Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Oct. 21, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 ($) | Sep. 30, 2016 | Jun. 30, 2016 |
ASSETS | ||
Investment in Hotel, net | $ 37,310,000 | $ 37,744,000 |
Investment in real estate | 973,000 | 973,000 |
Investment in marketable securities | 4,889,000 | 4,038,000 |
Other investments, net | 354,000 | 359,000 |
Cash and cash equivalents | 1,371,000 | 3,378,000 |
Restricted cash - mortgage impounds | 1,687,000 | 898,000 |
Accounts receivable - Hotel, net | 3,012,000 | 3,218,000 |
Other assets, net | 1,017,000 | 1,274,000 |
Deferred tax asset | 10,383,000 | 11,088,000 |
Total assets | 60,996,000 | 62,970,000 |
Liabilities: | ||
Accounts payable and other liabilities | 14,038,000 | 17,181,000 |
Due to securities broker | 541,000 | 291,000 |
Obligations for securities sold | 368,000 | 29,000 |
Related party and other notes payable | 10,726,000 | 11,246,000 |
Mortgage notes payable - Hotel, net | 116,188,000 | 116,160,000 |
Total liabilities | 141,861,000 | 144,907,000 |
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 | (76,400,000) | (77,365,000) |
Total Portsmouth shareholders' deficit | (74,308,000) | (75,273,000) |
Noncontrolling interest | (6,557,000) | (6,664,000) |
Total shareholders' deficit | (80,865,000) | (81,937,000) |
Total liabilities and shareholders' deficit | $ 60,996,000 | $ 62,970,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2016 | Jun. 30, 2016 |
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 | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue - Hotel | $ 14,605,000 | $ 15,138,000 |
Costs and operating expenses | ||
Hotel operating expenses | (10,256,000) | (11,193,000) |
Hotel depreciation and amortization expense | (664,000) | (713,000) |
General and administrative expense | (154,000) | (203,000) |
Total costs and operating expenses | (11,074,000) | (12,109,000) |
Income from operations | 3,531,000 | 3,029,000 |
Other income (expense) | ||
Interest expense - mortgage | (1,988,000) | (1,941,000) |
Loss on disposal of assets | 0 | (30,000) |
Net gain on marketable securities | 262,000 | 104,000 |
Net unrealized loss on other investments | 0 | (19,000) |
Impairment loss on other investments | (5,000) | 0 |
Dividend and interest income | 10,000 | 2,000 |
Trading and margin interest expense | (33,000) | (32,000) |
Other expense, net | (1,754,000) | (1,916,000) |
Income before income taxes | 1,777,000 | 1,113,000 |
Income tax expense | (705,000) | (443,000) |
Net Income | 1,072,000 | 670,000 |
Less: Net income attributable to the noncontrolling interest | (107,000) | (75,000) |
Net income attributable to Portsmouth | $ 965,000 | $ 595,000 |
Basic and diluted net income per share attributable to Portsmouth | $ 1.31 | $ 0.81 |
Weighted average number of common shares outstanding - basic and diluted | 734,183 | 734,183 |
CONDENDSED CONSOLIDATED STATEME
CONDENDSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,072,000 | $ 670,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Net unrealized gain on marketable securities | (211,000) | (129,000) |
Unrealized loss on other investments | 0 | 19,000 |
Impairment loss on other investments | 5,000 | 0 |
Loss on disposal of assets | 0 | 30,000 |
Depreciation and amortization | 664,000 | 713,000 |
Changes in assets and liabilities: | ||
Investment in marketable securities | (640,000) | 142,000 |
Accounts receivable | 206,000 | 4,562,000 |
Other assets | 327,000 | 222,000 |
Accounts payable and other liabilities | (3,144,000) | (2,263,000) |
Due to securities broker | 250,000 | 0 |
Obligations for securities sold | 339,000 | 0 |
Deferred tax asset | 705,000 | 443,000 |
Net cash (used in) provided by operating activities | (427,000) | 4,409,000 |
Cash flows from investing activities: | ||
Payments for hotel furniture, equipment and building improvements | (272,000) | (1,291,000) |
Net cash used in investing activities | (272,000) | (1,291,000) |
Cash flows from financing activities: | ||
Restricted cash - payments for mortgage impounds, net | (789,000) | (257,000) |
Net payments of related party and other notes payable | (519,000) | (124,000) |
Net cash used in financing activities | (1,308,000) | (381,000) |
Net (decrease) increase in cash and cash equivalents | (2,007,000) | 2,737,000 |
Cash and cash equivalents at the beginning of the period | 3,378,000 | 1,077,000 |
Cash and cash equivalents at the end of the period | 1,371,000 | 3,814,000 |
Supplemental information: | ||
Interest paid | 1,997,000 | 1,941,000 |
Non-cash transaction: | ||
