Other Financi
Related Party and Other Financing Transactions | 6 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party and Other Financing Transactions | NOTE 11 – RELATED PARTY AND OTHER FINANCING TRANSACTIONS The following summarizes the balances of related party and other notes payable as of December 31, 2019 and June 30, 2019, respectively. As of 12/31/2019 06/30/2019 Note payable - Hilton $ 3,167,000 $ 3,325,000 Note payable - Interstate 1,771,000 1,896,000 Other notes payable 12,000 40,000 Total related party and other notes payable $ 4,950,000 $ 5,261,000 Note payable to Hilton (Franchisor) is a self-exhausting, interest free development incentive note which is reduced by approximately $316,000 annually through 2030 by Hilton if the Partnership is still a Franchisee with Hilton. On February 1, 2017, Justice entered into an HMA with Interstate to manage the Hotel with an effective takeover date of February 3, 2017. The term of the management agreement is for an initial period of 10 years commencing on the takeover date and automatically renews for an additional year nd As of December 31, 2019, the Company had finance lease obligations outstanding of $1,282,000. These finance leases expire in various years through 2023 at rates ranging from 5.77% to 6.25% per annum. Minimum future lease payments for assets under finance leases as of December 31, 2019 are as follows: For the year ending June 30, 2020 $ 246,000 2021 492,000 2022 482,000 2023 182,000 Total minimum lease payments 1,402,000 Less interest on finance lease (120,000 ) Present value of future minimum lease payments $ 1,282,000 Future minimum principal payments for all related party and other financing transactions are as follows: For the year ending June 30, 2020 $ 585,000 2021 3,991,000 2022 1,022,000 2023 744,000 2024 567,000 Thereafter 2,308,000 In July 2018, InterGroup obtained a revolving $5,000,000 line of credit (“RLOC”) from CIBC Bank USA (“CIBC”). On July 31, 2018, $2,969,000 was drawn from the RLOC to pay off the mortgage note payable at Intergroup Woodland Village, Inc. (“Woodland Village”) and a new mortgage note payable was established at Woodland Village due to InterGroup for the amount drawn. Woodland Village holds a three-story apartment complex in Santa Monica, California and is 55.4% and 44.6% owned by Santa Fe and the Company, respectively. The RLOC carries a variable interest rate of 30-day LIBOR plus 3%. Interest is paid on a monthly basis. The RLOC and all accrued and unpaid interest were due in July 2019. In July 2019, the Company obtained a modification from CIBC which increased the RLOC by $3,000,000 and extended the maturity date from July 24, 2019 to July 23, 2020. The $2,969,000 mortgage due to InterGroup carries same terms as InterGroup’s RLOC. Effective May 12, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under environmental indemnity for Justice Investors limited partnership’s $97,000,000 mortgage loan and the $20,000,000 mezzanine loan, in order to maintain certain minimum net worth and liquidity guarantor covenant requirements that Portsmouth was unable to satisfy independently as of March 31, 2017. Four of the Portsmouth directors serve as directors of InterGroup. Two of those directors also serve as directors of Santa Fe. The two Santa Fe directors also serve as directors of InterGroup. As Chairman of the Securities Investment Committee, the Company’s President and Chief Executive Officer (CEO), John V. Winfield, directs the investment activity of the Company in public and private markets pursuant to authority granted by the Board of Directors. Mr. Winfield also serves as Chief Executive Officer and Chairman of the Portsmouth and Santa Fe and oversees the investment activity of those companies. Depending on certain market conditions and various risk factors, the Chief Executive Officer, Portsmouth and Santa Fe may, at times, invest in the same companies in which the Company invests. Such investments align the interests of the Company with the interests of related parties because it places the personal resources of the Chief Executive Officer and the resources of the Portsmouth and Santa Fe, at risk in substantially the same manner as the Company in connection with investment decisions made on behalf of the Company. |
Accounts Payable and Other Liab
Accounts Payable and Other Liabilities - Justice | 6 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Liabilities - Justice | NOTE 12 – ACCOUNTS PAYABLE AND OTHER LIABILITIES - JUSTICE The following summarizes the balances of accounts payable and other liabilities – Justice as of December 31, 2019 and June 30, 2019. As of 12/31/2019 06/30/2019 Trade payable $ 1,953,000 $ 1,792,000 Advance deposits 1,027,000 1,215,000 Property tax payable 1,046,000 1,046,000 Payroll and related accruals 1,826,000 2,584,000 Interest payable - 412,000 Withholding and other taxes payable 882,000 1,831,000 Security deposit 52,000 52,000 Other payables 1,861,000 2,366,000 Total accounts payable and other liabilities - Justice $ 8,647,000 $ 11,298,000 |
Accounts Payable and Other Li_2
Accounts Payable and Other Liabilities | 6 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Liabilities | NOTE 13 – ACCOUNTS PAYABLE AND OTHER LIABILITIES The following summarizes the balances of accounts payable and other liabilities as of December 31, 2019 and June 30, 2019. As of 12/31/2019 06/30/2019 Trade payable $ 560,000 $ 521,000 Advance deposits 324,000 378,000 Property tax payable 935,000 595,000 Payroll and related accruals 49,000 47,000 Interest payable 223,000 221,000 Withholding and other taxes payable 1,069,000 1,108,000 Security deposit 743,000 736,000 Other payables 151,000 160,000 Total accounts payable and other liabilities $ 4,054,000 $ 3,766,000 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 14 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Due to Securities Broker | Due to Securities Broker Various securities brokers have advanced funds to the Company for the purchase of marketable securities under standard margin agreements. These advanced funds are recorded as a liability. |
