Discontinued Operations (Tables)

9 Months Ended

Oct. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following tables list the assets and liabilities of discontinued operations at October 31, 2018 and January 31, 2018 and the discontinued operations for IBC and Yuma for the three and nine months period ended October 31, 2018 and IBC, Yuma and Ontario for the and three and nine months period October 31, 2017

DISCONTINUED OPERATIONS

	OCTOBER 31, 2018
		Yuma
ASSETS
Current Assets:
Cash and Cash Equivalents	$	9,985,750
Accounts Receivable		201,667
Prepaid Expenses and Other Current Assets		13,680
Total Current Assets of Discontinued Operations		10,201,097
Property, Plant and Equipment, net		-
TOTAL ASSETS OF DISCONTINUED OPERATIONS AND HELD FOR SALE	$	10,201,097
LIABILITIES
LIABILITIES
Current Liabilities:
Accounts Payable and Accrued Expenses	$	651,951
Current Portion of Mortgage Notes Payable		-
Current Portion of Notes Payable to Banks		-
Current Portion of Other Notes Payable		-
Total Current Liabilities of Discontinued Operations		651,951
Mortgage Notes Payable		-
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS AND HELD FOR SALE	$	651,951

DISCONTINUED OPERATIONS

	JANUARY 31, 2018
	Total		Yuma		IBC		Ontario
ASSETS
Current Assets:
Cash and Cash Equivalents	$	200,705		178,317		22,388		-
Accounts Receivable		265,377		70,139		195,238		-
Prepaid Expenses and Other Current Assets		25,447		10,803		14,644		-
Total Current Assets of Discontinued Operations		491,529		259,259		232,270		-
Property, Plant and Equipment, net		5,240,535		4,815,664		424,871		-
TOTAL ASSETS OF DISCONTINUED OPERATIONS AND HELD FOR SALE	$	5,732,064		5,074,922		657,141		-
LIABILITIES
LIABILITIES
Current Liabilities:
Accounts Payable and Accrued Expenses	$	607,941		269,242		251,723		86,976
Current Portion of Mortgage Notes Payable		-
Current Portion of Notes Payable to Banks		165,239		165,239
Current Portion of Other Notes Payable		123,859				123,859		-
Total Current Liabilities of Discontinued Operations		897,039		434,481		375,582		86,976
Mortgage Notes Payable and Notes to Bank		5,490,374		5,490,374		-		-
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS AND HELD FOR SALE	$	6,387,413		5,924,855		375,582		86,976

	FOR THE THREE MONTHS ENDED
	OCTOBER 31,
	2018			2018
				IBC			Yuma
REVENUE
Room	$	971,476					$	971,476
Food and Beverage		5,920						5,920
Reservation and Convention		0
Other		5,996						5,996
TOTAL REVENUE		983,392			-			983,392
OPERATING EXPENSES
Room		725,776						725,776
Food and Beverage		5,205						5,205
Telecommunications		5,421						5,421
General and Administrative		390,236			86,530			303,706
Sales and Marketing		121,928			36,428			85,500
Reservation Acquisition Costs		-
Repairs and Maintenance		63,031						63,031
Hospitality		50,007						50,007
Utilities		51,958						51,958
Depreciation		114,314						114,314
Intangible Amortization		-
Real Estate and Personal Property Taxes, Insurance and Ground Rent		46,279						46,279
Other		-
TOTAL OPERATING EXPENSES		1,574,154			122,958			1,451,195
OPERATING LOSS		(590,761	)		(122,958	)		(467,803	)
Interest Income		-
TOTAL OTHER INCOME		-			-			-
Interest on Mortgage Notes Payable		72,420						72,420
Interest on Notes Payable to Banks		12,075						12,075
Interest on Other Notes Payable		-
TOTAL INTEREST EXPENSE		84,496			-			84,496
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS	$	(675,257	)	$	(122,958	)	$	(552,299	)