Conversion of other investments to marketable securities | $ 0 | $ 4,410,000 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | The results of operations for the three months ended September 30, 2016 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2017. Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California limited partnership (“Justice” or the “Partnership”). 93 As of September 30, 2016, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8 81.7 13.3 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 wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the borrower under certain mezzanine indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with HLT Franchise Holding LLC (Hilton). Justice has a management agreement with Prism Hospitality L.P. (“Prism”) to perform certain management functions for the Hotel. The management agreement with Prism had an original term of ten years, subject to the Partnership’s right to terminate at any time with or without cause. Effective January 2014, the management agreement with Prism was amended by the Partnership to change the nature of the services provided by Prism and the compensation payable to Prism, among other things. Effective December 1, 2013, GMP Management, Inc. (“GMP”), a company owned by a Justice limited partner and a related party, also provided management services for the Partnership pursuant to a management services agreement, with a three year term, subject to the Partnership’s right to terminate earlier for cause. In June 2016, GMP resigned and the Company is currently interviewing several national third party hotel management companies to replace GMP. The parking garage that is part of the Hotel property was managed by Ace Parking pursuant to a contract with the Partnership. The contract was terminated with an effective termination date of October 4, 2016. The Company began managing the parking garage in-house after the termination of Ace Parking. On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments On August 26, 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic230) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs financial statements. The Company adopted this standard during the quarter and reclassified the debt issuance costs on the June 30, 2016 consolidated balance sheet. |
INVESTMENT IN HOTEL, NET
INVESTMENT IN HOTEL, NET | 3 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2 INVESTMENT IN HOTEL, NET Accumulated Net Book September 30, 2016 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 29,070,000 (23,445,000) 5,625,000 Building and improvements 54,535,000 (23,974,000) 30,561,000 $ 84,729,000 $ (47,419,000) $ 37,310,000 Accumulated Net Book June 30, 2016 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 28,857,000 (23,097,000) 5,760,000 Building and improvements 54,517,000 (23,657,000) 30,860,000 $ 84,498,000 $ (46,754,000) $ 37,744,000 |
INVESTMENT IN MARKETABLE SECURI
INVESTMENT IN MARKETABLE SECURITIES | 3 Months Ended |
Sep. 30, 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 September 30, 2016 and June 30, 2016, 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 September 30, 2016 Corporate Equities $ 7,504,000 $ 292,000 $ (2,907,000) $ (2,615,000) $ 4,889,000 As of June 30, 2016 Corporate Equities $ 6,877,000 $ 272,000 $ (3,111,000) $ (2,839,000) $ 4,038,000 As of September 30, 2016 and June 30, 2016, approximately 67 As of September 30, 2016 and June 30, 2016, the Company had $ 1,206,000 1,138,000 Net gain on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). For the three months ended September 30, 2016 2015 Realized gain (loss) on marketable securities $ 51,000 $ (25,000) Unrealized gain on marketable securities 211,000 129,000 Net gain on marketable securities $ 262,000 $ 104,000 |
OTHER INVESTMENTS, NET
OTHER INVESTMENTS, NET | 3 Months Ended |
Sep. 30, 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. Type September 30, 2016 June 30, 2016 Private equity hedge fund, at cost $ 333,000 $ 333,000 Other preferred stock 21,000 26,000 $ 354,000 $ 359,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Sep. 30, 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 September 30, 2016 Total Assets: Level 1 Investment in marketable securities: Basic materials $ 3,286,000 Energy 412,000 Financial services 328,000 Other 863,000 $ 4,889,000 As of June 30, 2016 Total Assets: Level 1 Investment in marketable securities: Basic materials $ 3,102,000 Energy 388,000 Financial services 198,000 Other 350,000 $ 4,038,000 The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, 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 three months Assets Level 3 September 30, 2016 ended September 30, 2016 Other non-marketable investments $ 354,000 $ 354,000 $ (5,000) Net loss for the three months Assets Level 3 June 30, 2016 ended September 30, 2015 Other non-marketable investments $ 359,000 $ 359,000 $ - 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% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Sep. 30, 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 September 30, 2016 Operations Transactions Other Total Revenues $ 14,605,000 $ - $ - $ 14,605,000 Segment operating expenses (10,256,000) - (154,000) (10,410,000) Segment