0001493152-20-015642.txt : 20200814 0001493152-20-015642.hdr.sgml : 20200814 20200814061423 ACCESSION NUMBER: 0001493152-20-015642 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 114 CONFORMED PERIOD OF REPORT: 20200131 FILED AS OF DATE: 20200814 DATE AS OF CHANGE: 20200814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNSUITES HOSPITALITY TRUST CENTRAL INDEX KEY: 0000082473 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 346647590 STATE OF INCORPORATION: OH FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07062 FILM NUMBER: 201101219 BUSINESS ADDRESS: STREET 1: INNSUITES HOTELS CENTRE STREET 2: 1625 E NORTHERN AVE STE 105 CITY: PHOENIX STATE: AZ ZIP: 85020 BUSINESS PHONE: 2166220046 MAIL ADDRESS: STREET 1: 925 EUCLID AVENUE STREET 2: SUITE 1750 CITY: CLEVELAND STATE: OH ZIP: 44115 FORMER COMPANY: FORMER CONFORMED NAME: REALTY REFUND TRUST DATE OF NAME CHANGE: 19920703 10-K 1 form10-k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

ANNUAL REPORT

 

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
For the fiscal year ended January 31, 2020.
   
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 1-7062

 

INNSUITES HOSPITALITY TRUST

(Exact name of registrant as specified in its charter)

 

Ohio   34-6647590

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification Number)

 

InnSuites Hotels Centre

1730 E. Northern Avenue, Suite 122

Phoenix, AZ

  85020
(Address of principal executive offices)   (ZIP code)

 

Registrant’s telephone number, including area code: (602) 944-1500

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Name of Exchange on Which Registered

Shares of Beneficial Interest,

without par value

   NYSE AMERICAN

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ] No [X]

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes [  ] No [X]

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [  ] No [X]

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer  [  ]
   
Non-accelerated filer [  ] (Do not check if a smaller reporting company) Smaller reporting company [X]

 

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

Aggregate market value of Shares of Beneficial Interest held by non-affiliates of the registrant as of July 31, 2019, based upon the closing sales price of the registrant’s Shares of Beneficial Interest on that date, as reported on the NYSE AMERICAN: $5,876,683 

 

Number of Shares of Beneficial Interest outstanding as of August 12, 2020: 9,145,008

 

Documents incorporated by reference: None.

 

 

 

 
 

 

PART I

 

Item 1. BUSINESS

 

INTRODUCTION TO OUR BUSINESS

 

InnSuites Hospitality Trust (the “Trust”) is headquartered in Phoenix, Arizona and is an unincorporated Ohio real estate investment trust formed on June 21, 1971. The Trust is not a real estate investment trust for federal taxation purposes, but is taxed as a C-corporation. The Trust, with its affiliates RRF Limited Partnership, a Delaware limited partnership (the “Partnership”), and InnSuites® Hotels, Inc., a Nevada corporation (“InnSuites Hotels”), owns interests in two hotels, operates and provides management services for three hotels, and provides trademark license services. At January 31, 2020, and currently, the Trust owns a 75.89% sole general partner interest in the Partnership, which controls a 51.01% interest in the InnSuites hotel located in Tucson, Arizona, and a direct 20.33% interest in the InnSuites hotel located in Albuquerque, New Mexico. The Tucson and Albuquerque hotels are sometimes referred to as the “Hotels”. We anticipate selling one or both of the Hotels in the next twenty-four (24) months.

 

InnSuites Hotels Inc., a wholly-owned subsidiary of the Trust, provides management services for the two Trust Hotels and one hotel located in Tempe, Arizona (the “Tempe Hotel”) that is owned by affiliates of James F. Wirth, the Trust’s Chairman and Chief Executive Officer. InnSuites Hotels also provides trademark and licensing services to the Tempe Hotel. The Trust has approximately 120 full-time employees and approximately 20 part-time employees.

 

The two Hotels have an aggregate of 270 hotel suites and operate as moderate -service hotels that apply a value studio and two-room suite operating philosophy formulated in 1980 by Mr. Wirth. The Trust hotels offer services such as free hot breakfast buffets and complimentary afternoon social hours plus amenities, such as microwave ovens, refrigerators, and free high-speed Internet access.

 

For the fiscal year ahead, February 1, 2020 through January 31, 2021 the Trust’s operations are focused on recovery from the impact of the corona virus (COVID-19) pandemic, and the severe impact on the travel and hospitality industries which took place after February 1, 2020. The Trust’s primary business objective is to maximize returns to its shareholders through increases in asset value and long-term total returns to shareholders, including profitable sale of assets and growth of investments. The Trust seeks to achieve this objective through intensive management and marketing of the InnSuites© hotels, and by selling hotel real estate at market prices well above book values and benefitting from diversified investments. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Future Positioning” for a more detailed discussion of the Trust’s strategic objectives.

 

The Trust has a single class of Shares of Beneficial Interest, without par value, that are traded on the NYSE AMERICAN under the symbol “IHT.” The Partnership has two outstanding classes of limited partnership interests, Class A and Class B, which are identical in all respects. However, each Class A Partnership unit is convertible, at the option of the Class A holder, into one newly-issued Share of Beneficial Interest of the Trust and each Class B Partnership unit is convertible, upon approval of the Board of Trustees of the Trust, into one newly-issued Share of Beneficial Interest of the Trust. The Partnership Agreement of the Partnership subjects both general and limited partner units to certain restrictions on transfer.

 

MANAGEMENT AND LICENSING CONTRACTS

 

The Trust directly manages the Hotels through the Trust’s wholly-owned subsidiary, InnSuites Hotels, Inc. Under the management agreements, InnSuites Hotels manages the daily operations of the both Trust Hotels and the Tempe Hotel. All Trust managed Hotel expenses, revenues and reimbursements among the Trust, InnSuites Hotels and the Partnership have been eliminated in consolidation. The management fees for the Hotels and the Tempe Hotel are 5% of room revenue and a monthly accounting fee of $2,000 per hotel. These agreements have no expiration dates, but may be cancelled by either party with 90-days written notice, or potentially sooner in the event the property changes ownership.

 

2

 

 

The Trust also provides the use of the “InnSuites” trademark to the Hotels and the Tempe Hotel through the Trust’s wholly-owned subsidiary, InnSuites Hotels, Inc., which is included in the management fee. The InnSuites trademark expires in January 2027.

 

These revenues are included in the management and trademark fees revenues in the consolidated statement of operations of our financial statements.

 

MEMBERSHIP AGREEMENTS

 

InnSuites Hotels has entered into membership agreements with Best Western International, Inc. (“Best Western”) with respect to each of the two Hotels. In exchange for use of the Best Western name, trademark and reservation system, each Hotel pays marketing and reservation fees to Best Western based on reservations received through the use of the Best Western reservation system, a marketing fee based upon the monthly room revenues, and the number of available suites at the Hotels. The agreements with Best Western are year-to-year. Best Western requires that the Hotels meet certain requirements for room quality, and the two Hotels are subject to removal from the Best Western reservation system if these requirements are not met. During the past year, the two Hotels received significant reservations through the Best Western reservation system. Under these arrangements, fees paid for membership fees and reservations were approximately $171,000 and $277,000, for fiscal years ended January 31, 2020 and 2019, respectively.

 

COMPETITION IN THE HOTEL INDUSTRY

 

The hotel industry is highly competitive. We expect the major challenge for the fiscal year ending January 31, 2021 (“fiscal year 2021”) to be the economic recovery from the Coronavirus (COVID-19) pandemic during the spring of 2020. The drastic impact of COVID-19 to the hospitality industry has resulted in severely reduced occupancy and significant reduction in room rates. Continued competition for reduced demand in corporate, leisure, group and government business in the markets in which we operate, will affect our ability to maintain room rates and maintain market share. Each of the Hotels, and the Tempe Hotel faces competition primarily from other mid-market hotels located in its immediate vicinity, but also competes with hotel properties located in other geographic markets, and increasingly from alternative lodging facilities, such as Airbnb. While none of the Hotels’ competitors dominate any of their geographic markets, some of those competitors may have greater marketing and financial resources than the Trust.

 

Certain additional hotel property refurbishments have recently been completed by competitors in both of the Hotels’ markets, and additional hotel property developments may be built in the future. Such hotel developments could have an adverse effect on the revenue of our Hotels in their respective markets.

 

The Trust’s hotel investments are located in Arizona and New Mexico. With the completed renovations at our Tucson, Arizona and Albuquerque, New Mexico hotel properties, those hotels have seen additional demand during the fiscal year ended January 31, 2020, as supply had been steady in those respective markets. Either an increase in supply or a decline in demand could result in increased competition, which could have an adverse effect on occupancy, room rates and revenues of our Hotels in their respective markets. The hotels have experienced a decrease in demand due to impact of the COVID-19 virus and the related restrictions and reduction of travel after February 1, 2020.

 

The Trust may not invest further in hotels, but rather diversify into investments including the $1 million investment made by the Trust in December 2019 in the innovative UPI efficient clean energy power generation company. The Trust may continue to seek further diversification through a reverse merger with a larger non-public entity.

 

REGULATION

 

The Trust is subject to numerous federal, state and local government laws and regulations affecting the hospitality industry, including usage, building and zoning requirements and the laws and regulations related to the preparation and sale of food and beverage such as health and liquor license laws. A violation of any of those laws and regulations or increased government regulation could require the Trust to make unplanned expenditures which may result in higher operating costs. Compliance with these laws is time intensive and costly and may reduce the Trust’s revenues and operating income.

 

3

 

 

Under the Americans with Disabilities Act of 1990 (the “ADA”), all public accommodations are required to meet certain readily achievable federal requirements related to access and use by disabled persons. In addition to ADA work completed to date, the Trust may be required to remove additional access barriers or make unplanned, substantial modifications to its Hotels to comply with the ADA or to comply with other changes in governmental rules and regulations, or become subject to claims, fines and damage awards, any of which could reduce the number of total available rooms, increase operating costs and have a negative impact on the Trust’s results of operations.

 

Our hotel properties are subject to various federal, state and local environmental laws that impose liability for contamination. Under these laws, governmental entities have the authority to require us, as the current or former owner of the property, to perform or pay for the clean-up of contamination (including swimming pool chemicals or hazardous substances or biological waste) at or emanating from the property and to pay for natural resource damage arising from contamination. These laws often impose liability without regard to whether the owner or operator knew of or caused the contamination. Such liability can be joint and several, so that each covered person can be responsible for all of the costs involved, even if more than one person may have been responsible for the contamination. We can also be liable to private parties for costs of remediation, personal injury, death and/or property damage resulting from contamination at or emanating from our hotel properties. Moreover, environmental contamination can affect the value of a property and, therefore, an owner’s ability to borrow funds using the property as collateral or to sell the property on favorable terms or at all. Furthermore, persons who sent waste to a waste disposal facility, such as a landfill or an incinerator, may be liable for costs associated with cleanup of that facility.

 

The Trust is also subject to laws governing our relationship with employees, including minimum wage requirements, overtime, working conditions and work permit requirements. There are frequent proposals under consideration, at the federal and state levels, to increase the minimum wage. Additional increases to the state or federal minimum wage rate, and employee benefit costs including health care or other costs associated with employees could increase expenses and result in lower operating margins.

 

The Trust collects and maintains information relating to its guests for various business purposes, including maintaining guest preferences to enhance the Trust’s customer service and for marketing and promotional purposes. The collection and use of personal data are governed by privacy laws and regulations. Compliance with applicable privacy regulations may further increase the Trust’s operating costs and/or adversely impact its ability to service its guests and market its products, properties and services to its guests. In addition, non-compliance with applicable privacy regulations by the Trust (or in some circumstances non-compliance by third parties engaged by the Trust) could result in fines or restrictions on its use or transfer of data.

 

SEASONALITY OF THE HOTEL BUSINESS

 

The Hotels’ operations historically have been somewhat seasonal. The Tucson Hotel experiences its highest occupancy in the first fiscal quarter and, to a lesser extent, the fourth fiscal quarter (the winter season). The second fiscal quarter tends to be the lowest occupancy period at the Tucson Hotel. This seasonality pattern can be expected to cause fluctuations in the Trust’s quarterly revenues. The hotel located in New Mexico historically experience their most profitable periods during the second and third fiscal quarters (the summer season), providing 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 labor force shortages and cash flow issues. Further, if an adverse event such as an actual or threatened terrorist attack, viral outbreak or pandemic, international conflict, data breach, regional economic downturn or poor weather conditions should occur during the first or fourth fiscal quarters, the adverse impact to the Trust’s revenues could likely be greater as a result of its seasonal business.

 

OTHER AVAILABLE INFORMATION

 

We also make available, free of charge, on our Internet website at www.innsuitestrust.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we file such material with, or furnish it to, the Securities and Exchange Commission (the “SEC”). Information on our Internet website shall not be deemed incorporated into, or be part of, this report.

 

4

 

 

Item 1A. RISK FACTORS

 

Not required for smaller reporting companies.

 

Item 1B. UNRESOLVED STAFF COMMENTS

 

Not required for smaller reporting companies.

 

Item 2. PROPERTIES

 

The Trust maintains its administrative offices at the InnSuites Hotels Centre, at 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020 in a space leased by the Trust from a third party. The two Hotels are operated as InnSuites Hotels, and both Hotels are also marketed as Best Western® Hotels. The Hotels operate in the following locations:

 

  ● Best Western InnSuites Tucson Foothills Hotel & Suites. 6201 N Oracle Rd., Tucson, AZ 85704
  ● Best Western InnSuites Albuquerque Airport Hotel & Suites. 2400 Yale Boulevard SE, Albuquerque, NM 87106

 

In the fiscal year ended January 31, 2019, we remodeled 100% of each property’s available suites and public areas. The Albuquerque Hotel added six additional suites during the fiscal quarter ending April 30, 2018 by splitting several two-room suites into individual suites. The Trust owns a direct 20.33% interest in the InnSuites Hotel and Suites Airport Albuquerque Best Western Hotel. The Partnership owns a 51.01% interest in the InnSuites Hotel and Suites Tucson Oracle Best Western Hotel. The Trust owns a 75.89% general partner interest in the Partnership.

 

See “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – General” below for a discussion of occupancy rates at the Hotels.

 

See Note 10 to the Trust’s Consolidated Financial Statements – “Mortgage Notes Payable” below for a discussion of mortgages encumbering the Hotels.

 

See Note 20 to the Trust’s Consolidated Financial Statements – “Commitments and Contingencies” for a discussion of the lease for our corporate headquarters and the non-cancellable ground lease to which our Albuquerque Hotel is subject.

 

Item 3. LEGAL PROCEEDINGS

 

The Trust is not a party to, nor are any of its properties subject to, any material litigation or environmental regulatory proceedings. See Note 20 to Trust’s Consolidated Financial Statements – “Commitments and Contingencies”.

 

Item 4. MINE SAFETY DISCLOSURES

 

Not Applicable.

 

5

 

 

PART II

 

Item 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 

The Trust’s Shares of Beneficial Interest are traded on the NYSE American under the symbol “IHT.” On June 4, 2019, the Trust had 9,360,292 shares outstanding. As of June 4, 2019, there were 339 holders of record of our Shares of Beneficial Interest, not including holders who hold their asset positions with banks and brokers.

 

The following table sets forth, for the periods indicated, the high and low sales prices of the Trust’s Shares of Beneficial Interest, as reported on the NYSE American, as well as dividends declared thereon:

 

Fiscal Year 2020   High     Low     Dividends  
First Quarter   $ 1.95     $ 1.59       -  
                         
Second Quarter   $ 1.68     $ 1.36     $ 0.01  
                         
Third Quarter   $ 1.69     $ 1.44       -  
                         
Fourth Quarter   $ 1.62     $ 1.47     $ 0.01  

 

Fiscal Year 2019   High     Low     Dividends  
First Quarter   $ 1.82     $ 1.43       -  
                         
Second Quarter   $ 2.35     $ 1.25     $ 0.01  
                         
Third Quarter   $ 1.85     $ 1.28       -  
                         
Fourth Quarter   $ 1.80     $ 1.41     $ 0.01  

 

The Trust intends to maintain a conservative dividend policy to facilitate the reduction of debt, and currently is, and has, been paying $0.02 per share per fiscal year. In the fiscal years ended January 31, 2019 and 2020, the Trust paid dividends of $0.01 per share in each of the second and the fourth quarters. The Trust has paid dividends each fiscal year since its inception in 1971. The Trust has approved to pay the scheduled $0.01 dividend payable on July 31, 2020.

 

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, 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 Trusts’ equity compensation plans/programs. During the fiscal year ended January 31, 2020, the Trust acquired 71,543 Shares of Beneficial Interest in open market transactions at an average price of $1.71 per share. 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.

 

6

 

 

See Part III, Item 12 for information about our equity compensation plans.

 

See Note 2 to our Consolidated Financial Statements – “Summary of Significant Accounting Policies” for information related to grants of restricted shares made to members of our Board of Trustees during fiscal year 2020. These grants were made in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2).

 

For stock option grants during fiscal 2020, see Note 24 to our Consolidated Financial Statements - “Stock Options.”

 

For the issuance of Shares of Beneficial Interest by the Trust to Rare Earth Financial, LLC, see Note 17 to our Consolidated Financial Statements – “Other Related Party Transactions.” These issuances were made in reliance upon the exemption from the registration requirements of the Securities Act pursuant to Section 4(a)(2).

 

Item 6. SELECTED FINANCIAL DATA

 

Not required for smaller reporting companies.

 

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Item 7A

 

GENERAL

 

The following discussion should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Form 10-K.

 

We are engaged in the ownership and operation of hotel properties. At January 31, 2020, the Trust had two moderate -service hotels in Tucson, Arizona and Albuquerque, New Mexico with 270 hotel suites, and managed a third hotel in Tempe, Arizona. Both of our Hotels are branded through membership agreements with Best Western, and both are trademarked as InnSuites Hotels. We are also involved in various operations incidental to the operation of hotels, such as the operation of limited service restaurants and bars, and meeting/banquet room rentals.

 

At January 31, 2020, we owned, through our sole general partner’s interest in the Partnership, a direct 20.33% interest in the Albuquerque, New Mexico Hotel, and, together with the Partnership, owned a 51.01% interest in the Tucson, Arizona. Hotel.

 

Our operations consist of one reportable segment – Hotel Operations & Hotel Management Services. Hotel Operations derives its revenue from the operation of the Trust’s two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. Hotel management services, provides management services for the Trust’s two Hotels and a non-owned hotel in Tempe, Arizona. As part of our management services, we also provide trademark and licensing services.

 

Our results are significantly affected by the overall economy and travel, occupancy and room rates at the Hotels, our ability to manage costs, changes in room rates, and changes in the number of available suites caused by the Trust’s disposition activities. Results are also significantly impacted by overall economic conditions and conditions in the travel industry. Unfavorable changes in these factors, such as the virus-related travel slowdown in the fiscal year starting February 1, 2020, can and have negatively impacted hotel room demand and pricing, which reduces our profit margins. Additionally, our ability to manage costs could be adversely impacted by significant increases in operating expenses, resulting in lower operating margins and higher hourly labor costs. Either a further increase in supply or a further decline in demand could result in increased competition, which could have an adverse effect on the rates and revenue of the Hotels in their respective markets.

 

7

 

 

We experienced strong economic conditions during fiscal year 2020. We anticipate that a weak travel and hospitality industry for most of the fiscal year ending January 31, 2021 due to the COVID-19 related decline in travel. We expect the major challenge for fiscal year 2021 to be the recovery of the travel industry, and our Hotel’s occupancy levels, followed by room rates. We believe that we have positioned the Hotels to remain competitive through our now completed refurbishment(s), by offering a relatively large number of two-room suites at each location, and by maintaining robust complementary guest items, including complimentary breakfast and free Internet access.

 

Our strategic plan is to continue to obtain the full benefit of our real estate equity, by marketing the remaining two Hotels over the next 24 months. In addition, the Trust is seeking a larger private reverse merger partner that may benefit from a merger that would afford that partner access to our listing on the NYSE AMERICAN. In the process of reviewing merger opportunities in the fiscal year ended January 31, 2020, the Trust identified and invested $1 million in Unigen Power, Inc. (“Unigen”, or “UPI), a innovative efficient clean energy power generation company For more information on our strategic plan, including information on our progress in disposing of our hotel properties, see “Future Positioning” in this Management Discussion and Analysis of Financial Condition and Results of Operations.

 

8

 

 

Our expenses consist primarily of property taxes, insurance, corporate overhead, interest on mortgage debt, professional fees, depreciation of the Hotels and hotel operating expenses. Hotel operating expenses consist primarily of payroll, guest and maintenance supplies, marketing and utilities expenses. Under the terms of its Partnership Agreement, the Partnership is required to reimburse us for all such expenses. Accordingly, management believes that a review of the historical performance of the operations of the Hotels, particularly with respect to occupancy, which is calculated as rooms sold divided by total rooms available, average daily rate (“ADR”), calculated as total room revenue divided by number of rooms sold, and revenue per available room (“REVPAR”), calculated as total room revenue divided by number of rooms available, is appropriate for understanding revenue from the Hotels. In fiscal year 2020, as compared with fiscal 2019, occupancy decreased 0.20% to 80.45% from 80.65% in the prior fiscal year. ADR increased by $4.20, or 5.46%, to $81.18 in fiscal year 2020 from $76.98 in fiscal year 2019. The flat/slightly decreased occupancy and increased ADR resulted in an increase in REVPAR of $2.94, or 4.71%, to $65.31 in fiscal year 2020 from $62.37 in fiscal year 2019. The increased in ADR and REVPAR reflect an improved product and improved economy.

 

For the fiscal year ending January 31, 2021, we anticipate reduced occupancy and to a lesser extent lower rates (ADR), resulting in reduced REVPAR all due to the COVID-19 virus-related travel/hospitality slowdown. We expect some offsetting benefit from the expected forgiveness of debt related to the Small Business Administration (SBA) Payroll Protection Program (PPP) loans.

 

The following table shows certain historical financial and other information for the periods indicated:

 

    For the Twelve Months Ended  
Albuquerque   January 31,  
    2020     2019     change     %-Incr/decr  
Occupancy     88.04 %     87.71 %     0.33 %     0.37 %
Average Daily Rate (ADR)   $ 81.20     $ 75.28     $ 5.92       7.86 %
Revenue Per Available Room (REVPAR)   $ 71.49     $ 66.03     $ 5.46       8.26 %

 

    For the Twelve Months Ended  
Tucson   January 31,  
    2020     2019     change     %-Incr/decr  
Occupancy     74.69 %     76.38 %     -1.69 %     -2.21 %
Average Daily Rate (ADR)   $ 80.38     $ 75.88     $ 4.51       5.94 %
Revenue Per Available Room (REVPAR)   $ 60.04     $ 57.96     $ 2.08       3.60 %

 

    For the Twelve Months Ended  
Combined   January 31,  
    2020     2019     change     %-Incr/decr  
Occupancy     80.45 %     80.65 %   -0.20 %     -0.25 %
Average Daily Rate (ADR)   $ 81.18     $ 76.98     $ 4.20       5.46 %
Revenue Per Available Room (REVPAR)   $ 65.31     $ 62.37     $ 2.94       4.71 %

 

No assurance can be given that occupancy, ADR and REVPAR will not increase or decrease as a result of changes in national or local economic or hospitality industry conditions.

 

We enter into transactions with certain related parties from time to time. For information relating to such related party transactions see the following:

 

  ● For a discussion of management and licensing agreements with certain related parties, see “Item 1 – Business – Management and Licensing Contracts.”
     
  ● For a discussion of guarantees of our mortgage notes payable by certain related parties, see Note 10 to our Consolidated Financial Statements – “Mortgage Notes Payable.”
     
  ● For a discussion of our equity sales and restructuring agreements involving certain related parties, see Notes 3, and 4 to our Consolidated Financial Statements – “Sale of Ownership Interests in Albuquerque Subsidiary,” and “Sale of Ownership Interests in Tucson Hospitality Properties Subsidiary,” respectively.
     
  ● For a discussion of other related party transactions, see Note 17 to our Consolidated Financial Statements – “Other Related Party Transactions.”

 

9

 

 

Results of operations of the Trust for the fiscal year ended January 31, 2020 compared to the fiscal year ended January 31, 2019.

 

Overview

 

A summary of total Trust operating results for the fiscal years ended January 31, 2020 and 2019 is as follows:

 

   2020   2019   Change   % Change 
Total Revenues from Continuing Operations  $6,568,171   $6,168,965   $399,206    6%
Operating Expenses from Continuing Operations   8,420,980    7,474,089    (946,891)   (13)%
Operating Loss from Continuing Operations   (1,852,809)   (1,305,125)   (547,684)   (42)%
Interest Income from Continuing Operations   146,645    108,652    37,993    35%
Interest Expense from Continuing Operations   (566,682)   (381,310)   (185,372)   49%
Income Tax Benefit (Provision) from Continuing Operations   294,402    (407,727)   702,129    (172)%
Consolidated Net Loss from Continuing Operations   (1,978,444)   (1,985,510)   7,066    0%

  

As a result of the sale of IBC (see Note 25), 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 & Corporate Overhead (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 a concentration of assets in the southwest United States and the southern Arizona market. Prior to the sale of IBC, the Trust had previously determined that its operations were comprised of two reportable segments, a Hotel Operations & Corporate Overhead segment, and the IBC Hospitality segment serving 2,000 unrelated hotel properties. In connection with the sale of IBC, the historical financial information presented in this Form 10-K reflects this change with IBC being reported as discontinued operation.

 

The Trust has its hotel 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.

 

REVENUE – CONTINUING OPERATIONS:

 

For the twelve months ended January 31, 2020, we had total revenue of approximately $6,568,000 compared to approximately $6,169,000 for the twelve months ended January 31, 2019, a increase of approximately $399,000, or 6.5%. In the prior fiscal years ended January 31, 2019 and 2018, we made significant improvements to our Tucson, Arizona property which allowed us to increase rates with increased occupancy. For comparability purposes, the current fiscal year revenues do not include our Yuma, Arizona properties which was sold on October 24, 2018, and our IBC Technology Division which was sold in August of 2018.

 

We realized a 7.1% increase in room revenues during fiscal year 2020 as room revenues were approximately $6,278,000 for the fiscal year ending January 31, 2020 as compared to approximately $5,862,000 for the fiscal year ending January 31, 2019. With changes in our food and beverage offerings, our food and beverage revenue increased by 36.0% to approximately $68,000 for fiscal year 2020 as compared to approximately $50,000 during fiscal year 2019, an increase of approximately $18,000. - We also realized an approximate 1.2% decrease in management and trademark fee revenues during fiscal year 2020 to approximately $170,000 as compared to approximately $172,000 during fiscal year 2019. Management and trademark fee revenues decreased during fiscal year 2020 as a result of the loss of management fees due to the sale of the Yuma hotel, offset by higher fees from the remaining hotels. Management fees remained unchanged year on year at 5%. During fiscal year 2021, we expect management and trademark fee revenues to be lower when compared to fiscal year 2020 management and trademark fee revenues, on reduced revenues. We realized an approximate 40% decrease in other revenues from the hotel properties during fiscal year 2020 to approximately $51,000 as compared to approximately $85,000 during fiscal year 2019.

 

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EXPENSES – CONTINUING OPERATIONS:

 

Total expenses before interest expense and income tax provision was approximately $8,421,000 for the twelve months ended January 31, 2020 reflecting an increase of approximately $947,000 compared to total expenses before interest expense and income tax provision of approximately $7,474,000 for the twelve months ended January 31, 2019. The increase was primarily due to an increase in operating expenses for the $825,000 impairment of the IBC/Obasa Note Receivable and the effects of the adoption of ASC-842 lease accounting pronouncement in 2019. Specific expense comparisons to the prior fiscal year are detailed in the following categories.

 

Room expenses consisting of salaries and related employment taxes for property management, front office, housekeeping personnel, reservation fees and room supplies were approximately $2,033,000 for the fiscal year ended January 31, 2020 compared to approximately $1,941,000 in the prior year period for an increase of approximately $92,000, or 4.7% increase. Room expenses increased as occupancy at the hotels increased, and additional expenses were incurred with the increased occupancy

 

Food and beverage expenses included food and beverage costs, personnel and miscellaneous costs to provide banquet events. For the fiscal year ended January 31, 2020, food and beverage expenses increased approximately $37,000, or 51.4%, to approximately $109,000 for the fiscal year ended January 31, 2020, compared to approximately $72,000 for the fiscal year ended January 31, 2018. This increase is consistent with the 36% increase in food and beverage revenue and additional costs associated with our improved food and beverage offerings.

 

Telecommunications expense, consisting of telephone and Internet costs, were classified as general and administrative expense for the fiscal year ended January 31, 2020, as compared to the prior fiscal year ended January 31, 2019 which were approximately $3,000.

 

General and administrative expenses include overhead charges for management, accounting, shareholder and legal services. General and administrative expenses of approximately $2,998,000 for the twelve months ended January 31, 2020, increasing approximately $664,000 from approximately $2,334,000 for the twelve months ended January 31, 2019 primarily due to the impairment of the Obasa/IBC Note Receivable of $825,000, offset by cost reductions in staffing at the corporate headquarters.

 

Sales and marketing expense decreased approximately $11,000, or 18.9%, to approximately $570,000 for the twelve months ended January 31, 2020 from approximately $581,000 for the twelve months ended January 31, 2019.

 

Repairs and maintenance expense decreased by approximately $92,000, or 18.6%, from approximately $495,000 reported for the twelve months ended January 31, 2019 compared to approximately $403,000 for the twelve months ended January 31, 2020. Having completed property improvements at our Tucson, Arizona property during the fiscal year ended January 31, 2019, our repair and maintenance expense in the current year was significantly lower. Management believes the improvements, which complies with the increasing Best Western standards, has led to improved guest satisfaction and driven revenue growth

 

Hospitality expense increased by approximately $27,000, or 5.6%, from $483,000 for the twelve months ended January 31, 2019 to approximately $510,000 for the twelve months ended January 31, 2020. The increase was primarily due to the additional product mix provided during the Hotels’ complimentary breakfast and happy hour required by Best Western.

 

Utility expenses increased by $21,000, or 5.8% to approximately $383,000 000 for the twelve months ended January 31, 2020 from approximately $362,000 for the twelve months ended January 31, 2019. Utility increases were consistent with, and in support of, our higher revenues.

 

Hotel property depreciation expenses increased by approximately $57,000, or 6.7%, from approximately $845,000 reported for the twelve months ended January 31, 2019 compared to approximately $902,000 for the twelve months ended January 31, 2020. Increased depreciation resulted from the additional capital expenditures associated with the Tucson hotel improvements and, to a lesser extent, improvements at the Albuquerque hotel, made during the fiscal year ended January 31, 2019.

 

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REVENUE – DISCONTINUING OPERATIONS

 

Hotel Operations & Corporate Overhead Segment

 

On October 24, 2018, the Trust sold its Yuma, Arizona hotel to an unrelated third party for approximately $16.05 million, which the Trust received in cash. Total gain on sale was approximately $9.6 million. For the fiscal year ended January 31, 2019, the Yuma, Arizona hotel had approximately $3,294,000 of revenue consisting of approximately $3.2 million of room and other revenues and approximately $28,000 of food and beverage revenues. For the fiscal year ended January 31, 2018, the Yuma, Arizona hotel had approximately $4,125,000 of revenue, consisting of approximately $4.1 million in room and other revenues and approximately $42,000 of food and beverage revenues Since the Yuma hotel was sold in the fiscal year ended January 31, 2019, no revenue exists for the current fiscal year .

 

IBC Technology Segment

 

Our IBC Technologies Division was sold effective July 31, 2018, to an unrelated party for approximately $3.0 million, for which the Trust received $250,000 in cash, carried the balance of $2,750,000 in the form of a secured note. For the fiscal year ended January 31, 2019 we had total IBC revenue of approximately $223,000. There is no revenue for the current fiscal year.

 

Hotel Operations & Corporate Overhead Segment

 

For the twelve months ended January 31, 2019, IBC had approximately $2,808,000 of total expenses. There are no expenses for IBC in the current fiscal year ended January 31, 2020

 

For the fiscal year ended January 31, 2019, our Yuma, Arizona hotel was owned and operated by the Trust for approximately 9 months and incurred normal routine operating expenses including approximately $1,262,000 of room expenses, approximately $36,000 food and beverage expenses, approximately $365,000 general and administrative expenses, approximately $177,000 of sales and marketing expenses, approximately $185,000 of repairs and maintenance expenses, approximately $168,000 of hospitality expenses, approximately $161,000 utilities, approximately $344,000 of depreciation, approximately $88,000 of property insurance and tax expenses. There are no expenses for the Yuma, Arizona hotel for the fiscal year ended January 31, 2020.

 

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IBC Technology Segment

 

Total expenses of approximately $892,000 for the twelve months ended January 31, 2019 were approximately for the twelve months ended January 31, 2018. Our IBC Technologies Division was sold in August 2018.

 

For the fiscal year ended January 31, 2019, our IBC Development Segment was owned and operated by the Trust for approximately 7 months and incurred normal routine operating expenses including approximately $402,000 of general and administrative expenses, of approximately $292,000 of sales and marketing expenses, approximately $143,000 of reservation acquisition costs, and approximately $50,000 of depreciation expense

 

LIQUIDITY AND CAPITAL RESOURCES

 

Overview – Hotel Operations & Corporate Overhead

 

Our principal source of cash to meet our cash requirements, including distributions to our shareholders, is our share of the Partnership’s cash flow, quarterly distributions from the Albuquerque, New Mexico property and sales of our hotel properties. The Partnership’s principal source of revenue is hotel operations and distributions for the one hotel property it owns in Tucson, Arizona. Our liquidity, including our ability to make distributions to our shareholders, will depend upon our ability, and the Partnership’s ability, to generate sufficient cash flow from hotel operations and to service our debt.

 

Hotel operations are significantly affected by occupancy and room rates at the Hotels. Due to the impact of the COVID-19 virus on the travel and hospitality industries, and the economy in general, we are anticipating significantly lower occupancy and ADR during this coming year and capital improvements are expected to decrease from the prior year, especially in our first fiscal quarter February 1, 2020 through April 30, 2020. We expect only modest recovery in our second fiscal quarter (May-July, 2020) with continuing improvement during the remainder of the fiscal year ending January 31, 2021, as the travel and hospitality industries, and overall economy, rebound.

 

With approximately $1,200,000 of cash and short term investments as of January 31, 2020 and the availability of a $1,000,000 related party Demand/Revolving Line of Credit/Promissory Note and the availability of our two available Advances to Affiliate credit facilities for a total of $1,000,000 maximum borrowing capacity, we believe that we will have enough cash on hand to meet all of our financial obligations as they become due for at least the next twelve months from the issuance date of the these consolidated financial statements. In addition, our management is analyzing other strategic options available to us, including raising additional funds, increasing borrowings at either, or both, the Albuquerque and Tucson hotels and using the funds generated to pay intercompany loans due from the Tucson hotel to the Partnership of approximately $3.7 million; however, such transactions may not be available on terms that are favorable to us, or at all.

 

There can be no assurance that we will be successful in refinancing debt or raising additional or replacement funds, or that these funds may be available on terms that are favorable to us. If we are unable to raise additional or replacement funds, we may be required to sell certain of our assets to meet our liquidity needs, which may not be on terms that are favorable.

 

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Net cash used in operating activities totaled approximately $953,000 during fiscal year 2020 as compared to approximately $1,799,000 used in the prior fiscal year. Consolidated net income was approximately $(1,978,000) for the fiscal year ended January 31, 2020 as compared to consolidated net income for the fiscal year ended January 31, 2019 of approximately $11,106,000. Explanation of the differences between these fiscal years are explained above in the results of operations of the Trust.

 

Changes in the adjustments to reconcile net loss and net income for the years ended January 31, 2020 and 2019, respectively, consist primarily of gain on disposal of assets, hotel property depreciation, and changes in assets and liabilities. Hotel property depreciation was approximately $902,000 during fiscal year 2020 compared to approximately $1,245,000 during fiscal year 2019, a decrease of $343,000 as the Trust recognized less depreciation as one of the hotel properties was sold during the fiscal year 2019. There was no amortization of intangibles during fiscal years 2020 or 2019.

 

Changes in assets and liabilities for accounts receivable, prepaid expenses and other assets and accounts payable and accrued expenses totaled approximately $91,000 and approximately $(296,000) for the fiscal years ended January 31, 2020 and 2019, respectively. This increase in changes in assets and liabilities for the fiscal year ended January 31, 2020 compared to the fiscal year ended January 31, 2019 was due to decreases in accounts payables and accrued liabilities.

 

Net cash provided by investing activities totaled approximately $1,305,000 for the year ended January 31, 2020 compared to net cash provided by investing activities of approximately $8,372,000 for the year ended January 31, 2019. The decrease in net cash provided by investing activities during fiscal year 2020 was due to (1) the Yuma hotel sale in the prior year; and there were no hotels sold in the current year, (2) the $1.0 million investments in UniGen Power Inc. [UPI], (3) offset by the lending on advances to affiliates – related party of approximately $75,000 during the fiscal year 2020 as compared to approximately $776,000 for the fiscal year 2019.

 

Net cash provided by financing activities totaled approximately $99,000 compared to net cash used of $10,399,000 for the years ended January 31, 2020 and 2019, respectively. The significant decrease of approximately $10,498,000 was primarily due to decreases in distributions to non-controlling interest holders, decreases in repurchase of treasury stock; and increases in collection online of credit – related party,

 

Principal payments on mortgage notes payables for continuing operations was approximately $120,000 and $102,000 during the fiscal years ended January 31, 2020 and 2019, respectively. Payments on notes payable to banks was approximately $170,000 and approximately $-0- during the fiscal years ended January 31, 2020 and 2019, respectively as we paid off our mortgages on our Yuma, Arizona property in the fiscal year ended January 31, 2019, as that asset was sold. Borrowings on Mortgage Notes Payable was $1,400,000 and $-0- during the fiscal years ended January 31, 2020 and 2019, respectively due to refinancing our Albuquerque, New Mexico property in the fiscal year ended January 31, 2020.

