Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2023 | May 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 0-4057 | |
Entity Registrant Name | PORTSMOUTH SQUARE, INC. | |
Entity Central Index Key | 0000079661 | |
Entity Tax Identification Number | 94-1674111 | |
Entity Incorporation, State or Country Code | CA | |
Entity Address, Address Line One | 1516 S. Bundy Dr. | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90025 | |
City Area Code | (310) | |
Local Phone Number | 889-2500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 734,187 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
ASSETS | ||
Investment in hotel, net | $ 33,406,000 | $ 31,230,000 |
Investment in marketable securities | 400,000 | 541,000 |
Cash and cash equivalents | 989,000 | 2,662,000 |
Restricted cash | 3,718,000 | 6,226,000 |
Accounts receivable, net | 338,000 | 377,000 |
Other assets, net | 2,400,000 | 852,000 |
Deferred tax assets, net | 7,911,000 | 7,911,000 |
Total assets | 49,162,000 | 49,799,000 |
Liabilities: | ||
Accounts payable and other liabilities | 10,580,000 | 8,725,000 |
Accounts payable to related party | $ 6,604,000 | $ 4,908,000 |
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Due to securities broker | $ 130,000 | |
Related party notes payable | $ 17,296,000 | $ 17,721,000 |
Notes Payable, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Mortgage notes payable, net | $ 107,500,000 | $ 108,747,000 |
Total liabilities | 141,980,000 | 140,231,000 |
Shareholders’ deficit: | ||
Common stock, no par value; Authorized shares - 750,000; 734,187 shares issued and outstanding as of March 31, 2023 and June 30, 2022, respectively | 2,092,000 | 2,092,000 |
Accumulated deficit | (94,910,000) | (92,524,000) |
Total shareholders’ deficit | (92,818,000) | (90,432,000) |
Total liabilities and shareholders’ deficit | $ 49,162,000 | $ 49,799,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 750,000 | 750,000 |
Common stock, shares issued | 734,187 | 734,187 |
Common stock, shares outstanding | 734,187 | 734,187 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenue - Hotel | $ 10,430,000 | $ 6,632,000 | $ 32,632,000 | $ 19,785,000 |
Costs and operating expenses | ||||
Hotel operating expenses | (8,413,000) | (6,544,000) | (26,445,000) | (19,356,000) |
Hotel depreciation and amortization expense | (693,000) | (550,000) | (1,955,000) | (1,593,000) |
General and administrative expenses | (496,000) | (282,000) | (1,321,000) | (892,000) |
Total costs and operating expenses | (9,602,000) | (7,376,000) | (29,721,000) | (21,841,000) |
Income (loss) from operations | 828,000 | (744,000) | 2,911,000 | (2,056,000) |
Other income (expense) | ||||
Interest expense - mortgage | (1,584,000) | (1,624,000) | (4,871,000) | (4,939,000) |
Interest expense - related party | $ (420,000) | $ (385,000) | $ (1,279,000) | $ (925,000) |
Interest Expense, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] |
Net gain on marketable securities | $ (5,000) | $ 100,000 | $ 92,000 | $ 1,299,000 |
Net loss on marketable securities - Comstock | (2,056,000) | |||
Gain on debt extinguishment | 2,000,000 | |||
Impairment loss on other investments | (20,000) | |||
Dividend and interest income | 1,000 | 27,000 | 33,000 | 91,000 |
Trading and margin interest expense | (89,000) | (48,000) | (204,000) | (156,000) |
Total other expense, net | (2,097,000) | (1,930,000) | (6,229,000) | (4,706,000) |
Loss before income taxes | (1,269,000) | (2,674,000) | (3,318,000) | (6,762,000) |
Income tax benefit | 212,000 | 1,045,000 | 932,000 | 2,198,000 |
Net Loss | $ (1,057,000) | $ (1,629,000) | $ (2,386,000) | $ (4,564,000) |
Basic and diluted net loss per share | $ (1.44) | $ (2.22) | $ (3.25) | $ (6.22) |
Weighted average common shares outstanding - basic and diluted | 734,187 | 734,187 | 734,187 | 734,187 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Retained Earnings [Member] | Total Portsmouth Shareholders Deficit [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jun. 30, 2021 | $ 2,092,000 | $ (84,960,000) | $ (82,868,000) | $ (655,000) | $ (83,523,000) |
Balance, shares at Jun. 30, 2021 | 734,187 | ||||
Net loss | (1,975,000) | (1,975,000) | (1,975,000) | ||
Investment in Justice | (344,000) | (344,000) | |||
Purchase of Remaining Interest in Justice | (999,000) | (999,000) | 999,000 | ||
Balance at Sep. 30, 2021 | $ 2,092,000 | (87,934,000) | (85,842,000) | (85,842,000) | |
Balance, shares at Sep. 30, 2021 | 734,187 | ||||
Balance at Jun. 30, 2021 | $ 2,092,000 | (84,960,000) | (82,868,000) | (655,000) | (83,523,000) |
Balance, shares at Jun. 30, 2021 | 734,187 | ||||
Net loss | (4,564,000) | ||||
Balance at Mar. 31, 2022 | $ 2,092,000 | (90,523,000) | (88,431,000) | (88,431,000) | |
Balance, shares at Mar. 31, 2022 | 734,187 | ||||
Balance at Sep. 30, 2021 | $ 2,092,000 | (87,934,000) | (85,842,000) | (85,842,000) | |
Balance, shares at Sep. 30, 2021 | 734,187 | ||||
Net loss | (960,000) | (960,000) | (960,000) | ||
Balance at Dec. 31, 2021 | $ 2,092,000 | (88,894,000) | (86,802,000) | (86,802,000) | |
Balance, shares at Dec. 31, 2021 | 734,187 | ||||
Net loss | (1,629,000) | (1,629,000) | (1,629,000) | ||
Balance at Mar. 31, 2022 | $ 2,092,000 | (90,523,000) | (88,431,000) | (88,431,000) | |
Balance, shares at Mar. 31, 2022 | 734,187 | ||||
Balance at Jun. 30, 2022 | $ 2,092,000 | (92,524,000) | (90,432,000) | ||
Balance, shares at Jun. 30, 2022 | 734,187 | ||||
Net loss | (9,000) | (9,000) | |||
Balance at Sep. 30, 2022 | $ 2,092,000 | (92,533,000) | (90,441,000) | ||
Balance, shares at Sep. 30, 2022 | 734,187 | ||||
Balance at Jun. 30, 2022 | $ 2,092,000 | (92,524,000) | (90,432,000) | ||
Balance, shares at Jun. 30, 2022 | 734,187 | ||||
Net loss | (2,386,000) | ||||
Balance at Mar. 31, 2023 | $ 2,092,000 | (94,910,000) | (92,818,000) | ||
Balance, shares at Mar. 31, 2023 | 734,187 | ||||
Balance at Sep. 30, 2022 | $ 2,092,000 | (92,533,000) | (90,441,000) | ||
Balance, shares at Sep. 30, 2022 | 734,187 | ||||
Net loss | (1,320,000) | (1,320,000) | |||
Balance at Dec. 31, 2022 | $ 2,092,000 | (93,853,000) | (91,761,000) | ||
Balance, shares at Dec. 31, 2022 | 734,187 | ||||
Net loss | (1,057,000) | (1,057,000) | |||
Balance at Mar. 31, 2023 | $ 2,092,000 | $ (94,910,000) | $ (92,818,000) | ||
Balance, shares at Mar. 31, 2023 | 734,187 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from operating activities | ||
Net loss | $ (2,386,000) | $ (4,564,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Net unrealized gain on marketable securities | (229,000) | (1,298,000) |
Gain on debt extinguishment | (2,000,000) | |
Deferred taxes | (2,196,000) | |
Impairment loss on other investments | 20,000 | |
Depreciation and amortization | 1,955,000 | 1,593,000 |
Amortization of loan costs | 183,000 | 221,000 |
Amortization of related party notes payable | (425,000) | (426,000) |
Change in operating assets and liabilities: | ||
Investment in marketable securities | 370,000 | 3,422,000 |
Accounts receivable | 39,000 | (172,000) |
Other assets | (1,548,000) | (807,000) |
Accounts payable and other liabilities | 2,014,000 | 974,000 |