income (loss) 4,349,000 - (154,000) 4,195,000 Interest expense - mortgage (1,988,000) - - (1,988,000) Depreciation and amortization expense (664,000) - - (664,000) Income from investments - 234,000 - 234,000 Income tax expense - - (705,000) (705,000) Net income (loss) $ 1,697,000 $ 234,000 $ (859,000) $ 1,072,000 Total assets $ 43,958,000 $ 5,243,000 $ 11,795,000 $ 60,996,000 As of and for the three months Hotel Investment ended September 30, 2015 Operations Transactions Other Total Revenues $ 15,138,000 $ - $ - $ 15,138,000 Segment operating expenses (11,193,000) - (203,000) (11,396,000) Segment income (loss) 3,945,000 - (203,000) 3,742,000 Interest expense - mortgage (1,941,000) - - (1,941,000) Loss on disposal of assets (30,000) - - (30,000) Depreciation and amortization expense (713,000) - - (713,000) Income from investments - 55,000 - 55,000 Incomt tax expense - - (443,000) (443,000) Net income (loss) $ 1,261,000 $ 55,000 $ (646,000) $ 670,000 Total assets $ 46,672,000 $ 6,272,000 $ 9,388,000 $ 62,332,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 7 - RELATED PARTY TRANSACTIONS On July 2, 2014, the Partnership obtained from InterGroup (a related party) an unsecured loan in the principal amount of $4,250,000 at 12% per year fixed interest, with a term of 2 years, payable interest only each month. InterGroup received a 3% loan fee. The loan may be prepaid at any time without penalty. The proceeds of the loan were applied to the July 2014 payments to Holdings as described in Note 2 of the Company’s June 30, 2016 10-K Report. The loan was extended to November 30, 2016. InterGroup is currently working on amending the loan agreement to extend the loan for a longer period. 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) | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The results of operations for the three months ended September 30, 2016 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2017. Portsmouth’s primary business is conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California limited partnership (“Justice” or the “Partnership”). 93 As of September 30, 2016, Santa Fe Financial Corporation (“Santa Fe”), a public company, owns approximately 68.8 81.7 13.3 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 wholly-owned subsidiaries of the Partnership; Operating is a wholly-owned subsidiary of Mezzanine. Mezzanine is the borrower under certain mezzanine indebtedness of Justice, and in December 2013, the Partnership conveyed ownership of the Hotel to Operating. The Hotel is operated by the partnership as a full service Hilton brand hotel pursuant to a Franchise License Agreement with HLT Franchise Holding LLC (Hilton). Justice has a management agreement with Prism Hospitality L.P. (“Prism”) to perform certain management functions for the Hotel. The management agreement with Prism had an original term of ten years, subject to the Partnership’s right to terminate at any time with or without cause. Effective January 2014, the management agreement with Prism was amended by the Partnership to change the nature of the services provided by Prism and the compensation payable to Prism, among other things. Effective December 1, 2013, GMP Management, Inc. (“GMP”), a company owned by a Justice limited partner and a related party, also provided management services for the Partnership pursuant to a management services agreement, with a three year term, subject to the Partnership’s right to terminate earlier for cause. In June 2016, GMP resigned and the Company is currently interviewing several national third party hotel management companies to replace GMP. The parking garage that is part of the Hotel property was managed by Ace Parking pursuant to a contract with the Partnership. The contract was terminated with an effective termination date of October 4, 2016. The Company began managing the parking garage in-house after the termination of Ace Parking. |
New Accounting Pronouncements, Policy [Policy Text Block] | On June 16, 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments On August 26, 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic230) In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs financial statements. The Company adopted this standard during the quarter and reclassified the debt issuance costs on the June 30, 2016 consolidated balance sheet. |
INVESTMENT IN HOTEL, NET (Table
INVESTMENT IN HOTEL, NET (Tables) | 3 Months Ended |
Sep. 30, 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 September 30, 2016 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 29,070,000 (23,445,000) 5,625,000 Building and improvements 54,535,000 (23,974,000) 30,561,000 $ 84,729,000 $ (47,419,000) $ 37,310,000 Accumulated Net Book June 30, 2016 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Furniture and equipment 28,857,000 (23,097,000) 5,760,000 Building and improvements 54,517,000 (23,657,000) 30,860,000 $ 84,498,000 $ (46,754,000) $ 37,744,000 |
