Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 59

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 payable to InterGroup. As
of June 30, 2024, the balance of the loan was $26,493,000 net of loan amortization costs of zero. As of December 31, 2024, the balance
of the loan was $27,622,000 and the Company has not made any paid-downs to its note payable to InterGroup. All material intercompany
accounts and transactions have been eliminated in consolidation.

In
December 2024, the Company refinanced mortgage on its 157-unit apartment located in Florence, Kentucky in the amount of $9,800,000. The
new 10-year interest only loan has an interest rate of 5.40%. The loan matures in January 2035.

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 at all our properties.

    -10-

Our
long-term liquidity requirements primarily consist of funds necessary to pay for scheduled debt maturities and capital improvements of
the Hotel and our real estate properties. We will continue to finance our business activities primarily with existing cash, including
from the activities described above, and cash generated from our operations. The objectives of our cash management policy are to increase
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, 2024, the Company’s material financial obligations

which
also includes interest payments.

 SCHEDULE OF MATERIAL FINANCING OBLIGATION

    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