 

For the fiscal year ended January 31, 2020, payments on line of credit – related party netted against borrowings on line of credit – related party was approximately $-0- of net cash provided by financing activities as compared to approximately $178,000 of net cash provided by financing activities for the fiscal year ended January 31, 2019.

 

Payments on notes payables – related party netted against borrowings on note payable – related party was approximately $323,000 and $306,000 of net cash used by financing activities during the fiscal years ended January 31, 2020 and 2019, respectively.

 

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Payments on other notes payables netted against borrowings on other note payable was approximately $614,000 and $330,00 of net cash provided by financing activities during the fiscal years ended January 31, 2020 and 2019, respectively.

 

Proceeds from sales of non-controlling ownership interests in subsidiaries decreased by approximately $102,000 as sales of non-controlling ownership interest was approximately $-0- for the fiscal year ended January 31, 2020 and approximately $102,000 for the year ended January 31, 2019. We had no sales of our IHT stock for the fiscal years ended January 31, 2020 and January 31, 2019.

 

During the fiscal year ended January 31, 2020, our distributions to non-controlling interest holders was approximately $521,000 compared with approximately $9,560,117 for the fiscal year ended January 31, 2019.

 

We continue to contribute to a Capital Expenditures Fund (the “Fund”) an amount equal to 4% of the InnSuites Hotels’ revenues from operation of the Hotels. The Fund is restricted by the mortgage lender for one of our properties. As of January 31, 2020 and 2019, there were no monies held in these accounts reported on our Consolidated Balance Sheet as “Restricted Cash.” The Fund is intended to be used for capital improvements to the Hotels and refurbishment and replacement of furniture, fixtures and equipment. During the fiscal year ended January 31, 2020 and 2019, the Hotels spent approximately $251,000 and $937,000, respectively, for capital expenditures. We consider the majority of these improvements to be revenue producing. Therefore, these amounts are capitalized and depreciated over their estimated useful lives. For fiscal year 2021 capital expenditures, we plan on spending less on capital improvements as we have completed our property improvements at our Tucson, Arizona and Albuquerque, New Mexico hotels. Repairs and maintenance were charged to expense as incurred and approximated $403,000 and $680,000 for fiscal years 2020 and 2019, respectively.

 

We have minimum debt payments, net of debt discounts, of approximately $1,754,000 and approximately $668,000 due during fiscal years 2020 and 2021, respectively. Minimum debt payments due during fiscal year 2021 include approximately $161,000 of mortgage notes payable, approximately $167,000 of other notes payable secured promissory notes outstanding to related parties and approximately $807,000 of other notes payable secured promissory notes outstanding to unrelated third parties arising from the Shares of Beneficial Interest and Partnership unit repurchases.

 

We may seek to negotiate additional credit facilities or issue debt instruments. Any debt incurred or issued by us may be secured or unsecured, long-term, medium-term or short-term, bear interest at a fixed or variable rate and be subject to such other terms as we consider prudent.

 

SALE OF OWNERSHIP INTERESTS IN ALBQUERQUE, AND TUCSON SUBSIDIARIES

 

See Notes 3, and 4 of the Trust’s Consolidated Financial Statements for a detailed discussion of the sale of ownership interests in the Trust’s subsidiaries.

 

COMPLIANCE WITH CONTINUED LISTING STANDARDS OF NYSE AMERICAN

 

On January 19, 2017, the Trust received a letter from the NYSE AMERICAN informing the Trust that the staff of the NYSE AMERICAN’s Corporate Compliance Department had determined that the Trust is not in compliance with Section 1003(a)(iii) of the NYSE AMERICAN Company Guide due to the Trust having stockholders’ equity of less than $6.0 million and net losses from continuing operations in its five most recent fiscal years ended January 31, 2017.

 

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The NYSE AMERICAN’s letter informed the Trust that, to maintain its listing, it must submit a plan of compliance by February 20, 2017, addressing how it intends to regain compliance with the NYSE AMERICAN’s continued listing standards within the maximum potential 18-month plan period available (the “Plan Period”). Elements of the compliance plan may include the sale of one or more of its assets (management believes IHT hotels have a much lower book value than market value), sale of additional Trust stock at market value, sale of minority interest in specific hotel properties and/or anticipated continuation of the current operational upward current trends in hotel gross operating profits.

 

On June 2, 2017, the Trust sold its Ontario, California hotel to an unrelated third party for approximately $17.5 million, which the Trust received in cash. The Trust has recognized a gain of approximately $11.4 million on its consolidated statement of operations for the fiscal year ended January 31, 2018. As of January 31, 2018, the Trust Shareholders’ Equity was approximately $8.2 million exceeding the minimum requirements of the NYSE American Company Guide.

 

On January 11, 2018, the Trust received a letter from the NYSE American LLC informing us that the Trust is back in compliance with all the NYSE American LLC continued listing standards set forth in Part 10 of the NYSE American LLC Company Guide. Specifically, the Trust has resolved the continued listing deficiencies with respect to Section 1003(a)(iii) of the Company Guide reference in the Exchange’s letters dated January 19, 2017. The Trust’s shareholders equity as of January 31, 2018, October 31, 2017, and July 31, 2017 exceeded $8.2 million which met the minimum requirement of $6 million. The Trust will be subject to ongoing review for compliance with NYSE American LLC requirements as part of the Exchange’s routine monitoring.

 

On July 1, 2020 the Trust received a letter from the NYSE American LLC informing the Trust of noncompliance with the NYSE American continued listing standards, being subject to the procedures and requirements set forth in Section 1007 of the NYSE American Company Guide. The Trust had failed to timely issue its Form 10-K for the fiscal year ended January 31, 2020.

 

NON-GAAP FINANCIAL MEASURES

 

The following non-GAAP presentations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and funds from operations (“FFO”) are made to assist our investors in evaluating our operating performance.

 

Adjusted EBITDA is defined as earnings before interest expense, amortization of loan costs, interest income, income taxes, depreciation and amortization, and non-controlling interests in the Trust. We present Adjusted EBITDA because we believe these measurements (a) more accurately reflect the ongoing performance of our hotel assets and other investments, (b) provide more useful information to investors as indicators of our ability to meet our future debt payments and working capital requirements, and (c) provide an overall evaluation of our financial condition. Adjusted EBITDA as calculated by us may not be comparable to Adjusted EBITDA reported by other companies that do not define Adjusted EBITDA exactly as we define the term. Adjusted EBITDA does not represent cash generated from operating activities determined in accordance with GAAP and should not be considered as an alternative to (a) GAAP net income or loss as an indication of our financial performance or (b) GAAP cash flows from operating activities as a measure of our liquidity.

 

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A reconciliation of Adjusted EBITDA to net loss attributable to controlling interests for the fiscal years ended January 31, 2020 and 2019 follows:

 

   Twelve Months Ended January 31, 
   2020   2019 
Net loss attributable to controlling interests  $(1,742,000)  $1,420,000 
Add back:          
Depreciation   902,000    846,000 
Interest expense   567,000    381,000 
Taxes   -    407,727 
Less:          
Tax benefit   (294,000)     
Interest Income   (147,000)   (109,000)
Adjusted EBITDA  $(714,000)  $2,945,727 

 

FFO is calculated on the basis defined by the National Association of Real Estate Investment Trusts (“NAREIT”), which is net income (loss) attributable to common shareholders, computed in accordance with GAAP, excluding gains or losses on sales of properties, asset impairment adjustments, and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated joint ventures and non-controlling interests in the operating partnership. NAREIT developed FFO as a relative measure of performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined by GAAP. The Trust is an unincorporated Ohio real estate investment trust; however, the Trust is not a real estate investment trust for federal taxation purposes. Management uses this measurement to compare itself to REITs with similar depreciable assets. We consider FFO to be an appropriate measure of our ongoing normalized operating performance. We compute FFO in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other companies that either do not define the term in accordance with the current NAREIT definition or interpret the NAREIT definition differently than us. FFO does not represent cash generated from operating activities as determined by GAAP and should not be considered as an alternative to (a) GAAP net income or loss as an indication of our financial performance or (b) GAAP cash flows from operating activities as a measure of our liquidity, nor is it indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, to facilitate a clear understanding of our historical operating results, we believe that FFO should be considered along with our net income or loss and cash flows reported in the consolidated financial statements.

 

A reconciliation of FFO to net income (loss) attributable to controlling interests for fiscal year ended January 31, 2020 and 2019 follows:

 

   Twelve Months Ended January 31, 
   2020   2019 
Net loss attributable to controlling interests  $(1,742,000)  $1,420,000 
Add back:          
Depreciation   902,000    846,000 
Non-controlling interest   (237,000)   9,686,000 
Less:          
Gain on Disposal of Discontinued Operations   -    (13,573,000)
FFO  $(1,077,000)  $(1,621,000)

 

The Trust reported Consolidated Net Loss from continuing operations of approximately $1,978,000 for the fiscal year ended January 31, 2020 compared to Consolidated Net Loss from continuing operations of approximately $1,986,000 for the fiscal year ended January 31, 2019. Fiscal 2020 and 2019 Consolidated Net Income from continuing operations included non-cash depreciation, amortization and current year one-time $825,000 note receivable impairment, of approximately $1,840,000 and $846,000, respectively. Fiscal 2020 Consolidated Net Loss from continuing operations before non-cash depreciation, amortization and impairment notes receivable was approximately $(138,000) as compared with $(1,184,000) for fiscal 2019. Fiscal 2020 Consolidated Net Revenues from continuing operations were approximately $6,568,000 as compared with fiscal 2019 Revenues of approximately $6,169,000. Fiscal 2020 Net Income Per Share was $(0.21) as compared with fiscal 2019 Net Income Per Share of $1.20.

 

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FUTURE POSITIONING

 

In viewing the hotel industry cycles, the Board of Trustees determined that 2008 may have been the high point of the current hotel industry cycle and further determined it was appropriate to actively seek buyers for our properties. We engaged the services of several hotel brokers and began independently advertising our Hotels for sale. We sold the Ontario hotel in June 2017, and the Yuma Hotel in October 2018. We continue to independently advertise and list our Hotels for sale, including on our website (www.suitehotelsrealty.com).

 

The table below provides book values, mortgage balances and listed asking price for the Hotels.

 

Hotel Property  Book Value   Mortgage Balance   Listed Asking Price 
Albuquerque  $1,642,000   $1,396,690    7,995,000 
Tucson Oracle   7,253,000    4,708,978    16,600,000 
                
   $8,895,000   $6,105,668   $24,595,000 

 

The listed asking price is the amount at which we would sell each of the Hotels and is adjusted to reflect recent hotel sales in the Hotels’ areas of operation and current earnings of each of the Hotels. The listed asking price is not based on appraisals of the properties.

 

On August 1, 2015, we finalized and committed to a plan to sell over time our hotel properties. We listed each of the properties with a local real estate hotel broker and we believe that each of the assets is being marketed at a price that is reasonable in relation to its current fair value. We plan to sell our remaining two Hotel properties within two years, based on feedback received by our local hotel real estate property professional brokers and we have engaged hotel real estate brokers who specialize in the selling/buying hotel real estate properties for the sale of our Tucson and Albuquerque Hotel properties. We can provide no assurance that we will be able to sell either or both Hotel properties on terms favorable to us or within our expected time frame, or at all.

 

Effective October 24, 2018, the Trust sold the Yuma hotel to an unrelated third party for $16.05 million. With an estimated basis of approximately $4.6 million, the sale resulted in the recognition of a significant profit after transactional costs.

 

Although we believe it is probable, we may be unable to realize the listed sales price for the individual Hotel properties, or to sell them at all. However, we believe that the listed values are reasonable based on local market conditions and comparable sales. Changes in market conditions have in part resulted, and may in the future result, in our changing one or all the listed asking prices.

 

Our long-term strategic plan is to obtain the full benefit of our real estate equity and to pursue a merger with another company, likely a private larger entity that seeks to go public or list on the NYSE AMERICAN Exchange.

 

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SHARE REPURCHASE PROGRAM

 

For information on the Trust’s Share Repurchase Program, see Part II, Item 5. “Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”

 

OFF-BALANCE SHEET ARRANGEMENTS

 

Other than lease commitments and legal contingencies incurred in the normal course of business, we do not have any off-balance sheet financing arrangements or liabilities. We do not have any majority-owned or controlled subsidiaries that are not included in our consolidated financial statements.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

Asset Impairment

 

We believe that the policies we follow for the valuation of our hotel properties, which constitute the majority of our assets, are our most critical policies. The Financial Accounting Standards Board (“FASB”) has issued authoritative guidance related to the impairment or disposal of long-lived assets, codified in ASC Topic 360-10-35, which we apply to determine when it is necessary to test an asset for recoverability. On an events and circumstances basis, we review the carrying value of our hotel properties. We will record an impairment loss and reduce the carrying value of a property when anticipated undiscounted future cash flows and the current market value of the property do not support its carrying value. In cases where we do not expect to recover the carrying cost of hotel properties held for use, we will reduce the carrying value to the fair value of the hotel, as determined by a current appraisal or other acceptable valuation methods. We did not recognize a hotel properties impairment loss in fiscal years 2020 or 2019. As of January 31, 2020, our management does not believe that the carrying values of any of our hotel properties are impaired. The Trust did take a reserve for bad debt as of January 31, 2020 reflecting its concern with the collectability of the Obasa note receivable, related to the sale of the IBC technology segment.

 

Sale of Hotel Assets

 

On August 1, 2015, the Trust finalized and committed to a plan to sell Hotel properties. The Trust listed Hotel properties with real estate hotel brokers, Effective October 24, 2018, the Trust sold the Yuma hotel to an unrelated third party for $16.05 million, and on June 2, 2017, the Trust sold its Ontario, California hotel to an unrelated third party for approximately $17.5 million. Management believes that our currently-owned Hotels are listed at prices that is reasonable in relation to their current fair value. The Trust believes that the plan to sell these assets will not be withdrawn. At this time, the Trust is unable to predict when, and if, either of its two Hotel properties will be sold. The Trust has listed the Tucson hotel with local real estate hotel brokers and, we believe, that both the Tucson and Albuquerque hotels are being marketed at a price that is reasonable in relation to its current fair value.

 

Revenue Recognition

 

ASU 2014-09 (Topic 606), “Revenue from Contracts with Customers” is effective for reporting period after January 1, 2018. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations.

 

Revenues are primarily derived from the following sources and are recognized as services are rendered and when collectability is reasonably assured. Amounts received in advance of revenue recognition are considered deferred liabilities.

 

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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.

 

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.

 

SEASONALITY

 

See Item 1 for related discussion of seasonality.

 

INFLATION

 

We rely entirely on the performance of the Hotels and InnSuites Hotels’ ability to increase revenue to keep pace with inflation. Operators of hotels in general, and InnSuites Hotels in particular, can change room rates quickly, but competitive pressures may limit InnSuites Hotels’ ability to raise rates as fast as or faster than inflation

 

FORWARD-LOOKING STATEMENTS

 

Certain statements in this Form 10-K, including statements containing the phrases “believes,” “intends,” “expects,” “anticipates,” “predicts,” “projects,” “will be,” “should be,” “looking ahead,” “may” or similar words, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend that such forward-looking statements be subject to the safe harbors created by such Acts. These forward-looking statements include statements regarding our intent, belief or current expectations, those of our Board of Trustees or our officers in respect of (i) the declaration or payment of dividends; (ii) the leasing, management or operation of the Hotels; (iii) the adequacy of reserves for renovation and refurbishment; (iv) our financing plans; (v) our position regarding investments, dispositions, developments, financings, conflicts of interest and other matters; (vi) plans and progress regarding a reverse merger; (vii) our plans and expectations regarding future sales of hotel properties; and (viii) trends affecting our or any Hotel’s financial condition or results of operations.

 

These forward-looking statements reflect our current views in respect of future events and financial performance, but are subject to many uncertainties and factors relating to the operations and business environment of the Hotels that may cause our actual results to differ materially from any future results expressed or implied by such forward-looking statements. Examples of such uncertainties include, but are not limited to:

 

  ● local, national or international, political economic and business conditions, including, without limitation, conditions that may, or may continue to, affect public securities markets generally, the hospitality industry or the markets in which we operate or will operate;
     
  ● fluctuations in hotel occupancy rates;
     
  ● changes in room rental rates that may be charged by InnSuites Hotels in response to market rental rate changes or otherwise;
     
  ● seasonality of our hotel operations business;
     
  ● our ability to sell any of our Hotels at market value, listed sale price or at all;

 

20

 

 

  ● interest rate fluctuations;
     
  ● changes in, or reinterpretations of, governmental regulations, including, but not limited to, environmental and other regulations, the ADA and federal income tax laws and regulations;
     
  ● competition including supply and demand for hotel rooms and hotel properties;
     
  ● availability of credit or other financing;
     
  ● our ability to meet present and future debt service obligations;
     
  ● our ability to refinance or extend the maturity of indebtedness at, prior to, or after the time it matures;
     
  ● any changes in our financial condition or operating results due to acquisitions or dispositions of hotel properties;
     
  ● insufficient resources to pursue our current strategy;
     
  ● concentration of our investments in the InnSuites Hotels® brand;
     
  ● Implementation of tariffs that may affect trade and/or travel;
     
  ● the financial condition of franchises, brand membership companies and travel related companies;
     
  ● ability to develop and maintain positive relations with “Best Western Plus” or “Best Western” and potential future franchises or brands;
     
  ● real estate and hospitality market conditions;
     
  ● hospitality industry factors, including alternative lodging, such as Airbnb, and changing traveler tastes;
     
  ● our ability to carry out our strategy, including our strategy regarding a reverse merger;
     
  ● the Trust’s ability to remain listed on the NYSE American;
     
  ● effectiveness of the Trust’s software programs and overall software capabilities;
     
  ● the need to periodically repair and renovate our Hotels at a cost at or in excess of our standard 4% reserve;
     
  ● our ability to cost effectively deal with any dispositions of Trust assets in a timely manner;
     
  ● increases in the cost of labor, including mandated minimum wages by state or local governments;
     
  ● increases in costs of energy, healthcare, insurance and other operating expenses as a result of changed or increased regulation or otherwise;
     
  ● terrorist attacks or other acts of war;

 

21

 

 

  ● outbreaks of communicable diseases attributed to our hotels or impacting the hotel industry in general;
     
  ● natural disasters, including adverse climate changes in the areas where we have or serve hotels;
     
  ● airline strikes;
     
  ● transportation and fuel price increases;
     
  ● adequacy of insurance coverage and increases in cost for health care coverage for employees and potential government regulation with respect to health care coverage;
     
  ● data breaches or cybersecurity attacks, including breaches impacting the integrity and security of employee and guest data; and
     
  ● loss of key personnel and uncertainties in the interpretation and application of the 2017 Tax Cuts and Jobs Act

 

We do not undertake any obligation to update publicly or revise any forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. Pursuant to Section 21E(b)(2)(E) of the Securities Exchange Act of 1934, as amended, the qualifications set forth hereinabove are inapplicable to any forward-looking statements in this Form 10-K relating to the operations of the Partnership.

 

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required for smaller reporting companies.

 

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

All other schedules are omitted, as the information is not required or is otherwise furnished.

 

22

 

 

INNSUITES HOSPITALITY TRUST

LIST OF CONSOLIDATED FINANCIAL STATEMENTS

 

The following consolidated financial statements of InnSuites Hospitality Trust are included in Item 8:

 

Report of Independent Registered Public Accounting Firm 24
   
Consolidated Balance Sheets – January 31, 2020 and 2019 25
   
Consolidated Statements of Operations – Years Ended January 31, 2020 and 2019 26
   
Consolidated Statements of Shareholders’ Equity – Years Ended January 31, 2020 and 2019 27
   
Consolidated Statements of Cash Flows – Years Ended January 31, 2020 and 2019 28
   
Notes to the Consolidated Financial Statements – Years Ended January 31, 2020 and 2019 29

 

All other schedules are omitted, as the information is not required or is otherwise furnished.

 

23

 

 

Report of Independent Registered Public Accounting Firm

 

To the shareholders and the board of trustees of InnSuites Hospitality Trust

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of InnSuites Hospitality Trust and subsidiaries (the “Trust”) as of January 31, 2020 and 2019, the related consolidated statements of operations, stockholders’ equity and cash flows for each of the two years in the year ended January 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of January 31, 2020 and 2019, and the results of its operations and its cash flows for each of the two years in the year ended January 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

/s/ Hall & Company Certified Public Accountants & Consultants, Inc.

 

We have served as the Trust’s auditor since 2015

 

Irvine, CA

 

August 14, 2020

 

24

 

 

INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   JANUARY 31, 2020   JANUARY 31, 2019 
ASSETS          
Current Assets:          
Cash and Cash Equivalents  $1,200,528   $749,075 
Short-Term Investments – Available For Sale Securities   -    1,896,556 
Accounts Receivable, including approximately $375,000 and $79,000 from related parties, and net of Allowance for Doubtful Accounts of approximately $15,000 and $3,000 as of January 31, 2020 and 2019, respectively   585,226    236,942 
Income Tax Receivable   294,402    - 
Advances to Affiliates - Related Party   1,000,000    986,361 
Notes Receivable - Related Party   -    632,027 
Current Portion of Note Receivable (net)   91,667    229,167 
Prepaid Expenses and Other Current Assets   77,806    95,553 
Current Assets of Discontinued Operations   -    320,447 
Total Current Assets   3,249,629    5,146,128 
Property, Plant and Equipment, net   8,983,323    9,532,793 
Note Receivable (net)   1,833,333    2,520,833 
Operating Lease – Right of Use   2,197,364    - 
Finance Lease – Right of Use   131,806    - 
Investments   600,000    - 
TOTAL ASSETS  $16,995,455   $17,199,754 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
LIABILITIES          
Current Liabilities:          
Accounts Payable and Accrued Expenses  $1,384,971   $1,092,000 
Current Portion of Notes Payable - Related Party   161,440    317,738 
Current Portion of Mortgage Notes Payable, net of Discount   160,849    115,106 
Current Portion of Notes Payable to Banks, net of Discount   17,100    9,300 
Current Portion of Other Notes Payable   806,712    1,229,069 
Current Portion of Operating Lease Liability   168,780    - 
Current Portion of Finance Lease Liability   31,123    - 
Current Liabilities of Discontinued Operations   -    546,803 
Total Current Liabilities   2,730,975    3,310,016 
Notes Payable - Related Party   -    166,677 
Mortgage Notes Payable, net of Discount   5,944,819    4,709,586 
Other Notes Payable   73,491    264,960 
Operating Lease Liability, net of current portion   2,252,964    - 
Finance Lease Liability, net of current portion   75,396    - 
TOTAL LIABILITIES   11,077,645    8,451,239 
           
COMMITMENTS AND CONTINGENCIES          
           
SHAREHOLDERS’ EQUITY          
Shares of Beneficial Interest, without par value, unlimited authorization; 18,607,960 and 18,859,960 shares issued and 9,273,299 and 9,360,292 shares outstanding at January 31, 2020 and 2019, respectively   21,837,048    23,738,260 
Treasury Stock, 9,334,916 and 9,229,923 shares held at cost at January 31, 2020 and 2019, respectively   (13,689,533)   (13,517,833)
TOTAL TRUST SHAREHOLDERS’ EQUITY   8,147,515    10,220,427 
NON-CONTROLLING INTEREST   (2,229,705)   (1,471,912)
TOTAL EQUITY   5,917,810    8,748,515 
TOTAL LIABILITIES AND EQUITY  $16,995,455   $17,199,754 

 

See accompanying notes to these consolidated financial statements

 

25

 

 

INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   FOR THE YEARS ENDED 
   JANUARY 31, 
   2020   2019 
REVENUE          
Room  $6,277,805   $5,861,879 
Food and Beverage   68,163    50,279 
Management and Trademark Fees   170,234    171,748 
Other   51,969    85,059 
TOTAL REVENUE   6,568,171    6,168,965 
           
OPERATING EXPENSES          
Room   2,033,154    1,940,530 
Food and Beverage   108,840    72,477 
Telecommunications   395    3,574 
General and Administrative   2,173,203    2,333,749 
Sales and Marketing   569,921    580,885 
Repairs and Maintenance   403,147    494,776 
Hospitality   509,555    483,486 
Utilities   382,560    361,874 
Depreciation   901,664    845,693 
Impairment of Note Receivable   825,000      
Real Estate and Personal Property Taxes, Insurance and Ground Rent   492,461    357,045 
Other   21,080    - 
TOTAL OPERATING EXPENSES   8,420,980    7,474,089 
OPERATING LOSS   (1,852,809)   (1,305,125)
Interest Income   146,645    156 
Interest Income on Advances to Affiliates - Related Party   -    108,496 
TOTAL OTHER INCOME   146,645    108,652 
Interest on Mortgage Notes Payable   244,079    238,908 
Interest on Notes Payable to Banks   -    - 
Interest on Other Notes Payable   322,603    142,402 
TOTAL INTEREST EXPENSE   566,682    381,310 
CONSOLIDATED NET LOSS BEFORE INCOME TAX BENEFIT (PROVISION) AND DISCONTINUED OPERATIONS   (2,272,846)   (1,577,783)
Income Tax Benefit (Provision)   294,402    (407,727)
CONSOLIDATED NET LOSS FROM CONTINUING OPERATIONS  $(1,978,444)  $(1,985,510)
Discontinued Operations, Net of Non-Controlling Interest  $-   $(482,025)
Gain on Disposal of Discontinued Operations  $-   $13,573,418 
CONSOLIDATED NET INCOME FROM DISCONTINUED OPERATIONS  $-   $13,091,393 
CONSOLIDATED NET (LOSS) INCOME  $(1,978,444)  $11,105,883 
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST  $(236,756)  $9,686,182 
NET (LOSS) INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS  $(1,741,688)  $1,419,701 
NET LOSS PER SHARE FROM CONTINUING OPERATIONS – BASIC & DILUTED  $(0.21)  $(0.21)
NET INCOME PER SHARE FROM DISCONTINUED OPERATIONS – BASIC & DILUTED  $-   $1.41 
NET (LOSS) INCOME PER SHARE TOTAL – BASIC & DILUTED  $(0.21)  $1.20 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC & DILUTED   9,324,530    9,283,081 

 

See accompanying notes to these consolidated financial statements

 

26

 

 

INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

FOR THE YEARS ENDED JANUARY 31, 2020 and 2019

 

   Shares of Beneficial Interest   Treasury Stock   Trust Shareholders’   Non-Controlling   Total 
   Shares   Amount   Shares   Amount   Equity   Interest   Equity 
Balance, January 31, 2018   9,775,669   $22,333,905    8,796,546   $(12,662,996)  $9,670,909   $(1,551,940)  $8,118,969 
Net Income   -    1,419,701    -    -    1,419,701    9,686,182    11,105,883 
Dividends   -    (195,575)   -    -    (195,575)   -    (195,575)
Purchase of Treasury Stock   (433,377)   -    433,377    (854,837)   (854,837)   -    (854,837)
Shares of Beneficial Interest Issued for Services Rendered   18,000    32,400    -    -    32,400    -    32,400 
Sales of Ownership Interests in Subsidiary, net   -    -    -    -    -    101,792    101,792 
Distribution to Non-Controlling Interests   -    -    -    -    -    (9,560,117)   (9,560,117)
Reallocation of Non-Controlling Interests and Other   -    147,829    -    -    147,829    (147,829)   - 
Balance, January 31, 2019   9,360,292  $23,738,260    9,229,923  $(13,517,833)  $10,220,427   $(1,471,912)  $8,748,515 
                                    
Net (Loss)        (1,741,688)   -    -    (1,741,688)   (236,756)   (1,978,444)
Dividends        (191,924)   -    -    (191,924)   -    (191,924)
Purchase of Treasury Stock   (104,993)   -    104,993    (171,700)   (171,700)   -    (171,700)
Shares of Beneficial Interest Issued for Services Rendered   18,000    32,400    -    -    32,400    -    32,400 
Sales of Ownership Interests in Subsidiary, net        -    -    -    -    -    - 
Distribution to Non-Controlling Interests        -    -    -    -    (521,037)   (521,037)
Reallocation of Non-Controlling Interests and Other        -    -    -    -    -    - 
Balance, January 31, 2020   9,273,299   $21,837,048    9,334,916   $(13,689,533)  $8,147,515   $(2,229,705)  $5,917,810 

 

See accompanying notes to these consolidated financial statements

 

27

 

 

INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   FOR THE YEARS ENDED 
   JANUARY 31, 
   2020   2019 
CASH FLOWS FROM OPERATING ACTIVITIES          
Consolidated Net (Loss) Income  $(1,978,444)  $11,105,883 
Adjustments to Reconcile Consolidated Net (Loss) Income to Net Cash Used In Operating Activities:          
Note Receivable Impairment   825,000    - 
Stock-Based Compensation   32,400    32,400 
Depreciation   901,664    1,244,581 
Gain on Disposals on Assets   -    (13,573,418)
Changes in Assets and Liabilities:          
Accounts Receivable   (348,284)   133,382 
Income Tax Receivable   (294,402)   - 
Prepaid Expenses and Other Assets   17,747    43,278 
Accrued Interest Income   -    (36,008)
Accounts Payable and Accrued Expenses   (108,448)   (749,519)
NET CASH USED IN OPERATING ACTIVITIES   (952,767)   (1,799,421)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Improvements and Additions to Hotel Properties   (324,445)   (936,784)
Investments in Unigen   (253,593)   - 
Redemption (Purchases) of Marketable Securities   1,896,556    (896,226)
Cash Received From Sale of Hotel Property and IBC   -    10,184,766 
Lendings on Advances to Affiliates - Related Party   (75,000)   (776,008)
Collections on Advances to Affiliates - Related Party   61,361    796,008 
NET CASH PROVIDED BY INVESTING ACTIVITIES   1,304,879    8,371,756 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Principal Payments on Mortgage Notes Payable   (119,024)   (102,384)
Borrowings on Mortgage Notes Payable   1,400,000    - 
Payments on Notes Payable to Banks, net of financing costs   (170,200)   - 
Borrowings on Notes Payable to Banks, net of financing costs   178,000    9,300 
Payments on Line of Credit - Related Party   -    (1,390,656)
Borrowings on Line of Credit - Related Party   -    1,569,428 
Lendings on Notes Receivable - Related Party   (256,000)   - 
Collections on Notes Receivable - Related Party   888,027    - 
Borrowings on Note Payable - Related Party   -    (306,158)
Payments on Notes Payable - Related Party   (322,975)   - 
Payments on Other Notes Payable   (664,826)   (195,313)
Borrowings on Other Notes Payable   51,000    525,512 
Payment of Dividends   (191,924)   (195,575)
Proceeds from Sale of Non-Controlling Ownership Interest in Subsidiary, net   -    101,792 
Distributions to Non-Controlling Interest Holders   (521,037)   (9,560,117)
Repurchase of Treasury Stock   (171,700)   (854,837)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES   99,341    (10,399,008)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   451,453    (3,826,673)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   749,075    4,575,748 
CASH AND CASH EQUIVALENTS AT END OF PERIOD  $1,200,528   $749,075 

 

See accompanying notes to these consolidated financial statements

 

28

 

 

INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED JANUARY 31, 2019 AND 2018

 

1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

 

As of January 31, 2020, InnSuites Hospitality Trust (the “Trust”, “we”, “us” or “our”) is a publicly traded company with hotels IHT owns and hotels IHT manages. The Trust and its shareholders own interests directly in and through a partnership interest, two hotels with an aggregate of 270 suites in Arizona and New Mexico (the “Hotels”) operated under the federally trademarked name “InnSuites Hotels” or “InnSuites.

 

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 but lack leisure amenities such as an on-site restaurant or a swimming pool. The Trust considers its Tucson, Arizona hotel and our hotel located in Albuquerque, New Mexico to be moderate or limited service hotels. IHT provides management services on a wide variety of hotels.

 

The Trust is the sole general partner of RRF Limited Partnership, a Delaware limited partnership (the “Partnership”), and owned a 74.94% and 74.80% interest in the Partnership as of January 31, 2020 and 2019. The Trust’s weighted average ownership for the years ended January 31, 2020 and 2019 was 75.89% and 72.53%. As of January 31, 2019, the Partnership owned a 51.01% interest in an InnSuites® hotel located in Tucson, Arizona. The Trust owns a direct 20.33% interest in an InnSuites® hotel located in Albuquerque, New Mexico.

 

Under certain management agreements, InnSuites Hotels Inc., a subsidiary, manages the Hotels’ daily operations. The Trust also provides the use of the “InnSuites” trademark to the Hotels through wholly-owned InnSuites Hotels. All such expenses and reimbursements between the Trust, InnSuites Hotels and the Partnership have been eliminated in consolidation.

 

On August 1, 2015, the Trust finalized and committed to a plan to sell all the hotel properties. As of May 1, 2016, the Trust listed all the Hotel properties with a local real estate hotel broker, and management believed that each of the assets was being marketed at a price that was reasonable in relation to its current fair value. The Trust believes that the plan to sell these assets will not be withdrawn. Through the Trust’s Form 10-Q for the quarter ended July 31, 2016 filed with the SEC on December 14, 2016, the Trust classified all the Hotel properties as Assets Held for Sale. As of October 31, 2016, the Trust has decided to reclassify these assets back into operations as many of these assets have been marketed for sale for more than one year. At this time, the Trust is unable to predict when, and if, any of these Hotel properties will be sold. The Trust continues to list these properties with local real estate hotel brokers and believes that each of the assets is being marketed at a price that is reasonable in relation to its current fair value. On October 24, 2018, the Yuma Hospitality Properties LLLP (the “Yuma entity”) was sold to an unrelated third party for $16,050,000 (see Note 25).

 

IBC Technology Segment; IBC Hospitality Technologies:

 

In fiscal 2019 the Trust sold its wholly owned subsidiary, InnDependent Boutique Collection (“IBC”, “IBC Hotels”, “IBC Hotels, LLC”, “IBC Hospitality” or “IBC Hospitality Technologies”), which had a network of approximately 2,000 unrelated hospitality properties; providing reservation services with proprietary software, plus exclusive marketing distribution and services. The sale occurred in August 2018, and the transaction date was July 2018.

 

29

 

 

 

PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

 

These consolidated financial statements have been prepared by management in accordance with accounting principles in accordance with Generally Accepted Accounting Principles (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)     20.33 %     -  
Tucson Hospitality Properties, LLLP     -       51.01 %
RRF Limited Partnership     75.89 %     -  
InnSuites Hotels Inc.     100.00 %     -  
                 
(i) Indirect ownership is through the Partnership                

 

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 particular limited partner. 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 both January 31, 2020 and 2019, 211,708 Class A Partnership units were issued and outstanding, representing 1.66% of the total Partnership units. Additionally, as of both January 31, 2020 and 2019, 2,974,038 Class B Partnership units were outstanding to James Wirth, the Trust’s Chairman and Chief Executive Officer, and Mr. Wirth’s affiliates. If all of the Class A and B Partnership units were converted on January 31, 2020, the limited partners in the Partnership would receive 3,185,746 Shares of Beneficial Interest of the Trust. As of both January 31, 2020, and 2019, 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’s cash flow, quarterly distributions from the Albuquerque, New Mexico property and more recently, sales of non-controlling interests in certain of our Hotels. The Partnership’s principal source of cash flow is quarterly distributions from the Tucson, Arizona property. 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 of January 31, 2020, the Trust had a related party Demand/Revolving Line of Credit/Promissory Note with an amount receivable of approximately $-0-. 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 $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six month advance notice to terminate. As of August 1, 2020, the outstanding net balance receivable on the Demand/Revolving Line of Credit/Promissory Note was $-0-.

 

As of January 31, 2020, the Trust had an Advance to Affiliate credit facilities with an aggregate maximum borrowing capacity of $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six month advance notice to terminate. As of January 31, 2020, the Trust had an amount receivable of the Advances to Affiliate credit facility of approximately $1,000,000. As of August 1, 2020, the amount receivable from the Advance to Affiliate credit facility was approximately $1,000,000.

 

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With approximately $1,225,000 of cash and short term investments, as of January 31, 2020, the availability of a $1,000,000 related party Demand/Revolving Line of Credit/Promissory Note, and the availability of the combined $1,000,000 Advance to Affiliate credit facilities, $250,000 of available line of credit facilities with our banks,the Trust believes that we will have enough cash on hand to meet all of its financial obligations as they become due for at least the next year. In addition, management of the Trust is analyzing other strategic options available to it, including the refinancing of the Tucson property or raising additional funds through additional non-controlling interest sales; 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 in obtaining extensions, 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 Hotel experience its highest occupancy in the first fiscal quarter and, to a lesser extent, the fourth fiscal quarter. The second fiscal quarter tends to be the lowest occupancy period at the Tucson Hotel. This seasonality pattern can be expected to cause fluctuations in the Trust’s quarterly revenues. The hotel located in New Mexico historically experience their most profitable periods during the second and third fiscal quarters (the summer 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 labor force shortages and cash flow issues. Further, if an adverse event such as an actual or threatened terrorist attack, international conflict, data breach, regional economic downturn or poor weather conditions should occur during the first or fourth fiscal quarters, the adverse impact to the Trust’s revenues could likely be greater as a result of its southern Arizona seasonal business.

 

RECENTLY ISSUED ACCOUNTING GUIDANCE

 

In February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases, including operating leases, to be recognized in the statement of financial position as right-of-use assets and lease liabilities by lessees. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. In July 2018, the FASB issued ASU 2018-10 “Codification Improvements of Topic 842, Leases” and ASU No. 2018-11,“Leases (Topic 842): Targeted Improvements.” ASU 2018-11 provides companies another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The consideration in the contract is allocated to the lease and nonlease components on a relative standalone price basis (for lessees) or in accordance with the allocation guidance in the new revenue standard (for lessors). ASU 2018-11 also provides lessees with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component. If a lessee makes that accounting policy election, it is required to account for the nonlease components together with the associated lease component as a single lease component and to provide certain disclosures. Lessors are not afforded a similar practical expedient. The Trust implemented ASU 2016-02 during the fiscal year ended January 31, 2020 and is reflected in our financial statements.

 

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In January 2017, the FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The update simplifies how the entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. This update is effective for annual or interim periods beginning after December 15, 2019. The Trust currently has no intangible assets.

 

In June 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting. This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this ASU became effective for us beginning February 1, 2019. Adoption by the Trust did not have a material effect on our consolidated financial statements.

