Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | PORTSMOUTH SQUARE INC | |
Entity Central Index Key | 79,661 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | PRSI | |
Entity Common Stock, Shares Outstanding | 734,183 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
ASSETS | ||
Investment in Hotel, net | $ 37,753,000 | $ 36,567,000 |
Investment in real estate | 973,000 | 973,000 |
Investment in marketable securities | 3,838,000 | 1,301,000 |
Other investments, net | 380,000 | 5,003,000 |
Cash and cash equivalents | 5,265,000 | 1,077,000 |
Restricted cash - mortgage impounds | 394,000 | 587,000 |
Accounts receivable - Hotel, net | 2,909,000 | 6,791,000 |
Other assets, net | 2,503,000 | 3,399,000 |
Deferred tax asset | 11,103,000 | 8,351,000 |
Total assets | 65,118,000 | 64,049,000 |
Liabilities: | ||
Accounts payable and other liabilities | 15,557,000 | 14,622,000 |
Obligations for securities sold | 19,000 | 0 |
Related party and other notes payable | 14,212,000 | 9,155,000 |
Mortgage notes payable - Hotel | 117,000,000 | 117,000,000 |
Total liabilities | $ 146,788,000 | $ 140,777,000 |
Commitments and contingencies | ||
Shareholders' deficit: | ||
Common stock, no par value: Authorized shares - 750,000; 734,183 shares issued and outstanding shares | $ 2,092,000 | $ 2,092,000 |
Accumulated deficit | (77,049,000) | (72,523,000) |
Total Portsmouth shareholders' deficit | (74,957,000) | (70,431,000) |
Noncontrolling interest | (6,713,000) | (6,297,000) |
Total shareholders' deficit | (81,670,000) | (76,728,000) |
Total liabilities and shareholders' deficit | $ 65,118,000 | $ 64,049,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common stock, shares authorized | 750,000 | 750,000 |
Common stock, shares issued | 734,183 | 734,183 |
Common stock , shares outstanding | 734,183 | 734,183 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue - Hotel | $ 14,481,000 | $ 13,983,000 | $ 43,332,000 | $ 42,857,000 |
Costs and operating expenses | ||||
Hotel operating expenses | (11,831,000) | (11,997,000) | (34,993,000) | (35,868,000) |
Hotel restructuring costs | (5,236,000) | 0 | (5,236,000) | 0 |
Hotel depreciation and amortization expense | (731,000) | (696,000) | (2,153,000) | (2,002,000) |
General and administrative expense | (163,000) | (159,000) | (536,000) | (504,000) |
Total costs and operating expenses | (17,961,000) | (12,852,000) | (42,918,000) | (38,374,000) |
Income (loss) from operations | (3,480,000) | 1,131,000 | 414,000 | 4,483,000 |
Other income (expense) | ||||
Interest expense - mortgage | (1,921,000) | (1,913,000) | (5,803,000) | (5,876,000) |
Loss on disposal of assets | (30,000) | (51,000) | ||
Net loss on marketable securities | (166,000) | (244,000) | (1,940,000) | (1,277,000) |
Net unrealized loss on other investments | 0 | (18,000) | (32,000) | (39,000) |
Impairment loss on other investments | (91,000) | (145,000) | (173,000) | (145,000) |
Dividend and interest income | 4,000 | 0 | 6,000 | 169,000 |
Trading and margin interest expense | (28,000) | (72,000) | (86,000) | (233,000) |
Other expense, net | (2,202,000) | (2,392,000) | (8,058,000) | (7,452,000) |
Loss before income taxes | (5,682,000) | (1,261,000) | (7,644,000) | (2,969,000) |
Income tax benefit | 1,970,000 | 503,000 | 2,752,000 | 1,232,000 |
Net loss | (3,712,000) | (758,000) | (4,892,000) | (1,737,000) |
Less: Net loss attributable to the noncontrolling interest | 369,000 | 53,000 | 366,000 | 94,000 |
Net loss attributable to Portsmouth | $ (3,343,000) | $ (705,000) | $ (4,526,000) | $ (1,643,000) |
Basic and diluted net loss per share attributable to Portsmouth | $ (4.55) | $ (0.96) | $ (6.16) | $ (2.24) |
Weighted average number of common shares outstanding - basic and diluted | 734,183 | 734,183 | 734,183 | 734,183 |
CONDENDSED CONSOLIDATED STATEME
CONDENDSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (4,892,000) | $ (1,737,000) |
Adjustments to reconcile net loss to net cash privided by (used in) operating activities: | ||
Net unrealized loss on marketable securities | 1,979,000 | 1,292,000 |
Unrealized loss on other investments | 41,000 | 18,000 |
Impairment loss on other investments | 173,000 | 0 |
Loss on disposal of assets | 30,000 | 51,000 |
Depreciation and amortization | 2,153,000 | 2,002,000 |
Changes in assets and liabilities: | ||
Investment in marketable securities | (107,000) | 174,000 |
Accounts receivable | 3,882,000 | 301,000 |
Other assets | 1,023,000 | 14,000 |
Accounts payable and other liabilities | 935,000 | (1,444,000) |
Due to securities broker | 0 | (155,000) |
Obligations for securities sold | 19,000 | 0 |
Deferred tax asset | (2,752,000) | (1,232,000) |
Net cash provided by (used in) operating activities | 2,484,000 | (716,000) |
Cash flows from investing activities: | ||
Payments for hotel furniture, equipment and building improvements | (3,496,000) | (4,083,000) |
