Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 41

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 1
Chunk 41
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 Ended June 30, 2024

For
the fiscal year ended June 30, 2025, the Company reported a net loss of $7,547,000, compared to a net loss of $12,556,000 for the year
ended June 30, 2024. Income from operations was $7,643,000 in fiscal 2025, an increase from $1,454,000 for the year ended June 30, 2024.
Losses from marketable securities transactions totaled $2,502,000 for the year ended June 30, 2025, compared to losses of $1,633,000
for the year ended June 30, 2024. Interest expense increased to $13,556,000 for the year ended June 30, 2025, from $12,007,000 for the
year ended June 30, 2024, an increase of $1,549,000, primarily due to higher interest costs associated with the Company’s Hotel
operations.

Hotel
Operations

The
Company had a loss of $4,166,000 from Hotel operations for the year ended June 30, 2025 compared to a loss of $7,154,000 for the year
ended June 30, 2024. The decrease in pre-tax loss for fiscal 2025 compared to fiscal 2024, was primarily attributable to increased hotel
room revenues and to the refinancing-related waiver of default interest and forbearance fees from the mezzanine lender.  In connection
with the March 2025 refinancing, the mezzanine lender waived certain previously accrued default interest and forbearance amounts; the
Company recognized a $1.416 million gain on extinguishment of debt in fiscal 2025 in accordance with ASC 405-20.

23

The
following tables set forth a more detailed presentation of Hotel operations for the years ended June 30, 2025 and 2024.

    For the year ended June 30, 
    2025  
    2024 
  
    Hotel revenues: 

    Hotel rooms 
    $39,648,000  
    $35,239,000 
  
    Food and beverage 
     2,862,000  
     3,213,000 
  
    Garage 
     3,214,000  
     2,988,000 
  
    Other operating departments 
     639