Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | May 14, 2021 | Jul. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | INNSUITES HOSPITALITY TRUST | ||
Entity Central Index Key | 0000082473 | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 31, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,697,553 | ||
Entity Common Stock, Shares Outstanding | 8,856,054 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2020 | Jan. 31, 2020 |
Current Assets: | ||
Cash and Cash Equivalents | $ 1,702,755 | $ 1,200,528 |
Accounts Receivable, including approximately $0 and $375,000 from related parties, and net of Allowance for Doubtful Accounts of approximately $0 and $15,000 as of January 31, 2021 and 2020, respectively | 60,557 | 585,226 |
Income Tax Receivable | 68,661 | 294,402 |
Advances to Affiliates - Related Party | 1,000,000 | |
Current Portion of Note Receivable (net) | 91,667 | 91,667 |
Prepaid Expenses and Other Current Assets | 168,893 | 77,806 |
Total Current Assets | 2,092,533 | 3,249,629 |
Property, Plant and Equipment, net | 8,189,850 | 8,983,323 |
Note Receivable (net) | 1,833,333 | 1,833,333 |
Operating Lease - Right of Use | 2,141,083 | 2,197,364 |
Finance Lease - Right of Use | 76,309 | 131,806 |
Convertible Note Receivable | 1,000,000 | 600,000 |
Investment in Private Company Stock | 60,000 | |
TOTAL ASSETS | 15,393,108 | 16,995,455 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 1,853,602 | 1,384,971 |
Current Portion of Notes Payable - Related Party | 161,440 | |
Current Portion of Mortgage Notes Payable, net of Discount | 168,799 | 160,849 |
Current Portion of Notes Payable to Banks, net of Discount | 17,100 | |
Current Portion of Other Notes Payable | 47,216 | 806,712 |
Current Portion of Operating Lease Liability | 58,536 | 168,780 |
Current Portion of Finance Lease Liability | 27,858 | 31,123 |
Total Current Liabilities | 2,156,011 | 2,730,975 |
Notes Payable - Related Party | 1,595,000 | |
Mortgage Notes Payable, net of Discount | 5,768,785 | 5,944,819 |
Other Notes Payable | 1,000,877 | 73,491 |
Operating Lease Liability, net of current portion | 2,310,745 | 2,252,964 |
Finance Lease Liability, net of current portion | 52,118 | 75,396 |
TOTAL LIABILITIES | 12,883,536 | 11,077,645 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS' EQUITY | ||
Shares of Beneficial Interest, without par value, unlimited authorization; 18,625,215 and 18,608,215 shares issued and 9,057,730 and 9,273,299 shares outstanding at January 31, 2021 and 2020, respectively | 20,027,402 | 21,837,048 |
Treasury Stock, 9,568,485 and 9,334,916 shares held at cost at January 31, 2021 and 2020, respectively | (13,936,972) | (13,689,533) |
TOTAL TRUST SHAREHOLDERS' EQUITY | 6,090,430 | 8,147,515 |
NON-CONTROLLING INTEREST | (3,580,858) | (2,229,705) |
TOTAL SHAREHOLDERS' EQUITY | 2,509,572 | 5,917,810 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 15,393,108 | $ 16,995,455 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
Statement of Financial Position [Abstract] | |||
Accounts receivable from related parties | $ 375,000 | $ 0 | |
Allowance for doubtful accounts receivable | $ 15,000 | $ 0 | |
Shares of beneficial interest, without par value | |||
Shares of beneficial interest, authorized shares | Unlimited | Unlimited | |
Shares of beneficial interest, shares issued | 18,608,215 | 18,625,215 | |
Shares of beneficial interest, shares outstanding | 9,273,299 | 9,057,730 | |
Treasury stock, shares held | 9,334,916 | 9,568,485 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
REVENUE | ||
TOTAL REVENUE | $ 4,202,574 | $ 6,568,171 |
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 7,014,719 | 8,420,980 |
OPERATING LOSS | (2,812,145) | (1,852,809) |
Other Income | 146,325 | |
Interest Income | 129,995 | 146,645 |
TOTAL OTHER INCOME | 276,320 | 146,645 |
Interest on Mortgage Notes Payable | 287,089 | 244,079 |
Interest on Notes Payable to Banks | 103 | |
Interest on Other Notes Payable | 73,484 | 322,603 |
TOTAL INTEREST EXPENSE | 360,676 | 566,682 |
CONSOLIDATED NET LOSS BEFORE INCOME TAX BENEFIT | (2,896,501) | (2,272,846) |
Income Tax Benefit | 68,661 | 294,402 |
CONSOLIDATED NET LOSS | (2,827,840) | (1,978,444) |
LESS: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (1,202,230) | (236,756) |
NET LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS | $ (1,625,610) | $ (1,741,688) |
NET LOSS PER SHARE TOTAL - BASIC & DILUTED | $ (0.31) | $ (0.21) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC & DILUTED | 9,158,361 | 9,324,530 |
Room [Member] | ||
REVENUE | ||
TOTAL REVENUE | $ 3,905,001 | $ 6,277,805 |
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 1,526,323 | 2,033,154 |
Food and Beverage [Member] | ||
REVENUE | ||
TOTAL REVENUE | 55,735 | 68,163 |
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 118,874 | 108,840 |
Management and Trademark Fees [Member] | ||
REVENUE | ||
TOTAL REVENUE | 115,745 | 170,234 |
Other [Member] | ||
REVENUE | ||
TOTAL REVENUE | 126,093 | 51,969 |
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 10,069 | 21,080 |
Telecommunications [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 2,000 | 395 |
General and Administrative [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 1,957,762 | 2,173,203 |
Sales and Marketing [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 379,759 | 569,921 |
Repairs and Maintenance [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 354,662 | 403,147 |
Hospitality [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 150,850 | 509,555 |
Utilities [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 357,221 | 382,560 |
Depreciation [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 830,916 | 901,664 |
Impairment of Note Receivable [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 825,000 | |
Real Estate and Personal Property Taxes, Insurance and Ground Rent [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | 481,845 | 492,461 |
Sales and Occupancy [Member] | ||
OPERATING EXPENSES | ||
TOTAL OPERATING EXPENSES | $ 844,438 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Shares of Beneficial Interest [Member] | Treasury Stock [Member] | Trust Shareholders' Equity [Member] | Non-Controlling Interest [Member] | Total |
Balance at Jan. 31, 2019 | $ 23,738,260 | $ (13,517,833) | $ 10,220,427 | $ (1,471,912) | $ 8,748,515 |
Balance, shares at Jan. 31, 2019 | 9,360,292 | 9,229,923 | |||
Net Loss | $ (1,741,688) | (1,741,688) | (236,756) | (1,978,444) | |
Dividends | (191,924) | (191,924) | (191,924) | ||
Purchase of Treasury Stock | $ (171,700) | (171,700) | (171,700) | ||
Purchase of Treasury Stock, shares | (104,993) | 104,993 | |||
Shares of Beneficial Interest Issued for Services Rendered | $ 32,400 | 32,400 | 32,400 | ||
Shares of Beneficial Interest Issued for Services Rendered, shares | 18,000 | ||||
Distribution to Non-Controlling Interests | (521,037) | (521,037) | |||
Balance at Jan. 31, 2020 | $ 21,837,048 | $ (13,689,533) | 8,147,515 | (2,229,705) | 5,917,810 |
Balance, shares at Jan. 31, 2020 | 9,273,299 | 9,334,916 | |||
Net Loss | $ (1,625,610) | (1,625,610) | (1,202,230) | (2,827,840) | |
Dividends | (191,848) | (191,848) | (191,848) | ||
Purchase of Treasury Stock | $ (247,439) | (247,439) | (247,439) | ||
Purchase of Treasury Stock, shares | (233,569) | 233,569 | |||
Shares of Beneficial Interest Issued for Services Rendered | $ 28,800 | 28,800 | 28,800 | ||
Shares of Beneficial Interest Issued for Services Rendered, shares | 18,000 | ||||
Sales (Purchase) of Ownership Interests in Subsidiary, net | (20,000) | (20,000) | |||
Distribution to Non-Controlling Interests | (149,911) | (149,911) | |||
Reallocation of Non-Controlling Interests and Other | (20,988) | (20,988) | 20,988 | ||
Balance at Jan. 31, 2021 | $ 20,020,402 | $ (13,936,972) | $ 6,090,430 | $ (3,580,858) | $ 2,509,572 |
Balance, shares at Jan. 31, 2021 | 9,057,730 | 9,568,485 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Consolidated Net Loss | $ (2,827,840) | $ (1,978,444) |
Adjustments to Reconcile Consolidated Net Loss to Net Cash Used In Operating Activities: | ||
Note Receivable Impairment | 825,000 | |
Stock-Based Compensation | 28,800 | 32,400 |
Depreciation | 830,916 | 901,664 |
Changes in Assets and Liabilities: | ||
Accounts Receivable | 524,669 | (348,284) |
Income Tax Receivable | 225,741 | (294,402) |
Prepaid Expenses and Other Assets | (91,086) | 17,747 |
Operating Lease | 3,817 | |
Finance Lease | 28,954 | |
Accounts Payable and Accrued Expenses | 468,631 | (108,448) |
NET CASH USED IN OPERATING ACTIVITIES | (807,398) | (952,767) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Improvements and Additions to Hotel Properties | (37,443) | (324,445) |
Payments on Convertible Note Receivable - UniGen | (400,000) | (253,593) |
Redemption of Marketable Securities | 1,896,556 | |
Lendings on Advances to Affiliates - Related Party | (62,000) | (75,000) |
Payments made on exercise of Warrants for Private Company Stock | (60,000) | |
Collections on Advances to Affiliates - Related Party | 1,062,000 | 61,361 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 502,557 | 1,304,879 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Principal Payments on Mortgage Notes Payable | (168,084) | (119,024) |
Borrowings on Mortgage Notes Payable | 1,400,000 | |
Payments on Notes Payable to Banks, net of financing costs | (17,100) | (170,200) |
Borrowings on Notes Payable to Banks, net of financing costs | 178,000 | |
Lendings on Notes Receivable - Related Party | (256,000) | |
Collections on Notes Receivable - Related Party | 888,027 | |
Borrowings on Note Payable - Related Party | 1,767,000 | |
Payments on Notes Payable - Related Party | (333,440) | (322,975) |
Payments on Other Notes Payable | (356,450) | (664,826) |
Borrowings on Other Notes Payable | 524,340 | 51,000 |
Payment of Dividends | (191,848) | (191,924) |
Payment for Purchase of Non-Controlling Ownership Interest in Subsidiary, net | (20,000) | |
Distributions to Non-Controlling Interest Holders | (149,911) | (521,037) |
Repurchase of Treasury Stock | (247,439) | (171,700) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 807,068 | 99,341 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 502,227 | 451,453 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,200,528 | 749,075 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 1,702,755 | $ 1,200,528 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION As of January 31, 2021, InnSuites Hospitality Trust (the “Trust”, “IHT”, “we”, “us” or “our”) is a publicly traded unincorporated Ohio real estate investment trust (REIT) with two hotels IHT owns and manages. The Trust and its shareholders directly in and through a Partnership, own interests in two hotels with an aggregate of 270 hotel suites in Arizona and New Mexico, both (the “Hotels”) operated under the federally trademarked name “InnSuites Hotels” or “InnSuites” as well as operating under the brand name “Best Western”. The Trust and its shareholders hold a $1 million 6% convertible note in UniGen Power Inc., (“UPI”), $60,000 in UPI private company stock, and hold warrants to make further UPI stock purchases in the future. Hotel Operations: Full service hotels often contain upscale full-service facilities with a large volume of full service accommodations, on-site full-service restaurant(s), and a variety of on-site amenities such as swimming pools, a health club, children’s activities, ballrooms and on-site conference facilities. Moderate or limited-service hotels are small to medium-sized hotel establishments that offer a limited amount of on-site amenities. Most moderate or limited service establishments may still offer full service accommodations. The Trust considers its Tucson, Arizona hotel and our hotel located in a subsidiary of Albuquerque, New Mexico to be moderate or limited service hotels. IHT provides management services and marketing. Our Tucson, Arizona Hotel and our Hotel located in Albuquerque, New Mexico are moderate limited service hotels. Both hotels offer swimming pools, fitness centers, business centers, and complimentary breakfast and high speed internet. In addition, the Hotels offer social areas and modest conference facilities. The Trust is the sole general partner of RRF Limited Partnership, a Delaware limited partnership (the “Partnership”), and owned a 75.89% in the Partnership as of January 31, 2021 and January 31, 2020, respectively. The Trust’s weighted average ownership for the Fiscal Years ended January 31, 2021 and 2020, respectively, was 75.89%. As of January 31, 2021, the Partnership owned a 51.01% interest in an InnSuites® hotel located in Tucson, Arizona. The Trust owns a direct 20.67% interest in an InnSuites® hotel located in Albuquerque, New Mexico. InnSuites Hotels Inc.(“IHI”), a subsidiary, manages the Hotels’ daily operations under 2 management agreements. The Trust also provides the use of the “InnSuites” trademark to the Hotels through wholly-owned IHI. All expenses and reimbursements between the Trust, IHI and the Partnership have been eliminated in consolidation. The Trust classified the Hotels as operating assets, but these assets are available for sale. At this time, the Trust is unable to predict when, and if, any of these will be sold. Neither the Tucson Hotel nor the Albuquerque Hotel is currently listed but the Trust is willing to consider offers for the Hotel. Each of the Hotels is being marketed at a price that management believes is reasonable in relation to its current fair value. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION These consolidated financial statements have been prepared by management in accordance with accounting principles in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and include all assets, liabilities, revenues and expenses of the Trust and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated. Certain items have been reclassified to conform to the current fiscal year presentation. The Trust exercises unilateral control over the Partnership and the entities listed below. Therefore, the financial statements of the Partnership and the entities listed below are consolidated with the Trust, and all significant intercompany transactions and balances have been eliminated. IHT OWNERSHIP % ENTITY DIRECT INDIRECT (i) Albuquerque Suite Hospitality, LLC (see Note 6) 20.67 % - Tucson Hospitality Properties, LLLP - 51.01 % RRF Limited Partnership 75.89 % - InnSuites Hotels Inc. 100.00 % - (i) Indirect ownership is through the Partnership The Trust has evaluated subsequent events through the date of the filing of its Form 10-K with the Securities and Exchange Commission. Other than those events disclosed, the Trust is not aware of any other significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Trust’s financial statements. As the general partner of the Partnership, the Trust exercises unilateral control over the Partnership. The Trust owns all the issued and outstanding classes of shares of InnSuites Hotels Inc. Therefore, the financial statements of the Partnership and InnSuites Hotels Inc. are consolidated with the Trust, and all significant intercompany transactions and balances have been eliminated. Under Accounting Standards Codification (“ASC”) Topic 810-10-25, Albuquerque Suite Hospitality, LLC has been determined to be a variable interest entity with the Trust as the primary beneficiary (see Note 5 – “Variable Interest Entity”). Therefore, the financial statements of Albuquerque Suite Hospitality, LLC, are consolidated with the Trust, and all significant intercompany transactions and balances have been eliminated. The financial statements of the Partnership and Tucson Hospitality Properties, LLLP are consolidated with the Partnership and the Trust, and all significant intercompany transactions and balances have been eliminated. PARTNERSHIP AGREEMENT The Partnership Agreement of the Partnership provides for the issuance of two classes of Limited Partnership units, Class A and Class B. Class A and Class B Partnership units are identical in all respects, except that each Class A Partnership unit is convertible into one newly-issued Share of Beneficial Interest of the Trust at any time at the option of the limited partner holding the units. The Class B Partnership units may only become convertible, each into one newly issued Share of Beneficial Interest of the Trust, with the approval of the Board of Trustees, in its sole discretion. On January 31, 2021 and 2020, 211,708 Class A Partnership units were outstanding, representing 1.60% of the total Partnership units, respectively. Additionally, as of January 31, 2021 and 2020, 2,974,038 Class B Partnership units were outstanding to and owned by James Wirth, the Trust’s Chairman and Chief Executive Officer, and Mr. Wirth’s affiliates, representing 22.51% ownership in the Partnership. If all the Class A and B Partnership units were converted on January 31, 2021 and 2020, the limited partners in the Partnership would receive 3,185,746 Shares of Beneficial Interest of the Trust. As of January 31, 2021, and 2020, the Trust owns 10,025,771 general partner units in the Partnership, representing 75.89% of the total Partnership units. LIQUIDITY The Trust’s principal source of cash to meet its cash requirements, including distributions to its shareholders, is our share of the Partnership quarterly distributions coming from the Tucson Hotel as well as cash flow; quarterly distributions and cash flow from the Albuquerque, New Mexico property, management fees charged to Trust, repayments of intercompany loans for the Tucson and Albuquerque Hotels and more recently, sales and/or refinance of certain hotels. The Trust’s liquidity, including our ability to make distributions to its shareholders, will depend upon the ability of the Trust and the Partnership’s ability to generate sufficient cash flow from hotel operations and to service debt, as well as to generate funds from repayment of loans and sale of assets. The Covid-19 Virus (the “Virus”) has disrupted the quarterly distributions from both the Albuquerque and Tucson hotels. Another source of cash is derived from the management fees of the Albuquerque, Tucson, and Tempe Hotels, although the Tempe Hotel was sold in December 2020. At a future date, the Trust may receive cash from the operations and/or full or partial sale of its Unigen diversification investment. As of January 31, 2021, the Trust had a related party Demand/Revolving Line of Credit/Promissory Note with an amount payable of approximately $1,595,000. The Demand/Revolving Line of Credit/Promissory Note accrues interest at 7.0% per annum and requires interest only payments. The Demand/Revolving Line of Credit/Promissory Note has a maximum borrowing capacity to $2,000,000, which is available through December 31, 2021, and renews annually. This is a two-way Line of Credit, with both the Trust and an Affiliate lender having access to draw on the credit amount of up to $2,000,000 for either party. As of January 31, 2021, the Trust had an amount receivable of the Advances to Affiliate credit facility of approximately $0. As of January 31, 2021, the Trust had three Revolving lines of Credit of $250,000 with the Republic Bank of Arizona. The lines had a zero balance as of January 31, 2021. The Trust plans within the next year or sooner to prepare to be in a position to seek refinancing the Tucson Hotel property, which would facilitate repayment of up to $3,754,000 of the Tucson Hotel loan and with favorable interest rates. We anticipate this refinance may be completed in the fourth quarter of Fiscal 2022. With approximately $1,703,000 of cash as of January 31, 2021, the availability of the combined $2,000,000 Advance to Affiliate credit facilities, and the $250,000 Revolving Line of Credit with Republic Bank, the Trust believes that it has and will have enough cash on hand to meet all of the financial obligations as they become due for twelve months from the date of filing this 10-K. In addition, management is analyzing other strategic options available to the Trust, including the sale or refinance of one or both Hotel properties. However, such transactions may not be available on terms that are favorable to the Trust, or at all. There can be no assurance that the Trust will be successful selling properties, refinancing debt or raising additional or replacement funds, or that these funds may be available on terms that are favorable to it. If the Trust is unable to raise additional or replacement funds, it may be required to sell certain of our assets to meet liquidity needs, which may not be on terms that are favorable. SEASONALITY OF THE HOTEL BUSINESS The Hotels’ operations historically have been somewhat seasonal. The Tucson Arizona Hotel experiences the highest occupancy in the first fiscal quarter (the winter high season) and, to a lesser extent, the fourth fiscal quarter. The second fiscal quarter tends to be the lowest occupancy period at this Arizona Hotel. This seasonality pattern can be expected to cause fluctuations in the Trust’s quarterly revenues. The Hotel located in Albuquerque, New Mexico historically experience its most profitable periods during the second and third fiscal quarters (the summer high season), providing some balance to the general seasonality of the Trust’s hotel business. The seasonal nature of the Trust’s business increases its vulnerability to risks such as travel disruptions, labor force shortages and cash flow issues. Further, if an adverse event such as an actual or threatened virus pandemic, terrorist attack, international conflict, data breach, regional economic downturn or poor weather should occur at either of its two hotels, the adverse impact to the Trust’s revenues and profit could be significant. RECENTLY ISSUED ACCOUNTING GUIDANCE In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12 Simplifying the Accounting for Income Taxes (Topic 740). The amendments in the update simplify the accounting for income taxes by removing the following exceptions: 1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income). 