Obligations for Securities Sold | Obligations for Securities Sold Obligation for securities sold represents the fair market value of shares sold with the promise to deliver that security at some future date and the fair market value of shares underlying the written call options with the obligation to deliver that security when and if the option is exercised. The obligation may be satisfied with current holdings of the same security or by subsequent purchases of that security. Unrealized gains and losses from changes in the obligation are included in the condensed consolidated statements of operations. |
Income Tax | Income Tax The Company consolidates Justice (“Hotel”) for financial reporting purposes and is not taxed on its non-controlling interest in the Hotel. The income tax expense during the six months ended December 31, 2019 and 2018 represent the income tax effect on the Company’s pretax income which includes its share in the net income of the Hotel. |
Financial Condition and Liquidity | Financial Condition and Liquidity The Company’s cash flows are primarily generated from the ownership and management of real estate. To fund the redemption of limited partnership interests and to repay the prior mortgage of $42,940,000, Justice obtained a $97,000,000 mortgage loan and a $20,000,000 mezzanine loan in December 2013. The mortgage loan is secured by the Partnership’s principal asset, the Hotel. The mortgage loan bears an interest rate of 5.275% per annum with interest only payments due through January 2017. Beginning in February 2017, the loan began to amortize over a thirty-year period through its maturity date of January 2024. Outstanding principal balance on the loan was $92,914,000 and $93,746,000 as of December 31, 2019 and June 30, 2019, respectively. As additional security for the mortgage loan, there is a limited guaranty executed by Portsmouth in favor of the mortgage lender. The mezzanine loan is secured by the Operating membership interest held by Mezzanine and is subordinated to the Mortgage Loan. The mezzanine interest only loan had an interest rate of 9.75% per annum and a maturity date of January 1, 2024. As additional security for the mezzanine loan, there is a limited guaranty executed by Portsmouth in favor of the mezzanine lender. On July 31, 2019, Mezzanine refinanced the mezzanine loan by entering into a new mezzanine loan agreement (“New Mezzanine Loan Agreement”) with Cred Reit Holdco LLC in the amount of $20,000,000. The prior Mezzanine Loan which had a 9.75% per annum interest rate was paid off. Interest rate on the new mezzanine loan is 7.25% and the loan matures on January 1, 2024. Interest only payments are due monthly. Effective as of May 11, 2017, InterGroup agreed to become an additional guarantor under the limited guaranty and an additional indemnitor under the environmental indemnity for Justice Investors limited partnership’s $97,000,000 mortgage loan and the $20,000,000 mezzanine loan. Pursuant to the agreement, InterGroup is required to maintain a certain net worth and liquidity. As of December 31, 2019, InterGroup is in compliance with both requirements. In July 2018, InterGroup obtained a revolving $5,000,000 line of credit (“RLOC”) from CIBC Bank USA (“CIBC”). On July 31, 2018, $2,969,000 was drawn from the RLOC to pay off the mortgage note payable at Intergroup Woodland Village, Inc. (“Woodland Village”) and a new mortgage note payable was established at Woodland Village due to InterGroup for the amount drawn. Woodland Village holds a three-story apartment complex in Santa Monica, California and is 55.4% and 44.6% owned by Santa Fe and the Company, respectively. The RLOC carries a variable interest rate of 30-day LIBOR plus 3%. Interest is paid on a monthly basis. The RLOC and all accrued and unpaid interest were due in July 2019. In July 2019, the Company obtained a modification from CIBC which increased the RLOC by $3,000,000 and extended the maturity date from July 24, 2019 to July 23, 2020. The $2,969,000 mortgage due to InterGroup carries same terms as InterGroup’s RLOC. On August 31, 2018, $1,005,000 was drawn from the RLOC to pay off a mortgage note payable on a single-family house located in Los Angeles, California. On September 28, 2018, the Company obtained a new mortgage in the amount of $1,000,000 on the same property. The interest rate on the new loan is fixed at 4.75% per annum for the first five years and variable for the remaining of the term. The note matures in October 2048. Net proceeds of $995,000 received as a result of the refinance was used to pay down the RLOC. The Hotel has continued to generate positive operating income. While the debt service requirements related to the loans may create some additional risk for the Company and its ability to generate cash flows in the future, management believes that cash flows from the operations of the Hotel and the garage will continue to be sufficient to meet all of the Partnership’s current and future obligations and financial requirements. The Company has invested in short-term, income-producing instruments and in equity and debt securities when deemed appropriate. The Company’s marketable securities are classified as trading with unrealized gains and losses recorded through the consolidated statements of operations. Management believes that its cash, marketable securities, and the cash flows generated from its real estate assets, will be adequate to meet the Company’s current and future obligations. Additionally, management believes there is significant appreciated value in the Hotel property to support additional borrowings, if necessary. The following table provides a summary as of December 31, 2019, the Company’s material financial obligations which also including interest payments. 