Net cash used in investing activities | (3,496,000) | (4,083,000) |
Cash flows from financing activities: | ||
Restricted cash - withdrawal of mortgage impounds, net | 193,000 | 341,000 |
Net proceeds from mortgage and other notes payable | 5,057,000 | 4,509,000 |
Redemption of noncontrolling interest | (50,000) | 0 |
Net cash provided by financing activities | 5,200,000 | 4,850,000 |
Net increase in cash and cash equivalents | 4,188,000 | 51,000 |
Cash and cash equivalents at the beginning of the period | 1,077,000 | 1,058,000 |
Cash and cash equivalents at the end of the period | 5,265,000 | 1,109,000 |
Supplemental information: | ||
Interest paid | 5,804,000 | 5,906,000 |
Non-cash transaction: | ||
Conversion of other investments to marketable securities | $ 4,410,000 | $ 0 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The results of operations for the three and nine months ended March 31, 2016 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2016. For the three and nine months ended March 31, 2016 and 2015, the Company had no components of comprehensive income other than net income itself. As of March 31, 2016, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8 81.7 13.3 Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). 93 Justice, through its subsidiaries Justice Holdings Company, LLC (“Holdings”), a Delaware Limited Liability Company, Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”), owns a 543-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. Holdings and Mezzanine are both a wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the Mezzanine borrower under certain 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) . Justice also has a Management Agreement with Prism Hospitality L.P. (“Prism”) to perform management functions for the Hotel. The management agreement with Prism had an original term of ten years and can be terminated at any time with or without cause by the Partnership owner. Effective January 2014, the management agreement with Prism was amended by the Partnership. Effective December 1, 2013, GMP Management, Inc., a company owned by a Justice limited partner and a related party, also provides management services for the Partnership pursuant to a Management Services Agreement, which is for a term of 3 years Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation. Basic loss per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and nine months March 31, 2016 and 2015, the Company did not have any potentially dilutive securities outstanding. On February 13, 2014, Evon Corporation ("Evon") filed a complaint in San Francisco Superior Court against the Company, Justice Investors (“Justice” or the “Partnership"), a subsidiary of the Company, and a limited partner and related party of Justice asserting contract and tort claims based on Justice’s withholding of $ 4.7 On June 27, 2014, the Partnership commenced an action in San Francisco Superior Court against Evon, Justice Holdings Company, LLC, a subsidiary of the Partnership (“Holdings”), and certain partners of the Partnership who elected an alternative redemption structure in the Partnership. The action seeks a declaration of the correct interpretation of (i) the special allocations sections of the Amended and Restated Agreement of Limited Partnership of Justice, with an effective date of January 1, 2013; and (ii) whether certain partners who elected the alternative redemption structure breached the governing Limited Partnership Interest Redemption Option Agreement. The complaint states that these declarations are relevant to preparation of the Partnership’s 2013 and 2014 state and federal tax returns and the associated Forms K-1 to be issued to affected current and former partners. The Partnership filed a First Amended Complaint on October 31, 2014. Evon filed a cross-complaint on December 9, 2014, alleging fraudulent concealment and promissory fraud against the Partnership in connection with the redemption transaction. On May 5, 2016, Justice Investors and Portsmouth entered into a settlement agreement relating to previously reported litigation with Evon Corporation and certain other parties. Under the settlement agreement, Justice Investors, a subsidiary of Portsmouth, will pay Evon Corporation $ 5,575,000 2,600,000 During the quarter, the Company settled a legal matter that resulted in a benefit of approximately $ 389,000 In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718). This update was issued as part of the FASB’s simplification initiative and affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016, which will require the Company to adopt these provisions in the first quarter of fiscal 2018. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. Early adoption is permitted. The Company has not yet selected a transition date nor have we determined the effect of the standard on our ongoing financial reporting. In January 2016, the FASB issued an update (ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities). The amendments in this update impact public business entities as follows: 1) Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4) Require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5) Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact on its consolidated financial statements. In November 2015, FASB issued Accounting Standards Update 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In July 2015, the FASB issued Accounting Standard Update No. 2015-11, Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements Going Concern |