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes and equity method investment, 3. Exception to the ability not to recognize a deferred tax liability for foreign subsidiary when a foreign equity method investment becomes a subsidiary. 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the update also simplify the accounting for income tases by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income-based tax and account for any incremental amount incurred as non-income-based tax. 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do (on entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effect tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes relating to employee stock ownership plans and investments in qualified affordable housing projects accounted for by using the equity method. The Trust is evaluating the impact of ASU-2019-12, but currently believes it will not have a material effect on our consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the audited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Trust’s operations are affected by numerous factors, including the economy, virus/pandemic, competition in the hotel industry and the effect of the economy on the travel and hospitality industries. The Trust cannot predict if any of the above items will have a significant impact in the future, nor can it predict what impact, if any, the occurrence of these or other events might have on the Trust’s operations and cash flows. Significant estimates and assumptions made by management include, but are not limited to, the estimated useful lives of long-lived assets and recoverability of long-lived assets and the fair values of the long-lived assets. PROPERTY, EQUIPMENT, AND HOTEL PROPERTIES Furniture, fixtures, building and improvements and hotel properties are stated at cost, except for land, and depreciated using the straight-line method over estimated lives ranging up to 40 years for buildings and improvements, and 3 to 10 years for furniture, fixtures, and equipment. Land is an indefinite-lived asset. The Trust tests its land for impairment annually, or whenever events or changes in circumstances indicates an impairment may have occurred, by comparing its carrying value to its implied fair value. Management applies guidance ASC 360-10-35, to determine when it is required to test an asset for recoverability of its carrying value and whether, or not, an impairment exists. Under ASC 360-10-35, the Trust is required to test a long-lived asset for impairment when there is an indicator of impairment. Impairment indicators may include, but are not limited to, a drop in the performance of a long-lived asset, a decline in the hospitality industry or a decline in the economy. If an indicator of potential impairment is present, then an assessment is performed of whether the carrying amount of an asset exceeds its estimated undiscounted future cash flows over its estimated remaining life. If the estimated undiscounted future cash flows over the asset’s estimated remaining life are greater than the asset’s carrying value, no impairment is recognized; however, if the carrying value of the asset exceeds the estimated undiscounted future cash flows, then the Trust would recognize an impairment expense to the extent the asset’s carrying value exceeds its fair value, if any. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are analyzed on a property-specific basis independent of the cash flows of other groups of assets. Evaluation of future cash flows is based on historical experience and other factors, including certain economic conditions, and committed future bookings. Management has determined no impairment for the Fiscal Years ended January 31, 2021, and January 31, 2020, respectively. CASH AND CASH EQUIVALENTS The Trust considers all highly liquid short-term investments with maturities of three months or less at the time of purchase to be cash equivalents. The Trust believes it places its cash and cash equivalents only with high credit quality financial institutions, although these balances may periodically exceed federally insured limits. COST METHOD INVESTMENT IN PRIVATE COMPANY STOCK Investment in private company stock consists of equity securities recorded at fair value. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We analyze our marketable securities in accordance with Accounting Standard Codification 321 (“ASC 321”). Valuations for private company stock are based on quoted prices for identical assets in active markets. Where marketable securities were found not be part of an actively traded market, we made a measurement alternative election and estimate the fair value at cost of the investment minus impairment. As of January 31, 2021, the Trust owned 60,000 shares of common stock in Unigen Power, Inc. (UPI), a non-affiliated privately held entity, at a cost of $60,000. As of January 31, 2021 the Trust accounted for such securities at cost minus impairment due to the investment not being traded on an active market noting that UPI had limited operations and was still in the start-up and research and development stage. REVENUE RECOGNITION Hotel and Operations Revenues are primarily derived from the sources below and are recognized as services are rendered and when collectability is reasonably assured. Amounts received in advance of revenue recognition are considered deferred liabilities and are generally not significant. Revenues primarily consist of room rentals, food and beverage sales, management and trademark fees and other miscellaneous revenues from our properties. Revenues are recorded when rooms are occupied and when food and beverage sales are delivered. Management and trademark fees from non-affiliated hotels include a monthly accounting fee and a percentage of hotel room revenues for managing the daily operations of the Hotels and the one hotel owned by affiliates of Mr. Wirth. Each room night consumed by a guest with a cancellable reservation represents a contract whereby the Trust has a performance obligation to provide the room night at an agreed upon price. For cancellable reservations, the Trust recognizes revenue as each performance obligation (i.e., each room night) is met. Such contract is renewed if the guest continues their stay. For room nights consumed by a guest with a non-cancellable reservation, the entire reservation period represents the contract term whereby the Trust has a performance obligation to provide the room night or nights at an agreed upon price. For non-cancellable reservations, the Trust recognizes revenue over the term of the performance period (i.e., the reservation period) as room nights are consumed. For these reservations, the room rate is typically fixed over the reservation period. The Trust uses an output method based on performance completed to date (i.e., room nights consumed) to determine the amount of revenue it recognizes on a daily basis if the length of a non-cancellable reservation exceeds one night since consumption of room nights indicates when services are transferred to the guest. In certain instances, variable consideration may exist with respect to the transaction price, such as discounts, coupons and price concessions made upon guest checkout. In evaluating its performance obligation, the Trust bundles the obligation to provide the guest the room itself with other obligations (such as free Wi-Fi, grab and go breakfast, access to on-site laundry facilities and parking), as the other obligations are not distinct and separable because the guest cannot benefit from the additional amenities without the consumed room night. The Trust’s obligation to provide the additional items or services is not separately identifiable from the fundamental contractual obligation (i.e., providing the room and its contents). The Trust has no performance obligations once a guest’s stay is complete. We are required to collect certain taxes and fees from customers on behalf of government agencies and remit these back to the applicable governmental agencies on a periodic basis. We have a legal obligation to act as a collection agent. We do not retain these taxes and fees and, therefore, they are not included in revenues. We record a liability when the amounts are collected and relieve the liability when payments are made to the applicable taxing authority or other appropriate governmental agency. ACCOUNTS RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are carried at original amounts billed less an estimate made for doubtful accounts based on a review of outstanding amounts on a quarterly basis (net realizable value). Management generally records an allowance for doubtful accounts for 50% of balances over 90 days and 100% of balances over 120 days. Accounts receivable are written off when collection efforts have been exhausted and they are deemed uncollectible. Recoveries, if any, of receivables previously written off are recorded when received. The Trust does not charge interest on accounts receivable balances and these receivables are unsecured. The following is a reconciliation of the allowance for doubtful accounts for the fiscal years ended January 31, 2021 and 2020. Fiscal Year Balance at the Beginning of Period Charged to Expense Deductions Balance at the End of Period 2021 $ (14,789 ) $ - $ 14,789 $ - 2020 $ (5,943 ) $ (13,223 ) $ 4,377 $ (14,789 ) INCOME TAX RECEIVABLE The Trust amended its corporate tax returns for the year ended January 31, 2019. Such amendments resulted in a refund of approximately $294,000, of which the Trust received approximately $175,000 in August 2020. The remaining refund of approximately $120,000 was reduced by approximately $52,000 as a result of taxes owed and accrued from prior periods. The Trust received the remaining amount of approximately $68,000, in March 2021. LEASE ACCOUNTING The Trust determines, at the inception of a contract, if the arrangement is a lease and whether it meets the classification criteria for a finance or operating lease. ROU assets represent the Trust’s right to use an underlying asset during the lease term and lease liabilities represent the Trust’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. ROU assets also include any advance lease payments and exclude lease incentives. As most of the Trust’s operating leases do not provide an implicit rate, the Trust uses its incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Operating fixed lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term (see Note 16). TRUSTEE STOCK-BASED COMPENSATION The Trust has an employee equity incentive plan, which is described further fully in Note 23 - “Share-Based Payments.” The three independent members of the Board of Trustees earn 6,000 IHT Shares per year. The Trust has paid the annual fees due to its Trustees by issuing Shares of Beneficial Interest out of its authorized but unissued Shares. Upon issuance, the Trust recognizes the shares as outstanding. The Trust recognizes expense related to the issuance based on the fair value of the shares upon the date of the restricted share grant and amortizes the expense equally over the period during which the shares vest to the Trustees. During fiscal year 2021, the Trust granted restricted stock awards of 18,000 Shares to three independent members of the Board of Trustees, resulting in stock-based compensation of $28,800. The shares vest over one year, through the end of fiscal year ended January 31, 2021 monthly at a rate of approximately 500 shares for each outside Trustee or a total of 1,500 per month for three independent Trustees. The following table summarizes restricted share activity during fiscal years 2020 and 2021. Restricted Shares Shares Price on date of grant Balance at January 31, 2019 - - Granted 18,000 $ 1.35 Vested (18,000 ) $ 1.35 Forfeited - Balance of unvested awards at January 31, 2020 - Granted 18,000 $ 1.60 Vested (18,000 ) $ 1.60 Balance of unvested awards at January 31, 2021 - - TREASURY STOCK Treasury stock is carried at cost, including any brokerage commissions paid to repurchase the shares. Any shares issued from treasury stock are removed at cost, with the difference between cost and fair value at the time of issuance recorded against Shares of Beneficial Interest. INCOME TAXES The Trust is subject to federal and state corporate income taxes, and accounts for deferred taxes utilizing an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when it is determined to be more likely than not that some portion, or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment (see Note 18). DIVIDENDS AND DISTRIBUTIONS In fiscal years 2021 and 2020, the Trust paid a semi-annual dividend of $0.01 per share each, at the end of the second fiscal quarter and at the end of the fourth fiscal quarter for a total annual dividend of $0.02 for each fiscal year in the amounts of $191,848 and $191,924, respectively. The Trust’s long-term ability to pay dividends is largely dependent upon the operations of the Hotels, and/or sale of assets. The Trust has paid uninterrupted annual dividends for 50 consecutive years since Trust registered in 1971 with the NYSE American. NON-CONTROLLING INTEREST Non-controlling interest in the Trust represents the limited partners’ proportionate share of the capital and earnings of the Partnership and the two hotels. Income or loss is allocated to the non-controlling interest based on a weighted average ownership percentage in the entities throughout the period, and capital is allocated based on the ownership percentage at year-end. Any difference between the weighted average and point-in-time allocations is presented as a reallocation of non-controlling interest as a component of shareholders’ equity. NET LOSS PER SHARE Net loss per share is computed based on the weighted-average number of shares outstanding during the year. For the fiscal years ended January 31, 2021 and 2020, there were Class A and Class B Partnership units outstanding, which are convertible into Shares of Beneficial Interest of the Trust. Assuming conversion at the beginning of each period, the aggregate weighted average of these Shares of Beneficial Interest would have been 3,185,746 in addition to the basic shares outstanding for fiscal years 2021 and 2020, respectively. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were dilutive during fiscal 2021. For the Fiscal Year ended January 31, 2021 and January 31, 2020, the potential shares that may be issued by the Trust relate to the Class A and Class B units of the Partnership and have been excluded from the computation of diluted loss per share because they would reduce the reported loss per share and therefore have an anti-dilutive effect. SEGMENT REPORTING As a result of the sale of IBC (see Note 6), the Chief Operating Decision Maker (“CODM”), Mr. Wirth, CEO of the Trust, has determined that the Trust operations are comprised of one reportable segment, Hotel Operations & Hotel Management Services (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. The Trust has chosen to focus its hotel investments on the southwest region of the United States. The CODM does not review assets by geographical region; therefore, no income statement or balance sheet information by geographical region is provided. ADVERTISING COSTS Amounts incurred for advertising costs are expensed as incurred. Advertising expense totaled approximately $191,000 and $344,000 for the twelve months ended January 31, 2021 and 2020, respectively, and is reported in the consolidated Statement of Operations. CONCENTRATION OF CREDIT RISK Credit risk is the risk of an unexpected loss if a third party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Trust to a concentration of credit risk consist primarily of cash and cash equivalents. Management’s assessment of the Trust’s credit risk for cash and cash equivalents is low as cash and cash equivalents are held in financial institutions believed to be credit worthy. The Trust limits its exposure to credit loss by placing its cash with various major financial institutions and invests only in short-term obligations. While the Trust is exposed to credit losses due to the non-performance of its counterparties, the Trust considers the risk of this remote. The Trust estimates its maximum credit risk for accounts receivable at the amount recorded on the balance sheet. FAIR VALUE OF FINANCIAL INSTRUMENTS For disclosure purposes, fair value is determined by using available market information and appropriate valuation methodologies. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. The fair value framework specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The fair value hierarchy levels are as follows: ● Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. ● Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and / or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are level 2 valuation techniques. ● Level 3 – Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect a company’s own judgments about the assumptions that market participants would use in pricing an asset or liability. The Trust has assets that are carried at fair value on a recurring basis, including stock and warrants in a 3 rd Due to their short maturities, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value. The fair value of mortgage notes payable, notes payable to banks and notes and advances payable to related parties is estimated by using the current rates which would be available for similar loans having the same remaining maturities and are based on level 3 inputs. |
Sale of Ownership Interests in
Sale of Ownership Interests in Albuquerque Subsidiary | 12 Months Ended |
Jan. 31, 2021 | |
Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases | |
