Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 45

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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, corridors, and meeting spaces. The final phase of
the lobby renovation, including the Grab and Go Market, is expected to be completed in the quarter ending March 31, 2025, along with
the return of 14 additional guest rooms to active inventory.

While
Portsmouth remains on track to complete the refinancing of the Hotel, failure to close the transaction as expected, secure alternative
financing, or obtain an extension of current loan terms could materially impact Portsmouth’s ability to meet its obligations. As
a result, substantial doubt remains regarding Portsmouth’s ability to continue as a going concern for one year following the issuance
of these financial statements.

The
condensed consolidated financial statements do not include any adjustments that might result from this uncertainty.

OFF-BALANCE
SHEET ARRANGEMENTS

The
Company has no off-balance sheet arrangements.

-27-

MATERIAL
CONTRACTUAL OBLIGATIONS

The
following table provides a summary as of December 31, 2024, the Company’s material financial obligations which also includes interest
payments.

    6 Months  
    Year  
    Year  
    Year  
    Year  

    Total  
    2025  
    2026  
    2027  
    2028  
    2029  
    Thereafter 
  
    Mortgage and subordinated notes
    payable 
    $195,689,000  
    $106,182,000  
    $1,162,000  
    $3,296,000  
    $1,770,000  
    $1,845,000  
    $81,434,000 
  
    Other notes payable 
     2,263,000  
     283,000  
     567,000  
     463,000  
     317,000  
     317,000  
     316,000 
  
    Interest 
     29,272,000  
     8,126,000  
     2,751,000  
     2,644,000  
     2,648,000  
     2,582,000  
     10,521,000 
  
    Total 
    $227,224,000  
    $114,591,000  
    $4,480,000  
    $6,403,