Discontinued Operations and Assets Held for Sale (Tables)

6 Months Ended

Jul. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Group Including Discontinued Operation Balance Sheet

The following financial information presents the consolidated balance sheets of the discontinued operations and assets held for sale as of July 31, 2016 and January 31, 2016, as well as the consolidated statements of operations for the three and six months ended July 31, 2016 and 2015.

	DISCONTINUED OPERATIONS
	JULY 31, 2016		JANUARY 31, 2016
	(UNAUDITED)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	1,458	$	2,153
Accounts Receivable		21,704		12,495
Total Current Assets of Discontinued Operations		23,162		14,648
TOTAL ASSETS OF DISCONTINUED OPERATIONS	$	23,162	$	14,648
LIABILITIES
LIABILITIES
Current Liabilities:
Accounts Payable and Accrued Expenses	$	2,434	$	27,246
Total Current Liabilities of Discontinued Operations		2,434		27,246
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS	$	2,434	$	27,246

	ASSETS HELD FOR SALE
	JULY 31, 2016		JANUARY 31, 2016
	(UNAUDITED)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	236,308	$	250,683
Accounts Receivable		501,278		234,770
Prepaid Expenses and Other Current Assets		132,174		125,316
Total Current Assets of Assets Held for Sale		869,760		610,769
Noncurrent assets of Assets Held for Sale		20,352,564		19,328,032
TOTAL ASSETS OF ASSETS HELD FOR SALE	$	21,222,324	$	19,938,801
LIABILITIES
LIABILITIES
Current Liabilities:
Accounts Payable and Accrued Expenses	$	1,632,049	$	1,735,514
Current Portion of Mortgage Notes Payable		499,394		485,993
Total Current Liabilities of Assets Held for Sale		2,131,443		2,221,507
Noncurrent Liabilities of Assets Held for Sale		13,057,180		13,306,598
TOTAL LIABILITIES OF ASSETS HELD FOR SALE	$	15,188,623	$	15,528,105

Schedule of Disposal Group Including Discontinued Operation Statements

	DISCONTINUED OPERATIONS
	SIX MONTHS ENDED
	JULY 31,
	2016			2015
	(UNAUDITED)			(UNAUDITED)
REVENUE
Room	$	-		$	1,757,135
Food and Beverage		-			536,620
Other		-			17,822
TOTAL REVENUE		-			2,311,577
OPERATING EXPENSES
Room		-			542,685
Food and Beverage		-			412,462
Telecommunications		-			1,867
General and Administrative		16,673			186,977
Sales and Marketing		-			112,073
Repairs and Maintenance		-			173,491
Hospitality		-			146,333
Utilities		-			274,427
Hotel Property Depreciation		-			232,661
Real Estate and Personal Property Taxes, Insurance and Ground Rent		-			64,620
Other		-			1,332
TOTAL OPERATING EXPENSES		16,673			2,148,928
OPERATING (LOSS) INCOME		(16,673	)		162,649
Interest on Mortgage Notes Payable		-			101,801
Interest on Notes Payable to Banks		-			4,319
TOTAL INTEREST EXPENSE		-			106,120
DISCONTINUED OPERATIONS, NET OF NON-CONTROLLING INTEREST		(16,673	)		56,529
CONSOLIDATED NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS	$	(16,673	)	$	56,529

	DISCONTINUED OPERATIONS
	THREE MONTHS ENDED
	JULY 31,
	2016			2015
	(UNAUDITED)			(UNAUDITED)
REVENUE
Room	$	-		$	553,032
Food and Beverage		-			168,696
Other		-			12,791
TOTAL REVENUE		-			734,519
OPERATING EXPENSES
Room		-			242,400
Food and Beverage		-			187,712
Telecommunications		-			522
General and Administrative		5,353			78,036
Sales and Marketing		-			49,147
Repairs and Maintenance		-			86,269
Hospitality		-			63,451
Utilities		-			139,547
Hotel Property Depreciation		-			116,423
Real Estate and Personal Property Taxes, Insurance and Ground Rent		-			31,827
Other		-			977
TOTAL OPERATING EXPENSES		5,353			996,311
OPERATING LOSS		(5,353	)		(261,792	)
Interest on Mortgage Notes Payable		-			57,515
Interest on Notes Payable to Banks		-			1,574
TOTAL INTEREST EXPENSE		-			59,089
DISCONTINUED OPERATIONS, NET OF NON-CONTROLLING INTEREST		(5,353	)		(320,881	)
CONSOLIDATED NET LOSS FROM DISCONTINUED OPERATIONS	$	(5,353	)	$	(320,881	)

	ASSETS HELD FOR SALE
	SIX MONTHS ENDED
	JULY 31,
	2016			2015
	(UNAUDITED)			(UNAUDITED)
REVENUE
Room	$	6,069,310		$	5,804,261
Food and Beverage		106,187			89,980
Other		50,025			42,856
TOTAL REVENUE		6,225,522			5,937,097
OPERATING EXPENSES
Room		1,791,189			1,654,340
Food and Beverage		166,932			144,951
Telecommunications		8,852			11,332
General and Administrative		753,565			701,230
Sales and Marketing		437,209			437,892
Repairs and Maintenance		490,205			533,205
Hospitality		389,519			362,567
Utilities		409,867			371,450
Hotel Property Depreciation		110,748			660,463
Real Estate and Personal Property Taxes, Insurance and Ground Rent		330,516			317,101
Other		(28,845	)		12,498
TOTAL OPERATING EXPENSES		4,859,757			5,207,029
OPERATING INCOME		1,365,765			730,068
Interest on Mortgage Notes Payable		335,788			377,365
Interest on Notes Payable to Banks		7,686			15,359
TOTAL INTEREST EXPENSE		343,474			392,724
CONSOLIDATED NET INCOME FROM ASSETS HELD FOR SALE	$	1,022,291		$	337,344

	ASSETS HELD FOR SALE
	THREE MONTHS ENDED
	JULY 31,
	2016			2015
	(UNAUDITED)			(UNAUDITED)
REVENUE
Room	$	2,793,953		$	2,632,510
Food and Beverage		44,705			44,777
Other		30,252			19,314
TOTAL REVENUE		2,868,910			2,696,601
OPERATING EXPENSES
Room		897,741			810,147
Food and Beverage		73,373			67,705
Telecommunications		4,738			5,216
General and Administrative		367,830			359,552
Sales and Marketing		227,607			185,462
Repairs and Maintenance		217,069			275,176
Hospitality		179,672			185,659
Utilities		202,690			188,229
Hotel Property Depreciation		-			331,051
Real Estate and Personal Property Taxes, Insurance and Ground Rent		149,896			167,620
Other		(15,173	)		3,425
TOTAL OPERATING EXPENSES		2,305,443			2,579,242
OPERATING INCOME		563,467			117,359
Interest on Mortgage Notes Payable		169,335			183,527
Interest on Notes Payable to Banks		4,824			1,731
TOTAL INTEREST EXPENSE		174,159			185,258
CONSOLIDATED NET INCOME (LOSS) FROM ASSETS HELD FOR SALE	$	389,308		$	(67,899	)