Sale of Ownership Interests in Subsidiaries | 3. SALE OF OWNERSHIP INTERESTS IN ALBUQUERQUE SUBSIDIARY On July 22, 2010, the Board of Trustees unanimously approved, with Mr. Wirth abstaining, for the Partnership to enter into an agreement with Rare Earth Financial, LLC (“Rare Earth”), an affiliate of Mr. Wirth, to sell units in Albuquerque Suite Hospitality, LLC (the “Albuquerque entity”), which owns and operates the Albuquerque, New Mexico hotel property. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase at least 49% of the membership interests in the Albuquerque entity and the parties agreed to restructure the operating agreement of the Albuquerque entity. A total of 400 units were available for sale for $10,000 per unit, with a two-unit minimum subscription. On September 24, 2010, the parties revised the Amended and Restated Operating Agreement to name Rare Earth as the administrative member of the Albuquerque entity in charge of the day-to-day management. On December 9, 2013, the Trust entered into an updated restructuring agreement with Rare Earth to allow for the sale of additional interest units in the Albuquerque entity for $10,000 per unit. Under the updated restructuring agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to 150 (and potentially up to 190 if the overallotment is exercised) units. Under the terms of the updated restructuring agreement, the Trust agreed to hold at least 50.1% of the outstanding units in the Albuquerque entity, on a post-transaction basis, and intends to maintain this minimum ownership percentage through the purchase of units under this offering. The Board of Trustees approved this restructuring on December 9, 2013. The units in the Albuquerque entity are allocated to three classes with differing cumulative discretionary priority distribution rights through December 31, 2015. Class A units are owned by unrelated third parties and have priority for distributions. Class B units are owned by the Trust and have second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and have the lowest priority for distributions from the Albuquerque entity. Priority distributions of $700 per unit per year were cumulative until December 31, 2015; however, after December 31, 2015 Class A unit holders continue to hold a preference on distributions over Class B and Class C unit holders. The Trust does not accrue for these distributions as the preference periods have expired. If certain triggering events related to the Albuquerque entity occur prior to the payment of all accumulated distributions to its members, such accumulated distributions will be paid out of any proceeds of the event before general distribution of the proceeds to the members. In the event that funds generated from a triggering event are insufficient to pay the total amount of all such accumulated distributions owed to the members, all Class A members will participate pro rata in the funds available for distribution to them until paid in full, then Class B, and then Class C. After all investors have received their initial capital plus a 7% per annum simple return, any additional profits will be allocated 50% to Rare Earth, with the remaining 50% allocated proportionately to all unit classes. Rare Earth received a restructuring fee of $128,000, conditioned upon and arising from the sale of the first 100 units in the Albuquerque entity following the December 31, 2013 restructuring. The Albuquerque entity plans to use its best efforts to pay the discretionary priority distributions. The Trust does not guarantee and is not otherwise obligated to pay the cumulative discretionary priority distributions. InnSuites Hotels will continue to provide management, licensing and reservation services to the Albuquerque, New Mexico property. On February 15, 2017, the Trust and Partnership entered into a restructuring agreement with Rare Earth to allow for the sale of non-controlling partnership units in the Albuquerque entity for $10,000 per unit. Rare Earth and the Trust have restructured the Albuquerque Entity Membership Interest by creating 250 additional Class A membership interests from General Member majority-owned to accredited investor member-owned. In the event of sale of 250 Class A Interests, total interests outstanding will change from 550 to 600 with Class A, Class B and Class C Limited Liability Company Interests (referred to collectively as “Interests”) restructured with IHT selling approximately 200 Class B Interests to accredited investors as Class A Interest. Rare Earth, as a General Partner of the Albuquerque entity, will coordinate the offering and sale of Class A Interests to qualified third parties. Rare Earth and other Rare Earth affiliates may purchase Interests under the offering. As part of this offering, Rare Earth was paid $200,000 for a restructuring fee which was recorded in Equity. Two Class A units were sold during the fiscal year ended January 31, 2021 for $20,000. No Class A units were sold during the Fiscal Year ended January 31, 2020. As of January 31, 2021, the Trust held a 20.67% ownership interest, or 124 Class B units, in the Albuquerque entity, Mr. Wirth and his affiliates held a 0.17% interest, or 1 Class C unit, and other parties held a 79.50% interest, or 475 Class A units. Interests to qualified third parties. REF and other REF Affiliates may purchase Interests under the offering. This restructuring is part of the Trust’s Equity Enhancement Plan to comply with Section 1003(a)(iii) of the NYSE American Company Guide. |
Sale of Ownership Interests i_2
Sale of Ownership Interests in Tucson Hospitality Properties Subsidiary | 12 Months Ended |
Jan. 31, 2021 | |
Sale Of Ownership Interests In Albuquerque Subsidiary | |
Sale of Ownership Interests in Tucson Hospitality Properties Subsidiary | 4. SALE OF OWNERSHIP INTERESTS IN TUCSON HOSPITALITY PROPERTIES SUBSIDIARY On February 17, 2011, the Partnership entered into a restructuring agreement with Rare Earth to allow for the sale of non-controlling interest units in Tucson Hospitality Properties, LP (the “Tucson entity”), which operates the Tucson Oracle hotel property, then wholly owned by the Partnership. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to 250 units, which represents approximately 41% of the outstanding limited partnership units in the Tucson entity, on a post-transaction basis, and the parties agreed to restructure the limited partnership agreement of the Tucson entity. The Board of Trustees approved this restructuring on January 31, 2011. On October 1, 2013, the Partnership entered into an updated restructured limited partnership agreement with Rare Earth to allow for the sale of additional interest units in the Tucson entity for $10,000 per unit. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to 160 (and potentially up to 200 if the overallotment is exercised) units. Under the terms of the updated restructuring agreement, the Partnership agreed to hold at least 50.1% of the outstanding limited partnership units in the Tucson entity, on a post-transaction basis, and intends to maintain this minimum ownership percentage through the purchase of units under this offering. The Board of Trustees approved this restructuring on September 14, 2013. The limited partnership interests in the Tucson entity are allocated to three classes with differing cumulative discretionary priority distribution rights through June 30, 2017. Class A units are owned by unrelated third parties and have priority for distributions. Class B units are owned by the Partnership and have second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and have the lowest priority for distributions from the Tucson entity. Priority distributions of $700 per unit per year are cumulative until June 30, 2016; however, after June 30, 2016 Class A unit holders continue to hold a preference on distributions over Class B and Class C unit holders. The Trust does not accrue for these distributions as the preference periods have expired. If certain triggering events related to the Tucson entity occur prior to the payment of all accumulated distributions to its members, such accumulated distributions will be paid out of any proceeds of the event before general distribution of the proceeds to the members. In the event that funds generated from a triggering event are insufficient to pay the total amount of all such accumulated distributions owed to the members, all Class A members will participate pro rata in the funds available for distribution to them until paid in full, then Class B, and then Class C. After all investors have received their initial capital plus a 7% per annum simple return, any additional profits will be allocated 50% to Rare Earth, with the remaining 50% allocated proportionately to all unit classes. Rare Earth also received a restructuring fee of $128,000, conditioned upon and arising from the sale of the first 100 units in the Tucson entity following the October 1, 2013 restructuring. The Tucson entity plans to use its best efforts to pay the discretionary priority distributions. The Trust does not guarantee and is not otherwise obligated to pay the cumulative discretionary priority distributions. InnSuites Hotels will continue to provide management, licensing and reservation services to the Tucson, Arizona property During the fiscal years ended January 31, 2021 and 2020, there were no units of the Tucson entity sold. As of January 31, 2021, the Partnership held a 51.01% ownership interest, or 404 Class B units, in the Tucson entity, Mr. Wirth and his affiliates held a 0.38% interest, or approximately 3 Class C units, and other parties held a 48.61% interest, or approximately 385 Class A units. For the fiscal year ended January 31, 2021, the Tucson entity did not make discretionary Priority Return payments to unrelated unit holders. The Trust no longer accrues for these distributions as the preference period has expired. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 5. VARIABLE INTEREST ENTITIES Management evaluates the Trust’s explicit and implicit variable interests to determine if they have any interests in variable interest entities (“VIEs”). Variable interests are contractual, ownership, or other pecuniary interests in an entity whose value changes with changes in the fair value of the entity’s net assets, exclusive of variable interests. Explicit variable interests are those which directly absorb the variability of a VIE and can include contractual interests such as loans or guarantees as well as equity investments. An implicit variable interest acts the same as an explicit variable interest except it involves the absorbing of variability indirectly, such as through related party arrangements or implicit guarantees. The analysis includes consideration of the design of the entity, its organizational structure, including decision making ability over the activities that most significantly impact the VIE’s economic performance. GAAP requires a reporting entity to consolidate a VIE when the reporting entity has a variable interest, or combination of variable interest, that provides it with a controlling financial interest in the VIE. The entity that consolidates a VIE is referred to as the primary beneficiary of that VIE. The Partnership has determined that the Albuquerque entity is a variable interest entity with the Partnership as the primary beneficiary with the ability to exercise control, as determined under the guidance of ASC Topic 810-10-25. In its determination, management considered the following qualitative and quantitative factors: a) The Partnership, Trust, and their related parties, which share common ownership and management, have guaranteed material financial obligations of the Albuquerque hotel. b) The Partnership, Trust and their related parties have maintained, as a group, a controlling ownership interest in the Albuquerque hotel, with the largest ownership belonging to the Trust. c) The Partnership, Trust and their related parties have maintained control over the decisions which most impact the financial performance of the Albuquerque hotel, including providing the personnel to operate the property daily. The following table includes assets that can only be used to settle the liabilities of Albuquerque Suites Hospitality LLC (Albuquerque Hotel) and the creditors have no recourse to the Trust. These assts and liabilities, with the exception of the intercompany accounts, which are eliminated upon consolidation with the Trust, are included in the accompanying consolidated balance sheets. January 31, 2021 2020 Assets Cash $ 81,652 $ 21,359 Accounts Receivable 11,231 23,355 Prepaid Expenses and Deposits 24,032 19,688 Hotel Properties, Net 1,394,528 1,641,582 Operating Lease -Right of Use 2,053,709 2,085,984 Total Assets $ 3,565,152 $ 3,791,968 Liabilities Accounts Payable $ 67,360 $ 135,165 Accrued Expenses and Other 1,014,842 278,071 Due to Affiliate - 15,000 Operating Lease Liability (ASC 842) 2,276,820 2,263,467 Mortgage Notes Payable 1,354,704 1,396,690 Total Liabilities $ 4,713,726 $ 4,088,393 Equity (1,148,574 ) (296,424 ) Liabilities & Equity $ 3,565,152 $ 3,791,968 |
Notes Receivable
Notes Receivable | 12 Months Ended |
Jan. 31, 2021 | |
Priority return payments | |
Notes Receivable | 6. NOTES RECEIVABLE On August 15, 2018 InnSuites Hospitality Trust (IHT) entered into a final sale agreement for its technology subsidiary, IBC Hotels LLC (IBC), with an effective sale date as of August 1, 2018 to an unrelated third-party buyer (Buyer). The payment terms to the sale agreement were later amended on December 7, 2020, as further described below. As a part of the sale, the Trust received a secured promissory note in the principal amount of $2,750,000 with interest to be accrued at 3.75% per annum, which is recorded in the accompanying condensed balance sheet in continuing operations, net of impairment of $825,000 as described below. ● No interest accrued through November 2021. ● Payments on the note receivable include principal and interest beginning in November 2021 ● Note is secured by (1) pledge of the Buyer’s interest in IBC, and (2) a security interest in all assets of IBC, provided IHT shall agree to subordinate such equity interest to commercially reasonable debt financing upon request. ● If after effective date IBC closes an equity transaction with net proceeds to IBC in excess of $2,500,000, IBC/Buyer shall pay to IHT an amount equal to (a) 50% of the net proceeds received by IBC and (b) 50% of the sum of the unpaid balance of the note and accrued interest accrued but unpaid interest thereon, as the date of receipt of the net proceeds by IBC. ● The note matures on June 1, 2024 ● Future payments on this note are shown in the table below. FISCAL YEAR 2022 91,667 2023 550,000 2024 550,000 2025 550,000 Thereafter 1,008,333 $ 2,750,000 Impairment (825,000 ) $ 1,925,000 Less: current portion of note receivable $ 91,667 Long term portion of note receivable 1,833,333 As of January 31, 2020, the Trust evaluated the carrying value of the note of $2,750,000 for potential impairment. After review, an impairment of $825,000, or 30%, was taken against the note. Factors for the impairment included, but were not limited to: ● Management’s evaluation of the current financial position of the Buyer, based on unaudited financial statements provided. ● Management’s best, conservative valuation of IBC’s assets, and their marketability, in the case of a default by the Buyer. ● The current and future impact of the COVID-19 pandemic, on the travel and hospitality industry, in which IBC’s reservation and booking technology operates. As of January 31, 2021, management evaluated the carrying value of the note and the impairment taken to date, and determined no further impairment is needed at this time. IHT has no managerial control nor does IHT have the ability to direct the operations or capital requirements of IBC as of August 1, 2018. IHT has no rights to any benefits or losses from IBC as of August 1, 2018. |
Convertible Note Receivable in
Convertible Note Receivable in Unigen Power, Inc. | 12 Months Ended |
Jan. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Convertible Note Receivable in Unigen Power, Inc. | 7. CONVERTIBLE NOTE RECEIVABLE IN UNIGEN POWER, INC. On December 16, 2019, the Trust entered into a Convertible Debenture Purchase Agreement with UniGen Power Inc. (“UPI” or “UniGen”). The Trust purchased secured convertible debentures (“Debentures”) in the aggregate amount of $1,000,000 (the “Loan Amount”) (the “Loan”) at an annual interest rate of 6%. The Debentures are convertible into Class A shares of UniGen Common Stock at an initial conversion rate of $1.00 per share. The Loan was structured into two (2) payments of $600,000 and $400,000. The first payment of $600,000 was made by the Trust at closing on December 16, 2019 and the second payment of $400,000 was made on February 3, 2020. UniGen issued the Trust common stock purchase warrants (the “Debenture Warrants”) to purchase up to 1,000,000 shares of Class A Common Stock (600,000 issued on January 31, 2020, and 400,000 issued on February 3, 2020). The Debenture Warrants are exercisable at an exercise price of $1.00 per share of Class A Common Stock. Subsequent to January 31, 2021, UniGen issued an additional 300,000 warrants at $2.25. UniGen, also, issued the Trust additional common stock purchase warrants (“Additional Warrants”) to purchase up to 200,000 shares of Class A Common Stock (120,000 issued at January 31, 2020, and 80,000 issued on February 3, 2020). The Additional Warrants are exercisable at an exercise price of $2.25 per share of Class A Common Stock. IHT may fund a $500,000 line of credit to be repaid in the form of UniGen stock at a rate of $1 per share. The total of all stock ownership upon conversion is 1 million shares and if all stock warrants are exercised, these would total to 3 million Unigen shares. On the Trust’s balance sheet, the investment of the $1,000,000 made in the current fiscal year consists of approximately $700,000 in note receivables and approximately $300,000 as the fair value of the warrant issued with the Trust’s investment in UniGen. The value of the premium related to the fair value of the warrants will accrete over the life of the debentures. The value of the warrants was based on Black-Scholes pricing model based on the following inputs: Debenture Warrants Type of option Call option Stock price $ 2.25 Exercise (Strike) price $ 1.00 Time to maturity (years) 2.0 Annualized risk-free rate 1.630 % Annualized volatility 27.43 % Additional Warrants Type of option Call option Stock price $ 2.25 Exercise (Strike) price $ 2.25 Time to maturity (years) 3.0 Annualized risk-free rate 1.630 % Annualized volatility 27.43 % UniGen has also agreed to allow IHT to fund a $500,000 line of credit at the option of IHT convertible into 500,000 shares of UniGen stock at $1 per share. Upon full subscription of the UniGen 2021 $2 million syndication in February 2021, it would grant IHT an additional 300,000 warrants at $2.25 per share granted by Unigen. The balance on this line of credit as of January 31, 2021 is $0. If all notes are converted and all available but not outstanding warrants exercised, IHT would hold up to approximately 25% of UniGen Ownership. Subsequent to January 31, 2021, no activity has occurred with this line of credit and thus no draws have been taken. During the Fiscal Year ended January 31, 2021, 60,000 warrants were exercised for $60,000 and in return the Trust received 60,000 shares of UniGen. Management believes recording the investment at cost approximates fair value since there have been no significant changes in the operations of Unigen and Unigen’s projects are still in the R&D phase. The Trust has valued Unigen investment as a level 3 fair value measurement, for the following reasons. The investment does not qualify for level 1 since there are no identical actively traded instruments or level 2 identical or similar unobservable markets. |
Property, Equipment, and Hotel
Property, Equipment, and Hotel Properties | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment, and Hotel Properties | 8. PROPERTY, EQUIPMENT, AND HOTEL PROPERTIES As of January 31, 2021 and January 31, 2020, hotel properties consisted of the following: January 31, 2021 January 31, 2020 Land $ 2,500,000 $ 2,500,000 Building and improvements 10,531,947 10,495,465 Furniture, fixtures and equipment 4,058,682 4,021,890 Total hotel properties 17,090,629 17,017,355 Less accumulated depreciation (8,961,498 ) (8,155,224 ) Hotel Properties in Service, net 8,129,131 8,862,131 Construction in progress - 40,965 Hotel properties, net $ 8,129,131 $ 8,903,096 As of January 31, 2021 and January 31, 2020, property and equipment consisted of the following: January 31, 2021 January 31, 2020 Land $ 7,005 $ 7,005 Building and improvements 75,662 75,662 Furniture, fixtures and equipment 166,122 160,986 Total property, plant and equipment 248,789 243,653 Less accumulated depreciation (188,070 ) (163,428 ) Property, Plant and Equipment, net $ 60,719 $ 80,225 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Jan. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 9. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are carried at historical cost and are expected to be consumed within one year. As of January 31, 2021, and 2020, prepaid expenses and other current assets consisted of the following: January 31, 2021 January 31, 2020 Tax and Insurance Escrow $ 60,522 $ 57,752 Deposits 5,000 5,000 Prepaid Insurance 24,515 (59 ) Prepaid Workman’s Compensation 12,124 6,754 Miscellaneous Prepaid Expenses 66,732 8,359 Total Prepaid Expenses and Current Assets $ 168,893 $ 77,806 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES As of January 31, 2021 and 2020, accounts payable and accrued expenses consisted of the following: January 31, 2021 January 31, 2020 Accounts Payable $ 136,648 $ 421,281 Accrued Salaries and Wages 148,576 89,448 Accrued Vacation 11,687 8,472 Income Tax Payable 93,944 146,666 Accrued Interest Payable 17,482 - Advanced Deposits 19,371 59,194 Accrued Property Taxes 74,486 32,766 Sales Tax Payable 244,726 382,779 Accrued Occupancy Tax 844,438 - Accrued Other 262,244 244,365 Total Accounts Payable and Accrued Expenses $ 1,853,602 $ 1,384,971 |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | 11. MORTGAGE NOTES PAYABLE On January 31, 2021 and January 31, 2020, the Trust had a mortgage note payable outstanding with respect to the Tucson Hotel. The mortgage note payable has a scheduled maturity date in June 2042. Weighted average annual interest rates on mortgage notes payable as of January 31, 2021 and January 31, 2020 were 4.69%, respectively. The following table summarizes the Trust’s mortgage notes payable, net of debt discounts, as of January 31, 2021: 2021 2020 Mortgage note payable, due in monthly installments of $28,493, including interest at 4.69% per year, through June 19, 2042, secured by the Tucson Oracle property with a carrying value of $7.2 million at January 31, 2021. 4,582,880 4,708,979 Mortgage note payable, due in monthly installments of $9,218, including interest at 4.90% per year, through December 2, 2029, secured by the Albuquerque property with a carrying value of $1.6 million at January 31, 2021. $ 1,354,704 $ 1,396,690 Totals: $ 5,937,584 $ 6,105,669 On June 29, 2017, Tucson Oracle entered into a $5.0 million Business Loan Agreement (“Tucson Loan”) as a first mortgage credit facility with KS State Bank to refinance the existing first mortgage credit facility with an approximate payoff balance of $3.045 million which will allow Tucson Hospitality Properties, LLLP to be reimbursed for prior and future hotel improvements. The Tucson Loan has a maturity date of June 19, 2042. The Tucson Loan has an initial interest rate of 4.69% for the first five years and thereafter a variable rate equal to the US Treasury + 2.0% with a floor of 4.69% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust, RRF Limited Partnership, Rare Earth Financial, LLC, James F. Wirth and Gail J. Wirth and the Wirth Family Trust dated July 14, 2016. As of January 31, 2021, the mortgage loan balance was approximately $4,583,000. On December 2, 2019, Albuquerque Suites Hospitality, LLC entered into a $1.4 million Business Loan Agreement (“Albuquerque Loan”) as a first mortgage credit facility with Republic Bank of Arizona. The Albuquerque Loan has a maturity date of December 2, 2029. The Albuquerque Loan has an initial interest rate of 4.90% for the first five years and thereafter a variable rate equal to the US Treasury + 3.5% with a floor of 4.69% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust. As of January 31, 2021, the mortgage loan balance was approximately $1,355,000. See Note 15 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable. |