INVESTMENT IN HOTEL, NET
INVESTMENT IN HOTEL, NET | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2 INVESTMENT IN HOTEL, NET Accumulated Net Book March 31, 2016 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 26,778,000 (22,729,000) 4,049,000 Building and improvements 55,968,000 (23,388,000) 32,580,000 $ 83,870,000 $ (46,117,000) $ 37,753,000 Accumulated Net Book June 30, 2015 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 25,958,000 (21,605,000) 4,353,000 Building and improvements 53,641,000 (22,551,000) 31,090,000 $ 80,723,000 $ (44,156,000) $ 36,567,000 |
INVESTMENT IN MARKETABLE SECURI
INVESTMENT IN MARKETABLE SECURITIES | 9 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 - 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 March 31, 2016 and June 30, 2015, 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. Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of March 31, 2016 Corporate Equities $ 6,522,000 $ 251,000 $ (2,935,000) $ (2,684,000) $ 3,838,000 As of June 30, 2015 Corporate Equities $ 2,009,000 $ 240,000 $ (948,000) $ (708,000) $ 1,301,000 As of March 31, 2016, approximately 87 As of March 31, 2016 and June 30, 2015, the Company had $ 1,181,000 940,000 Net loss on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). For the three months ended March 31, 2016 2015 Realized gain (loss) on marketable securities $ 64,000 $ (41,000) Unrealized loss on marketable securities (230,000) (203,000) Net loss on marketable securities $ (166,000) $ (244,000) For the nine months ended March 31, 2016 2015 Realized gain on marketable securities $ 39,000 $ 15,000 Unrealized loss on marketable securities (1,979,000) (1,292,000) Net loss on marketable securities $ (1,940,000) $ (1,277,000) |
OTHER INVESTMENTS, NET
OTHER INVESTMENTS, NET | 9 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Other Investments Disclosure [Text Block] | NOTE 4 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. Type March 31, 2016 June 30, 2015 Preferred stock - Comstock, at cost $ - $ 4,410,000 Private equity hedge fund, at cost 333,000 456,000 Other preferred stock 47,000 112,000 Warrants - at fair value - 25,000 $ 380,000 $ 5,003,000 As of June 30, 2015, the Company had $ 4,410,000 4,410 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 5 - 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). As of March 31, 2016 Level 1 Level 3 Total Assets: Investment in marketable securities: Basic materials $ 3,351,000 $ - $ 3,351,000 Other 487,000 - 487,000 3,838,000 - 3,838,000 As of June 30, 2015 Level 1 Level 3 Total Assets: Other investments - warrants $ - $ 25,000 $ 25,000 Investment in marketable securities: Basic materials 926,000 - 926,000 Other 375,000 - 375,000 1,301,000 - 1,301,000 $ 1,301,000 $ 25,000 $ 1,326,000 The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model. Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). Net loss for the nine months Assets Level 3 March 31, 2016 ended March 31, 2016 Other non-marketable investments $ 380,000 $ 380,000 $ (173,000) Net loss for the nine months Assets Level 3 June 30, 2015 ended March 31, 2015 Other non-marketable investments $ 4,978,000 $ 4,978,000 $ (145,000) 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 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 6 - SEGMENT INFORMATION The Company operates in two reportable segments, the operation of the hotel (“Hotel Operations”) and the investment of its cash in marketable securities and other investments (“Investment Transactions”). These two operating segments, as presented in the consolidated financial statements, reflect how management internally reviews each segment’s performance. Management also makes operational and strategic decisions based on this same information. As of and for the three months Hotel Investment ended March 31, 2016 Operations Transactions Other Total Revenues $ 14,481,000 $ - $ - $ 14,481,000 Segment operating expenses (17,067,000) - (163,000) (17,230,000) Segment loss (2,586,000) - (163,000) (2,749,000) Interest expense - mortgage (1,921,000) - - (1,921,000) Depreciation and amortization expense (731,000) - - (731,000) Loss