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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2015
Oct. 31, 2014
REVENUE        
Room $ 700,976 $ 471,969 $ 2,310,605 $ 1,772,178
Food and Beverage 5,598 11,133 24,580 28,895
Management and Trademark Fees 42,886 64,528 171,030 208,967
Other 14,084 23,986 182,321 65,425
TOTAL REVENUE 763,544 571,616 2,688,536 2,075,465
OPERATING EXPENSES        
Room 201,976 169,251 668,491 615,879
Food and Beverage 16,498 16,415 47,457 59,198
Telecommunications 2,764 5,169 10,322 16,273
General and Administrative 509,575 372,223 1,655,808 1,619,513
Sales and Marketing 145,247 157,156 387,705 378,896
Repairs and Maintenance 72,635 52,397 225,451 222,848
Hospitality 28,565 32,216 107,273 96,976
Utilities 57,528 56,219 149,365 146,340
Hotel Property Depreciation 122,891 122,974 377,376 375,911
Real Estate and Personal Property Taxes, Insurance and Ground Rent 28,996 30,994 87,100 82,713
Other 846 568 2,505 5,144
TOTAL OPERATING EXPENSES 1,187,521 1,015,582 3,718,853 3,619,691
OPERATING LOSS (423,977) (443,966) (1,030,317) (1,544,226)
Interest Income $ 342 669 $ 349 669
Interest Income on Advances to Affiliates - Related Party $ 2,487 3,372
Interest Income on Note Receivable - Related Party 1,850
TOTAL OTHER INCOME $ 342 $ 3,156 $ 349 5,891
Interest on Mortgage Notes Payable 65,812 74,255 195,747 219,454
Interest on Notes Payable to Banks 10,002 7,420 38,674 24,264
Interest on Other Notes Payable 1,331 9,130 5,183 $ 16,364
Interest on Line of Credit - Related Party 5,349 (5,602) 13,439
TOTAL INTEREST EXPENSE 82,494 85,203 253,043 $ 260,082
CONSOLIDATED NET LOSS BEFORE INCOME TAX PROVISION, DISCONTINUED OPERATIONS, ASSETS HELD FOR SALE AND GAIN ON DISPOSAL OF ASSETS $ (506,129) $ (526,013) (1,283,011) (1,798,417)
Income Tax Provision (71,571) (80,000)
CONSOLIDATED NET LOSS FROM CONTINUING OPERATIONS $ (506,129) $ (526,013) (1,354,582) (1,878,417)
Discontinued Operations and Assets Held for Sale, Net of Non-Controlling Interest (508,007) $ (145,038) (230,462) $ 616,170
Gain on Disposal of Discontinued Operations 2,351,817 2,351,817
CONSOLIDATED NET INCOME FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE 1,843,810 $ (145,038) 2,121,355 $ 616,170
CONSOLIDATED NET INCOME (LOSS) TOTAL 1,337,681 (671,051) 766,773 (1,262,247)
LESS: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST (39,336) (220,886) (55,876) (27,501)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTERESTS $ 1,377,017 $ (450,165) $ 822,649 $ (1,234,746)
NET LOSS PER SHARE FROM CONTINUING OPERATIONS - BASIC AND DILUTED $ (0.12) $ (0.03) $ (0.20) $ (0.19)
NET INCOME PER SHARE FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE - BASIC AND DILUTED $ 0.15 $ (0.03) $ 0.16 $ 0.01
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED 8,260,759 8,429,172 8,269,827 8,404,071