Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 251

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 8
Chunk 251
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<12 months for residential). Variable consideration is recognized as earned. We assess collectability each period; when collections
of lease payments is not probable, revenue is limited to amounts collected.

Disaggregation
by major revenue source:

SCHEDULE
OF DISAGGREGATION OF MAJOR REVENUE 

    For the year ended June 30, 
    2025  
    2024 
  
    Hotel revenues 
    $46,363,000  
    $41,886,000 
  
    Real estate revenues 
     18,015,000  
     16,254,000 
  
    Total revenues 
    $64,378,000  
    $58,140,000 

Real
estate revenues increased to $18,015,000 in fiscal 2025 from $16,254,000 in fiscal 2024, primarily due to higher occupancy and rent levels
across the multifamily portfolio, partially offset by market-specific dynamics noted in Item 7.

Contract
Assets and Liabilities

The
Company does not have any material contract assets as of June 30, 2025 and 2024, other than trade and other receivables, net on our consolidated
balance sheets. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful
accounts that reflects our estimate of amounts that will not be collected.

Portsmouth
records contract 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 consolidated balance sheets had an opening balance on July 1, 2024 of $370,000. As
of June 30, 2025 contract liabilities were $505,000. The increase during fiscal 2025 primarily reflects higher advance deposits for services
to be performed after June 30, 2025.

Contract
liabilities were $370,000 as of June 30, 2024 compared to $290,000 as of June 30, 2023. The increase for the twelve months ended June
30, 2024 was primarily driven by an increase in advance deposits received from customers for services to be performed after June 30,
2024. Contract liabilities are generally recognized as revenue within twelve months. We do not disclose remaining performance obligations
because our customer contracts have an original expected duration of one year or less.

Contract
Costs

We
consider sales commissions