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Discontinued Operations

12 Months Ended

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 The Trust believes that the plan to sell these assets will not be withdrawn.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	)