Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 501

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 8
Chunk 501
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 landlord-tenant laws. However, as of June 30, 2025 and 2024 accounts receivable
from the Company’s rental properties were $906,000 and $788,000, respectively and allowance for doubtful accounts was $772,000
and $653,000, respectively.

These
elevated gross receivable balances primarily reflect the effects of temporary eviction moratoria implemented by federal, state, and local
authorities beginning in the COVID-19 pandemic. During applicable moratorium periods, landlords were restricted from evicting tenants
for certain non-payments of rent. In Los Angeles County, the County’s COVID-19 Tenant Protections expired on March 31, 2023. In
the City of Los Angeles, COVID-19 rental debt that accrued from March 1, 2020 through September 30, 2021 was due by August 1, 2023, and
rental debt that accrued from October 1, 2021 through January 31, 2023 was due by February 1, 2024. The Company continues to fully pursue
collections and other remedies permitted by applicable laws and regulations in the jurisdictions where it operates.

Hotel
trade receivables are primarily from group accounts and credit card processors; credit card transactions typically settle within a few
days, which reduces concentration risk in Hotel receivables.

The
Company maintains its cash and cash equivalents and restricted cash with various financial institutions that are monitored regularly
for credit quality. At times, such cash and cash equivalents holdings may exceed the Federal Deposit Insurance Corporation (“FDIC”)
or other federally insured limits. Any loss incurred from, or a lack of access to such funds could have a significant adverse impact
on the Company’s financial condition, results of operations, and cash flows. Additionally, certain cash and securities are held
in brokerage accounts and may exceed Securities Investor Protection Corporation (“SIPC”) protection limits; while the Company
monitors counterparty creditworthiness, such balances are subject to counterparty risk.

NOTE
13 – INCOME TAXES

The
provision for the Company’s income tax (expense) benefit is comprised of the following:

SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT 

    For the years ended June 30, 
    2025 
    2024

    Federal 

    Current tax benefit (expense) 
    $62,000  
    $(20,000)
  
    Deferred tax (expense)