6 Months Year Year Year Year Total 2020 2021 2022 2023 2024 Thereafter Mortgage and subordinated notes payable $ 170,968,000 $ 1,433,000 $ 12,483,000 $ 3,095,000 $ 37,812,000 $ 107,655,000 $ 8,490,000 Other notes payable 9,217,000 585,000 3,991,000 1,022,000 744,000 567,000 2,308,000 Interest 33,535,000 4,460,000 8,598,000 8,148,000 7,014,000 3,401,000 1,914,000 Total $ 213,720,000 $ 6,478,000 $ 25,072,000 $ 12,265,000 $ 45,570,000 $ 111,623,000 $ 12,712,000 |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Financial Obligations Including Interest Payments | The following table provides a summary as of December 31, 2019, the Company’s material financial obligations which also including interest payments. 6 Months Year Year Year Year Total 2020 2021 2022 2023 2024 Thereafter Mortgage and subordinated notes payable $ 170,968,000 $ 1,433,000 $ 12,483,000 $ 3,095,000 $ 37,812,000 $ 107,655,000 $ 8,490,000 Other notes payable 9,217,000 585,000 3,991,000 1,022,000 744,000 567,000 2,308,000 Interest 33,535,000 4,460,000 8,598,000 8,148,000 7,014,000 3,401,000 1,914,000 Total $ 213,720,000 $ 6,478,000 $ 25,072,000 $ 12,265,000 $ 45,570,000 $ 111,623,000 $ 12,712,000 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table present our Hotel revenue disaggregated by revenue streams. For the three months ended December 31, 2019 2018 Hotel revenues: Hotel rooms $ 12,497,000 $ 11,565,000 Food and beverage 1,425,000 1,565,000 Garage 776,000 734,000 Other operating departments 203,000 133,000 Total hotel revenue $ 14,901,000 $ 13,997,000 For the six months ended December 31, 2019 2018 Hotel revenues: Hotel rooms $ 25,811,000 $ 25,087,000 Food and beverage 2,647,000 3,014,000 Garage 1,512,000 1,508,000 Other operating departments 360,000 198,000 Total hotel revenue $ 30,330,000 $ 29,807,000 |
Investment in Hotel, Net (Table
Investment in Hotel, Net (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investment in Hotel | Investment in hotel consisted of the following as of: Accumulated Net Book December 31, 2019 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Finance lease ROU assets 1,746,000 (137,000 ) 1,609,000 Furniture and equipment 30,268,000 (27,206,000 ) 3,062,000 Building and improvements 63,879,000 (31,748,000 ) 32,131,000 Investment in Hotel, net $ 98,631,000 $ (59,091,000 ) $ 39,540,000 Accumulated Net Book June 30, 2019 Cost Depreciation Value Land $ 2,738,000 $ - $ 2,738,000 Finance lease ROU assets 521,000 (35,000 ) 486,000 Furniture and equipment 30,585,000 (26,842,000 ) 3,743,000 Building and improvements 63,879,000 (31,010,000 ) 32,869,000 Investment in Hotel, net $ 97,723,000 $ (57,887,000 ) $ 39,836,000 |
Investment in Real Estate, Net
Investment in Real Estate, Net (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Investment in Real Estate | As of December 31, 2019 June 30, 2019 Land $ 23,566,000 $ 23,566,000 Buildings, improvements and equipment 68,899,000 68,369,000 Accumulated depreciation (42,869,000 ) (41,629,000 ) 49,596,000 50,306,000 Land held for development 1,468,000 1,467,000 Investment in real estate, net $ 51,064,000 $ 51,773,000 |
Investment in Marketable Secu_2
Investment in Marketable Securities (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Investment In Marketable Securities | |
Schedule of Trading Securities | The change in the unrealized gains and losses on these investments are included in earnings. Trading securities are summarized as follows: Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of December 31, 2019 Corporate Equities $ 10,576,000 $ 1,672,000 $ (4,100,000 ) $ (2,428,000 ) $ 8,148,000 As of June 30, 2019 Corporate Equities $ 19,204,000 $ 1,753,000 $ (11,261,000 ) $ (9,508,000 ) $ 9,696,000 |
Schedule of Net Loss on Marketable Securities Comprising of Realized and Unrealized Gains (Losses) | Net gains (losses) on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of net loss on marketable securities for the three and six months ended December 31, 2019 and 2018, respectively: For the three months ended December 31, 2019 2018 Realized (loss) gain on marketable securities, net $ (3,000 ) $ 530,000 Unrealized loss on marketable securities, net (50,000 ) (2,475,000 ) Unrealized loss on marketable securities related to Comstock (66,000 ) (26,000 ) Net loss on marketable securities $ (119,000 ) $ (1,971,000 ) For the six months ended December 31, 2019 2018 Realized (loss) gain on marketable securities, net $ (77,000 ) $ 522,000 Unrealized loss on marketable securities, net (121,000 ) (2,202,000 ) Unrealized loss on marketable securities related to Comstock (370,000 ) (462,000 ) Net loss on marketable securities $ (568,000 ) $ (2,142,000 ) |
Other Investments, Net (Tables)
Other Investments, Net (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Other Investments [Abstract] | |
Schedule of Other Investments, Net | Other investments, net consist of the following: Type December 31, 2019 June 30, 2019 Private equity hedge fund, at cost $ 376,000 $ 376,000 Other preferred stock, at cost 188,000 236,000 $ 564,000 $ 612,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement on Recurring Basis | The assets measured at fair value on a recurring basis are as follows: 12/31/2019 06/30/2019 As of Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: REITs and real estate companies $ 3,263,000 $ 3,069,000 Energy 1,278,000 950,000 Insurance 1,109,000 - Corporate bonds 883,000 1,420,000 Consumer cyclical 572,000 1,448,000 Basic material 546,000 829,000 Financial services 278,000 951,000 Technology 149,000 651,000 Industrials 70,000 193,000 Healthcare - 185,000 $ 8,148,000 $ 9,696,000 |
