Portsmouth Square (PRSI) 10-Q9 Feb 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Dec. 31, 2022	Feb. 06, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	Q2
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 ($)	Dec. 31, 2022	Jun. 30, 2022
ASSETS
Investment in hotel, net	$ 32,650,000	$ 31,230,000
Investment in marketable securities	302,000	541,000
Cash and cash equivalents	1,236,000	2,662,000
Restricted cash	4,784,000	6,226,000
Accounts receivable, net	324,000	377,000
Other assets, net	1,798,000	852,000
Deferred tax assets, net	7,911,000	7,911,000
Total assets	49,005,000	49,799,000
Liabilities:
Accounts payable and other liabilities	10,029,000	8,725,000
Accounts payable to related party	5,409,000	4,908,000
Due to securities broker		130,000
Related party notes payable	17,438,000	17,721,000
Mortgage notes payable, net	107,890,000	108,747,000
Total liabilities	140,766,000	140,231,000
Shareholders’ deficit:
Common stock, no par value: Authorized shares - 750,000; 734,187 shares issued and outstanding shares as of December 31, 2022 and June 30, 2022, respectively	2,092,000	2,092,000
Accumulated deficit	(93,853,000)	(92,524,000)
Total shareholders’ deficit	(91,761,000)	(90,432,000)
Total liabilities and shareholders’ deficit	$ 49,005,000	$ 49,799,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	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		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue - Hotel	$ 9,892,000	$ 6,348,000	$ 22,202,000	$ 13,153,000
Costs and operating expenses
Hotel operating expenses	(8,726,000)	(6,479,000)	(18,032,000)	(12,812,000)
Hotel depreciation and amortization expense	(635,000)	(514,000)	(1,262,000)	(1,043,000)
General and administrative expense	(517,000)	(282,000)	(826,000)	(610,000)
Total costs and operating expenses	(9,878,000)	(7,275,000)	(20,120,000)	(14,465,000)
Income (Loss) from operations	14,000	(927,000)	2,082,000	(1,312,000)
Other income (expense)
Interest expense - mortgage	(1,655,000)	(1,654,000)	(3,287,000)	(3,315,000)
Interest expense - related party	(429,000)	(303,000)	(859,000)	(540,000)
Net gain on marketable securities	107,000	1,467,000	97,000	1,199,000
Net loss on marketable securities - Comstock		(1,879,000)		(2,056,000)
Gain on debt extinguishment		2,000,000		2,000,000
Impairment loss on other investments		(20,000)		(20,000)
Dividend and interest income	6,000	30,000	32,000	64,000
Trading and margin interest expense	(81,000)	(52,000)	(115,000)	(108,000)
Total other expense, net	(2,052,000)	(411,000)	(4,132,000)	(2,776,000)
Loss before income taxes	(2,038,000)	(1,338,000)	(2,050,000)	(4,088,000)
Income tax benefit	718,000	378,000	721,000	1,153,000
Net Loss	$ (1,320,000)	$ (960,000)	$ (1,329,000)	$ (2,935,000)
Basic and diluted net loss per share	$ (1.80)	$ (1.31)	$ (1.81)	$ (4)
Weighted average number of 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
Beginning balance at Jun. 30, 2021	$ 2,092,000	$ (84,960,000)	$ (82,868,000)	$ (655,000)	$ (83,523,000)
Beginning balance, shares at Jun. 30, 2021	734,187
Net loss		(1,975,000)	(1,975,000)		(1,975,000)
Purchase of Partnership interest				(344,000)	(344,000)
Reclassify noncontrolling interest due to purchase of Partnership interest		(999,000)	(999,000)	999,000
Ending balance at Sep. 30, 2021	$ 2,092,000	(87,934,000)	(85,842,000)		(85,842,000)
Ending balance, shares at Sep. 30, 2021	734,187
Beginning balance at Jun. 30, 2021	$ 2,092,000	(84,960,000)	(82,868,000)	(655,000)	(83,523,000)
Beginning balance, shares at Jun. 30, 2021	734,187
Net loss					(2,935,000)
Ending balance at Dec. 31, 2021	$ 2,092,000	(88,894,000)	(86,802,000)		(86,802,000)
Ending balance, shares at Dec. 31, 2021	734,187
Beginning balance at Sep. 30, 2021	$ 2,092,000	(87,934,000)	(85,842,000)		(85,842,000)
Beginning balance, shares at Sep. 30, 2021	734,187
Net loss		(960,000)	(960,000)		(960,000)
Ending balance at Dec. 31, 2021	$ 2,092,000	(88,894,000)	(86,802,000)		(86,802,000)
Ending balance, shares at Dec. 31, 2021	734,187
Beginning balance at Jun. 30, 2022	$ 2,092,000	(92,524,000)			(90,432,000)
Beginning balance, shares at Jun. 30, 2022	734,187
Net loss		(9,000)			(9,000)
Ending balance at Sep. 30, 2022	$ 2,092,000	(92,533,000)			(90,441,000)
Ending balance, shares at Sep. 30, 2022	734,187
Beginning balance at Jun. 30, 2022	$ 2,092,000	(92,524,000)			(90,432,000)
Beginning balance, shares at Jun. 30, 2022	734,187
Net loss					(1,329,000)
Ending balance at Dec. 31, 2022	$ 2,092,000	(93,853,000)			(91,761,000)
Ending balance, shares at Dec. 31, 2022	734,187
Beginning balance at Sep. 30, 2022	$ 2,092,000	(92,533,000)			(90,441,000)
Beginning balance, shares at Sep. 30, 2022	734,187
Net loss		(1,320,000)			(1,320,000)
Ending balance at Dec. 31, 2022	$ 2,092,000	$ (93,853,000)			$ (91,761,000)
Ending balance, shares at Dec. 31, 2022	734,187

