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Consolidated Balance Sheets (USD $)
Oct. 31, 2012
Jan. 31, 2012
ASSETS    
Cash and Cash Equivalents ($5,056 and $133,637 of variable interest entity (VIE), Note 9) $ 96,015 $ 983,424
Restricted Cash ($19,365 and $31,300 of VIE) 107,664 136,808
Accounts Receivable, including $60,870 and $102,358 from related parties and net of Allowance for Doubtful Accounts of $19,068 and $38,159, as of October 31 and January 31, respectively ($31,092 and $12,653 of VIE) 446,143 619,916
Notes Receivable from Related Parties 307,006  
Prepaid Expenses and Other Current Assets ($64,028 and $23,366 of VIE) 307,357 242,366
Total Current Assets 1,264,185 1,982,514
Hotel Properties, net ($1,357,395 and $1,415,155 of VIE) 24,841,088 25,141,748
Property, Plant and Equipment, net 123,960 149,377
Deferred Finance Costs and Other Assets ($14,638 and $15,858 of VIE) 176,869 108,619
TOTAL ASSETS 26,406,102 27,382,258
LIABILITIES    
Accounts Payable and Accrued Expenses ($170,853 and $112,643 of VIE) 1,646,567 2,414,763
Notes Payable to Banks 600,000  
Current Portion of Mortgage Notes Payable 1,176,611 2,291,247
Current Portion of Other Notes Payable 206,539 212,692
Total Current Liabilities 3,629,717 4,918,702
Mortgage Notes Payable 19,066,320 18,980,009
Other Notes Payable 197,823 337,960
TOTAL LIABILITIES 22,893,860 24,236,671
Commitments and Contingencies (See Note 11)      
SHAREHOLDERS’ EQUITY    
Shares of Beneficial Interest, without par value; unlimited authorization; 8,388,587 and 8,442,328 shares issued and outstanding at October 31, and January 31, 2012, respectively 15,333,018 14,646,261
Treasury Stock, 8,416,159 and 8,344,408 shares held at October 31, and January 31, 2012, respectively (11,852,006) (11,682,575)
TOTAL TRUST SHAREHOLDERS’ EQUITY 3,481,012 2,963,686
NON-CONTROLLING INTEREST 31,230 181,901
TOTAL EQUITY 3,512,242 3,145,587
TOTAL LIABILITIES AND EQUITY $ 26,406,102 $ 27,382,258