Accounts payable to related party | 1,696,000 | 1,070,000 |
Due to securities brokers | (130,000) | (1,146,000) |
Net cash provided by (used in) operating activities | 1,539,000 | (5,309,000) |
Cash flows from investing activities | ||
Investment in hotel furniture, equipment and building improvements | (4,131,000) | (1,694,000) |
Investment in partnership interest | (344,000) | |
Net cash used in investing activities | (4,131,000) | (2,038,000) |
Cash flow from financing activities | ||
Proceeds from related party note payable | 7,550,000 | |
Issuance cost from refinance of related party loan | (50,000) | |
Payments of mortgage and other notes payable, net | (1,430,000) | (1,591,000) |
Payments of finance leases | (159,000) | |
Net cash (used in) provided by financing activities | (1,589,000) | 5,909,000 |
Net decrease in cash, cash equivalents, and restricted cash | (4,181,000) | (1,438,000) |
Cash, cash equivalents, and restricted cash at the beginning of the period | 8,888,000 | 8,532,000 |
Cash, cash equivalents, and restricted cash at the end of the period | 4,707,000 | 7,094,000 |
Supplemental disclosure of cash flow: | ||
Interest paid | 4,249,000 | 4,974,000 |
Cash paid for taxes | $ 165,000 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The unaudited condensed consolidated financial statements included herein have been prepared by Portsmouth Square, Inc. (“Portsmouth” or the “Company”), according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the audited 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 unaudited 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 unaudited condensed consolidated financial statements be read in conjunction with the audited condensed consolidated financial statements of Portsmouth and the notes therein included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2022. The condensed consolidated balance sheet as of June 30, 2022 was derived from the audited condensed consolidated financial statements as included in the Company’s Form 10-K for the year ended June 30, 2022. The unaudited condensed consolidated financial statements include the accounts of our wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the nine months ended March 31, 2023 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2023. Portsmouth’s primary business was conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California limited partnership (“Justice” or the “Partnership”). Effective July 15, 2021, Portsmouth completed the purchase of 100 0.7 Prior to its dissolution effective December 23, 2021, Justice owned and operated 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 through its subsidiaries Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”). Mezzanine was a wholly owned subsidiary of the Partnership; Operating is a wholly owned subsidiary of Mezzanine. Effective December 23, 2021, Portsmouth replaced Justice as the single member 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 a full-service Hilton brand hotel pursuant to a Franchise License Agreement with HLT Franchise Holding LLC (“Hilton”) through January 31, 2030. Operating entered into a hotel management agreement (“HMA”) with Aimbridge Hospitality (“Aimbridge”) to manage the Hotel, along with its five-level parking garage, with an effective date of February 3, 2017. The term of the management agreement is for an initial period of ten years automatically renews for successive one (1) year periods, not to exceed five years in the aggregate, subject to certain conditions 1.70 As of March 31, 2023, The InterGroup Corporation (“InterGroup”), a public company, owns approximately 75.6 2.5 68 There have been no material changes to the Company’s significant accounting policies during the nine months ended March 31, 2023. Please refer to the Company’s Annual Report on Form 10-K for the year ended June 30, 2022, for a summary of the significant accounting policies. Certain prior year amounts have been reclassified for consistency with the current period presentation on the unaudited condensed consolidated balance sheet. Finance leases of $ 183,000 8,307,000 Recently Issued and Adopted Accounting Pronouncements As of March 31, 2023, management does not expect a material impact from recently issued accounting pronouncements yet to be adopted, on the Company’s unaudited condensed consolidated financial statements. PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
LIQUIDITY
LIQUIDITY | 9 Months Ended |
Mar. 31, 2023 | |
Liquidity | |
LIQUIDITY | NOTE 2 - LIQUIDITY Historically, the Company’s cash flows have been primarily generated from our Hotel operations. However, the responses by federal, state, and local civil authorities to the COVID-19 pandemic continues to have a material detrimental impact on our liquidity. For the nine months ended March 31, 2023, our net cash provided by operating activities was $ 1,539,000 4,131,000 The Company had cash and cash equivalents of $ 989,000 2,662,000 400,000 411,000 On December 16, 2020, Justice and InterGroup entered into a loan modification agreement which increased Justice’s borrowing from InterGroup as needed up to $ 10,000,000 July 31, 2021 the maturity date was extended to July 31, 2023 16,000,000 11,350,000 16,000,000 7,550,000 14,200,000 The Company’s known short-term liquidity requirements primarily consist of funds necessary to pay for operating and other expenditures, including management and franchise fees, corporate expenses, payroll and related costs, taxes, interest and principal payments on our outstanding indebtedness, and repairs and maintenance of the Hotel. The Company has been and will continue its efforts to secure a new loan to replace its current first mortgage and mezzanine debt which matures on January 1, 2024. Management anticipates the successful completion of the hotel’s debt refinancing. Our long-term liquidity requirements primarily consist of funds necessary to pay for scheduled debt maturities and capital improvements of the Hotel. We will continue to finance our business activities primarily with existing cash, including from the activities described above, and cash generated from our operations. After considering our approach to liquidity and accessing our available sources of cash, the Company believes that our cash position will be adequate to meet anticipated requirements for operating and other expenditures, including corporate expenses, payroll and related benefits, taxes and compliance costs and other commitments, for at least twelve months from the date of issuance of these financial statements, even if current levels of occupancy and revenue per occupied room (“RevPAR”, calculated by multiplying the hotel’s average daily room rate by its occupancy percentage) were to persist. The objectives of our cash management policy are to maintain existing leverage levels and the availability of liquidity, while minimizing operational costs. However, there can be no guarantee that management will be successful with its plan. PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The following table provides a summary as of March 31, 2023, the Company’s material financial obligations which also including interest payments: SCHEDULE OF FINANCIAL OBLIGATIONS INCLUDING INTEREST PAYMENTS Total 3 Months 2023 Year 2024 Year 2025 Year 2026 Year 2027 Thereafter Mortgage notes payable $ 107,684,000 $ 444,000 $ 107,240,000 $ — $ — $ — $ — Related party notes payable 17,296,000 142,000 14,767,000 567,000 567,000 463,000 790,000 Interest 5,165,000 1,956,000 3,209,000 — — — — Total $ 130,145,000 $ 2,542,000 $ 125,216,000 $ 567,000 $ 567,000 $ 463,000 $ 790,000 |