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (1,329,000)	$ (2,935,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Net unrealized gain on marketable securities	(234,000)	(1,283,000)
Gain on debt extinguishment		(2,000,000)
Deferred taxes		(1,153,000)
Impairment loss on other investments		20,000
Depreciation and amortization	1,262,000	1,043,000
Amortization of loan costs	122,000	147,000
Amortization of related party notes payable	(283,000)	(284,000)
Changes in operating assets and liabilities:
Investment in marketable securities	473,000	3,376,000
Accounts receivable	53,000	(24,000)
Other assets	(946,000)	(340,000)
Accounts payable and other liabilities	1,487,000	356,000
Accounts payable related party	501,000	555,000
Due to securities broker	(130,000)	(1,061,000)
Net cash provided by (used in) operating activities	976,000	(3,583,000)
Cash flows from investing activities:
Payments for hotel furniture, equipment and building improvements	(2,682,000)	(1,264,000)
Investment in Partnership interest		(344,000)
Net cash used in investing activities	(2,682,000)	(1,608,000)
Cash flows from financing activities:
Proceeds from related party note payable		4,700,000
Issuance cost from refinance of related party loan		(50,000)
Payments of mortgage, finance leases and other notes payable, net	(1,162,000)	(1,169,000)
Net cash provided by (used in) financing activities	(1,162,000)	3,481,000
Net decrease in cash, cash equivalents, and restricted cash	(2,868,000)	(1,710,000)
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	6,020,000	6,822,000
Supplemental information:
Interest paid	$ 3,288,000	$ 3,343,000

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The condensed consolidated financial statements included herein have been prepared by 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 condensed consolidated financial statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial statements of Portsmouth and the notes therein included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2022. The June 30, 2022 condensed consolidated balance sheet was derived from the consolidated balance sheet as included in the Company’s Form 10-K for the year ended June 30, 2022. The 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 six months ended December 31, 2022 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 December 31, 2022, 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 six months ended December 31, 2022. 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 condensed consolidated balance sheet. Finance leases $ 183,000 8,307,000 Recently Issued and Adopted Accounting Pronouncements As of December 31, 2022, management does not expect a material impact from recently issued accounting pronouncements yet to be adopted, on the Company’s condensed consolidated financial statements.

LIQUIDITY

LIQUIDITY	6 Months Ended
LIQUIDITY	Dec. 31, 2022
Liquidity
LIQUIDITY	NOTE 2 - LIQUIDITY Historically, our 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 six months ended December 31, 2022, our net cash provided by operating activities was $ 976,000 2,682,000 The Company had cash and cash equivalents of $ 1,236,000 2,662,000 4,784,000 6,226,000 302,000 411,000 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 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. 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, we believe 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. The following table provides a summary as of December 31, 2022, the Company’s material financial obligations which also including interest payments: SCHEDULE OF FINANCIAL OBLIGATIONS INCLUDING INTEREST PAYMENTS 6 Months Year Year Year Year Total 2023 2024 2025 2026 2027 Thereafter Mortgage notes payable $ 108,135,000 $ 895,000 $ 107,240,000 $ - $ - $ - $ - Related party notes payable 17,438,000 283,000 14,767,000 567,000 567,000 463,000 791,000 Interest 7,114,000 3,905,000 3,209,000 - - - - Total $ 132,687,000 $ 5,083,000 $ 125,216,000 $ 567,000 $ 567,000 $ 463,000 $ 791,000

REVENUE

REVENUE	6 Months Ended
REVENUE	Dec. 31, 2022
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 December 31, 2022 2021 Hotel revenues: Hotel rooms $ 8,251,000 $ 5,218,000 Food and beverage 625,000 296,000 Garage 717,000 768,000 Other operating departments 299,000 66,000 Total hotel revenue $ 9,892,000 $ 6,348,000 For the six months ended December 31, 2022 2021 Hotel revenues: Hotel rooms $ 19,054,000 $ 10,780,000 Food and beverage 1,160,000 562,000 Garage 1,539,000 1,675,000 Other operating departments 449,000 136,000 Total hotel revenue $ 22,202,000 $ 13,153,000 Performance obligations We identified the following performance obligations for which revenue is recognized as the respective performance obligations are satisfied, which results in recognizing the amount we expect to be entitled to for providing the goods or services: ● Cancelable room reservations or ancillary services ● Non-cancelable room reservations and banquet or conference reservations ● Other ancillary goods and services ● Components of package reservations Hotel revenue primarily consists of hotel room rentals, revenue from accommodations sold in conjunction with other services (e.g., package reservations), food and beverage sales and other ancillary goods and services (e.g., parking). Revenue is recognized when rooms are occupied or goods and services have been delivered or rendered, respectively. Payment terms typically align with when the goods and services are provided. For package reservations, the transaction price is allocated to the performance obligations within the package based on the estimated standalone selling prices of each component. We do not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Due to the nature of our business, our revenue is not significantly impacted by refunds. Cash payments received in advance of guests staying at our hotel are refunded to hotel guests if the guest cancels within the specified time before any services are rendered. Refunds related to service are generally recognized as an adjustment to the transaction price at the time the hotel stay occurs or services are rendered. Contract assets and liabilities We do not have any material contract assets as of December 31, 2022 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. We record contract liabilities when cash payments are received or due in advance of guests staying at our hotel, which are presented within accounts payable and other liabilities on our consolidated balance sheets and had a balance of $ 493,000 at July 1, 2022. During the six months ended December 31, 2022, the entire $ 493,000 was recognized as revenue. Contract liabilities increased to $ 1,828,000 as of December 31, 2022. The increase at December 31, 2022 was primarily driven by advance deposits received from customers for services to be performed after December 31, 2022. Contract liabilities at July 1, 2021 was $ 161,000 161,000 445,000 as of December 31, 2021. Contract costs We consider sales commissions earned to be incremental costs of obtaining a contract with our customers. As a practical expedient, we expense these costs as incurred as our contracts with customers are less than one year.