from investments - (281,000) - (281,000) Income tax benefit - - 1,970,000 1,970,000 Net income (loss) $ (5,238,000) $ (281,000) $ 1,807,000 $ (3,712,000) Total assets $ 48,313,000 $ 4,218,000 $ 12,587,000 $ 65,118,000 As of and for the three months Hotel Investment ended March 31, 2015 Operations Transactions Other Total Revenues $ 13,983,000 $ - $ - $ 13,983,000 Segment operating expenses (11,997,000) - (159,000) (12,156,000) Segment income (loss) 1,986,000 - (159,000) 1,827,000 Interest expense - mortgage (1,913,000) - - (1,913,000) Depreciation and amortization expense (696,000) - - (696,000) Loss from investments - (479,000) - (479,000) Income tax benefit - - 503,000 503,000 Net income (loss) $ (623,000) $ (479,000) $ 344,000 $ (758,000) Total assets $ 43,532,000 $ 6,952,000 $ 9,678,000 $ 60,162,000 As of and for the nine months Hotel Investment ended March 31, 2016 Operations Transactions Other Total Revenues $ 43,332,000 $ - $ - $ 43,332,000 Segment operating expenses (40,229,000) - (536,000) (40,765,000) Segment income (loss) 3,103,000 - (536,000) 2,567,000 Interest expense - mortgage (5,803,000) - - (5,803,000) Loss on disposal of assets (30,000) - - (30,000) Depreciation and amortization expense (2,153,000) - - (2,153,000) Loss from investments - (2,225,000) - (2,225,000) Income tax benefit - - 2,752,000 2,752,000 Net income (loss) $ (4,883,000) $ (2,225,000) $ 2,216,000 $ (4,892,000) Total assets $ 48,313,000 $ 4,218,000 $ 12,587,000 $ 65,118,000 As of and for the nine months Hotel Investment ended March 31, 2015 Operations Transactions Other Total Revenues $ 42,857,000 $ - $ - $ 42,857,000 Segment operating expenses (35,868,000) - (504,000) (36,372,000) Segment income (loss) 6,989,000 - (504,000) 6,485,000 Interest expense - mortgage (5,876,000) - - (5,876,000) Loss on disposal of assets (51,000) - - (51,000) Depreciation and amortization expense (2,002,000) - - (2,002,000) Loss from investments - (1,525,000) - (1,525,000) Income tax benefit - - 1,232,000 1,232,000 Net income (loss) $ (940,000) $ (1,525,000) $ 728,000 $ (1,737,000) Total assets $ 43,532,000 $ 6,952,000 $ 9,678,000 $ 60,162,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 7 - RELATED PARTY TRANSACTIONS Certain shared costs and expenses, primarily administrative expenses, rent and insurance are allocated among the Company, the Company’s parent, Santa Fe and InterGroup, the parent of Santa Fe, based on management's estimate of the pro rata utilization of resources. For the three and nine months ended March 31, 2016 and 2015, these expenses were approximately $ 18,000 54,000 During the three months ended March 31, 2016 and 2015, the Company received management fees from Justice Investors totaling $ 141,000 138,000 441,000 419,000 In connection with the redemption of limited partnership interests of Justice Investors, Limited Partnership (which took place during fiscal year ended June 30, 2014), Justice Operating Company, LLC agreed to pay a total of $ 1,550,000 400,000 Four of the Portsmouth directors serve as directors of Intergroup. Three of those directors also serve as directors of Santa Fe. The three Santa Fe directors also serve as directors of InterGroup. John V. Winfield serves as Chief Executive Officer and Chairman of the Company, Santa Fe, and InterGroup. Depending on certain market conditions and various risk factors, the Chief Executive Officer, Santa Fe 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 Santa Fe and InterGroup, at risk in connection with investment decisions made on behalf of the Company. |
BASIS OF PRESENTATION AND SIG13
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Basis of Accounting, Policy [Policy Text Block] | The results of operations for the three and nine months ended March 31, 2016 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2016. For the three and nine months ended March 31, 2016 and 2015, the Company had no components of comprehensive income other than net income itself. As of March 31, 2016, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8 81.7 13.3 Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors, a California limited partnership (“Justice” or the “Partnership”). 