REVENUE
REVENUE | 9 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | NOTE 3 - REVENUE The following table presents our revenues disaggregated by revenue streams: SCHEDULE OF REVENUE DISAGGREGATION BY REVENUE STREAMS For the three months ended March 31, 2023 2022 Hotel revenues: Hotel rooms $ 8,968,000 $ 5,505,000 Food and beverage 744,000 372,000 Garage 609,000 677,000 Other operating departments 109,000 78,000 Total hotel revenues $ 10,430,000 $ 6,632,000 For the nine months ended March 31, 2023 2022 Hotel revenues: Hotel rooms $ 28,020,000 $ 16,285,000 Food and beverage 1,905,000 934,000 Garage 2,148,000 2,352,000 Other operating departments 559,000 214,000 Total hotel revenues $ 32,632,000 $ 19,785,000 Performance obligations The Company identified the following performance obligations for which revenue is recognized as the respective performance obligations are satisfied, which results in recognizing the amount the Company expects to be entitled to for providing the goods or services: ● Cancelable room reservations or ancillary services ● Non-cancelable room reservations and banquet or conference reservations PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ● 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. The Company does 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 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 The Company does not have any material contract assets as of March 31, 2023 and June 30, 2022, 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. The Company records contract liabilities when cash payments are received or due in advance of guests staying at the hotel, which are presented within accounts payable and other liabilities on our condensed consolidated balance sheets and had a balance of $ 493,000 493,000 364,000 161,000 161,000 445,000 Contract costs The Company considers sales commissions earned to be incremental costs of obtaining a contract with our customers. As a practical expedient, the Company expenses these costs as incurred as our contracts with customers are less than one year. PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
INVESTMENT IN HOTEL, NET
INVESTMENT IN HOTEL, NET | 9 Months Ended |
Mar. 31, 2023 | |
Investment In Hotel Net | |
INVESTMENT IN HOTEL, NET | NOTE 4 - INVESTMENT IN HOTEL, NET Investment in hotel consisted of the following as of: SCHEDULE OF INVESTMENT IN HOTEL, NET March 31, 2023 Cost Accumulated Depreciation Net Book Value Land $ 1,124,000 $ — $ 1,124,000 Finance Lease ROU assets 1,805,000 (1,160,000 ) 645,000 Furniture and Equipment 36,991,000 (29,321,000 ) 7,670,000 Building and improvements 56,274,000 (32,307,000 ) 23,967,000 Investment in Hotel, net $ 96,194,000 $ (62,788,000 ) $ 33,406,000 June 30, 2022 Cost Accumulated Depreciation Net Book Value Land $ 1,124,000 $ — $ 1,124,000 Finance Lease ROU assets 1,805,000 (922,000 ) 883,000 Furniture and Equipment 32,860,000 (28,567,000 ) 4,293,000 Building and improvements 56,274,000 (31,344,000 ) 24,930,000 Investment in Hotel, net $ 92,063,000 $ (60,833,000 ) $ 31,230,000 Finance lease ROU assets, furniture and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 3 7 15 39 693,000 550,000 1,955,000 1,593,000 |
INVESTMENT IN MARKETABLE SECURI
INVESTMENT IN MARKETABLE SECURITIES, NET | 9 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT IN MARKETABLE SECURITIES, NET | NOTE 5 - INVESTMENT IN MARKETABLE SECURITIES, NET The Company’s investment in marketable securities consists primarily of corporate equities. The Company has also periodically invested in 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. As of March 31, 2023, and June 30, 2022, all the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments is included in earnings. Trading securities are summarized as follows: SCHEDULE OF TRADING SECURITIES Investment Cost Gross Unrealized Gain Gross Unrealized Loss Net Unrealized Gain (Loss) Fair Value As of March 31, 2023 Corporate equities $ 273,000 $ 176,000 $ (49,000 ) $ 127,000 $ 400,000 As of June 30, 2022 Corporate equities $ 643,000 $ 42,000 $ (144,000 ) $ (102,000 ) $ 541,000 PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Net losses on marketable securities on the unaudited condensed consolidated statements of operations are comprised of realized and unrealized gains (losses). Below is the composition of net gains (losses) on marketable securities for the three and nine months ended March 31, 2023 and 2022, respectively: SCHEDULE OF NET GAINS (LOSSES) ON MARKETABLE SECURITIES COMPRISING OF REALIZED AND UNREALIZED GAINS (LOSSES) For the three months ended March 31, 2023 2022 Realized gain on marketable securities, net $ — $ 85,000 Unrealized (loss) gain on marketable securities, net (5,000 ) 15,000 Net (loss) gain on marketable securities $ (5,000 ) $ 100,000 For the nine months ended March 31, 2023 2022 Realized (loss) gain on marketable securities, net $ (137,000 ) $ 1,000 Realized loss on marketable securities related to Comstock — (2,056,000 ) Unrealized gain on marketable securities, net 229,000 1,298,000 Net gain (loss) on marketable securities $ 92,000 $ (757,000 ) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 6 - 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) 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: SCHEDULE OF FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS As of March 31, 2023 Total - Level 1 June 30, 2022 Total - Level 1 Assets: Investment in marketable securities: REITs and real estate companies $ 390,000 $ 162,000 Communication services — 355,000 Basic materials 10,000 18,000 Utilities — 5,000 Technology — 1,000 Investment in marketable securities $ 400,000 $ 541,000 The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
CASH, CASH EQUIVALENTS, AND RES