INVESTMENT IN HOTEL, NET

INVESTMENT IN HOTEL, NET	6 Months Ended
INVESTMENT IN HOTEL, NET	Dec. 31, 2022
Real Estate [Abstract]
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 Accumulated Net Book December 31, 2022 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Finance lease ROU assets 1,805,000 (1,003,000 ) 802,000 Furniture and equipment 35,543,000 (29,107,000 ) 6,436,000 Building and improvements 56,274,000 (31,986,000 ) 24,288,000 Investment in Hotel, net $ 94,746,000 $ (62,096,000 ) $ 32,650,000 Accumulated Net Book June 30, 2022 Cost Depreciation 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 1,262,000 1,043,000

INVESTMENT IN MARKETABLE SECURI

INVESTMENT IN MARKETABLE SECURITIES, NET	6 Months Ended
INVESTMENT IN MARKETABLE SECURITIES, NET	Dec. 31, 2022
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 December 31, 2022, 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 are included in earnings. Trading securities are summarized as follows: SCHEDULE OF CHANGES IN UNREALIZED GAINS AND LOSSES ON INVESTMENTS Investment Cost Gross Unrealized Gain Gross Unrealized Loss Net Unrealized Gain (Loss) Fair Value As of December 31, 2022 Corporate Equities $ 170,000 $ 169,000 $ (37,000 ) $ 132,000 $ 302,000 As of June 30, 2022 Corporate Equities $ 643,000 $ 42,000 $ (144,000 ) $ (102,000 ) $ 541,000 Net losses on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of net gains (losses) on marketable securities for the three and six months ended December 31, 2022 and 2021, respectively: SCHEDULE OF NET GAIN (LOSSES) ON MARKETABLE SECURITIES For the three months ended December 31, 2022 2021 Realized loss on marketable securities, net $ (37,000 ) $ (79,000 ) Realized loss on marketable securities related to Comstock Mining - (2,016,000 ) Unrealized gain on marketable securities, net 144,000 1,546,000 Unrealized gain on marketable securities related to Comstock Mining - 137,000 Net gain (loss) on marketable securities $ 107,000 $ (412,000 ) For the six months ended December 31, 2022 2021 Realized loss on marketable securities, net $ (137,000 ) $ (84,000 ) Realized loss on marketable securities related to Comstock Mining - (2,056,000 ) Unrealized gain on marketable securities, net 234,000 1,283,000 Net gain (loss) on marketable securities $ 97,000 $ (857,000 )

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2022
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 December 31, 2022 June 30, 2022 Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: REITs and real estate companies $ 293,000 $ 162,000 Communication services - 355,000 Basic materials 9,000 18,000 Utilities - 5,000 Technology - 1,000 Investment in marketable securities $ 302,000 $ 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.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	Dec. 31, 2022
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 condensed consolidated statement of cash flows: SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of December 31, 2022 June 30, 2022 Cash and cash equivalents $ 1,236,000 $ 2,662,000 Restricted cash 4,784,000 6,226,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 6,020,000 $ 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	6 Months Ended
SEGMENT INFORMATION	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 8 - SEGMENT INFORMATION The Company operates in two two Information below represents reporting segments for the three and six months ended December 31, 2022 and 2021, respectively. Operating income from Hotel operations consists of the operation of the hotel and operation of the garage. Loss from investment transactions consist 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 Hotel Investment ended December 31, 2022 Operations Transactions Corporate Total Revenues $ 9,892,000 $ - $ - $ 9,892,000 Segment operating expenses (8,726,000 ) - (517,000 ) (9,243,000 ) Segment income (loss) 1,166,000 - (517,000 ) 649,000 Interest expense - mortgage (1,655,000 ) - - (1,655,000 ) Interest expense - related party (429,000 ) - - (429,000 ) Depreciation and amortization expense (635,000 ) - - (635,000 ) Gain on extinguishment of debt Income from investments - 32,000 - 32,000 Income tax benefit - - 718,000 718,000 Net (loss) income $ (1,553,000 ) $ 32,000 $ 201,000 $ (1,320,000 ) Total assets $ 39,673,000 $ 302,000 $ 9,030,000 $ 49,005,000 As of and for the three months Hotel Investment ended December 31, 2021 Operations Transactions Corporate Total Revenues $ 6,348,000 $ - $ - $ 6,348,000 Segment operating expenses (6,479,000 ) - (282,000 ) (6,761,000 ) Segment loss (131,000 ) - (282,000 ) (413,000 ) Interest expense - mortgage (1,654,000 ) - - (1,654,000 ) Interest expense - related party (303,000 ) (303,000 ) Depreciation and amortization expense (514,000 ) - - (514,000 ) Gain on extinguishment of debt 2,000,000 2,000,000 Loss from investments - (454,000 ) - (454,000 ) Income tax benefit - - 378,000 378,000 Net (loss) income $ (602,000 ) $ (454,000 ) $ 96,000 $ (960,000 ) Total assets $ 39,653,000 $ 1,443,000 $ 9,370,000 $ 50,466,000 As of and for the six months Hotel Investment ended December 31, 2022 Operations Transactions Corporate Total Revenues $ 22,202,000 $ - $ - $ 22,202,000 Segment operating expenses (18,032,000 ) - (826,000 ) (18,858,000 ) Segment income (loss) 4,170,000 - (826,000 ) 3,344,000 Interest expense - mortgage (3,287,000 ) - - (3,287,000 ) Interest expense - related party (859,000 ) - - (859,000 ) Depreciation and amortization expense (1,262,000 ) - - (1,262,000 ) Income from investments - 14,000 - 14,000 Income tax benefit - - 721,000 721,000 Net income (loss) $ (1,238,000 ) $ 14,000 $ (105,000 ) $ (1,329,000 ) Total assets $ 39,673,000 $ 302,000 $ 9,030,000 $ 49,005,000 As of and for the six months Hotel Investment ended December 31, 2021 Operations Transactions Corporate Total Revenues $ 13,153,000 $ - $ - $ 13,153,000 Segment operating expenses (12,812,000 ) - (610,000 ) (13,422,000 ) Segment income (loss) 341,000 - (610,000 ) (269,000 ) Interest expense - mortgage (3,315,000 ) - - (3,315,000 ) Interest expense - related party (540,000 ) (540,000 ) Depreciation and amortization expense (1,043,000 ) - - (1,043,000 ) Gain on extinguishment of debt 2,000,000 2,000,000 Loss from investments - (921,000 ) - (921,000 ) Income tax benefit - - 1,153,000 1,153,000 Net (loss) income $ (2,557,000 ) $ (921,000 ) $ 543,000 $ (2,935,000 ) Total assets $ 39,653,000 $ 1,443,000 $ 9,370,000 $ 50,466,000

