Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 143

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 7A
Chunk 143
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 impact on the financial statements if the going concern basis was
not appropriate.

How
We Addressed the Matter in Our Audit:

To evaluate the Company’s conclusion that
the conditions and events raising substantial doubt about Portsmouth’s ability to continue as a going concern have been alleviated, we
evaluated management’s forecasts that included underlying assumptions, budget to actual comparisons, current and projected economic and
geographic factors, the impact of successfully refinancing the long-term debt and the consideration of subsequent events occurring after
the balance sheet date. We also evaluated the adequacy of the Company’s disclosures regarding the alleviation of substantial doubt
related to its ability to continue as a going concern and management’s plans and actions to address those concerns.

/s/ WithumSmith+Brown,
PC

We
have served as the Company’s auditor since 2022.

East
Brunswick, NJ

September
29, 2025

PCAOB
ID Number 100

34

THE
INTERGROUP CORPORATION

CONSOLIDATED
BALANCE SHEETS

    As of June 30, 
    2025  
    2024 

    ASSETS 

    Investment in Hotel, net 
    $39,519,000  
    $40,901,000 
  
    Investment in real estate, net 
     45,253,000  
     47,542,000 
  
    Investment in marketable securities 
     969,000  
     7,454,000 
  
    Cash and cash equivalents 
     5,084,000  
     4,333,000 
  
    Restricted cash 
     10,058,000  
     4,361,000 
  
    Other assets 
     2,189,000  
     3,220,000 
  
    Assets held for sale 
     1,029,000  
     - 
  
    Total assets 
    $104,101,000  
    $107,811,000 

    LIABILITIES AND SHAREHOLDERS’ DEFICIT 

    Liabilities: 

    Accounts payable and other liabilities 
    $3,292,000  
    $4,265,000 
  
    Accounts payable and other liabilities – Hotel 
     12,672,000  
     13,757,000 
  
    Obligations for securities sold 
     -  
     188,000