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 9 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | NOTE 7 - 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 unaudited condensed consolidated statements of cash flows: SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of March 31, 2023 June 30, 2022 Cash and cash equivalents $ 989,000 $ 2,662,000 Restricted cash 3,718,000 6,226,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 4,707,000 $ 8,888,000 Restricted cash is comprised of amounts held by lenders for payment of real estate taxes, insurance, replacement and capital addition reserves for the Hotel. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 8 - SEGMENT INFORMATION The Company operates in two two Information below represents reporting segments for the three and nine months ended March 31, 2023 and 2022, respectively. Operating income from Hotel operations consists of the operation of the hotel and operation of the garage. Loss from investment transactions consists of net investment gain (loss), dividend and interest income and trading and margin interest expense. The other segment consists of corporate general and administrative expenses and the income tax benefit for the entire Company. SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT As of and for the three months ended March 31, 2023 Hotel Operations Investment Transactions Corporate Total Revenues $ 10,430,000 $ — $ — $ 10,430,000 Segment operating expenses (8,413,000 ) — (496,000 ) (8,909,000 ) Segment income (loss) 2,017,000 — (496,000 ) 1,521,000 Interest expense - mortgage (1,584,000 ) — — (1,584,000 ) Interest expense - related party (420,000 ) — — (420,000 ) Depreciation and amortization expense (693,000 ) — — (693,000 ) Loss from investments — (93,000 ) — (93,000 ) Income tax benefits — — 212,000 212,000 Net loss (680,000 ) (93,000 ) (284,000 ) (1,057,000 ) Total assets $ 39,682,000 $ 400,000 $ 9,080,000 $ 49,162,000 As of and for the three months ended March 31, 2022 Hotel Operations Investment Transactions Corporate Total Revenues $ 6,632,000 $ — $ — $ 6,632,000 Segment operating expenses (6,544,000 ) — (282,000 ) (6,826,000 ) Segment income (loss) 88,000 — (282,000 ) (194,000 ) Interest expense - mortgage (1,624,000 ) — — (1,624,000 ) Interest expense - related party (385,000 ) — — (385,000 ) Depreciation and amortization expense (550,000 ) — — (550,000 ) Income from investments — 79,000 — 79,000 Income tax benefits — — 1,045,000 1,045,000 Net (loss) income (2,471,000 ) 79,000 763,000 (1,629,000 ) Total assets $ 40,322,000 $ 1,412,000 $ 10,511,000 $ 52,245,000 PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) As of and for the nine months ended March 31, 2023 Hotel Operations Investment Transactions Corporate Total Revenues $ 32,632,000 $ — $ — $ 32,632,000 Segment operating expenses (26,445,000 ) — (1,321,000 ) (27,766,000 ) Segment income (loss) 6,187,000 — (1,321,000 ) 4,866,000 Interest expense - mortgage (4,871,000 ) — — (4,871,000 ) Interest expense - related party (1,279,000 ) — — (1,279,000 ) Depreciation and amortization expense (1,955,000 ) — — (1,955,000 ) Loss from investments — (79,000 ) — (79,000 ) Income tax benefits — — 932,000 932,000 Net loss (1,918,000 ) (79,000 ) (389,000 ) (2,386,000 ) Total assets $ 39,682,000 $ 400,000 $ 9,080,000 $ 49,162,000 As of and for the nine months ended March 31, 2022 Hotel Operations Investment Transactions Corporate Total Revenues $ 19,785,000 $ — $ — $ 19,785,000 Segment operating expenses (19,356,000 ) — (892,000 ) (20,248,000 ) Segment income (loss) 429,000 — (892,000 ) (463,000 ) Interest expense - mortgage (4,939,000 ) — — (4,939,000 ) Interest expense - related party (925,000 ) — — (925,000 ) Depreciation and amortization expense (1,593,000 ) — — (1,593,000 ) Gain on extinguishment of debt 2,000,000 — — 2,000,000 Loss from investments — (842,000 ) — (842,000 ) Income tax benefits — — 2,198,000 2,198,000 Net (loss) income (5,028,000 ) (842,000 ) 1,306,000 (4,564,000 ) Total assets $ 40,322,000 $ 1,412,000 $ 10,511,000 $ 52,245,000 |
RELATED PARTY AND OTHER FINANCI
RELATED PARTY AND OTHER FINANCING TRANSACTIONS | 9 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY AND OTHER FINANCING TRANSACTIONS | NOTE 9 - RELATED PARTY AND OTHER FINANCING TRANSACTIONS The following summarizes the balances of related party and other notes payable as of March 31, 2023 and June 30, 2022, respectively: SCHEDULE OF RELATED PARTY AND OTHER NOTES PAYABLE As of March 31, 2023 June 30, 2022 Note payable - InterGroup $ 14,200,000 $ 14,200,000 Note Payable - Hilton 2,137,000 2,375,000 Note payable - Aimbridge 959,000 1,146,000 Total related party notes payable $ 17,296,000 $ 17,721,000 On December 16, 2020, Justice and InterGroup entered into a loan modification agreement which increased Justice’s borrowing from InterGroup as needed up to $ 10,000,000 July 31, 2021 the maturity date was extended to July 31, 2023 On September 7, 2021, the Board of InterGroup passed resolution to provide funding to Portsmouth for the working capital of the Hotel up to $ 16,000,000 11,350,000 16,000,000 7,550,000 14,200,000 12 PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The Company has been and will continue its efforts to secure a new loan to replace its current first mortgage and mezzanine debt which matures on January 1, 2024 Note payable to Hilton (Franchisor) is a self-exhausting, interest free development incentive note which is reduced by approximately $ 317,000 through 2030 On February 1, 2017, Operating entered into an HMA with Aimbridge 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 2,000,000 8 959,000 1,146,000 Future minimum principal payments for all related party and other financing transactions are as follows: SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS For the year ending June 30, 2023 (3 months) $ 142,000 2024 14,767,000 2025 567,000 2026 567,000 2027 463,000 Thereafter 790,000 Long term debt $ 17,296,000 As of March 31, 2023 and June 30, 2022, the Company had accounts payable to related party of $ 6,604,000 4,908,000 1,139,000 810,000 To fund the redemption of limited partnership interests and to repay the prior mortgage of $ 42,940,000 97,000,000 20,000,000 10 5.275 Beginning in February 2017, the loan began to amortize over a thirty-year period through its maturity date of January 2024 87,683,757 89,114,000 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 20,000,000 9.75 7.25 January 1, 2024 183,000 367,000 PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Effective 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 20,000,000 The Company’s Board of Directors is currently comprised of directors John V. Winfield, William J. Nance, John C. Love, and Steve Grunwald. Director Jerold R. Babin, 90, passed away in October 2022 and was replaced by Yvonne Murphy. All the Company’s directors also serve as directors of InterGroup. The Company’s director and Chairman of the Audit Committee, William J. Nance, serves as Comstock’s director and Chairman of the Audit and Finance, Compensation and Nominating and Governance Committees of Comstock. Mr. Nance is also a shareholder of Comstock and is the beneficial owner of 0.2 John V. Winfield serves as Chief Executive Officer and Chairman of the Company and InterGroup. Effective June 2016, Mr. Winfield became the Managing Director of Justice until its dissolution in December 2021. Depending on certain market conditions and various risk factors, the Chief Executive Officer and InterGroup may, at times, invest in the same companies in which the Company invests. The Company encourages such investments because it places personal resources of the Chief Executive Officer and the resources of InterGroup at risk in connection with investment decisions made on behalf of the Company. On May 24, 2021, John V. Winfield resigned effective immediately as the Company’s President and the Company’s Board of Directors elected David C. Gonzalez as the Company’s new President, effective as of May 24, 2021. Mr. Gonzalez serves as Vice President Real Estate of InterGroup and is an advisor of the Executive Strategic Real Estate and Securities Investment Committee of InterGroup and Portsmouth. |