93 Justice, through its subsidiaries Justice Holdings Company, LLC (“Holdings”), a Delaware Limited Liability Company, Justice Operating Company, LLC (“Operating”) and Justice Mezzanine Company, LLC (“Mezzanine”), owns a 543-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. Holdings and Mezzanine are both a wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the Mezzanine borrower under certain 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) . Justice also has a Management Agreement with Prism Hospitality L.P. (“Prism”) to perform management functions for the Hotel. The management agreement with Prism had an original term of ten years and can be terminated at any time with or without cause by the Partnership owner. Effective January 2014, the management agreement with Prism was amended by the Partnership. Effective December 1, 2013, GMP Management, Inc., a company owned by a Justice limited partner and a related party, also provides management services for the Partnership pursuant to a Management Services Agreement, which is for a term of 3 years Portsmouth also receives management fees as a general partner of Justice for its services in overseeing and managing the Partnership’s assets. Those fees are eliminated in consolidation. Basic loss per share is calculated based upon the weighted average number of common shares outstanding during each period. During the three and nine months March 31, 2016 and 2015, the Company did not have any potentially dilutive securities outstanding. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718). This update was issued as part of the FASB’s simplification initiative and affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016, which will require the Company to adopt these provisions in the first quarter of fiscal 2018. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. Early adoption is permitted. The Company has not yet selected a transition date nor have we determined the effect of the standard on our ongoing financial reporting. In January 2016, the FASB issued an update (ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities). The amendments in this update impact public business entities as follows: 1) Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4) Require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5) Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact on its consolidated financial statements. In November 2015, FASB issued Accounting Standards Update 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In July 2015, the FASB issued Accounting Standard Update No. 2015-11, Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standard Update No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements Going Concern |
Evon Corporation [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Settlement Of Litigation [Policy Text Block] | On February 13, 2014, Evon Corporation ("Evon") filed a complaint in San Francisco Superior Court against the Company, Justice Investors (“Justice” or the “Partnership"), a subsidiary of the Company, and a limited partner and related party of Justice asserting contract and tort claims based on Justice’s withholding of $ 4.7 On June 27, 2014, the Partnership commenced an action in San Francisco Superior Court against Evon, Justice Holdings Company, LLC, a subsidiary of the Partnership (“Holdings”), and certain partners of the Partnership who elected an alternative redemption structure in the Partnership. The action seeks a declaration of the correct interpretation of (i) the special allocations sections of the Amended and Restated Agreement of Limited Partnership of Justice, with an effective date of January 1, 2013; and (ii) whether certain partners who elected the alternative redemption structure breached the governing Limited Partnership Interest Redemption Option Agreement. The complaint states that these declarations are relevant to preparation of the Partnership’s 2013 and 2014 state and federal tax returns and the associated Forms K-1 to be issued to affected current and former partners. The Partnership filed a First Amended Complaint on October 31, 2014. Evon filed a cross-complaint on December 9, 2014, alleging fraudulent concealment and promissory fraud against the Partnership in connection with the redemption transaction. On May 5, 2016, Justice Investors and Portsmouth entered into a settlement agreement relating to previously reported litigation with Evon Corporation and certain other parties. Under the settlement agreement, Justice Investors, a subsidiary of Portsmouth, will pay Evon Corporation $ 5,575,000 2,600,000 |
CCSF [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Settlement Of Litigation [Policy Text Block] | During the quarter, the Company settled a legal matter that resulted in a benefit of approximately $ 389,000 |
INVESTMENT IN HOTEL, NET (Table
INVESTMENT IN HOTEL, NET (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Investment in hotel consisted of the following as of: Accumulated Net Book March 31, 2016 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 26,778,000 (22,729,000) 4,049,000 Building and improvements 55,968,000 (23,388,000) 32,580,000 $ 83,870,000 $ (46,117,000) $ 37,753,000 Accumulated Net Book June 30, 2015 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 25,958,000 (21,605,000) 4,353,000 Building and improvements 53,641,000 (22,551,000) 31,090,000 $ 80,723,000 $ (44,156,000) $ 36,567,000 |
INVESTMENT IN MARKETABLE SECU15