Schedule of Fair Value Measurements on Non-recurring Basis | The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: Assets Level 3 December 31, 2019 Net loss for the Other non-marketable investments $ 564,000 $ 564,000 $ - Assets Level 3 June 30, 2019 Net loss for the Other non-marketable investments $ 612,000 $ 612,000 $ - |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows. As of 12/31/2019 06/30/2019 Cash and cash equivalents $ 8,456,000 $ 11,837,000 Restricted cash 14,884,000 13,295,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 23,340,000 $ 25,132,000 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes the stock options activity from July 1, 2018 through December 31, 2019: Number of Weighted Average Weighted Average Aggregate Shares Exercise Price Remaining Life Intrinsic Value Oustanding at July 1, 2018 368,000 $ 17.21 4.17 $ 3,505,000 Granted - - Exercised (26,805 ) 20.52 Forfeited - - Exchanged - - Outstanding at June 30, 2019 341,195 $ 16.95 3.07 years $ 4,680,000 Exercisable at June 30, 2019 330,395 $ 16.62 2.92 years $ 4,643,000 Vested and Expected to vest at June 30, 2019 341,195 $ 16.95 3.07 years $ 4,680,000 Oustanding at July 1, 2019 341,195 $ 16.95 3.07 years $ 4,680,000 Granted - - Exercised - - Forfeited - - Exchanged - - Outstanding at December 31, 2019 341,195 $ 16.95 2.57 years $ 6,993,000 Exercisable at December 31, 2019 330,395 $ 16.62 2.42 years $ 6,883,000 Vested and Expected to vest at December 31, 2019 341,195 $ 16.95 2.57 years $ 6,993,000 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | As of and for the three months Hotel Real Estate Investment ended December 31, 2019 Operations Operations Transactions Corporate Total Revenues $ 14,901,000 $ 3,839,000 $ - $ - $ 18,740,000 Segment operating expenses (11,730,000 ) (2,089,000 ) - (581,000 ) (14,400,000 ) Segment income (loss) from operations 3,171,000 1,750,000 - (581,000 ) 4,340,000 Interest expense - mortgage (1,735,000 ) (595,000 ) - - (2,330,000 ) Depreciation and amortization expense (611,000 ) (621,000 ) - - (1,232,000 ) Loss from investments - - (249,000 ) - (249,000 ) Income tax expense - - - (149,000 ) (149,000 ) Net income (loss) $ 825,000 $ 534,000 $ (249,000 ) $ (730,000 ) $ 380,000 Total assets $ 59,981,000 $ 51,064,000 $ 8,712,000 $ 6,460,000 $ 126,217,000 For the three months Hotel Real Estate Investment ended December 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 13,997,000 $ 3,752,000 $ - $ - $ 17,749,000 Segment operating expenses (11,236,000 ) (1,866,000 ) - (479,000 ) (13,581,000 ) Segment income (loss) from operations 2,761,000 1,886,000 - (479,000 ) 4,168,000 Interest expense - mortgage (1,797,000 ) (608,000 ) - - (2,405,000 ) Depreciation and amortization expense (643,000 ) (606,000 ) - - (1,249,000 ) Loss from investments - - (2,076,000 ) - (2,076,000 ) Income tax benefit - - - 440,000 440,000 Net income (loss) $ 321,000 $ 672,000 $ (2,076,000 ) $ (39,000 ) $ (1,122,000 ) As of and for the six months Hotel Real Estate Investment ended December 31, 2019 Operations Operations Transactions Corporate Total Revenues $ 30,330,000 $ 7,556,000 $ - $ - $ 37,886,000 Segment operating expenses (23,078,000 ) (4,039,000 ) - (1,341,000 ) (28,458,000 ) Segment income (loss) from operations 7,252,000 3,517,000 - (1,341,000 ) 9,428,000 Interest expense - mortgage (3,527,000 ) (1,200,000 ) - - (4,727,000 ) Depreciation and amortization expense (1,204,000 ) (1,241,000 ) - - (2,445,000 ) Loss from investments - - (861,000 ) - (861,000 ) Income tax expense - - - (371,000 ) (371,000 ) Net income (loss) $ 2,521,000 $ 1,076,000 $ (861,000 ) $ (1,712,000 ) $ 1,024,000 Total assets $ 59,981,000 $ 51,064,000 $ 8,712,000 $ 6,460,000 $ 126,217,000 For the six months Hotel Real Estate Investment ended December 31, 2018 Operations Operations Transactions Corporate Total Revenues $ 29,807,000 $ 7,431,000 $ - $ - $ 37,238,000 Segment operating expenses (22,046,000 ) (3,878,000 ) - (1,122,000 ) (27,046,000 ) Segment income (loss) from operations 7,761,000 3,553,000 - (1,122,000 ) 10,192,000 Interest expense - mortgage (3,611,000 ) (1,359,000 ) - - (4,970,000 ) Depreciation and amortization expense (1,285,000 ) (1,207,000 ) - - (2,492,000 ) Loss from investments - - (2,454,000 ) - (2,454,000 ) Income tax expense - - - (270,000 ) (270,000 ) Net income (loss) $ 2,865,000 $ 987,000 $ (2,454,000 ) $ (1,392,000 ) $ 6,000 |
Related Party and Other Finan_2
Related Party and Other Financing Transactions (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Related Party and Other Notes Payable | The following summarizes the balances of related party and other notes payable as of December 31, 2019 and June 30, 2019, respectively. As of 12/31/2019 06/30/2019 Note payable - Hilton $ 3,167,000 $ 3,325,000 Note payable - Interstate 1,771,000 1,896,000 Other notes payable 12,000 40,000 Total related party and other notes payable $ 4,950,000 $ 5,261,000 |
Schedule of Minimum Future Lease Payments | Minimum future lease payments for assets under finance leases as of December 31, 2019 are as follows: For the year ending June 30, 2020 $ 246,000 2021 492,000 2022 482,000 2023 182,000 Total minimum lease payments 1,402,000 Less interest on finance lease (120,000 ) Present value of future minimum lease payments $ 1,282,000 |
Schedule of Future Minimum Principal Payments | Future minimum principal payments for all related party and other financing transactions are as follows: For the year ending June 30, 2020 $ 585,000 2021 3,991,000 2022 1,022,000 2023 744,000 2024 567,000 Thereafter 2,308,000 |
Accounts Payable and Other Li_3
Accounts Payable and Other Liabilities - Justice (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Other Liabilities Justice | The following summarizes the balances of accounts payable and other liabilities – Justice as of December 31, 2019 and June 30, 2019. As of 12/31/2019 06/30/2019 Trade payable $ 1,953,000 $ 1,792,000 Advance deposits 1,027,000 1,215,000 Property tax payable 1,046,000 1,046,000 Payroll and related accruals 1,826,000 2,584,000 Interest payable - 412,000 Withholding and other taxes payable 882,000 1,831,000 Security deposit 52,000 52,000 Other payables 1,861,000 2,366,000 Total accounts payable and other liabilities - Justice $ 8,647,000 $ 11,298,000 |
Accounts Payable and Other Li_4