RELATED PARTY AND OTHER FINANCI

RELATED PARTY AND OTHER FINANCING TRANSACTIONS	6 Months Ended
RELATED PARTY AND OTHER FINANCING TRANSACTIONS	Dec. 31, 2022
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 December 31, 2022 and June 30, 2022, respectively: SCHEDULE OF RELATED PARTY AND OTHER NOTES PAYABLE As of December 31, 2022 June 30, 2022 Note payable - InterGroup $ 14,200,000 $ 14,200,000 Note payable - Hilton 2,217,000 2,375,000 Note payable - Aimbridge 1,021,000 1,146,000 Total related party notes payable $ 17,438,000 $ 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 16,000,000 11,350,000 16,000,000 7,550,000 14,200,000 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 Ambridge 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 1,021,000 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 $ 283,000 2024 14,767,000 2025 567,000 2026 567,000 2027 463,000 Thereafter 791,000 Long term debt $ 17,438,000 As of December 31, 2022 and June 30, 2022, the Company had accounts payable to related party of $ 5,409,000 4,908,000 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 88,135,000 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 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. 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	6 Months Ended
ACCOUNTS PAYABLE AND OTHER LIABILITIES	Dec. 31, 2022
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 December 31, 2022 and June 30, 2022, respectively. SCHEDULE OF ACCOUNTS PAYABLE AND OTHER LIABILITIES As of December 31, 2022 June 30, 2022 Trade payable $ 2,731,000 $ 2,841,000 Advance deposits 1,869,000 493,000 Payroll and related accruals 2,334,000 2,223,000 Management fees payable 1,030,000 76,000 Mortgage interest payable - 513,000 Withholding and other taxes payable 956,000 920,000 Security deposit 52,000 52,000 Finance leases 77,000 183,000 Other payables 980,000 1,424,000 Total accounts payable and other liabilities $ 10,029,000 $ 8,725,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS The Company evaluated subsequent events through the date that the accompanying financial statements were issued and has determined that no material subsequent events exist through the date of this filing.

LIQUIDITY (Tables)

LIQUIDITY (Tables)	6 Months Ended
LIQUIDITY (Tables)	Dec. 31, 2022
Liquidity
SCHEDULE OF FINANCIAL OBLIGATIONS INCLUDING INTEREST PAYMENTS	The following table provides a summary as of December 31, 2022, the Company’s material financial obligations which also including interest payments: SCHEDULE OF FINANCIAL OBLIGATIONS INCLUDING INTEREST PAYMENTS 6 Months Year Year Year Year Total 2023 2024 2025 2026 2027 Thereafter Mortgage notes payable $ 108,135,000 $ 895,000 $ 107,240,000 $ - $ - $ - $ - Related party notes payable 17,438,000 283,000 14,767,000 567,000 567,000 463,000 791,000 Interest 7,114,000 3,905,000 3,209,000 - - - - Total $ 132,687,000 $ 5,083,000 $ 125,216,000 $ 567,000 $ 567,000 $ 463,000 $ 791,000

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Dec. 31, 2022
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 December 31, 2022 2021 Hotel revenues: Hotel rooms $ 8,251,000 $ 5,218,000 Food and beverage 625,000 296,000 Garage 717,000 768,000 Other operating departments 299,000 66,000 Total hotel revenue $ 9,892,000 $ 6,348,000 For the six months ended December 31, 2022 2021 Hotel revenues: Hotel rooms $ 19,054,000 $ 10,780,000 Food and beverage 1,160,000 562,000 Garage 1,539,000 1,675,000 Other operating departments 449,000 136,000 Total hotel revenue $ 22,202,000 $ 13,153,000

