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Consolidated Balance Sheets (USD $)
Jul. 31, 2011
Jan. 31, 2011
Current Assets:    
Cash and Cash Equivalents ($141,606 and $10,107 of variable interest entity (VIE), Note 8) $ 1,094,092 $ 494,844
Restricted Cash 74,143 137,174
Accounts Receivable, including $475,781 and $290,232 from related parties and net of Allowance for Doubtful Accounts of $15,775 and $41,000, as of July 31, and January 31, 2011, respectively ($22,400 and $19,179 of VIE) 758,759 661,024
Prepaid Expenses and Other Current Assets ($43,048 and $45,173 of VIE) 341,596 443,043
Total Current Assets 2,268,590 1,736,085
Hotel Properties, net ($1,461,930 and $1,458,838 of VIE) 25,517,296 25,917,263
Property, Plant and Equipment, net 135,259 139,887
Deferred Finance Costs and Other Assets ($16,672 and $17,485 of VIE) 119,281 141,863
TOTAL ASSETS 28,040,426 27,935,098
LIABILITIES    
Accounts Payable and Accrued Expenses ($177,522 and $101,345 of VIE) 1,924,481 2,093,228
Current Portion of Mortgage Notes Payable 8,179,778 8,214,759
Current Portion of Other Notes Payable 209,198 172,939
Total Current Liabilities 10,313,457 10,480,926
Mortgage Notes Payable 13,519,347 13,865,957
Other Notes Payable 379,641 307,614
TOTAL LIABILITIES 24,212,445 24,654,497
Commitments and Contingencies (See Note 10)    
SHAREHOLDERS’ EQUITY    
Shares of Beneficial Interest, without par value; unlimited authorization; 8,511,027 and 8,546,783 shares issued and outstanding at July 31, and January 31, 2011, respectively 15,490,425 15,412,926
Treasury Stock, 8,275,719 and 8,239,963 shares held at July 31, and January 31, 2011, respectively (11,549,167) (11,456,375)
TOTAL TRUST SHAREHOLDERS’ EQUITY 3,941,258 3,956,551
NON-CONTROLLING INTEREST (113,277) (675,950)
TOTAL EQUITY 3,827,981 3,280,601
TOTAL LIABILITIES AND EQUITY $ 28,040,426 $ 27,935,098