Accounts Payable and Other Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Other Liabilities | The following summarizes the balances of accounts payable and other liabilities as of December 31, 2019 and June 30, 2019. As of 12/31/2019 06/30/2019 Trade payable $ 560,000 $ 521,000 Advance deposits 324,000 378,000 Property tax payable 935,000 595,000 Payroll and related accruals 49,000 47,000 Interest payable 223,000 221,000 Withholding and other taxes payable 1,069,000 1,108,000 Security deposit 743,000 736,000 Other payables 151,000 160,000 Total accounts payable and other liabilities $ 4,054,000 $ 3,766,000 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies (Details Narrative) - USD ($) | Jul. 31, 2019 | Sep. 28, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2019 | Dec. 31, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | May 12, 2017 | May 11, 2017 |
Agreement description | Justice entered into a Hotel management agreement ("HMA") with Interstate Management Company, LLC ("Interstate") to manage the Hotel, along with its five-level parking garage, with an effective takeover date of February 3, 2017. The term of the management agreement is for an initial period of ten years commencing on the takeover date and automatically renews for successive one (1) year periods, to not exceed five years in the aggregate, subject to certain conditions. Under the terms on the HMA, base management fee payable to Interstate shall be one and seven-tenths percent (1.70%) of total Hotel revenue. On October 25, 2019, Interstate merged with Aimbridge Hospitality, North America's largest independent hotel management firm. With the completion of the merger, the newly combined company will be positioned under the Aimbridge Hospitality name in the Americas. | |||||||||||
Repayment of prior mortgage amount | $ 42,940,000 | |||||||||||
Loan amount | $ 1,000,000 | |||||||||||
Bears interest percentage | 4.75% | |||||||||||
Loan outstanding amount | $ 92,914,000 | $ 93,746,000 | ||||||||||
Drawn to pay off mortgage note payable | $ 1,005,000 | |||||||||||
Maturity date description | The note matures in October 2048 | |||||||||||
Debt instrument term | 5 years | |||||||||||
Net proceeds from line of credit | $ 995,000 | $ 2,985,000 | ||||||||||
Mortgage Loan [Member] | ||||||||||||
Loan amount | $ 97,000,000 | |||||||||||
Bears interest percentage | 5.275% | |||||||||||
Debt maturity date | Jan. 31, 2024 | |||||||||||
Mezzanine Loan [Member] | ||||||||||||
Loan amount | $ 20,000,000 | |||||||||||
Bears interest percentage | 9.75% | |||||||||||
Debt maturity date | Jan. 1, 2024 | |||||||||||
InterGroup [Member] | ||||||||||||
Power to vote percentage interest | 44.60% | 44.60% | ||||||||||
Variable interest rate LIBOR | The RLOC carries a variable interest rate of 30-day LIBOR plus 3%. | |||||||||||
Increase in line of credit facility | $ 3,000,000 | |||||||||||
Maturity date description | July 24, 2019 to July 23, 2020 | |||||||||||
Mortgage due to related party amount | $ 2,969,000 | $ 2,969,000 | ||||||||||
InterGroup [Member] | CIBC Bank [Member] | ||||||||||||
Revolving lie of credit amount | $ 5,000,000 | $ 5,000,000 | ||||||||||
InterGroup [Member] | Mortgage Loan [Member] | ||||||||||||
Loan amount | $ 97,000,000 | $ 97,000,000 | ||||||||||
InterGroup [Member] | Mezzanine Loan [Member] | ||||||||||||
Loan amount | $ 20,000,000 | $ 20,000,000 | ||||||||||
Portsmouth [Member] | ||||||||||||
Ownership interest percentage | 68.80% | |||||||||||
Portsmouth [Member] | InterGroup [Member] | ||||||||||||
Ownership interest percentage | 13.40% | |||||||||||
Santa Fe [Member] | ||||||||||||
Power to vote percentage interest | 55.40% | 55.40% | 86.30% | |||||||||
Santa Fe [Member] | Chairman and President [Member] | ||||||||||||
Power to vote percentage interest | 4.00% | |||||||||||
Cred Reit Holdco LLC [Member] | New Mezzanine Loan Agreement [Member] | ||||||||||||
Loan amount | $ 20,000,000 | $ 20,000,000 | ||||||||||
Bears interest percentage | 7.25% | |||||||||||
Debt maturity date | Jan. 1, 2024 | |||||||||||
Annum interest rate paid off percentage | 9.75% | 9.75% | ||||||||||
Intergroup Woodland Village, Inc [Member] | ||||||||||||
Drawn to pay off mortgage note payable | $ 2,969,000 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Financial Obligations Including Interest Payments (Details) | Dec. 31, 2019USD ($) |
Mortgage and subordinated notes payable | $ 170,968,000 |
Other notes payable | 9,217,000 |
Interest | 33,535,000 |
Total | 213,720,000 |
6 Months 2020 [Member] | |
Mortgage and subordinated notes payable | 1,433,000 |
Other notes payable | 585,000 |
Interest | 4,460,000 |
Total | 6,478,000 |
Year 2021 [Member] | |
Mortgage and subordinated notes payable | 12,483,000 |
Other notes payable | 3,991,000 |
Interest | 8,598,000 |
Total | 25,072,000 |
Year 2022 [Member] | |
Mortgage and subordinated notes payable | 3,095,000 |
Other notes payable | 1,022,000 |
Interest | 8,148,000 |
Total | 12,265,000 |
Year 2023 [Member] | |
Mortgage and subordinated notes payable | 37,812,000 |
Other notes payable | 744,000 |
Interest | 7,014,000 |
Total | 45,570,000 |
Year 2024 [Member] | |
Mortgage and subordinated notes payable | 107,655,000 |
Other notes payable | 567,000 |
Interest | 3,401,000 |
Total | 111,623,000 |
Thereafter [Member] | |
Mortgage and subordinated notes payable | 8,490,000 |
Other notes payable | 2,308,000 |
Interest | 1,914,000 |
Total | $ 12,712,000 |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer, liability | $ 1,027,000 | $ 1,215,000 |
Contract with customer liability, revenue recognized | $ 188,000 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total hotel revenue | $ 18,740,000 | $ 17,749,000 | $ 37,886,000 | $ 37,238,000 |
Hotel Rooms [Member] | ||||
Total hotel revenue | 12,497,000 | 11,565,000 | 25,811,000 | 25,087,000 |
Food and Beverage [Member] | ||||
Total hotel revenue | 1,425,000 | 1,565,000 | 2,647,000 | 3,014,000 |
Garage [Member] | ||||
Total hotel revenue | 776,000 | 734,000 | 1,512,000 | 1,508,000 |
Other Operating Departments [Member] | ||||
Total hotel revenue | 203,000 | 133,000 | 360,000 | 198,000 |
Hotel [Member] | ||||
Total hotel revenue | $ 14,901,000 | $ 13,997,000 | $ 30,330,000 | $ 29,807,000 |
Investment in Hotel, Net - Sche
Investment in Hotel, Net - Schedule of Investment in Hotel (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Cost | $ 98,631,000 | $ 97,723,000 |