 

On Dec. 18, 2019, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The FASB has stated that the ASU is being issued as part of its Simplification Initiative, which is meant to reduce complexity in accounting standards by improving certain areas of generally accepted accounting principles (GAAP) without compromising information provided to users of financial statements. ASU 2019-12 is effective for fiscal years (and interim periods within those fiscal years) beginning after Dec. 15, 2020. 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.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

USE OF ESTIMATES

 

The preparation of 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 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, 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, the recoverability of long-lived assets, the fair values of the long-lived assets, the fair value of right of use assets and lease liabilities, and the collectability of Notes Receivable.

 

PROPERTY, PLANT AND EQUIPMENT AND HOTEL PROPERTIES

 

Furniture, fixtures, building improvements and hotel properties are stated at cost and depreciated using the straight-line method over estimated lives ranging up to 40 years for buildings and 3 to 10 years for furniture and equipment.

 

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 impaired these assets during the fiscal year 2018, and has determined that no further impairment is required of long-lived assets for the fiscal periods ended January 31, 2019 and January 31, 2020.

 

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BUSINESS COMBINATIONS

 

The Trust accounts for business combinations by recognizing the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair values on the acquisition date. The final purchase price may be adjusted up to one year from the date of the acquisition. Identifying the fair value of the tangible and intangible assets and liabilities requires the use of estimates by management and was based upon currently available data.

 

The Trust allocates the excess of purchase price over the identifiable intangible and net tangible assets to goodwill. Such goodwill is not deductible for tax purposes and represents the value placed on entering new markets and expanding market share (see Note 8).

 

Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. Additionally, any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date, included changes from events after the acquisition date, such as changes in our estimate of relevant revenue or other targets, will be recognized in earnings in the period of the estimated fair value change. A change in fair value of the acquisition-related contingent consideration or the occurrence of events that cause results to differ from our estimates or assumptions could have a material effect on the consolidated statements of operations, financial position and cash flows in the period of the change in the estimate.

 

GOODWILL

 

The Trust will test goodwill for impairment annually, as applicable, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit’s carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. If the Trust determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill, the Trust must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgements in the future and require an adjustment to the recorded balances.

 

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.

 

REVENUE RECOGNITION

 

Hotel and Operations

 

ASU 2014-09 (Topic 606), “Revenue from Contracts with Customers” is effective for reporting periods after January 1, 2018. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations.

 

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.

 

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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.

 

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. 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, 2020 and 2019.

 

Fiscal Year   Balance at the Beginning of Period     Discontinued Operations Adjustment     Charged to Expense     Deductions     Balance at the End of Period  
                               
2020   $ (5,943 )   $ -     $ (13,223 )   $ 4,377     $ (14,789 )
2019   $ (28,564 )   $ 25,000     $ -     $ (2,379 )   $ (5,943 )

 

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STOCK-BASED COMPENSATION

 

The Trust has an employee equity incentive plan, which is described more fully in Note 24 - “Share-Based Payments.” For fiscal years 2020 and 2019, 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 2020, the Trust granted restricted stock awards of 18,000 Shares to members of the Board of Trustees, all of which vested in fiscal year 2020 resulting in stock-based compensation of $32,400. During fiscal year 2019, the Trust granted restricted stock awards of 18,000 Shares to members of the Board of Trustees, all of which vested in fiscal year 2019 resulting in stock-based compensation of $32,400.

 

The following table summarizes restricted share activity during fiscal years 2019 and 2020.

 

   Restricted Shares 
   Shares   Price on date of grant 
Balance at January 31, 2018  -   - 
Granted   18,000   $1.80 
Vested   (18,000)  $1.80 
Forfeited   -      
Balance of unvested awards at January 31, 2019   -      
           
Granted   18,000   $1.35 
Vested   (18,000)  $1.35 
Balance of unvested awards at January 31, 2020   -      
    -      

 

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.

 

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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 2020 and 2019, the Trust paid a dividend of $0.01 per share at end of the second fiscal quarter and at the end of the fourth fiscal quarter for a total dividend of $0.02 for the fiscal year in the amounts of $191,924 and $195,575, respectively. The Trust’s ability to pay dividends is largely dependent upon the operations of the Hotels.

 

NON-CONTROLLING INTEREST

 

Non-controlling interest in the Trust represents the limited partners’ proportionate share of the capital and earnings of the Partnership. 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.

 

INCOME (LOSS) PER SHARE

 

Basic and diluted income (loss) per Share of Beneficial Interest is computed based on the weighted-average number of Shares of Beneficial Interest and potentially dilutive securities outstanding during the period. Dilutive securities are limited to the Class A and Class B units of the Partnership, which are convertible into 3,024,038 Shares of the Beneficial Interest, as discussed in Note 1.

 

For the fiscal years ended January 31, 2020 and 2019, 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 and 3,473,085 in addition to the basic shares outstanding for fiscal years 2020 and 2019, respectively. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were dilutive during fiscal 2019 and are included in the calculation of diluted earnings per share for that year below.

 

   For the Twelve Months Ended 
   January 31, 2019 
Net (Loss) Income attributable to controlling interest  $1,419,701 
Plus: Net Income attributable to non-controlling interests   9,686,182 
Net (Loss) Income  $11,105,883 
      
Weighted average common shares outstanding   9,283,081 
Plus: Weighted average incremental shares resulting from unit conversion   3,153,475 
Weighted average common shares outstanding after unit conversion   12,436,556 
      
Diluted Income Per Share  $0.89 

 

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SEGMENT REPORTING

 

As a result of the sale of IBC (see Note 25), 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 & Corporate Overhead (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. Prior to the sale of IBC, the Trust had previously determined that its operations were comprised of two reportable segments, a Hotel Operations & Corporate Overhead segment, and the IBC Hospitality segment serving 2,000 unrelated hotel properties. In connection with the sale of IBC, the historical financial information presented in this Form 10-K reflects this change with IBC being reported as discontinued operation.

 

The Trust has chosen to focus its hotel 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.

 

ADVERTISING COSTS

 

Amounts incurred for advertising costs are expensed as incurred. Advertising expense totaled approximately $344,000 and $581,000 for the years ended January 31, 2020 and 2019, respectively.

 

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 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.

 

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The Trust has no assets or liabilities that are carried at fair value on a recurring basis and had no fair value re-measurements during the years ended January 31, 2020 and 2019.

 

Due to their short maturities, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value and are considered level 1 inputs. 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.

 

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 first 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.

 

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.

 

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During the fiscal year ended January 31, 2019, there were 15 Class A units of the Albuquerque entity sold for total proceeds of $150,000, of which 13.5 came from the Trust at $10,000 per unit. No Class A units were sold during the fiscal year ended January 3, 2020. As of January 31, 2020, the Trust held a 20.33% ownership interest, or 123.50 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 79.30% interest, or 477 Class A units. During the fiscal year ended January 31, 2019, the Albuquerque entity has made discretionary Priority Return payments to unrelated unit holders of approximately $251,000, and to the Trust of approximately $63,000. The Trust no longer accrues for these distributions as the preference period has expired.

 

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 first 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.

 

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, 2020 and 2019, there were no units of the Tucson entity sold. As of January 31, 2020, 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, 2020, the Tucson entity made discretionary Priority Return payments to unrelated unit holders of approximately $270,000 and to the Partnership of approximately $283,000. The Trust no longer accrues for these distributions as the preference period has expired.

 

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5. VARIABLE INTEREST ENTITY (VIE)

 

Management evaluates the Trust’s explicit and implicit variable interests to determine if they have any variable interests in 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 and the Yuma entity, prior to its sale on October 24, 2018, were variable interest entities 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 and Yuma entities, including its distribution obligations.

 

b) The Partnership, Trust and their related parties have maintained, as a group, a controlling ownership interest in the Albuquerque entity and Yuma, with the largest ownership belonging to the Partnership.

 

c) The Partnership, Trust and their related parties have maintained control over the decisions which most impact the financial performance of the Albuquerque and Yuma entities, including providing the personnel to operate the property on a daily basis.

 

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 Yuma entity for $10,000 per unit. Rare Earth and the Trust are restructuring the Yuma Partnership Interest from General Partner majority-owned to accredited investor majority-owned. Total interests outstanding will remain unchanged at 800 with Class A, Class B and Class C Limited Liability Limited Partnership Interests (referred to collectively as “Interests”) restructured with the Yuma entity purchasing 300 existing IHT Class B Interests and reissuing 300 Class A units to accredited investors as Class A Interests causing the Yuma entity to offer and sell up to approximately 300 Class A (2017 series) Interests. Rare Earth, as a General Partner of the Yuma 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. The Trust paid $240,000 as a restructuring fee to Rare Earth during the fiscal year ended January 31, 2018, which was included in equity.

 

During the fiscal years ended January 31, 2020 and January 31, 2019, neither the Trust nor the Partnership have provided any implicit or explicit financial support for which they were not previously contracted. Both the Partnership and the Trust provided mortgage loan guarantees which allow our properties to obtain new financing as needed.

 

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 investment in a privately held entity and amounts due to affiliate, which are eliminated upon consolidation with the Trust, are included in the accompanying consolidated balance sheets.

 

  January 31, 
   2020   2019 
Assets        
Cash  $21,359   $81,027 
Accounts Receivable   23,355    77,956 
Prepaid Expenses and Deposits   19,688    12,063 
           
Hotel Properties, Net   1,641,582    1,801,357 
Operating Lease -Right of Use   2,085,984    - 
           
Total Assets  $3,791,968   $1,972,403 
           
Liabilities          
Accounts Payable  $135,165   $94,261 
Accrued Expenses and Other   278,071    421,814 
Due to Affiliate   15,000    1,361,999 
Operating Lease Liability (ASC 842)   2,263,467      
Mortgage Notes Payable   1,396,690      
Total Liabilities  $4,088,392   $1,878,074 
           
Equity   (296,424)   94,329 
           
Liabilities & Equity  $3,791,968   $1,972,403 

 

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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). 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.

 

●

The initial terms stated that interest accrues for the first 10 months (starting August 2018); thereafter for month 11 and 12, principal and interest payments of 50% ($25,632 per month); then the remaining amount to be amortized over 59 months (payments of $52,054 per month) with maturity in June 2024.
   
●The terms of the note was amended and modified, to extend the payment schedule, as follows:

 

○“Each Payment Date set forth in the note, but not the Maturity Date, shall be extended to a date that is one (1) year, four (4) months and twenty-five (25) days after the date originally set forth in the note. For example, the first payment, which was originally schedule as due on July 5, 2019 shall be due on November 30, 2020.”

 

●All other terms of the note remained unchanged, including:

 

○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.

 

●Future payments on this note are shown in the table below.

 

FISCAL YEAR    
2021   91,667 
2022   550,000 
2023   550,000 
2024   550,000 
2025   550,000 
Thereafter   458,333 
   $2,750,000 
Impairment   (825,000)
   $1,925,000 

 

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.
●A lack of substantial quantitative data, showing the impact of the recently executed digital advertising agreement between the Buyer and Google.
●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.

 

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7. INVESTMENT 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”). The Debentures are convertible into Class A shares of UniGen Common Stock at an initial conversion rate of $1.00 per share. The Loan is structured into two (2) payments of $600,000 and $400,00. The first payment of $600,000 was made by the Trust at closing on December 16, 2020 and the second payment 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 at January 31, 2020). The Debenture Warrants are exercisable at an exercise price of $1.00 per share of Class A Common Stock.

 

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). The Additional Warrants are exercisable at an exercise price of $2.25 per share of Class A Common Stock.

 

On the Trust’s balance sheet, the investment of the $600,000 made in the current fiscal year is shown at approximately $254,000, and the value of the warrants of approximately $346,000. The value of the premium will accrete over the life of the debentures. The second payment of $400,000 was made on February 3, 2020.

 

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)   2.0 
Annualized risk-free rate   1.630%
Annualized volatility   27.43%

 

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8. PROPERTY, PLANT, AND EQUIPMENT AND HOTEL PROPERTIES

 

As of January 31, 2020 and 2019, hotel properties consisted of the following:

 

   January 31, 2020   January 31, 2019 
Land  $2,500,000   $2,500,000 
Building and improvements   10,495,465    10,334,919 
Furniture, fixtures and equipment   4,021,890    3,860,574 
Total hotel properties   17,017,356    16,695,493 
Less accumulated depreciation   (8,155,224)   (7,312,869)
Hotel Properties in Service, net   8,862,132    9,382,625 
Construction in progress   40,965    43,657 
Hotel properties, net  $8,903,097   $9,426,282 

 

As of January 31, 2020 and 2019, corporate property, plant and equipment consisted of the following:

 

    January 31, 2020     January 31, 2019  
Land   $ 7,005     $ 7,005  
Building and improvements     75,662       75,662  
Furniture, fixtures and equipment     160,987       534,879  
Total property, plant and equipment     243,654       617,546  
Less accumulated depreciation     (163,428 )     (511,035 )
Property, Plant and Equipment, net   $ 80,226     $ 106,511  

 

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, 2020, and 2019, prepaid expenses and other current assets consisted of the following:

 

   January 31, 2020   January 31, 2019 
Tax and Insurance Escrow  $57,752   $57,810 
Deposits   5,000    3,000 
Prepaid Insurance   (59)   5,000 
Prepaid Workman’s Compensation   6,754    21,459 
Miscellaneous Prepaid Expenses   8,359    8,284 
Total Prepaid Expenses and Current Assets  $77,806   $95,553 

 

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10. INTANGIBLE ASSETS, GOODWILL AND IMPAIRMENT

 

Intangible Assets

 

For the fiscal years ending January 31, 2020 and 2019, the Trust has no intangible assets.

 

Goodwill

 

For the fiscal years ending January 31, 2020 and 2019, the Trust has no goodwill.

 

11. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

As of January 31, 2020 and 2019, accounts payable and accrued expenses consisted of the following:

 

   January 31, 2020   January 31, 2019 (i) 
Accounts Payable  $421,281   $166,339 
Accrued Salaries and Wages   89,448    251,773 
Accrued Vacation   8,472    28,780 
Income Tax Payable   146,666    631,130 
Accrued Interest Payable   -    4,857 
Advanced Deposits   59,194    60,322 
Accrued Property Taxes   32,766    79,516 
Accrued Land Lease   -    161,856 
Sales Tax Payable   382,779    114,753 
Deferred Revenue   -    31,239 
Accrued Other   244,365    108,238 
Total Accounts Payable and Accrued Expenses  $1,384,971   $1,638,803 

 

(i)Includes discontinued operations

 

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12. MORTGAGE NOTES PAYABLE

 

At January 31, 2020 and 2019, the Trust had mortgage notes payable outstanding with respect to each of the Hotels except the Albuquerque property. The mortgage notes payable have various repayment terms and have scheduled maturity dates ranging from August 2022 to June 2042. Weighted average annual interest rates on the mortgage notes payable for the fiscal years ended January 31, 2019 and 2018 were 4.85% and 4.65%, respectively.

 

The following table summarizes the Trust’s mortgage notes payable, net of debt discounts, as of January 31, 2020:

 

    2020     2019  
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, 2020.     4,708,979       4,824,692  
                 
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, 2020.   $ 1,396,690     $ -  
                 
Totals:   $ 6,105,668     $ 4,824,692  

\ 

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, 2020, the mortgage loan balance was approximately $4,709,000, net of a discount of approximately $5,000.

 

On December 2, 2019, Albuqureque 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, 2020, the mortgage loan balance was approximately $1,397,000.

 

See Note 16 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.

 

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13. 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 August, 2021. The balance as of January 31, 2020 and 2019 was $17,100 and $-0-, respectively.

 

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, 2020 and 2019 was $-0- and $-0-, respectively.

 

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, 2020 and 2019 was $-0- and $-0-, respectively.

 

14. LINES OF CREDIT – RELATED PARTY

 

On December 1, 2014, the Trust entered into a $1,000,000 net maximum Demand/Revolving Line of Credit/Promissory Note with Rare Earth Financial, LLC, an entity which is wholly owned by Mr. Wirth and his family members. The Demand/Revolving Line of Credit/Promissory Note, as amended on June 19, 2017, bears interest at 7.0% per annum for both a payable and receivable, is interest only quarterly and matures on June 30, 2021, and renews annually. No prepayment penalty exists on the Demand/Revolving Line of Credit/Promissory Note. The balance fluctuates significantly through the period. The Demand/Revolving Line of Credit/Promissory Note has a net maximum borrowing/lending capacity of $1,000,000. As of January 31, 2020 and January 31, 2019, the Trust had an amount receivable of approximately $-0-, including accrued interest and $632,000, respectively. During the twelve months period ended January 31, 2020, the Trust advanced approximately $256,000, received approximately $888,000 in repayments and accrued approximately $21,000 of interest income.

 

As of January 31, 2020, the Trust had an Advance to Affiliate credit facilities with an aggregate maximum borrowing capacity of $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six-month advance notice to terminate. As of January 31, 2020, the Trust had an amount receivable of the Advances to Affiliate credit facility of approximately $1,000,000. As of August 1, 2020, the amount receivable from the Advance to Affiliate credit facility was approximately $1,000,000, which is due from Tempe/Phoenix Airport Resort LLC.

 

15. OTHER NOTES PAYABLE

 

As of January 31, 2020 the Trust had approximately $310,000 in promissory notes outstanding to unrelated third parties arising from the repurchase of 57,732 Class A Partnership units in privately negotiated transactions and the repurchase of 297,898 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 August 2021.

 

As of January 31, 2019 the Trust had approximately $499,000 in promissory notes outstanding to unrelated third parties arising from the repurchase of 82,588 Class A Partnership units in privately negotiated transactions and the repurchase of 266,894 Shares of Beneficial Interest in privately negotiated transactions.

 

As of January 31, 2019, 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 accrues interest at 4.0% 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, 2020.

 

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 4.0% interest only, with similar terms to June 30, 2021. 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, 2020.

 

On December 5, 2016, the Trust and the Partnership together entered into eight unsecured loans for a total of $425,000 with H. W. Hayes Trust (“Hayes Loans”). The Hayes Loans were paid in full at maturity on July 1, 2019.

 

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On March 20, 2017, the Trust and Partnership entered into multiple, unsecured loans to Marriott Sweitzer Hayes (“Sweitzer Loans”), totaling $100,000. As of July 1, 2019 these loans were consolidated and extended at 4.5% interest only, with similar terms to June 30, 2021. The total principal amount of the Sweitzer Loans is $100,000 as of January 31, 2020.

 

See Note 14 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.

 

16. MINIMUM DEBT PAYMENTS

 

Scheduled minimum payments of debt, as of January 31, 2020 are as follows in the respective fiscal years indicated:

 

FISCAL YEAR  MORTGAGES   NOTES PAYABLE RELATED PARTIES   NOTES PAYABLE TO BANKS   OTHER NOTES PAYABLE   TOTAL 
                     
                     
2021   160,849    161,440    17,100    806,712    1,146,101 
2022   170,856    -         59,205    230,061 
2023   176,852    -         14,286    191,138 
2024   219,151    -              219,151 
2025   192,828    -              192,828 
2026   203,490    -              203,490 
Thereafter   4,981,642    -              4,981,642 
                          
   $6,105,668   $161,440   $17,100   $880,203   $7,164,411 

 

17. LEASES

 

The Company has operating leases and finance leases for corporate offices, land, and certain hotel equipment. These leases have remaining lease terms of 2 to 38 years. Neither operating lease for corporate office space or land have options to extend.

 

The Company’s lease costs recognized in the Consolidated Statement of Income consist of the following:

 

   Fiscal Year Ended January 31, 2020 
Operating lease cost  $2,225,113 
      
Finance lease cost:     
Amortization of right-of-use assets   27,749 
Interest on lease obligations   5,835 

 

Other lease information is as follows:

 

   Fiscal Year Ended January 31, 2020 
     
Cash paid for amounts included in measurement of lease obligations:     
Operating cash flows from operating leases  $165,573 
Operating cash flows from finance leases   31,123 
      
Right of use assets obtained in exchange for lease liabilities     
Operating leases  $2,274,551 
Finance leases   104,058 
      
Weighted-average remaining lease term - operating leases   37.7 years 
Weighted-average remaining lease term - finance leases   3.75 years 
Weighted-average discount rate - operating leases   4.85%
Weighted-average discount rate - finance leases   4.85%

 

The aggregate annual lease obligations at January 31, 2020 are as follows:

 

Fiscal Year  Operating Leases   Finance Leases 
2021  $168,780   $31,123 
2022   172,177    31,123 
2023   148,348    31,123 
2024   112,116    23,343 
2025   112,116      
Thereafter   5,151,311      
Total undiscounted lease obligations   5,864,848    116,713 
           
Less imputed interest   (3,443,105)   (10,194.49)
Net lease obligations  $2,421,744   $106,518 

 

As of January 31, 2019, prior to the adoption of ASC 842, future minimum lease payments under operating leases having initial or non-cancellable lease terms in excess of one year were as follows:

 

Years ending January 31,  Operating Leases   Finance Leases 
2020   200,817    31,123 
2021   200,817    31,123 
2022   200,817    31,123 
2023   182,328    31,123 
2024   145,348    23,343 
Thereafter   5,051,449    - 
           
Total future minimum lease payments   5,981,578    147,836 

 

18. 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.

 

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For the years ended January 31, 2020 and 2019, the Trust repurchased 104,993 and 433,377 Shares of Beneficial Interest at an average price of $1.64 and $1.67 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.

 

19. FEDERAL INCOME TAXES

 

The Trust and subsidiaries have income tax net operating loss carryforwards of approximately $4.6 million at January 31, 2020. 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 at January 31,

 

 

   2020   2019 
         
Net operating loss carryforwards  $1,075,000   $705,000 
Bad debt allowance   4,000    3,000 
Accrued expenses   (4,000)   2,000 
Syndications   2,923,000    2,923,000 
Prepaid Insurance   -    - 
Alternative minimum tax credit   51,000    51,000 
Total deferred tax asse   4,049,000    3,684,000 
           
Deferred income tax liability associated with book/tax   (1,551,000)   (1,570,000)
Net deferred income tax asset   2,498,000    2,114,000 
Valuation allowance   (2,498,000)   (2,114,000)
   $-   $- 

 

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Income taxes for the year ended January 31,

  

   2020   2019 
         
Current income tax provision (benefit)   (294,402)   - 
Deferred income tax provision (benefit)   384,298    (3,132,000)
Change in valuation allowance   (384,298)   3,132,000 
Net income tax expense (benefit)   (294,402)   - 

 

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%
True-up to prior year returns   (81,700)   4%
Effective rate  $(294,400)    13%

 

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2019:

 

   2019 
   Amount   Percent 
         
Federal statutory rates  $208,000    21%
State income taxes   50,000    5%
Change in valuation allowance   (3,132,000)   -316%
True-up to prior year returns   2,872,000    290%
Other   2,000    0%
Effective rate  $-    0%

 

20. OTHER RELATED PARTY TRANSACTIONS

 

As of January 31, 2020 and 2019, Mr. Wirth and his affiliates held 2,974,038 Class B Partnership units, which represented 23.35% of the total outstanding Partnership units. As of January 31, 2020 and 2019, Mr. Wirth and his affiliates held 5,876,683 and 5,881,683 respectively, Shares of Beneficial Interest in the Trust, which represented 61.32% and 62.84% respectively, of the total issued and outstanding Shares of Beneficial Interest.

 

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As of January 31, 2020 and 2019, the Trust owned 75.89% and 74.90% of the Partnership, respectively. As of January 31, 2020, the Partnership owned a 51.01% interest in the InnSuites® hotel located in Tucson. The Trust also owned a direct 20.33% interest in one InnSuites® hotel located in Albuquerque, New Mexico.

 

The Trust directly manages the Hotels through the Trust’s wholly-owned subsidiary, InnSuites Hotels Inc. Under the management agreements, InnSuites Hotels Inc. manages the daily operations of the Hotels and the hotel owned by affiliates of Mr. Wirth. Revenues and reimbursements among the Trust, InnSuites Hotels Inc. and the Partnership have been eliminated in consolidation. The management fees for the Hotels and the two hotels owned by affiliates of Mr. Wirth are set at 5% of revenue and a monthly accounting fee of $2,000 per hotel. These agreements have no expiration date and may be cancelled by either party with 90-days written notice or 30-days written notice in the event the property changes ownership. During the years ended January 31, 2020 and 2019, the Trust recognized approximately $127,000 and $165,000, respectively of revenue.

 

During the fiscal years ended January 31, 2020 and 2019, the Trust paid Berg Investment Advisors $6,000 for additional consultative services rendered by Mr. Marc Berg, the Trust’s Executive Vice President.

 

Pamela Barnhill, former Vice Chairperson and President of the Trust, resigned in June, 2019, and is the daughter of Mr. Wirth, the Trust’s Chairman and Chief Executive Officer. Ms. Barnhill’s total compensation was $74,471 for the fiscal year ended January 31, 2019. The Trust also employs another immediate family member of Mr. Wirth who provides technology support services to the Trust, receiving a $35,000 annual salary.

 

As of January 31, 2020, the Trust had an Advance to Affiliate credit facilities with an aggregate maximum borrowing capacity of $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six-month advance notice to terminate. Mr. Wirth, individually and thru one of his affiliates owns approximately 42% Tempe/Phoenix Airport Resort LLC. During the fiscal year ended January 31, 2020, the Trust received approximately $62,000 of interest income from Tempe/Phoenix Airport Resort LLC. As of January 31, 2020, the Trust had an amount receivable of the Advances to Affiliate credit facility of approximately $1,000,000. As of August 1, 2020, the amount receivable from the Advance to Affiliate credit facility was approximately $1,000,000, which is due from Tempe/Phoenix Airport Resort LLC.

 

As of January 31, 2020 and January 31, 2019, the Trust had approximately $161,000 and $484,000 in promissory notes, respectively, to Mr. Wirth, family members of Mr. Wirth, and Mr. Berg, the Executive Vice President of the Trust. The promissory notes arose from the repurchase of 433,900 Class B partnership units from Mr. Wirth and family members, and 40,000 Shares of Beneficial Interest from Mr. Berg. Payments totaled approximately $323,000 and approximately $306,000 during fiscal years ended January 31, 2020 and 2019, respectively.

 

21. 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 accompanying consolidated balance sheets at January 31, 2020 and 2019:

 

   2020   2019 
   Carrying Amount   Fair Value   Carrying Amount   Fair Value 
Mortgage notes payable  $6,105,668   $4,000,906   $4,824,692   $3,141,032 
Notes payable to banks  $17,100   $17,100   $9,300   $9,300 
Other notes payable  $1,203,080   $1,203,080   $1,494,030   $1,494,030 

 

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22. SUPPLEMENTAL CASH FLOW DISCLOSURES

 

   2020   2019 
Cash paid for interest  $109,000   $634,337 
           
Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases  $51,000   $1,677,572 
           
Deferred rent reclasified to ROU Asset  $171,344   $- 

 

23. 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 2019 and 2018, Restricted Cash line was omitted on the Trust’s Consolidated Balance Sheet.

 

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Membership Agreements:

 

InnSuites Hotels has entered into membership agreements with Best Western International, Inc. (“Best Western”) for both of the 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 $171,000 and $276,000 for fiscal years ended January 31, 2020 and 2019, respectively.

 

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 consolidated financial position, results of operations or liquidity of the Trust.

 

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 consolidated financial position, results of operations or liquidity.

 

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.

 

24. SHARE-BASED PAYMENTS

 

The Trust compensates its non-employee Trustees for their services through grants of restricted Shares. The aggregate grant date fair value of these Shares was $32,400. These restricted Shares vested in equal monthly amounts during fiscal year 2020. As of January 31, 2020, Messrs. Kutasi, Chase and did not hold any unvested Shares

 

During fiscal year 1999, the shareholders of the Trust adopted the 1997 Stock Incentive and Option Plan (the “Plan”). Pursuant to the Plan, the Compensation Committee may grant options to the Trustees, officers, other key employees, consultants, advisors and similar employees of the Trust and certain of its subsidiaries and affiliates. The number of options that may be granted in a year is limited to 10% of the total Shares of Beneficial Interest and Partnership units in the Partnership (Class A and Class B) outstanding as of the first day of such year.

 

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Generally, granted options expire 10 years from the date of grant, are exercisable during the optionee’s lifetime only by the recipient and are non-transferable. Unexercised options held by employees of the Trust generally terminate on the date the individual ceases to be an employee of the Trust.

 

There were no options granted in fiscal year 2020 or 2019, and no options were outstanding as of January 31, 2020 and 2019. The Plan currently has 1,000,000 options available to grant. See Note 24 for additional information on stock options. The Plan also permits the Trust to award stock appreciation rights, none of which, as of January 31, 2020, have been issued.

 

See Note 2 – “Summary of Significant Accounting Policies” for information related to grants of restricted shares under “Stock-Based Compensation.”

 

25. SEGMENT REPORTING

 

As a result of the sale of IBC (see Note 23), 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 & Corporate Overhead (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. Prior to the sale of IBC, the Trust had previously determined that its operations were comprised of two reportable segments, a Hotel Operations & Corporate Overhead segment, and the IBC Hospitality segment serving 2,000 unrelated hotel properties. In connection with the sale of IBC, the historical financial information presented in this Form 10-K reflects this change with IBC being reported as discontinued operation.

 

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.

 

The Trust determined its reportable segments are the Hotel Operations and IBC Developments segments. Reportable segments are determined based on discrete financial information reviewed by the Trust’s CODM. The Trust organizes and reviews operations based on products and services, and currently there are no operating segments that are aggregated. The Trust performs an annual analysis of its reportable segments.

 

26. DISCONTINUED OPERATIONS

 

Sale of IBC Hospitality Technologies; IBC Hotels LLC (IBC)

 

There were no discontinued operations for the fiscal year ended January 31, 2020.

 

Discontinued operations during the fiscal year ended January 31, 2019 consist of the operations from the IBC Technology Segment (IBC Hotels LLC). On August 15, 2018 Innsuites Hospitality Trust (IHT) entered into a final sale agreement for its subsidiary IBC Hotels LLC (IBC) with an effective sale date as of August 1, 2018 to a unrelated third party buyer (Buyer). The buyer hired IHT’s former Chief Operating Officer, who is a family member of IHT’s CEO. The sale price was $3,000,000, to be paid to IHT as follows:

 

  1. $250,000 at closing, which was received on August 14, 2018;
     
  2. A secured promissory note in the principal amount of $2,750,000 with interest to be accrued at 3.75% per annum, recorded in the accompanying condensed balance sheet in continuing operations. Interest shall accrue for the first 10 months (starting August 2018), thereafter for month 11 and 12 principal and interest payments of 50% ($25,632 per month), then the remaining amount to be amortized over 59 months (payments of $52,054 per month) with maturity in June 2024. Future payments on this note are shown in the table below.

 

FISCAL YEAR    
2021   91,667 
2022   550,000 
2023   550,000 
2024   550,000 
2025   550,000 
Thereafter   458,333 
   $2,750,000 
Impairment   (825,000)
   $1,925,000 

 

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.

 

IHT has agreed to provide continuing working capital support for a period of six months in the amount of approximately $100,000 over a six month period to IBC for transitional purposes. 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. During the fiscal year ended January 31, 2019 IHT had provided $100,000 to IBC.

 

As a result of the sale, the Trust recorded a gain on sale of approximately $2,394,000, net of taxes of $0. The gain is determined by the sales prices of approximately $3,000,000 less the estimated book value of the assets sold and liabilities assigned of approximately $431,000 and costs associated with the sale of approximately $325,000.

 

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Default

 

If Buyer has not paid two or more payments on the note as scheduled, or if Buyer has not satisfied any other provisions in the note, IHT may give Buyer notice of default. If Buyer fails to cure the default within 30 days after notice (a) on or before February 5, 2020, then 75% of the issued and outstanding IBC interest shall be transferred to IHT, and (b) on or after February 5, 2020, then 51% of the issued and outstanding interest of the Company shall be transferred to IHT. Currently there has been no default.

 

Debt/Working Capital adjustment

 

On or before the sixty calendar days following the effective date (August 1, 2018) Buyer prepared and delivered to IHT a written statement (closing statement) setting forth a calculation of the aggregate amount of (i) all indebtedness, (ii) working capital of IBC as of the close of business on the last business day immediately preceding the effective date (closing net working capital) , and (iii) a proposed adjustment to the principal amount of the note payable, calculated as follows:

 

  ● If the closing new working capital is between $0 and negative $100,000, the purchase price shall not be adjusted;
     
  ● If the closing working capital is less then negative $100,000, the principal amount of the note shall be decreased in amount equal to the amount by which the closing net working capital is greater than negative $100,000; and
     
  ● If the closing working capital is greater than $0, the principal amount of the note shall be increased in an amount equal to the closing working capital.

 

There were no working capital adjustments to the sale price at the conclusion of the 60 day adjustment period.

 

Office Lease/Contracts

 

IHT had a reservation center contract with IBC requiring IHT to make payments of $7,500 per month for a minimum of 6 months after closing. There is no maximum period, and the obligation may be cancelled after six months. As of February 1, 2019 the payment was reduced to $6,500, and further reduced to $5,500 from March 1, 2019 through October 31, 2019, by mutual agreement, at which time we terminated the agreement.

 

Indemnification

 

IHT has agreed to indemnify and hold harmless the Buyer from and against any and all losses suffered, sustained or incurred by any Buyer indemnified party, resulting from, arising in connection with or related to (i) any breach of a representation or warranty made by IHT, (ii) any breach of a seller fundamental representation by IHT, (iii) any breach of any covenant made by IHT in this agreement, certification or writing delivered pursuant to the agreement, (iv) any claims or liabilities under, related to or in connection with any person status as a security holder of the company prior to closing, or (v) any transaction expense or indebtedness not accounted for in the final determination of the purchase price.

 

Incentive Bonus

 

On September 4, 2018, the Board approved to pay a $15,000 bonus to the daughter of the CEO, and who was then the Chief Operating Officer, in connection with the sale of IBC. The CEO’s daughter was employed by the Company that acquired IBC during the fiscal year ended January 31, 2019. In addition, the Board approved to pay a $10,000 bonus to the Executive Vice President of the Trust in connection with the sale of IBC. These bonuses will be paid upon receipt of the monthly payments to be received in connection with the note receivable described above starting in November 2020 at $1,000 per month.

 

The Trust also paid the former CFO a $5,000 compensation bonus related to the sale of IBC.

 

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Sale of Yuma Property

 

On July 31, 2018, IHT entered into a purchase and sale agreement to sell its Innsuites Yuma Hotel and Suites Best Western (Yuma), together with certain furniture, fixtures, equipment, operating supplies and other ancillary items pertaining to the daily operations to an unrelated third party. The sale was completed on October 24, 2018. The sales price, as revised, was approximately $16.05 million, of which the net proceeds (net of mortgage payoff, commissions and closing costs) received by the IHT was approximately $9.93 million

 

The Trust recorded a gain on sale of approximately $11,080,000, net of estimated tax of approximately $381,000. The gain was determined by the sale price less the estimated book value other assets sold of approximately $4,589,000. In connection with the sale of the Yuma property the related mortgage note payable in the amount of approximately $5,560,000 at the time of the sale was paid in full.

 

The following tables list the assets and liabilities of discontinued operations for the fiscal year ended January 31, 2019 and the discontinued operations for fiscal year ended January 31, 2019.

 

DISCONTINUED OPERATIONS

 

   JANUARY 31, 2019 
ASSETS     
Current Assets:     
Cash and Cash Equivalents  $305,835 
Accounts Receivable   2,750,932 
Prepaid Expenses and Other Current Assets   13,680 
Current Portion of Notes Receivable     
Total Current Assets of Discontinued Operations   3,070,447 
Noncurrent assets of Discontinued Operations     
Property, Plant and Equipment, net   - 
TOTAL ASSETS OF DISCONTINUED OPERATIONS  $3,070,447 
      
LIABILITIES     
      
LIABILITIES     
Current Liabilities:     
Accounts Payable and Accrued Expenses  $546,803 
Current Portion of Notes Payable to Banks, net of Discount   - 
Total Current Liabilities of Discontinued Operations   546,803 
Noncurrent Liabilities of Discontinued Operations     
Mortgage Notes Payable, net of Discount   - 
Notes Payable to Banks, net of Discount   - 
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS  $546,803 

 

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   FOR THE YEAR ENDED 
   JANUARY 31, 
   2019 
REVENUE     
Room  $3,225,783 
Food and Beverage   27,569 
Reservation and Convention   173,399 
Other   41,057 
TOTAL REVENUE   3,467,808 
      
OPERATING EXPENSES     
Room   1,261,875 
Food and Beverage   35,592 
Telecommunications   21,803 
General and Administrative   766,475 
Sales and Marketing   469,457 
Reservation Acquisition Costs   142,842 
Repairs and Maintenance   185,148 
Hospitality   167,874 
Utilities   160,641 
Depreciation   393,581 
Intangible Amortization   - 
Real Estate and Personal Property Taxes, Insurance and Ground Rent   88,344 
Other   - 
TOTAL OPERATING EXPENSES   3,693,632 
OPERATING LOSS   (225,824)
Interest Income   - 
TOTAL OTHER INCOME   - 
Interest on Mortgage Notes Payable   214,811 
Interest on Notes Payable to Banks   41,390 
Interest on Other Notes Payable   - 
TOTAL INTEREST EXPENSE   256,201 
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS  $(482,025)

 

27. STOCK OPTIONS

 

Effective February 5, 2015, the Board of Trustees of the Trust adopted the 2015 Equity Incentive Plan (“2015 Plan”), subject to shareholder approval, under which up to 1,600,000 Shares of Beneficial Interest of the Trust are authorized to be issued pursuant to grant of stock options, stock appreciation rights, restricted shares, restricted share units or other awards.

 

The Board of Trustees of the Trust has decided to terminate the 2015 Plan. Effective October 31, 2016, it has been determined that the Shareholders will not approve the 2015 Plan and the proposed grants have been rescinded. During the 2017 Annual Meeting of Shareholders, the IHT Shareholders approved the InnSuites Hospitality Trust 2017 Equity Incentive Plan (“2017 Plan”). To date, Management has not granted any options under the 2017 Plan.