Notes Payable to Banks
Notes Payable to Banks | 12 Months Ended |
Jan. 31, 2021 | |
Notes Payable To Banks | |
Notes Payable to Banks | 12. NOTES PAYABLE TO BANKS On October 17, 2017, the Trust entered into a Business Loan Agreement with Republic Bank of Arizona for a revolving line of credit for $150,000. The loan has a variable rate as the published rate in the Wall Street Journal and matures in December 2021. The balance as of January 31, 2021 and 2020 was $0. On October 17, 2017 Albuquerque Suite Hospitality LLC (the Albuquerque Hotel) entered into a Business Loan Agreement with Republic Bank of Arizona for a revolving line of credit for $50,000. The loan has a variable rate as the published rate in the Wall Street Journal and matures in October 2022. The balance as of January 31, 2021 and 2020 was $0. On October 17, 2017 Tucson Hospitality Properties LLLP (the Tucson Hotel) entered into a Business Loan Agreement for a revolving line of credit for $50,000. The loan has a variable rate as the published rate in the Wall Street Journal and matures in October 2022. The balance as of January 31, 2021 and 2020 was $0. |
Lines of Credit - Related Party
Lines of Credit - Related Party | 12 Months Ended |
Jan. 31, 2021 | |
Line of Credit Facility [Abstract] | |
Lines of Credit - Related Party | 14. OTHER NOTES PAYABLE As of January 31, 2021, the Trust had approximately $62,000 in promissory notes outstanding to unrelated third parties arising from the repurchase of 146,124 Shares of Beneficial Interest in privately negotiated transactions. These promissory notes bear interest at 7% per year and are due in varying monthly payments through January 2023. As of January 31, 2020, the Trust had a $200,000 unsecured note payable with an individual lender. The promissory note is payable on demand, or on June 30, 2021, whichever occurs first. The loan has been subsequently extended to December 2022. The loan accrues interest at 4.5% and interest only payments shall be made monthly and are due on the first of the following month. The Trust may pay all of part of this note without any repayment penalties. The total principal amount of this loan is $200,000 as of January 31, 2021. On June 20, 2016, March 1 2017, May 30, 2018, and July 18, 2018 the Trust and the Partnership together entered into multiple unsecured loans totaling $270,000 with Guy C. Hayden III (“Hayden Loans”). As of July 1, 2019 these loans were consolidated and extended at 4.5% interest only, with similar terms to June 30, 2021. The loans have been subsequently extended to December 2022. The Trust may pay all or part of this note without any repayment penalties. The total principal amount of the Hayes Loans is $270,000 as of January 31, 2021. On March 20, 2017, the Trust and Partnership entered multiple, unsecured loans to Marriott Sweitzer Hayes (“Sweitzer Loans”), totaling $100,000. As of July 1, 2019 these loans were consolidated and extended at 4.0% interest only, with similar terms to June 30, 2021. The loans have been subsequently extended to December 2022. The total principal amount of the Sweitzer Loans is $100,000 as of January 31, 2021. As a result of the Covid-19 Virus Pandemic, and the subsequent Legislation passed within the CARES Act of 2020, the Trust applied for and received Small Business Administration (“SBA”) loans through the Paycheck Protection Program (“PPP”). Loans in the amount of approximately $229,000, $188,000, and $87,000, for Tucson, Albuquerque, InnSuites Hospitality, respectively, were granted and received. The lender of all three of the PPP Loans has confirmed that all three loans have met all the requirements necessary to qualify and be eligible for full and complete forgiveness in early 2021, based upon the SBA criteria for PPP loan forgiveness, subject to and pending the forgiveness application. As of January 31, 2021 the PPP Loan in other income received by the Trust was fully forgiven in the amount of approximately $87,000 recorded in other income in the statement of operations. The PPP loan received by Tucson for $228,602 was forgiven in March 2021. The remaining Albuquerque Hotel loan forgiveness of approximately $188,000 was completed in March 2021. On March 5, 2021, the Albuquerque hotel received another PPP Loan in the amount of $253,253. On March 15, 2021, the Tucson hotel received an additional PPP Loan in the amount of $297,601. Management expects but cannot guarantee these additional PPP Loans received by the Tucson and Albuquerque hotels, because of the Covid-19 Virus Pandemic, to be fully forgiven, based upon SBA guidelines. See Note 15 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable. |
Other Notes Payable
Other Notes Payable | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Other Notes Payable | 14. OTHER NOTES PAYABLE As of January 31, 2021, the Trust had approximately $62,000 in promissory notes outstanding to unrelated third parties arising from the repurchase of 146,124 Shares of Beneficial Interest in privately negotiated transactions. These promissory notes bear interest at 7% per year and are due in varying monthly payments through January 2023. As of January 31, 2020, the Trust had a $200,000 unsecured note payable with an individual lender. The promissory note is payable on demand, or on June 30, 2021, whichever occurs first. The loans have been subsequently extended to December 2022. The loan accrues interest at 4.5% and interest only payments shall be made monthly and are due on the first of the following month. The Trust may pay all of part of this note without any repayment penalties. The total principal amount of this loan is $200,000 as of January 31, 2021. On June 20, 2016, March 1 2017, May 30, 2018, and July 18, 2018 the Trust and the Partnership together entered into multiple unsecured loans totaling $270,000 with Guy C. Hayden III (“Hayden Loans”). As of July 1, 2019 these loans were consolidated and extended at 4.5% interest only, with similar terms to June 30, 2021. The loans have been subsequently extended to December 2022. The Trust may pay all or part of this note without any repayment penalties. The total principal amount of the Hayes Loans is $270,000 as of January 31, 2021. On March 20, 2017, the Trust and Partnership entered multiple, unsecured loans to Marriott Sweitzer Hayes (“Sweitzer Loans”), totaling $100,000. As of July 1, 2019 these loans were consolidated and extended at 4.0% interest only, with similar terms to June 30, 2021. The loans have been subsequently extended to December 2022. The total principal amount of the Sweitzer Loans is $100,000 as of January 31, 2021. As a result of the Covid-19 Virus Pandemic, and the subsequent Legislation passed within the CARES Act of 2020, the Trust applied for and received Small Business Administration (“SBA”) loans through the Paycheck Protection Program (“PPP”). Loans in the amount of approximately $229,000, $188,000, and $87,000, for Tucson, Albuquerque, InnSuites Hospitality, respectively, were granted and received. The lender of all three of the PPP Loans has confirmed that all three loans have met all the requirements necessary to qualify and be eligible for full and complete forgiveness in early 2021, based upon the SBA criteria for PPP loan forgiveness, subject to and pending the forgiveness application. As of January 31, 2021 the PPP Loan received by the Trust was fully forgiven in the amount of approximately $87,000. The PPP loan received by Tucson was forgiven in March 2021. The remaining Albuquerque Hotel loan forgiveness of approximately $188,000 was completed in March 2021. On March 5, 2021, the Albuquerque hotel received another PPP Loan in the amount of $253,253. On March 15, 2021, the Tucson hotel received an additional PPP Loan in the amount of $297,601. Management expects but cannot guarantee these additional PPP Loans received by the Tucson and Albuquerque hotels, because of the Covid-19 Virus Pandemic, to be fully forgiven, based upon SBA guidelines. On July 14, 2017, the Trust purchased 40,000 shares of IHT stock from Marc Berg for $80,000. The balance was converted to a note payable with an annual interest rate of 7%. As of January 31, 2021, the note payable had an outstanding balance of $0. On July 14, 2017, the Trust purchased 45,975 units of RRF Limited Partnership from Brian Wirth for $91,950. The balance was converted to a note payable with an annual interest rate of 7%. As of January 31, 2021, the note payable had an outstanding balance of $0. On July 14, 2017, the Trust purchased 45,975 units of RRF Limited Partnership from Christopher Wirth for $91,950. The balance was converted to a note payable with an annual interest rate of 7%. As of January 31, 221, the note payable had an outstanding balance of $0. On July 14, 2017, the Trust purchased 45,975 units of RRF Limited Partnership from Pamela Barnhill (Wirth family member) for $91,950. The balance was converted to a note payable with an annual interest rate of 7%. As of January 31, 221, the note payable had an outstanding balance of $0. On July 14, 2017, the Trust purchased 250,000 units of RRF Limited Partnership from James Wirth for $500,000. The balance was converted to a note payable with an annual interest rate of 7%. As of January 31, 2021, the note payable had an outstanding balance of $0. See Note 15 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable. |
Minimum Debt Payments
Minimum Debt Payments | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Minimum Debt Payments | 15. MINIMUM DEBT PAYMENTS Scheduled minimum payments of debt, net of debt discounts, as of January 31, 2021 are approximately as follows in the respective fiscal years indicated: FISCAL YEAR MORTGAGES OTHER NOTES PAYABLE TOTAL 2022 $ 168,799 $ 47,216 $ 216,015 2023 176,852 1,000,877 1,177,729 2024 219,151 219,151 2025 192,828 192,828 2026 203,490 203,490 2027 213,930 213,930 Thereafter 4,762,534 4,762,534 $ 5,937,584 $ 1,048,093 $ 6,985,677 |
Leases
Leases | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases | 16. LEASES The Trust has operating leases for its corporate offices in Phoenix, Arizona and land leased in Albuquerque, New Mexico, and a cable equipment finance lease in Tucson, Arizona. The Trust’s corporate office lease includes options to extend or terminate the leases and the Trust includes these options in the lease term when it is reasonably certain to exercise that option. All leases are non-cancelable. Operating Leases On August 4, 2017, the Trust entered into a five-year office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020 commencing on September 1, 2017. Base monthly rent of $4,100 increases 6% on a yearly basis. No rent is due for October 2018 and October 2022 months. The Trust also agreed to pay electricity and applicable sales tax. The office lease agreement provides early termination with a 90-day notification with an early termination fee of $12,000, $8,000, $6,000, $4,000, and $2,000 for years 1 - 5 of the lease term. The Trust’s Albuquerque Hotel is subject to non-cancelable ground lease. The Albuquerque Hotel non-cancelable ground lease was extended on January 14, 2014 and expires in 2058. The Trust’s Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2021 consist of the following: Fiscal Year Ended Operating Lease Costs: Operating lease cost $ 200,347 Supplemental cash flow information is as follows: Fiscal Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 168,780 Lease Obligations obtained: Operating leases, net $ 2,369,281 Long-term obligations $ 2,310,745 Weighted average remaining lease terms and discount rates were as follows: Weighted average remaining lease term (years) January 31, 2021 Operating leases 37 Weighted average discount rate Operating leases 4.85 % The aggregate future lease payments for Operating Lease Liability as of January 31, 2021 are as follows: For the Years Ending January 31, 2022 $ 172,177 2023 148,348 2024 112,116 2025 112,116 2026 112,116 Thereafter 5,039,195 Total minimum lease payments $ 5,696,068 Less: amount representing interest 3,326,787 Total present value of minimum payments 2,369,281 Less: current portion of operating lease liability $ 58,536 Long term portion of operating lease liability 2,310,745 Finance Leases The Company’s Tucson Oracle Hotel is subject to non-cancelable cable lease that expires in 2023. The Trust’s Finance Lease costs recognized in the Consolidated Statement of Income for the Fiscal Year ended January 31, 2021 consist of the following: Fiscal Year Ended January 31, 2021 Finance Lease Costs: Amortization of lease obligations $ 27,749 Interest on lease obligations 4,581 Supplemental cash flow information is as follows: Fiscal Year Ended January 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 31,123 Lease Obligations obtained: Finance leases, net $ 79,976 Long-term obligations $ 52,118 Weighted average remaining lease terms and discount rates were as follows: Weighted average remaining lease term (years) January 31, 2021 Finance leases 3 Weighted average discount rate Finance leases 4.85 % The aggregate future lease payments for Finance Lease Liability as of January 31, 2021 are as follows: For the Years Ending January 31, 2022 $ 31,123 2023 31,123 2024 23,343 Total minimum lease payments $ 85,589 Less: amount representing interest 5,613 Total present value of minimum payments 79,976 Less: current portion $ 27,858 Long term portion of finance lease liability 52,118 The aggregate annual lease obligations at January 31, 2021 are as follows: Fiscal Year Operating Leases Finance Leases 2022 $ 172,177 $ 31,123 2023 148,348 31,123 2024 112,116 23,343 2025 112,116 - 2026 112,116 - Thereafter 5,039,195 - Total undiscounted lease obligations 5,696,068 85,589 Less imputed interest (3,326,787 ) (5,613 ) Net lease obligations $ 2,369,281 $ 79,976 |
Description of Beneficial Inter
Description of Beneficial Interests | 12 Months Ended |
Jan. 31, 2021 | |
Description Of Beneficial Interests | |
Description of Beneficial Interests | 17. DESCRIPTION OF BENEFICIAL INTERESTS Holders of the Trust’s Shares of Beneficial Interest are entitled to receive dividends when and if declared by the Board of Trustees of the Trust out of funds legally available, therefore. The holders of Shares of Beneficial Interest, upon any liquidation, dissolution or winding-down of the Trust, are entitled to share ratably in any assets remaining after payment in full of all liabilities of the Trust. The Shares of Beneficial Interest possess ordinary voting rights, each share entitling the holder thereof to one vote. Holders of Shares of Beneficial Interest do not have cumulative voting rights in the election of Trustees and do not have preemptive rights. On January 2, 2001, the Board of Trustees approved a share repurchase program under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, for the purchase of up to 250,000 Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. On September 10, 2002, August 18, 2005 and September 10, 2007, the Board of Trustees approved the purchase of up to 350,000 additional Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. Additionally, on January 5, 2009, September 15, 2009 and January 31, 2010, the Board of Trustees approved the purchase of up to 300,000, 250,000 and 350,000, respectively, of additional Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. Acquired Shares of Beneficial Interest will be held in treasury and will be available for future acquisitions and financings and/or for awards granted under the Trust’s equity compensation plans/programs. Additionally, on June 19, 2017, the Board of Trustees approved a share repurchase program under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, for the purchase of up to 750,000 Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. Acquired Shares of Beneficial Interest will be held in treasury and will be available for future acquisitions and financings and/or for awards granted under the InnSuites Hospitality Trust 1997 Stock Incentive and Option Plan. For the years ended January 31, 2021 and 2020, the Trust repurchased 233,569 and 104,993 Shares of Beneficial Interest at an average price of $1.06 and $1.64 per share, respectively. The average price paid includes brokerage commissions. The Trust intends to continue repurchasing Shares of Beneficial Interest in compliance with applicable legal and NYSE AMERICAN requirements. The Trust remains authorized to repurchase an additional 372,965 Partnership units and/or Shares of Beneficial Interest pursuant to the publicly announced share repurchase program, which has no expiration date. Repurchased Shares of Beneficial Interest are accounted for as treasury stock in the Trust’s Consolidated Statements of Shareholders’ Equity. |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | 18. FEDERAL INCOME TAXES The Trust and subsidiaries have income tax net operating loss carryforwards of approximately $5.4 million at January 31, 2021. In 2005, the Trust had an ownership change within the meaning of Internal Revenue Code Section 382. However, the Trust determined that such ownership change would not have a material impact on the future use of the net operating losses. The Trust amended the federal and state income tax returns for tax years 2017 and 2018, resulting in a recalculation of the net operating loss carry-forward. The impact of the amended returns are reflected in the below data. Total and net deferred income tax assets on January 31, 2021 2020 Net operating loss carryforwards $ 1,352,000 $ 1,075,000 Bad debt allowance 2,000 4,000 Accrued expenses (2,000 ) (4,000 ) Syndications 2,923,000 2,923,000 Prepaid Insurance (4,000 ) - Alternative minimum tax credit 51,000 51,000 Total deferred tax asset 4,322,000 4,049,000 Deferred income tax liability associated with book/tax (1,502,000 ) (1,551,000 ) Net deferred income tax asset 2,820,000 2,498,000 Valuation allowance (2,820,000 ) (2,498,000 ) $ - $ - Income taxes for the year ended January 31, 2021 2020 Current income tax provision (benefit) (68,661 ) (294,402 ) Deferred income tax provision (benefit) 321,306 384,298 Change in valuation allowance (321,306 ) (384,298 ) Net income tax expense (benefit) (68,661 ) (294,402 ) The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2021: 2021 Amount Percent Federal statutory rates $ (309,200 ) 21 % State income taxes (77,000 ) 5 % Change in valuation allowance 321,300 -22 % True-up to prior year returns (4,000 ) 0 % Effective rate $ - 5 % The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2020: 2020 Amount Percent Federal statutory rates $ (477,000 ) 21 % State income taxes (120,000 ) 5 % Change in valuation allowance 384,300 -17.00 % Amended to 2017 Amended Tax Returns and Other Adjustments (81,700 ) 4 % Effective rate $ - 0 % The Trust is taxed as a C-Corporation. The Trust’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Trust has received various IRS and state tax jurisdiction notices which the Trust in the process of responding to in which management believes the notices are without merit and expect full remediation of all tax notices. The Trust and subsidiaries have deferred tax assets of $4.3 million which includes cumulative net operating loss carryforwards of $1.3 million and syndications of $2.9 million, and deferred tax liability associated with book/tax differences of $1.5 million as of January 31, 2021. We have evaluated the net deferred tax asset and determined that it is not more likely than not we will receive full benefit from the net operating loss carryforwards. Therefore, we have determined a valuation allowance of approximately $2.8 million. |
