Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 19

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 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 – Hotel on our condensed consolidated balance sheets and had a balance of $370,000
at July 1, 2024. Contract liabilities decreased to $290,000 as of March 31, 2025, primarily due to the recognition of advances performed
prior to March 31, 2025. Contract liabilities increased to $291,000 as of March 31, 2024 from $290,000 as of June 30, 2023.

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.

    -12-

NOTE
4 – INVESTMENT IN HOTEL, NET

Investment
in Hotel consisted of the following as of:

SCHEDULE OF INVESTMENT IN HOTEL 

    Accumulated  
    Net Book 
  
    March
    31, 2025 
    Cost  
    Depreciation  
    Value 

    Land 
    $2,738,000  
    $-  
    $2,738,000 
  
    Finance lease ROU assets 
     1,805,000  
     (1,635,000) 
     170,000 
  
    Furniture and equipment 
     39,854,000  
     (32,785,000) 
     7,069,000 
  
    Building and improvements 
     68,527,000  
     (39,422,000) 
     29,105,000 
  
    Investment in Hotel,
    net 
    $112,924,000  
    $(73,842,000) 
    $39,082,000 

    Accumulated  
    Net Book 
  
    June
    30, 2024 
    Cost  
    Depreciation  
    Value 

    Land 
    $2,738,000  
    $-  
    $2,738,000 
  
    Finance lease ROU assets 
     1,805,000  
     (1,521,000) 
     284,000 
  
    Furniture and equipment 
     40,310,000