 

28. SUBSEQUENT EVENTS

 

On February 3, 2020 The Trust paid $400,000, as the second payment on its investment to Unigen Power Inc

 

The Trust received approximately $504,000 in loan proceeds pursuant to the SBA sponsored Paycheck Protection Plan (“PPP”), under the Coronavirus Aid Relief and Economic Security (CARES) Act. The PPP Loan(s) are evidenced by a loan application and payment agreement by and between the Trust, the Albuquerque Hotel, and the Tucson Hotel. The Trust applied for the loan(s) in April 2020-and received its maximum funding amounts of approximately $87,000, $188,000, and $229,000 for the Trust, the Albuquerque Hotel and the Tucson Hotel, respectively on April 17, 2020. The term of the loan is for 60 months and matures on the fifth-year anniversary from the -date of funding. It bears interest at an annual rate of 1%. The PPP loan is subject to 100% forgiveness. Currently, the application process to apply for forgiveness occurs 24 weeks after the funding date. The Trust intends to file the application for forgiveness. There can be no assurance that such forgiveness will occur. The Trust is accounting for the loan as debt and if forgiveness is granted the Trust will recognize a gain on extinguishment.

 

On April 15, 2020 the Trust’s Board of Trustees approved entering into three SBA sponsored Paycheck Protection Plan (PPP) loans for Innsuites Hotels Inc., the Albuquerque hotel and the Tucson hotel for approximately $87,000, $188,000, and $229,000, respectively.

 

On April 28, 2020 the Trust filed form 8-K Order taking relief and relying on the SEC’s Order (Release No. 34-88318) under Section 36 of the Exchange Act granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”) for a 45-day extension to file its Annual Report on form 10-K.

 

On June 12, 2020 the Trust filed form 8-K Order taking relief and relying on the SEC’s Order (Release No. 34-88318) under Section 36 of the Exchange Act granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”) for a 45-day extension to file its Interim Report on form 10-Q.

 

On June 8, 2020 the Trust’s Board of Trustees approved a one cent semi-annual dividend, payable on July 31, 2020, on shares held of record a July 15, 2020. This continues the Trust’s recent practice of paying total annual dividends of two cents per share, payable one cent each semi-annually on July 31 and January 31. This dividend continues 50 consecutive uninterrupted fiscal years during which the Trust has paid annual dividends, since the formation of the Trust and the initial listing of its shares on the New York Stock Exchange in 1971.

 

On June 30, 2019, the Trust’s Board of Trustees set a date of August 25, 2019 for the Annual Shareholder meeting, to be held at 11:00 AM MST at the Trust’s corporate office: 1730 East Northern Ave, Suite 122, Phoenix, AZ 85020. Shareholders of record of the Trust on July 27, 2019 will be entitled to vote at the meeting.

 

Subsequent to the fiscal year ended January 31, 2020 the Trust repurchased 201,676 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $211,000.

 

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Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

Item 9A. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report, we conducted an evaluation under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of January 31, 2020.

 

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

 

Management’s Report on Internal Control Over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of the Company’s Principal Executive Officer and Principal Financial Officer and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles and includes those policies and procedures that we determined to be material weaknesses, as follows:

 

  ● Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
     
  ● We have not properly implemented comprehensive entity-level internal controls;
     
  ● We have not properly implemented adequate system and manual controls;
     
  ● We do not have sufficient segregation of duties;
     
  ● We lack sufficient personnel with appropriate training and expertise in accounting principles generally accepted in the United States; and
     
  ● We had not implemented appropriate information technology controls related to access rights for certain financial spreadsheets that are relevant to the preparation of the consolidated financial statements and our system of internal control over financial reporting.

 

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Assessment of Internal Control over Financial Reporting

 

Our management assessed the effectiveness of our internal control over financial reporting as of January 31, 2019. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework (2013). Based on management’s assessment, management concluded that the above material weaknesses have not been remediated and, accordingly, our internal control over financial reporting was not effective as of January 31, 2020.

 

Management’s Remediation Initiatives

 

In an effort to remediate the identified material weakness and other deficiencies and enhance the Company’s internal control over financial reporting, the Company made attempts to increase its technical accounting expertise by hiring a new Chief Financial Officer and Corporate Controller with public company reporting experience to assist with the Company’s technical accounting and internal control issues. The departure in December 2018 of the newly hired Chief Financial Officer, who was not replaced, has made this attempt non-effective.

 

We need to take appropriate and reasonable steps to make necessary improvements to our internal control over financial reporting, which will require management to support the hiring of sufficient personnel with appropriate training and expertise in accounting principles generally accepted in the United States. This increase to staffing will allow us to make the necessary improvements, including:

 

  ● Continuing to improve the control environment through (i) being staffed with sufficient number of personnel to address segregation of duties issues, ineffective controls and to perform control monitoring activities, (ii) increasing the level of GAAP knowledge by retaining additional technical accountants, (iii) implementing formal process to account for non-standard transactions, and (iv) implementing and formalizing management oversight of financial reporting at regular intervals;
     
  ● Continuing to update the documentation of our internal control processes, including implementing formal risk assessment processes and entity level controls;
     
  ● Implementing control activities that address relevant risks and assure that all transactions are subject to such control activities; Ensure systems that impact financial information and disclosures have effective information technology controls;
     
  ● Implementing plan to increase oversight and review of ad hoc spreadsheets while also working to reduce their use; and
     
  ● We are in the process of further enhancing the supervisory procedures to include additional levels of analysis and quality control reviews within the accounting and financial reporting functions.

 

We believe that the remediation measures described above will strengthen our internal control over financial reporting and remediate the material weaknesses we have identified. We expect these remediation efforts will be implemented throughout fiscal year 2021.

 

Despite the material weaknesses reported above, our management believes that our financial statements included in this Annual Report on Form 10-K for the fiscal year ended January 31, 2020 fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented and that this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this report.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We have had significant turn over in our accounting department within the last 12 months, which includes turnover at our Chief Financial Officer and Chief Operating Officer positions.

 

Item 9B. OTHER INFORMATION

 

None.

 

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PART III

 

Item 10. TRUSTEES, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

Trustees and Executive Officers

 

The following table sets forth information about our Trustees and executive officers. The information concerning our Trustees and executive officers set forth below is based in part on information received from the respective Trustees and executive officers and in part on our records. The information below sets forth the name, age, term of office, outside directorships and principal business experience for each Trustee and executive officer of the Trust and includes the specific experience, qualifications, attributes and skills that led to the conclusion that each Trustee should serve on our Board of Trustees, in light of the Trust’s business and structure.

 

Trustees Whose Terms Expire in 2022    
         

Leslie (Les) T. Kutasi(1)(2)(3)(4)

 

  

Founder and President of Trend-Tex International, a multi-line textile sales and marketing company, since 2000. In 1996, Mr. Kutasi founded Pacesetter Fabrics, LLC, a start-up textile importer and converter, and served as its Chief Executive Officer until 2000. Prior to that, he served as President of California Textile Sales from 1990 to 1996. Mr. Kutasi has been a member of Young Presidents Organization Inc. (Arizona) since 2006. Age: 69.

 

Mr. Kutasi has more than 35 years of residential real estate and investment experience that is valuable to our Board.

   January 31, 2013
         
James F. Wirth  

Chairman and Chief Executive Officer of the Trust since January 30, 1998, also serving as President of the Trust until February 1, 2012. Manager and primary owner (together with his affiliates) of Rare Earth Financial, L.L.C. and affiliated entities, owners and operators of hotels, since 1980. Age: 74.

 

Mr. Wirth has significant real estate and hotel industry experience and extensive experience with the Trust. He holds an MBA from Carnegie Mellon University, Tepper School of Business. Mr. Wirth has a significant investment in our Shares, which we believe provides him with a strong incentive to advance shareholder interests. In addition, Mr. Wirth has served on our Board for more than 20 years.

   January 30, 1998
         

Trustees Whose Terms Expire in 2021

    
         
Marc E. Berg  

Vice Chairman, Executive Vice President, Secretary and Treasurer of the Trust since February 10, 1999. Vice President – Acquisitions and Dispositionsof the Trust from December 16, 1998 to February 10, 1999. Consultant to InnSuites Hotels, a subsidiary of the Trust, since 1989.

 

Prior to InnSuites, Mr. Berg was a wealth manager at Valley National Bank where his portfolio consisted of over half a billion dollars in equities, bonds and fixed income securities. Mr. Berg also worked at Young, Smith and Peacock, an investment banking firm, in public finance.

 

Mr. Berg has been qualified as a Registered Investment Advisor with the SEC and holds both an MBA (Finance) degree from the WP Carey Business School at Arizona State University as well as a Masters in International Management from the Thunderbird Graduate School of International Management. His undergraduate degree was a BSBA from American University in Washington, D.C.

 

Mr. Berg has in-depth familiarity with the operations of the Trust and extensive experience in property acquisitions. In addition, Mr. Berg has served on our Board for over 20 years. Age: 67.

   January 30, 1998
         
Jessie Ronnie (“JR”) Chase (1)(2)(3)(6)  

Owner of Park Avenue Investments, a real estate investment firm since 2000. From 1993 – 2003, Mr. Chase provided investor and management expertise to InnSuites Hotels, a subsidiary of the Trust.

 

With over 35 years of real estate investment and hospitality experience, including experience managing a variety of real estate assets, Mr. Chase brings to our Board wide-ranging and in-depth experience in hotel management companies, technology and operations. Age: 70.

   December 22, 2015

 

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Name  

Principal Occupations During Past Five Years, Age as of June 9, 2019

and Directorships Held

  

Trustee

Since

         
Trustees Whose Terms Expire in 2020        
         
Steven S. Robson(1)(2)(3)(5)  

Owner of Scott Homes, residential real estate developers. Age: 64.

 

Mr. Robson has strategic leadership and residential real estate development experience as well as experience in negotiating complex transactions and maintaining mission, vision and values. In addition, Mr. Robson has served on our Board for more nearly 20 years.

   June 16, 1998

 

1 Member of the Audit Committee.

2 Member of the Compensation Committee.

3 Member of the Governance and Nominating Committee.

4 Chair of the Audit Committee.

5 Chair of the Compensation Committee.

6 Chair of the Governance and Nominating Committee.

 

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Other Executive Officers

 

Craig Miller

 

Director of Finance, Controller and Principal Accounting Officer of the Trust since January 9, 2019. Previously Mr. Miller was Director of Finance and Controller, and serves as (interim) Chief Financial Officer of the Trust from June 14, 2018 to July 23, 2018.

 

For more than five years prior to joining the Trust in May 2018, Mr. Miller was Managing Member of Southwest CFO Services LLC, providing interim and fractional CFO services, as well as financial and operational consulting, to a variety of businesses. He has over 30 years of experience in finance, accounting, enterprise resources planning and tax.

 

Mr. Miller holds a bachelor’s degree in commerce from Santa Clara University, and Masters’ degrees in Business Administration and Accounting and Financial Management from Keller Graduate School of Management. He has served as a mentor to Arizona State University’s Entrepreneurship and innovation programs since 2011. Age: 66.

 

We request that all of our Trustees attend our Annual Meetings of Shareholders. All Trustees were present at the 2020 Annual Meeting of Shareholders. Attendance was high, with a maximum of one trustee missing for each of the meetings held by the Board of Trustees and the Committees during fiscal year 2020. In addition, the independent Trustees are required to meet at least annually in executive session without the presence of non-independent Trustees and management. The trustees failed to do so during the fiscal year ended January 31, 2020.

 

Trustee Nominations and Qualifications

 

The Governance and Nominating Committee expects to identify nominees to serve as our Trustees primarily by accepting and considering the suggestions and nominee recommendations made by members of the Board of Trustees and our management and shareholders. Nominees for Trustees are evaluated based on their character, judgment, independence, financial or business acumen, diversity of experience, ability to represent and act on behalf of all of our shareholders, and the needs of the Board of Trustees. In accordance with its charter, the Governance and Nominating Committee discusses diversity of experience as one of many factors in identifying nominees for Trustee, but does not have a policy of assessing diversity with respect to any particular qualities or attributes. All of the current Trustees are men, due to the departure of two women during fiscal 2019. The Governance and Nominating Committee has not identified any specific attributes that the Committee would desire to diversify on the Board. In general, before evaluating any nominee, the Governance and Nominating Committee first determines the need for additional Trustees to fill vacancies or expand the size of the Board of Trustees and the likelihood that a nominee can satisfy the evaluation criteria. The Governance and Nominating Committee would expect to re-nominate incumbent Trustees who have served well on the Board of Trustees and express an interest in continuing to serve. Our Board of Trustees is satisfied that the backgrounds and qualifications of our Trustees, considered as a group, provide a mix of experience, knowledge and abilities that allows our Board to fulfill its responsibilities.

 

The Governance and Nominating Committee will consider shareholder recommendations for Trustee nominees. A shareholder who wishes to suggest a Trustee nominee for consideration by the Governance and Nominating Committee should send a resume of the nominee’s business experience and background to Mr. Ronnie Chase, Chairperson of the Governance and Nominating Committee, InnSuites Hospitality Trust, 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020. The mailing envelope and letter must contain a clear notation indicating that the enclosed letter is a “Shareholder-Board of Trustees Nominee.”

 

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Leadership Structure of the Board of Trustees

 

Mr. Wirth, our Chief Executive Officer, currently serves as Chairman of the Board. Our Second Amended and Restated Declaration of Trust, as amended, provides that the Trustees shall annually elect a Chairman who shall be the principal officer of the Trust. Mr. Wirth has served as Chairman of our Board of Trustees and our Chief Executive Officer since January 30, 1998. Our Board of Trustees has determined that the Trust has been well-served by this structure of combined Chairman and Chief Executive Officer positions and that this structure facilitates strong and clear leadership, with a single person setting the tone of the organization and having the ultimate responsibility for all of the Trust’s operating and strategic functions, thus providing unified leadership and direction for the Board of Trustees and the Trust’s executive management. Our Chairman also has a significant investment in our Shares, which we believe provides him with a strong incentive to advance shareholder interests.

 

The Trust does not have a lead independent Trustee, but receives strong leadership from all of its members. Our Board Committees consist of only independent members, and our independent Trustees meet at least annually in executive session without the presence of non-independent Trustees and management. In addition, our Trustees take active and substantial roles in the activities of our Board of Trustees at the full Board meetings. Our Trustees are able to propose items for Board meeting agendas, and the Board’s meetings include time for discussion of items not on the formal agenda. Our Board believes that this open structure, as compared to a system in which there is a designated lead independent trustee, facilitates a greater sense of responsibility among our Trustees and facilitates active and effective oversight by the independent Trustees of the Trust’s operations and strategic initiatives, including any risks.

 

The Board’s Role in Risk Oversight

 

Our management devotes significant attention to risk management, and our Board of Trustees is engaged in the oversight of this activity, both at the full Board and at the Board Committee level. The Board’s role in risk oversight does not affect the Board’s leadership structure. However, our Board’s leadership structure supports such risk oversight by combining the Chairman position with the Chief Executive Officer position (the person with primary corporate responsibility for risk management).

 

Our Board’s role in the Trust’s risk oversight process includes receiving reports from members of senior management on areas of material risk to the Trust, including operational, financial, legal and regulatory and strategic risks. The Board of Trustees requires management to report to the full Board (or an appropriate Committee) on a variety of matters at regular meetings of the Board and on an as-needed basis, including the performance and operations of the Trust and other matters relating to risk management. The Audit Committee also receives regular reports from the Trust’s independent registered public accounting firm on internal control and financial reporting matters. In addition, pursuant to its charter, the Audit Committee is tasked with reviewing with the Trust’s counsel major litigation risks as well as compliance with applicable laws and regulations, discussing with management its procedures for monitoring compliance with the Trust’s code of conduct, and discussing significant financial risk exposures and the steps management has taken to monitor, control and report such exposures. These reviews are conducted in conjunction with the Board’s risk oversight function and enable the Board to review and assess any material risks facing the Trust.

 

Our Board also works to oversee risk through its consideration and authorization of significant matters, such as major strategic, operational and financial initiatives and its oversight of management’s implementation of those initiatives. The Board periodically reviews with management its strategies, techniques, policies and procedures designed to manage these risks. Under the overall supervision of our Board, management has implemented a variety of processes, procedures and controls to address these risks.

 

Communications with the Board of Trustees

 

Shareholders and other interested parties who wish to communicate with the Board of Trustees or any individual member thereof may do so by writing to the Secretary, InnSuites Hospitality Trust, 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020. The mailing envelope and letter must contain a clear notation indicating that the enclosed letter is an “Interested Party-Board of Trustees Communication.” The Secretary will review all such correspondence and regularly forward to the Board of Trustees a log and summary of all such correspondence and copies of all correspondence that, in the opinion of the Secretary, deals with the functions of the Board of Trustees or Committees thereof or that he otherwise determines requires their attention. Trustees may at any time review a log of all correspondence received by us that is addressed to members of the Board of Trustees and request copies of any such correspondence. Concerns relating to accounting, internal controls or auditing matters are immediately brought to the attention of our accounting department and handled in accordance with procedures established by the Audit Committee for such matters.

 

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Date of 2020 Annual Meeting of Shareholders and Shareholder Proposals

 

We expect that the 2020 Annual Meeting will be held in late August 2020. Therefore, the deadline for submitting shareholder proposals for inclusion in our proxy statement and form of proxy for the 2020 Annual Meeting will be on or before July 10, 2020, which we believe is a reasonable deadline for submission before we begin the printing and mailing of our proxy materials for the 2020 Annual Meeting. A shareholder who wishes to present a proposal at the 2020 Annual Meeting, but does not wish to have that proposal included in our proxy statement and form of proxy relating to that meeting, will need to notify us of the proposal before July 1, 2020. When the date for the 2020 Annual Meeting is set, we will announce updated shareholder proposal deadlines. If notice of the proposal is not received by us by that date, then the proposal will be deemed untimely and we will have the right to exercise discretionary voting authority and vote proxies returned to us with respect to that proposal.

 

Shareholders should submit their proposals to InnSuites Hospitality Trust, 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020, Attention: Mr. Marc Berg, Secretary.

 

Audit Committee Information and Audit Committee Financial Expert

 

The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the work of our independent auditors, including reviewing the scope and results of audit and non-audit services. The Audit Committee also reviews internal accounting controls and assesses the independence of our auditors. In addition, the Audit Committee has established procedures for the receipt, retention and treatment of any complaints received by us regarding accounting, internal controls or auditing matters and the confidential, anonymous submission by our employees of any concerns regarding accounting or auditing matters. The Audit Committee has the authority to engage independent counsel and other advisors as it deems necessary to carry out its duties. The Audit Committee met four (4) times during fiscal year 2020.

 

All members of the Audit Committee are “independent,” as such term is defined by the SEC’s rules and the NYSE American listing standards. The Board of Trustees has determined that Mr. Kutasi, a member of our Audit Committee, qualifies as an “audit committee financial expert” under applicable SEC rules. We have posted our Amended and Restated Audit Committee Charter on our Internet website at www.innsuitestrust.com. Information on our website is not part of this Amendment.

 

Audit Committee Report

 

The Audit Committee of the Board of Trustees has reviewed and discussed the audited consolidated financial statements included in the Trust’s Annual Report on Form 10-K for the fiscal years ended January 31, 2020 and 2019 with the management of the Trust. In addition, the Audit Committee has discussed with Hall & Company Certified Public Accountants and Consultants, Inc. (“Hall & Company”), the independent registered public accounting firm of the Trust, the matters required to be discussed under Public Company Accounting Oversight Board Auditing Standard No. 1301, Communications with Audit Committees. The Audit Committee has also received and reviewed the written disclosures and the letter from Hall & Company required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent auditor’s communications with the Audit Committee concerning independence, and has discussed with Hall & Company its independence from the Trust, including the compatibility of any non-audit services with Hall & Company’s independence. The Audit Committee has also pre-approved the fees to be charged to the Trust by its independent auditors for audit services.

 

Based on the foregoing, the Audit Committee recommended that such audited consolidated financial statements be included in the Trust’s Annual Report for the fiscal year ended January 31, 2020.

 

By the Audit Committee of the Board of Trustees:

 

Les T. Kutasi, Chairman

Steven S. Robson

Ronnie Chase

 

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Code of Ethics for Senior Financial Officers

 

We have adopted a Code of Ethics that applies to our Chief Executive Officer and Chief Financial Officer and persons performing similar functions. We have posted our Code of Ethics for Senior Financial Officers on our website at www.innsuitestrust.com. We intend to satisfy all SEC and NYSE AMERICAN disclosure requirements regarding any amendment to, or waiver of, the Code of Ethics relating to our Chief Executive Officer and Chief Financial Officer and persons performing similar functions, by posting such information on our website unless the NYSE AMERICAN requires a Form 8-K. In addition, we have adopted a Code of Conduct and Ethics that applies to all of our employees, officers and Trustees. It is also available on our website at www.innsuitestrust.com.

 

Section 16(a) Beneficial Ownership Reporting Compliance

 

Section 16(a) of the Exchange Act requires our Trustees, executive officers and beneficial holders of more than 10% of our Shares to file with the SEC initial reports of ownership and reports of subsequent changes in ownership. The SEC has established specific due dates for these reports, and we are required to disclose any late filings or failures to file during the last fiscal year.

 

Based solely on our review of the copies of such forms (and amendments thereto) furnished to us and written representations from reporting persons that no additional reports were required, we believe that all our Trustees, executive officers and holders of more than 10% of the Shares complied with all Section 16(a) filing requirements during the fiscal year ended January 31, 2020, except as set forth above.

 

Item 11. EXECUTIVE COMPENSATION

 

Executive Compensation Overview

 

The following overview relates to the compensation of our executive officers listed in the Summary Compensation Table set forth below during fiscal year 2020. Our executive officers are James F. Wirth, Chairman of the Board, President and Chief Executive Officer, Marc E. Berg, Vice Chairman, Executive Vice President, Secretary, and Treasurer, and Craig Miller, Chief Accounting Officer (referred to below as our “executive officers”).

 

Overview of the Compensation Committee

 

The Compensation Committee of the Board of Trustees currently consists of three independent Trustees. The Committee sets the principles and strategies that serve to guide the design of the compensation programs for our executive officers. The Committee annually evaluates the performance of our executive officers. Taking into consideration the factors set forth below, the Committee then approves their compensation levels, including any bonuses. The Committee does not use an independent compensation consultant to assist it with its responsibilities. The Committee does consider input from the Chief Executive Officer when determining compensation for the other executive officers.

 

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Compensation Philosophy and Objectives

 

Under the supervision of the Compensation Committee, we have developed and implemented compensation policies, plans and programs that seek to enhance our ability to recruit and retain qualified management and other personnel. In developing and implementing compensation policies and procedures, the Compensation Committee seeks to provide rewards for the long-term value of an individual’s contribution to the Trust. The Compensation Committee seeks to develop policies and procedures that offer both recurring and non-recurring, and both financial and non-financial, incentives.

 

Compensation for our executive officers has two main monetary components, salary and bonus, as well as a benefits component. A base salary is a fixed compensation component subject to annual adjustment and review, if appropriate, that is designed to attract, retain, and motivate our executive officers and to align their compensation with market practices. As discussed below, for fiscal year 2020, the bonus component consisted of cash bonuses that were intended to incentivize performance, as described below.

 

Our compensation program does not rely to any significant extent on broad-based benefits or perquisites. The benefits offered to our executive officers are those that are offered to all of our full-time employees. We do not offer our executive officers any perquisites.

 

Our management and the Compensation Committee work in a cooperative fashion. Management advises the Compensation Committee on compensation developments, compensation packages and our overall compensation program. The Compensation Committee then reviews, modifies, if necessary, and approves the compensation packages for our executive officers.

 

Elements of Compensation

 

In setting the compensation for each executive officer, the Compensation Committee considers (i) the responsibility and authority of each position relative to other positions within the Trust, (ii) the individual performance of each executive officer, (iii) the experience and skills of the executive officer, and (iv) the importance of the executive officer to the Trust.

 

Base Salary

 

We pay base salaries to our executive officers in order to provide a level of assured compensation reflecting an estimate of the value in the employment market of the executive officer’s skills, the demands of his or her position and the relative size of the Trust. In establishing base salaries for our executive officers, the Compensation Committee considers our overall performance and the performance of each individual executive officer, as well as market forces and other general factors believed to be relevant, including time between salary increases, promotion, expansion of responsibilities, advancement potential, and the execution of special or difficult projects. Additionally, the Compensation Committee takes into account the relative salaries of the executive officers and determines what it believes are appropriate compensation level distinctions between and among the executive officers, including between the Chief Executive Officer and the Chief Financial Officer and among the other executive officers. Although the Compensation Committee considers our financial performance, there is no specific relationship between achieving, or failing to achieve, budgeted estimates, the performance of our Shares or our financial performance and the annual salaries determined by the Compensation Committee for any of our executive officers. No specific weight is attributed to any of the factors considered by the Compensation Committee; the Compensation Committee considers all factors and makes a subjective determination based upon the experience of its members and the recommendations of our management.

 

As Mr. Wirth holds a significant ownership stake in the Trust, the Compensation Committee did not increase his salary or provide him with additional incentives. Based upon a review of Mr. Wirth’s performance and upon the recommendation of the Compensation Committee, for fiscal years 2020 and 2019, Mr. Wirth’s annual base salary remained set at $153,000. The Compensation Committee did not rely on any particular set of financial or non-financial factors, measures or criteria when determining the compensation offered to Mr. Wirth. The Compensation Committee did consider Mr. Wirth’s substantial Share ownership when setting his base salary.

 

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Cash and Equity Bonuses

 

Fiscal 2020 Bonuses

 

Fiscal 2020– Full Year Cash and Equity Bonus Program

 

On January 29, 2019, the Compensation Committee also adopted an incentive bonus program for the Executives for the full fiscal year ended January 31, 2020 (the “2020 Fiscal Year Bonus Program”). Under the 2019 Fiscal Year Bonus Program, an Executive will be entitled to receive a bonus consisting of cash and Shares of Beneficial Interest of the Trust, up to the maximum amounts set forth below, upon the achievement by the Executive of performance-based on objectives which was based on exceeding budgeted revenues and net income in both the hotel operations and technology division.

 

Executive  Cash   Equity 
Marc E. Berg  $5,000    None 

 

The bonuses discussed above are discretionary.

 

The amounts paid in the fiscal year ending January 31, 2020 are shown below.

 

Executive  Cash 
Marc E. Berg  $2,000 

 

Fiscal 2020 – IBC Bonuses

 

On September 4, 2018, the Board approved to pay a $15,000 bonus to the daughter of the CEO, and who is the former Chief Operating Officer, in connection with the sale of IBC. The CEO’s daughter was employed during the fiscal year ended January 31, 2020 by the Company that acquired IBC. In addition, the Board approved to pay a $10,000 bonus to the Executive Vice President of the Trust in connection with the sale of IBC. These bonuses will be paid upon receipt of the monthly payments to be received in connection with the note receivable described above starting in November 2020 at $1,000 per month. To date no amounts on the IBC bonuses have been paid

 

Fiscal 2020 - Performance-Based Cash Bonuses

 

Our executive officers are eligible to receive cash bonuses under the General Manager Bonus Plan equal to 15% of the aggregate cash bonuses received by the general managers of all of our hotels, regardless of region. The general managers receive a bonus based on the achievement of budgeted gross operating profit (total revenues less operating expenses) (“GOP”) at their hotel on a quarterly and annual basis. Under the plan, if the hotel’s actual quarterly and annual GOP exceeds the budgeted GOP, each general manager is eligible for a potential maximum annual bonus of $20,000, consisting of a potential maximum quarterly bonus of $2,000 per quarter and a potential maximum year-end bonus of $11,000, a risk management bonus of $1,000 and a discretionary excellent property score inspection bonus from Best Western of $1,000.

 

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Quarterly General Manager GOP Bonus Potential:

 

Percentage of Budgeted Quarterly GOP Achieved  Cash Bonus 
Less than 95%  $0 
95%  $500 
98%  $1,000 
102%  $1,500 
106% or more  $2,000 

 

Year-End General Manager GOP Bonus Potential:

 

Percentage of Budgeted Annual GOP Achieved  Cash Bonus 
Less than 95%  $0 
95%  $1,000 
98%  $2,000 
102%  $5,000 
106%  $9,000 
108% or more  $11,000 

 

The general manager aggregate cash bonuses for fiscal year 2020 were as follows:

 

Period  GM
Aggregate
Cash Bonus		 
     
First Quarter – Fiscal Year 2020  $1,000 
Second Quarter – Fiscal Year2020  $2,000 
Third Quarter – Fiscal Year 2020  $1,000 
Fourth Quarter – Fiscal Year 2020  $1,000 
Year End – Fiscal Year 2019  $17,000 

 

Benefits and Other Compensation

 

We maintain broad-based benefits that are provided to all employees, including health and dental insurance, life insurance and a 401(k) plan. We also have a mandatory matching contribution for our 401(k) plan. We do not have a pension plan. Our executive officers are eligible to participate in all of our employee benefit plans, in each case on the same basis as our other employees. See Note 26 – “Stock Options” for additional information about our Stock Options.

 

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Fiscal Year 2019 Summary Compensation Table

 

The table below shows individual compensation information paid to our executive officers for our fiscal years ended January 31, 2020 and 2019:

 

Name and Principal   Fiscal     Salary     Discretionary Bonus     Non-Equity Incentive Plan Compensation     All Other Compensation     Total  
Position(1)   Year     ($)     ($) (3)     ($) (4)     ($) (1)(2)     ($)  
                                                 
James F. Wirth,     2019       154,178               5,745       500       160,423  
Chief Executive Officer     2020       147,115               5,445       500       153,060  
                                                 
Adam B. Remis,     2019       85,681       4,000       2,875       500       93,056  
Chief Financial Officer (former)     2020                                       -0-  
                                                 
V. George Moore     2019       48,462               1,700       500       50,662  
Chief Financial Officer (former)     2020                                       -0-  
                                                 
Craig S. Miller     2019       69,389               1,150       800       71,339  
Controller & Principal Accounting Officer     2020       100,000               1,855       1,200       103,055  
                                                 
Marc E. Berg,     2019       65,073       21,000       5,745       7,200       101,518  
Executive Vice President     2020       62,769       9,000       5,955       1,200       78,924  
                                                 
Pamela J. Barnhill,     2019       70,526       2,875       570       500       74,471  
President & COO ( former)     2020                                       -0-  

 

(1) Matching contributions made under our 401(k) plan to our executive officers with a maximum of $500 per calendar year are included in all other compensation.

 

(2) In addition to the employer 401(k) match provided to all eligible Trust employees, Mr. Berg through his Berg Investment Advisors company was compensated $6,000 for additional consultative services rendered by Mr. Marc Berg, the Trust’s Executive Vice President. Mr. Berg and Mr. Miller receive a monthly travel expense reimbursement of $100. Mr. Remis, Mr. Moore and Ms. Barnhill received a monthly travel expense reimbursement of $100 for the months they were employed. For the fiscal year ending January 31, 2020, Mr. Berg and Mr. Miller each received $1,200 in expense reimbursement. For the fiscal year ending January 31, 2019 Mr. Berg, Mr. Miller, Mr. Remis, Mr. Moore and Ms Barnhill received $1,200, $800, $500, $500, and $500, respectively.

 

(3) For the fiscal year ending January 31, 2019 Mr. Berg received a discretionary bonus approved by the Compensation Committee team of $30,000, related to his efforts resulting in the sale of the Yuma property, of which $21,000 was paid, and $9,000 was accrued during the fiscal year ended January 31, 2019. The balance of $9,000 was paid during the fiscal year ending January 31, 2020.

 

(4) During fiscal year ending January 31, 2020 Mr. Wirth, Mr. Berg, and Mr. Miller received Non-Equity Incentive Plan Compensation consisting of Fiscal 2020 – Performance Based Cash Bonuses of $5,445, $5,955, and $1,885, respectively. During fiscal year ending January 31, 2019 Mr. Wirth, Mr. Berg, Mr. Miller, Mr. Moore and Ms. Barnhill received Non-Equity Incentive Plan Compensation consisting of Fiscal 2019 – Performance Based Cash Bonuses of $5,745, $5,745, $1,150, $1,700 and $570, respectively.

 

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During fiscal year 2020 and 2019, we did not grant any stock options or any other equity-based awards. None of our executive officers owned any stock options, or had any outstanding unvested Shares, as of January 31, 2019 and 2020. Consistent with ASC 718-10-55-10, compensation cost associated with issuance of these options has not been recognized as shareholder approval is not perfunctory. For stock option grants during fiscal year 2018 and additional information about our stock option plan, see Note 24 to our Consolidated Financial Statements - “Stock Options.”

 

Additionally, refer Note 23 of our Consolidated Financial Statements - Share Based Payments, and the section on Fiscal Year 2020 Trustee Compensation, contained in Item11, for information on shares issued to our independent trustees from shareholder equity.

 

Indemnification Agreements

 

We have 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 our best interests. We 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.

 

Potential Payments Upon Change in Control

 

We do not have employment agreements with our executive officers. However, our 2017 Equity Incentive Plan (the “2017 Plan”) provides that the Compensation Committee of the Board of Trustees, in its sole discretion, may take such actions, if any, as it deems necessary or desirable with respect to any award that is outstanding as of the date of the consummation of the change in control. Such actions may include, without limitation: (a) the acceleration of the vesting, settlement and/or exercisability of an award; (b) the payment of a cash amount in exchange for the cancellation of an award; (c) the cancellation of stock options and/or SARs without payment therefor if the fair market value of a share on the date of the change in control does not exceed the exercise price per share of the applicable award; and/or (d) the issuance of substitute awards that substantially preserve the value, rights and benefits of any affected awards.

 

For purposes of the 2017 Plan, subject to exceptions set forth in the 2017 Plan, a “change in control” generally includes (a) the acquisition of more than 50% of the Trust’s Shares; (b) the incumbent board of trustees ceasing to constitute a majority of the board of trustees; (c) a reorganization, merger, consolidation or sale or other disposition of all or substantially all of the assets of the Trust; and (d) approval by the shareholders of the Trust of a complete liquidation or dissolution of the Trust. The full definition of “change in control” is set forth in the 2017 Plan.

 

When an award is granted under the 2017 Plan, the Compensation Committee establishes the terms and conditions of that award, which are contained in an award agreement. The form of stock option award agreement under the 2017 Plan provides for unvested stock options to immediately vest in full and become exercisable if a change in control occurs while the participant is employed by the Trust or a subsidiary. In addition, the form of restricted share agreement for non-employee Trustee awards provides that unvested restricted shares held by a Trustee will immediately vest in full if, prior to a vesting date, a change in control of the Trust occurs while the participant is serving as a Trustee.

 

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A participant’s award agreement under the 2017 Plan may also contain specific provisions governing the vesting or forfeiture of an award upon a termination of the participant’s service to the Trust or a subsidiary. The form of stock option award agreement generally provides that unvested stock options will become immediately vested in full if, prior to a vesting date, the participant ceases to be employed by the Trust and its subsidiaries by reason of death or disability. Unvested stock options will be forfeited automatically if the participant ceases to be employed by the Trust and its subsidiaries prior to an applicable vesting date. In addition, the form of stock option award agreement provides for the termination of stock options, to the extent not previously exercised or forfeited, on the earliest of the following dates: (i) one year after the termination of the participant’s employment by the Trust and its subsidiaries due to death or disability; (ii) three months after the termination of the participant’s employment with the Trust and its subsidiaries for any reason other than for death, disability or cause; (iii) immediately upon termination of employment, if the participant’s employment is terminated by the Company and its subsidiaries for cause; or (iv) midnight on the tenth anniversary of the date of grant. Unless otherwise provided in the applicable award agreement or in an another written agreement with the participant, “cause”, as a reason for termination of a participant’s employment generally includes (a) the participant’s willful refusal to follow lawful directives of the Trust which are consistent with the scope and nature of the participant’s duties and responsibilities; (b) conviction of, or plea of guilty or nolo contendere to, a felony or any crime involving moral turpitude, fraud or embezzlement; (c) gross negligence or willful misconduct resulting in a material loss to the Trust or any of its subsidiaries or material damage to the reputation of the Trust or any of its subsidiaries; (d) material breach of any one or more of the covenants contained in any proprietary interest protection, confidentiality, non-competition or non-solicitation agreement between the participant and the Trust or a subsidiary; or (e) violation of any statutory or common law duty of loyalty to the Trust or any of its subsidiaries.

 

The form of restricted share agreement for non-employee Trustees generally provides that unvested restricted shares will become immediately vested in full if, prior to a vesting date, the participant dies or a change in control occurs while the participant is serving as a Trustee. Any unvested restricted shares will be forfeited automatically if the participant ceases to serve as a Trustee prior to an applicable vesting date.

 

Fiscal Year 2020 Trustee Compensation

 

We compensate our non-employee Trustees for their services through grants of restricted Shares. The aggregate grant date fair value of these Shares is shown in the table above. These restricted Shares vested in equal monthly amounts during our fiscal year 2019. As of January 31, 2020, Messrs. Kutasi, Chase and Robson did not hold any unvested Shares. As compensation for our fiscal year 2020, on February 01, 2019, we issued 6,000 additional restricted Shares (with the aggregate grant date fair value of $10,800 (per grant) to each of Messrs. Kutasi, Chase and Robson.

 

We do not pay our Trustees an annual cash retainer, per meeting fees or additional compensation for serving on a Committee or as a Committee Chair.

 

The table below shows individual compensation information for our non-employee Trustees for our fiscal year ended January 31, 2020. Compensation information for Messrs. Wirth and Berg and, who do not receive additional compensation for their service as Trustees, is included in the Summary Compensation Table above:

 

Name  Fees Earned or Paid
in Cash ($)		   Stock Awards ($)(1)   Total ($) 
             
Leslie T. Kutasi  $0   $10,800   $10,800 
Steven S. Robson  $0   $10,800   $10,800 
JR Chase  $0   $10,800   $10,800 

 

 

  (1) The dollar amounts shown in the Stock Awards column reflect the aggregate grant date fair value of restricted Shares computed in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 718. For a discussion of assumptions we made in valuing restricted Shares, see Note 2, “Summary of Significant Accounting Policies – Stock-Based Compensation,” in the notes to our consolidated financial statements contained in our Annual Reports on Form 10-K for the fiscal years ended January 31, 2020 and 2019. The Stock Awards were based on a stock price of $1.80 which was the closing price of the Trust’s Shares of Beneficial Interest as of February 1, 2018. The Board of Trustees met on February 1, 2018 and approved the payment.