INVESTMENT IN MARKETABLE SECURITIES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | Trading securities are summarized as follows: Gross Gross Net Fair Investment Cost Unrealized Gain Unrealized Loss Unrealized Loss Value As of March 31, 2016 Corporate Equities $ 6,522,000 $ 251,000 $ (2,935,000) $ (2,684,000) $ 3,838,000 As of June 30, 2015 Corporate Equities $ 2,009,000 $ 240,000 $ (948,000) $ (708,000) $ 1,301,000 |
Gain (Loss) on Investments [Table Text Block] | Below is the composition of the two components for the three and nine months March 31, 2016 and 2015, respectively. For the three months ended March 31, 2016 2015 Realized gain (loss) on marketable securities $ 64,000 $ (41,000) Unrealized loss on marketable securities (230,000) (203,000) Net loss on marketable securities $ (166,000) $ (244,000) For the nine months ended March 31, 2016 2015 Realized gain on marketable securities $ 39,000 $ 15,000 Unrealized loss on marketable securities (1,979,000) (1,292,000) Net loss on marketable securities $ (1,940,000) $ (1,277,000) |
OTHER INVESTMENTS, NET (Tables)
OTHER INVESTMENTS, NET (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Other Investments Not Readily Marketable [Table Text Block] | Other investments, net consist of the following: Type March 31, 2016 June 30, 2015 Preferred stock - Comstock, at cost $ - $ 4,410,000 Private equity hedge fund, at cost 333,000 456,000 Other preferred stock 47,000 112,000 Warrants - at fair value - 25,000 $ 380,000 $ 5,003,000 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The assets measured at fair value on a recurring basis are as follows: As of March 31, 2016 Level 1 Level 3 Total Assets: Investment in marketable securities: Basic materials $ 3,351,000 $ - $ 3,351,000 Other 487,000 - 487,000 3,838,000 - 3,838,000 As of June 30, 2015 Level 1 Level 3 Total Assets: Other investments - warrants $ - $ 25,000 $ 25,000 Investment in marketable securities: Basic materials 926,000 - 926,000 Other 375,000 - 375,000 1,301,000 - 1,301,000 $ 1,301,000 $ 25,000 $ 1,326,000 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows: Net loss for the nine months Assets Level 3 March 31, 2016 ended March 31, 2016 Other non-marketable investments $ 380,000 $ 380,000 $ (173,000) Net loss for the nine months Assets Level 3 June 30, 2015 ended March 31, 2015 Other non-marketable investments $ 4,978,000 $ 4,978,000 $ (145,000) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information below represents reporting segments for the three and nine months March 31, 2016 and 2015, respectively. Operating income from Hotel operations consists of the operation of the hotel and operation of the garage. Income (loss) from investment transactions consist of net investment gain (loss), impairment loss on other investments, net unrealized gain (loss) on other investments, dividend and interest income and trading and margin interest expense. As of and for the three months Hotel Investment ended March 31, 2016 Operations Transactions Other Total Revenues $ 14,481,000 $ - $ - $ 14,481,000 Segment operating expenses (17,067,000) - (163,000) (17,230,000) Segment loss (2,586,000) - (163,000) (2,749,000) Interest expense - mortgage (1,921,000) - - (1,921,000) Depreciation and amortization expense (731,000) - - (731,000) Loss from investments - (281,000) - (281,000) Income tax benefit - - 1,970,000 1,970,000 Net income (loss) $ (5,238,000) $ (281,000) $ 1,807,000 $ (3,712,000) Total assets $ 48,313,000 $ 4,218,000 $ 12,587,000 $ 65,118,000 As of and for the three months Hotel Investment ended March 31, 2015 Operations Transactions Other Total Revenues $ 13,983,000 $ - $ - $ 13,983,000 Segment operating expenses (11,997,000) - (159,000) (12,156,000) Segment income (loss) 1,986,000 - (159,000) 1,827,000 Interest expense - mortgage (1,913,000) - - (1,913,000) Depreciation and amortization expense (696,000) - - (696,000) Loss from investments - (479,000) - (479,000) Income tax benefit - - 503,000 503,000 Net income (loss) $ (623,000) $ (479,000) $ 344,000 $ (758,000) Total assets $ 43,532,000 $ 6,952,000 $ 9,678,000 $ 60,162,000 As of and for the nine months Hotel Investment ended March 31, 2016 Operations Transactions Other Total Revenues $ 43,332,000 $ - $ - $ 43,332,000 Segment operating expenses (40,229,000) - (536,000) (40,765,000) Segment income (loss) 3,103,000 - (536,000) 2,567,000 Interest expense - mortgage (5,803,000) - - (5,803,000) Loss on disposal of assets (30,000) - - (30,000) Depreciation and amortization expense (2,153,000) - - (2,153,000) Loss from investments - (2,225,000) - (2,225,000) Income tax benefit - - 2,752,000 2,752,000 Net income (loss) $ (4,883,000) $ (2,225,000) $ 2,216,000 $ (4,892,000) Total assets $ 48,313,000 $ 4,218,000 $ 12,587,000 $ 65,118,000 As of and for the nine months Hotel Investment ended March 31, 2015 Operations Transactions Other Total Revenues $ 42,857,000 $ - $ - $ 42,857,000 Segment operating expenses (35,868,000) - (504,000) (36,372,000) Segment income (loss) 6,989,000 - (504,000) 6,485,000 Interest expense - mortgage (5,876,000) - - (5,876,000) Loss on disposal of assets (51,000) - - (51,000) Depreciation and amortization expense (2,002,000) - - (2,002,000) Loss from investments - (1,525,000) - (1,525,000) Income tax benefit - - 1,232,000 1,232,000 Net income (loss) $ (940,000) $ (1,525,000) $ 728,000 $ (1,737,000) Total assets $ 43,532,000 $ 6,952,000 $ 9,678,000 $ 60,162,000 |