ACCOUNTS PAYABLE AND OTHER LIAB
ACCOUNTS PAYABLE AND OTHER LIABILITIES | 9 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND OTHER LIABILITIES | NOTE 10 - ACCOUNTS PAYABLE AND OTHER LIABILITIES The following summarizes the balances of accounts payable and other liabilities as of March 31, 2023 and June 30, 2022, respectively. SCHEDULE OF ACCOUNTS PAYABLE AND OTHER LIABILITIES As of March 31, 2023 June 30, 2022 Trade payable $ 1,462,000 $ 2,841,000 Advance deposits 389,000 493,000 Payroll and related accruals 2,524,000 2,223,000 Management fees payable — 76,000 Mortgage interest payable 1,135,000 513,000 Withholding and other taxes payable 700,000 920,000 Security deposit 52,000 52,000 Finance leases — 183,000 Franchise fee payable 2,219,000 184,000 Management fee payable 1,488,000 1,078,000 Other payables 611,000 162,000 Total accounts payable and other liabilities $ 10,580,000 $ 8,725,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 - SUBSEQUENT EVENTS The Company evaluated subsequent events through the date that the accompanying unaudited condensed consolidated financial statements were issued and has determined that no material subsequent events exist through the date of this filing. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements As of March 31, 2023, management does not expect a material impact from recently issued accounting pronouncements yet to be adopted, on the Company’s unaudited condensed consolidated financial statements. |
LIQUIDITY (Tables)
LIQUIDITY (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Liquidity | |
SCHEDULE OF FINANCIAL OBLIGATIONS INCLUDING INTEREST PAYMENTS | The following table provides a summary as of March 31, 2023, the Company’s material financial obligations which also including interest payments: SCHEDULE OF FINANCIAL OBLIGATIONS INCLUDING INTEREST PAYMENTS Total 3 Months 2023 Year 2024 Year 2025 Year 2026 Year 2027 Thereafter Mortgage notes payable $ 107,684,000 $ 444,000 $ 107,240,000 $ — $ — $ — $ — Related party notes payable 17,296,000 142,000 14,767,000 567,000 567,000 463,000 790,000 Interest 5,165,000 1,956,000 3,209,000 — — — — Total $ 130,145,000 $ 2,542,000 $ 125,216,000 $ 567,000 $ 567,000 $ 463,000 $ 790,000 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF REVENUE DISAGGREGATION BY REVENUE STREAMS | The following table presents our revenues disaggregated by revenue streams: SCHEDULE OF REVENUE DISAGGREGATION BY REVENUE STREAMS For the three months ended March 31, 2023 2022 Hotel revenues: Hotel rooms $ 8,968,000 $ 5,505,000 Food and beverage 744,000 372,000 Garage 609,000 677,000 Other operating departments 109,000 78,000 Total hotel revenues $ 10,430,000 $ 6,632,000 For the nine months ended March 31, 2023 2022 Hotel revenues: Hotel rooms $ 28,020,000 $ 16,285,000 Food and beverage 1,905,000 934,000 Garage 2,148,000 2,352,000 Other operating departments 559,000 214,000 Total hotel revenues $ 32,632,000 $ 19,785,000 |
INVESTMENT IN HOTEL, NET (Table
INVESTMENT IN HOTEL, NET (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Investment In Hotel Net | |
SCHEDULE OF INVESTMENT IN HOTEL, NET | Investment in hotel consisted of the following as of: SCHEDULE OF INVESTMENT IN HOTEL, NET March 31, 2023 Cost Accumulated Depreciation Net Book Value Land $ 1,124,000 $ — $ 1,124,000 Finance Lease ROU assets 1,805,000 (1,160,000 ) 645,000 Furniture and Equipment 36,991,000 (29,321,000 ) 7,670,000 Building and improvements 56,274,000 (32,307,000 ) 23,967,000 Investment in Hotel, net $ 96,194,000 $ (62,788,000 ) $ 33,406,000 June 30, 2022 Cost Accumulated Depreciation Net Book Value Land $ 1,124,000 $ — $ 1,124,000 Finance Lease ROU assets 1,805,000 (922,000 ) 883,000 Furniture and Equipment 32,860,000 (28,567,000 ) 4,293,000 Building and improvements 56,274,000 (31,344,000 ) 24,930,000 Investment in Hotel, net $ 92,063,000 $ (60,833,000 ) $ 31,230,000 |
INVESTMENT IN MARKETABLE SECU_2
INVESTMENT IN MARKETABLE SECURITIES, NET (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF TRADING SECURITIES | As of March 31, 2023, and June 30, 2022, all the Company’s marketable securities are classified as trading securities. The change in the unrealized gains and losses on these investments is included in earnings. Trading securities are summarized as follows: SCHEDULE OF TRADING SECURITIES Investment Cost Gross Unrealized Gain Gross Unrealized Loss Net Unrealized Gain (Loss) Fair Value As of March 31, 2023 Corporate equities $ 273,000 $ 176,000 $ (49,000 ) $ 127,000 $ 400,000 As of June 30, 2022 Corporate equities $ 643,000 $ 42,000 $ (144,000 ) $ (102,000 ) $ 541,000 |
SCHEDULE OF NET GAINS (LOSSES) ON MARKETABLE SECURITIES COMPRISING OF REALIZED AND UNREALIZED GAINS (LOSSES) | Net losses on marketable securities on the unaudited condensed consolidated statements of operations are comprised of realized and unrealized gains (losses). Below is the composition of net gains (losses) on marketable securities for the three and nine months ended March 31, 2023 and 2022, respectively: SCHEDULE OF NET GAINS (LOSSES) ON MARKETABLE SECURITIES COMPRISING OF REALIZED AND UNREALIZED GAINS (LOSSES) For the three months ended March 31, 2023 2022 Realized gain on marketable securities, net $ — $ 85,000 Unrealized (loss) gain on marketable securities, net (5,000 ) 15,000 Net (loss) gain on marketable securities $ (5,000 ) $ 100,000 For the nine months ended March 31, 2023 2022 Realized (loss) gain on marketable securities, net $ (137,000 ) $ 1,000 Realized loss on marketable securities related to Comstock — (2,056,000 ) Unrealized gain on marketable securities, net 229,000 1,298,000 Net gain (loss) on marketable securities $ 92,000 $ (757,000 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
SCHEDULE OF FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS | 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) 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: SCHEDULE OF FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS As of March 31, 2023 Total - Level 1 June 30, 2022 Total - Level 1 Assets: Investment in marketable securities: REITs and real estate companies $ 390,000 $ 162,000 Communication services — 355,000 Basic materials 10,000 18,000 Utilities — 5,000 Technology — 1,000 Investment in marketable securities $ 400,000 $ 541,000 |
CASH, CASH EQUIVALENTS, AND R_2
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