 

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Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

 

Ownership of Shares

 

The following table shows the persons who were known to us to be beneficial owners of more than five percent of our outstanding Shares of Beneficial Interest, together with the number of Shares of Beneficial Interest owned beneficially by each Trustee and executive officer, and the Trustees and executive officers as a group. The percentages in the table are based on 9,574,236 Shares of Beneficial Interest issued and outstanding as of July 28, 2020. Unless otherwise specified, each person has sole voting and investment power of the Shares of Beneficial Interest that he or she beneficially owns.

 

Beneficial Ownership of Trustees, and Executive Officers

 

Greater-than-Five-Percent Beneficial Owners and

Beneficial Ownership of Trustees, and Executive Officers

 

   Shares   Percentage of 

Trustees and

Executive Officers

  Beneficially
Owned (1)		  

Outstanding

Shares

 
James F. Wirth (2)   5,876,683    61.38%
Pamela J. Barnhill (3)   29,098    * 
Marc E. Berg   42,750    * 
Craig S. Miller   -    * 
JR Chase   24,657    * 
Leslie T. Kutasi   42,000    * 
Steven S. Robson   127,200    1.33%
Trustees and Executive Officers as a group (eight persons)   6,142,388    64.16%

 

  * Less than one percent (1.0%).
  (1) Pursuant to the SEC’s rules, “beneficial ownership” includes Shares that may be acquired within 60 days following May 1, 2018. However, none of the individuals listed in the table had the right to acquire any Shares within the 60-day period.
  (2) All Shares are owned jointly by Mr. Wirth and his spouse and/or by Rare Earth Financial, LLC, except for1,530,341 Shares that are voted separately by Mr. Wirth and 1,239,078 Shares that are voted separately by Mrs. Wirth. Mr. Wirth has pledged 1,466,153, and Mrs. Wirth has pledged 300,000 of these Shares as security.
Mr. Wirth, his spouse and children own directly and indirectly all 2,974,038  issued and outstanding Class B limited partnership units in the Partnership, the conversion of which is restricted and permitted only at the discretion of our Board of Trustees. Mr. Wirth’s business address is 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020.
  (3) Includes 24,098 Shares held by minor children.

 

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The following table provides information about our equity compensation plans (other than qualified employee benefits plans and plans available to shareholders on a pro rata basis) as of January 31, 2020:

 

Equity Compensation Plan Information

 

Plan Category  Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options, Warrants
and Rights		   Weighted
Average Exercise
Price of Outstanding
Options, Warrants
and Rights		   Number of
Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(Excluding
Securities Reflected
in Column		 
             
Equity compensation plans approved by security holders   0   $N/A    1,000,000 
                
Equity compensation plans not approved by security holders   None    None    None 

 

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND TRUSTEE INDEPENDENCE

 

Independence of Trustees

 

The Board of Trustees has determined that a majority of the Trustees, Messrs. Kutasi, Chase and Robson are “independent,” as defined by the NYSE AMERICAN’s listing standards, for purposes of serving on the Board of Trustees and each committee of which they are members. Messrs. Berg and Wirth are executive officers of the Trust and, therefore, are not “independent.” All members of the Audit Committee, the Compensation Committee and the Governance and Nominating Committee are “independent,” as such term is defined by the SEC rules and NYSE AMERICAN’s listing standards. Our independent Trustees meet at least annually in executive session without the presence of non-independent Trustees and management. Except as described under “Certain Transactions” below, there were no transactions, relationships or arrangements in fiscal year 2020 that required review by the Board for purposes of determining Trustee independence.

 

Certain Transactions

 

Management and Licensing Agreements

 

The Trust directly manages the Hotels through the Trust’s wholly-owned subsidiary, InnSuites Hotels. Under the management agreements, InnSuites Hotels manages the daily operations of the Hotels and one hotel owned by affiliates of Mr. Wirth. All Trust managed Hotel expenses, revenues and reimbursements among the Trust, InnSuites Hotels and the Partnership have been eliminated in consolidation. The management fees for the Hotels and the one hotel owned by Mr. Wirth are 5% of room revenue and a monthly accounting fee of $2,000 per hotel. These agreements have no expiration date and may be cancelled by either party with 90-days written notice in the event the property changes ownership. In fiscal years 2020 and 2019, InnSuites Hotels received aggregate fees of approximately $126,300 and $178,000, respectively, for management of the one hotel owned by affiliates of Mr. Wirth. The Trust charges management fees to related parties.

 

The Trust also provides the use of the “InnSuites” trademark to the Hotels and the additional hotel owned by affiliates of Mr. Wirth through the Trust’s wholly-owned subsidiary, InnSuites Hotels, at no additional charge.

 

Restructuring Agreements

 

For information about the restructuring agreements for Albuquerque Suite Hospitality, Tucson Hospitality Properties and Yuma Hospitality Properties, see Notes 3, and 4 of our Consolidated Financial Statements.

 

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Financing Arrangements and Guarantees

 

On December 1, 2014, the Trust entered into a $1,000,000 net maximum Demand/Revolving Line of Credit/Promissory Note with Rare Earth Financial. The Demand/Revolving Line of Credit/Promissory Note bears interest at 7.0% per annum, is interest only quarterly and matures on June 30, 2021. No prepayment penalty exists on the Demand/Revolving Line of Credit/Promissory Note. The balance fluctuates significantly through the period with the highest payable balance being approximately $630,000 during the fiscal year ended January 31, 2020. The Demand/Revolving Line of Credit/Promissory Note has a net maximum borrowing capacity of $1,000,000. Related party interest expense or income for the Demand/Revolving Line of Credit/Promissory Note for the fiscal year ended January 31, 2020 was $0 of expense and approximately $62,000 of revenue, and for the fiscal year ended January 31, 2019 was $-0- of expense and $9,000 of revenue.

 

The above Demand/Revolving Line of Credit/Promissory Notes are presented together as one line item on the balance sheet and totaled a receivable of $-0- and $632,027, at January 31, 2020 and 2019, respectively, all of which is considered a current receivable.

 

As of January 31, 2019, 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 accrues interest at 4.0% 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, 2020.

 

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 4.0% interest only, with similar terms to June 30, 2021. 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, 2020.

 

On December 5, 2016, the Trust and the Partnership together entered into eight unsecured loans for a total of $425,000 with H. W. Hayes Trust (“Hayes Loans”). The Hayes Loans were paid in full at maturity on July 1, 2019.

 

On March 20, 2017, the Trust and Partnership entered into multiple, unsecured loans to Marriott Sweitzer Hayes (“Sweitzer Loans”), totaling $100,000. As of July 1, 2019 these loans were consolidated and extended at 4.5% interest only, with similar terms to June 30, 2021. The total principal amount of the Sweitzer Loans is $100,000 as of January 31, 2020.

 

Other Related Party Transactions

 

Besides James Wirth, the Trust also employs one other immediate family member of Mr. Wirth, who provides technology support services to the Trust. He currently receives a yearly salary of $36,000.

 

Compensation Information

 

For information regarding compensation of our executive officers, see Item 11 of this Form 10-K.

 

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Review, Approval or Ratification of Transactions with Related Parties

 

On December 10, 2013, the Board of Trustees adopted a Related Party Transactions Policy, which established procedures for reviewing transactions between us and our Trustees and executive officers, their immediate family members, entities with which they have a position or relationship, and persons known to us to be the beneficial owner of more than 5% of our Shares of Beneficial Interest. These procedures help us evaluate whether any related person transaction could impair the independence of a Trustee or presents a conflict of interest on the part of a Trustee or executive officer. First, the related party transaction is presented to our executive management, including our Chief Financial Officer. Our Chief Financial Officer then discusses the transaction with our outside counsel, as needed. Lastly, the Audit Committee and the members of the Board of Trustees who do not have an interest in the transaction review the transaction and, if they approve, pass a resolution authorizing the transaction. In determining whether to approve a Related Party Transaction, the Audit Committee and the members of the Board of Trustees consider whether the terms of the related party transaction are fair to the Trust on the same basis as would apply if the transaction did not involve a related party; whether there are business reasons for the Trust to enter into the related party transaction; whether the related party transaction would impair the independence of the outside Trustee and whether the related party transaction would present an improper conflict of interest for any Trustee or executive officer of the Trust, taking into account the size of the transaction, the overall financial position of the trustee, executive officer or related party, the direct or indirect nature of the Trustee’s, executive officer’s or other related party interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the Audit Committee and members of the Board of Trustees deem relevant. Our Related Party Transactions Policy is available in the Corporate Governance portion of our website at www.innsuitestrust.com.

 

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 

The following table presents aggregate fees for the fiscal years ended January 31, 2020, and 2019, for professional services rendered by Hall & Company, Inc:

 

   2020   2019 
Audit Fees (1)  $95,000   $85,000 
Tax Fees   43,000    - 
Other Fees   -    - 
Total  $138,000   $85,000 

 

  (1) “Audit Fees” represent fees for professional services provided in connection with the audit of our annual financial statements, review of financial statements included in our quarterly reports and related services normally provide in connection with statutory and regulatory filings and engagements.

 

The Board of Trustees has considered whether the provision of non-audit services is compatible with maintaining the principal accountant’s independence. There were no fees billed by or paid to our independent registered public accounting firm during the fiscal years ended January 31, 2020 and 2019 for tax compliance, tax advice or tax planning services or for financial information systems design and implementation services. The Trust has decided to retain Hall & Company to perform the tax return preparation, for tax years 2019 and 2020, for all entities within the Trust.

 

Policy on Pre-Approval of Audit and Permitted Non-Audit Services

 

The Audit Committee pre-approves all fees for services performed by our independent auditors, currently Hall & Company, Inc. Unless a type of service our independent auditors provided received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee. The term of any pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. Since May 6, 2003, the effective date of the SEC’s rules requiring Audit Committee pre-approval of audit and non-audit services performed by our independent auditors, all of the services provided by our independent auditors were approved in accordance with these policies and procedures.

 

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PART IV

 

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 

  (a)(3) Exhibit List

 

See the Exhibit Index, which is incorporated herein by reference.

 

Item 16. FORM 10-K SUMMARY

 

None.

 

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Exhibit

Number

   Exhibit
2.1   Real Estate Purchase Agreement, effective July 1, 2015, by and between Tucson Saint Mary’s Suite Hospitality, LLC, as Seller, and Lee & J Hospitality, Inc., as Buyer (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 8, 2015).
     
2.2   Real Estate Purchase Agreement, dated November 3, 2015, by and between Ontario Hospitality Properties LLLP, as Seller, and Bong Choi and/or Assignee, as Buyer (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 13, 2015).
     
2.3   Asset Purchase Agreement, dated January 6, 2016, by and between Vacation Technologies International, Inc. d/b/a International Vacation Hotels, as Seller, and InnSuites Hospitality Trust and IBC Hotels, LLC, as Buyer (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 11, 2016).
     
3.1   Second Amended and Restated Declaration of Trust of InnSuites Hospitality Trust, dated June 16, 1998, as further amended on July 12, 1999 (incorporated by reference to Exhibit 3.1 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 31, 2005, filed with the Securities and Exchange Commission on May 16, 2005).
     
10.1   Second Amended and Restated Agreement of Limited Partnership of RRF Limited Partnership, dated March 24, 2014 (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 26, 2014).
     
10.2*   Form of Indemnification Agreement between InnSuites Hospitality Trust and each Trustee and executive officer (incorporated by reference to Exhibit 10.3 of the Registrant’s Annual Report on Form 10-K/A for the fiscal year ended January 31, 2006, filed with the Securities and Exchange Commission on May 12, 2006).
     
10.3*   InnSuites Hospitality Trust 1997 Stock Incentive and Option Plan (incorporated by reference to Exhibit 4(a) of the Registrant’s Registration Statement on Form S-8, filed with the Securities and Exchange Commission on September 18, 2000).
     
10.4*   Employment Offer Letter from InnSuites Hospitality Trust to Adam B. Remis, dated March 2, 2013 (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 18, 2013).
     
10.5*   InnSuites Hospitality Trust 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 31, 2018).
     
10.6*   Form of Nonqualified Stock Option Agreement under the InnSuites Hospitality Trust 2017 Equity Incentive Plan (incorporated by reference to Exhibit 4.3 of the Registrant’s Registration Statement on Form S-8, filed with the Securities and Exchange Commission on January 31, 2018).
     
10.7*   Form of Restricted Share Agreement under the InnSuites Hospitality Trust 2017 Equity Incentive Plan (incorporated by reference to Exhibit 4.4 of the Registrant’s Registration Statement on Form S-8, filed with the Securities and Exchange Commission on January 31, 2018).
     
10.8   Revolving Bank Line of Credit/Promissory Note, dated November 23, 2010, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, in favor of RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2010, filed with the Securities and Exchange Commission on December 9, 2010).

 

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Exhibit

Number

   Exhibit
10.9   Revolving Bank Line of Credit Business Loan Agreement, dated November 23, 2010, by and between InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2010, filed with the Securities and Exchange Commission on December 9, 2010).
     
10.10   Change in Terms Agreement, dated May 12, 2011, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and James F. Wirth, as Guarantor, in favor of RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2011, filed with the Securities and Exchange Commission on June 3, 2011).
     
10.11   Change in Terms Agreement, dated May 25, 2012, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and James F. Wirth, as Guarantor, in favor of RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.11 of the Registrant’s Annual Report on Form 10-K/A for the fiscal year ended January 31, 2012, filed with the Securities and Exchange Commission on May 30, 2012).
     
10.12   Change in Terms Agreement, dated June 22, 2012, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and James F. Wirth, as Guarantor, in favor of RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 25, 2012).
     
10.13   Addendum, dated August 27, 2012, to Business Loan Agreement, dated November 23, 2010, by and between InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2012, filed with the Securities and Exchange Commission on September 14, 2012).
     
10.14   Change in Terms Agreement, dated September 14, 2012, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and James F. Wirth, as Guarantor, in favor of RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2012, filed with the Securities and Exchange Commission on December 17, 2012).
     
10.15   Change in Terms Agreement, dated June 11, 2013, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2013, filed with the Securities and Exchange Commission on September 11, 2013).
     
10.16   Change in Terms Agreement, dated June 23, 2014, executed by InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, in favor of RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 26, 2014).
     
10.17   Change in Terms Agreement, dated June 15, 2015, by and between InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and RRF Limited Partnership, as Borrowers, and RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 19, 2015).

 

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Exhibit

Number

   Exhibit
10.18   Change in Terms Agreement and Disbursement Request and Authorization, dated July 7, 2015, by and between InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership, and RRF Limited Partnership, as Borrowers, and RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 8, 2015).
     
10.19   Business Loan Agreement, dated August 24, 2012, by and between Yuma Hospitality Properties Limited Partnership, as Borrower, and 1st Bank Yuma, as Lender, guaranteed by InnSuites Hospitality Trust (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2012, filed with the Securities and Exchange Commission on December 17, 2012).
     
10.20   Promissory Note, dated as of August 24, 2012, issued by Yuma Hospitality Properties Limited Partnership, as Borrower, in favor of 1st Bank Yuma, as Lender (incorporated by reference to Exhibit 10.3 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2012, filed with the Securities and Exchange Commission on December 17, 2012).
     
10.21   Albuquerque Suite Hospitality LLC Restructuring Agreement, dated August 30, 2010, by and among RRF Limited Partnership, Rare Earth Financial, LLC, InnSuites Hospitality Trust, James F. Wirth, and Albuquerque Suite Hospitality LLC (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2010, filed with the Securities and Exchange Commission on September 3, 2010).
     
10.22   Addendum to Albuquerque Suite Hospitality LLC Amended Restructuring Agreement, dated December 9, 2013, by and among RRF Limited Partnership, Rare Earth Financial, LLC, InnSuites Hospitality Trust, James F. Wirth, and Albuquerque Suite Hospitality LLC (incorporated by reference to Exhibit 10.21 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016, filed with the Securities and Exchange Commission on April 29, 2016).
     
10.23   Tucson Hospitality Properties LP Restructuring Agreement, dated February 17, 2011, by and among Rare Earth Financial, LLC, RRF Limited Partnership, InnSuites Hospitality Trust, Tucson Hospitality Properties LP, and James F. Wirth (incorporated by reference to Exhibit 10.8 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 31, 2011, filed with the Securities and Exchange Commission on April 29, 2011).
     
10.24   Tucson Hospitality Properties LLLP Updated Restructuring Agreement, dated as of October 1, 2013, by and among Rare Earth Financial, LLC, RRF Limited Partnership, InnSuites Hospitality Trust, and Tucson Hospitality Properties LLLP (incorporated by reference to Exhibit 10.2 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2013, filed with Securities and Exchange Commission on December 6, 2013).
     
10.25   Amended and Restated Limited Partnership Agreement of Ontario Hospitality Properties, LLLP, dated January 31, 2011, by and among RRF-LP LLC I, as Limited Partner, RRF, Limited Partnership and Rare Earth Financial, LLC, as General Partners, and Ontario Hospitality Properties, LLLP, as the Partnership (incorporated by reference to Exhibit 10.10 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 31, 2012, filed with the Securities and Exchange Commission on April 30, 2012).

 

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Exhibit

Number

   Exhibit
10.26   Business Loan Agreement and Promissory Note, dated August 22, 2014, by and between Ontario Hospitality Properties, LLLP, as Borrower, and Arizona Bank & Trust, as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 25, 2014).
     
10.27   Agreement for Purchase and Sale and Escrow Instructions, dated October 15, 2014, by and between Tucson Hospitality Properties, LLLP and Joseph R. Cesare and Hugh M. Caldwell, Jr., acting in his capacity as Trustee of Trust B under the Hugh M. and SallyAnn Caldwell Trust (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on October 21, 2014).
     
10.28   Deed of Trust, dated November 18, 2014, by and among Tucson Hospitality Properties, LLLP, as Trustor, and Kansas State Bank of Manhattan, as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 26, 2014).
     
10.29   Promissory Note, dated November 18, 2014, executed by Tucson Hospitality Properties, LLLP, as Borrower, in favor of Kansas State Bank of Manhattan, as Lender (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 26, 2014).
     
10.30   Yuma Hospitality Properties LLLP Restructuring Agreement, dated October 24, 2014, by and among Rare Earth Financial, LLC, InnSuites Hospitality Trust, Yuma Hospitality Properties Limited Partnership and James F. Wirth (incorporated by reference to Exhibit 10.9 of the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2014, filed with the Securities and Exchange Commission on December 10, 2014).
     
10.31   Promissory Demand Note, dated December 29, 2014, executed by InnSuites Hospitality Trust and RRF Limited Partnership, as Borrowers, in favor of Guy C. Hayden, III, as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 5, 2015).
     
10.32   Demand/Revolving Line of Credit/Promissory Note, dated December 1, 2014, executed by InnSuites Hospitality Trust and its affiliates, as Borrowers, in favor of Rare Earth Financial, LLC and its affiliates, as Lenders (incorporated by reference to Exhibit 10.41 of the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015, filed with the Securities and Exchange Commission on April 30, 2015).
     
10.33   Amended Tucson Saint Mary’s Hospitality LLC Restructuring Agreement, dated April 24, 2015 and amended May 30, 2015, by and among InnSuites Hospitality Trust, RRF Limited Partnership, Rare Earth Financial, LLC and Tucson Saint Mary’s Suite Hospitality LLC (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 3, 2015).
     
10.34   Securities Purchase Agreement, dated October 7, 2015, by and between InnSuites Hospitality Trust and the purchasers identified on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on October 27, 2015).
     
10.35   Securities Purchase Agreement, dated November 30, 2015, by and between InnSuites Hospitality Trust and Rare Earth Financial, LLC (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 3, 2015).

 

79

 

 

Exhibit

Number

   Exhibit
10.36   Securities Purchase Agreement, dated December 22, 2015, by and between InnSuites Hospitality Trust and Charles Strickland (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 23, 2015).
     
10.37   Securities Purchase Agreement, dated December 22, 2015, by and between InnSuites Hospitality Trust and Rare Earth Financial, LLC (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 23, 2015).
     
10.38   Line of Credit/Promissory Note, dated December 22, 2015, by and between InnSuites Hospitality Trust, as Lender, and Tempe/Phoenix Airport Resort, LLC, as Borrower, and Line of Credit/Promissory Note, dated December 22, 2015, by and between InnSuites Hospitality Trust, as Lender, and Phoenix Northern Resort LLC, as Borrower (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 23, 2015).
     
10.39   Security Agreement and Promissory Note, dated January 8, 2016, executed by Pamela Barnhill, as Trustee of InnSuites Hospitality Trust, and IBC Hotels, LLC, as Borrowers, in favor of Laurence Holdings Limited, as Lender and Secured Party (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 11, 2016).
     
10.40   Securities Purchase Agreement, dated January 28, 2016, by and between InnSuites Hospitality Trust and Guy Hayden, III and Rare Earth Financial, LLC (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 2, 2016).
     
10.41   Business Loan and Promissory Note, dated May 3, 2016, executed by InnSuites Hospitality Trust and Yuma Hospitality Properties Limited Partnership, as Borrower, in favor of RepublicBankAz, N.A., as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 4, 2016).
     
10.42   Business Loan and Security Agreement, dated September 20, 2016, executed by Albuquerque Suite Hospitality L.L.C., as Borrower, in favor of American Express Bank, FSB, as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 23, 2016).
     
10.43   Business Loan and Security Agreement, dated October 17, 2016, executed by Yuma Hospitality Properties Limited Partnership, as Borrower, in favor of American Express Bank, FSB, as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on October 18, 2016).
     
10.44   Eight Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership, as Borrower, in favor of H. W. Hayes Trust, as Lender, and two Promissory Demand Notes, dated December 5, 2016, executed by InnSuites Hospitality Trust and RRF Limited Partnership, as Borrower, in favor of Lita M. Sweitzer, as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 8, 2016).
     
10.45   Business Loan and Security Agreement, dated December 19, 2016, executed by Tucson Hospitality Properties, LLLP, as Borrower, in favor of American Express Bank, FSB, as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 21, 2016).

 

80

 

 

Exhibit

Number

   Exhibit
10.46   IBC Bonus Agreement, dated February 15, 2017, by and between InnSuites Hospitality Trust, Pamela Barnhill, Adam Remis and Marc Berg (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 21, 2017).
     
10.47   Amended Yuma Hospitality Properties LLLP Restructuring Agreement, dated February 15, 2017, by and among Rare Earth Financial LLC, InnSuites Hospitality Trust and Yuma Hospitality Properties Limited Partnership (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 21, 2017).
     
10.48   Securities Purchase Agreement, dated February 28, 2017, by and between InnSuites Hospitality Trust and Charles Strickland and Rare Earth Financial, LLC (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 6, 2017).
     
10.49   Securities Purchase Agreement, dated May 4, 2017, by and among InnSuites Hospitality Trust, Rare Earth Financial, LLC and Charles E. Strickland (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2017).
     
10.50   Purchase and Sale Agreement, effective May 9, 2017, by and between Minkum Investment Group, LLC or Assignee, as Seller, and Ontario Hospitality Properties, LLLP, as Buyer (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 15, 2017).
     
10.51   Change in Terms Agreement, dated May 11, 2017, executive by Ontario Hospitality Properties, LLLP as Borrower, in favor of Arizona Bank & Trust, as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-k filed with the Securities and Exchange Commission on May 15, 2017).
     
10.52   Promissory Note, dated May 9, 2017, executed by Yuma Hospitality Properties, LLLP as Borrower, in favor of 1st Bank of Yuma, as Lender (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 11, 2017).
     
10.53   Albuquerque Suite Hospitality Restructuring Agreement – Second Addendum, dated June 19, 2017, executed by InnSuites Hospitality Trust, as Majority Owner, and Rare Earth Financial, LLC, Administrative Member (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K/A filed with the Securities and Exchange Commission on June 22, 2017).
     
10.54   Line of Credit / Promissory Note Change in Terms Agreement, dated June 19, 2017, executed by Tempe/Phoenix Airport Resort, LLC, as Borrower, in favor of InnSuites Hospitality Trust, as Lender (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K/A filed with the Securities and Exchange Commission on June 22, 2017).
     
10.55   Demand / Revolving Line of Credit / Promissory Note Change in Terms Agreement, dated June 19, 2017, executed by Rare Earth Financial, LLC. as Borrower, in favor of InnSuites Hospitality Trust, as Lender (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K/A filed with the Securities and Exchange Commission on June 22, 2017).
     
10.56   Line of Credit / Promissory Note Change in Terms Agreement, dated June 19, 2017, executed by Phoenix Northern Resort, LLC, as Borrower, in favor of InnSuites Hospitality Trust, as Lender (incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K/A filed with the Securities and Exchange Commission on June 22, 2017).
     
10.57   Business Loan Agreement, dated June 29, 2017, executed by Tucson Hospitality Properties, LLLP, as Borrower, in favor of KS State Bank, as Lender (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2017).

 

81

 

 

Exhibit

Number

   Exhibit
10.58   Securities Purchase Agreement, dated July 10, 2017, by and between InnSuites Hospitality Trust and three individuals and Assignment of Partnership Interest Agreements, dated July 10, 2017, by and between RRF Limited Partnership and five individuals (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 10-K filed with the Securities and Exchange Commission on July 13, 2017).
     
10.59   Three Promissory Note Agreements, dated July 10, 2017, by and between InnSuites Hospitality Trust and three individuals and Five Promissory Note Agreements, dated July 10, 2017, by and between RRF Limited Partnership and five individuals (incorporated herein by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13, 2017).
     
10.60   Revolving Line of Credit – Promissory Demand Note, dated July 18, 2017, by and between InnSuites Hospitality Trust and RRF Limited Partnership and Chinita Hayden, as Lender, and Promissory Demand Note – Amendment # 1, dated July 18, 2017, between RRF Limited Partnership and Guy Hayden, III, as Lender (incorporated herein by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 24, 2017).
     
10.61   Promissory Note, dated August 24, 2017, executed by InnSuites Hospitality Trust, as Borrower, in favor of RepublicBankAz, N.A., as Lender (incorporated herein by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 5, 2017).
     
10.62   Business Loan Agreement, dated October 31, 2017, by and between Yuma Hospitality Properties LLLP, as the Borrower, and Republic Bank of Arizona, as the Lender (incorporated herein by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 2, 2017).
     
10.63   Business Loan Agreement, dated October 31, 2017, by and between Tucson Hospitality Properties LLLP, as the Borrower, and Republic Bank of Arizona, as the Lender (incorporated herein by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 2, 2017).
     
10.64   Business Loan Agreement, dated October 31, 2017, by and between Albuquerque Suite Hospitality LLC, as the Borrower, and Republic Bank of Arizona, as the Lender (incorporated herein by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 2, 2017).
     
10.65   Purchase and Sale Agreement by and between 102037739 LTD and InnSuites Hotels, Inc. (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 21, 2018).
     
10.66   Purchase and Sale Agreement, effective July 31, 2018, executed by Palm Springs Inn, LLC or Assignee, as Buyer, and Yuma Hospitality Properties, LLLP as Seller (incorporated herein by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 1, 2018).

 

82

 

 

Exhibit

Number

   Exhibit
21   Subsidiaries of the Registrant.
     
23   Consent of Hall & Company Certified Public Accountants & Consultants, Inc.
     
31.1   Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1**   Certification of Chief Executive Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2**   Certification of Principal Accounting Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
     
101   XBRL Exhibits
     
101.INS   XBRL Instance Document.
     
101.SCH   XBRL Schema Document.
     
101.CAL   XBRL Calculation Linkbase Document.
     
101.LAB   XBRL Labels Linkbase Document.
     
101.PRE   XBRL Presentation Linkbase Document.
     
101.DEF   XBRL Definition Linkbase Document.

 

 

 

  * Management contract or compensatory plan or arrangement.
     
  ** Furnished herewith (not filed)

 

83

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of Securities Exchange Act of 1934, as amended, the Trust has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  INNSUITES HOSPITALITY TRUST
   
Dated: August 14, 2020 By: /s/ James F. Wirth
   

James F. Wirth, Chairman and

Chief Executive Officer

(Principal Executive Officer)

     
Dated: August 14, 2020 By: /s/ Craig Miller
   

Craig Miller, Director of Finance and Chief Accounting Officer

(Principal Financial and Accounting Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Trust and in the capacities and on the dates indicated.

 

Dated: August 14, 2020 By: /s/ James F. Wirth
   

James F. Wirth, Chairman and

Chief Executive Officer

(Principal Executive Officer)

     
Dated: August 14, 2020 By: /s/ Craig Miller
   

Craig Miller, Director of Finance and Chief Accounting Officer

(Principal Financial and Accounting Officer)

     
Dated: August 14, 2020 By: /s/ Marc E. Berg
    Marc E. Berg, Trustee
     
Dated: August 14, 2020 By: /s/ Steven S. Robson
    Steven S. Robson, Trustee
     
Dated: August 14, 2020 By: /s/ Les Kutasi
    Les Kutasi, Trustee
     
Dated: August 14, 2020 By: /s/ JR Chase
    JR Chase, Trustee

 

84

 

 EX-21 2 ex21.htm

 

Exhibit 21

 

Subsidiaries of the Registrant

 

1. RRF Limited Partnership, a Delaware limited partnership.

2. Yuma Hospitality Properties, L.L.L.P., an Arizona limited partnership.

3. Tucson Hospitality Properties, L.L.L.P., an Arizona limited partnership.

4. Ontario Hospitality Properties L.L.L.P., an Arizona limited partnership.

5. Tucson St. Mary’s Suite Hospitality LLC, an Arizona limited liability company.

6. InnSuites Hotels, Inc., a Nevada corporation.

7. Albuquerque Suite Hospitality LLC, an Arizona limited liability company.

 

 
 EX-23 3 ex23.htm

 

EXHIBIT 23

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement of InnSuites Hospitality Trust and subsidiaries (the “Trust”) on Form S-8 (No. 333-222807), pertaining to the Trust’s registration of shares of the Trust’s 2017 Equity Incentive Plan of our report dated August 13, 2020, on our audits of the consolidated financial statements as of January 31, 2020 and 2019, and for each of the years in the two-year period ended January 31, 2020, which report is included in the Annual Report on Form 10-K filed on August 13, 2020.

 

/s/ Hall & Company Certified Public Accountants & Consultants, Inc.

 

Irvine, CA

August 14, 2020

 

 
 EX-31.1 4 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, James F. Wirth, certify that:

 

1. I have reviewed this annual report on Form 10-K of InnSuites Hospitality Trust;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 14, 2020 By: /s/ James F. Wirth
  Name: James F. Wirth
  Title: Chief Executive Officer

 

 
 EX-31.2 5 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Craig S. Miller, certify that:

 

1. I have reviewed this annual report on Form 10-K of InnSuites Hospitality Trust;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 14, 2020 By: /s/ Craig S. Miller
  Name: Craig S. Miller
  Title:

Director of Finance and Chief Accounting Officer (Principal Financial and Accounting Officer)

 

 
 EX-32.1 6 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, James F. Wirth, Chief Executive Officer of InnSuites Hospitality Trust (the “Company”), do hereby certify in accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

1. The Annual Report on Form 10-K of the Company for the year ended January 31, 2020 (the “Annual Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

2. The information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 14, 2020 By: /s/ James F. Wirth
  Name: James F. Wirth
  Title: Chief Executive Officer

 

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 
 EX-32.2 7 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Craig S. Miller, Director of Finance and Chief Accounting Officer (Principal Financial and Accounting Officer) of InnSuites Hospitality Trust (the “Company”), do hereby certify in accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

 

1. The Annual Report on Form 10-K of the Company for the year ended January 31, 2020 (the “Annual Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

2. The information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 14, 2020 By: /s/ Craig S. Miller
  Name: Craig S. Miller
  Title:

Director of Finance and Chief Accounting Officer (Principal Financial and Accounting Officer)

 

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

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Percentage of unpaid note Working capital per month Gain on sale of subsidiary Tax amount Sales price estimated value Value of assets acquired and liabilities assumed Cost of sale of subsidiary Debt default payment, description Working capital, description Lease payment Bonus payable Compensation bonus paid Sales price of assets Book value of assets Mortgage note payable 2021 2022 2023 2024 2025 Thereafter Total Impairment Total net of impairment Cash and Cash Equivalents Accounts Receivable Prepaid Expenses and Other Current Assets Current Portion of Notes Receivable Total Current Assets of Discontinued Operations Noncurrent assets of Discontinued Operations Property, Plant and Equipment, net TOTAL ASSETS OF DISCONTINUED OPERATIONS Accounts Payable and Accrued Expenses Current Portion of Notes Payable to Banks, net of Discount Total Current Liabilities of Discontinued Operations Mortgage Notes Payable, net of Discount Notes Payable to Banks, net of Discount TOTAL LIABILITIES OF 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Document and Entity Information - USD ($)
 12 Months Ended
Jan. 31, 2020
Aug. 12, 2020
Jul. 31, 2019
Cover [Abstract]      
Entity Registrant Name INNSUITES HOSPITALITY TRUST    
Entity Central Index Key 0000082473    
Document Type 10-K    
Document Period End Date Jan. 31, 2020    
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 No    
Entity Filer Category Non-accelerated Filer    
Entity Small Business Flag true    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 5,876,683
Entity Common Stock, Shares Outstanding   9,145,008  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2020    
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Balance Sheets - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Current Assets:    
Cash and Cash Equivalents $ 1,200,528 $ 749,075
Short-Term Investments - Available For Sale Securities 1,896,556
Accounts Receivable, including approximately $375,000 and $79,000 from related parties, and net of Allowance for Doubtful Accounts of approximately $15,000 and $3,000 as of January 31, 2020 and 2019, respectively 585,226 236,942
Income Tax Receivable 294,402
Advances to Affiliates - Related Party 1,000,000 986,361
Notes Receivable - Related Party 632,027
Current Portion of Note Receivable (net) 91,667 229,167
Prepaid Expenses and Other Current Assets 77,806 95,553
Current Assets of Discontinued Operations 320,447
Total Current Assets 3,249,629 5,146,128
Property, Plant and Equipment, net 8,983,323 9,532,793
Note Receivable (net) 1,833,333 2,520,833
Operating Lease - Right of Use 2,197,364
Finance Lease - Right of Use 131,806
Investments 600,000
TOTAL ASSETS 16,995,455 17,199,754
Current Liabilities:    
Accounts Payable and Accrued Expenses 1,384,971 1,092,000
Current Portion of Notes Payable - Related Party 161,440 317,738
Current Portion of Mortgage Notes Payable, net of Discount 160,849 115,106
Current Portion of Notes Payable to Banks, net of Discount 17,100 9,300
Current Portion of Other Notes Payable 806,712 1,229,069
Current Portion of Operating Lease Liability 168,780
Current Portion of Finance Lease Liability 31,123
Current Liabilities of Discontinued Operations 546,803
Total Current Liabilities 2,730,975 3,310,016
Notes Payable - Related Party 166,677
Mortgage Notes Payable, net of Discount 5,944,819 4,709,586
Other Notes Payable 73,491 264,960
Operating Lease Liability, net of current portion 2,252,964
Finance Lease Liability, net of current portion 75,396
TOTAL LIABILITIES 11,077,645 8,451,239
COMMITMENTS AND CONTINGENCIES  
SHAREHOLDERS' EQUITY    
Shares of Beneficial Interest, without par value, unlimited authorization; 18,607,960 and 18,859,960 shares issued and 9,273,299 and 9,360,292 shares outstanding at January 31, 2020 and 2019, respectively 21,837,048 23,738,260
Treasury Stock, 9,334,916 and 9,229,923 shares held at cost at January 31, 2020 and 2019, respectively (13,689,533) (13,517,833)
TOTAL TRUST SHAREHOLDERS' EQUITY 8,147,515 10,220,427
NON-CONTROLLING INTEREST (2,229,705) (1,471,912)
TOTAL EQUITY 5,917,810 8,748,515
TOTAL LIABILITIES AND EQUITY $ 16,995,455 $ 17,199,754
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Statement of Financial Position [Abstract]    
Accounts receivable from related parties $ 375,000 $ 79,000
Allowance for doubtful accounts receivable $ 15,000 $ 3,000
Shares of beneficial interest, without par value
Shares of beneficial interest, authorized shares Unlimited Unlimited
Shares of beneficial interest, shares issued 18,607,960 18,859,960
Shares of beneficial interest, shares outstanding 9,273,299 9,360,292
Treasury stock, shares held 9,334,916 9,229,923
XML 17 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
REVENUE    
TOTAL REVENUE $ 6,568,171 $ 6,168,965
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 8,420,980 7,474,089
OPERATING LOSS (1,852,809) (1,305,125)
Interest Income 146,645 156
Interest Income on Advances to Affiliates - Related Party 108,496
TOTAL OTHER INCOME 146,645 108,652
Interest on Mortgage Notes Payable 244,079 238,908
Interest on Notes Payable to Banks
Interest on Other Notes Payable 322,603 142,402
TOTAL INTEREST EXPENSE 566,682 381,310
CONSOLIDATED NET LOSS BEFORE INCOME TAX BENEFIT (PROVISION) AND DISCONTINUED OPERATIONS (2,272,846) (1,577,783)
Income Tax Benefit (Provision) 294,402 (407,727)
CONSOLIDATED NET LOSS FROM CONTINUING OPERATIONS (1,978,444) (1,985,510)
Discontinued Operations, Net of Non-Controlling Interest (482,025)
Gain on Disposal of Discontinued Operations 13,573,418
CONSOLIDATED NET INCOME FROM DISCONTINUED OPERATIONS 13,091,393
CONSOLIDATED NET (LOSS) INCOME (1,978,444) 11,105,883
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST (236,756) 9,686,182
NET (LOSS) INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS $ (1,741,688) $ 1,419,701
NET LOSS PER SHARE FROM CONTINUING OPERATIONS - BASIC & DILUTED $ (0.21) $ (0.21)
NET INCOME PER SHARE FROM DISCONTINUED OPERATIONS - BASIC & DILUTED 1.41
NET (LOSS) INCOME PER SHARE TOTAL - BASIC & DILUTED $ (0.21) $ 1.20
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC & DILUTED 9,324,530 9,283,081
Room [Member]    
REVENUE    
TOTAL REVENUE $ 6,277,805 $ 5,861,879
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 2,033,154 1,940,530
Food and Beverage [Member]    
REVENUE    
TOTAL REVENUE 68,163 50,279
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 108,840 72,477
Management and Trademark Fees [Member]    
REVENUE    
TOTAL REVENUE 170,234 171,748
Other [Member]    
REVENUE    
TOTAL REVENUE 51,969 85,059
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 21,080
Telecommunications [Member]    
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 395 3,574
General and Administrative [Member]    
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 2,173,203 2,333,749
Sales and Marketing [Member]    
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 569,921 580,885
Repairs and Maintenance [Member]    
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 403,147 494,776
Hospitality [Member]    
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 509,555 483,486
Utilities [Member]    
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 382,560 361,874
Depreciation [Member]    
OPERATING EXPENSES    
TOTAL OPERATING EXPENSES 901,664 845,693
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 $ 492,461 $ 357,045
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.20.2
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, 2018 $ 22,333,905 $ (12,662,996) $ 9,670,909 $ (1,551,940) $ 8,118,969
Balance, shares at Jan. 31, 2018 9,775,669 8,796,546      
Net (Loss) Income $ 1,419,701 1,419,701 9,686,182 11,105,883
Dividends (195,575) (195,575) (195,575)
Purchase of Treasury Stock $ (854,837) (854,837) (854,837)
Purchase of Treasury Stock, shares (433,377) 433,377      
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      
Sales of Ownership Interests in Subsidiary, net 101,792 101,792
Distribution to Non-Controlling Interests (9,560,117) (9,560,117)
Reallocation of Non-Controlling Interests and Other 147,829 147,829 (147,829)
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) Income $ (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      
Sales of Ownership Interests in Subsidiary, net
Distribution to Non-Controlling Interests (521,037) (521,037)
Reallocation of Non-Controlling Interests and Other
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      
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Consolidated Net (Loss) Income $ (1,978,444) $ 11,105,883
Adjustments to Reconcile Consolidated Net (Loss) Income to Net Cash Used In Operating Activities:    
Note Receivable Impairment 825,000 0
Stock-Based Compensation 32,400 32,400
Depreciation 901,664 1,244,581
Gain on Disposals on Assets (13,573,418)
Changes in Assets and Liabilities:    
Accounts Receivable (348,284) 133,382
Income Tax Receivable (294,402)
Prepaid Expenses and Other Assets 17,747 43,278
Accrued Interest Income (36,008)
Accounts Payable and Accrued Expenses (108,448) (749,519)
NET CASH USED IN OPERATING ACTIVITIES (952,767) (1,799,421)
CASH FLOWS FROM INVESTING ACTIVITIES    
Improvements and Additions to Hotel Properties (324,445) (936,784)
Investments in Unigen (253,593)
Redemption (Purchases) of Marketable Securities 1,896,556 (896,226)
Cash Received From Sale of Hotel Property and IBC 10,184,766
Lendings on Advances to Affiliates - Related Party (75,000) (776,008)
Collections on Advances to Affiliates - Related Party 61,361 796,008
NET CASH PROVIDED BY INVESTING ACTIVITIES 1,304,879 8,371,756
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal Payments on Mortgage Notes Payable (119,024) (102,384)
Borrowings on Mortgage Notes Payable 1,400,000
Payments on Notes Payable to Banks, net of financing costs (170,200)
Borrowings on Notes Payable to Banks, net of financing costs 178,000 9,300
Payments on Line of Credit - Related Party (1,390,656)
Borrowings on Line of Credit - Related Party 1,569,428
Lendings on Notes Receivable - Related Party (256,000)
Collections on Notes Receivable - Related Party 888,027
Borrowings on Note Payable - Related Party (306,158)
Payments on Notes Payable - Related Party (322,975)
Payments on Other Notes Payable (664,826) (195,313)
Borrowings on Other Notes Payable 51,000 525,512
Payment of Dividends (191,924) (195,575)
Proceeds from Sale of Non-Controlling Ownership Interest in Subsidiary, net 101,792
Distributions to Non-Controlling Interest Holders (521,037) (9,560,117)
Repurchase of Treasury Stock (171,700) (854,837)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 99,341 (10,399,008)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 451,453 (3,826,673)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 749,075 4,575,748
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,200,528 $ 749,075
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Nature of Operations and Basis of Presentation
 12 Months Ended
Jan. 31, 2020
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, 2020, InnSuites Hospitality Trust (the “Trust”, “we”, “us” or “our”) is a publicly traded company with hotels IHT owns and hotels IHT manages. The Trust and its shareholders own interests directly in and through a partnership interest, two hotels with an aggregate of 270 suites in Arizona and New Mexico (the “Hotels”) operated under the federally trademarked name “InnSuites Hotels” or “InnSuites.