Other Related Party Transaction
Other Related Party Transactions | 12 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
Other Related Party Transactions | 19. OTHER RELATED PARTY TRANSACTIONS As of January 31, 2021 and January 31, 2020, Mr. Wirth and his affiliates held 2,974,038 Class B Partnership units, which represented 22.51% of the total outstanding Partnership units, respectively. As of January 31, 2021 and January 31, 2020, Mr. Wirth and his affiliates held 5,876,683 Shares of Beneficial Interest in the Trust, respectively, which represented 61.42% and 61.38% respectively, of the total issued and outstanding Shares of Beneficial Interest. As of January 31, 2021 and January 31, 2020, the Trust owned 75.89% of the Partnership, respectively. As of January 31, 2021, the Partnership owned a 51.01% interest in the InnSuites® hotel located in Tucson. The Trust also owned a direct 20.67% interest in one InnSuites® hotel located in Albuquerque, New Mexico. During the fiscal years ended January 31, 2021 and 2020, the Trust paid Berg Investment Advisors $6,000 for additional consultative services rendered by Mr. Marc Berg, the Trust’s Executive Vice President. The Trust employs an immediate family member of Mr. Wirth, Brian James Wirth, who provides technology support services to the Trust, receiving a $62,000 annual salary. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 20. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the estimated fair values of the Trust’s debt instruments, based on rates currently available to the Trust for bank loans with similar terms and average maturities, and the associated carrying value recognized in the consolidated balance sheets at January 31, 2021 and 2020: 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage Notes Payable $ 5,937,584 $ 3,677,645 $ 4,824,692 $ 3,141,032 Notes Payable to Banks $ - $ - $ 9,300 $ 9,3000 Other Notes Payable $ 1,048,093 $ 1,048,093 $ 1,494,030 $ 1,494,030 |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | 21. SUPPLEMENTAL CASH FLOW DISCLOSURES 2021 2020 Cash Paid for Interest $ 412,000 $ 109,000 Notes Payables $ 10,000 $ 51,000 Deferred Rent Reclassified to ROU Asset $ - $ 171,344 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 22. COMMITMENTS AND CONTINGENCIES Restricted Cash: The Trust is obligated under a loan agreement relating to the Tucson Oracle property to deposit 4% of the individual hotel’s room revenue into an escrow account to be used for capital expenditures. The escrow funds applicable to the Tucson Oracle property for which a mortgage lender escrow exists is reported on the Trust’s Consolidated Balance Sheet as “Restricted Cash.” Since a $0 cash balance existed in Restricted Cash for the fiscal years 2021 and 2020, Restricted Cash line was omitted on the Trust’s Consolidated Balance Sheet. Membership Agreements: InnSuites Hotels has entered into membership agreements with Best Western International, Inc. (“Best Western”) for both hotel properties. In exchange for use of the Best Western name, trademark and reservation system, all Hotels pay fees to Best Western based on reservations received through the use of the Best Western reservation system and the number of available suites at the Hotels. The agreements with Best Western have no specific expiration terms and may be cancelled by either party. Best Western requires that the hotels meet certain requirements for room quality, and the Hotels are subject to removal from its reservation system if these requirements are not met. The Hotels with third-party membership agreements received significant reservations through the Best Western reservation system. Under these arrangements, fees paid for membership fees and reservations were approximately $40,822 and $84,550 for the fiscal years ended January 31, 2021 and 2020, respectively. These costs include fees for the Albuquerque and Tucson hotels in 2020. These fees are included in room operating expenses on the consolidated statements of operations for Albuquerque and Tucson. Litigation: The Trust is involved from time to time in various other claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Trust’s unaudited condensed consolidated financial position, results of operations or liquidity. The nature of the operations of the Hotels exposes them to risks of claims and litigation in the normal course of their business. Although the outcome of these matters cannot be determined and is covered by insurance, management does not expect that the ultimate resolution of these matters will have a material adverse effect on the unaudited condensed consolidated financial position, results of operations or liquidity of the Trust. Indemnification: The Trust has entered into indemnification agreements with all of our executive officers and Trustees. The agreements provide for indemnification against all liabilities and expenses reasonably incurred by an officer or Trustee in connection with the defense or disposition of any suit or other proceeding, in which he or she may be involved or with which he or she may be threatened, while in office or thereafter, because of his or her position at the Trust. There is no indemnification for any matter as to which an officer or Trustee is adjudicated to have acted in bad faith, with willful misconduct or reckless disregard of his or her duties, with gross negligence, or not in good faith in the reasonable belief that his or her action was in the Trust’s best interests. These agreements require the Trust, among other things, to indemnify the director or officer against specified expenses and liabilities, such as attorneys’ fees, judgments, fines and settlements, paid by the individual in connection with any action, suit or proceeding arising out of the individual’s status or service as our director or officer, other than liabilities arising from willful misconduct or conduct that is knowingly fraudulent or deliberately dishonest, and to advance expenses incurred by the individual in connection with any proceeding against the individual with respect to which the individual may be entitled to indemnification by us. The Trust may advance payments in connection with indemnification under the agreements. The level of indemnification is to the full extent of the net equity based on appraised and/or market value of the Trust. Historically, the Trust has not incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities in the accompanying consolidated balance sheets. |
Share-Based Payments and Stock
Share-Based Payments and Stock Options | 12 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Share-Based Payments and Stock Options | 23. SHARE-BASED PAYMENTS AND STOCK OPTIONS The Trust compensates its three non-employee Trustees for their services through grants of restricted Shares. The aggregate grant date fair value of these Shares was $28,800. These restricted 18,000 shares, (6,000 each to the three Independent Trustees), vest in equal monthly amounts during fiscal year 2021. See Note 2 – “Summary of Significant Accounting Policies” for information related to grants of restricted shares under “Stock-Based Compensation.” |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 24. SEGMENT REPORTING The Trust has determined that the Trust operations are comprised of one reportable segment, Hotel Operations & Hotel Management Services segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. The Trust’s investments in the southwest region of the United States. The CODM does not review assets by geographical region; therefore, no income statement or balance sheet information by geographical region is provided. |
COVID-19 Disclosure
COVID-19 Disclosure | 12 Months Ended |
Jan. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Disclosure | 25. COVID-19 DISCLOSURE COVID-19 has had a material detrimental impact on our business, financial results and liquidity, and such impact could worsen and last for an unknown period of time. The global spread of COVID-19 has been and continues to be a complex and rapidly evolving situation, with governments, public institutions and other organizations imposing or recommending, and business and individuals implementing, at various times and to varying degrees, restrictions on various activities or other actions to combat its spread, such as restrictions and bans on travel or transportation, limitations on the size of gatherings, closures of or occupancy or other operating limitations on work facilities, schools, public buildings and business, cancellation of events, including sporting events, conferences and meetings, and quarantines and lock-downs. COVID-19 and its consequences have dramatically reduced travel and demand for hotel rooms, which has and will continue to impact our business, operations, and financial results. We believe that it will be some time before lodging demand and revenue levels recover and such recovery could vary across markets or regions around the world. The extent to which COVID-19 impacts our business, operations, and financial results, including the duration and magnitude of such effects, will depend on numerous evolving factors that we may not be able to accurately predict or assess, including the duration and scope of COVID-19 (including the location and extent of resurgences of the virus and the availability of effective treatments or vaccines); the negative impact COVID-19 has on global and regional economies and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; its short and longer-term impact on the demand for travel, transient and group business; and levels of consumer confidence. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 26. SUBSEQUENT EVENTS Subsequent to the fiscal year ended January 31, 2021 the Trust repurchased 201,676 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $211,000. We have evaluated subsequent events through the filing date of this Form 10-K and determined that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosures in the notes thereto other than as disclosed in the accompanying notes to the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | USE OF ESTIMATES The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the audited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Trust’s operations are affected by numerous factors, including the economy, virus/pandemic, competition in the hotel industry and the effect of the economy on the travel and hospitality industries. The Trust cannot predict if any of the above items will have a significant impact in the future, nor can it predict what impact, if any, the occurrence of these or other events might have on the Trust’s operations and cash flows. Significant estimates and assumptions made by management include, but are not limited to, the estimated useful lives of long-lived assets and recoverability of long-lived assets and the fair values of the long-lived assets. |
Property, Equipment, and Hotel Properties | PROPERTY, EQUIPMENT, AND HOTEL PROPERTIES Furniture, fixtures, building and improvements and hotel properties are stated at cost, except for land, and depreciated using the straight-line method over estimated lives ranging up to 40 years for buildings and improvements, and 3 to 10 years for furniture, fixtures, and equipment. Land is an indefinite-lived asset. The Trust tests its land for impairment annually, or whenever events or changes in circumstances indicates an impairment may have occurred, by comparing its carrying value to its implied fair value. Management applies guidance ASC 360-10-35, to determine when it is required to test an asset for recoverability of its carrying value and whether, or not, an impairment exists. Under ASC 360-10-35, the Trust is required to test a long-lived asset for impairment when there is an indicator of impairment. Impairment indicators may include, but are not limited to, a drop in the performance of a long-lived asset, a decline in the hospitality industry or a decline in the economy. If an indicator of potential impairment is present, then an assessment is performed of whether the carrying amount of an asset exceeds its estimated undiscounted future cash flows over its estimated remaining life. If the estimated undiscounted future cash flows over the asset’s estimated remaining life are greater than the asset’s carrying value, no impairment is recognized; however, if the carrying value of the asset exceeds the estimated undiscounted future cash flows, then the Trust would recognize an impairment expense to the extent the asset’s carrying value exceeds its fair value, if any. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are analyzed on a property-specific basis independent of the cash flows of other groups of assets. Evaluation of future cash flows is based on historical experience and other factors, including certain economic conditions, and committed future bookings. Management has determined no impairment for the Fiscal Years ended January 31, 2021, and January 31, 2020, respectively. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS The Trust considers all highly liquid short-term investments with maturities of three months or less at the time of purchase to be cash equivalents. The Trust believes it places its cash and cash equivalents only with high credit quality financial institutions, although these balances may periodically exceed federally insured limits. |
Cost Method Investment in Private Company Stock | COST METHOD INVESTMENT IN PRIVATE COMPANY STOCK Investment in private company stock consists of equity securities recorded at fair value. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We analyze our marketable securities in accordance with Accounting Standard Codification 321 (“ASC 321”). Valuations for private company stock are based on quoted prices for identical assets in active markets. Where marketable securities were found not be part of an actively traded market, we made a measurement alternative election and estimate the fair value at cost of the investment minus impairment. As of January 31, 2021, the Trust owned 60,000 shares of common stock in Unigen Power, Inc. (UPI), a non-affiliated privately held entity, at a cost of $60,000. As of January 31, 2021 the Trust accounted for such securities at cost minus impairment due to the investment not being traded on an active market noting that UPI had limited operations and was still in the start-up and research and development stage. |
Revenue Recognition | REVENUE RECOGNITION Hotel and Operations Revenues are primarily derived from the sources below and are recognized as services are rendered and when collectability is reasonably assured. Amounts received in advance of revenue recognition are considered deferred liabilities and are generally not significant. Revenues primarily consist of room rentals, food and beverage sales, management and trademark fees and other miscellaneous revenues from our properties. Revenues are recorded when rooms are occupied and when food and beverage sales are delivered. Management and trademark fees from non-affiliated hotels include a monthly accounting fee and a percentage of hotel room revenues for managing the daily operations of the Hotels and the one hotel owned by affiliates of Mr. Wirth. Each room night consumed by a guest with a cancellable reservation represents a contract whereby the Trust has a performance obligation to provide the room night at an agreed upon price. For cancellable reservations, the Trust recognizes revenue as each performance obligation (i.e., each room night) is met. Such contract is renewed if the guest continues their stay. For room nights consumed by a guest with a non-cancellable reservation, the entire reservation period represents the contract term whereby the Trust has a performance obligation to provide the room night or nights at an agreed upon price. For non-cancellable reservations, the Trust recognizes revenue over the term of the performance period (i.e., the reservation period) as room nights are consumed. For these reservations, the room rate is typically fixed over the reservation period. The Trust uses an output method based on performance completed to date (i.e., room nights consumed) to determine the amount of revenue it recognizes on a daily basis if the length of a non-cancellable reservation exceeds one night since consumption of room nights indicates when services are transferred to the guest. In certain instances, variable consideration may exist with respect to the transaction price, such as discounts, coupons and price concessions made upon guest checkout. In evaluating its performance obligation, the Trust bundles the obligation to provide the guest the room itself with other obligations (such as free Wi-Fi, grab and go breakfast, access to on-site laundry facilities and parking), as the other obligations are not distinct and separable because the guest cannot benefit from the additional amenities without the consumed room night. The Trust’s obligation to provide the additional items or services is not separately identifiable from the fundamental contractual obligation (i.e., providing the room and its contents). The Trust has no performance obligations once a guest’s stay is complete. We are required to collect certain taxes and fees from customers on behalf of government agencies and remit these back to the applicable governmental agencies on a periodic basis. We have a legal obligation to act as a collection agent. We do not retain these taxes and fees and, therefore, they are not included in revenues. We record a liability when the amounts are collected and relieve the liability when payments are made to the applicable taxing authority or other appropriate governmental agency. |
Accounts Receivables and Allowance for Doubtful Accounts | ACCOUNTS RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are carried at original amounts billed less an estimate made for doubtful accounts based on a review of outstanding amounts on a quarterly basis (net realizable value). Management generally records an allowance for doubtful accounts for 50% of balances over 90 days and 100% of balances over 120 days. Accounts receivable are written off when collection efforts have been exhausted and they are deemed uncollectible. Recoveries, if any, of receivables previously written off are recorded when received. The Trust does not charge interest on accounts receivable balances and these receivables are unsecured. The following is a reconciliation of the allowance for doubtful accounts for the fiscal years ended January 31, 2021 and 2020. Fiscal Year Balance at the Beginning of Period Charged to Expense Deductions Balance at the End of Period 2021 $ (14,789 ) $ - $ 14,789 $ - 2020 $ (5,943 ) $ (13,223 ) $ 4,377 $ (14,789 ) |
Income Tax Receivable | INCOME TAX RECEIVABLE The Trust amended its corporate tax returns for the year ended January 31, 2019. Such amendments resulted in a refund of approximately $294,000, of which the Trust received approximately $175,000 in August 2020. The remaining refund of approximately $120,000 was reduced by approximately $52,000 as a result of taxes owed and accrued from prior periods. The Trust received the remaining amount of approximately $68,000, in March 2021. |
Lease Accounting | LEASE ACCOUNTING The Trust determines, at the inception of a contract, if the arrangement is a lease and whether it meets the classification criteria for a finance or operating lease. ROU assets represent the Trust’s right to use an underlying asset during the lease term and lease liabilities represent the Trust’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. ROU assets also include any advance lease payments and exclude lease incentives. As most of the Trust’s operating leases do not provide an implicit rate, the Trust uses its incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Operating fixed lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term (see Note 16). |