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 unaudited condensed consolidated statements of cash flows: SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of March 31, 2023 June 30, 2022 Cash and cash equivalents $ 989,000 $ 2,662,000 Restricted cash 3,718,000 6,226,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 4,707,000 $ 8,888,000 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT | SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT As of and for the three months ended March 31, 2023 Hotel Operations Investment Transactions Corporate Total Revenues $ 10,430,000 $ — $ — $ 10,430,000 Segment operating expenses (8,413,000 ) — (496,000 ) (8,909,000 ) Segment income (loss) 2,017,000 — (496,000 ) 1,521,000 Interest expense - mortgage (1,584,000 ) — — (1,584,000 ) Interest expense - related party (420,000 ) — — (420,000 ) Depreciation and amortization expense (693,000 ) — — (693,000 ) Loss from investments — (93,000 ) — (93,000 ) Income tax benefits — — 212,000 212,000 Net loss (680,000 ) (93,000 ) (284,000 ) (1,057,000 ) Total assets $ 39,682,000 $ 400,000 $ 9,080,000 $ 49,162,000 As of and for the three months ended March 31, 2022 Hotel Operations Investment Transactions Corporate Total Revenues $ 6,632,000 $ — $ — $ 6,632,000 Segment operating expenses (6,544,000 ) — (282,000 ) (6,826,000 ) Segment income (loss) 88,000 — (282,000 ) (194,000 ) Interest expense - mortgage (1,624,000 ) — — (1,624,000 ) Interest expense - related party (385,000 ) — — (385,000 ) Depreciation and amortization expense (550,000 ) — — (550,000 ) Income from investments — 79,000 — 79,000 Income tax benefits — — 1,045,000 1,045,000 Net (loss) income (2,471,000 ) 79,000 763,000 (1,629,000 ) Total assets $ 40,322,000 $ 1,412,000 $ 10,511,000 $ 52,245,000 PORTSMOUTH SQUARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) As of and for the nine months ended March 31, 2023 Hotel Operations Investment Transactions Corporate Total Revenues $ 32,632,000 $ — $ — $ 32,632,000 Segment operating expenses (26,445,000 ) — (1,321,000 ) (27,766,000 ) Segment income (loss) 6,187,000 — (1,321,000 ) 4,866,000 Interest expense - mortgage (4,871,000 ) — — (4,871,000 ) Interest expense - related party (1,279,000 ) — — (1,279,000 ) Depreciation and amortization expense (1,955,000 ) — — (1,955,000 ) Loss from investments — (79,000 ) — (79,000 ) Income tax benefits — — 932,000 932,000 Net loss (1,918,000 ) (79,000 ) (389,000 ) (2,386,000 ) Total assets $ 39,682,000 $ 400,000 $ 9,080,000 $ 49,162,000 As of and for the nine months ended March 31, 2022 Hotel Operations Investment Transactions Corporate Total Revenues $ 19,785,000 $ — $ — $ 19,785,000 Segment operating expenses (19,356,000 ) — (892,000 ) (20,248,000 ) Segment income (loss) 429,000 — (892,000 ) (463,000 ) Interest expense - mortgage (4,939,000 ) — — (4,939,000 ) Interest expense - related party (925,000 ) — — (925,000 ) Depreciation and amortization expense (1,593,000 ) — — (1,593,000 ) Gain on extinguishment of debt 2,000,000 — — 2,000,000 Loss from investments — (842,000 ) — (842,000 ) Income tax benefits — — 2,198,000 2,198,000 Net (loss) income (5,028,000 ) (842,000 ) 1,306,000 (4,564,000 ) Total assets $ 40,322,000 $ 1,412,000 $ 10,511,000 $ 52,245,000 |
RELATED PARTY AND OTHER FINAN_2
RELATED PARTY AND OTHER FINANCING TRANSACTIONS (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY AND OTHER NOTES PAYABLE | The following summarizes the balances of related party and other notes payable as of March 31, 2023 and June 30, 2022, respectively: SCHEDULE OF RELATED PARTY AND OTHER NOTES PAYABLE As of March 31, 2023 June 30, 2022 Note payable - InterGroup $ 14,200,000 $ 14,200,000 Note Payable - Hilton 2,137,000 2,375,000 Note payable - Aimbridge 959,000 1,146,000 Total related party notes payable $ 17,296,000 $ 17,721,000 |
SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS | Future minimum principal payments for all related party and other financing transactions are as follows: SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS For the year ending June 30, 2023 (3 months) $ 142,000 2024 14,767,000 2025 567,000 2026 567,000 2027 463,000 Thereafter 790,000 Long term debt $ 17,296,000 |
ACCOUNTS PAYABLE AND OTHER LI_2
ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND OTHER LIABILITIES | The following summarizes the balances of accounts payable and other liabilities as of March 31, 2023 and June 30, 2022, respectively. SCHEDULE OF ACCOUNTS PAYABLE AND OTHER LIABILITIES As of March 31, 2023 June 30, 2022 Trade payable $ 1,462,000 $ 2,841,000 Advance deposits 389,000 493,000 Payroll and related accruals 2,524,000 2,223,000 Management fees payable — 76,000 Mortgage interest payable 1,135,000 513,000 Withholding and other taxes payable 700,000 920,000 Security deposit 52,000 52,000 Finance leases — 183,000 Franchise fee payable 2,219,000 184,000 Management fee payable 1,488,000 1,078,000 Other payables 611,000 162,000 Total accounts payable and other liabilities $ 10,580,000 $ 8,725,000 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jul. 15, 2021 | Feb. 03, 2017 | Mar. 31, 2023 | Jun. 30, 2022 |
Managment agreement term | 10 years | |||
Option to extend | automatically renews for successive one (1) year periods, not to exceed five years in the aggregate, subject to certain conditions | |||
Percentage of management fee payable | 1.70% | |||
Finance leases | $ 183,000 | |||
Accounts payable - Hotel | $ 6,604,000 | 4,908,000 | ||
Accounts Payable and Other Liabilities [Member] | ||||
Finance leases | 183,000 | |||
Accounts payable - Hotel | $ 8,307,000 | |||
PortsMouth Square Inc [Member] | ||||
Limited liability interest percentage | 100% | |||
Noncontrolling ownership percentage | 0.70% | |||
Ownership percentage | 75.60% | |||
PortsMouth Square Inc [Member] | John V. Winfield [Member] | ||||
Noncontrolling ownership percentage | 2.50% | |||
Inter Group Corporation [Member] | John V. Winfield [Member] | ||||
Ownership percentage | 68% |
SCHEDULE OF FINANCIAL OBLIGATIO
SCHEDULE OF FINANCIAL OBLIGATIONS INCLUDING INTEREST PAYMENTS (Details) | Mar. 31, 2023 USD ($) |
Obligations [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | $ 130,145,000 |
6 Months 2023 | 2,542,000 |
2024 | 125,216,000 |
2025 | 567,000 |
2026 | 567,000 |
2027 | 463,000 |
Thereafter | 790,000 |
Mortgage Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | 107,684,000 |
6 Months 2023 | 444,000 |
2024 | 107,240,000 |
2025 | |
2026 | |
2027 | |
Thereafter | |
Related Party Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | 17,296,000 |
6 Months 2023 | 142,000 |
2024 | 14,767,000 |
2025 | 567,000 |
2026 | 567,000 |
2027 | 463,000 |
Thereafter | 790,000 |
Interest [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | 5,165,000 |
6 Months 2023 | 1,956,000 |
2024 | 3,209,000 |
2025 | |
2026 | |
2027 | |
Thereafter |
LIQUIDITY (Details Narrative)
LIQUIDITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 16, 2020 | Feb. 28, 2017 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 07, 2021 | |
Net cash (used in) provided by operating activities | $ 1,539,000 | $ (5,309,000) | ||||||
Cash and cash equivalents | $ 989,000 | 989,000 | $ 2,662,000 | |||||
Marketable securities, net | $ 400,000 | $ 400,000 | 411,000 | |||||
Maturity date | Jan. 01, 2024 | |||||||
Maturity date, description | Beginning in February 2017, the loan began to amortize over a thirty-year period through its maturity date of January 2024 | 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 | ||||||
Notes payable | $ 17,296,000 | $ 17,296,000 | 17,721,000 | |||||
Proceeds from related party debt | $ 7,550,000 | |||||||