Accumulated Depreciation | (59,091,000) | (57,887,000) |
Net Book Value | 39,540,000 | 39,836,000 |
Land [Member] | ||
Cost | 2,738,000 | 2,738,000 |
Accumulated Depreciation | ||
Net Book Value | 2,738,000 | 2,738,000 |
Finance Lease ROU Assets [Member] | ||
Cost | 1,746,000 | 521,000 |
Accumulated Depreciation | (137,000) | (35,000) |
Net Book Value | 1,609,000 | 486,000 |
Furniture and Equipment [Member] | ||
Cost | 30,268,000 | 30,585,000 |
Accumulated Depreciation | (27,206,000) | (26,842,000) |
Net Book Value | 3,062,000 | 3,743,000 |
Building and Improvements [Member] | ||
Cost | 63,879,000 | 63,879,000 |
Accumulated Depreciation | (31,748,000) | (31,010,000) |
Net Book Value | $ 32,131,000 | $ 32,869,000 |
Investment in Real Estate, Ne_2
Investment in Real Estate, Net - Schedule of Investment in Real Estate (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Real estate investment, Gross | $ 49,596,000 | $ 50,306,000 |
Real estate investment, Accumulated depreciation | (42,869,000) | (41,629,000) |
Real estate investment, Land held for development | 1,468,000 | 1,467,000 |
Real estate investment, Net | 51,064,000 | 51,773,000 |
Land [Member] | ||
Real estate investment, Gross | 23,566,000 | 23,566,000 |
Buildings Improvements and Equipment [Member] | ||
Real estate investment, Gross | $ 68,899,000 | |
Buildings Improvements and Equipment [Member] | ||
Real estate investment, Gross | $ 68,369,000 |
Investment in Marketable Secu_3
Investment in Marketable Securities (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Unrealized losses related to securities | $ 66,000 | $ 26,000 | $ 370,000 | $ 462,000 | |
Comstock [Member] | |||||
Investment marketable securities percentage | 4.00% | 4.00% | 7.00% | ||
Unrealized losses related to securities | $ 3,845,000 | $ 11,088,000 | |||
Unrealized losses related to investment | 3,684,000 | $ 10,900,000 | |||
Decrease in unrealized losses of reclassing | $ 7,586,000 |
Investment in Marketable Secu_4
Investment in Marketable Securities - Schedule of Trading Securities (Details) - Corporate Equities [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Jun. 30, 2019 | |
Cost | $ 10,576,000 | $ 19,204,000 |
Gross unrealized gain | 1,672,000 | 1,753,000 |
Gross unrealized loss | (4,100,000) | (11,261,000) |
Net unrealized loss | (2,428,000) | (9,508,000) |
Fair value | $ 8,148,000 | $ 9,696,000 |
Investment in Marketable Secu_5
Investment in Marketable Securities - Schedule of Net Loss on Marketable Securities Comprising of Realized and Unrealized Gains (Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized (loss) gain on marketable securities, net | $ (3,000) | $ 530,000 | $ (77,000) | $ 522,000 |
Unrealized loss on marketable securities, net | (50,000) | (2,475,000) | (491,000) | (2,664,000) |
Unrealized loss on marketable securities related to Comstock | (66,000) | (26,000) | (370,000) | (462,000) |
Net loss on marketable securities | $ (119,000) | $ (1,971,000) | $ (568,000) | $ (2,142,000) |
Other Investments, Net - Schedu
Other Investments, Net - Schedule of Other Investments, Net (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Other investments | $ 564,000 | $ 612,000 |
Private Equity Hedge Fund, at Cost [Member] | ||
Other investments | 376,000 | 376,000 |
Other Preferred Stock, at Cost [Member] | ||
Other investments | $ 188,000 | $ 236,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Proceeds from other investments | $ 48,000 | $ 80,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurement on Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Investment in marketable securities | $ 8,148,000 | $ 9,696,000 |
Level 1 [Member] | ||
Investment in marketable securities | 8,148,000 | 9,696,000 |
Level 1 [Member] | REITs and Real Estate Companies [Member] | ||
Investment in marketable securities | 3,263,000 | 3,069,000 |
Level 1 [Member] | Energy [Member] | ||
Investment in marketable securities | 1,278,000 | 950,000 |
Level 1 [Member] | Insurance [Member] | ||
Investment in marketable securities | 1,109,000 | |
Level 1 [Member] | Corporate Bonds [Member] | ||
Investment in marketable securities | 883,000 | 1,420,000 |
Level 1 [Member] | Consumer Cyclical [Member] | ||
Investment in marketable securities | 572,000 | 1,448,000 |
Level 1 [Member] | Basic Material [Member] | ||
Investment in marketable securities | 546,000 | 829,000 |
Level 1 [Member] | Financial Services [Member] | ||
Investment in marketable securities | 278,000 | 951,000 |
Level 1 [Member] | Technology [Member] | ||
Investment in marketable securities | 149,000 | 651,000 |
Level 1 [Member] | Industrials [Member] | ||
Investment in marketable securities | 70,000 | 193,000 |
Level 1 [Member] | Healthcare [Member] | ||
Investment in marketable securities | $ 185,000 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value Measurements on Non-recurring Basis (Details) - USD ($) | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Other non-marketable investments | $ 564,000 | $ 612,000 | |
Net loss | |||
Level 3 [Member] | |||
Other non-marketable investments | $ 564,000 | $ 612,000 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Restricted Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 8,456,000 | $ 11,837,000 |
Restricted cash | 14,884,000 | 13,295,000 |
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | $ 23,340,000 | $ 25,132,000 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Stock Based Compensation [Line Items] | ||||||
Stock based compensation | $ 9,000 | $ 29,000 | $ 17,000 | $ 59,000 | ||
Unamortized compensation related to stock option | $ 28,000 | $ 28,000 | ||||
Recognised weighted average period | 2 years 2 months 1 day | |||||
Share based compensation arrangement by share based payment awards exercised | 26,805 | |||||
John V. Winfield [Member] | Vested Incentive Stock Options [Member] | ||||||
Stock Based Compensation [Line Items] | ||||||
Share based compensation arrangement by share based payment awards exercised | 26,805 | |||||
Share based compensation arrangement by share based payment options surrendered | 17,439 | |||||