Trustee Stock-based Compensation | TRUSTEE STOCK-BASED COMPENSATION The Trust has an employee equity incentive plan, which is described further fully in Note 23 - “Share-Based Payments.” The three independent members of the Board of Trustees earn 6,000 IHT Shares per year. The Trust has paid the annual fees due to its Trustees by issuing Shares of Beneficial Interest out of its authorized but unissued Shares. Upon issuance, the Trust recognizes the shares as outstanding. The Trust recognizes expense related to the issuance based on the fair value of the shares upon the date of the restricted share grant and amortizes the expense equally over the period during which the shares vest to the Trustees. During fiscal year 2021, the Trust granted restricted stock awards of 18,000 Shares to three independent members of the Board of Trustees, resulting in stock-based compensation of $28,800. The shares vest over one year, through the end of fiscal year ended January 31, 2021 monthly at a rate of approximately 500 shares for each outside Trustee or a total of 1,500 per month for three independent Trustees. The following table summarizes restricted share activity during fiscal years 2020 and 2021. Restricted Shares Shares Price on date of grant Balance at January 31, 2019 - - Granted 18,000 $ 1.35 Vested (18,000 ) $ 1.35 Forfeited - Balance of unvested awards at January 31, 2020 - Granted 18,000 $ 1.60 Vested (18,000 ) $ 1.60 Balance of unvested awards at January 31, 2021 - - |
Treasury Stock | TREASURY STOCK Treasury stock is carried at cost, including any brokerage commissions paid to repurchase the shares. Any shares issued from treasury stock are removed at cost, with the difference between cost and fair value at the time of issuance recorded against Shares of Beneficial Interest. |
Income Taxes | INCOME TAXES The Trust is subject to federal and state corporate income taxes, and accounts for deferred taxes utilizing an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when it is determined to be more likely than not that some portion, or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment (see Note 18). |
Dividends And Distributions | DIVIDENDS AND DISTRIBUTIONS In fiscal years 2021 and 2020, the Trust paid a semi-annual dividend of $0.01 per share each, at the end of the second fiscal quarter and at the end of the fourth fiscal quarter for a total annual dividend of $0.02 for each fiscal year in the amounts of $191,848 and $191,924, respectively. The Trust’s long-term ability to pay dividends is largely dependent upon the operations of the Hotels, and/or sale of assets. The Trust has paid uninterrupted annual dividends for 50 consecutive years since Trust registered in 1971 with the NYSE American. |
Non-controlling Interest | NON-CONTROLLING INTEREST Non-controlling interest in the Trust represents the limited partners’ proportionate share of the capital and earnings of the Partnership and the two hotels. Income or loss is allocated to the non-controlling interest based on a weighted average ownership percentage in the entities throughout the period, and capital is allocated based on the ownership percentage at year-end. Any difference between the weighted average and point-in-time allocations is presented as a reallocation of non-controlling interest as a component of shareholders’ equity. |
Net Loss Per Share | NET LOSS PER SHARE Net loss per share is computed based on the weighted-average number of shares outstanding during the year. For the fiscal years ended January 31, 2021 and 2020, there were Class A and Class B Partnership units outstanding, which are convertible into Shares of Beneficial Interest of the Trust. Assuming conversion at the beginning of each period, the aggregate weighted average of these Shares of Beneficial Interest would have been 3,185,746 in addition to the basic shares outstanding for fiscal years 2021 and 2020, respectively. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were dilutive during fiscal 2021. For the Fiscal Year ended January 31, 2021 and January 31, 2020, the potential shares that may be issued by the Trust relate to the Class A and Class B units of the Partnership and have been excluded from the computation of diluted loss per share because they would reduce the reported loss per share and therefore have an anti-dilutive effect. |
Segment Reporting | SEGMENT REPORTING As a result of the sale of IBC (see Note 6), the Chief Operating Decision Maker (“CODM”), Mr. Wirth, CEO of the Trust, has determined that the Trust operations are comprised of one reportable segment, Hotel Operations & Hotel Management Services (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. The Trust has chosen to focus its hotel investments on the southwest region of the United States. The CODM does not review assets by geographical region; therefore, no income statement or balance sheet information by geographical region is provided. |
Advertising Costs | ADVERTISING COSTS Amounts incurred for advertising costs are expensed as incurred. Advertising expense totaled approximately $191,000 and $344,000 for the twelve months ended January 31, 2021 and 2020, respectively, and is reported in the consolidated Statement of Operations. |
Concentration of Credit Risk | CONCENTRATION OF CREDIT RISK Credit risk is the risk of an unexpected loss if a third party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Trust to a concentration of credit risk consist primarily of cash and cash equivalents. Management’s assessment of the Trust’s credit risk for cash and cash equivalents is low as cash and cash equivalents are held in financial institutions believed to be credit worthy. The Trust limits its exposure to credit loss by placing its cash with various major financial institutions and invests only in short-term obligations. While the Trust is exposed to credit losses due to the non-performance of its counterparties, the Trust considers the risk of this remote. The Trust estimates its maximum credit risk for accounts receivable at the amount recorded on the balance sheet. |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS For disclosure purposes, fair value is determined by using available market information and appropriate valuation methodologies. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. The fair value framework specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The fair value hierarchy levels are as follows: ● Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. ● Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and / or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are level 2 valuation techniques. ● Level 3 – Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect a company’s own judgments about the assumptions that market participants would use in pricing an asset or liability. The Trust has assets that are carried at fair value on a recurring basis, including stock and warrants in a 3 rd Due to their short maturities, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value. The fair value of mortgage notes payable, notes payable to banks and notes and advances payable to related parties is estimated by using the current rates which would be available for similar loans having the same remaining maturities and are based on level 3 inputs. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Entity Ownership Percentage | The Trust exercises unilateral control over the Partnership and the entities listed below. Therefore, the financial statements of the Partnership and the entities listed below are consolidated with the Trust, and all significant intercompany transactions and balances have been eliminated. IHT OWNERSHIP % ENTITY DIRECT INDIRECT (i) Albuquerque Suite Hospitality, LLC (see Note 6) 20.67 % - Tucson Hospitality Properties, LLLP - 51.01 % RRF Limited Partnership 75.89 % - InnSuites Hotels Inc. 100.00 % - (i) Indirect ownership is through the Partnership |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable and Allowance for Doubtful Accounts | The following is a reconciliation of the allowance for doubtful accounts for the fiscal years ended January 31, 2021 and 2020. Fiscal Year Balance at the Beginning of Period Charged to Expense Deductions Balance at the End of Period 2021 $ (14,789 ) $ - $ 14,789 $ - 2020 $ (5,943 ) $ (13,223 ) $ 4,377 $ (14,789 ) |
Summarizes of Restricted Share Activity | The following table summarizes restricted share activity during fiscal years 2020 and 2021. Restricted Shares Shares Price on date of grant Balance at January 31, 2019 - - Granted 18,000 $ 1.35 Vested (18,000 ) $ 1.35 Forfeited - Balance of unvested awards at January 31, 2020 - Granted 18,000 $ 1.60 Vested (18,000 ) $ 1.60 Balance of unvested awards at January 31, 2021 - - |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Variable Interest Entities Tables Abstract | |
Schedule of Variable Interest Entities | These assets and liabilities, with the exception of the intercompany accounts, which are eliminated upon consolidation with the Trust, are included in the accompanying consolidated balance sheets. January 31, 2021 2020 Assets Cash $ 81,652 $ 21,359 Accounts Receivable 11,231 23,355 Prepaid Expenses and Deposits 24,032 19,688 Hotel Properties, Net 1,394,528 1,641,582 Operating Lease -Right of Use 2,053,709 2,085,984 Total Assets $ 3,565,152 $ 3,791,968 Liabilities Accounts Payable $ 67,360 $ 135,165 Accrued Expenses and Other 1,014,842 278,071 Due to Affiliate - 15,000 Operating Lease Liability (ASC 842) 2,276,820 2,263,467 Mortgage Notes Payable 1,354,704 1,396,690 Total Liabilities $ 4,713,726 $ 4,088,393 Equity (1,148,574 ) (296,424 ) Liabilities & Equity $ 3,565,152 $ 3,791,968 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Priority return payments | |
Schedule of Future Payments of Debt | Future payments on this note are shown in the table below. FISCAL YEAR 2022 91,667 2023 550,000 2024 550,000 2025 550,000 Thereafter 1,008,333 $ 2,750,000 Impairment (825,000 ) $ 1,925,000 Less: current portion of note receivable $ 91,667 Long term portion of note receivable 1,833,333 |
Convertible Note Receivable i_2
Convertible Note Receivable in Unigen Power, Inc. (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of Warrants Valuation Assumptions | Debenture Warrants Type of option Call option Stock price $ 2.25 Exercise (Strike) price $ 1.00 Time to maturity (years) 2.0 Annualized risk-free rate 1.630 % Annualized volatility 27.43 % Additional Warrants Type of option Call option Stock price $ 2.25 Exercise (Strike) price $ 2.25 Time to maturity (years) 3.0 Annualized risk-free rate 1.630 % Annualized volatility 27.43 |
Property, Equipment, and Hote_2
Property, Equipment, and Hotel Properties (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment, and Hotel Properties | As of January 31, 2021 and January 31, 2020, hotel properties consisted of the following: January 31, 2021 January 31, 2020 Land $ 2,500,000 $ 2,500,000 Building and improvements 10,531,947 10,495,465 Furniture, fixtures and equipment 4,058,682 4,021,890 Total hotel properties 17,090,629 17,017,355 Less accumulated depreciation (8,961,498 ) (8,155,224 ) Hotel Properties in Service, net 8,129,131 8,862,131 Construction in progress - 40,965 Hotel properties, net $ 8,129,131 $ 8,903,096 As of January 31, 2021 and January 31, 2020, property and equipment consisted of the following: January 31, 2021 January 31, 2020 Land $ 7,005 $ 7,005 Building and improvements 75,662 75,662 Furniture, fixtures and equipment 166,122 160,986 Total property, plant and equipment 248,789 243,653 Less accumulated depreciation (188,070 ) (163,428 ) Property, Plant and Equipment, net $ 60,719 $ 80,225 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | As of January 31, 2021, and 2020, prepaid expenses and other current assets consisted of the following: January 31, 2021 January 31, 2020 Tax and Insurance Escrow $ 60,522 $ 57,752 Deposits 5,000 5,000 Prepaid Insurance 24,515 (59 ) Prepaid Workman’s Compensation 12,124 6,754 Miscellaneous Prepaid Expenses 66,732 8,359 Total Prepaid Expenses and Current Assets $ 168,893 $ 77,806 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | As of January 31, 2021 and 2020, accounts payable and accrued expenses consisted of the following: January 31, 2021 January 31, 2020 Accounts Payable $ 136,648 $ 421,281 Accrued Salaries and Wages 148,576 89,448 Accrued Vacation 11,687 8,472 Income Tax Payable 93,944 146,666 Accrued Interest Payable 17,482 - Advanced Deposits 19,371 59,194 Accrued Property Taxes 74,486 32,766 Sales Tax Payable 244,726 382,779 Accrued Occupancy Tax 844,438 - Accrued Other 262,244 244,365 Total Accounts Payable and Accrued Expenses $ 1,853,602 $ 1,384,971 |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Schedule Of Mortgage Notes Payable Abstract | |
Schedule of Mortgage Notes Payable | The following table summarizes the Trust’s mortgage notes payable, net of debt discounts, as of January 31, 2021: 2021 2020 Mortgage note payable, due in monthly installments of $28,493, including interest at 4.69% per year, through June 19, 2042, secured by the Tucson Oracle property with a carrying value of $7.2 million at January 31, 2021. 4,582,880 4,708,979 Mortgage note payable, due in monthly installments of $9,218, including interest at 4.90% per year, through December 2, 2029, secured by the Albuquerque property with a carrying value of $1.6 million at January 31, 2021. $ 1,354,704 $ 1,396,690 Totals: $ 5,937,584 $ 6,105,669 |
Minimum Debt Payments (Tables)
Minimum Debt Payments (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Scheduled of Minimum Payments of Debt | Scheduled minimum payments of debt, net of debt discounts, as of January 31, 2021 are approximately as follows in the respective fiscal years indicated: FISCAL YEAR MORTGAGES OTHER NOTES PAYABLE TOTAL 2022 $ 168,799 $ 47,216 $ 216,015 2023 176,852 1,000,877 1,177,729 2024 219,151 219,151 2025 192,828 192,828 2026 203,490 203,490 2027 213,930 213,930 Thereafter 4,762,534 4,762,534 $ 5,937,584 $ 1,048,093 $ 6,985,677 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Schedule of Operating and Finance Leases Obligations | The aggregate annual lease obligations at January 31, 2021 are as follows: Fiscal Year Operating Leases Finance Leases 2022 $ 172,177 $ 31,123 2023 148,348 31,123 2024 112,116 23,343 2025 112,116 - 2026 112,116 - Thereafter 5,039,195 - Total undiscounted lease obligations 5,696,068 85,589 Less imputed interest (3,326,787 ) (5,613 ) Net lease obligations $ 2,369,281 $ 79,976 |
Operating Leases [Member] | |
Schedule of Lease Costs | The Trust’s Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2021 consist of the following: Fiscal Year Ended Operating Lease Costs: Operating lease cost $ 200,347 |
Schedule of Cash Flow Information | Supplemental cash flow information is as follows: Fiscal Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 168,780 Lease Obligations obtained: Operating leases, net $ 2,369,281 Long-term obligations $ 2,310,745 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rates | Weighted average remaining lease terms and discount rates were as follows: Weighted average remaining lease term (years) January 31, 2021 Operating leases 37 Weighted average discount rate Operating leases 4.85 % |
Schedule of Future Minimum Rental Payments for Operating Lease and Finance Lease | The aggregate future lease payments for Operating Lease Liability as of January 31, 2021 are as follows: For the Years Ending January 31, 2022 $ 172,177 2023 148,348 2024 112,116 2025 112,116 2026 112,116 Thereafter 5,039,195 Total minimum lease payments $ 5,696,068 Less: amount representing interest 3,326,787 Total present value of minimum payments 2,369,281 Less: current portion of operating lease liability $ 58,536 Long term portion of operating lease liability 2,310,745 |
Finance Leases [Member] | |
Schedule of Lease Costs | The Trust’s Finance Lease costs recognized in the Consolidated Statement of Income for the Fiscal Year ended January 31, 2021 consist of the following: Fiscal Year Ended January 31, 2021 Finance Lease Costs: Amortization of lease obligations $ 27,749 Interest on lease obligations 4,581 |
Schedule of Cash Flow Information | Supplemental cash flow information is as follows: Fiscal Year Ended January 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 31,123 Lease Obligations obtained: Finance leases, net $ 79,976 Long-term obligations $ 52,118 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rates | Weighted average remaining lease terms and discount rates were as follows: Weighted average remaining lease term (years) January 31, 2021 Finance leases 3 Weighted average discount rate Finance leases 4.85 % |
Schedule of Future Minimum Rental Payments for Operating Lease and Finance Lease | The aggregate future lease payments for Finance Lease Liability as of January 31, 2021 are as follows: For the Years Ending January 31, 2022 $ 31,123 2023 31,123 2024 23,343 Total minimum lease payments $ 85,589 Less: amount representing interest 5,613 Total present value of minimum payments 79,976 Less: current portion $ 27,858 Long term portion of finance lease liability 52,118 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Federal Income Taxes And Occupancy Taxes Tables Abstract | |
Schedule of Deferred Tax Assets and Liabilities | Total and net deferred income tax assets on January 31, 2021 2020 Net operating loss carryforwards $ 1,352,000 $ 1,075,000 Bad debt allowance 2,000 4,000 Accrued expenses (2,000 ) (4,000 ) Syndications 2,923,000 2,923,000 Prepaid Insurance (4,000 ) - Alternative minimum tax credit 51,000 51,000 Total deferred tax asset 4,322,000 4,049,000 Deferred income tax liability associated with book/tax (1,502,000 ) (1,551,000 ) Net deferred income tax asset 2,820,000 2,498,000 Valuation allowance (2,820,000 ) (2,498,000 ) $ - $ - |
Schedule of Income Tax Provision | Income taxes for the year ended January 31, 2021 2020 Current income tax provision (benefit) (68,661 ) (294,402 ) Deferred income tax provision (benefit) 321,306 384,298 Change in valuation allowance (321,306 ) (384,298 ) Net income tax expense (benefit) (68,661 ) (294,402 ) |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2021: 2021 Amount Percent Federal statutory rates $ (309,200 ) 21 % State income taxes (77,000 ) 5 % Change in valuation allowance 321,300 -22 % True-up to prior year returns (4,000 ) 0 % Effective rate $ - 5 % The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2020: 2020 Amount Percent Federal statutory rates $ (477,000 ) 21 % State income taxes (120,000 ) 5 % Change in valuation allowance 384,300 -17.00 % Amended to 2017 Amended Tax Returns and Other Adjustments (81,700 ) 4 % Effective rate $ - 0 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Liabilities Measured on Recurring Basis | The following table presents the estimated fair values of the Trust’s debt instruments, based on rates currently available to the Trust for bank loans with similar terms and average maturities, and the associated carrying value recognized in the consolidated balance sheets at January 31, 2021 and 2020: 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage Notes Payable $ 5,937,584 $ 3,677,645 $ 4,824,692 $ 3,141,032 Notes Payable to Banks $ - $ - $ 9,300 $ 9,3000 Other Notes Payable $ 1,048,093 $ 1,048,093 $ 1,494,030 $ 1,494,030 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Disclosures Tables Abstract | |
Schedule of Supplemental Cash Flow Disclosures | 2021 2020 Cash Paid for Interest $ 412,000 $ 109,000 Notes Payables $ 10,000 $ 51,000 Deferred Rent Reclassified to ROU Asset $ - $ 171,344 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Details Narrative) - USD ($) | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Dec. 31, 2021 | Jul. 31, 2020 | |
Debt instrument interest rate | 7.00% | |||
Note payable related party | $ 1,595,000 | |||
Cash | $ 1,702,755 | 1,200,528 | 1,702,755 | |
Operating right of use assets | $ 2,197,364 | 2,141,083 | ||
Long term portion of operating lease liability | $ 2,369,281 | |||
Related Party Demand/Revolving Line of Credit/Promissory Note [Member] | Forecast [Member] | ||||
Line of credit limit | $ 2,000,000 | |||
Advances to Affiliate [Member] | December 31, 2020 [Member] | ||||
Line of credit limit | $ 0 | |||
Class A Partnership Units [Member] | ||||
Partnership unit issued | 211,708 | 211,708 | ||
Partnership unit outstanding | 211,708 | 211,708 | ||
General Partner Units [Member] | ||||
Number of partnership units | 10,025,771 | 10,025,771 | ||
Innsuites Hotel Located in Albuquerque New Mexico [Member] | ||||
Partnership ownership interest percentage | 20.67% | |||
Class A Partnership Units [Member] | ||||