Justice Investors Limited Partnership and Intergroup [Member] | Loan Modification Agreement [Member] | ||||||||
Debt instrument, face amount | $ 10,000,000 | $ 16,000,000 | $ 16,000,000 | |||||
Maturity date | Jul. 31, 2021 | |||||||
Maturity date, description | the maturity date was extended to July 31, 2023 | |||||||
Notes payable | $ 14,200,000 | 14,200,000 | 14,200,000 | $ 11,350,000 | ||||
Proceeds from related party debt | $ 7,550,000 | |||||||
Guest Room [Member] | ||||||||
Capital improvements | $ 4,131,000 |
SCHEDULE OF REVENUE DISAGGREGAT
SCHEDULE OF REVENUE DISAGGREGATION BY REVENUE STREAMS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total hotel revenues | $ 10,430,000 | $ 6,632,000 | $ 32,632,000 | $ 19,785,000 |
Hotel Rooms [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total hotel revenues | 8,968,000 | 5,505,000 | 28,020,000 | 16,285,000 |
Food and Beverage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total hotel revenues | 744,000 | 372,000 | 1,905,000 | 934,000 |
Garage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total hotel revenues | 609,000 | 677,000 | 2,148,000 | 2,352,000 |
Other Operating Departments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total hotel revenues | $ 109,000 | $ 78,000 | $ 559,000 | $ 214,000 |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - USD ($) | 9 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jul. 01, 2022 | Jul. 01, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract liabilities | $ 364,000 | $ 445,000 | $ 493,000 | $ 161,000 |
Revenue recognized | $ 493,000 | $ 161,000 |
SCHEDULE OF INVESTMENT IN HOTEL
SCHEDULE OF INVESTMENT IN HOTEL, NET (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 96,194,000 | $ 92,063,000 |
Accumulated Depreciation | (62,788,000) | (60,833,000) |
Net Book Value | 33,406,000 | 31,230,000 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,124,000 | 1,124,000 |
Accumulated Depreciation | ||
Net Book Value | 1,124,000 | 1,124,000 |
Finance Lease ROU Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,805,000 | 1,805,000 |
Accumulated Depreciation | (1,160,000) | (922,000) |
Net Book Value | 645,000 | 883,000 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 36,991,000 | 32,860,000 |
Accumulated Depreciation | (29,321,000) | (28,567,000) |
Net Book Value | 7,670,000 | 4,293,000 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 56,274,000 | 56,274,000 |
Accumulated Depreciation | (32,307,000) | (31,344,000) |
Net Book Value | $ 23,967,000 | $ 24,930,000 |
INVESTMENT IN HOTEL, NET (Detai
INVESTMENT IN HOTEL, NET (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 693,000 | $ 550,000 | $ 1,955,000 | $ 1,593,000 |
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finance lease ROU assets useful life | 3 years | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finance lease ROU assets useful life | 7 years | 7 years | ||
Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finance lease ROU assets useful life | 15 years | 15 years | ||
Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finance lease ROU assets useful life | 39 years | 39 years |
SCHEDULE OF TRADING SECURITIES
SCHEDULE OF TRADING SECURITIES (Details) - Equity Securities [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Marketable Securities [Line Items] | ||
Cost | $ 273,000 | $ 643,000 |
Gross Unrealized Gain | 176,000 | 42,000 |
Gross Unrealized Loss | (49,000) | (144,000) |
Net Unrealized Loss | 127,000 | (102,000) |
Fair Value | $ 400,000 | $ 541,000 |
SCHEDULE OF NET GAINS (LOSSES)
SCHEDULE OF NET GAINS (LOSSES) ON MARKETABLE SECURITIES COMPRISING OF REALIZED AND UNREALIZED GAINS (LOSSES) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized (loss) gain on marketable securities, net | $ 85,000 | $ (137,000) | $ 1,000 | |
Unrealized gain on marketable securities, net | (5,000) | 15,000 | 229,000 | 1,298,000 |
Net gain (loss) on marketable securities | $ (5,000) | $ 100,000 | 92,000 | (757,000) |
Realized loss on marketable securities related to Comstock | $ (2,056,000) |
SCHEDULE OF FAIR VALUE, ASSETS
SCHEDULE OF FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 1 [Member] - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable securities | $ 400,000 | $ 541,000 |
REITs and Eeal Estate Companies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable securities | 390,000 | 162,000 |
Communication Services [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable securities | 355,000 | |
Basic Materials [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable securities | 10,000 | 18,000 |
Utilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable securities | 5,000 | |
Technology [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable securities | $ 1,000 |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 989,000 | $ 2,662,000 | ||
Restricted cash | 3,718,000 | 6,226,000 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | $ 4,707,000 | $ 8,888,000 | $ 7,094,000 | $ 8,532,000 |
SCHEDULE OF SEGMENT REPORTING I
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | |||||||||
Revenues | $ 10,430,000 | $ 6,632,000 | $ 32,632,000 | $ 19,785,000 | |||||
Segment operating expenses | 8,909,000 | (6,826,000) | (27,766,000) | (20,248,000) | |||||
Segment income (loss) | 1,521,000 | (194,000) | 4,866,000 | (463,000) | |||||
Interest expense - mortgage | (1,584,000) | (1,624,000) | (4,871,000) | (4,939,000) | |||||
Depreciation and amortization expense | (693,000) | (550,000) | (1,955,000) | (1,593,000) | |||||
Loss from investments | (93,000) | 79,000 | (79,000) | (842,000) | |||||
Income tax benefits | 212,000 | 1,045,000 | 932,000 | 2,198,000 | |||||
Net (loss) income | (1,057,000) | $ (1,320,000) | $ (9,000) | (1,629,000) | $ (960,000) | $ (1,975,000) | (2,386,000) | (4,564,000) | |
Total assets | 49,162,000 | 52,245,000 | 49,162,000 | 52,245,000 | $ 49,799,000 | ||||
Gain on extinguishment of debt | 2,000,000 | ||||||||
Related Party [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest expense - related party | (420,000) | (385,000) | (1,279,000) | (925,000) | |||||
Hotel Operations [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | 10,430,000 | 6,632,000 | 32,632,000 | 19,785,000 | |||||
Segment operating expenses | 8,413,000 | (6,544,000) | (26,445,000) | (19,356,000) | |||||
Segment income (loss) | 2,017,000 | 88,000 | 6,187,000 | 429,000 | |||||
Interest expense - mortgage | (1,584,000) | (1,624,000) | (4,871,000) | (4,939,000) | |||||
Depreciation and amortization expense | (693,000) | (550,000) | (1,955,000) | (1,593,000) | |||||
Loss from investments | |||||||||
Income tax benefits | |||||||||
Net (loss) income | (680,000) | (2,471,000) | (1,918,000) | (5,028,000) | |||||
Total assets | 39,682,000 | 40,322,000 | 39,682,000 | 40,322,000 | |||||
Gain on extinguishment of debt | 2,000,000 | ||||||||
Hotel Operations [Member] | Related Party [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest expense - related party | (420,000) | (385,000) | (1,279,000) | (925,000) | |||||
Investment Transactions [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | |||||||||