Share based compensation arrangement by share based payment option shares issued | 9,366 |
Stock Based Compensation Plan_3
Stock Based Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Number of Shares, Outstanding, Beginning Balance | 341,195 | 368,000 |
Number of Shares, Granted | ||
Number of Shares, Exercised | (26,805) | |
Number of Shares, Forfeited | ||
Number of Shares, Exchanged | ||
Number of Shares, Outstanding, Ending Balance | 341,195 | 341,195 |
Number of Shares, Exercisable, Ending Balance | 330,395 | 330,395 |
Number of Shares, Vested and expected to vest, Ending Balance | 341,195 | 341,195 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 16.95 | $ 17.21 |
Weighted Average Exercise Price, Granted | ||
Weighted Average Exercise Price, Exercised | 20.52 | |
Weighted Average Exercise Price, Forfeited | ||
Weighted Average Exercise Price, Exchanged | ||
Weighted Average Exercise Price, Outstanding, Ending Balance | 16.95 | 16.95 |
Weighted Average Exercise Price, Exercisable, Ending Balance | 16.62 | 16.62 |
Weighted Average Exercise Price, Vested and expected to vest, Ending Balance | $ 16.95 | $ 16.95 |
Weighted Average Remaining Life, Outstanding, Beginning Balance | 3 years 26 days | 4 years 2 months 1 day |
Weighted Average Remaining Life, Outstanding, Ending Balance | 2 years 6 months 25 days | 3 years 26 days |
Weighted Average Remaining Life, Exercisable, Ending Balance | 2 years 5 months 1 day | 2 years 11 months 1 day |
Weighted Average Remaining Life, Vested and expected to vestEnding Balance | 2 years 6 months 25 days | 3 years 26 days |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 4,680,000 | $ 3,505,000 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | 6,993,000 | 4,680,000 |
Aggregate Intrinsic Value, Exercisable, Ending Balance | 6,883,000 | 4,643,000 |
Aggregate Intrinsic Value, Vested and expected to vest, Ending Balance | $ 6,993,000 | $ 4,680,000 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Dec. 31, 2019Integer | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 18,740,000 | $ 17,749,000 | $ 37,886,000 | $ 37,238,000 | |||
Segment operating expenses | (14,400,000) | (13,581,000) | (28,458,000) | (27,046,000) | |||
Segment income (loss) from operations | 3,108,000 | 2,919,000 | 6,983,000 | 7,700,000 | |||
Interest expense - mortgage | (2,330,000) | (2,405,000) | (4,727,000) | (4,970,000) | |||
Depreciation and amortization expense | (1,232,000) | (1,249,000) | (2,445,000) | (2,492,000) | |||
Loss from investments | (249,000) | (2,076,000) | (861,000) | (2,454,000) | |||
Income tax expense | (149,000) | 440,000 | (371,000) | (270,000) | |||
Net income (loss) | 380,000 | $ 644,000 | (1,122,000) | $ 1,128,000 | 1,024,000 | 6,000 | |
Total assets | 126,217,000 | 126,217,000 | $ 130,879,000 | ||||
Hotel Operations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 14,901,000 | 13,997,000 | 30,330,000 | 29,807,000 | |||
Segment operating expenses | (11,730,000) | (11,236,000) | (23,078,000) | (22,046,000) | |||
Segment income (loss) from operations | 3,171,000 | 2,761,000 | 7,252,000 | 7,761,000 | |||
Interest expense - mortgage | (1,735,000) | (1,797,000) | (3,527,000) | (3,611,000) | |||
Depreciation and amortization expense | (611,000) | (643,000) | (1,204,000) | (1,285,000) | |||
Loss from investments | |||||||
Income tax expense | |||||||
Net income (loss) | 825,000 | 321,000 | 2,521,000 | 2,865,000 | |||
Total assets | 59,981,000 | 59,981,000 | |||||
Real Estate Operations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 3,839,000 | 3,752,000 | 7,556,000 | 7,431,000 | |||
Segment operating expenses | (2,089,000) | (1,866,000) | (4,039,000) | (3,878,000) | |||
Segment income (loss) from operations | 1,750,000 | 1,886,000 | 3,517,000 | 3,553,000 | |||
Interest expense - mortgage | (595,000) | (608,000) | (1,200,000) | (1,359,000) | |||
Depreciation and amortization expense | (621,000) | (606,000) | (1,241,000) | (1,207,000) | |||
Loss from investments | |||||||
Income tax expense | |||||||
Net income (loss) | 534,000 | 672,000 | 1,076,000 | 987,000 | |||
Total assets | 51,064,000 | 51,064,000 | |||||
Investment Transactions [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | |||||||
Segment operating expenses | |||||||
Segment income (loss) from operations | |||||||
Interest expense - mortgage | |||||||
Depreciation and amortization expense | |||||||
Loss from investments | (249,000) | (2,076,000) | (861,000) | (2,454,000) | |||
Income tax expense | |||||||
Net income (loss) | (249,000) | (2,076,000) | (861,000) | (2,454,000) | |||
Total assets | 8,712,000 | 8,712,000 | |||||
Corporate [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | |||||||
Segment operating expenses | (581,000) | (479,000) | (1,341,000) | (1,122,000) | |||
Segment income (loss) from operations | (581,000) | (479,000) | (1,341,000) | (1,122,000) | |||
Interest expense - mortgage | |||||||
Depreciation and amortization expense | |||||||
Loss from investments | |||||||
Income tax expense | (149,000) | 440,000 | (371,000) | (270,000) | |||
Net income (loss) | (730,000) | $ (39,000) | (1,712,000) | $ (1,392,000) | |||
Total assets | $ 6,460,000 | $ 6,460,000 |
Related Party and Other Finan_3
Related Party and Other Financing Transactions (Details Narrative) - USD ($) | Sep. 28, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2019 | Dec. 31, 2019 | Jun. 30, 2019 | May 12, 2017 | May 11, 2017 | Dec. 31, 2013 |
Agreement description | Justice entered into a Hotel management agreement ("HMA") with Interstate Management Company, LLC ("Interstate") to manage the Hotel, along with its five-level parking garage, with an effective takeover date of February 3, 2017. The term of the management agreement is for an initial period of ten years commencing on the takeover date and automatically renews for successive one (1) year periods, to not exceed five years in the aggregate, subject to certain conditions. Under the terms on the HMA, base management fee payable to Interstate shall be one and seven-tenths percent (1.70%) of total Hotel revenue. On October 25, 2019, Interstate merged with Aimbridge Hospitality, North America's largest independent hotel management firm. With the completion of the merger, the newly combined company will be positioned under the Aimbridge Hospitality name in the Americas. | |||||||||