INVESTMENT IN HOTEL, NET (Table

INVESTMENT IN HOTEL, NET (Tables)	6 Months Ended
INVESTMENT IN HOTEL, NET (Tables)	Dec. 31, 2022
Real Estate [Abstract]
SCHEDULE OF INVESTMENT IN HOTEL, NET	Investment in hotel consisted of the following as of: SCHEDULE OF INVESTMENT IN HOTEL, NET Accumulated Net Book December 31, 2022 Cost Depreciation Value Land $ 1,124,000 $ - $ 1,124,000 Finance lease ROU assets 1,805,000 (1,003,000 ) 802,000 Furniture and equipment 35,543,000 (29,107,000 ) 6,436,000 Building and improvements 56,274,000 (31,986,000 ) 24,288,000 Investment in Hotel, net $ 94,746,000 $ (62,096,000 ) $ 32,650,000 Accumulated Net Book June 30, 2022 Cost Depreciation 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)	6 Months Ended
INVESTMENT IN MARKETABLE SECURITIES, NET (Tables)	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
SCHEDULE OF CHANGES IN UNREALIZED GAINS AND LOSSES ON INVESTMENTS	As of December 31, 2022, 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 are included in earnings. Trading securities are summarized as follows: SCHEDULE OF CHANGES IN UNREALIZED GAINS AND LOSSES ON INVESTMENTS Investment Cost Gross Unrealized Gain Gross Unrealized Loss Net Unrealized Gain (Loss) Fair Value As of December 31, 2022 Corporate Equities $ 170,000 $ 169,000 $ (37,000 ) $ 132,000 $ 302,000 As of June 30, 2022 Corporate Equities $ 643,000 $ 42,000 $ (144,000 ) $ (102,000 ) $ 541,000
SCHEDULE OF NET GAIN (LOSSES) ON MARKETABLE SECURITIES	Net losses on marketable securities on the statement of operations is comprised of realized and unrealized gains (losses). Below is the composition of net gains (losses) on marketable securities for the three and six months ended December 31, 2022 and 2021, respectively: SCHEDULE OF NET GAIN (LOSSES) ON MARKETABLE SECURITIES For the three months ended December 31, 2022 2021 Realized loss on marketable securities, net $ (37,000 ) $ (79,000 ) Realized loss on marketable securities related to Comstock Mining - (2,016,000 ) Unrealized gain on marketable securities, net 144,000 1,546,000 Unrealized gain on marketable securities related to Comstock Mining - 137,000 Net gain (loss) on marketable securities $ 107,000 $ (412,000 ) For the six months ended December 31, 2022 2021 Realized loss on marketable securities, net $ (137,000 ) $ (84,000 ) Realized loss on marketable securities related to Comstock Mining - (2,056,000 ) Unrealized gain on marketable securities, net 234,000 1,283,000 Net gain (loss) on marketable securities $ 97,000 $ (857,000 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2022
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 December 31, 2022 June 30, 2022 Total - Level 1 Total - Level 1 Assets: Investment in marketable securities: REITs and real estate companies $ 293,000 $ 162,000 Communication services - 355,000 Basic materials 9,000 18,000 Utilities - 5,000 Technology - 1,000 Investment in marketable securities $ 302,000 $ 541,000

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	6 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statement of cash flows: SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of December 31, 2022 June 30, 2022 Cash and cash equivalents $ 1,236,000 $ 2,662,000 Restricted cash 4,784,000 6,226,000 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 6,020,000 $ 8,888,000

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT	SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT As of and for the three months Hotel Investment ended December 31, 2022 Operations Transactions Corporate Total Revenues $ 9,892,000 $ - $ - $ 9,892,000 Segment operating expenses (8,726,000 ) - (517,000 ) (9,243,000 ) Segment income (loss) 1,166,000 - (517,000 ) 649,000 Interest expense - mortgage (1,655,000 ) - - (1,655,000 ) Interest expense - related party (429,000 ) - - (429,000 ) Depreciation and amortization expense (635,000 ) - - (635,000 ) Gain on extinguishment of debt Income from investments - 32,000 - 32,000 Income tax benefit - - 718,000 718,000 Net (loss) income $ (1,553,000 ) $ 32,000 $ 201,000 $ (1,320,000 ) Total assets $ 39,673,000 $ 302,000 $ 9,030,000 $ 49,005,000 As of and for the three months Hotel Investment ended December 31, 2021 Operations Transactions Corporate Total Revenues $ 6,348,000 $ - $ - $ 6,348,000 Segment operating expenses (6,479,000 ) - (282,000 ) (6,761,000 ) Segment loss (131,000 ) - (282,000 ) (413,000 ) Interest expense - mortgage (1,654,000 ) - - (1,654,000 ) Interest expense - related party (303,000 ) (303,000 ) Depreciation and amortization expense (514,000 ) - - (514,000 ) Gain on extinguishment of debt 2,000,000 2,000,000 Loss from investments - (454,000 ) - (454,000 ) Income tax benefit - - 378,000 378,000 Net (loss) income $ (602,000 ) $ (454,000 ) $ 96,000 $ (960,000 ) Total assets $ 39,653,000 $ 1,443,000 $ 9,370,000 $ 50,466,000 As of and for the six months Hotel Investment ended December 31, 2022 Operations Transactions Corporate Total Revenues $ 22,202,000 $ - $ - $ 22,202,000 Segment operating expenses (18,032,000 ) - (826,000 ) (18,858,000 ) Segment income (loss) 4,170,000 - (826,000 ) 3,344,000 Interest expense - mortgage (3,287,000 ) - - (3,287,000 ) Interest expense - related party (859,000 ) - - (859,000 ) Depreciation and amortization expense (1,262,000 ) - - (1,262,000 ) Income from investments - 14,000 - 14,000 Income tax benefit - - 721,000 721,000 Net income (loss) $ (1,238,000 ) $ 14,000 $ (105,000 ) $ (1,329,000 ) Total assets $ 39,673,000 $ 302,000 $ 9,030,000 $ 49,005,000 As of and for the six months Hotel Investment ended December 31, 2021 Operations Transactions Corporate Total Revenues $ 13,153,000 $ - $ - $ 13,153,000 Segment operating expenses (12,812,000 ) - (610,000 ) (13,422,000 ) Segment income (loss) 341,000 - (610,000 ) (269,000 ) Interest expense - mortgage (3,315,000 ) - - (3,315,000 ) Interest expense - related party (540,000 ) (540,000 ) Depreciation and amortization expense (1,043,000 ) - - (1,043,000 ) Gain on extinguishment of debt 2,000,000 2,000,000 Loss from investments - (921,000 ) - (921,000 ) Income tax benefit - - 1,153,000 1,153,000 Net (loss) income $ (2,557,000 ) $ (921,000 ) $ 543,000 $ (2,935,000 ) Total assets $ 39,653,000 $ 1,443,000 $ 9,370,000 $ 50,466,000