Segment operating expenses | |||||||||
Segment income (loss) | |||||||||
Interest expense - mortgage | |||||||||
Depreciation and amortization expense | |||||||||
Loss from investments | (93,000) | 79,000 | (79,000) | (842,000) | |||||
Income tax benefits | |||||||||
Net (loss) income | (93,000) | 79,000 | (79,000) | (842,000) | |||||
Total assets | 400,000 | 1,412,000 | 400,000 | 1,412,000 | |||||
Gain on extinguishment of debt | |||||||||
Investment Transactions [Member] | Related Party [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest expense - related party | |||||||||
Corporate Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenues | |||||||||
Segment operating expenses | 496,000 | (282,000) | (1,321,000) | (892,000) | |||||
Segment income (loss) | (496,000) | (282,000) | (1,321,000) | (892,000) | |||||
Interest expense - mortgage | |||||||||
Depreciation and amortization expense | |||||||||
Loss from investments | |||||||||
Income tax benefits | 212,000 | 1,045,000 | 932,000 | 2,198,000 | |||||
Net (loss) income | (284,000) | 763,000 | (389,000) | 1,306,000 | |||||
Total assets | 9,080,000 | 10,511,000 | 9,080,000 | 10,511,000 | |||||
Gain on extinguishment of debt | |||||||||
Corporate Segment [Member] | Related Party [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest expense - related party |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 9 Months Ended |
Mar. 31, 2023 Segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
SCHEDULE OF RELATED PARTY AND O
SCHEDULE OF RELATED PARTY AND OTHER NOTES PAYABLE (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Related Party Transaction [Line Items] | ||
Total related party notes payable | $ 17,296,000 | $ 17,721,000 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party notes payable | 17,296,000 | 17,721,000 |
Note Payable Inter Group [Member] | Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party notes payable | 14,200,000 | 14,200,000 |
Note payable - Hilton [Member] | Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party notes payable | 2,137,000 | 2,375,000 |
Note Payable Aimbridge [Member] | Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party notes payable | $ 959,000 | $ 1,146,000 |
SCHEDULE OF FUTURE MINIMUM PRIN
SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS (Details) - Related Party Notes Payable [Member] | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2023 (3 months) | $ 142,000 |
2024 | 14,767,000 |
2025 | 567,000 |
2026 | 567,000 |
2027 | 463,000 |
Thereafter | 790,000 |
Long term debt | $ 17,296,000 |
RELATED PARTY AND OTHER FINAN_3
RELATED PARTY AND OTHER FINANCING TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
May 31, 2021 | Dec. 16, 2020 | Jul. 31, 2019 | Feb. 01, 2017 | Jan. 31, 2017 | Feb. 28, 2017 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 07, 2021 | May 11, 2017 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||||||||||||
Debt instrument,maturity date | Jan. 01, 2024 | |||||||||||||
Debt instrument, maturity date, description | Beginning in February 2017, the loan began to amortize over a thirty-year period through its maturity date of January 2024 | 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 | ||||||||||||
Notes payable | $ 17,296,000 | $ 17,296,000 | $ 17,721,000 | |||||||||||
Proceeds from related party debt | $ 7,550,000 | |||||||||||||
Debt instrument, interest rate, stated percentage | 5.275% | |||||||||||||
Debt instrument, interest rate, stated percentage | 10 years | 10 years | ||||||||||||
Key money incentive advance to related party | $ 2,000,000 | |||||||||||||
Debt Instrument amortization period | 8 years | |||||||||||||
Accounts payable to related party | 6,604,000 | 6,604,000 | 4,908,000 | |||||||||||
Outstanding loan principal amount | 87,683,757 | 87,683,757 | 89,114,000 | |||||||||||
Deferred financing costs | 183,000 | 183,000 | 367,000 | |||||||||||
Mr. Nance [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Shareholders of comstock | 0.20% | |||||||||||||
New Mezzanine Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt instrument,maturity date | Jan. 01, 2024 | |||||||||||||
Debt instrument, interest rate, stated percentage | 7.25% | |||||||||||||
Related Party [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes payable | 17,296,000 | 17,296,000 | 17,721,000 | |||||||||||
Accounts payable to related party | 6,604,000 | 6,604,000 | 4,908,000 | |||||||||||
Accrued interest within accounts payable | 1,139,000 | 1,139,000 | 810,000 | |||||||||||
Related Party [Member] | Prior Mortgage [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Accounts payable to related party | $ 42,940,000 | |||||||||||||
Related Party [Member] | Mortgage Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Accounts payable to related party | $ 97,000,000 | 97,000,000 | ||||||||||||
Related Party [Member] | Mezzanine Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Accounts payable to related party | $ 20,000,000 | $ 20,000,000 | ||||||||||||
Note payable - Hilton [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes reduction | $ 317,000 | |||||||||||||
Debt instrument, payment terms | through 2030 | |||||||||||||
Note payable - Hilton [Member] | Related Party [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes payable | 2,137,000 | $ 2,137,000 | 2,375,000 | |||||||||||
Note Payable Aimbridge [Member] | Related Party [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Notes payable | 959,000 | 959,000 | 1,146,000 | |||||||||||
Unamortized portion of key money payment | 959,000 | 959,000 | 1,146,000 | |||||||||||
Justice Investors Limited Partnership and Intergroup [Member] | Loan Modification Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 10,000,000 | $ 16,000,000 | $ 16,000,000 | |||||||||||
Debt instrument,maturity date | Jul. 31, 2021 | |||||||||||||
Debt instrument, maturity date, description | the maturity date was extended to July 31, 2023 | |||||||||||||
Notes payable | $ 14,200,000 | $ 14,200,000 | 14,200,000 | $ 11,350,000 | ||||||||||
Proceeds from related party debt | $ 7,550,000 | |||||||||||||
Inter Group Corporation [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 12% | 12% | ||||||||||||
Cred Reit Holdco LLC [Member] | New Mezzanine Loan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 20,000,000 | |||||||||||||
Debt instrument, interest rate, stated percentage | 9.75% |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND OTHER LIABILITIES (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Payables and Accruals [Abstract] | ||
Trade payable | $ 1,462,000 | $ 2,841,000 |
Advance deposits | 389,000 | 493,000 |
Payroll and related accruals | 2,524,000 | 2,223,000 |
Management fees payable | 76,000 | |
Mortgage interest payable | 1,135,000 | 513,000 |
Withholding and other taxes payable | 700,000 | 920,000 |
Security deposit | 52,000 | 52,000 |
Finance leases | 183,000 | |
Franchise fee payable | 2,219,000 | 184,000 |
Management fee payable | 1,488,000 | 1,078,000 |
Other payables | 611,000 | 162,000 |
Total accounts payable and other liabilities | $ 10,580,000 | $ 8,725,000 |