Note 16 - Federal Income Taxes (Tables)

12 Months Ended

Jan. 31, 2015

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Total and net deferred income tax assets at January 31,	2015			2014
Net operating loss carryforwards	$	2,166,000		$	2,914,000
Bad debt allowance		(12,000	)		(16,000	)
Accrued expenses		81,000			61,000
Syndications		4,370,000			2,770,000
Prepaid insurance		8,000			1,000
Alternative minimum tax credit		91,000			61,000
Total deferred income tax assets		6,704,000			5,791,000
Deferred income tax liability associated with book/tax differences in hotel properties		(2,472,000	)		(2,195,000	)
Net deferred income tax asset		4,232,000			3,596,000
Valuation allowance		(4,232,000	)		(3,596,000	)
Net deferred income tax asset	$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Federal statutory rates	$	(694,000	)	(34	%)
State income taxes		(141,000	)	(7	%)
Change in valuation allowance		636,000		67	%
Effective rate	$	(199,000	)	(10	%)

Federal statutory rates	$	(295,000	)	(37	%)
State income taxes		(64,000	)	(8	%)
Change in valuation allowance		322,000		40	%
Effective rate	$	(37,000	)	(5	%)