 

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 but lack leisure amenities such as an on-site restaurant or a swimming pool. The Trust considers its Tucson, Arizona hotel and our hotel located in Albuquerque, New Mexico to be moderate or limited service hotels. IHT provides management services on a wide variety of hotels.

 

The Trust is the sole general partner of RRF Limited Partnership, a Delaware limited partnership (the “Partnership”), and owned a 74.94% and 74.80% interest in the Partnership as of January 31, 2020 and 2019. The Trust’s weighted average ownership for the years ended January 31, 2020 and 2019 was 75.89% and 72.53%. As of January 31, 2019, the Partnership owned a 51.01% interest in an InnSuites® hotel located in Tucson, Arizona. The Trust owns a direct 20.33% interest in an InnSuites® hotel located in Albuquerque, New Mexico.

 

Under certain management agreements, InnSuites Hotels Inc., a subsidiary, manages the Hotels’ daily operations. The Trust also provides the use of the “InnSuites” trademark to the Hotels through wholly-owned InnSuites Hotels. All such expenses and reimbursements between the Trust, InnSuites Hotels and the Partnership have been eliminated in consolidation.

 

On August 1, 2015, the Trust finalized and committed to a plan to sell all the hotel properties. As of May 1, 2016, the Trust listed all the Hotel properties with a local real estate hotel broker, and management believed that each of the assets was being marketed at a price that was reasonable in relation to its current fair value. The Trust believes that the plan to sell these assets will not be withdrawn. Through the Trust’s Form 10-Q for the quarter ended July 31, 2016 filed with the SEC on December 14, 2016, the Trust classified all the Hotel properties as Assets Held for Sale. As of October 31, 2016, the Trust has decided to reclassify these assets back into operations as many of these assets have been marketed for sale for more than one year. At this time, the Trust is unable to predict when, and if, any of these Hotel properties will be sold. The Trust continues to list these properties with local real estate hotel brokers and believes that each of the assets is being marketed at a price that is reasonable in relation to its current fair value. On October 24, 2018, the Yuma Hospitality Properties LLLP (the “Yuma entity”) was sold to an unrelated third party for $16,050,000 (see Note 25).

 

IBC Technology Segment; IBC Hospitality Technologies:

 

In fiscal 2019 the Trust sold its wholly owned subsidiary, InnDependent Boutique Collection (“IBC”, “IBC Hotels”, “IBC Hotels, LLC”, “IBC Hospitality” or “IBC Hospitality Technologies”), which had a network of approximately 2,000 unrelated hospitality properties; providing reservation services with proprietary software, plus exclusive marketing distribution and services. The sale occurred in August 2018, and the transaction date was July 2018.

  

PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

 

These consolidated financial statements have been prepared by management in accordance with accounting principles in accordance with Generally Accepted Accounting Principles (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)     20.33 %     -  
Tucson Hospitality Properties, LLLP     -       51.01 %
RRF Limited Partnership     75.89 %     -  
InnSuites Hotels Inc.     100.00 %     -  
                 
(i) Indirect ownership is through the Partnership                

 

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 particular limited partner. 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 both January 31, 2020 and 2019, 211,708 Class A Partnership units were issued and outstanding, representing 1.66% of the total Partnership units. Additionally, as of both January 31, 2020 and 2019, 2,974,038 Class B Partnership units were outstanding to James Wirth, the Trust’s Chairman and Chief Executive Officer, and Mr. Wirth’s affiliates. If all of the Class A and B Partnership units were converted on January 31, 2020, the limited partners in the Partnership would receive 3,185,746 Shares of Beneficial Interest of the Trust. As of both January 31, 2020, and 2019, 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’s cash flow, quarterly distributions from the Albuquerque, New Mexico property and more recently, sales of non-controlling interests in certain of our Hotels. The Partnership’s principal source of cash flow is quarterly distributions from the Tucson, Arizona property. 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 of January 31, 2020, the Trust had a related party Demand/Revolving Line of Credit/Promissory Note with an amount receivable of approximately $-0-. 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 $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six month advance notice to terminate. As of August 1, 2020, the outstanding net balance receivable on the Demand/Revolving Line of Credit/Promissory Note was $-0-.

 

As of January 31, 2020, the Trust had an Advance to Affiliate credit facilities with an aggregate maximum borrowing capacity of $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six month advance notice to terminate. As of January 31, 2020, the Trust had an amount receivable of the Advances to Affiliate credit facility of approximately $1,000,000. As of August 1, 2020, the amount receivable from the Advance to Affiliate credit facility was approximately $1,000,000.

 

With approximately $1,225,000 of cash and short term investments, as of January 31, 2020, the availability of a $1,000,000 related party Demand/Revolving Line of Credit/Promissory Note, and the availability of the combined $1,000,000 Advance to Affiliate credit facilities, $250,000 of available line of credit facilities with our banks,the Trust believes that we will have enough cash on hand to meet all of its financial obligations as they become due for at least the next year. In addition, management of the Trust is analyzing other strategic options available to it, including the refinancing of the Tucson property or raising additional funds through additional non-controlling interest sales; 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 in obtaining extensions, 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 Hotel experience its highest occupancy in the first fiscal quarter and, to a lesser extent, the fourth fiscal quarter. The second fiscal quarter tends to be the lowest occupancy period at the Tucson Hotel. This seasonality pattern can be expected to cause fluctuations in the Trust’s quarterly revenues. The hotel located in New Mexico historically experience their most profitable periods during the second and third fiscal quarters (the summer 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 labor force shortages and cash flow issues. Further, if an adverse event such as an actual or threatened terrorist attack, international conflict, data breach, regional economic downturn or poor weather conditions should occur during the first or fourth fiscal quarters, the adverse impact to the Trust’s revenues could likely be greater as a result of its southern Arizona seasonal business.

 

RECENTLY ISSUED ACCOUNTING GUIDANCE

 

In February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842), which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases, including operating leases, to be recognized in the statement of financial position as right-of-use assets and lease liabilities by lessees. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. In July 2018, the FASB issued ASU 2018-10 “Codification Improvements of Topic 842, Leases” and ASU No. 2018-11,“Leases (Topic 842): Targeted Improvements.” ASU 2018-11 provides companies another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The consideration in the contract is allocated to the lease and nonlease components on a relative standalone price basis (for lessees) or in accordance with the allocation guidance in the new revenue standard (for lessors). ASU 2018-11 also provides lessees with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component. If a lessee makes that accounting policy election, it is required to account for the nonlease components together with the associated lease component as a single lease component and to provide certain disclosures. Lessors are not afforded a similar practical expedient. The Trust implemented ASU 2016-02 during the fiscal year ended January 31, 2020 and is reflected in our financial statements.

 

In January 2017, the FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The update simplifies how the entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. This update is effective for annual or interim periods beginning after December 15, 2019. The Trust currently has no intangible assets.

 

In June 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting. This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this ASU became effective for us beginning February 1, 2019. Adoption by the Trust did not have a material effect on our consolidated financial statements.

 

On Dec. 18, 2019, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The FASB has stated that the ASU is being issued as part of its Simplification Initiative, which is meant to reduce complexity in accounting standards by improving certain areas of generally accepted accounting principles (GAAP) without compromising information provided to users of financial statements. ASU 2019-12 is effective for fiscal years (and interim periods within those fiscal years) beginning after Dec. 15, 2020. 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.
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Summary of Significant Accounting Policies
 12 Months Ended
Jan. 31, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

USE OF ESTIMATES

 

The preparation of 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 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, 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, the recoverability of long-lived assets, the fair values of the long-lived assets, the fair value of right of use assets and lease liabilities, and the collectability of Notes Receivable.

 

PROPERTY, PLANT AND EQUIPMENT AND HOTEL PROPERTIES

 

Furniture, fixtures, building improvements and hotel properties are stated at cost and depreciated using the straight-line method over estimated lives ranging up to 40 years for buildings and 3 to 10 years for furniture and equipment.

 

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 impaired these assets during the fiscal year 2018, and has determined that no further impairment is required of long-lived assets for the fiscal periods ended January 31, 2019 and January 31, 2020.

 

BUSINESS COMBINATIONS

 

The Trust accounts for business combinations by recognizing the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair values on the acquisition date. The final purchase price may be adjusted up to one year from the date of the acquisition. Identifying the fair value of the tangible and intangible assets and liabilities requires the use of estimates by management and was based upon currently available data.

 

The Trust allocates the excess of purchase price over the identifiable intangible and net tangible assets to goodwill. Such goodwill is not deductible for tax purposes and represents the value placed on entering new markets and expanding market share (see Note 8).

 

Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. Additionally, any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date, included changes from events after the acquisition date, such as changes in our estimate of relevant revenue or other targets, will be recognized in earnings in the period of the estimated fair value change. A change in fair value of the acquisition-related contingent consideration or the occurrence of events that cause results to differ from our estimates or assumptions could have a material effect on the consolidated statements of operations, financial position and cash flows in the period of the change in the estimate.

 

GOODWILL

 

The Trust will test goodwill for impairment annually, as applicable, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit’s carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. If the Trust determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill, the Trust must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgements in the future and require an adjustment to the recorded balances.

 

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.

 

REVENUE RECOGNITION

 

Hotel and Operations

 

ASU 2014-09 (Topic 606), “Revenue from Contracts with Customers” is effective for reporting periods after January 1, 2018. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations.

 

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.

 

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. 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, 2020 and 2019.

 

Fiscal Year   Balance at the Beginning of Period     Discontinued Operations Adjustment     Charged to Expense     Deductions     Balance at the End of Period  
                               
2020   $ (5,943 )   $ -     $ (13,223 )   $ 4,377     $ (14,789 )
2019   $ (28,564 )   $ 25,000     $ -     $ (2,379 )   $ (5,943 )

 

 

STOCK-BASED COMPENSATION

 

The Trust has an employee equity incentive plan, which is described more fully in Note 24 - “Share-Based Payments.” For fiscal years 2020 and 2019, 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 2020, the Trust granted restricted stock awards of 18,000 Shares to members of the Board of Trustees, all of which vested in fiscal year 2020 resulting in stock-based compensation of $32,400. During fiscal year 2019, the Trust granted restricted stock awards of 18,000 Shares to members of the Board of Trustees, all of which vested in fiscal year 2019 resulting in stock-based compensation of $32,400.

 

The following table summarizes restricted share activity during fiscal years 2019 and 2020.

 

    Restricted Shares  
    Shares     Price on date of grant  
Balance at January 31, 2018   -     -  
Granted     18,000     $ 1.80  
Vested     (18,000 )   $ 1.80  
Forfeited     -          
Balance of unvested awards at January 31, 2019     -          
                 
Granted     18,000     $ 1.35  
Vested     (18,000 )   $ 1.35  
Balance of unvested awards at January 31, 2020     -          
      -          

 

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 2020 and 2019, the Trust paid a dividend of $0.01 per share at end of the second fiscal quarter and at the end of the fourth fiscal quarter for a total dividend of $0.02 for the fiscal year in the amounts of $191,924 and $195,575, respectively. The Trust’s ability to pay dividends is largely dependent upon the operations of the Hotels.

 

NON-CONTROLLING INTEREST

 

Non-controlling interest in the Trust represents the limited partners’ proportionate share of the capital and earnings of the Partnership. 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.

 

INCOME (LOSS) PER SHARE

 

Basic and diluted income (loss) per Share of Beneficial Interest is computed based on the weighted-average number of Shares of Beneficial Interest and potentially dilutive securities outstanding during the period. Dilutive securities are limited to the Class A and Class B units of the Partnership, which are convertible into 3,024,038 Shares of the Beneficial Interest, as discussed in Note 1.

 

For the fiscal years ended January 31, 2020 and 2019, 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 and 3,473,085 in addition to the basic shares outstanding for fiscal years 2020 and 2019, respectively. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were dilutive during fiscal 2019 and are included in the calculation of diluted earnings per share for that year below.

 

    For the Twelve Months Ended  
    January 31, 2019  
Net (Loss) Income attributable to controlling interest   $ 1,419,701  
Plus: Net Income attributable to non-controlling interests     9,686,182  
Net (Loss) Income   $ 11,105,883  
         
Weighted average common shares outstanding     9,283,081  
Plus: Weighted average incremental shares resulting from unit conversion     3,153,475  
Weighted average common shares outstanding after unit conversion     12,436,556  
         
Diluted Income Per Share   $ 0.89  

 

 

SEGMENT REPORTING

 

As a result of the sale of IBC (see Note 25), 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 & Corporate Overhead (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. Prior to the sale of IBC, the Trust had previously determined that its operations were comprised of two reportable segments, a Hotel Operations & Corporate Overhead segment, and the IBC Hospitality segment serving 2,000 unrelated hotel properties. In connection with the sale of IBC, the historical financial information presented in this Form 10-K reflects this change with IBC being reported as discontinued operation.

 

The Trust has chosen to focus its hotel 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.

 

ADVERTISING COSTS

 

Amounts incurred for advertising costs are expensed as incurred. Advertising expense totaled approximately $344,000 and $581,000 for the years ended January 31, 2020 and 2019, respectively.

 

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 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 no assets or liabilities that are carried at fair value on a recurring basis and had no fair value re-measurements during the years ended January 31, 2020 and 2019.

 

Due to their short maturities, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value and are considered level 1 inputs. 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.
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Sale of Ownership Interests in Albuquerque Subsidiary
 12 Months Ended
Jan. 31, 2020
Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases  
Sale of Ownership Interests in Albuquerque Subsidiary

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 first 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.

 

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.

 

During the fiscal year ended January 31, 2019, there were 15 Class A units of the Albuquerque entity sold for total proceeds of $150,000, of which 13.5 came from the Trust at $10,000 per unit. No Class A units were sold during the fiscal year ended January 3, 2020. As of January 31, 2020, the Trust held a 20.33% ownership interest, or 123.50 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 79.30% interest, or 477 Class A units. During the fiscal year ended January 31, 2019, the Albuquerque entity has made discretionary Priority Return payments to unrelated unit holders of approximately $251,000, and to the Trust of approximately $63,000. The Trust no longer accrues for these distributions as the preference period has expired.
XML 23 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Sale of Ownership Interests in Tucson Hospitality Properties Subsidiary
 12 Months Ended
Jan. 31, 2020
Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases  
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 first 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.

 

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, 2020 and 2019, there were no units of the Tucson entity sold. As of January 31, 2020, 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, 2020, the Tucson entity made discretionary Priority Return payments to unrelated unit holders of approximately $270,000 and to the Partnership of approximately $283,000. The Trust no longer accrues for these distributions as the preference period has expired.
XML 24 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Variable Interest Entity (VIE)
 12 Months Ended
Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entity (VIE)

5. VARIABLE INTEREST ENTITY (VIE)

 

Management evaluates the Trust’s explicit and implicit variable interests to determine if they have any variable interests in 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 and the Yuma entity, prior to its sale on October 24, 2018, were variable interest entities 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 and Yuma entities, including its distribution obligations.

 

b) The Partnership, Trust and their related parties have maintained, as a group, a controlling ownership interest in the Albuquerque entity and Yuma, with the largest ownership belonging to the Partnership.

 

c) The Partnership, Trust and their related parties have maintained control over the decisions which most impact the financial performance of the Albuquerque and Yuma entities, including providing the personnel to operate the property on a daily basis.

 

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 Yuma entity for $10,000 per unit. Rare Earth and the Trust are restructuring the Yuma Partnership Interest from General Partner majority-owned to accredited investor majority-owned. Total interests outstanding will remain unchanged at 800 with Class A, Class B and Class C Limited Liability Limited Partnership Interests (referred to collectively as “Interests”) restructured with the Yuma entity purchasing 300 existing IHT Class B Interests and reissuing 300 Class A units to accredited investors as Class A Interests causing the Yuma entity to offer and sell up to approximately 300 Class A (2017 series) Interests. Rare Earth, as a General Partner of the Yuma 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. The Trust paid $240,000 as a restructuring fee to Rare Earth during the fiscal year ended January 31, 2018, which was included in equity.

 

During the fiscal years ended January 31, 2020 and January 31, 2019, neither the Trust nor the Partnership have provided any implicit or explicit financial support for which they were not previously contracted. Both the Partnership and the Trust provided mortgage loan guarantees which allow our properties to obtain new financing as needed.

 

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 investment in a privately held entity and amounts due to affiliate, which are eliminated upon consolidation with the Trust, are included in the accompanying consolidated balance sheets.

 

    January 31,  
    2020     2019  
Assets            
Cash   $ 21,359     $ 81,027  
Accounts Receivable     23,355       77,956  
Prepaid Expenses and Deposits     19,688       12,063  
                 
Hotel Properties, Net     1,641,582       1,801,357  
Operating Lease -Right of Use     2,085,984       -  
                 
Total Assets   $ 3,791,968     $ 1,972,403  
                 
Liabilities                
Accounts Payable   $ 135,165     $ 94,261  
Accrued Expenses and Other     278,071       421,814  
Due to Affiliate     15,000       1,361,999  
Operating Lease Liability (ASC 842)     2,263,467          
Mortgage Notes Payable     1,396,690          
Total Liabilities   $ 4,088,392     $ 1,878,074  
                 
Equity     (296,424 )     94,329  
                 
Liabilities & Equity   $ 3,791,968     $ 1,972,403  
XML 25 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Receivable
 12 Months Ended
Jan. 31, 2020
Notes Receivable  
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). 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.

 

  ● The initial terms stated that interest accrues for the first 10 months (starting August 2018); thereafter for month 11 and 12, principal and interest payments of 50% ($25,632 per month); then the remaining amount to be amortized over 59 months (payments of $52,054 per month) with maturity in June 2024.
     
  ● The terms of the note was amended and modified, to extend the payment schedule, as follows:

 

  ○ “Each Payment Date set forth in the note, but not the Maturity Date, shall be extended to a date that is one (1) year, four (4) months and twenty-five (25) days after the date originally set forth in the note. For example, the first payment, which was originally schedule as due on July 5, 2019 shall be due on November 30, 2020.”

 

  ● All other terms of the note remained unchanged, including:

 

  ○ 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.

 

  ● Future payments on this note are shown in the table below.

 

FISCAL YEAR      
2021     91,667  
2022     550,000  
2023     550,000  
2024     550,000  
2025     550,000  
Thereafter     458,333  
    $ 2,750,000  
Impairment     (825,000 )
    $ 1,925,000  

 

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.
  ● A lack of substantial quantitative data, showing the impact of the recently executed digital advertising agreement between the Buyer and Google.
  ● 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.
XML 26 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Unigen Power, Inc.
 12 Months Ended
Jan. 31, 2020
Investments, All Other Investments [Abstract]  
Investment in Unigen Power, Inc.

7. INVESTMENT 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”). The Debentures are convertible into Class A shares of UniGen Common Stock at an initial conversion rate of $1.00 per share. The Loan is structured into two (2) payments of $600,000 and $400,00. The first payment of $600,000 was made by the Trust at closing on December 16, 2020 and the second payment 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 at January 31, 2020). The Debenture Warrants are exercisable at an exercise price of $1.00 per share of Class A Common Stock.

 

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). The Additional Warrants are exercisable at an exercise price of $2.25 per share of Class A Common Stock.

 

On the Trust’s balance sheet, the investment of the $600,000 made in the current fiscal year is shown at approximately $254,000, and the value of the warrants of approximately $346,000. The value of the premium will accrete over the life of the debentures. The second payment of $400,000 was made on February 3, 2020.

 

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)     2.0  
Annualized risk-free rate     1.630 %
Annualized volatility     27.43 %
XML 27 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Property, Plant, and Equipment and Hotel Properties
 12 Months Ended
Jan. 31, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment and Hotel Properties

8. PROPERTY, PLANT, AND EQUIPMENT AND HOTEL PROPERTIES

 

As of January 31, 2020 and 2019, hotel properties consisted of the following:

 

    January 31, 2020     January 31, 2019  
Land   $ 2,500,000     $ 2,500,000  
Building and improvements     10,495,465       10,334,919  
Furniture, fixtures and equipment     4,021,890       3,860,574  
Total hotel properties     17,017,356       16,695,493  
Less accumulated depreciation     (8,155,224 )     (7,312,869 )
Hotel Properties in Service, net     8,862,132       9,382,625  
Construction in progress     40,965       43,657  
Hotel properties, net   $ 8,903,097     $ 9,426,282  

 

As of January 31, 2020 and 2019, corporate property, plant and equipment consisted of the following:

 

    January 31, 2020     January 31, 2019  
Land   $ 7,005     $ 7,005  
Building and improvements     75,662       75,662  
Furniture, fixtures and equipment     160,987       534,879  
Total property, plant and equipment     243,654       617,546  
Less accumulated depreciation     (163,428 )     (511,035 )
Property, Plant and Equipment, net   $ 80,226     $ 106,511  
XML 28 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Prepaid Expenses and Other Current Assets
 12 Months Ended
Jan. 31, 2020
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, 2020, and 2019, prepaid expenses and other current assets consisted of the following:

 

    January 31, 2020     January 31, 2019  
Tax and Insurance Escrow   $ 57,752     $ 57,810  
Deposits     5,000       3,000  
Prepaid Insurance     (59 )     5,000  
Prepaid Workman’s Compensation     6,754       21,459  
Miscellaneous Prepaid Expenses     8,359       8,284  
Total Prepaid Expenses and Current Assets   $ 77,806     $ 95,553  
XML 29 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Intangible Assets, Goodwill and Impairment
 12 Months Ended
Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Goodwill and Impairment

10. INTANGIBLE ASSETS, GOODWILL AND IMPAIRMENT

 

Intangible Assets

 

For the fiscal years ending January 31, 2020 and 2019, the Trust has no intangible assets.

 

Goodwill

 

For the fiscal years ending January 31, 2020 and 2019, the Trust has no goodwill.
XML 30 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses
 12 Months Ended
Jan. 31, 2020
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

11. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

As of January 31, 2020 and 2019, accounts payable and accrued expenses consisted of the following:

 

    January 31, 2020     January 31, 2019 (i)  
Accounts Payable   $ 421,281     $ 166,339  
Accrued Salaries and Wages     89,448       251,773  
Accrued Vacation     8,472       28,780  
Income Tax Payable     146,666       631,130  
Accrued Interest Payable     -       4,857  
Advanced Deposits     59,194       60,322  
Accrued Property Taxes     32,766       79,516  
Accrued Land Lease     -       161,856  
Sales Tax Payable     382,779       114,753  
Deferred Revenue     -       31,239  
Accrued Other     244,365       108,238  
Total Accounts Payable and Accrued Expenses   $ 1,384,971     $ 1,638,803  

 

  (i) Includes discontinued operations
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Mortgage Notes Payable
 12 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Mortgage Notes Payable

12. MORTGAGE NOTES PAYABLE

 

At January 31, 2020 and 2019, the Trust had mortgage notes payable outstanding with respect to each of the Hotels except the Albuquerque property. The mortgage notes payable have various repayment terms and have scheduled maturity dates ranging from August 2022 to June 2042. Weighted average annual interest rates on the mortgage notes payable for the fiscal years ended January 31, 2019 and 2018 were 4.85% and 4.65%, respectively.

 

The following table summarizes the Trust’s mortgage notes payable, net of debt discounts, as of January 31, 2020:

 

    2020     2019  
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, 2020.     4,708,979       4,824,692  
                 
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, 2020.   $ 1,396,690     $ -  
                 
Totals:   $ 6,105,668     $ 4,824,692  

\ 

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, 2020, the mortgage loan balance was approximately $4,709,000, net of a discount of approximately $5,000.

 

On December 2, 2019, Albuqureque 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, 2020, the mortgage loan balance was approximately $1,397,000.

 

See Note 16 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.
XML 32 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable to Banks
 12 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable to Banks

13. 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 August, 2021. The balance as of January 31, 2020 and 2019 was $17,100 and $-0-, respectively.

 

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, 2020 and 2019 was $-0- and $-0-, respectively.

 

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, 2020 and 2019 was $-0- and $-0-, respectively.
XML 33 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Lines of Credit - Related Party
 12 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Lines of Credit - Related Party

14. LINES OF CREDIT – RELATED PARTY

 

On December 1, 2014, the Trust entered into a $1,000,000 net maximum Demand/Revolving Line of Credit/Promissory Note with Rare Earth Financial, LLC, an entity which is wholly owned by Mr. Wirth and his family members. The Demand/Revolving Line of Credit/Promissory Note, as amended on June 19, 2017, bears interest at 7.0% per annum for both a payable and receivable, is interest only quarterly and matures on June 30, 2021, and renews annually. No prepayment penalty exists on the Demand/Revolving Line of Credit/Promissory Note. The balance fluctuates significantly through the period. The Demand/Revolving Line of Credit/Promissory Note has a net maximum borrowing/lending capacity of $1,000,000. As of January 31, 2020 and January 31, 2019, the Trust had an amount receivable of approximately $-0-, including accrued interest and $632,000, respectively. During the twelve months period ended January 31, 2020, the Trust advanced approximately $256,000, received approximately $888,000 in repayments and accrued approximately $21,000 of interest income.

 

As of January 31, 2020, the Trust had an Advance to Affiliate credit facilities with an aggregate maximum borrowing capacity of $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six-month advance notice to terminate. As of January 31, 2020, the Trust had an amount receivable of the Advances to Affiliate credit facility of approximately $1,000,000. As of August 1, 2020, the amount receivable from the Advance to Affiliate credit facility was approximately $1,000,000, which is due from Tempe/Phoenix Airport Resort LLC.
XML 34 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Other Notes Payable
 12 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Other Notes Payable

15. OTHER NOTES PAYABLE

 

As of January 31, 2020 the Trust had approximately $310,000 in promissory notes outstanding to unrelated third parties arising from the repurchase of 57,732 Class A Partnership units in privately negotiated transactions and the repurchase of 297,898 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 August 2021.

 

As of January 31, 2019 the Trust had approximately $499,000 in promissory notes outstanding to unrelated third parties arising from the repurchase of 82,588 Class A Partnership units in privately negotiated transactions and the repurchase of 266,894 Shares of Beneficial Interest in privately negotiated transactions.

 

As of January 31, 2019, 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 accrues interest at 4.0% 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, 2020.

 

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 4.0% interest only, with similar terms to June 30, 2021. 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, 2020.

 

On December 5, 2016, the Trust and the Partnership together entered into eight unsecured loans for a total of $425,000 with H. W. Hayes Trust (“Hayes Loans”). The Hayes Loans were paid in full at maturity on July 1, 2019.

 

On March 20, 2017, the Trust and Partnership entered into multiple, unsecured loans to Marriott Sweitzer Hayes (“Sweitzer Loans”), totaling $100,000. As of July 1, 2019 these loans were consolidated and extended at 4.5% interest only, with similar terms to June 30, 2021. The total principal amount of the Sweitzer Loans is $100,000 as of January 31, 2020.

 

See Note 14 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.
XML 35 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Minimum Debt Payments
 12 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Minimum Debt Payments

16. MINIMUM DEBT PAYMENTS

 

Scheduled minimum payments of debt, as of January 31, 2020 are as follows in the respective fiscal years indicated:

 

FISCAL YEAR   MORTGAGES     NOTES PAYABLE RELATED PARTIES     NOTES PAYABLE TO BANKS     OTHER NOTES PAYABLE     TOTAL  
                               
                               
2021     160,849       161,440       17,100       806,712       1,146,101  
2022     170,856       -               59,205       230,061  
2023     176,852       -               14,286       191,138  
2024     219,151       -                       219,151  
2025     192,828       -                       192,828  
2026     203,490       -                       203,490  
Thereafter     4,981,642       -                       4,981,642  
                                         
    $ 6,105,668     $ 161,440     $ 17,100     $ 880,203     $ 7,164,411  
XML 36 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
 12 Months Ended
Jan. 31, 2020
Leases [Abstract]  
Leases

17. LEASES

 

The Company has operating leases and finance leases for corporate offices, land, and certain hotel equipment. These leases have remaining lease terms of 2 to 38 years. Neither operating lease for corporate office space or land have options to extend.

 

The Company’s lease costs recognized in the Consolidated Statement of Income consist of the following:

 

    Fiscal Year Ended January 31, 2020  
Operating lease cost   $ 2,225,113  
         
Finance lease cost:        
Amortization of right-of-use assets     27,749  
Interest on lease obligations     5,835  

 

Other lease information is as follows:

 

    Fiscal Year Ended January 31, 2020  
       
Cash paid for amounts included in measurement of lease obligations:        
Operating cash flows from operating leases   $ 165,573  
Operating cash flows from finance leases     31,123  
         
Right of use assets obtained in exchange for lease liabilities        
Operating leases   $ 2,274,551  
Finance leases     104,058  
         
Weighted-average remaining lease term - operating leases     37.7 years  
Weighted-average remaining lease term - finance leases     3.75 years  
Weighted-average discount rate - operating leases     4.85 %
Weighted-average discount rate - finance leases     4.85 %

 

The aggregate annual lease obligations at January 31, 2020 are as follows:

 

Fiscal Year   Operating Leases     Finance Leases  
2021   $ 168,780     $ 31,123  
2022     172,177       31,123  
2023     148,348       31,123  
2024     112,116       23,343  
2025     112,116          
Thereafter     5,151,311          
Total undiscounted lease obligations     5,864,848       116,713  
                 
Less imputed interest     (3,443,105 )     (10,194.49 )
Net lease obligations   $ 2,421,744     $ 106,518  

 

As of January 31, 2019, prior to the adoption of ASC 842, future minimum lease payments under operating leases having initial or non-cancellable lease terms in excess of one year were as follows:

 

Years ending January 31,   Operating Leases     Finance Leases  
2020     200,817       31,123  
2021     200,817       31,123  
2022     200,817       31,123  
2023     182,328       31,123  
2024     145,348       23,343  
Thereafter     5,051,449       -  
                 
Total future minimum lease payments     5,981,578       147,836  
XML 37 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Description of Beneficial Interests
 12 Months Ended
Jan. 31, 2020
Description Of Beneficial Interests  
Description of Beneficial Interests

18. 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, 2020 and 2019, the Trust repurchased 104,993 and 433,377 Shares of Beneficial Interest at an average price of $1.64 and $1.67 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.
XML 38 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Federal Income Taxes
 12 Months Ended
Jan. 31, 2020
Income Tax Disclosure [Abstract]  
Federal Income Taxes

19. FEDERAL INCOME TAXES

 

The Trust and subsidiaries have income tax net operating loss carryforwards of approximately $4.6 million at January 31, 2020. 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 at January 31,

 

 

    2020     2019  
             
Net operating loss carryforwards   $ 1,075,000     $ 705,000  
Bad debt allowance     4,000       3,000  
Accrued expenses     (4,000 )     2,000  
Syndications     2,923,000       2,923,000  
Prepaid Insurance     -       -  
Alternative minimum tax credit     51,000       51,000  
Total deferred tax asse     4,049,000       3,684,000  
                 
Deferred income tax liability associated with book/tax     (1,551,000 )     (1,570,000 )
Net deferred income tax asset     2,498,000       2,114,000  
Valuation allowance     (2,498,000 )     (2,114,000 )
    $ -     $ -  

 

Income taxes for the year ended January 31,

  

    2020     2019  
             
Current income tax provision (benefit)     (294,402 )     -  
Deferred income tax provision (benefit)     384,298       (3,132,000 )
Change in valuation allowance     (384,298 )     3,132,000  
Net income tax expense (benefit)     (294,402 )     -  

 

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 %
True-up to prior year returns     (81,700 )     4 %
Effective rate   $ (294,400 )      13 %

 

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2019:

 

    2019  
    Amount     Percent  
             
Federal statutory rates   $ 208,000       21 %
State income taxes     50,000       5 %
Change in valuation allowance     (3,132,000 )     -316 %
True-up to prior year returns     2,872,000       290 %
Other     2,000       0 %
Effective rate   $ -       0 %
XML 39 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Other Related Party Transactions
 12 Months Ended
Jan. 31, 2020
Related Party Transactions [Abstract]  
Other Related Party Transactions

20. OTHER RELATED PARTY TRANSACTIONS

 

As of January 31, 2020 and 2019, Mr. Wirth and his affiliates held 2,974,038 Class B Partnership units, which represented 23.35% of the total outstanding Partnership units. As of January 31, 2020 and 2019, Mr. Wirth and his affiliates held 5,876,683 and 5,881,683 respectively, Shares of Beneficial Interest in the Trust, which represented 61.32% and 62.84% respectively, of the total issued and outstanding Shares of Beneficial Interest.

 

As of January 31, 2020 and 2019, the Trust owned 75.89% and 74.90% of the Partnership, respectively. As of January 31, 2020, the Partnership owned a 51.01% interest in the InnSuites® hotel located in Tucson. The Trust also owned a direct 20.33% interest in one InnSuites® hotel located in Albuquerque, New Mexico.

 

The Trust directly manages the Hotels through the Trust’s wholly-owned subsidiary, InnSuites Hotels Inc. Under the management agreements, InnSuites Hotels Inc. manages the daily operations of the Hotels and the hotel owned by affiliates of Mr. Wirth. Revenues and reimbursements among the Trust, InnSuites Hotels Inc. and the Partnership have been eliminated in consolidation. The management fees for the Hotels and the two hotels owned by affiliates of Mr. Wirth are set at 5% of revenue and a monthly accounting fee of $2,000 per hotel. These agreements have no expiration date and may be cancelled by either party with 90-days written notice or 30-days written notice in the event the property changes ownership. During the years ended January 31, 2020 and 2019, the Trust recognized approximately $127,000 and $165,000, respectively of revenue.

