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Discontinued Operations and Assets Held for Sale | 12 Months Ended
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Jan. 31, 2016
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Assets Held for Sale | 25. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE On August 1, 2015, the Trust finalized and committed to a plan to sell all of its hotel properties. Except for the Yuma hotel property, the Trust listed each of the properties with a local successful real estate hotel broker and Management believes that the assets are being marketed at a price that is reasonable in relation to its current fair value. The Trust believes that the plan to sell these assets will not likely be withdrawn and is probable to be consummated by July 31, 2016. On October 14, 2015, the Trust sold its Tucson St Mary’s hotel to an unrelated third party. Except for the Yuma hotel property, the Trust has recognized the sale of the Tucson St. Mary’s hotel and the reclassification of three of its hotels into discontinued operations and assets held for sale in accordance with ASC No. 205-20, Discontinued Operations. As such, the historical results of these hotels have been adjusted for comparability purposes and exclude any corporate general and administrative expenses. Discontinued operations for the fiscal years ended January 31, 2016 and January 31, 2015 primarily consists of all hotels operational revenues and expenses except our Yuma hotel property and does not include the sale proceeds and profit from the sale of our Tucson St Mary’s hotel. The following financial information presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations for the fiscal years ended January 31, 2016 and January 31, 2015 as well as the consolidated statements of operations for the fiscal years ended January 31, 2016 and January 31, 2015.
|  | JANUARY 31, 2016 |  |  | JANUARY 31, 2015 |
ASSETS |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 162,021 |  |  | $ | 360,002 |
Accounts Receivable |  |  | 208,807 |  |  |  | 354,447 |
Prepaid Expenses and Other Current Assets |  |  | 108,279 |  |  |  | 121,901 |
Total Current Assets of Discontinued Operations and Assets Held for Sale |  |  | 479,107 |  |  |  | 836,350 |
Noncurrent assets of Discontinued Operations and Assets Held for Sale |  |  | 14,382,785 |  |  |  | 20,716,731 |
TOTAL ASSETS OF DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |  | $ | 14,861,892 |  |  | $ | 21,553,081 |
LIABILITIES |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts Payable and Accrued Expenses |  | $ | 1,295,228 |  |  | $ | 1,956,488 |
Current Portion of Mortgage Notes Payable |  |  | 355,951 |  |  |  | 5,202,978 |
Current Portion of Notes Payable to Banks |  |  | - |  |  |  | 658,835 |
Line of Credit - Related Party |  |  | - |  |  |  | 279,051 |
Total Current Liabilities of Discontinued Operations and Assets Held for Sale |  |  | 1,651,179 |  |  |  | 8,097,352 |
Noncurrent Liabilities of Discontinued Operations and Assets Held for Sale |  |  | 8,343,647 |  |  |  | 8,701,557 |
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |  | $ | 9,994,826 |  |  | $ | 16,798,909 |
|  | YEARS ENDED |
|  | JANUARY 31, |
|  | 2016 |  |  | 2015 |
REVENUE |  |  |  |  |  |  |  |
Room |  | $ | 9,944,716 |  |  | $ | 10,758,583 |
Food and Beverage |  |  | 810,812 |  |  |  | 915,638 |
Other |  |  | 92,244 |  |  |  | 153,530 |
TOTAL REVENUE |  |  | 10,847,772 |  |  |  | 11,827,751 |
OPERATING EXPENSES |  |  |  |  |  |  |  |
Room |  |  | 3,450,953 |  |  |  | 3,138,311 |
Food and Beverage |  |  | 793,987 |  |  |  | 822,199 |
Telecommunications |  |  | 6,028 |  |  |  | 9,912 |
General and Administrative |  |  | 1,288,718 |  |  |  | 1,369,948 |
Sales and Marketing |  |  | 787,993 |  |  |  | 791,493 |
Repairs and Maintenance |  |  | 977,553 |  |  |  | 958,017 |
Hospitality |  |  | 760,202 |  |  |  | 731,206 |
Utilities |  |  | 1,028,512 |  |  |  | 1,129,453 |
Hotel Property Depreciation |  |  | 673,445 |  |  |  | 1,285,143 |
Real Estate and Personal Property Taxes, Insurance and Ground Rent |  |  | 669,866 |  |  |  | 831,054 |
Other |  |  | 27,240 |  |  |  | 25,985 |
TOTAL OPERATING EXPENSES |  |  | 10,464,497 |  |  |  | 11,092,721 |
OPERATING INCOME |  |  | 383,275 |  |  |  | 735,030 |
Interest Income on Advances to Affiliates - Related Party |  |  | - |  |  |  | 2,512 |
TOTAL OTHER INCOME |  |  | - |  |  |  | 2,512 |
Interest on Mortgage Notes Payable |  |  | 514,592 |  |  |  | 484,053 |
Interest on Notes Payable to Banks |  |  | 83,701 |  |  |  | 51,840 |
TOTAL INTEREST EXPENSE |  |  | 598,293 |  |  |  | 535,893 |
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE, NET OF NON-CONTROLLING INTEREST |  |  | (215,018 | ) |  |  | 201,649 |
Gain on Disposal of Discontinued Operations |  |  | 2,351,817 |  |  |  | - |
CONSOLIDATED NET INCOME FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |  | $ | 2,136,799 |  |  | $ | 201,649 |
NET INCOME PER SHARE FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE – BASIC AND DILUTED |  | $ | 0.26 |  |  | $ | 0.02 |
|  | YEARS ENDED |
|  | JANUARY 31, |
|  | 2016 |  |  | 2015 |
NET CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |  | $ | 339,182 |  |  | $ | 2,174,626 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |  | $ | 2,971,335 |  |  | $ | (3,422,911 | )

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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