RELATED PARTY AND OTHER FINAN_2

RELATED PARTY AND OTHER FINANCING TRANSACTIONS (Tables)	6 Months Ended
RELATED PARTY AND OTHER FINANCING TRANSACTIONS (Tables)	Dec. 31, 2022
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 December 31, 2022 and June 30, 2022, respectively: SCHEDULE OF RELATED PARTY AND OTHER NOTES PAYABLE As of December 31, 2022 June 30, 2022 Note payable - InterGroup $ 14,200,000 $ 14,200,000 Note payable - Hilton 2,217,000 2,375,000 Note payable - Aimbridge 1,021,000 1,146,000 Total related party notes payable $ 17,438,000 $ 17,721,000
SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS	SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS For the year ending June 30, 2023 $ 283,000 2024 14,767,000 2025 567,000 2026 567,000 2027 463,000 Thereafter 791,000 Long term debt $ 17,438,000

ACCOUNTS PAYABLE AND OTHER LI_2

ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables)	6 Months Ended
ACCOUNTS PAYABLE AND OTHER LIABILITIES (Tables)	Dec. 31, 2022
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE AND OTHER LIABILITIES	The following summarizes the balances of accounts payable and other liabilities as of December 31, 2022 and June 30, 2022, respectively. SCHEDULE OF ACCOUNTS PAYABLE AND OTHER LIABILITIES As of December 31, 2022 June 30, 2022 Trade payable $ 2,731,000 $ 2,841,000 Advance deposits 1,869,000 493,000 Payroll and related accruals 2,334,000 2,223,000 Management fees payable 1,030,000 76,000 Mortgage interest payable - 513,000 Withholding and other taxes payable 956,000 920,000 Security deposit 52,000 52,000 Finance leases 77,000 183,000 Other payables 980,000 1,424,000 Total accounts payable and other liabilities $ 10,029,000 $ 8,725,000

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jul. 15, 2021	Feb. 03, 2017	Dec. 31, 2022	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%
Accounts Payable and Other Accrued Liabilities			$ 10,029,000	$ 8,725,000
Finance Lease [Member]
Accounts Payable and Other Accrued Liabilities				183,000
Accounts Payable Hotel [Member]
Accounts payable and other accrued liabilities				$ 8,307,000
Justice Investors Limited Partnership [Member]
Subsidiary of limited liability company or limited partnership, ownership interest	100%
Noncontrolling ownership percentage	0.70%
PortsMouth Square Inc [Member]
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)	Dec. 31, 2022 USD ($)
Obligations [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 132,687,000
6 Months 2023	5,083,000
2024	125,216,000
2025	567,000
2026	567,000
2027	463,000
Thereafter	791,000
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Long-term Debt	108,135,000
6 Months 2023	895,000
2024	107,240,000
2025
2026
2027
Thereafter
Related Party Notes Payable [Member]
Debt Instrument [Line Items]
Long-term Debt	17,438,000
6 Months 2023	283,000
2024	14,767,000
2025	567,000
2026	567,000
2027	463,000
Thereafter	791,000
Interest [Member]
Debt Instrument [Line Items]
Long-term Debt	7,114,000
6 Months 2023	3,905,000
2024	3,209,000
2025
2026
2027
Thereafter

LIQUIDITY (Details Narrative)

LIQUIDITY (Details Narrative) - USD ($)		6 Months Ended		12 Months Ended
LIQUIDITY (Details Narrative) - USD ($)	Dec. 16, 2020	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 07, 2021
Net cash (used in) provided by operating activities		$ 976,000	$ (3,583,000)
Cash and cash equivalents		1,236,000		$ 2,662,000
Restricted cash		4,784,000		6,226,000
Marketable securities, net		302,000		411,000
Proceeds from related party debt			4,700,000
InterGroup Corp [Member] \| Hotel Rooms [Member]
Proceeds from related party debt				7,550,000
Loan Modification Agreement [Member] \| InterGroup Corp [Member]
Working capital					$ 16,000,000
InterGroup Corp [Member] \| Hotel Rooms [Member]
Proceeds from related party debt				$ 7,550,000
InterGroup Corp [Member] \| Loan Modification Agreement [Member]
Revolving line of credit amount	$ 10,000,000		16,000,000
Line of credit facility, expiration date	Jul. 31, 2021			Jul. 31, 2023
Working capital			16,000,000
Notes payable		14,200,000	$ 11,350,000	$ 14,200,000
Guest Room [Member]
Capital improvements		$ 2,682,000