 

During the fiscal years ended January 31, 2020 and 2019, the Trust paid Berg Investment Advisors $6,000 for additional consultative services rendered by Mr. Marc Berg, the Trust’s Executive Vice President.

 

Pamela Barnhill, former Vice Chairperson and President of the Trust, resigned in June, 2019, and is the daughter of Mr. Wirth, the Trust’s Chairman and Chief Executive Officer. Ms. Barnhill’s total compensation was $74,471 for the fiscal year ended January 31, 2019. The Trust also employs another immediate family member of Mr. Wirth who provides technology support services to the Trust, receiving a $35,000 annual salary.

 

As of January 31, 2020, the Trust had an Advance to Affiliate credit facilities with an aggregate maximum borrowing capacity of $1,000,000, which is available through June 30, 2021, and automatically renews year to year, unless either party gives six-month advance notice to terminate. Mr. Wirth, individually and thru one of his affiliates owns approximately 42% Tempe/Phoenix Airport Resort LLC. During the fiscal year ended January 31, 2020, the Trust received approximately $62,000 of interest income from Tempe/Phoenix Airport Resort LLC. As of January 31, 2020, the Trust had an amount receivable of the Advances to Affiliate credit facility of approximately $1,000,000. As of August 1, 2020, the amount receivable from the Advance to Affiliate credit facility was approximately $1,000,000, which is due from Tempe/Phoenix Airport Resort LLC.

 

As of January 31, 2020 and January 31, 2019, the Trust had approximately $161,000 and $484,000 in promissory notes, respectively, to Mr. Wirth, family members of Mr. Wirth, and Mr. Berg, the Executive Vice President of the Trust. The promissory notes arose from the repurchase of 433,900 Class B partnership units from Mr. Wirth and family members, and 40,000 Shares of Beneficial Interest from Mr. Berg. Payments totaled approximately $323,000 and approximately $306,000 during fiscal years ended January 31, 2020 and 2019, respectively.
XML 40 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Instruments
 12 Months Ended
Jan. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

21. 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 accompanying consolidated balance sheets at January 31, 2020 and 2019:

 

    2020     2019  
    Carrying Amount     Fair Value     Carrying Amount     Fair Value  
Mortgage notes payable   $ 6,105,668     $ 4,000,906     $ 4,824,692     $ 3,141,032  
Notes payable to banks   $ 17,100     $ 17,100     $ 9,300     $ 9,300  
Other notes payable   $ 1,203,080     $ 1,203,080     $ 1,494,030     $ 1,494,030  
XML 41 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Supplemental Cash Flow Disclosures
 12 Months Ended
Jan. 31, 2020
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Disclosures

22. SUPPLEMENTAL CASH FLOW DISCLOSURES

 

    2020     2019  
Cash paid for interest   $ 109,000     $ 634,337  
                 
Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases   $ 51,000     $ 1,677,572  
                 
Deferred rent reclasified to ROU Asset   $ 171,344     $ -  
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies
 12 Months Ended
Jan. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

23. 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 2019 and 2018, 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 of the 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 $171,000 and $276,000 for fiscal years ended January 31, 2020 and 2019, respectively.

 

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 consolidated financial position, results of operations or liquidity of the Trust.

 

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 consolidated financial position, results of operations or liquidity.

 

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.
XML 43 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Share-Based Payments
 12 Months Ended
Jan. 31, 2020
Equity [Abstract]  
Share-Based Payments

24. SHARE-BASED PAYMENTS

 

The Trust compensates its non-employee Trustees for their services through grants of restricted Shares. The aggregate grant date fair value of these Shares was $32,400. These restricted Shares vested in equal monthly amounts during fiscal year 2020. As of January 31, 2020, Messrs. Kutasi, Chase and did not hold any unvested Shares

 

During fiscal year 1999, the shareholders of the Trust adopted the 1997 Stock Incentive and Option Plan (the “Plan”). Pursuant to the Plan, the Compensation Committee may grant options to the Trustees, officers, other key employees, consultants, advisors and similar employees of the Trust and certain of its subsidiaries and affiliates. The number of options that may be granted in a year is limited to 10% of the total Shares of Beneficial Interest and Partnership units in the Partnership (Class A and Class B) outstanding as of the first day of such year.

 

Generally, granted options expire 10 years from the date of grant, are exercisable during the optionee’s lifetime only by the recipient and are non-transferable. Unexercised options held by employees of the Trust generally terminate on the date the individual ceases to be an employee of the Trust.

 

There were no options granted in fiscal year 2020 or 2019, and no options were outstanding as of January 31, 2020 and 2019. The Plan currently has 1,000,000 options available to grant. See Note 24 for additional information on stock options. The Plan also permits the Trust to award stock appreciation rights, none of which, as of January 31, 2020, have been issued.

 

See Note 2 – “Summary of Significant Accounting Policies” for information related to grants of restricted shares under “Stock-Based Compensation.”
XML 44 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Reporting
 12 Months Ended
Jan. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting

25. SEGMENT REPORTING

 

As a result of the sale of IBC (see Note 23), 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 & Corporate Overhead (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. Prior to the sale of IBC, the Trust had previously determined that its operations were comprised of two reportable segments, a Hotel Operations & Corporate Overhead segment, and the IBC Hospitality segment serving 2,000 unrelated hotel properties. In connection with the sale of IBC, the historical financial information presented in this Form 10-K reflects this change with IBC being reported as discontinued operation.

 

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.

 

The Trust determined its reportable segments are the Hotel Operations and IBC Developments segments. Reportable segments are determined based on discrete financial information reviewed by the Trust’s CODM. The Trust organizes and reviews operations based on products and services, and currently there are no operating segments that are aggregated. The Trust performs an annual analysis of its reportable segments.
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations
 12 Months Ended
Jan. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

26. DISCONTINUED OPERATIONS

 

Sale of IBC Hospitality Technologies; IBC Hotels LLC (IBC)

 

There were no discontinued operations for the fiscal year ended January 31, 2020.

 

Discontinued operations during the fiscal year ended January 31, 2019 consist of the operations from the IBC Technology Segment (IBC Hotels LLC). On August 15, 2018 Innsuites Hospitality Trust (IHT) entered into a final sale agreement for its subsidiary IBC Hotels LLC (IBC) with an effective sale date as of August 1, 2018 to a unrelated third party buyer (Buyer). The buyer hired IHT’s former Chief Operating Officer, who is a family member of IHT’s CEO. The sale price was $3,000,000, to be paid to IHT as follows:

 

  1. $250,000 at closing, which was received on August 14, 2018;
     
  2. A secured promissory note in the principal amount of $2,750,000 with interest to be accrued at 3.75% per annum, recorded in the accompanying condensed balance sheet in continuing operations. Interest shall accrue for the first 10 months (starting August 2018), thereafter for month 11 and 12 principal and interest payments of 50% ($25,632 per month), then the remaining amount to be amortized over 59 months (payments of $52,054 per month) with maturity in June 2024. Future payments on this note are shown in the table below.

 

FISCAL YEAR      
2021     91,667  
2022     550,000  
2023     550,000  
2024     550,000  
2025     550,000  
Thereafter     458,333  
    $ 2,750,000  
Impairment     (825,000 )
    $ 1,925,000  

 

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.

 

IHT has agreed to provide continuing working capital support for a period of six months in the amount of approximately $100,000 over a six month period to IBC for transitional purposes. 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. During the fiscal year ended January 31, 2019 IHT had provided $100,000 to IBC.

 

As a result of the sale, the Trust recorded a gain on sale of approximately $2,394,000, net of taxes of $0. The gain is determined by the sales prices of approximately $3,000,000 less the estimated book value of the assets sold and liabilities assigned of approximately $431,000 and costs associated with the sale of approximately $325,000.

 

Default

 

If Buyer has not paid two or more payments on the note as scheduled, or if Buyer has not satisfied any other provisions in the note, IHT may give Buyer notice of default. If Buyer fails to cure the default within 30 days after notice (a) on or before February 5, 2020, then 75% of the issued and outstanding IBC interest shall be transferred to IHT, and (b) on or after February 5, 2020, then 51% of the issued and outstanding interest of the Company shall be transferred to IHT. Currently there has been no default.

 

Debt/Working Capital adjustment

 

On or before the sixty calendar days following the effective date (August 1, 2018) Buyer prepared and delivered to IHT a written statement (closing statement) setting forth a calculation of the aggregate amount of (i) all indebtedness, (ii) working capital of IBC as of the close of business on the last business day immediately preceding the effective date (closing net working capital) , and (iii) a proposed adjustment to the principal amount of the note payable, calculated as follows:

 

  ● If the closing new working capital is between $0 and negative $100,000, the purchase price shall not be adjusted;
     
  ● If the closing working capital is less then negative $100,000, the principal amount of the note shall be decreased in amount equal to the amount by which the closing net working capital is greater than negative $100,000; and
     
  ● If the closing working capital is greater than $0, the principal amount of the note shall be increased in an amount equal to the closing working capital.

 

There were no working capital adjustments to the sale price at the conclusion of the 60 day adjustment period.

 

Office Lease/Contracts

 

IHT had a reservation center contract with IBC requiring IHT to make payments of $7,500 per month for a minimum of 6 months after closing. There is no maximum period, and the obligation may be cancelled after six months. As of February 1, 2019 the payment was reduced to $6,500, and further reduced to $5,500 from March 1, 2019 through October 31, 2019, by mutual agreement, at which time we terminated the agreement.

 

Indemnification

 

IHT has agreed to indemnify and hold harmless the Buyer from and against any and all losses suffered, sustained or incurred by any Buyer indemnified party, resulting from, arising in connection with or related to (i) any breach of a representation or warranty made by IHT, (ii) any breach of a seller fundamental representation by IHT, (iii) any breach of any covenant made by IHT in this agreement, certification or writing delivered pursuant to the agreement, (iv) any claims or liabilities under, related to or in connection with any person status as a security holder of the company prior to closing, or (v) any transaction expense or indebtedness not accounted for in the final determination of the purchase price.

 

Incentive Bonus

 

On September 4, 2018, the Board approved to pay a $15,000 bonus to the daughter of the CEO, and who was then the Chief Operating Officer, in connection with the sale of IBC. The CEO’s daughter was employed by the Company that acquired IBC during the fiscal year ended January 31, 2019. In addition, the Board approved to pay a $10,000 bonus to the Executive Vice President of the Trust in connection with the sale of IBC. These bonuses will be paid upon receipt of the monthly payments to be received in connection with the note receivable described above starting in November 2020 at $1,000 per month.

 

The Trust also paid the former CFO a $5,000 compensation bonus related to the sale of IBC.

 

Sale of Yuma Property

 

On July 31, 2018, IHT entered into a purchase and sale agreement to sell its Innsuites Yuma Hotel and Suites Best Western (Yuma), together with certain furniture, fixtures, equipment, operating supplies and other ancillary items pertaining to the daily operations to an unrelated third party. The sale was completed on October 24, 2018. The sales price, as revised, was approximately $16.05 million, of which the net proceeds (net of mortgage payoff, commissions and closing costs) received by the IHT was approximately $9.93 million

 

The Trust recorded a gain on sale of approximately $11,080,000, net of estimated tax of approximately $381,000. The gain was determined by the sale price less the estimated book value other assets sold of approximately $4,589,000. In connection with the sale of the Yuma property the related mortgage note payable in the amount of approximately $5,560,000 at the time of the sale was paid in full.

 

The following tables list the assets and liabilities of discontinued operations for the fiscal year ended January 31, 2019 and the discontinued operations for fiscal year ended January 31, 2019.

 

DISCONTINUED OPERATIONS

 

    JANUARY 31, 2019  
ASSETS        
Current Assets:        
Cash and Cash Equivalents   $ 305,835  
Accounts Receivable     2,750,932  
Prepaid Expenses and Other Current Assets     13,680  
Current Portion of Notes Receivable        
Total Current Assets of Discontinued Operations     3,070,447  
Noncurrent assets of Discontinued Operations        
Property, Plant and Equipment, net     -  
TOTAL ASSETS OF DISCONTINUED OPERATIONS   $ 3,070,447  
         
LIABILITIES        
         
LIABILITIES        
Current Liabilities:        
Accounts Payable and Accrued Expenses   $ 546,803  
Current Portion of Notes Payable to Banks, net of Discount     -  
Total Current Liabilities of Discontinued Operations     546,803  
Noncurrent Liabilities of Discontinued Operations        
Mortgage Notes Payable, net of Discount     -  
Notes Payable to Banks, net of Discount     -  
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS   $ 546,803  

 

    FOR THE YEAR ENDED  
    JANUARY 31,  
    2019  
REVENUE        
Room   $ 3,225,783  
Food and Beverage     27,569  
Reservation and Convention     173,399  
Other     41,057  
TOTAL REVENUE     3,467,808  
         
OPERATING EXPENSES        
Room     1,261,875  
Food and Beverage     35,592  
Telecommunications     21,803  
General and Administrative     766,475  
Sales and Marketing     469,457  
Reservation Acquisition Costs     142,842  
Repairs and Maintenance     185,148  
Hospitality     167,874  
Utilities     160,641  
Depreciation     393,581  
Intangible Amortization     -  
Real Estate and Personal Property Taxes, Insurance and Ground Rent     88,344  
Other     -  
TOTAL OPERATING EXPENSES     3,693,632  
OPERATING LOSS     (225,824 )
Interest Income     -  
TOTAL OTHER INCOME     -  
Interest on Mortgage Notes Payable     214,811  
Interest on Notes Payable to Banks     41,390  
Interest on Other Notes Payable     -  
TOTAL INTEREST EXPENSE     256,201  
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS   $ (482,025 )
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Stock Options
 12 Months Ended
Jan. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock Options

27. STOCK OPTIONS

 

Effective February 5, 2015, the Board of Trustees of the Trust adopted the 2015 Equity Incentive Plan (“2015 Plan”), subject to shareholder approval, under which up to 1,600,000 Shares of Beneficial Interest of the Trust are authorized to be issued pursuant to grant of stock options, stock appreciation rights, restricted shares, restricted share units or other awards.

 

The Board of Trustees of the Trust has decided to terminate the 2015 Plan. Effective October 31, 2016, it has been determined that the Shareholders will not approve the 2015 Plan and the proposed grants have been rescinded. During the 2017 Annual Meeting of Shareholders, the IHT Shareholders approved the InnSuites Hospitality Trust 2017 Equity Incentive Plan (“2017 Plan”). To date, Management has not granted any options under the 2017 Plan.
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Subsequent Events
 12 Months Ended
Jan. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

28. SUBSEQUENT EVENTS

 

On February 3, 2020 The Trust paid $400,000, as the second payment on its investment to Unigen Power Inc

 

The Trust received approximately $504,000 in loan proceeds pursuant to the SBA sponsored Paycheck Protection Plan (“PPP”), under the Coronavirus Aid Relief and Economic Security (CARES) Act. The PPP Loan(s) are evidenced by a loan application and payment agreement by and between the Trust, the Albuquerque Hotel, and the Tucson Hotel. The Trust applied for the loan(s) in April 2020-and received its maximum funding amounts of approximately $87,000, $188,000, and $229,000 for the Trust, the Albuquerque Hotel and the Tucson Hotel, respectively on April 17, 2020. The term of the loan is for 60 months and matures on the fifth-year anniversary from the -date of funding. It bears interest at an annual rate of 1%. The PPP loan is subject to 100% forgiveness. Currently, the application process to apply for forgiveness occurs 24 weeks after the funding date. The Trust intends to file the application for forgiveness. There can be no assurance that such forgiveness will occur. The Trust is accounting for the loan as debt and if forgiveness is granted the Trust will recognize a gain on extinguishment.

 

On April 15, 2020 the Trust’s Board of Trustees approved entering into three SBA sponsored Paycheck Protection Plan (PPP) loans for Innsuites Hotels Inc., the Albuquerque hotel and the Tucson hotel for approximately $87,000, $188,000, and $229,000, respectively.

 

On April 28, 2020 the Trust filed form 8-K Order taking relief and relying on the SEC’s Order (Release No. 34-88318) under Section 36 of the Exchange Act granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”) for a 45-day extension to file its Annual Report on form 10-K.

 

On June 12, 2020 the Trust filed form 8-K Order taking relief and relying on the SEC’s Order (Release No. 34-88318) under Section 36 of the Exchange Act granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”) for a 45-day extension to file its Interim Report on form 10-Q.

 

On June 8, 2020 the Trust’s Board of Trustees approved a one cent semi-annual dividend, payable on July 31, 2020, on shares held of record a July 15, 2020. This continues the Trust’s recent practice of paying total annual dividends of two cents per share, payable one cent each semi-annually on July 31 and January 31. This dividend continues 50 consecutive uninterrupted fiscal years during which the Trust has paid annual dividends, since the formation of the Trust and the initial listing of its shares on the New York Stock Exchange in 1971.

 

On June 30, 2019, the Trust’s Board of Trustees set a date of August 25, 2019 for the Annual Shareholder meeting, to be held at 11:00 AM MST at the Trust’s corporate office: 1730 East Northern Ave, Suite 122, Phoenix, AZ 85020. Shareholders of record of the Trust on July 27, 2019 will be entitled to vote at the meeting.

 

Subsequent to the fiscal year ended January 31, 2020 the Trust repurchased 201,676 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $211,000.
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Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 31, 2020
Accounting Policies [Abstract]  
Use of Estimates

USE OF ESTIMATES

 

The preparation of 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 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, 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, the recoverability of long-lived assets, the fair values of the long-lived assets, the fair value of right of use assets and lease liabilities, and the collectability of Notes Receivable.
Property, Plant and Equipment and Hotel Properties

PROPERTY, PLANT AND EQUIPMENT AND HOTEL PROPERTIES

 

Furniture, fixtures, building improvements and hotel properties are stated at cost and depreciated using the straight-line method over estimated lives ranging up to 40 years for buildings and 3 to 10 years for furniture and equipment.

 

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 impaired these assets during the fiscal year 2018, and has determined that no further impairment is required of long-lived assets for the fiscal periods ended January 31, 2019 and January 31, 2020.
Business Combinations

BUSINESS COMBINATIONS

 

The Trust accounts for business combinations by recognizing the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair values on the acquisition date. The final purchase price may be adjusted up to one year from the date of the acquisition. Identifying the fair value of the tangible and intangible assets and liabilities requires the use of estimates by management and was based upon currently available data.

 

The Trust allocates the excess of purchase price over the identifiable intangible and net tangible assets to goodwill. Such goodwill is not deductible for tax purposes and represents the value placed on entering new markets and expanding market share (see Note 8).

 

Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. Additionally, any change in the fair value of the acquisition-related contingent consideration subsequent to the acquisition date, included changes from events after the acquisition date, such as changes in our estimate of relevant revenue or other targets, will be recognized in earnings in the period of the estimated fair value change. A change in fair value of the acquisition-related contingent consideration or the occurrence of events that cause results to differ from our estimates or assumptions could have a material effect on the consolidated statements of operations, financial position and cash flows in the period of the change in the estimate.
Goodwill

GOODWILL

 

The Trust will test goodwill for impairment annually, as applicable, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit’s carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. If the Trust determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill, the Trust must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgements in the future and require an adjustment to the recorded balances.
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.
Revenue Recognition

REVENUE RECOGNITION

 

Hotel and Operations

 

ASU 2014-09 (Topic 606), “Revenue from Contracts with Customers” is effective for reporting periods after January 1, 2018. ASU 2014-09 requires entities to recognize revenue through the application of a five-step model, which includes identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations and recognition of revenue as the entity satisfies the performance obligations.

 

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.

 

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. 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, 2020 and 2019.

 

Fiscal Year   Balance at the Beginning of Period     Discontinued Operations Adjustment     Charged to Expense     Deductions     Balance at the End of Period  
                               
2020   $ (5,943 )   $ -     $ (13,223 )   $ 4,377     $ (14,789 )
2019   $ (28,564 )   $ 25,000     $ -     $ (2,379 )   $ (5,943 )
Stock-based Compensation

STOCK-BASED COMPENSATION

 

The Trust has an employee equity incentive plan, which is described more fully in Note 24 - “Share-Based Payments.” For fiscal years 2020 and 2019, 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 2020, the Trust granted restricted stock awards of 18,000 Shares to members of the Board of Trustees, all of which vested in fiscal year 2020 resulting in stock-based compensation of $32,400. During fiscal year 2019, the Trust granted restricted stock awards of 18,000 Shares to members of the Board of Trustees, all of which vested in fiscal year 2019 resulting in stock-based compensation of $32,400.

 

The following table summarizes restricted share activity during fiscal years 2019 and 2020.

 

    Restricted Shares  
    Shares     Price on date of grant  
Balance at January 31, 2018   -     -  
Granted     18,000     $ 1.80  
Vested     (18,000 )   $ 1.80  
Forfeited     -          
Balance of unvested awards at January 31, 2019     -          
                 
Granted     18,000     $ 1.35  
Vested     (18,000 )   $ 1.35  
Balance of unvested awards at January 31, 2020     -          
      -          
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 2020 and 2019, the Trust paid a dividend of $0.01 per share at end of the second fiscal quarter and at the end of the fourth fiscal quarter for a total dividend of $0.02 for the fiscal year in the amounts of $191,924 and $195,575, respectively. The Trust’s ability to pay dividends is largely dependent upon the operations of the Hotels.
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. 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.
Income (Loss) Per Share

INCOME (LOSS) PER SHARE

 

Basic and diluted income (loss) per Share of Beneficial Interest is computed based on the weighted-average number of Shares of Beneficial Interest and potentially dilutive securities outstanding during the period. Dilutive securities are limited to the Class A and Class B units of the Partnership, which are convertible into 3,024,038 Shares of the Beneficial Interest, as discussed in Note 1.

 

For the fiscal years ended January 31, 2020 and 2019, 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 and 3,473,085 in addition to the basic shares outstanding for fiscal years 2020 and 2019, respectively. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were dilutive during fiscal 2019 and are included in the calculation of diluted earnings per share for that year below.

 

    For the Twelve Months Ended  
    January 31, 2019  
Net (Loss) Income attributable to controlling interest   $ 1,419,701  
Plus: Net Income attributable to non-controlling interests     9,686,182  
Net (Loss) Income   $ 11,105,883  
         
Weighted average common shares outstanding     9,283,081  
Plus: Weighted average incremental shares resulting from unit conversion     3,153,475  
Weighted average common shares outstanding after unit conversion     12,436,556  
         
Diluted Income Per Share   $ 0.89  
Segment Reporting

SEGMENT REPORTING

 

As a result of the sale of IBC (see Note 25), 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 & Corporate Overhead (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. Prior to the sale of IBC, the Trust had previously determined that its operations were comprised of two reportable segments, a Hotel Operations & Corporate Overhead segment, and the IBC Hospitality segment serving 2,000 unrelated hotel properties. In connection with the sale of IBC, the historical financial information presented in this Form 10-K reflects this change with IBC being reported as discontinued operation.

 

The Trust has chosen to focus its hotel 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.
Advertising Costs

ADVERTISING COSTS

 

Amounts incurred for advertising costs are expensed as incurred. Advertising expense totaled approximately $344,000 and $581,000 for the years ended January 31, 2020 and 2019, respectively.
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 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 no assets or liabilities that are carried at fair value on a recurring basis and had no fair value re-measurements during the years ended January 31, 2020 and 2019.

 

Due to their short maturities, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value and are considered level 1 inputs. 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.
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Nature of Operations and Basis of Presentation (Tables)
 12 Months Ended
Jan. 31, 2020
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)     20.33 %     -  
Tucson Hospitality Properties, LLLP     -       51.01 %
RRF Limited Partnership     75.89 %     -  
InnSuites Hotels Inc.     100.00 %     -  
                 
(i) Indirect ownership is through the Partnership              
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 31, 2020
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, 2020 and 2019.

 

Fiscal Year   Balance at the Beginning of Period     Discontinued Operations Adjustment     Charged to Expense     Deductions     Balance at the End of Period  
                               
2020   $ (5,943 )   $ -     $ (13,223 )   $ 4,377     $ (14,789 )
2019   $ (28,564 )   $ 25,000     $ -     $ (2,379 )   $ (5,943 )
Schedule of Restricted Share Activity

The following table summarizes restricted share activity during fiscal years 2019 and 2020.

 

    Restricted Shares  
    Shares     Price on date of grant  
Balance at January 31, 2018   -     -  
Granted     18,000     $ 1.80  
Vested     (18,000 )   $ 1.80  
Forfeited     -          
Balance of unvested awards at January 31, 2019     -          
                 
Granted     18,000     $ 1.35  
Vested     (18,000 )   $ 1.35  
Balance of unvested awards at January 31, 2020     -          
      -          
Schedule of Diluted Earnings Per Share

These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were dilutive during fiscal 2019 and are included in the calculation of diluted earnings per share for that year below.

 

    For the Twelve Months Ended  
    January 31, 2019  
Net (Loss) Income attributable to controlling interest   $ 1,419,701  
Plus: Net Income attributable to non-controlling interests     9,686,182  
Net (Loss) Income   $ 11,105,883  
         
Weighted average common shares outstanding     9,283,081  
Plus: Weighted average incremental shares resulting from unit conversion     3,153,475  
Weighted average common shares outstanding after unit conversion     12,436,556  
         
Diluted Income Per Share   $ 0.89  
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Variable Interest Entity (VIE) (Tables)
 12 Months Ended
Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities

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 investment in a privately held entity and amounts due to affiliate, which are eliminated upon consolidation with the Trust, are included in the accompanying consolidated balance sheets.

 

    January 31,  
    2020     2019  
Assets            
Cash   $ 21,359     $ 81,027  
Accounts Receivable     23,355       77,956  
Prepaid Expenses and Deposits     19,688       12,063  
                 
Hotel Properties, Net     1,641,582       1,801,357  
Operating Lease -Right of Use     2,085,984       -  
                 
Total Assets   $ 3,791,968     $ 1,972,403  
                 
Liabilities                
Accounts Payable   $ 135,165     $ 94,261  
Accrued Expenses and Other     278,071       421,814  
Due to Affiliate     15,000       1,361,999  
Operating Lease Liability (ASC 842)     2,263,467          
Mortgage Notes Payable     1,396,690          
Total Liabilities   $ 4,088,392     $ 1,878,074  
                 
Equity     (296,424 )     94,329  
                 
Liabilities & Equity   $ 3,791,968     $ 1,972,403

 
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Notes Receivable (Tables)
 12 Months Ended
Jan. 31, 2020
Notes Receivable  
Schedule of Future Payments of Debt
  ● Future payments on this note are shown in the table below.

 

FISCAL YEAR      
2021     91,667  
2022     550,000  
2023     550,000  
2024     550,000  
2025     550,000  
Thereafter     458,333  
    $ 2,750,000  
Impairment     (825,000 )
    $ 1,925,000  
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Investment in Unigen Power, Inc. (Tables)
 12 Months Ended
Jan. 31, 2020
Investments, All Other Investments [Abstract]  
Schedule of Warrants Valuation Assumptions

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)     2.0  
Annualized risk-free rate     1.630 %
Annualized volatility     27.43 %
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Property, Plant, and Equipment and Hotel Properties (Tables)
 12 Months Ended
Jan. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment

As of January 31, 2020 and 2019, hotel properties consisted of the following:

 

    January 31, 2020     January 31, 2019  
Land   $ 2,500,000     $ 2,500,000  
Building and improvements     10,495,465       10,334,919  
Furniture, fixtures and equipment     4,021,890       3,860,574  
Total hotel properties     17,017,356       16,695,493  
Less accumulated depreciation     (8,155,224 )     (7,312,869 )
Hotel Properties in Service, net     8,862,132       9,382,625  
Construction in progress     40,965       43,657  
Hotel properties, net   $ 8,903,097     $ 9,426,282  

 

As of January 31, 2020 and 2019, corporate property, plant and equipment consisted of the following:

 

    January 31, 2020     January 31, 2019  
Land   $ 7,005     $ 7,005  
Building and improvements     75,662       75,662  
Furniture, fixtures and equipment     160,987       534,879  
Total property, plant and equipment     243,654       617,546  
Less accumulated depreciation     (163,428 )     (511,035 )
Property, Plant and Equipment, net   $ 80,226     $ 106,511  
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Prepaid Expenses and Other Current Assets (Tables)
 12 Months Ended
Jan. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of 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, 2020, and 2019, prepaid expenses and other current assets consisted of the following:

 

    January 31, 2020     January 31, 2019  
Tax and Insurance Escrow   $ 57,752     $ 57,810  
Deposits     5,000       3,000  
Prepaid Insurance     (59 )     5,000  
Prepaid Workman’s Compensation     6,754       21,459  
Miscellaneous Prepaid Expenses     8,359       8,284  
Total Prepaid Expenses and Current Assets   $ 77,806     $ 95,553  
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses (Tables)
 12 Months Ended
Jan. 31, 2020
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses

As of January 31, 2020 and 2019, accounts payable and accrued expenses consisted of the following:

 

    January 31, 2020     January 31, 2019 (i)  
Accounts Payable   $ 421,281     $ 166,339  
Accrued Salaries and Wages     89,448       251,773  
Accrued Vacation     8,472       28,780  
Income Tax Payable     146,666       631,130  
Accrued Interest Payable     -       4,857  
Advanced Deposits     59,194       60,322  
Accrued Property Taxes     32,766       79,516  
Accrued Land Lease     -       161,856  
Sales Tax Payable     382,779       114,753  
Deferred Revenue     -       31,239  
Accrued Other     244,365       108,238  
Total Accounts Payable and Accrued Expenses   $ 1,384,971     $ 1,638,803  

 

  (i) Includes discontinued operations
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.20.2
Mortgage Notes Payable (Tables)
 12 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable

The following table summarizes the Trust’s mortgage notes payable, net of debt discounts, as of January 31, 2020:

 

    2020     2019  
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, 2020.     4,708,979       4,824,692  
                 
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, 2020.   $ 1,396,690     $ -  
                 
Totals:   $ 6,105,668     $ 4,824,692  
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Minimum Debt Payments (Tables)
 12 Months Ended
Jan. 31, 2020
Debt Disclosure [Abstract]  
Scheduled of Minimum Payments of Debt

Scheduled minimum payments of debt, as of January 31, 2020 are as follows in the respective fiscal years indicated:

 

FISCAL YEAR   MORTGAGES     NOTES PAYABLE RELATED PARTIES     NOTES PAYABLE TO BANKS     OTHER NOTES PAYABLE     TOTAL  
                               
                               
2021     160,849       161,440       17,100       806,712       1,146,101  
2022     170,856       -               59,205       230,061  
2023     176,852       -               14,286       191,138  
2024     219,151       -                       219,151  
2025     192,828       -                       192,828  
2026     203,490       -                       203,490  
Thereafter     4,981,642       -                       4,981,642  
                                         
    $ 6,105,668     $ 161,440     $ 17,100     $ 880,203     $ 7,164,411  
XML 59 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
 12 Months Ended
Jan. 31, 2020
Leases [Abstract]  
Schedule of Lease Costs

The Company’s lease costs recognized in the Consolidated Statement of Income consist of the following:

 

    Fiscal Year Ended January 31, 2020  
Operating lease cost   $ 2,225,113  
         
Finance lease cost:        
Amortization of right-of-use assets     27,749  
Interest on lease obligations     5,835  
Schedule of Other Lease Information

Other lease information is as follows:

 

    Fiscal Year Ended January 31, 2020  
       
Cash paid for amounts included in measurement of lease obligations:        
Operating cash flows from operating leases   $ 165,573  
Operating cash flows from finance leases     31,123  
         
Right of use assets obtained in exchange for lease liabilities        
Operating leases   $ 2,274,551  
Finance leases     104,058  
         
Weighted-average remaining lease term - operating leases     37.7 years  
Weighted-average remaining lease term - finance leases     3.75 years  
Weighted-average discount rate - operating leases     4.85 %
Weighted-average discount rate - finance leases     4.85 %
Schedule of Aggregate Annual Lease Obligations of Operating Lease and Finance Lease

The aggregate annual lease obligations at January 31, 2020 are as follows:

 

Fiscal Year   Operating Leases     Finance Leases  
2021   $ 168,780     $ 31,123  
2022     172,177       31,123  
2023     148,348       31,123  
2024     112,116       23,343  
2025     112,116          
Thereafter     5,151,311          
Total undiscounted lease obligations     5,864,848       116,713  
                 
Less imputed interest     (3,443,105 )     (10,194.49 )
Net lease obligations   $ 2,421,744     $ 106,518  
Schedule of Future Minimum Rental Payments for Operating Lease and Finance Lease

As of January 31, 2019, prior to the adoption of ASC 842, future minimum lease payments under operating leases having initial or non-cancellable lease terms in excess of one year were as follows:

 

Years ending January 31,   Operating Leases     Finance Leases  
2020     200,817       31,123  
2021     200,817       31,123  
2022     200,817       31,123  
2023     182,328       31,123  
2024     145,348       23,343  
Thereafter     5,051,449       -  
                 
Total future minimum lease payments     5,981,578       147,836  
XML 60 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Federal Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

Total and net deferred income tax assets at January 31,

 

 

    2020     2019  
             
Net operating loss carryforwards   $ 1,075,000     $ 705,000  
Bad debt allowance     4,000       3,000  
Accrued expenses     (4,000 )     2,000  
Syndications     2,923,000       2,923,000  
Prepaid Insurance     -       -  
Alternative minimum tax credit     51,000       51,000  
Total deferred tax asse     4,049,000       3,684,000  
                 
Deferred income tax liability associated with book/tax     (1,551,000 )     (1,570,000 )
Net deferred income tax asset     2,498,000       2,114,000  
Valuation allowance     (2,498,000 )     (2,114,000 )
    $ -     $ -  
Schedule of Income Tax Provision

Income taxes for the year ended January 31,

  

    2020     2019  
             
Current income tax provision (benefit)     (294,402 )     -  
Deferred income tax provision (benefit)     384,298       (3,132,000 )
Change in valuation allowance     (384,298 )     3,132,000  
Net income tax expense (benefit)     (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, 2020:

  

    2020  
    Amount     Percent  
             
Federal statutory rates   $ (477,000 )     21 %
State income taxes     (120,000 )     5 %
Change in valuation allowance     384,300       -17 %
True-up to prior year returns     (81,700 )     4 %
Effective rate   $ (294,400 )      13 %

 

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2019:

 

    2019  
    Amount     Percent  
             
Federal statutory rates   $ 208,000       21 %
State income taxes     50,000       5 %
Change in valuation allowance     (3,132,000 )     -316 %
True-up to prior year returns     2,872,000       290 %
Other     2,000       0 %
Effective rate   $ -       0 %
XML 61 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jan. 31, 2020
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 accompanying consolidated balance sheets at January 31, 2020 and 2019:

 

    2020     2019  
    Carrying Amount     Fair Value     Carrying Amount     Fair Value  
Mortgage notes payable   $ 6,105,668     $ 4,000,906     $ 4,824,692     $ 3,141,032  
Notes payable to banks   $ 17,100     $ 17,100     $ 9,300     $ 9,300  
Other notes payable   $ 1,203,080     $ 1,203,080     $ 1,494,030     $ 1,494,030  
XML 62 R49.htm IDEA: XBRL DOCUMENT v3.20.2
Supplemental Cash Flow Disclosures (Tables)
 12 Months Ended
Jan. 31, 2020
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
    2020     2019
Cash paid for interest   $ 109,000     $ 634,337
               
Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases   $ 51,000     $ 1,677,572
               
Deferred rent reclasified to ROU Asset   $ 171,344     $ -
XML 63 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations (Tables)
 12 Months Ended
Jan. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Future Payments on Notes
FISCAL YEAR      
2021     91,667  
2022     550,000  
2023     550,000  
2024     550,000  
2025     550,000  
Thereafter     458,333  
    $ 2,750,000  
Impairment     (825,000 )
    $ 1,925,000  
Schedule of Discontinued Operations

The following tables list the assets and liabilities of discontinued operations for the fiscal year ended January 31, 2019 and the discontinued operations for fiscal year ended January 31, 2019.