BASIS OF PRESENTATION AND SIG19
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | May. 13, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | May. 05, 2016 | Feb. 13, 2014 |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Management Services Agreement Term | 3 years | ||||
Subsequent Event [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Payments for Legal Settlements | $ 2,600,000 | ||||
Inter Group Corporation [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 13.30% | 13.30% | |||
Portsmouth [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 68.80% | 68.80% | |||
Justice Investors [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 93.00% | ||||
Subsidiary Of Inter Group [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 81.70% | 81.70% | |||
Evon Corporation [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Estimated Litigation Liability, Current | $ 4,700,000 | ||||
Evon Corporation [Member] | Subsequent Event [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Loss Contingency Accrual, Beginning Balance | $ 5,575,000 | ||||
CCSF [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |||||
Gain (Loss) Related to Litigation Settlement | $ 389,000 |
INVESTMENT IN HOTEL, NET (Detai
INVESTMENT IN HOTEL, NET (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Net Book Value | $ 37,753,000 | $ 36,567,000 |
Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 83,870,000 | 80,723,000 |
Accumulated Depreciation | (46,117,000) | (44,156,000) |
Net Book Value | 37,753,000 | 36,567,000 |
Land [Member] | Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,124,000 | 1,124,000 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | 1,124,000 | 1,124,000 |
Furniture and Equipment [Member] | Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 26,778,000 | 25,958,000 |
Accumulated Depreciation | (22,729,000) | (21,605,000) |
Net Book Value | 4,049,000 | 4,353,000 |
Building and Improvements [Member] | Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 55,968,000 | 53,641,000 |
Accumulated Depreciation | (23,388,000) | (22,551,000) |
Net Book Value | $ 32,580,000 | $ 31,090,000 |
INVESTMENT IN MARKETABLE SECU21
INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Net Unrealized Loss | $ (230,000) | $ (203,000) | $ (1,979,000) | $ (1,292,000) | |
Fair Value | 3,838,000 | 3,838,000 | $ 1,301,000 | ||
Equity Securities [Member] | |||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||
Cost | 6,522,000 | 6,522,000 | 2,009,000 | ||
Gross Unrealized Gain | 251,000 | 240,000 | |||
Gross Unrealized Loss | (2,935,000) | (948,000) | |||
Net Unrealized Loss | (2,684,000) | (708,000) | |||
Fair Value | $ 3,838,000 | $ 3,838,000 | $ 1,301,000 |
INVESTMENT IN MARKETABLE SECU22
INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Realized gain (loss) on marketable securities | $ 64,000 | $ (41,000) | $ 39,000 | $ 15,000 |
Unrealized loss on marketable securities | (230,000) | (203,000) | (1,979,000) | (1,292,000) |
Net loss on marketable securities | $ (166,000) | $ (244,000) | $ (1,940,000) | $ (1,277,000) |
INVESTMENT IN MARKETABLE SECU23
INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,181,000 | $ 940,000 |
Comstock Mining, Inc [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Percentage of Investment Marketable Securities | 87.00% |
OTHER INVESTMENTS, NET (Details
OTHER INVESTMENTS, NET (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Other Investments [Line Items] | ||
Other investments, net | $ 380,000 | $ 5,003,000 |
Preferred stock - Comstock, at cost [Member] | ||
Other Investments [Line Items] | ||
Other investments, net | 0 | 4,410,000 |
Private equity hedge fund , at cost [Member] | ||
Other Investments [Line Items] | ||
Other investments, net | 333,000 | 456,000 |
Other preferred stock [Member] | ||
Other Investments [Line Items] | ||
Other investments, net | 47,000 | 112,000 |
Warrants - at fair value [Member] | ||
Other Investments [Line Items] | ||
Other investments, net | $ 0 | $ 25,000 |
OTHER INVESTMENTS, NET (Detai25
OTHER INVESTMENTS, NET (Details Textual) - Comstock Mining, Inc [Member] | Jun. 30, 2015USD ($)shares |
Other Investments [Line Items] | |
Preferred Stock, Value, Issued | $ | $ 4,410,000 |
Preferred Stock, Shares Issued | shares | 4,410 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Assets: | ||
