For the years ended June 30, 2025 and 2024, there were no impairment losses recorded for hotel investments or intangible assets. The company evaluates estimates on an ongoing basis, including those related to consolidation of subsidiaries, revenues, allowance for doubtful accounts, accruals, asset impairments, other investments, income taxes, and commitments and contingencies. Estimates are based on historical experience and other assumptions considered reasonable under the circumstances. The financial statements are prepared in accordance with U.S. GAAP, with real estate carried at historical cost less accumulated depreciation and, where applicable, impairment. The company does not record increases in fair value of properties to reflect market conditions or replacement cost, resulting in carrying values that may be significantly lower than estimated market values. Stock-based compensation is recognized based on the fair value of all share-based payments, including employee stock options, restricted stock awards, and employee stock purchases related to the Employee Stock Purchase Plan. The determination of fair value utilizes the Black-Scholes option pricing model, which involves several significant estimates. Judgment is required in addressing future tax consequences of events recognized in the consolidated financial statements or tax returns, including realization of deferred tax assets, and changes in tax laws or interpretations. The company is subject to examination of income tax returns by the IRS and other tax authorities. Changes in the assessment of outcomes of such matters could have a material impact on the consolidated financial statements.