 

DISCONTINUED OPERATIONS

 

    JANUARY 31, 2019  
ASSETS        
Current Assets:        
Cash and Cash Equivalents   $ 305,835  
Accounts Receivable     2,750,932  
Prepaid Expenses and Other Current Assets     13,680  
Current Portion of Notes Receivable        
Total Current Assets of Discontinued Operations     3,070,447  
Noncurrent assets of Discontinued Operations        
Property, Plant and Equipment, net     -  
TOTAL ASSETS OF DISCONTINUED OPERATIONS   $ 3,070,447  
         
LIABILITIES        
         
LIABILITIES        
Current Liabilities:        
Accounts Payable and Accrued Expenses   $ 546,803  
Current Portion of Notes Payable to Banks, net of Discount     -  
Total Current Liabilities of Discontinued Operations     546,803  
Noncurrent Liabilities of Discontinued Operations        
Mortgage Notes Payable, net of Discount     -  
Notes Payable to Banks, net of Discount     -  
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS   $ 546,803  

 

 

    FOR THE YEAR ENDED  
    JANUARY 31,  
    2019  
REVENUE        
Room   $ 3,225,783  
Food and Beverage     27,569  
Reservation and Convention     173,399  
Other     41,057  
TOTAL REVENUE     3,467,808  
         
OPERATING EXPENSES        
Room     1,261,875  
Food and Beverage     35,592  
Telecommunications     21,803  
General and Administrative     766,475  
Sales and Marketing     469,457  
Reservation Acquisition Costs     142,842  
Repairs and Maintenance     185,148  
Hospitality     167,874  
Utilities     160,641  
Depreciation     393,581  
Intangible Amortization     -  
Real Estate and Personal Property Taxes, Insurance and Ground Rent     88,344  
Other     -  
TOTAL OPERATING EXPENSES     3,693,632  
OPERATING LOSS     (225,824 )
Interest Income     -  
TOTAL OTHER INCOME     -  
Interest on Mortgage Notes Payable     214,811  
Interest on Notes Payable to Banks     41,390  
Interest on Other Notes Payable     -  
TOTAL INTEREST EXPENSE     256,201  
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS   $ (482,025 )
XML 64 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Nature of Operations and Basis of Presentation (Details Narrative)
 12 Months Ended
Oct. 24, 2018
USD ($)
Jan. 31, 2020
USD ($)
Integer
shares
Jan. 31, 2019
USD ($)
Integer
shares
Aug. 01, 2020
USD ($)
Dec. 31, 2019
USD ($)
Aug. 15, 2018
Number of hotels | Integer   2        
Number of suites | Integer   270        
Debt instrument interest rate   30.00%        
Short term investments   $ 1,896,556      
June 30, 2021 [Member] | Advances to Affiliate [Member]            
Line of credit limit   $ 1,000,000        
Class A Partnership Units [Member]            
Partnership unit issued | shares   211,708 211,708      
Partnership unit outstanding | shares   211,708 211,708      
General Partner Units [Member]            
Number of partnership units | shares   10,025,771 10,025,771      
Innsuites Hotel Located in Albuquerque New Mexico [Member]            
Partnership ownership interest percentage   20.33%        
Class A Partnership Units [Member]            
Percentage of total partnership units   1.66% 1.66%      
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 | shares   2,974,038 2,974,038      
Trust [Member]            
Line of credit amount   $ 250,000        
Line of credit limit         $ 1,000,000  
Cash and cash equivalents   1,225,000        
Short term investments   1,225,000        
Line of credit availability combined   1,000,000        
Advances to affiliates   1,000,000        
Trust [Member] | Advances to Affiliate [Member]            
Line of credit amount   1,000,000        
Trust [Member] | June 30, 2021 [Member]            
Advances to affiliates   1,000,000        
Trust [Member] | Subsequent Event [Member]            
Line of credit amount       $ 0    
Advances to affiliates       1,000,000    
Trust [Member] | Subsequent Event [Member] | Advances to Affiliate [Member]            
Line of credit limit       $ 1,000,000    
Trust [Member] | Promissory Notes [Member]            
Line of credit amount   $ 0        
Debt instrument interest rate   7.00%        
RRF Limited Partnership [Member] | Weighted Average [Member]            
Percentage of ownership interest held by the trust   75.89% 72.53%      
Yuma Hospitality Properties Limited Partnership [Member]            
Sale of stock transaction value $ 16,050,000          
IBC Hotels, LLC [Member]            
Number of hotels | Integer   2        
Number of suites | Integer   270        
Number of real estate properties | Integer   2,000 2,000      
IBC Hotels, LLC [Member] | Promissory Notes [Member]            
Debt instrument interest rate           3.75%
General Partner [Member] | RRF Limited Partnership [Member]            
Percentage of ownership interest held by the trust   74.94% 74.80%      
Limited Partner [Member]            
Number of partnership units | shares     3,185,746      
XML 65 R52.htm IDEA: XBRL DOCUMENT v3.20.2
Nature of Operations and Basis of Presentation - Schedule of Entity Ownership Percentage (Details)
Jan. 31, 2020
Albuquerque Suite Hospitality, LLC [Member] | Direct Ownership [Member]  
IHT OWNERSHIP % 20.33%
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
XML 66 R53.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details Narrative)
 3 Months Ended 12 Months Ended
Jul. 31, 2019
$ / shares
Jan. 31, 2020
USD ($)
Integer
shares
Jan. 31, 2019
USD ($)
Integer
$ / shares
shares
Common stock, dividends, per share, cash paid | $ / shares $ 0.01   $ 0.02
Dividends, common stock, cash | $   $ 191,924 $ 195,575
Aggregate weighted average shares of beneficial for units of partnership | shares   3,024,038  
Weighted average incremental shares resulting from unit conversion | shares   3,185,746 3,473,085
Number of hotels   2  
Number of suites   270  
Advertising expense | $   $ 344,000 $ 581,000
IBC Hotels, LLC [Member]      
Number of hotels   2  
Number of suites   270  
Number of real estate properties   2,000 2,000
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]      
Stock issued during period share-based compensation, shares | shares   18,000 18,000
Stock issued during period share-based compensation | $   $ 32,400 $ 32,400
Building [Member] | Maximum [Member]      
Property, plant and equipment, useful life   40 years  
Furniture and Equipment [Member] | Maximum [Member]      
Property, plant and equipment, useful life   10 years  
Furniture and Equipment [Member] | Minimum [Member]      
Property, plant and equipment, useful life   3 years  
XML 67 R54.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Accounting Policies [Abstract]    
Beginning Balance $ (5,943) $ (28,564)
Discontinued Operations Adjustment 25,000
Charged to Expense (13,223)
Deductions 4,377 (2,379)
Ending Balance $ (14,789) $ (5,943)
XML 68 R55.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies - Schedule of Restricted Share Activity (Details) - Restricted Stock [Member] - $ / shares
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
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 1.35 1.80
Weighted-Average Per Share Grant Date Fair Value Vested 1.35 1.80
Weighted-Average Per Share Grant Date Fair Value Forfeited
Weighted-Average Per Share Grant Date Fair Value Balance of unvested awards Ending
XML 69 R56.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies - Schedule of Diluted Earnings Per Share (Details) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Accounting Policies [Abstract]    
Net (Loss) Income attributable to controlling interest $ (1,741,688) $ 1,419,701
Plus: Net Income attributable to non-controlling interests (236,756) 9,686,182
Net (Loss) Income $ (1,978,444) $ 11,105,883
Weighted average common shares outstanding 9,324,530 9,283,081
Plus: Weighted average incremental shares resulting from unit conversion 3,185,746 3,473,085
Weighted average common shares outstanding after unit conversion   12,436,556
Diluted Income Per Share   $ 0.89
XML 70 R57.htm IDEA: XBRL DOCUMENT v3.20.2
Sale of Ownership Interests in Albuquerque Subsidiary (Details Narrative) - USD ($)
 12 Months Ended
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, 2020
Jan. 31, 2019
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                          
Albuquerque Suite Hospitality, LLC [Member] | Class A [Member]                              
Proceeds from sale of units by subsidiary                         $ 150,000    
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                 $ 10,000    
Restructuring fee                           $ 128,000  
Number of units sold during period                         13.5 100  
Albuquerque Suite Hospitality, LLC [Member] | Unrelated Unit Holders [Member]                              
Priority return payments                         $ 251,000    
Albuquerque Suite Hospitality, LLC [Member] | Trust [Member]                              
Priority return payments                         $ 63,000    
Albuquerque Suite Hospitality, LLC [Member] | Class A Limited Partnership Units [Member]                              
Percentage of trust held ownership interest                       20.33%      
Albuquerque Suite Hospitality, LLC [Member] | Class A Limited Partnership Units [Member] | Other Parties [Member]                              
Number of units sold during period                       477      
Albuquerque Suite Hospitality, LLC [Member] | Class A Limited Partnership Units [Member] | Other Parties [Member]                              
Percentage of trust held ownership interest                       79.30%      
Albuquerque Suite Hospitality, LLC [Member] | Class B Limited Partnership Units [Member]                              
Number of units sold during period                       123.50      
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                      
XML 71 R58.htm IDEA: XBRL DOCUMENT v3.20.2
Sale of Ownership Interests in Tucson Hospitality Properties Subsidiary (Details Narrative) - USD ($)
 12 Months Ended
Oct. 01, 2013
Feb. 17, 2011
Jan. 31, 2020
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] | Unrelated Unit Holders [Member]        
Priority return payments     $ 270,000  
Tucson Hospitality Properties LP [Member] | Partnership [Member]        
Priority return payments     $ 283,000  
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      
XML 72 R59.htm IDEA: XBRL DOCUMENT v3.20.2
Variable Interest Entity (VIE) (Details Narrative) - Restructuring Agreement [Member] - USD ($)
 12 Months Ended
Feb. 15, 2017
Jan. 31, 2018
Yuma Hospitality Properties LP [Member] | Class B [Member]    
Number of units purchased during the period 300  
Yuma Hospitality Properties LP [Member] | Class A [Member]    
Number of units reissued during the period 300  
Maximum number of units to be offered for sale during the period 300  
Rare Earth Financial, LLC [Member]    
Sale price per unit $ 10,000  
Limited liability limited partnership interests 800  
Rare Earth Financial, LLC [Member] | General Partner [Member]    
Restructuring fee   $ 240,000
XML 73 R60.htm IDEA: XBRL DOCUMENT v3.20.2
Variable Interest Entity (VIE) - Schedule of Variable Interest Entities (Details) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Accounts Receivable $ 585,226 $ 236,942
Prepaid Expenses and Deposits 77,806 95,553
Operating Lease -Right of Use 2,197,364
Total Assets 16,995,455 17,199,754
Operating Lease Liability (ASC 842) 2,421,744  
Total Liabilities 11,077,645 8,451,239
Equity 8,147,515 10,220,427
Liabilities & Equity 16,995,455 17,199,754
Variable Interest Entity [Member]    
Cash 21,359 81,027
Accounts Receivable 23,355 77,956
Prepaid Expenses and Deposits 19,688 12,063
Hotel Properties, Net 1,641,582 1,801,357
Operating Lease -Right of Use 2,085,984
Total Assets 3,791,968 1,972,403
Accounts Payable 135,165 94,261
Accrued Expenses and Other 278,071 421,814
Due to Affiliate 15,000 1,361,999
Operating Lease Liability (ASC 842) 2,263,467
Mortgage Notes Payable 1,396,690
Total Liabilities 4,088,392 1,878,074
Equity (296,424) 94,329
Liabilities & Equity $ 3,791,968 $ 1,972,403
XML 74 R61.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Receivable (Details Narrative) - USD ($)
 12 Months Ended
Aug. 15, 2018
Dec. 31, 2020
Jan. 31, 2020
Jan. 31, 2019
Debt instrument, principal amount     $ 2,750,000  
Debt instrument interest rate     30.00%  
Impairment charges   $ 825,000    
Debt maturity date, description     The mortgage notes payable have various repayment terms and have scheduled maturity dates ranging from August 2022 to June 2042.  
IBC Hotels, LLC [Member]        
Debt instrument, principal amount       $ 100,000
Proceeds from notes receivable $ 2,500,000      
Proceeds from notes receivable, percentage 50.00%      
Unpaid balance percentage 50.00%      
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 The initial terms stated that interest accrues for the first 10 months (starting August 2018); thereafter for month 11 and 12, principal and interest payments of 50% ($25,632 per month); then the remaining amount to be amortized over 59 months (payments of $52,054 per month) with maturity in June 2024.      
Debt maturity date, description "Each Payment Date set forth in the note, but not the Maturity Date, shall be extended to a date that is one (1) year, four (4) months and twenty-five (25) days after the date originally set forth in the note. For example, the first payment, which was originally schedule as due on July 5, 2019 shall be due on November 30, 2020."      
IBC Hotels, LLC [Member] | Promissory Notes [Member] | Payments of 50% [Member]        
Principal payments $ 25,632      
IBC Hotels, LLC [Member] | Promissory Notes [Member] | Amortized Over 59 Months [Member]        
Principal payments $ 52,054      
XML 75 R62.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Receivable - Schedule of Future Payments of Debt (Details)
Jan. 31, 2020
USD ($)
Notes Receivable  
2021 $ 91,667
2022 550,000
2023 550,000
2024 550,000
2025 550,000
Thereafter 458,333
Total 2,750,000
Impairment (825,000)
Notes receivable $ 1,925,000
XML 76 R63.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Unigen Power, Inc. (Details Narrative) - USD ($)
 12 Months Ended
Dec. 16, 2019
Jan. 31, 2020
Jan. 31, 2019
Investments   $ 600,000
Fair value of warrants   $ 346,000  
Debenture Warrants [Member]      
Warrants exercise price   $ 1.00  
Additional Warrants [Member]      
Warrants exercise price   $ 1.00  
UniGen Power Inc. [Member]      
Investments $ 600,000 $ 254,000  
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 $ 1.00    
Shares issued   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   120,000  
Convertible Debenture Purchase Agreement [Member] | UniGen Power Inc. [Member]      
Payments on secured convertible debentures $ 1,000,000    
Debt instrument, conversion price per share $ 1.00    
Convertible Debenture Purchase Agreement [Member] | UniGen Power Inc. [Member] | December 16, 2020 [Member]      
Payments on secured convertible debentures $ 600,000    
Convertible Debenture Purchase Agreement [Member] | UniGen Power Inc. [Member] | December 16, 2021 [Member]      
Payments on secured convertible debentures 400,000    
Convertible Debenture Purchase Agreement [Member] | UniGen Power Inc. [Member] | February 3, 2020 [Member]      
Payments on secured convertible debentures $ 400,000    
XML 77 R64.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Unigen Power, Inc. - Schedule of Warrants Valuation Assumptions (Details)
Jan. 31, 2020
$ / shares
Debenture Warrants [Member]  
Exercise (Strike) price $ 1.00
Stock price $ 2.25
Fair value of warrants measurement input, term 2 years
Debenture Warrants [Member] | Annualized Risk-free Rate [Member]  
Fair value of warrants measurement input, percentage 1.630
Debenture Warrants [Member] | Annualized Volatility [Member]  
Fair value of warrants measurement input, percentage 27.43
Additional Warrants [Member]  
Exercise (Strike) price $ 1.00
Stock price $ 2.25
Fair value of warrants measurement input, term 2 years
Additional Warrants [Member] | Annualized Risk-free Rate [Member]  
Fair value of warrants measurement input, percentage 1.630
Additional Warrants [Member] | Annualized Volatility [Member]  
Fair value of warrants measurement input, percentage 27.43
XML 78 R65.htm IDEA: XBRL DOCUMENT v3.20.2
Property, Plant, and Equipment and Hotel Properties - Schedule of Property, Plant and Equipment (Details) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Property, Plant and Equipment, net $ 8,983,323 $ 9,532,793
Hotel Properties [Member]    
Total property, plant and equipment 17,017,356 16,695,493
Less accumulated depreciation (8,155,224) (7,312,869)
Property, Plant and Equipment, net 8,903,097 9,426,282
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 10,495,465 10,334,919
Hotel Properties [Member] | Furniture, Fixtures and Equipment [Member]    
Total property, plant and equipment 4,013,590 3,860,574
Hotel Properties [Member] | Hotel Properties in Service [Member]    
Total property, plant and equipment 8,862,132 9,382,625
Hotel Properties [Member] | Construction in Progress [Member]    
Total property, plant and equipment 40,965 43,657
Property, Plant and Equipment [Member]    
Total property, plant and equipment 243,654 617,546
Less accumulated depreciation (163,428) (511,035)
Property, Plant and Equipment, net 80,226 106,511
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 $ 160,987 $ 534,879
XML 79 R66.htm IDEA: XBRL DOCUMENT v3.20.2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Tax and Insurance Escrow $ 57,752 $ 57,810
Deposits 5,000 3,000
Prepaid Insurance (59) 5,000
Prepaid Workman's Compensation 6,754 21,459
Miscellaneous Prepaid Expenses 8,359 8,284
Total Prepaid Expenses and Current Assets $ 77,806 $ 95,553
XML 80 R67.htm IDEA: XBRL DOCUMENT v3.20.2
Intangible Assets, Goodwill and Impairment (Details Narrative) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible assets
Goodwill
XML 81 R68.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
 [1]
Payables and Accruals [Abstract]    
Accounts Payable $ 421,281 $ 166,339
Accrued Salaries and Wages 89,448 251,773
Accrued Vacation 8,472 28,780
Income Tax Payable 146,666 631,130
Accrued Interest Payable 4,857
Advanced Deposits 59,194 60,322
Accrued Property Taxes 32,766 79,516
Accrued Land Lease 161,856
Sales Tax Payable 382,779 114,753
Deferred Revenue 31,239
Accrued Other 244,365 108,238
Total Accounts Payable and Accrued Expenses $ 1,384,971 $ 1,638,803
[1] Includes discontinued operations.
XML 82 R69.htm IDEA: XBRL DOCUMENT v3.20.2
Mortgage Notes Payable (Details Narrative) - USD ($)
 12 Months Ended
Dec. 02, 2019
Jun. 29, 2017
Jan. 31, 2020
Jan. 31, 2019
Jan. 31, 2018
Debt instrument maturity description     The mortgage notes payable have various repayment terms and have scheduled maturity dates ranging from August 2022 to June 2042.    
Mortgage notes payable interest rate       4.85% 4.65%
Debt instrument interest rate     30.00%    
Mortgage loan face amount     $ 2,750,000    
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     $ 4,709,000    
Debt instrument discount     5,000    
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. 02, 2029        
Mortgage loan face amount     $ 1,397,000    
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%        
XML 83 R70.htm IDEA: XBRL DOCUMENT v3.20.2
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Mortgage note payable $ 6,105,668 $ 4,824,692
Tucson Oracle Property [Member]    
Mortgage note payable 4,708,979 4,824,692
Albuquerque Property [Member]    
Mortgage note payable $ 1,396,690
XML 84 R71.htm IDEA: XBRL DOCUMENT v3.20.2
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) (Parenthetical) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Mortgage note payable, interest rate 30.00%  
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  
XML 85 R72.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable to Banks (Details Narrative) - Business Loan Agreement [Member] - USD ($)
Oct. 17, 2017
Jan. 31, 2020
Jan. 31, 2019
Trust [Member]      
Revolving line of credit $ 150,000 $ 0 $ 17,100
Line of credit, maturity date Aug. 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    
XML 86 R73.htm IDEA: XBRL DOCUMENT v3.20.2
Lines of Credit - Related Party (Details Narrative) - USD ($)
 12 Months Ended
Dec. 01, 2014
Jan. 31, 2020
Jan. 31, 2019
Aug. 01, 2020
Dec. 31, 2019
Jan. 12, 2014
Note receivable - related party including accrued interest   $ 632,027      
Notes payable, related parties   161,440 317,738      
Interest income, related party   108,496      
Rare Earth Financial, LLC [Member]            
Line of credit increased maximum borrowing capacity   1,000,000       $ 1,000,000
Line of credit interest rate 7.00%          
Line of credit maturity date Jun. 30, 2021          
Note receivable - related party including accrued interest   0 632,000      
Notes payable, related parties     256,000      
Proceeds from repayments     888,000      
Interest income, related party     $ 21,000      
Trust [Member]            
Line of credit increased maximum borrowing capacity         $ 1,000,000  
Advance to Affiliate credit facilities   1,000,000        
Trust [Member] | Subsequent Event [Member]            
Advance to Affiliate credit facilities       $ 1,000,000    
Trust [Member] | June 30, 2021 [Member]            
Advance to Affiliate credit facilities   $ 1,000,000        
XML 87 R74.htm IDEA: XBRL DOCUMENT v3.20.2
Other Notes Payable (Details Narrative) - USD ($)
 12 Months Ended
Jul. 01, 2019
Dec. 05, 2016
Jan. 31, 2020
Jan. 31, 2019
Jul. 18, 2018
May 30, 2018
Mar. 20, 2017
Mar. 01, 2017
Jun. 20, 2016
Debt instrument interest rate     30.00%            
Debt instrument maturity date description     The mortgage notes payable have various repayment terms and have scheduled maturity dates ranging from August 2022 to June 2042.            
Debt instrument, principal amount     $ 2,750,000            
Hayden Loan [Member]                  
Debt instrument interest rate 4.00%                
Debt instrument, maturity date Jun. 30, 2021                
Unsecured loan         $ 270,000 $ 270,000   $ 270,000 $ 270,000
Hayes Loan [Member]                  
Debt instrument, principal amount     270,000            
Hayes Loans [Member] | Eight Unsecured Loans [Member]                  
Debt instrument, maturity date   Jul. 01, 2019              
Unsecured loan   $ 425,000              
Sweitzer Loans [Member]                  
Debt instrument interest rate 4.50%                
Debt instrument, maturity date Jun. 30, 2021                
Debt instrument, principal amount     100,000       $ 100,000    
Individual Lender [Member]                  
Notes payable outstanding to unrelated third parties       $ 200,000          
Debt instrument interest rate       4.00%          
Unsecured loan     $ 200,000            
Other Notes Payable [Member]                  
Stock repurchased during period, shares     297,898 266,894          
Debt instrument interest rate     7.00%            
Debt instrument, maturity date     Aug. 31, 2021            
Other Notes Payable [Member] | Class A Partnership Units [Member]                  
Notes payable outstanding to unrelated third parties     $ 310,000 $ 499,000          
Stock repurchased during period, shares     57,732 82,588          
XML 88 R75.htm IDEA: XBRL DOCUMENT v3.20.2
Minimum Debt Payments - Scheduled of Minimum Payments of Debt (Details)
Jan. 31, 2020
USD ($)
2021 $ 1,146,101
2022 230,061
2023 191,138
2024 219,151
2025 192,828
2026 203,490
Thereafter 4,981,642
Long term debt 7,164,411
Mortgages [Member]  
2021 160,849
2022 170,856
2023 176,852
2024 219,151
2025 192,828
2026 203,490
Thereafter 4,981,642
Long term debt 6,105,668
Notes Payable Related Parties [Member]  
2021 161,440
2022
2023
2024
2025
2026
Thereafter
Long term debt 161,440
Notes Payable to Banks [Member]  
2021 17,100
2022
2023
2024
2025
2026
Thereafter
Long term debt 17,100
Other Notes Payable [Member]  
2021 806,712
2022 59,205
2023 14,286
2024
2025
2026
Thereafter
Long term debt $ 880,203
XML 89 R76.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Details Narrative)
 12 Months Ended
Jan. 31, 2020
Minimum [Member]  
Operating lease and financing, remaining lease term 2 years
Maximum [Member]  
Operating lease and financing, remaining lease term 38 years
XML 90 R77.htm IDEA: XBRL DOCUMENT v3.20.2
Leases - Schedule of Lease Costs (Details)
 12 Months Ended
Jan. 31, 2020
USD ($)
Leases [Abstract]  
Operating lease cost $ 2,225,113
Finance lease cost: Amortization of right-of-use assets 27,749
Finance lease cost: Interest on lease obligations $ 5,835
XML 91 R78.htm IDEA: XBRL DOCUMENT v3.20.2
Leases - Schedule of Other Lease Information (Details)
 12 Months Ended
Jan. 31, 2020
USD ($)
Leases [Abstract]  
Cash paid for amounts included in measurement of lease obligations: Operating cash flows from operating leases $ 165,573
Cash paid for amounts included in measurement of lease obligations: Operating cash flows from finance leases 31,123
Right of use assets obtained in exchange for lease liabilities: Operating leases 2,274,551
Right of use assets obtained in exchange for lease liabilities: Finance leases $ 104,058
Weighted-average remaining lease term - operating leases 37 years 8 months 12 days
Weighted-average remaining lease term - finance leases 3 years 9 months
Weighted-average discount rate - operating leases 4.85%
Weighted-average discount rate - finance leases 4.85%
XML 92 R79.htm IDEA: XBRL DOCUMENT v3.20.2
Leases - Schedule of Aggregate Annual Lease Obligations of Operating Lease and Finance Lease (Details)
Jan. 31, 2020
USD ($)
Leases [Abstract]  
Operating leases: 2021 $ 168,780
Operating leases: 2022 172,177
Operating leases: 2023 148,348
Operating leases: 2024 112,116
Operating leases: 2025 112,116
Operating lease: Thereafter 5,151,311
Operating leases: Total undiscounted lease obligations 5,864,848
Operating leases: Less imputed interest (3,443,105)
Operating leases: Net lease obligations 2,421,744
Finance leases: 2021 31,123
Finance leases: 2022 31,123
Finance leases: 2023 31,123
Finance leases: 2024 23,343
Finance leases: 2025
Finance leases: Thereafter
Finance leases: Total undiscounted lease obligations 116,713
Finance leases: Less imputed interest (10,195)
Finance leases: Net lease obligations $ 106,518
XML 93 R80.htm IDEA: XBRL DOCUMENT v3.20.2
Leases - Schedule of Future Minimum Rental Payments for Operating Lease and Finance Lease (Details)
Jan. 31, 2020
USD ($)
Leases [Abstract]  
Operating leases: 2020 $ 200,817
Operating leases: 2021 200,817
Operating leases: 2022 200,817
Operating leases: 2023 182,328
Operating leases: 2024 145,348
Operating lease: Thereafter 5,051,449
Operating lease: Total future minimum lease payments 5,981,578
Finance leases: 2020 31,123
Finance leases: 2021 31,123
Finance leases: 2022 31,123
Finance leases: 2023 31,123
Finance leases: 2024 23,343
Finance leases: Thereafter
Finance lease: Total future minimum lease payments $ 147,836
XML 94 R81.htm IDEA: XBRL DOCUMENT v3.20.2
Description of Beneficial Interests (Details Narrative) - shares
 12 Months Ended
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, 2020
Jan. 31, 2019
Stock repurchase program, remaining number of shares authorized to be repurchased                 1.64 1.67
Stock repurchase program, number of shares authorized to be repurchased                 372,965  
Shares of Beneficial Interest [Member]                    
Stock repurchased during period, shares                 104,993 433,377
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    
XML 95 R82.htm IDEA: XBRL DOCUMENT v3.20.2
Federal Income Taxes (Details Narrative)
Jan. 31, 2020
USD ($)
Income Tax Disclosure [Abstract]  
Net operating loss carryforwards $ 4,600,000
XML 96 R83.htm IDEA: XBRL DOCUMENT v3.20.2
Federal Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Income Tax Disclosure [Abstract]    
Net operating loss carryforwards $ 1,075,000 $ 705,000
Bad debt allowance 4,000 3,000
Accrued expenses (4,000) 2,000
Syndications 2,923,000 2,923,000
Prepaid Insurance
Alternative minimum tax credit 51,000 51,000
Total deferred tax asset 4,049,000 3,684,000
Deferred income tax liability associated with book/tax (1,551,000) (1,570,000)
Net deferred income tax asset 2,498,000 2,114,000
Valuation allowance (2,498,000) (2,114,000)
Net deferred income tax
XML 97 R84.htm IDEA: XBRL DOCUMENT v3.20.2
Federal Income Taxes - Schedule of Income Tax Provision (Details) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Income Tax Disclosure [Abstract]    
Current income tax provision (benefit) $ (294,402)
Deferred income tax provision (benefit) 384,298 (3,132,000)
Change in valuation allowance (384,298) 3,132,000
Net income tax expense (benefit) $ (294,402) $ 407,727
XML 98 R85.htm IDEA: XBRL DOCUMENT v3.20.2
Federal Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Income Tax Disclosure [Abstract]    
Federal statutory rates $ (477,000) $ 208,000
State income taxes (120,000) 50,000
Change in valuation allowance 384,298 (3,132,000)
True-up to prior year returns (81,700) 2,872,000
Other 2,000
Effective rate $ (294,402) $ 407,727
Federal statutory rates, percent 21.00% 21.00%
State income taxes, percent 5.00% 5.00%
Changes in valuation allowance, percent (17.00%) (316.00%)
True-up to prior year returns, percent 4.00% 290.00%
Other, percent 0.00%
Effective rate, percent 13.00% 0.00%
XML 99 R86.htm IDEA: XBRL DOCUMENT v3.20.2
Other Related Party Transactions (Details Narrative) - USD ($)
 6 Months Ended 12 Months Ended
Jul. 31, 2020
Jan. 31, 2020
Jan. 31, 2019
Aug. 01, 2020
Dec. 31, 2019
Interest income   $ 108,496    
Mr. Wirth [Member]          
Promisorry notes   $ 161,000 $ 161,000    
Mr. Wirth [Member] | Class B Partnership Units [Member]          
Stock repurchased during period, shares   433,900 433,900    
Stock repurchased during period, value   $ 323,000 $ 323,000    
Mr. Berg [Member]          
Promisorry notes   $ 484,000 $ 484,000    
Stock repurchased during period, shares   40,000 40,000    
Stock repurchased during period, value   $ 306,000 $ 306,000    
June 30, 2021 [Member] | Advances to Affiliate [Member]          
Line of credit limit   1,000,000      
Trust [Member]          
Revenue   127,000 165,000    
Line of credit limit         $ 1,000,000
Advances to affiliate   1,000,000      
Trust [Member] | Subsequent Event [Member]          
Advances to affiliate       $ 1,000,000  
Stock repurchased during period, shares 201,676        
Stock repurchased during period, value $ 211,000        
Trust [Member] | Advances to Affiliate [Member] | Subsequent Event [Member]          
Line of credit limit       $ 1,000,000  
Trust [Member] | June 30, 2021 [Member]          
Advances to affiliate   1,000,000      
Berg Investment Advisors [Member]          
Consultative services fee   $ 6,000 6,000    
Ms. Barnhill [Member]          
Compensation amount     $ 74,471    
Tempe/Phoenix Airport Resort LLC [Member]          
Percentage of advances affiliate owns   42.00%      
Interest income   $ 62,000      
General Partner [Member]          
Partnership ownership interest percentage   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   20.33%      
Mr. Wirth and Affiliates [Member]          
Number of shares held for beneficial interest of trust   5,876,683 5,881,683    
Percentage of shares issued and outstanding of beneficial interest   61.32% 62.84%    
Yearly salary   $ 35,000      
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   23.35% 23.35%    
IBC Hotels [Member] | Mr. Wirth and Affiliates [Member]          
Percentage of room revenue received from hotels owned by affiliates   5.00%      
Related party, monthly accounting fee   $ 2,000      
Agreement term description   These agreements have no expiration date and may be cancelled by either party with 90-days written notice or 30-days written notice in the event the property changes ownership.      
XML 100 R87.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Instruments - Schedule of Fair Value Liabilities Measured on Recurring Basis (Details) - USD ($)
Jan. 31, 2020
Jan. 31, 2019
Mortgage notes payable, Carrying Amount $ 6,105,668 $ 4,824,692
Fair Values of Trust's Debt Instruments [Member]    
Mortgage notes payable, Carrying Amount 6,105,668 4,824,692
Mortgage notes payable, Fair Value 4,000,906 3,141,032
Notes payable to banks, Carrying Amount 17,100 9,300
Notes payable to banks, Fair Value 17,100 9,300
Other notes payable, Carrying Amount 1,203,080 1,494,030
Other notes payable, Fair Value $ 1,203,080 $ 1,494,030
XML 101 R88.htm IDEA: XBRL DOCUMENT v3.20.2
Supplemental Cash Flow Disclosures - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Supplemental Cash Flow Elements [Abstract]    
Cash paid for interest $ 109,000 $ 634,337
Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases 51,000 1,677,572
Deferred rent reclasified to ROU Asset $ 171,344
XML 102 R89.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies (Details Narrative) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Jan. 31, 2018
Restricted cash   $ 0 $ 0
Membership fees and reservation amount $ 171,000 $ 276,000  
Tucson Oracle Property [Member]      
Percentage of deposit used for capital expenditures 4.00%    
XML 103 R90.htm IDEA: XBRL DOCUMENT v3.20.2
Share-Based Payments (Details Narrative) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Value of restricted shares issued $ 32,400  
1997 Stock Incentive and Option Plan [Member]    
Stock options expiration period 10 years  
Options granted
Options outstanding
Options available to grant 1,000,000  
Class A and B Limited Partnership Units [Member]    
Percentage of shares of beneficial interest and partnership unit 10.00%  
XML 104 R91.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Reporting (Details Narrative)
 12 Months Ended
Jan. 31, 2020
Integer
Number of suites 270
Number of reportable segments 2
Number of operating segments 0
IBC Hotels [Member]  
Number of suites 270
Number of real estate properties 2,000
XML 105 R92.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations (Details Narrative) - USD ($)
 12 Months Ended
Oct. 24, 2018
Sep. 04, 2018
Aug. 14, 2018
Jan. 31, 2020
Jan. 31, 2019
Debt instrument, principal amount       $ 2,750,000  
Debt instrument interest rate       30.00%  
Proceeds from related party       $ 1,569,428
Lease payment       165,573  
Sales price of assets       10,184,766
Trust [Member]          
Gain on sale of subsidiary       2,394,000  
Tax amount       0  
Sales price estimated value       3,000,000  
Discontinued Operations [Member]          
Number of sale of property amount     $ 250,000 3,000,000  
Debt instrument, principal amount       $ 2,750,000  
Debt instrument interest rate       3.75%  
Interest payment percentage       50.00%  
Interest payment per month       $ 25,632  
Working capital per month       100,000  
Value of assets acquired and liabilities assumed       431,000  
Cost of sale of subsidiary       $ 325,000  
Debt default payment, description       If Buyer has not paid two or more payments on the note as scheduled, or if Buyer has not satisfied any other provisions in the note, IHT may give Buyer notice of default. If Buyer fails to cure the default within 30 days after notice (a) on or before February 5, 2020, then 75% of the issued and outstanding IBC interest shall be transferred to IHT, and (b) on or after February 5, 2020, then 51% of the issued and outstanding interest of the Company shall be transferred to IHT.  
Working capital, description       If the closing new working capital is between $0 and negative $100,000, the purchase price shall not be adjusted. If the closing working capital is less then negative $100,000, the principal amount of the note shall be deceased in amount equal to the amount by which the closing net working capital is greater than negative $100,000 and If the closing working capital is greater than $0, the principal amount of the note shall be increased in an amount equal to the closing working capital.  
Lease payment       $ 7,500  
59 Months [Member] | Discontinued Operations [Member]          
Interest payment per month       $ 52,054  
Maturity date       Jun. 30, 2024  
March 1, 2019 [Member] | Discontinued Operations [Member]          
Lease payment       $ 6,500  
March 1, 2019 [Member] | Discontinued Operations [Member]          
Lease payment       5,500  
Chief Operating Officer [Member]          
Bonus payable   $ 15,000      
Executive Vice President [Member]          
Bonus payable   10,000      
Former CFO [Member] | Trust [Member]          
Compensation bonus paid   5,000      
November 2020 [Member]          
Bonus payable   $ 1,000      
Yuma Hotel Property [Member] | Discontinued Operations [Member]          
Gain on sale of subsidiary $ 11,080,000        
Tax amount 381,000        
Compensation bonus paid 16,050,000        
Sales price of assets 9,930,000        
Book value of assets 4,589,000        
Mortgage note payable $ 5,560,000        
IBC Hotels, LLC [Member]          
Debt instrument, principal amount         $ 100,000
IBC Hotels, LLC [Member] | Discontinued Operations [Member]          
Proceeds from related party       $ 2,500,000  
Percentage of proceeds by related party       50.00%  
Percentage of unpaid note       50.00%  
XML 106 R93.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations - Schedule of Future Payments on Notes (Details)
Jan. 31, 2020
USD ($)
Discontinued Operations and Disposal Groups [Abstract]  
2021 $ 91,667
2022 550,000
2023 550,000
2024 550,000
2025 550,000
Thereafter 458,333
Total 2,750,000
Impairment (825,000)
Total net of impairment $ 1,925,000
XML 107 R94.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($)
 12 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Total Current Assets of Discontinued Operations $ 320,447
Total Current Liabilities of Discontinued Operations 546,803
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS (482,025)
Yuma [Member]    
Cash and Cash Equivalents   305,835
Accounts Receivable   2,750,932
Prepaid Expenses and Other Current Assets   13,680
Current Portion of Notes Receivable  
Total Current Assets of Discontinued Operations   3,070,447
Noncurrent assets of Discontinued Operations  
Property, Plant and Equipment, net  
TOTAL ASSETS OF DISCONTINUED OPERATIONS   3,070,447
Accounts Payable and Accrued Expenses   546,803
Current Portion of Notes Payable to Banks, net of Discount  
Total Current Liabilities of Discontinued Operations   546,803
Mortgage Notes Payable, net of Discount  
Notes Payable to Banks, net of Discount  
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS   546,803
TOTAL REVENUE   3,467,808
Room   1,261,875
Food and Beverage   35,592
Telecommunications   21,803
General and Administrative   766,475
Sales and Marketing   469,457
Reservation Acquisition Costs   142,842
Repairs and Maintenance   185,148
Hospitality   167,874
Utilities   160,641
Depreciation   393,581
Intangible Amortization  
Real Estate and Personal Property Taxes, Insurance and Ground Rent   88,344
Other  
TOTAL OPERATING EXPENSES   3,693,632
OPERATING LOSS   (225,824)
Interest Income  
TOTAL OTHER INCOME  
Interest on Mortgage Notes Payable   214,811
Interest on Notes Payable to Banks   41,390
Interest on Other Notes Payable  
TOTAL INTEREST EXPENSE   256,201
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS   (482,025)
Yuma [Member] | Room [Member]    
TOTAL REVENUE   3,225,783
Yuma [Member] | Food and Beverage [Member]    
TOTAL REVENUE   27,569
Yuma [Member] | Reservation and Convention [Member]    
TOTAL REVENUE   173,399
Yuma [Member] | Other [Member]    
TOTAL REVENUE   $ 41,057
XML 108 R95.htm IDEA: XBRL DOCUMENT v3.20.2
Stock Options (Details Narrative)
Feb. 05, 2015
shares
Board of Trustees [Member] | 2015 Equity Incentive Plan [Member]  
Shares of beneficial interest of trust are authorized to issued 1,600,000
XML 109 R96.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events (Details Narrative) - USD ($)
 6 Months Ended 12 Months Ended
Apr. 17, 2020
Apr. 15, 2020
Jul. 31, 2020
Jan. 31, 2020
Feb. 03, 2020
Dec. 16, 2019
Jan. 31, 2019
Investment       $ 600,000    
Debt interest rate       30.00%      
Trust [Member]              
Paycheck protection plan forgivness percentage       100.00%      
Trust [Member] | Paycheck Protection Plan [Member]              
Proceeds from loans       $ 504,000      
Debt instrument term       60 months      
Debt interest rate       1.00%      
UniGen Power Inc. [Member]              
Investment       $ 254,000   $ 600,000  
Subsequent Event [Member] | Albuquerque Hotel [Member]              
Loans maximum funding amount $ 188,000            
Paycheck protection plan loan amount   $ 188,000          
Subsequent Event [Member] | Tucson Hotel [Member]              
Loans maximum funding amount 229,000            
Paycheck protection plan loan amount   229,000          
Subsequent Event [Member] | Trust [Member]              
Stock repurchased during period, shares     201,676        
Stock repurchased during period, value     $ 211,000        
Subsequent Event [Member] | InnSuites Hotels Inc. [Member]              
Loans maximum funding amount $ 87,000            
Paycheck protection plan loan amount   $ 87,000          
Subsequent Event [Member] | Second Payment [Member] | UniGen Power Inc. [Member]              
Investment         $ 400,000    
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