Percentage of total partnership units | 1.60% | 1.60% | ||
James Wirth [Member] | Class B Partnership Units [Member] | ||||
Percentage of total partnership units | 22.51% | 22.51% | ||
General Partner Units [Member] | ||||
Partnership ownership interest percentage | 75.89% | 75.89% | ||
RRF Limited Partnership [Member] | Innsuites Hotel Located in Tucson, Arizona [Member] | ||||
Partnership ownership interest percentage | 51.01% | |||
James Wirth [Member] | Class B Partnership Units [Member] | ||||
Partnership unit outstanding | 2,974,038 | 2,974,038 | ||
Republic Bank of Arizona [Member] | ||||
Line of credit amount | $ 250,000 | |||
Line of credit remaining borrowing capacity | 0 | |||
Trust [Member] | ||||
Line of credit amount | 250,000 | |||
Advances to affiliates | 2,000,000 | |||
Maximum [Member] | Related Party Demand/Revolving Line of Credit/Promissory Note [Member] | ||||
Line of credit limit | $ 2,000,000 | |||
Limited Partner [Member] | ||||
Number of partnership units | 3,185,746 | 3,185,746 | ||
UniGen Power Inc. [Member] | ||||
Convertible debenture | $ 1,000,000 | |||
Debt instrument interest rate | 6.00% | |||
UPI Private Company [Member] | ||||
Convertible debenture | $ 60,000 | |||
RRF Limited Partnership [Member] | Weighted Average [Member] | ||||
Percentage of ownership interest held by the trust | 75.89% | 75.89% | ||
RRF Limited Partnership [Member] | General Partner [Member] | ||||
Percentage of ownership interest held by the trust | 75.89% | 75.89% | ||
Tempe Hotel [Member] | ||||
Repayment of loan | $ 3,754,000 |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Schedule of Entity Ownership Percentage (Details) | Jan. 31, 2021 | |
Albuquerque Suite Hospitality, LLC [Member] | Direct Ownership [Member] | ||
IHT OWNERSHIP % | 20.67% | |
Albuquerque Suite Hospitality, LLC [Member] | Indirect Ownership [Member] | ||
IHT OWNERSHIP % | 0.00% | [1] |
Tucson Hospitality Properties, LLLP [Member] | ||
IHT OWNERSHIP % | 48.61% | |
Tucson Hospitality Properties, LLLP [Member] | Direct Ownership [Member] | ||
IHT OWNERSHIP % | 0.00% | |
Tucson Hospitality Properties, LLLP [Member] | Indirect Ownership [Member] | ||
IHT OWNERSHIP % | 51.01% | [1] |
RRF Limited Partnership [Member] | Direct Ownership [Member] | ||
IHT OWNERSHIP % | 75.89% | |
RRF Limited Partnership [Member] | Indirect Ownership [Member] | ||
IHT OWNERSHIP % | 0.00% | [1] |
InnSuites Hotels Inc. [Member] | Direct Ownership [Member] | ||
IHT OWNERSHIP % | 100.00% | |
InnSuites Hotels Inc. [Member] | Indirect Ownership [Member] | ||
IHT OWNERSHIP % | 0.00% | [1] |
[1] | Indirect ownership is through the Partnership |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021USD ($) | Jan. 31, 2021USD ($)Integer$ / sharesshares | Jan. 31, 2020USD ($)$ / sharesshares | Aug. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Jan. 31, 2019USD ($) | |
Corporate tax returns | $ 175,000 | $ 52,000 | $ 294,000 | |||
Expected future corporate tax returns | $ 120,000 | |||||
Proceeds from income tax | $ 68,000 | |||||
Stock-based compensation | $ 28,800 | $ 32,400 | ||||
Common stock, dividends, per share, cash paid | $ / shares | $ 0.01 | $ 0.02 | ||||
Dividends, common stock, cash | $ 191,848 | $ 191,924 | ||||
Weighted average incremental shares resulting from unit conversion | shares | 3,185,746 | |||||
Advertising expense | $ 191,000 | $ 344,000 | ||||
UniGen Power Inc. [Member] | ||||||
Number of common stock shares issued during the period | shares | 60,000 | |||||
Number of common stock issued during the period | $ 60,000 | |||||
IBC Hotels [Member] | ||||||
Number of hotels | Integer | 2 | |||||
Three Independent Members [Member] | ||||||
Stock issued during period share-based compensation, shares | shares | 6,000 | |||||
Three Independent Trustees [Member] | ||||||
Vested shares | shares | 500 | |||||
Vested shares, value | $ 1,500 | |||||
90 days [Member] | ||||||
Percentage of allowance for doubtful accounts | 50.00% | |||||
120 days [Member] | ||||||
Percentage of allowance for doubtful accounts | 100.00% | |||||
Restricted Stock [Member] | Three Independent Members [Member] | ||||||
Stock issued during period share-based compensation, shares | shares | 18,000 | |||||
Building and Improvements [Member] | Maximum [Member] | ||||||
Property, plant and equipment, useful life | 40 years | |||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||||||
Property, plant and equipment, useful life | 10 years | |||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||||||
Property, plant and equipment, useful life | 3 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Accounting Policies [Abstract] | ||
Beginning Balance | $ (14,789) | $ (5,943) |
Charged to Expense | (13,223) | |
Deductions | $ 14,789 | 4,377 |
Ending Balance | $ (14,789) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Restricted Share Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Restricted Shares Balance of Unvested Awards Beginning | ||
Restricted Shares, Granted | 18,000 | 18,000 |
Restricted Shares, Vested | (18,000) | (18,000) |
Restricted Shares, Forfeited | ||
Restricted Shares Balance of Unvested Awards Ending | ||
Weighted-Average Per Share Grant Date Fair Value Balance of Unvested Awards Beginning | ||
Weighted-Average Per Share Grant Date Fair Value Granted | 1.60 | 1.35 |
Weighted-Average Per Share Grant Date Fair Value Vested | 1.60 | 1.35 |
Weighted-Average Per Share Grant Date Fair Value Forfeited | ||
Weighted-Average Per Share Grant Date Fair Value Balance of Unvested Awards Ending |
Sale of Ownership Interests i_3
Sale of Ownership Interests in Albuquerque Subsidiary (Details Narrative) - USD ($) | Jun. 19, 2017 | Feb. 15, 2017 | Dec. 09, 2013 | Jul. 22, 2010 | Jan. 31, 2010 | Sep. 15, 2009 | Jan. 05, 2009 | Sep. 10, 2007 | Aug. 18, 2005 | Sep. 10, 2002 | Jan. 02, 2001 | Jan. 31, 2021 | Dec. 31, 2013 | Dec. 31, 2015 |
Maximum [Member] | ||||||||||||||
Number of units were available for sale | 750,000 | 350,000 | 250,000 | 300,000 | 350,000 | 350,000 | 350,000 | 250,000 | ||||||
Class A [Member] | ||||||||||||||
Number of units sold during period | 250 | |||||||||||||
Class B [Member] | ||||||||||||||
Number of units sold during period | 200 | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | ||||||||||||||
Number of units were available for sale | 10,000 | |||||||||||||
Number of units sold during period | 112 | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Class A [Member] | ||||||||||||||
Proceeds from sale of units by subsidiary | $ 20,000 | |||||||||||||
Albuquerque [Member] | Class A, Class B and Class C [Member] | Minimum [Member] | ||||||||||||||
Limited liability limited partnership interests | 550 | |||||||||||||
Albuquerque [Member] | Class A, Class B and Class C [Member] | Maximum [Member] | ||||||||||||||
Limited liability limited partnership interests | 600 | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | ||||||||||||||
Sale price per unit | $ 10,000 | |||||||||||||
Restructuring fee | $ 128,000 | |||||||||||||
Number of units sold during period | 100 | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Class A Limited Partnership Units [Member] | ||||||||||||||
Percentage of trust held ownership interest | 20.67% | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Class A Limited Partnership Units [Member] | Other Parties [Member] | ||||||||||||||
Number of units sold during period | 475 | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Class A Limited Partnership Units [Member] | Other Parties [Member] | ||||||||||||||
Percentage of trust held ownership interest | 79.50% | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Class B Limited Partnership Units [Member] | ||||||||||||||
Number of units sold during period | 124 | |||||||||||||
Percentage of trust held ownership interest | 0.17% | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Unit Class [Member] | ||||||||||||||
Return percentage | 50.00% | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Rare Earth Financial, LLC [Member] | ||||||||||||||
Return percentage | 50.00% | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | Restructuring Agreement [Member] | ||||||||||||||
Sale price per unit | $ 10,000 | |||||||||||||
Maximum investors to purchase units | 150 | |||||||||||||
Maximum potentially to overallotment exercised | 190 | |||||||||||||
Percentage of hold least outstanding units | 50.10% | |||||||||||||
Cumulative priority distributions per unit per year | $ 700 | |||||||||||||
Return percentage | 7.00% | |||||||||||||
Rare Earth [Member] | ||||||||||||||
Restructuring fee | $ 200,000 | |||||||||||||
Albuquerque Suite Hospitality, LLC [Member] | ||||||||||||||
Percentage of membership interest in a subsidiary committed to purchase by an affiliate | 49.00% | |||||||||||||
Number of units were available for sale | 400 |
Sale of Ownership Interests i_4
Sale of Ownership Interests in Tucson Hospitality Properties Subsidiary (Details Narrative) - USD ($) | Oct. 01, 2013 | Feb. 17, 2011 | Jan. 31, 2021 | Jun. 30, 2016 |
Tucson Hospitality Properties, LLLP [Member] | ||||
Percentage of trust held ownership interest | 48.61% | |||
Tucson Hospitality Properties LP [Member] | ||||
Return percentage | 7.00% | |||
Tucson Hospitality Properties LP [Member] | Class B Limited Partnership Units [Member] | ||||
Percentage of trust held ownership interest | 51.01% | |||
Number of units sold during period | 404 | |||
Tucson Hospitality Properties LP [Member] | Class A Limited Partnership Units [Member] | Other Parties Holders [Member] | ||||
Number of units sold during period | 385 | |||
Tucson Hospitality Properties LP [Member] | Unit Class [Member] | ||||
Return percentage | 50.00% | |||
Restructuring fee | $ 128,000 | |||
Tucson Hospitality Properties LP [Member] | Rare Earth Financial, LLC [Member] | ||||
Sale price per unit | $ 10,000 | |||
Cumulative priority distributions per unit per year | $ 700 | |||
Tucson Hospitality Properties LP [Member] | ||||
Number of units were available for sale | 250 | |||
Percentage of membership interest in a subsidiary committed to purchase by an affiliate | 41.00% | |||
Rare Earth Financial, LLC [Member] | Tucson Hospitality Properties LP [Member] | ||||
Percentage of membership interest in a subsidiary committed to purchase by an affiliate | 50.10% | |||
Maximum investors to purchase units | 160 | |||
Maximum potentially to overallotment exercised | 200 | |||
Return percentage | 50.00% | |||
Number of units sold during period | 100 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
Accounts Receivable | $ 60,557 | $ 585,226 | |
Prepaid Expenses and Deposits | 168,893 | 77,806 | |
Operating Lease -Right of Use | 2,141,083 | 2,197,364 | |
Total Assets | 15,393,108 | 16,995,455 | |
Operating Lease Liability (ASC 842) | 2,369,281 | ||
Total Liabilities | 12,883,536 | 11,077,645 | |
Equity | 6,090,430 | 8,147,515 | |
Liabilities & Equity | $ 15,393,108 | 16,995,455 | |
Variable Interest Entity [Member] | |||
Cash | $ 81,652 | 21,359 | |
Accounts Receivable | 11,231 | 23,355 | |
Prepaid Expenses and Deposits | 24,032 | 19,688 | |
Hotel Properties, Net | 1,394,528 | 1,641,582 | |
Operating Lease -Right of Use | 2,053,709 | 2,085,984 | |
Total Assets | 3,565,152 | 3,791,968 | |
Accounts Payable | 67,360 | 135,165 | |
Accrued Expenses and Other | 1,014,842 | 278,071 | |
Due to Affiliate | 15,000 | ||
Operating Lease Liability (ASC 842) | 2,276,820 | 2,263,467 | |
Mortgage Notes Payable | 1,354,704 | 1,396,690 | |
Total Liabilities | 4,713,726 | 4,088,393 | |
Equity | (1,148,574) | (296,424) | |
Liabilities & Equity | $ 3,565,152 | $ 3,791,968 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - USD ($) | Aug. 15, 2018 | Jan. 31, 2020 | Jul. 31, 2020 |
Debt instrument interest rate | 7.00% | ||
Impairment charges | $ 825,000 | ||
IBC Hotels, LLC [Member] | |||
Debt instrument, principal amount | $ 2,750,000 | ||
Debt instrument interest rate | 30.00% | ||
Debt description | If after effective date IBC closes an equity transaction with net proceeds to IBC in excess of $2,500,000, IBC/Buyer shall pay to IHT an amount equal to (a) 50% of the net proceeds received by IBC and (b) 50% of the sum of the unpaid balance of the note and accrued interest accrued but unpaid interest thereon, as the date of receipt of the net proceeds by IBC. | ||
IBC Hotels, LLC [Member] | Promissory Notes [Member] | |||
Debt instrument, principal amount | $ 2,750,000 | ||
Debt instrument interest rate | 3.75% | ||
Impairment charges | $ 825,000 | ||
Debt description | No interest accrued through November 2021. Payments in the note receivable include principal and interest beginning in November 2021. Note is secured by (1) pledge of the Buyer's interest in IBC, and (2) a security interest in all assets of IBC, provided IHT shall agree to subordinate such equity interest to commercially reasonable debt financing upon request. |
Notes Receivable - Schedule of
Notes Receivable - Schedule of Future Payments of Debt (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
2022 | $ 216,015 | ||
2023 | 1,177,729 | ||
2024 | 219,151 | ||
2025 | 192,828 | ||
Notes receivable | $ 1,833,333 | $ 1,833,333 | |
Less: current portion of note receivable | $ 91,667 | $ 91,667 | |
Notes Receivable [Member] | |||
2022 | 91,667 | ||
2023 | 550,000 | ||
2024 | 550,000 | ||
2025 | 550,000 | ||
Thereafter | 1,008,333 | ||
Total | 2,750,000 | ||
Impairment | (825,000) | ||
Notes receivable | 1,925,000 | ||
Less: current portion of note receivable | 91,677 | ||
Long term portion of note receivable | $ 1,833,333 |
Convertible Note Receivable i_3
Convertible Note Receivable in Unigen Power, Inc. (Details Narrative) - USD ($) | Feb. 03, 2020 | Dec. 16, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | May 13, 2021 | Feb. 28, 2021 | Jul. 31, 2020 |
Debt instrument interest rate | 7.00% | ||||||
Investments | $ 60,000 | ||||||
Debenture Warrants [Member] | |||||||
Warrants exercise price | $ 1 | ||||||
Additional Warrants [Member] | |||||||
Warrants exercise price | $ 2.25 | ||||||
UniGen Power Inc. [Member] | |||||||
Debt instrument interest rate | 6.00% | ||||||
Debt instrument, conversion price per share | $ 1 | ||||||
Number of warrants to purchase common stock | 3,000,000 | ||||||
Shares issued | 60,000 | ||||||
Line of credit | $ 500,000 | ||||||
Shares issued upon conversion | 500,000 | ||||||
Investments | $ 1,000,000 | ||||||
Shares issued upon exercise of warrant | 60,000 | ||||||
Proceeds from warrant exercise | $ 60,000 | ||||||
UniGen Power Inc. [Member] | Fair Value of Warrants [Member] | |||||||
Investments | 300,000 | ||||||
UniGen Power Inc. [Member] | Notes Receivable [Member] | |||||||
Investments | $ 700,000 | ||||||
UniGen Power Inc. [Member] | Subsequent Event [Member] | |||||||
Investments | $ 2,000,000 | ||||||
UniGen Power Inc. [Member] | Subsequent Event [Member] | Warrant [Member] | |||||||
Number of warrants to purchase common stock | 300,000 | ||||||
Warrants exercise price | $ 2.25 | ||||||
UniGen Power Inc. [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | |||||||
Equity method ownership, percentage | 25.00% | ||||||
UniGen Power Inc. [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | Expected Issuance of Warrants [Member] | |||||||
Number of warrants to purchase common stock | 300,000 | ||||||
Warrants exercise price | $ 2.25 | ||||||
UniGen Power Inc. [Member] | Debenture Warrants [Member] | Class A Common Stock [Member] | |||||||
Number of warrants to purchase common stock | 1,000,000 | ||||||
Warrants exercise price | $ 1 | ||||||
Shares issued | 400,000 | 600,000 | |||||
UniGen Power Inc. [Member] | Additional Warrants [Member] | Class A Common Stock [Member] | |||||||
Number of warrants to purchase common stock | 200,000 | ||||||
Warrants exercise price | $ 2.25 | ||||||
Shares issued | 80,000 | 120,000 | |||||
UniGen Power Inc. [Member] | Additional Warrants [Member] | Class A Common Stock [Member] | Expected Issuance of Warrants [Member] | |||||||
Line of credit | $ 500,000 | ||||||
Line of credit, rate | 100.00% | ||||||
Shares issued upon conversion | 1,000,000 | ||||||
Convertible Debenture Purchase Agreement [Member] | UniGen Power Inc. [Member] | |||||||
Payments on secured convertible debentures | $ 1,000,000 | ||||||
Debt instrument interest rate | 6.00% | ||||||
Debt instrument, conversion price per share | $ 1 | ||||||
Convertible Debenture Purchase Agreement [Member] | UniGen Power Inc. [Member] | December 16, 2019 [Member] | |||||||
Payments on secured convertible debentures | $ 600,000 | ||||||
Convertible Debenture Purchase Agreement [Member] | UniGen Power Inc. [Member] | February 3, 2020 [Member] | |||||||
Payments on secured convertible debentures | $ 400,000 |
Convertible Note Receivable i_4
Convertible Note Receivable in Unigen Power, Inc. - Schedule of Warrants Valuation Assumptions (Details) | Jan. 31, 2021$ / shares |
Debenture Warrants [Member] | |
Exercise (Strike) price | $ 1 |
Fair value of warrants measurement input, term | 2 years |
Debenture Warrants [Member] | Stock Price [Member] | |
Fair value of warrants measurement input | 2.25 |
Debenture Warrants [Member] | Annualized Risk-free Rate [Member] | |
Fair value of warrants measurement input | 1.630 |
Debenture Warrants [Member] | Annualized Volatility [Member] | |
Fair value of warrants measurement input | 27.43 |
Additional Warrants [Member] | |
Exercise (Strike) price | $ 2.25 |
Fair value of warrants measurement input, term | 3 years |
Additional Warrants [Member] | Stock Price [Member] | |
Fair value of warrants measurement input | 2.25 |
Additional Warrants [Member] | Annualized Risk-free Rate [Member] | |
Fair value of warrants measurement input | 1.630 |
Additional Warrants [Member] | Annualized Volatility [Member] | |
Fair value of warrants measurement input | 27.43 |
Property, Equipment, and Hote_3
Property, Equipment, and Hotel Properties - Schedule of Property, Equipment, and Hotel Properties (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
Property, Plant and Equipment, net | $ 8,189,850 | $ 8,983,323 | |
Hotel Properties [Member] | |||
Total property, plant and equipment | $ 17,090,629 | 17,017,355 | |
Less accumulated depreciation | (8,961,498) | (8,155,224) | |
Property, Plant and Equipment, net | 8,129,131 | 8,903,096 | |
Hotel Properties [Member] | Land [Member] | |||
Total property, plant and equipment | 2,500,000 | 2,500,000 | |
Hotel Properties [Member] | Building and Improvements [Member] | |||
Total property, plant and equipment | 10,531,947 | 10,495,465 | |
Hotel Properties [Member] | Furniture, Fixtures and Equipment [Member] | |||
Total property, plant and equipment | 4,058,682 | 4,021,890 | |
Hotel Properties [Member] | Hotel Properties in Service, net [Member] | |||
Total property, plant and equipment | 8,129,131 | 8,862,131 | |
Hotel Properties [Member] | Construction in Progress [Member] | |||
Total property, plant and equipment | 40,965 | ||
Property, Plant and Equipment [Member] | |||
Total property, plant and equipment | 248,789 | 243,653 | |
Less accumulated depreciation | (188,070) | (163,428) | |
Property, Plant and Equipment, net | 60,179 | 80,225 | |
Property, Plant and Equipment [Member] | Land [Member] | |||
Total property, plant and equipment | 7,005 | 7,005 | |
Property, Plant and Equipment [Member] | Building and Improvements [Member] | |||
Total property, plant and equipment | 75,662 | 75,662 | |
Property, Plant and Equipment [Member] | Furniture, Fixtures and Equipment [Member] | |||
Total property, plant and equipment | $ 166,122 | $ 160,986 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jul. 31, 2020 | Jan. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Tax and Insurance Escrow | $ 60,522 | $ 57,752 |
Deposits | 5,000 | 5,000 |
Prepaid Insurance | 24,515 | (59) |
Prepaid Workman's Compensation | 12,124 | 6,754 |
Miscellaneous Prepaid Expenses | 66,731 | 8,359 |
Total Prepaid Expenses and Current Assets | $ 168,893 | $ 77,806 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) | Jul. 31, 2020 | Jan. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accounts Payable | $ 136,648 | $ 421,281 |
Accrued Salaries and Wages | 148,576 | 89,448 |
Accrued Vacation | 11,687 | 8,472 |
Income Tax Payable | 93,944 | 146,666 |
Accrued Interest Payable | 17,482 | |
Advanced Deposits | 19,371 | 59,194 |
Accrued Property Taxes | 74,486 | 32,766 |
Sales Tax Payable | 244,726 | 382,779 |
Accrued Occupancy Tax | 844,438 | |
Accrued Other | 262,244 | 244,365 |
Total Accounts Payable and Accrued Expenses | $ 1,853,602 | $ 1,384,971 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details Narrative) - USD ($) | Dec. 02, 2019 | Jun. 29, 2017 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 |
Debt instrument maturity description | The mortgage note payable has a scheduled maturity date in June 2042. | ||||