Investment in marketable securities | $ 3,838,000 | $ 1,301,000 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Other investments - warrants | 25,000 | |
Investment in marketable securities | 3,838,000 | 1,301,000 |
Assets, Fair Value Disclosure | 1,326,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Other investments - warrants | 0 | |
Investment in marketable securities | 3,838,000 | 1,301,000 |
Assets, Fair Value Disclosure | 1,301,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Other investments - warrants | 25,000 | |
Investment in marketable securities | 0 | 0 |
Assets, Fair Value Disclosure | 25,000 | |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | ||
Assets: | ||
Investment in marketable securities | 3,351,000 | 926,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment in marketable securities | 3,351,000 | 926,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investment in marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Assets: | ||
Investment in marketable securities | 487,000 | 375,000 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment in marketable securities | 487,000 | 375,000 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Investment in marketable securities | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Deta27
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other non-marketable investments | $ 380,000 | $ 4,978,000 | |
Net loss for the year | (173,000) | $ (145,000) | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other non-marketable investments | $ 380,000 | $ 4,978,000 |
FAIR VALUE MEASUREMENTS (Deta28
FAIR VALUE MEASUREMENTS (Details Textual) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other investments in nonmarketable securities Ownership Percentage | less than 20% |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 14,481,000 | $ 13,983,000 | $ 43,332,000 | $ 42,857,000 | |
Segment operating expenses | (17,230,000) | (12,156,000) | (40,765,000) | (36,372,000) | |
Segment income (loss) | (3,480,000) | 1,131,000 | 414,000 | 4,483,000 | |
Interest expense - mortgage | (1,921,000) | (1,913,000) | (5,803,000) | (5,876,000) | |
Loss on disposal of assets | (30,000) | (51,000) | |||
Depreciation and amortization expense | (731,000) | (696,000) | (2,153,000) | (2,002,000) | |
Loss from investments | (281,000) | (479,000) | (2,225,000) | (1,525,000) | |
Income tax benefit | 1,970,000 | 503,000 | 2,752,000 | 1,232,000 | |
Net income (loss) | (3,712,000) | (758,000) | (4,892,000) | (1,737,000) | |
Total assets | 65,118,000 | 60,162,000 | 65,118,000 | 60,162,000 | $ 64,049,000 |
Hotel Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 14,481,000 | 13,983,000 | 43,332,000 | 42,857,000 | |
Segment operating expenses | (17,067,000) | (11,997,000) | (40,229,000) | (35,868,000) | |
Segment income (loss) | (2,586,000) | 1,986,000 | 3,103,000 | 6,989,000 | |
Interest expense - mortgage | (1,921,000) | (1,913,000) | (5,803,000) | (5,876,000) | |
Loss on disposal of assets | (30,000) | (51,000) | |||
Depreciation and amortization expense | (731,000) | (696,000) | (2,153,000) | (2,002,000) | |
Loss from investments | 0 | 0 | 0 | 0 | |
Income tax benefit | 0 | 0 | 0 | 0 | |
Net income (loss) | (5,238,000) | (623,000) | (4,883,000) | (940,000) | |
Total assets | 48,313,000 | 43,532,000 | 48,313,000 | 43,532,000 | |
Investment Transactions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment operating expenses | 0 | 0 | 0 | 0 | |
Segment income (loss) | 0 | 0 | 0 | 0 | |
Interest expense - mortgage | 0 | 0 | 0 | 0 | |
Loss on disposal of assets | 0 | 0 | |||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | |
Loss from investments | (281,000) | (479,000) | (2,225,000) | (1,525,000) | |
Income tax benefit | 0 | 0 | 0 | 0 | |
Net income (loss) | (281,000) | (479,000) | (2,225,000) | (1,525,000) | |
Total assets | 4,218,000 | 6,952,000 | 4,218,000 | 6,952,000 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment operating expenses | (163,000) | (159,000) | (536,000) | (504,000) | |
Segment income (loss) | (163,000) | (159,000) | (536,000) | (504,000) | |
Interest expense - mortgage | 0 | 0 | 0 | 0 | |
Loss on disposal of assets | 0 | 0 | |||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | |
Loss from investments | 0 | 0 | 0 | 0 | |
Income tax benefit | 1,970,000 | 503,000 | 2,752,000 | 1,232,000 | |
Net income (loss) | 1,807,000 | 344,000 | 2,216,000 | 728,000 | |
Total assets | $ 12,587,000 | $ 9,678,000 | $ 12,587,000 | $ 9,678,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
Payment for Management Fee | $ 1,550,000 | |||
Costs and Expenses, Related Party | $ 18,000 | $ 18,000 | 54,000 | $ 54,000 |
Management Fee Payable | 400,000 | 400,000 | ||
Justice [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees Revenue | $ 141,000 | $ 138,000 | $ 441,000 | $ 419,000 |