INVESTMENT IN MARKETABLE SECU15
INVESTMENT IN MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Sep. 30, 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 September 30, 2016 Corporate Equities $ 7,504,000 $ 292,000 $ (2,907,000) $ (2,615,000) $ 4,889,000 As of June 30, 2016 Corporate Equities $ 6,877,000 $ 272,000 $ (3,111,000) $ (2,839,000) $ 4,038,000 |
Gain (Loss) on Investments [Table Text Block] | Below is the composition of the two components for the three months September 30, 2016 and 2015, respectively. For the three months ended September 30, 2016 2015 Realized gain (loss) on marketable securities $ 51,000 $ (25,000) Unrealized gain on marketable securities 211,000 129,000 Net gain on marketable securities $ 262,000 $ 104,000 |
OTHER INVESTMENTS, NET (Tables)
OTHER INVESTMENTS, NET (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Other Investments Not Readily Marketable [Table Text Block] | Other investments, net consist of the following: Type September 30, 2016 June 30, 2016 Private equity hedge fund, at cost $ 333,000 $ 333,000 Other preferred stock 21,000 26,000 $ 354,000 $ 359,000 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Sep. 30, 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 September 30, 2016 Total Assets: Level 1 Investment in marketable securities: Basic materials $ 3,286,000 Energy 412,000 Financial services 328,000 Other 863,000 $ 4,889,000 As of June 30, 2016 Total Assets: Level 1 Investment in marketable securities: Basic materials $ 3,102,000 Energy 388,000 Financial services 198,000 Other 350,000 $ 4,038,000 |
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 three months Assets Level 3 September 30, 2016 ended September 30, 2016 Other non-marketable investments $ 354,000 $ 354,000 $ (5,000) Net loss for the three months Assets Level 3 June 30, 2016 ended September 30, 2015 Other non-marketable investments $ 359,000 $ 359,000 $ - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information below represents reporting segments for the three months September 30, 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. The other segment consists of corporate general and administrative expenses and the income tax expense for the entire Company. As of and for the three months Hotel Investment ended September 30, 2016 Operations Transactions Other Total Revenues $ 14,605,000 $ - $ - $ 14,605,000 Segment operating expenses (10,256,000) - (154,000) (10,410,000) Segment income (loss) 4,349,000 - (154,000) 4,195,000 Interest expense - mortgage (1,988,000) - - (1,988,000) Depreciation and amortization expense (664,000) - - (664,000) Income from investments - 234,000 - 234,000 Income tax expense - - (705,000) (705,000) Net income (loss) $ 1,697,000 $ 234,000 $ (859,000) $ 1,072,000 Total assets $ 43,958,000 $ 5,243,000 $ 11,795,000 $ 60,996,000 As of and for the three months Hotel Investment ended September 30, 2015 Operations Transactions Other Total Revenues $ 15,138,000 $ - $ - $ 15,138,000 Segment operating expenses (11,193,000) - (203,000) (11,396,000) Segment income (loss) 3,945,000 - (203,000) 3,742,000 Interest expense - mortgage (1,941,000) - - (1,941,000) Loss on disposal of assets (30,000) - - (30,000) Depreciation and amortization expense (713,000) - - (713,000) Income from investments - 55,000 - 55,000 Incomt tax expense - - (443,000) (443,000) Net income (loss) $ 1,261,000 $ 55,000 $ (646,000) $ 670,000 Total assets $ 46,672,000 $ 6,272,000 $ 9,388,000 $ 62,332,000 |
BASIS OF PRESENTATION AND SIG19
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended |
Sep. 30, 2016 | |
Inter Group Corporation [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 13.30% |
Portsmouth [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 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% |
INVESTMENT IN HOTEL, NET (Detai
INVESTMENT IN HOTEL, NET (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Net Book Value | $ 37,310,000 | $ 37,744,000 |
Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 84,729,000 | 84,498,000 |
Accumulated Depreciation | (47,419,000) | (46,754,000) |
Net Book Value | 37,310,000 | 37,744,000 |
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 | 29,070,000 | 28,857,000 |
Accumulated Depreciation | (23,445,000) | (23,097,000) |
Net Book Value | 5,625,000 | 5,760,000 |
Building and Improvements [Member] | Hotel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 54,535,000 | 54,517,000 |
Accumulated Depreciation | (23,974,000) | (23,657,000) |
Net Book Value | $ 30,561,000 | $ 30,860,000 |
INVESTMENT IN MARKETABLE SECU21
INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Net Unrealized Loss | $ 211,000 | $ 129,000 | |
Fair Value | 4,889,000 | $ 4,038,000 | |
Equity Securities [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cost | 7,504,000 | 6,877,000 | |