Mortgage notes payable interest rate | 4.69% | 4.69% | |||
Debt instrument interest rate | 7.00% | ||||
Tucson Oracle Property [Member] | |||||
Debt instrument interest rate | 4.69% | 4.69% | |||
Business Loan Agreement [Member] | Tucson Hospitality Properties, LLLP [Member] | |||||
Mortgage facility amount | $ 5,000,000 | ||||
Refinancing mortgage facility amount | $ 3,045,000 | ||||
Business Loan Agreement [Member] | Tucson Oracle Property [Member] | |||||
Debt instrument maturity date | Jun. 19, 2042 | ||||
Mortgage loan face amount | $ 4,583,000 | ||||
Business Loan Agreement [Member] | Tucson Oracle Property [Member] | Prime Rate [Member] | |||||
Debt instrument interest rate | 2.00% | ||||
Business Loan Agreement [Member] | Tucson Oracle Property [Member] | First Five Year and Thereafter [Member] | |||||
Debt instrument interest rate | 4.69% | ||||
Business Loan Agreement [Member] | Yuma Hospitality Properties LP [Member] | Interest Floor Rate [Member] | |||||
Debt instrument interest rate | 4.69% | ||||
Business Loan Agreement [Member] | Albuqureque Suites Hospitality, LLC [Member] | |||||
Mortgage facility amount | $ 1,400,000 | ||||
Debt instrument maturity date | Dec. 2, 2029 | ||||
Mortgage loan face amount | $ 1,355,000 | ||||
Business Loan Agreement [Member] | Albuqureque Suites Hospitality, LLC [Member] | Interest Floor Rate [Member] | |||||
Debt instrument interest rate | 4.90% | ||||
Business Loan Agreement [Member] | Albuqureque Suites Hospitality, LLC [Member] | Prime Rate [Member] | |||||
Debt instrument interest rate | 3.50% | ||||
Business Loan Agreement [Member] | Albuqureque Suites Hospitality, LLC [Member] | First Five Year and Thereafter [Member] | |||||
Debt instrument interest rate | 4.69% |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
Mortgage note payable | $ 5,937,584 | $ 6,105,668 | |
Tucson Oracle Property [Member] | |||
Mortgage note payable | $ 4,582,880 | 4,708,979 | |
Albuquerque Property [Member] | |||
Mortgage note payable | $ 1,354,704 | $ 1,396,690 |
Mortgage Notes Payable - Sche_2
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) (Parenthetical) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
Mortgage note payable, interest rate | 7.00% | ||
Tucson Oracle Property [Member] | |||
Mortgage note payable, monthly payments | $ 28,493 | $ 28,493 | |
Mortgage note payable, interest rate | 4.69% | 4.69% | |
Mortgage note payable, carrying value of secured property | $ 7,200,000 | ||
Albuquerque Property [Member] | |||
Mortgage note payable, monthly payments | $ 9,218 | $ 9,218 | |
Mortgage note payable, interest rate | 4.90% | 4.90% | |
Mortgage note payable, carrying value of secured property | $ 1,600,000 |
Notes Payable to Banks (Details
Notes Payable to Banks (Details Narrative) - Business Loan Agreement [Member] - USD ($) | Oct. 17, 2017 | Jan. 31, 2021 | Jan. 31, 2020 |
Trust [Member] | |||
Revolving line of credit | $ 150,000 | $ 0 | $ 0 |
Line of credit, maturity date | Dec. 31, 2021 | ||
Albuquerque Suite Hospitality, LLC [Member] | |||
Revolving line of credit | $ 50,000 | 0 | 0 |
Line of credit, maturity date | Oct. 31, 2022 | ||
Tucson Hospitality Properties, LLLP [Member] | |||
Revolving line of credit | $ 50,000 | $ 0 | $ 0 |
Line of credit, maturity date | Oct. 31, 2022 |
Lines of Credit - Related Par_2
Lines of Credit - Related Party (Details Narrative) - USD ($) | Jul. 14, 2017 | Dec. 02, 2014 | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
Notes payable - related party | $ 161,440 | ||||
Marc Berg [Member] | |||||
Line of credit interest rate | 7.00% | ||||
Notes payable - related party | $ 0 | ||||
Number of stock purchased shares during the period | 40,000 | ||||
Number of stock purchased during the period | $ 80,000 | ||||
Brian Wirth [Member] | |||||
Line of credit interest rate | 7.00% | ||||
Notes payable - related party | 0 | ||||
Number of stock purchased shares during the period | 45,975 | ||||
Number of stock purchased during the period | $ 91,950 | ||||
Christopher Wirth [Member] | |||||
Line of credit interest rate | 7.00% | ||||
Notes payable - related party | 0 | ||||
Number of stock purchased shares during the period | 45,975 | ||||
Number of stock purchased during the period | $ 91,950 | ||||
Pamela Barnhill [Member] | |||||
Line of credit interest rate | 7.00% | ||||
Notes payable - related party | 0 | ||||
Number of stock purchased shares during the period | 45,975 | ||||
Number of stock purchased during the period | $ 91,950 | ||||
James Wirth [Member] | |||||
Line of credit interest rate | 7.00% | ||||
Notes payable - related party | $ 0 | ||||
Number of stock purchased shares during the period | 250,000 | ||||
Number of stock purchased during the period | $ 500,000 | ||||
Tempe InnSuites Phoenix Airport [Member] | |||||
Line of credit maturity date | Dec. 31, 2020 | ||||
Advance to Affiliate credit facilities | $ 0 | ||||
Albuquerque [Member] | |||||
Proceeds from loan | 500,000 | ||||
RRF Limited Partnership [Member] | |||||
Proceeds from loan | 3,700,000 | ||||
Rare Earth Financial, LLC [Member] | |||||
Line of credit maximum borrowing capacity | $ 1,000,000 | 2,000,000 | |||
Line of credit interest rate | 7.00% | ||||
Line of credit maturity date | Aug. 24, 2021 | ||||
Notes payable - related party | 1,595,000 | 0 | |||
Note receivable - related party including accrued interest | $ 1,705,000 | $ 110,000 |
Other Notes Payable (Details Na
Other Notes Payable (Details Narrative) - USD ($) | Jul. 01, 2019 | Jul. 14, 2017 | Mar. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | Mar. 15, 2021 | Mar. 05, 2021 | Jul. 31, 2020 | Jul. 13, 2017 | Mar. 20, 2017 |
Debt instrument interest rate | 7.00% | |||||||||
Marc Berg [Member] | ||||||||||
Notes payable outstanding to unrelated third parties | $ 0 | |||||||||
Stock repurchased during period, shares | 40,000 | |||||||||
Debt instrument interest rate | 7.00% | |||||||||
Debt instrument, principal amount | $ 80,000 | |||||||||
Hayden Loan [Member] | ||||||||||
Debt instrument interest rate | 4.50% | |||||||||
Debt instrument, maturity date | Jun. 30, 2021 | |||||||||
Debt description | The loans have been subsequently extended to December 2022. | |||||||||
Hayes Loan [Member] | ||||||||||
Debt instrument, principal amount | 270,000 | |||||||||
Sweitzer Loans [Member] | ||||||||||
Debt instrument interest rate | 4.00% | |||||||||
Debt instrument, maturity date | Jun. 30, 2021 | |||||||||
Debt description | The loans have been subsequently extended to December 2022. | |||||||||
Debt instrument, principal amount | 100,000 | |||||||||
Unsecured loan | $ 100,000 | |||||||||
June 20, 2016, March 1 2017, May 30, 2018, and July 18, 2018 [Member] | Hayden Loan [Member] | ||||||||||
Unsecured loan | $ 270,000 | |||||||||
Albuquerque Property [Member] | ||||||||||
Debt instrument interest rate | 4.90% | 4.90% | ||||||||
Tucson Hotel [Member] | ||||||||||
Debt instrument, principal amount | $ 297,601 | |||||||||
Albuquerque Hotel [Member] | ||||||||||
Debt instrument, principal amount | $ 253,253 | |||||||||
RRF Limited Partnership [Member] | Brian Wirth [Member] | ||||||||||
Notes payable outstanding to unrelated third parties | $ 0 | |||||||||
Stock repurchased during period, shares | 45,975 | |||||||||
Debt instrument interest rate | 7.00% | |||||||||
Debt instrument, principal amount | $ 91,950 | |||||||||
RRF Limited Partnership [Member] | Christopher Wirth [Member] | ||||||||||
Notes payable outstanding to unrelated third parties | 0 | |||||||||
Stock repurchased during period, shares | 45,975 | |||||||||
Debt instrument interest rate | 7.00% | |||||||||
Debt instrument, principal amount | $ 91,950 | |||||||||
RRF Limited Partnership [Member] | Pamela Barnhill [Member] | ||||||||||
Notes payable outstanding to unrelated third parties | 0 | |||||||||
Stock repurchased during period, shares | 45,975 | |||||||||
Debt instrument interest rate | 7.00% | |||||||||
Debt instrument, principal amount | $ 91,950 | |||||||||
RRF Limited Partnership [Member] | James Wirth [Member] | ||||||||||
Notes payable outstanding to unrelated third parties | 0 | |||||||||
Stock repurchased during period, shares | 250,000 | |||||||||
Debt instrument interest rate | 7.00% | |||||||||
Debt instrument, principal amount | $ 500,000 | |||||||||
Other Notes Payable [Member] | ||||||||||
Notes payable outstanding to unrelated third parties | $ 62,000 | |||||||||
Stock repurchased during period, shares | 146,124 | |||||||||
Debt instrument interest rate | 7.00% | |||||||||
Debt instrument, maturity date | Jan. 31, 2023 | |||||||||
Other Notes Payable [Member] | Individual Lender [Member] | ||||||||||
Notes payable outstanding to unrelated third parties | $ 200,000 | |||||||||
Debt instrument interest rate | 4.50% | |||||||||
Debt instrument, maturity date | Jun. 30, 2021 | |||||||||
Debt description | The loans have been subsequently extended to December 2022. | |||||||||
Debt instrument, principal amount | $ 200,000 | |||||||||
Paycheck Protection Program, CARES Act [Member] | ||||||||||
Debt forgiven | 87,000 | |||||||||
Paycheck Protection Program, CARES Act [Member] | Tucson Hospitality Properties LP [Member] | ||||||||||
Debt instrument, principal amount | 229,000 | |||||||||
Paycheck Protection Program, CARES Act [Member] | Albuquerque Suite Hospitality, LLC [Member] | ||||||||||
Debt instrument, principal amount | 188,000 | |||||||||
Paycheck Protection Program, CARES Act [Member] | InnSuites Hospitality [Member] | ||||||||||
Debt instrument, principal amount | $ 87,000 | |||||||||
Paycheck Protection Program, CARES Act [Member] | Albuquerque Property [Member] | ||||||||||
Debt forgiven | $ 188,000 | |||||||||
PPP Loan [Member] | Tucson Hotel [Member] | ||||||||||
Debt forgiven | $ 228,602 |
Minimum Debt Payments - Schedul
Minimum Debt Payments - Scheduled of Minimum Payments of Debt (Details) | Jan. 31, 2021USD ($) |
2022 | $ 216,015 |
2023 | 1,177,729 |
2024 | 219,151 |
2025 | 192,828 |
2026 | 203,490 |
2027 | 213,930 |
Thereafter | 4,762,534 |
Long term debt | 6,985,677 |
Mortgages [Member] | |
2022 | 168,799 |
2023 | 176,852 |
2024 | 219,151 |
2025 | 192,828 |
2026 | 203,490 |
2027 | 213,930 |
Thereafter | 4,762,534 |
Long term debt | 5,937,584 |
Other Notes Payable [Member] | |
2022 | 47,216 |
2023 | 1,000,877 |
2024 | |
2025 | |
2026 | |
2027 | |
Thereafter | |
Long term debt | $ 1,048,093 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | Sep. 01, 2017 | Jan. 31, 2021 |
Northpoint Properties [Member] | ||
Operating lease, description | On August 4, 2017, the Trust entered into a five-year office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020 commencing on September 1, 2017. | |
Base monthly rent | $ 4,100 | |
Increases in rent rate yearly | 6.00% | |
Operating lease, option to terminate | The office lease agreement provides early termination with a 90-day notification with an early termination fee of $12,000, $8,000, $6,000, $4,000, and $2,000 for years 1 - 5 of the lease term. | |
Operating lease, early termination fee, year one | $ 12,000 | |
Operating lease, early termination fee, year two | 8,000 | |
Operating lease, early termination fee, year three | 6,000 | |
Operating lease, early termination fee, year four | 4,000 | |
Operating lease, early termination fee, year five | $ 2,000 | |
Northpoint Properties [Member] | Minimum [Member] | ||
Operating lease term of contract | 1 year | |
Northpoint Properties [Member] | Maximum [Member] | ||
Operating lease term of contract | 5 years | |
Albuquerque Hotel [Member] | ||
Operating lease, option to extend | The Trust's Albuquerque Hotel is subject to non-cancelable ground lease. The Albuquerque Hotel non-cancelable ground lease was extended on January 14, 2014 and expires in 2058. | |
Tucson Oracle Hotel [Member] | ||
Finance Lease, Description | The Company's Tucson Oracle Hotel is subject to non-cancelable cable lease. The Tucson Oracle Hotel non-cancelable cable lease expires in 2023. |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 200,347 |
Finance Lease Cost: Amortization of lease obligations | 27,749 |
Finance Lease Cost: Interest on lease obligations | $ 4,581 |
Leases - Schedule of Cash Flow
Leases - Schedule of Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases | $ 168,780 | ||
Lease Obligations obtained: Operating leases, net | 2,369,281 | ||
Lease Obligations obtained: Long-term obligations | 2,310,745 | $ 2,310,745 | $ 2,252,964 |
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases | 31,123 | ||
Lease Obligations obtained: Finance leases | 79,976 | ||
Lease Obligations obtained: Long-term obligations | $ 52,118 | $ 52,118 | $ 75,396 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details) | Jul. 31, 2020 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) - Operating leases | 37 years |
Weighted-average discount rate - operating leases | 4.85% |
Weighted average remaining lease term (years) - Finance leases | 3 years |
Weighted-average discount rate - Finance leases | 4.85% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments for Operating Lease and Finance Lease (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
Leases [Abstract] | |||
2022 | $ 172,177 | ||
2023 | 148,348 | ||
2024 | 112,116 | ||
2025 | 112,116 | ||
2026 | 112,116 | ||
Thereafter | 5,039,195 | ||
Total future minimum lease payments | 5,696,068 | ||
Less imputed interest | 3,326,787 | ||
Total present value of minimum payments | 2,369,281 | ||
Less: current portion of operating lease liability | 58,536 | $ 168,780 | |
Long term portion of operating lease liability | $ 2,310,745 | 2,310,745 | 2,252,964 |
2022 | 31,123 | ||
2023 | 31,123 | ||
2024 | 23,343 | ||
Total future minimum lease payments | 85,589 | ||
Less: amount representing interest | 5,613 | ||
Total present value of minimum payments | 79,976 | ||
Less: current portion | 27,858 | 31,123 | |
Total present value of minimum payments | $ 52,118 | $ 52,118 | $ 75,396 |
Leases - Schedule of Operating
Leases - Schedule of Operating and Finance Leases Obligations (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 |
2022 | $ 172,177 | |
2023 | 148,348 | |
2024 | 112,116 | |
2025 | 112,116 | |
2026 | 112,116 | |
Thereafter | 5,039,195 | |
Total future minimum lease payments | 5,696,068 | |
Less imputed interest | (3,326,787) | |
Long term portion of operating lease liability | 2,369,281 | |
2022 | 31,123 | |
2023 | 31,123 | |
2024 | 23,343 | |
Total future minimum lease payments | 85,589 | |
Less: amount representing interest | (5,613) | |
Total present value of minimum payments | $ 79,976 | |
Lease Obiiligation [Member] | ||
2022 | $ 172,177 | |
2023 | 148,348 | |
2024 | 112,116 | |
2025 | 112,116 | |
2026 | 112,116 | |
Thereafter | 5,039,195 | |
Total future minimum lease payments | 5,696,068 | |
Less imputed interest | (3,326,787) | |
Long term portion of operating lease liability | 2,369,281 | |
2022 | 31,123 | |
2023 | 31,123 | |
2024 | 23,343 | |
2025 | ||
2026 | ||
Thereafter | ||
Total future minimum lease payments | 85,589 | |
Less: amount representing interest | (5,613) | |
Total present value of minimum payments | $ 79,976 |
Description of Beneficial Int_2
Description of Beneficial Interests (Details Narrative) - shares | Jun. 19, 2017 | Jan. 31, 2010 | Sep. 15, 2009 | Jan. 05, 2009 | Sep. 10, 2007 | Aug. 18, 2005 | Sep. 10, 2002 | Jan. 02, 2001 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 |
Stock repurchase program, remaining number of shares authorized to be repurchased | 1.64 | 1.06 | |||||||||
Stock repurchase program, number of shares authorized to be repurchased | 372,965 | ||||||||||
Shares of Beneficial Interest [Member] | |||||||||||
Stock repurchased during period, shares | 233,569 | 104,993 | |||||||||
Maximum [Member] | |||||||||||
Number of units were available for sale | 750,000 | 350,000 | 250,000 | 300,000 | 350,000 | 350,000 | 350,000 | 250,000 |
Federal Income Taxes (Details N
Federal Income Taxes (Details Narrative) - USD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 5,400,000 | |
Deferred tax assets | 4,322,000 | $ 4,409,000 |
Cumulative net operating loss carryforwards | 1,300,000 | |
Syndications | 2,900,000 | |
Deferred tax liability | 1,500,000 | |
Valuation allowance | $ 2,800,000 |
Federal Income Taxes - Schedule
Federal Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 1,352,000 | $ 1,075,000 |
Bad debt allowance | 2,000 | 4,000 |
Accrued expenses | (2,000) | (4,000) |
Syndications | 2,923,000 | 2,923,000 |
Prepaid Insurance | (4,000) | |
Alternative minimum tax credit | 51,000 | 51,000 |
Total deferred tax asset | 4,322,000 | 4,409,000 |
Deferred income tax liability associated with book/tax | (1,502,000) | (1,551,000) |
Net deferred income tax asset | 2,820,000 | 2,498,000 |
Valuation allowance | (2,820,000) | (2,498,000) |
Net deferred income tax |
Federal Income Taxes - Schedu_2
Federal Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current income tax provision (benefit) | $ (68,661) | $ (294,402) |
Deferred income tax provision (benefit) | 321,306 | 384,298 |
Change in valuation allowance | (321,306) | (384,298) |
Net income tax expense (benefit) | $ (68,661) | $ (294,402) |
Federal Income Taxes - Schedu_3
Federal Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rates | $ (309,200) | $ (477,000) |
State income taxes | (77,000) | (120,000) |
Change in valuation allowance | 321,306 | 384,298 |
True-up to prior year returns | (4,000) | |
Amended to 2017 Amended Tax Returns and Other Adjustments | (81,700) | |
Other | ||
Effective rate | $ 68,661 | $ 294,402 |
Federal statutory rates, percent | 21.00% | 21.00% |
State income taxes, percent | 5.00% | 5.00% |
Changes in valuation allowance, percent | 22.00% | 17.00% |
True-up to prior year returns, percent | 4.00% | |
Amended to 2017 Amended Tax Returns and Other Adjustments, percent | 4.00% | |
Other, percent | ||
Effective rate, percent | 5.00% | 0.00% |
Other Related Party Transacti_2
Other Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Berg Investment Advisors [Member] | ||
Consultative services fee | $ 6,000 | $ 6,000 |
General Partner [Member] | ||
Partnership ownership interest percentage | 75.89% | 75.89% |
Innsuites Hotel Located in Tucson [Member] | ||
Partnership ownership interest percentage | 51.01% | |
Innsuites Hotel Located in Albuquerque New Mexico [Member] | ||
Partnership ownership interest percentage | 20.67% | |
Mr. Wirth and Affiliates [Member] | ||
Number of shares held for beneficial interest of trust | 5,876,683 | 5,876,683 |
Percentage of shares issued and outstanding of beneficial interest | 61.42% | 61.38% |
Mr. Wirth and Affiliates [Member] | Class B Partnership Units [Member] | ||
Number of partnership unit held for affiliates | 2,974,038 | 2,974,038 |
Percentage of outstanding partnership units | 22.51% | 22.51% |
Mr. Wirth, Brain James and Affiliates [Member] | ||
Yearly salary | $ 62,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value Liabilities Measured on Recurring Basis (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
Mortgage notes payable, Carrying Amount | $ 5,937,584 | $ 6,105,668 | |
Fair Values of Trust's Debt Instruments [Member] | |||
Mortgage notes payable, Carrying Amount | $ 5,937,584 | 4,824,692 | |
Mortgage notes payable, Fair Value | 3,677,645 | 3,141,032 | |
Notes payable to banks, Carrying Amount | 9,300 | ||
Notes payable to banks, Fair Value | 93,000 | ||
Other notes payable, Carrying Amount | 1,048,093 | 1,494,030 | |
Other notes payable, Fair Value | $ 1,048,093 | $ 1,494,030 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 412,000 | $ 109,000 |
Notes Payables | 10,000 | 51,000 |
Deferred rent reclasified to ROU Asset | $ 171,344 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
Restricted cash | $ 0 | $ 0 | |
Membership fees and reservation amount | $ 40,822 | $ 84,550 | |
Tucson Oracle Property [Member] | |||
Percentage of deposit used for capital expenditures | 4.00% |
Share-Based Payments and Stoc_2
Share-Based Payments and Stock Options (Details Narrative) | 12 Months Ended |
Jan. 31, 2021USD ($)shares | |
Value of restricted shares issued | $ | $ 28,800 |
Number of restricted shares | 18,000 |
Independent Trustees One [Member] | |
Number of restricted shares | 6,000 |
Independent Trustees Two [Member] | |
Number of restricted shares | 6,000 |
Independent Trustees Three [Member] | |
Number of restricted shares | 6,000 |
Segment Reporting (Details Narr
Segment Reporting (Details Narrative) | 12 Months Ended | |
Jan. 31, 2021Segment | Jan. 31, 2020Integer | |
Number of reportable segment | Segment | 1 | |
IBC Hotels [Member] | ||
Number of suites | Integer | 270 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Trust [Member] | 3 Months Ended |
May 13, 2021USD ($)shares | |
Stock repurchased during period, shares | shares | 201,676 |
Stock repurchased during period, value | $ | $ 211,000 |