SCHEDULE OF REVENUE DISAGGREGAT

SCHEDULE OF REVENUE DISAGGREGATION BY REVENUE STREAMS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total hotel revenue	$ 9,892,000	$ 6,348,000	$ 22,202,000	$ 13,153,000
Hotel Rooms [Member]
Disaggregation of Revenue [Line Items]
Total hotel revenue	8,251,000	5,218,000	19,054,000	10,780,000
Food and Beverage [Member]
Disaggregation of Revenue [Line Items]
Total hotel revenue	625,000	296,000	1,160,000	562,000
Garage [Member]
Disaggregation of Revenue [Line Items]
Total hotel revenue	717,000	768,000	1,539,000	1,675,000
Other Operating Departments [Member]
Disaggregation of Revenue [Line Items]
Total hotel revenue	$ 299,000	$ 66,000	$ 449,000	$ 136,000

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	6 Months Ended	7 Months Ended
REVENUE (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2022	Jul. 01, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 1,828,000	$ 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 ($)	Dec. 31, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Cost	$ 94,746,000	$ 92,063,000
Accumulated Depreciation	(62,096,000)	(60,833,000)
Net Book Value	32,650,000	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	(1,003,000)	(922,000)
Net Book Value	802,000	883,000
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Cost	35,543,000	32,860,000
Accumulated Depreciation	(29,107,000)	(28,567,000)
Net Book Value	6,436,000	4,293,000
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	56,274,000	56,274,000
Accumulated Depreciation	(31,986,000)	(31,344,000)
Net Book Value	$ 24,288,000	$ 24,930,000

INVESTMENT IN HOTEL, NET (Detai

INVESTMENT IN HOTEL, NET (Details Narrative) - USD ($)	6 Months Ended
INVESTMENT IN HOTEL, NET (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Depreciation expense	$ 1,262,000	$ 1,043,000
Furniture and Fixtures [Member] \| Minimum [Member]
Real Estate [Line Items]
Property, plant and equipment, useful lives	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Real Estate [Line Items]
Property, plant and equipment, useful lives	7 years
Building Improvements [Member] \| Minimum [Member]
Real Estate [Line Items]
Property, plant and equipment, useful lives	15 years
Building Improvements [Member] \| Maximum [Member]
Real Estate [Line Items]
Property, plant and equipment, useful lives	39 years

SCHEDULE OF CHANGES IN UNREALIZ

SCHEDULE OF CHANGES IN UNREALIZED GAINS AND LOSSES ON INVESTMENTS (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2022
Marketable Securities [Line Items]
Gross Unrealized Gain		$ 137,000
Equity Securities [Member]
Marketable Securities [Line Items]
Cost	170,000		$ 170,000	$ 643,000
Gross Unrealized Gain			169,000	42,000
Gross Unrealized Loss			(37,000)	(144,000)
Net Unrealized Loss			132,000	(102,000)
Fair Value	$ 302,000		$ 302,000	$ 541,000

SCHEDULE OF NET GAIN (LOSSES) O

SCHEDULE OF NET GAIN (LOSSES) ON MARKETABLE SECURITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Realized loss on marketable securities, net	$ (37,000)	$ (79,000)	$ (137,000)	$ (84,000)
Realized loss on marketable securities related to Comstock Mining		(2,016,000)		(2,056,000)
Unrealized gain on marketable securities, net	144,000	1,546,000	234,000	1,283,000
Unrealized gain on marketable securities related to Comstock Mining		137,000
Net gain (loss) on marketable securities	$ 107,000	$ (412,000)	$ 97,000	$ (857,000)

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 ($)	Dec. 31, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	$ 302,000	$ 541,000
R E I Ts And Real Estate Companies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in marketable securities	293,000	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	9,000	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 ($)	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,236,000	$ 2,662,000
Restricted cash	4,784,000	6,226,000
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$ 6,020,000	$ 8,888,000	$ 6,822,000	$ 8,532,000

