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Discontinued Operations | 12 Months Ended
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Jan. 31, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 25. DISCONTINUED OPERATIONS The Trust has recognized the sale of the Tucson St. Mary’s hotel as discontinued operations. After the sale of this asset, the Trust incurred some additional minor expenses which are presented below. Discontinued operations for the fiscal years ended January 31, 2017 and 2016 primarily consists of the Tucson St. Mary’s hotel operational revenues and expenses and does not include the sale proceeds and profit from the sale of our Tucson St. Mary’s hotel. Historical results of the Tucson St. Mary’s hotel has been adjusted for comparability purposes and exclude any corporate general and administrative expenses. 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 has listed all the Hotel properties with a local real estate hotel broker, and management believes that each of the assets is 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 The Trust believes that the plan to sell these assets will not be withdrawn. Through the Trust’s Form 10-Q for the quarter ended July 31, 2016 filed with the SEC on September 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 and the Trust no longer deems a sale to be probable. The Trust continues to list these properties with local real estate hotel brokers and, we believe, that each of the assets is being marketed at a price that is reasonable in relation to its current fair value. There have been no other material changes to our basis of presentation since October 31, 2016. 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, 2017 and January 31, 2016 as well as the consolidated statements of operations for the fiscal years ended January 31, 2017 and January 31, 2016.
|  |  | DISCONTINUED OPERATIONS |
|  |  | JANUARY 31, 2017 |  |  |  | JANUARY 31, 2016 |
ASSETS |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | - |  |  | $ | 2,153 |
Accounts Receivable |  |  | - |  |  |  | 12,495 |
Total Current Assets of Discontinued Operations |  |  | - |  |  |  | 14,648 |
TOTAL ASSETS OF DISCONTINUED OPERATIONS |  | $ | - |  |  | $ | 14,648 |
LIABILITIES |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts Payable and Accrued Expenses |  | $ | - |  |  | $ | 27,246 |
Total Current Liabilities of Discontinued Operations |  |  | - |  |  |  | 27,246 |
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS |  | $ | - |  |  | $ | 27,246 |
|  | DISCONTINUED OPERATIONS |
|  | YEARS ENDED |
|  | JANUARY 31, |
|  | 2017 |  |  | 2016 |
REVENUE |  |  |  |  |  |  |  |
Room |  | $ | - |  |  | $ | 2,172,153 |
Food and Beverage |  |  | - |  |  |  | 658,881 |
Other |  |  | - |  |  |  | 23,611 |
TOTAL REVENUE |  |  | - |  |  |  | 2,854,645 |
OPERATING EXPENSES |  |  |  |  |  |  |  |
Room |  |  | - |  |  |  | 977,299 |
Food and Beverage |  |  | - |  |  |  | 545,575 |
Telecommunications |  |  | - |  |  |  | 1,947 |
General and Administrative |  |  | 36,028 |  |  |  | 288,274 |
Sales and Marketing |  |  | - |  |  |  | 158,594 |
Repairs and Maintenance |  |  | - |  |  |  | 246,591 |
Hospitality |  |  | - |  |  |  | 182,872 |
Utilities |  |  | - |  |  |  | 438,164 |
Hotel Property Depreciation |  |  | - |  |  |  | 232,661 |
Real Estate and Personal Property Taxes, Insurance and Ground Rent |  |  | - |  |  |  | 159,284 |
Other |  |  | - |  |  |  | 6,528 |
TOTAL OPERATING EXPENSES |  |  | 36,028 |  |  |  | 3,237,789 |
OPERATING LOSS |  |  | (36,028 | ) |  |  | (383,144 | )
Interest on Mortgage Notes Payable |  |  | - |  |  |  | 106,119 |
Interest on Notes Payable to Banks |  |  | - |  |  |  | 32,105 |
TOTAL INTEREST EXPENSE |  |  | - |  |  |  | 138,224 |
CONSOLIDATED NET LOSS BEFORE DISCONTINUED OPERATIONS, NET OF NON-CONTROLLING INTEREST |  | $ | (36,028 | ) |  | $ | (521,368 | )
|  | YEARS ENDED |
|  | JANUARY 31, |
|  | 2017 |  |  | 2016 |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |  | $ | (2,153 | ) |  | $ | 2,174,626 |
NET CASH USED IN INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |  | $ | - |  |  | $ | (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 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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