Key money plus accrued interest amount | $ 1,004,000 | $ 2,049,000 | ||||||||
Finance lease obligations | $ 1,282,000 | $ 1,486,000 | ||||||||
Lease descriptions | These finance leases expire in various years through 2023 at rates ranging from 5.77% to 6.25% per annum. | |||||||||
Drawn to pay off mortgage note payable | $ 1,005,000 | |||||||||
Maturity date description | The note matures in October 2048 | |||||||||
Mortgage and mezzanine amount | $ 1,000,000 | |||||||||
Mortgage Loan [Member] | ||||||||||
Mortgage and mezzanine amount | $ 97,000,000 | |||||||||
Mezzanine Loan [Member] | ||||||||||
Mortgage and mezzanine amount | $ 20,000,000 | |||||||||
Intergroup Woodland Village, Inc [Member] | ||||||||||
Drawn to pay off mortgage note payable | $ 2,969,000 | |||||||||
Santa Fe [Member] | ||||||||||
Ownership interest percentage | 55.40% | 55.40% | 86.30% | |||||||
InterGroup [Member] | ||||||||||
Ownership interest percentage | 44.60% | 44.60% | ||||||||
Variable interest rate LIBOR | The RLOC carries a variable interest rate of 30-day LIBOR plus 3%. | |||||||||
Maturity date description | July 24, 2019 to July 23, 2020 | |||||||||
Increase in line of credit facility | $ 3,000,000 | |||||||||
Mortgage due to related party amount | $ 2,969,000 | |||||||||
InterGroup [Member] | Mortgage Loan [Member] | ||||||||||
Mortgage and mezzanine amount | $ 97,000,000 | $ 97,000,000 | ||||||||
InterGroup [Member] | Mezzanine Loan [Member] | ||||||||||
Mortgage and mezzanine amount | $ 20,000,000 | $ 20,000,000 | ||||||||
InterGroup [Member] | CIBC Bank [Member] | ||||||||||
Revolving line of credit | $ 5,000,000 | $ 5,000,000 | ||||||||
Minimum [Member] | ||||||||||
Financial leases, rate per annum | 5.77% | |||||||||
Maximum [Member] | ||||||||||
Financial leases, rate per annum | 6.25% | |||||||||
Hotel Management Agreement [Member] | ||||||||||
Agreement description | The term of the management agreement is for an initial period of 10 years commencing on the takeover date and automatically renews for an additional year not to exceed five years in aggregate subject to certain conditions. The HMA also provides for Interstate to advance a key money incentive fee to the Hotel for capital improvements in the amount of $2,000,000 under certain terms and conditions described in a separate key money agreement. The key money contribution shall be amortized in equal monthly amounts over an eight (8) year period commencing on the second (2nd) anniversary of the takeover date. | |||||||||
Key money incentive fee | $ 2,000,000 | |||||||||
Hilton [Member] | ||||||||||
Notes reduced | $ 316,000 | |||||||||
Debt instrument, payment terms | through 2030 |
Related Party and Other Finan_4
Related Party and Other Financing Transactions - Summary of Related Party and Other Notes Payable (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Total related party and other notes payable | $ 4,950,000 | $ 5,261,000 |
Note payable - Hilton [Member] | ||
Total related party and other notes payable | 3,167,000 | 3,325,000 |
Note payable - Interstate [Member] | ||
Total related party and other notes payable | 1,771,000 | 1,896,000 |
Other Notes Payable [Member] | ||
Total related party and other notes payable | $ 12,000 | $ 40,000 |
Related Party and Other Finan_5
Related Party and Other Financing Transactions - Schedule of Minimum Future Lease Payments (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Related Party Transactions [Abstract] | ||
2020 | $ 246,000 | |
2021 | 492,000 | |
2022 | 482,000 | |
2023 | 182,000 | |
Total minimum lease payments | 1,402,000 | |
Less interest on finance lease | (120,000) | |
Present value of future minimum lease payments | $ 1,282,000 | $ 1,486,000 |
Related Party and Other Finan_6
Related Party and Other Financing Transactions - Schedule of Future Minimum Principal Payments (Details) - Related Party Debt and Other Notes Payable [Member] | Dec. 31, 2019USD ($) |
2020 | $ 585,000 |
2021 | 3,991,000 |
2022 | 1,022,000 |
2023 | 744,000 |
2024 | 567,000 |
Thereafter | 2,308,000 |
Total | $ 9,217,000 |
Accounts Payable and Other Li_5
Accounts Payable and Other Liabilities - Justice - Schedule of Accounts Payable and Other Liabilities Justice (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Trade payable | $ 560,000 | $ 521,000 |
Advance deposits | 324,000 | 378,000 |
Property tax payable | 935,000 | 595,000 |
Payroll and related accruals | 49,000 | 47,000 |
Interest payable | 223,000 | 221,000 |
Withholding and other taxes payable | 1,069,000 | 1,108,000 |
Security deposit | 743,000 | 736,000 |
Other payables | 151,000 | 160,000 |
Total accounts payable and other liabilities - Justice | 8,647,000 | 11,298,000 |
Justice [Member] | ||
Trade payable | 1,953,000 | 1,792,000 |
Advance deposits | 1,027,000 | 1,215,000 |
Property tax payable | 1,046,000 | 1,046,000 |
Payroll and related accruals | 1,826,000 | 2,584,000 |
Interest payable | 412,000 | |
Withholding and other taxes payable | 882,000 | 1,831,000 |
Security deposit | 52,000 | 52,000 |
Other payables | 1,861,000 | 2,366,000 |
Total accounts payable and other liabilities - Justice | $ 8,647,000 | $ 11,298,000 |
Accounts Payable and Other Li_6
Accounts Payable and Other Liabilities - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Payables and Accruals [Abstract] | ||
Trade payable | $ 560,000 | $ 521,000 |
Advance deposits | 324,000 | 378,000 |
Property tax payable | 935,000 | 595,000 |
Payroll and related accruals | 49,000 | 47,000 |
Interest payable | 223,000 | 221,000 |
Withholding and other taxes payable | 1,069,000 | 1,108,000 |
Security deposit | 743,000 | 736,000 |
Other payables | 151,000 | 160,000 |
Total accounts payable and other liabilities | $ 4,054,000 | $ 3,766,000 |