Company: INTG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010724
Chunk: 120

Company: INTERGROUP CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 3
Chunk 120
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We
are a smaller reporting company and therefore, we are not required to provide information required by this Item of Form 10-Q.

Item
4. Controls and Procedures.

EVALUATION
OF DISCLOSURE CONTROLS AND PROCEDURES

The
Company’s management, with the participation of the Company’s Chief Executive Officer and Principal Financial Officer, has
evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act) as of the end of the quarterly period covered by this Quarterly Report on Form 10-Q. Based upon their evaluation, our
Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e)
and 15d-15(e) under the Exchange Act) were not effective because of a material weakness in our internal control over financial reporting.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented
or detected on a timely basis. Specifically, the Company’s management has concluded that our control around the interpretation
and accounting for the stock-based compensation was not effectively designed or maintained. In light of this material weakness, we performed
additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with GAAP. Accordingly, management
believes that the financial statements included in this Quarterly Report on Form 10-Q present fairly in all material respects our financial
position, results of operations and cash flows for the period presented.

CHANGES
IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There
have been no changes in the Company’s internal control over financial reporting during the last quarterly period covered by this
Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company’s internal
control over financial reporting.

-30-

PART
II

OTHER
INFORMATION

Item
1. LEGAL PROCEEDINGS

Portsmouth
Square, Inc., through its operating company Justice Investors Operating Company, LLC, a Delaware limited liability company (the “Company”),
is the owner of the real property located at 750 Kearny Street in San Francisco, currently improved with a 27 – story building
which houses a Hilton Hotel (the “Property”). The Property was purchased and improved pursuant