Company: INTG
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006758
Chunk: 53

Company: INTERGROUP CORP
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER
31, 2024

(UNAUDITED)

NOTE
1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The
condensed consolidated financial statements included herein have been prepared by The InterGroup Corporation (“InterGroup”
or the “Company”or “we” or “our”), according to the rules and regulations of the Securities and Exchange
Commission (“SEC”). Certain information and footnote disclosures normally included in the condensed consolidated financial
statements prepared in accordance with generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to
such rules and regulations, although the Company believes the disclosures that are made are adequate to make the information presented
not misleading. Further, the condensed consolidated financial statements reflect, in the opinion of management, all adjustments (which
included only normal recurring adjustments) necessary for a fair statement of the financial position, cash flows and results of operations
as of and for the periods indicated. It is suggested that these financial statements be read in conjunction with the audited financial
statements of InterGroup and the notes therein included in the Company’s Annual Report on Form 10-K for the year ended June 30,
2024. The June 30, 2024 Condensed Consolidated Balance Sheet was derived from the Consolidated Balance Sheet as included in the Company’s
Form 10-K for the year ended June 30, 2024.

The
unaudited condensed consolidated financial statements include the accounts of our wholly owned and majority-owned subsidiaries. All material
intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months
ended December 31, 2024 are not necessarily indicative of results to be expected for the full fiscal year ending June 30, 2025.

Effective
February 19, 2021, the Company’s 83.7% owned subsidiary, Santa Fe Financial Corporation (“Santa Fe”), a public company
(OTCBB: SFEF), was liquidated and all of its assets including its 68.8% interest in Portsmouth Square, Inc. (“Portsmouth”),
a public company (OTCBB: PRSI) were distributed to its shareholders in exchange for their Santa Fe common stock. As of December 31, 2024,
InterGroup owns approximately 75.8% of the outstanding common shares of Portsmouth and the Company’s President, Chairman of