	FOR THE THREE MONTHS ENDED
	OCTOBER 31,
	2017			2017
				IBC			Yuma		Ontario
REVENUE
Room	$	1,033,218					$	1,033,218
Food and Beverage		10,839						10,839
Reservation and Convention		365,749			365,749
Other		5,346						5,346
TOTAL REVENUE		1,415,152			365,749			1,049,403		-
OPERATING EXPENSES
Room		224,201						224,201
Food and Beverage		15,563						15,563
Telecommunications		5,689						5,689
General and Administrative		477,627			363,303			92,623		21,701
Sales and Marketing		564,472			483,289			81,183
Reservation Acquisition Costs		-
Repairs and Maintenance		86,296						86,296
Hospitality		54,643						54,643
Utilities		64,160						64,160
Depreciation		146,984			26,541			120,443
Intangible Amortization		16,750			16,750
Real Estate and Personal Property Taxes, Insurance and Ground Rent		21,284						21,284
Other		150						150
TOTAL OPERATING EXPENSES		1,677,819			889,883			766,235		21,701
OPERATING LOSS		(262,667	)		(524,134	)		283,168		(21,701	)
Interest Income		-
TOTAL OTHER INCOME		-			-			-		-
Interest on Mortgage Notes Payable		83,178						83,178
Interest on Notes Payable to Banks		4,767			4,767
Interest on Other Notes Payable		26						26
TOTAL INTEREST EXPENSE		87,970			4,767			83,203		-
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS	$	(350,637	)	$	(528,901	)	$	199,965	$	(21,701	)

	FOR THE NINE MONTHS ENDED
	OCTOBER 31,
	2018			2018
				IBC			Yuma
REVENUE
Room	$	3,225,783						3,225,783
Food and Beverage		27,569						27,569
Reservation and Convention		265,281			265,281
Other		41,057						41,057
TOTAL REVENUE		3,559,691			265,281			3,294,410
OPERATING EXPENSES
Room		1,243,699						1,243,699
Food and Beverage		34,136						34,136
Telecommunications		21,803						21,803
General and Administrative		1,041,658			493,451			548,206
Sales and Marketing		636,119			384,038			252,082
Reservation Acquisition Costs		142,842			142,842
Repairs and Maintenance		180,112						180,112
Hospitality		167,095						167,095
Utilities		149,635						149,635
Depreciation		396,642			51,008			345,634
Intangible Amortization		-
Real Estate and Personal Property Taxes, Insurance and Ground Rent		88,344						88,344
Other		5,486						5,486
TOTAL OPERATING EXPENSES		4,107,570			1,071,340			3,036,231
OPERATING LOSS		(547,880	)		(806,059	)		258,179
Interest Income		-
TOTAL OTHER INCOME		-			-			-
Interest on Mortgage Notes Payable		212,573						212,573
Interest on Notes Payable to Banks		-
Interest on Other Notes Payable		41,543			3,725			37,819
TOTAL INTEREST EXPENSE		254,116			3,725			250,391
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS	$	(801,996	)	$	(809,784	)	$	7,788

	FOR THE NINE MONTHS ENDED
	OCTOBER 31,
	2017			2017
					IBC			Yuma			Ontario
REVENUE
Room	$	4,405,046						3,007,722			1,397,324
Food and Beverage		95,511						30,535			64,976
Reservation and Convention		887,274			887,274
Other		24,987						16,544			8,443
TOTAL REVENUE		5,412,819			887,274			3,054,802			1,470,743
OPERATING EXPENSES
Room		1,648,772						708,874			939,898
Food and Beverage		110,663						44,511			66,152
Telecommunications		24,116						24,116			-
General and Administrative		1,504,218			952,710			272,692			278,815
Sales and Marketing		1,353,825			1,008,029			222,496			123,300
Reservation Acquisition Costs		-
Repairs and Maintenance		319,309						219,160			100,149
Hospitality		278,896						156,669			122,227
Utilities		239,965						165,325			74,640
Depreciation		604,610			75,083			351,703			177,824
Intangible Amortization		50,250			50,250
Real Estate and Personal Property Taxes, Insurance and Ground Rent		127,484						71,469			56,015
Other		1,457						(2,111	)		3,568
TOTAL OPERATING EXPENSES		6,263,564			2,086,073			2,234,904			1,942,588
OPERATING LOSS		(850,745	)		(1,198,799	)		819,899			(471,845	)
Interest Income		961									961
TOTAL OTHER INCOME		961			-			-			961
Interest on Mortgage Notes Payable		352,203						224,416			127,787
Interest on Notes Payable to Banks		16,666			16,666
Interest on Other Notes Payable		454						26			428
TOTAL INTEREST EXPENSE		369,322			16,666			224,441			128,215
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS	$	(1,219,106	)	$	(1,215,465	)	$	595,457		$	(599,099	)