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Consolidated Balance Sheets (USD $)
Oct. 31, 2011
Jan. 31, 2011
Current Assets:    
Cash and Cash Equivalents ($164,237 and $10,107 of variable interest entity (VIE), Note 8) $ 674,476 $ 494,844
Restricted Cash 84,695 137,174
Accounts Receivable, including $563,112 and $290,232 from related parties and net of Allowance for Doubtful Accounts of $11,971 and $41,000, as of October 31, and January 31, 2011, respectively ($30,114 and $19,179 of VIE) 700,224 661,024
Prepaid Expenses and Other Current Assets ($42,062 and $45,173 of VIE) 215,138 443,043
Total Current Assets 1,674,533 1,736,085
Hotel Properties, net ($1,437,940 and $1,458,838 of VIE) 25,234,791 25,917,263
Property, Plant and Equipment, net 133,800 139,887
Deferred Finance Costs and Other Assets ($16,265 and $17,485 of VIE) 130,165 141,863
TOTAL ASSETS 27,173,289 27,935,098
Current Liabilities:    
Accounts Payable and Accrued Expenses ($155,645 and $101,345 of VIE) 1,554,227 2,093,228
Notes Payable to Banks 8  
Current Portion of Mortgage Notes Payable 8,097,658 8,214,759
Current Portion of Other Notes Payable 159,453 172,939
Total Current Liabilities 9,811,346 10,480,926
Mortgage Notes Payable 13,342,104 13,865,957
Other Notes Payable 376,198 307,614
TOTAL LIABILITIES 23,529,648 24,654,497
Commitments and Contingencies (See Note 10)      
SHAREHOLDERS’ EQUITY    
Shares of Beneficial Interest, without par value; unlimited authorization; 8,483,672 and 8,546,783 shares issued and outstanding at October 31, and January 31, 2011, respectively 15,405,126 15,412,926
Treasury Stock, 8,303,074 and 8,239,963 shares held at October 31, and January 31, 2011, respectively (11,607,646) (11,456,375)
TOTAL TRUST SHAREHOLDERS’ EQUITY 3,797,480 3,956,551
NON-CONTROLLING INTEREST (153,839) (675,950)
TOTAL EQUITY 3,643,641 3,280,601
TOTAL LIABILITIES AND EQUITY $ 27,173,289 $ 27,935,098