Gross Unrealized Gain | 292,000 | 272,000 | |
Gross Unrealized Loss | (2,907,000) | (3,111,000) | |
Net Unrealized Loss | (2,615,000) | (2,839,000) | |
Fair Value | $ 4,889,000 | $ 4,038,000 |
INVESTMENT IN MARKETABLE SECU22
INVESTMENT IN MARKETABLE SECURITIES (Details 1) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Realized gain (loss) on marketable securities | $ 51,000 | $ (25,000) |
Unrealized gain on marketable securities | 211,000 | 129,000 |
Net gain on marketable securities | $ 262,000 | $ 104,000 |
INVESTMENT IN MARKETABLE SECU23
INVESTMENT IN MARKETABLE SECURITIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,206,000 | $ 1,138,000 |
Comstock Mining, Inc [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Percentage of Investment Marketable Securities | 67.00% | 77.00% |
OTHER INVESTMENTS, NET (Details
OTHER INVESTMENTS, NET (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Other Investments [Line Items] | ||
Other investments, net | $ 354,000 | $ 359,000 |
Private equity hedge fund, at cost [Member] | ||
Other Investments [Line Items] | ||
Other investments, net | 333,000 | 333,000 |
Other preferred stock [Member] | ||
Other Investments [Line Items] | ||
Other investments, net | $ 21,000 | $ 26,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Assets: | ||
Investment in marketable securities | $ 4,889,000 | $ 4,038,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment in marketable securities | 4,889,000 | 4,038,000 |
Fair Value, Measurements, Recurring [Member] | Basic Materials [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment in marketable securities | 3,286,000 | 3,102,000 |
Fair Value, Measurements, Recurring [Member] | Energy [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment in marketable securities | 412,000 | 388,000 |
Fair Value, Measurements, Recurring [Member] | Financial Services [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment in marketable securities | 328,000 | 198,000 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment in marketable securities | $ 863,000 | $ 350,000 |
FAIR VALUE MEASUREMENTS (Deta26
FAIR VALUE MEASUREMENTS (Details 1) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other non-marketable investments | $ 354,000 | $ 359,000 | |
Net loss | (5,000) | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other non-marketable investments | $ 354,000 | $ 359,000 |
FAIR VALUE MEASUREMENTS (Deta27
FAIR VALUE MEASUREMENTS (Details Textual) | 3 Months Ended |
Sep. 30, 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 | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 14,605,000 | $ 15,138,000 | |
Segment operating expenses | (10,410,000) | (11,396,000) | |
Segment income (loss) | 3,531,000 | 3,029,000 | |
Interest expense - mortgage | (1,988,000) | (1,941,000) | |
Loss on disposal of assets | 0 | (30,000) | |
Depreciation and amortization expense | (664,000) | (713,000) | |
Income from investments | 234,000 | 55,000 | |
Income tax expense | (705,000) | (443,000) | |
Net income (loss) | 1,072,000 | 670,000 | |
Total assets | 60,996,000 | 62,332,000 | $ 62,970,000 |
Hotel Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,605,000 | 15,138,000 | |
Segment operating expenses | (10,256,000) | (11,193,000) | |
Segment income (loss) | 4,349,000 | 3,945,000 | |
Interest expense - mortgage | (1,988,000) | (1,941,000) | |
Loss on disposal of assets | (30,000) | ||
Depreciation and amortization expense | (664,000) | (713,000) | |
Income from investments | 0 | 0 | |
Income tax expense | 0 | 0 | |
Net income (loss) | 1,697,000 | 1,261,000 | |
Total assets | 43,958,000 | 46,672,000 | |
Investment Transactions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Segment operating expenses | 0 | 0 | |
Segment income (loss) | 0 | 0 | |
Interest expense - mortgage | 0 | 0 | |
Loss on disposal of assets | 0 | ||
Depreciation and amortization expense | 0 | 0 | |
Income from investments | 234,000 | 55,000 | |
Income tax expense | 0 | 0 | |
Net income (loss) | 234,000 | 55,000 | |
Total assets | 5,243,000 | 6,272,000 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Segment operating expenses | (154,000) | (203,000) | |
Segment income (loss) | (154,000) | (203,000) | |
Interest expense - mortgage | 0 | 0 | |
Loss on disposal of assets | 0 | ||
Depreciation and amortization expense | 0 | 0 | |
Income from investments | 0 | 0 | |
Income tax expense | (705,000) | (443,000) | |
Net income (loss) | (859,000) | (646,000) | |
Total assets | $ 11,795,000 | $ 9,388,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) | 1 Months Ended |
Jul. 02, 2016USD ($) | |
Related Party Transaction [Line Items] | |
Percentage of Loan Fee Received | 3.00% |
Unsecured Debt [Member] | |
Related Party Transaction [Line Items] | |
Debt Instrument, Face Amount | $ 4,250,000 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Term | 2 years |