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Discontinued Operations | 9 Months Ended
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Oct. 31, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 12. DISCONTINUED OPERATIONS 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 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 The Trust believes that the plan to sell these assets will not be withdrawn.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 October 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. The Trust continues to list these properties with local real estate hotel brokers, and believes that each of the assets is being marketed at a price that is reasonable in relation to its current fair value. On June 2, 2017, the Ontario Hospitality Properties LLLP was sold to an unrelated third party for $17,500,000 (see Note 11). The Trust has recognized the sale of the Ontario hotel into discontinued operations in accordance with Accounting Standards Codification (ASC) No. 205-20, Discontinued Operations. As such, the historical results of the Ontario hotel has been adjusted for comparability purposes and exclude any corporate general and administrative expenses. Discontinued operations in the nine months ended October 31, 2017 and 2016 primarily consists of all hotels operational revenues and expenses for the Ontario hotel property and does not include the sale proceeds and profit from the sale of the Ontario hotel. The following unaudited financial information presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations for the nine months ended October 1, 2017 and the fiscal year ended January 31, 2017 as well as the statements of operations for the nine months and three months ended October 31, 2017 and the nine months and three months ended October 31, 2016.
|  | DISCONTINUED OPERATIONS |
|  | OCTOBER 31, 2017 |  |  | JANUARY 31, 2017 |
|  | (UNAUDITED) |  |  |  |
ASSETS |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 11,785 |  |  | $ | 89,561 |
Accounts Receivable |  |  | - |  |  |  | 92,743 |
Prepaid Expenses and Other Current Assets |  |  | - |  |  |  | 46,823 |
Total Current Assets of Discontinued Operations |  |  | 11,785 |  |  |  | 229,127 |
Property, Plant and Equipment, net |  |  | - |  |  |  | 6,080,597 |
TOTAL ASSETS OF DISCONTINUED OPERATIONS |  | $ | 11,785 |  |  | $ | 6,309,724 |
LIABILITIES |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts Payable and Accrued Expenses |  | $ | 3,000 |  |  | $ | 400,402 |
Current Portion of Mortgage Notes Payable |  |  | - |  |  |  | 185,207 |
Total Current Liabilities of Discontinued Operations |  |  | 3,000 |  |  |  | 585,609 |
Mortgage Notes Payable |  |  | - |  |  |  | 5,047,838 |
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS |  | $ | 3,000 |  |  | $ | 5,633,447 |
|  | FOR THE NINE MONTHS ENDED |
|  | OCTOBER 31, |
|  | 2017 |  |  | 2016 (i) |
REVENUE |  |  |  |  |  |  |  |
Room |  | $ | 1,397,324 |  |  | $ | 2,927,489 |
Food and Beverage |  |  | 64,976 |  |  |  | 126,193 |
Other |  |  | 8,443 |  |  |  | 20,922 |
TOTAL REVENUE |  |  | 1,470,743 |  |  |  | 3,074,604 |
OPERATING EXPENSES |  |  |  |  |  |  |  |
Room |  |  | 939,897 |  |  |  | 941,512 |
Food and Beverage |  |  | 66,152 |  |  |  | 147,006 |
Telecommunications |  |  | - |  |  |  | 656 |
General and Administrative |  |  | 278,815 |  |  |  | 341,108 |
Sales and Marketing |  |  | 123,300 |  |  |  | 199,453 |
Repairs and Maintenance |  |  | 100,149 |  |  |  | 221,621 |
Hospitality |  |  | 122,227 |  |  |  | 167,889 |
Utilities |  |  | 74,640 |  |  |  | 193,695 |
Depreciation |  |  | 177,824 |  |  |  | 574,528 |
Intangible Amortization |  |  | - |  |  |  | - |
Real Estate and Personal Property Taxes, Insurance and Ground Rent |  |  | 56,015 |  |  |  | 99,599 |
Other |  |  | 3,569 |  |  |  | (974 | )
TOTAL OPERATING EXPENSES |  |  | 1,942,588 |  |  |  | 2,886,093 |
OPERATING (LOSS) INCOME |  |  | (471,845 | ) |  |  | 188,511 |
Interest Income |  |  | 961 |  |  |  | - |
TOTAL OTHER INCOME |  |  | 961 |  |  |  | - |
Interest on Mortgage Notes Payable |  |  | 127,787 |  |  |  | 208,765 |
Interest on Other Notes Payable |  |  | 428 |  |  |  | 4,518 |
TOTAL INTEREST EXPENSE |  |  | 128,215 |  |  |  | 213,283 |
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS |  | $ | (599,099 | ) |  | $ | (24,772 | )
(i) Discontinued Operations
|  | FOR THE THREE MONTHS ENDED |
|  | OCTOBER 31, |
|  | 2017 |  |  | 2016 |
REVENUE |  |  |  |  |  |  |  |
Room |  | $ | - |  |  | $ | 995,493 |
Food and Beverage |  |  | - |  |  |  | 37,726 |
Management and Trademark Fees |  |  | - |  |  |  | - |
Reservation and Convention |  |  | - |  |  |  | - |
Other |  |  | - |  |  |  | 3,630 |
TOTAL REVENUE |  |  | - |  |  |  | 1,036,849 |
OPERATING EXPENSES |  |  |  |  |  |  |  |
Room |  |  | - |  |  |  | 342,367 |
Food and Beverage |  |  | - |  |  |  | 44,828 |
Telecommunications |  |  | - |  |  |  | 49 |
General and Administrative |  |  | 21,951 |  |  |  | 113,618 |
Sales and Marketing |  |  | - |  |  |  | 58,146 |
Repairs and Maintenance |  |  | - |  |  |  | 58,308 |
Hospitality |  |  | - |  |  |  | 49,668 |
Utilities |  |  | - |  |  |  | 71,392 |
Depreciation |  |  | - |  |  |  | 574,528 |
Intangible Amortization |  |  | - |  |  |  | - |
Real Estate and Personal Property Taxes, Insurance and Ground Rent |  |  | - |  |  |  | 28,905 |
Other |  |  | - |  |  |  | 10,015 |
TOTAL OPERATING EXPENSES |  |  | 21,951 |  |  |  | 1,351,824 |
OPERATING LOSS |  |  | (21,951 | ) |  |  | (314,975 | )
Interest Income |  |  | - |  |  |  | - |
Interest Income on Advances to Affiliates - Related Party |  |  | - |  |  |  | - |
TOTAL OTHER INCOME |  |  | - |  |  |  | - |
Interest on Mortgage Notes Payable |  |  | - |  |  |  | 69,682 |
Interest on Notes Payable to Banks |  |  | - |  |  |  | - |
Interest on Other Notes Payable |  |  | - |  |  |  | - |
Interest on Advances to Affiliates - Related Party |  |  | - |  |  |  | - |
TOTAL INTEREST EXPENSE |  |  | - |  |  |  | 69,682 |
CONSOLIDATED NET LOSS OF DISCONTINUED OPERATIONS |  | $ | (21,951 | ) |  | $ | (384,657 | )

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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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