SCHEDULE OF SEGMENT REPORTING I

SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (Details) - USD ($)	3 Months Ended				6 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 9,892,000		$ 6,348,000		$ 22,202,000	$ 13,153,000
Segment operating expenses	9,243,000		(6,761,000)		(18,858,000)	(13,422,000)
Segment income (loss)	649,000		(413,000)		3,344,000	(269,000)
Interest expense - mortgage	(1,655,000)		(1,654,000)		(3,287,000)	(3,315,000)
Interest expense - related party	(429,000)		(303,000)		(859,000)	(540,000)
Depreciation and amortization expense	(635,000)		(514,000)		(1,262,000)	(1,043,000)
Gain on extinguishment of debt			2,000,000			2,000,000
Loss from investments	32,000		(454,000)		14,000	(921,000)
Income tax benefit	718,000		378,000		721,000	1,153,000
Net (loss) income	(1,320,000)	$ (9,000)	(960,000)	$ (1,975,000)	(1,329,000)	(2,935,000)
Total assets	49,005,000		50,466,000		49,005,000	50,466,000	$ 49,799,000
Hotel Operations [Member]
Segment Reporting Information [Line Items]
Revenues	9,892,000		6,348,000		22,202,000	13,153,000
Segment operating expenses	8,726,000		(6,479,000)		(18,032,000)	(12,812,000)
Segment income (loss)	1,166,000		(131,000)		4,170,000	341,000
Interest expense - mortgage	(1,655,000)		(1,654,000)		(3,287,000)	(3,315,000)
Interest expense - related party	(429,000)		(303,000)		(859,000)	(540,000)
Depreciation and amortization expense	(635,000)		(514,000)		(1,262,000)	(1,043,000)
Gain on extinguishment of debt			2,000,000			2,000,000
Loss from investments
Income tax benefit
Net (loss) income	(1,553,000)		(602,000)		(1,238,000)	(2,557,000)
Total assets	39,673,000		39,653,000		39,673,000	39,653,000
Investment Transactions [Member]
Segment Reporting Information [Line Items]
Revenues
Segment operating expenses
Segment income (loss)
Interest expense - mortgage
Interest expense - related party
Depreciation and amortization expense
Loss from investments	32,000		(454,000)		14,000	(921,000)
Income tax benefit
Net (loss) income	32,000		(454,000)		14,000	(921,000)
Total assets	302,000		1,443,000		302,000	1,443,000
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Revenues
Segment operating expenses	517,000		(282,000)		(826,000)	(610,000)
Segment income (loss)	(517,000)		(282,000)		(826,000)	(610,000)
Interest expense - mortgage
Interest expense - related party
Depreciation and amortization expense
Loss from investments
Income tax benefit	718,000		378,000		721,000	1,153,000
Net (loss) income	201,000		96,000		(105,000)	543,000
Total assets	$ 9,030,000		$ 9,370,000		$ 9,030,000	$ 9,370,000

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative)	6 Months Ended
SEGMENT INFORMATION (Details Narrative)	Dec. 31, 2022 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 ($)	Dec. 31, 2022	Jun. 30, 2022
Related Party Transaction [Line Items]
Total related party notes payable	$ 17,438,000	$ 17,721,000
Note Payable Inter Group [Member]
Related Party Transaction [Line Items]
Total related party notes payable	14,200,000	14,200,000
Note payable - Hilton [Member]
Related Party Transaction [Line Items]
Total related party notes payable	2,217,000	2,375,000
Note Payable Aimbridge [Member]
Related Party Transaction [Line Items]
Total related party notes payable	$ 1,021,000	$ 1,146,000

SCHEDULE OF FUTURE MINIMUM PRIN

SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS (Details) - Related Party Notes Payable [Member]	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 283,000
2024	14,767,000
2025	567,000
2026	567,000
2027	463,000
Thereafter	791,000
Long term debt	$ 17,438,000

RELATED PARTY AND OTHER FINAN_3

RELATED PARTY AND OTHER FINANCING TRANSACTIONS (Details Narrative) - USD ($)				1 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2019	Feb. 01, 2017	Jan. 31, 2017	Feb. 28, 2017	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 07, 2021	Dec. 16, 2020	May 11, 2017	Dec. 31, 2013
Related Party Transaction [Line Items]
Proceeds from related party note payable						$ 4,700,000
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					$ 5,409,000		$ 4,908,000
Debt instrument, interest rate, stated percentage			5.275%
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
Outstanding loan principal amount					$ 88,135,000		89,114,000
Prior Mortgage [Member]
Related Party Transaction [Line Items]
Accounts payable to related party											$ 42,940,000
Mortgage Loan [Member]
Related Party Transaction [Line Items]
Accounts payable to related party										$ 97,000,000	97,000,000
Mezzanine Loan [Member]
Related Party Transaction [Line Items]
Accounts payable to related party										$ 20,000,000	$ 20,000,000
New Mezzanine Loan [Member]
Related Party Transaction [Line Items]
Debt instrument, interest rate, stated percentage	7.25%
Debt instrument,maturity date	Jan. 01, 2024
InterGroup Corp [Member] \| Hotel Rooms [Member]
Related Party Transaction [Line Items]
Proceeds from related party note payable							7,550,000
InterGroup Corp [Member] \| Hotel Rooms [Member]
Related Party Transaction [Line Items]
Proceeds from related party note payable							7,550,000
Note payable - Hilton [Member]
Related Party Transaction [Line Items]
Notes reduction					$ 317,000
Debt instrument, payment terms					through 2030
Note Payable Aimbridge [Member]
Related Party Transaction [Line Items]
Unamortized portion of key money payment					$ 1,021,000		1,146,000
Loan Modification Agreement [Member] \| InterGroup Corp [Member]
Related Party Transaction [Line Items]
Working capital						16,000,000
Notes Payable					14,200,000	$ 11,350,000	14,200,000
Loan Modification Agreement [Member] \| InterGroup Corp [Member]
Related Party Transaction [Line Items]
Working capital								$ 16,000,000
Justice Investors Limited Partnership and Intergroup [Member] \| Loan Modification Agreement [Member]
Related Party Transaction [Line Items]
Debt instrument, face amount					$ 11,350,000				$ 10,000,000
Notes Payable							$ 14,200,000
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 ($)	Dec. 31, 2022	Jun. 30, 2022
Payables and Accruals [Abstract]
Trade payable	$ 2,731,000	$ 2,841,000
Advance deposits	1,869,000	493,000
Payroll and related accruals	2,334,000	2,223,000
Management fees payable	1,030,000	76,000
Mortgage interest payable		513,000
Withholding and other taxes payable	956,000	920,000
Security deposit	52,000	52,000
Finance leases	77,000	183,000
Other payables	980,000	1,424,000
Total accounts payable and other liabilities	$ 10,029,000	$ 8,725,000