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Federal Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision |
Income taxes for the years ended January 31, |  |  |  |  |  |
|  | 2018 |  |  | 2017 |
Current income tax provision (benefit) |  |  | 335,000 |  |  |  | (227,000 | )
Deferred income tax provision (benefit) |  |  | - |  |  |  | - |
Net income tax expense (benefit) |  | $ | 335,000 |  |  | $ | (227,000 | )
Schedule of Deferred Tax Assets and Liabilities |
Total and net deferred income tax assets at January 31, |  |  |  |  |  |
|  | 2018 |  |  | 2017 |
Net operating loss carryforwards |  | $ | 2,763,000 |  |  | $ | 4,040,000 |
Bad debt allowance |  |  | (22,000 | ) |  |  | (18,000 | )
Accrued expenses |  |  | 89,000 |  |  |  | 84,000 |
Syndications |  |  | 5,179,000 |  |  |  | 5,179,000 |
Prepaid Insurance |  |  | 30,000 |  |  |  | 30,000 |
Alternative minimum tax credit |  |  | 91,000 |  |  |  | 91,000 |
Total deferred tax assets |  |  | 8,130,000 |  |  |  | 9,406,000 |
Deferred income tax liability associated with book/tax differnces in hotel properties |  |  | (2,884,000 | ) |  |  | (2,459,000 | )
Net deferred income tax asset |  |  | 5,246,000 |  |  |  | 6,947,000 |
Valuation allowance |  |  | (5,246,000 | ) |  |  | (6,947,000 | )
Net deferred income tax |  | $ | - |  |  | $ | - |
Schedule of Reconciliation of Differences Between Effective and Statutory Income Tax Rates | A reconciliation of the differences between the effective and statutory income tax rates for years ended January 31, is as follows:
Income taxes for the years ended January 31, |  |  |  |  |  |
|  | 2018 |  |  | 2017 |
Current income tax provision (benefit) |  |  | 341,000 |  |  |  | (227,000 | )
Deferred income tax provision (benefit) |  |  | - |  |  |  | - |
Net income tax expense (benefit) |  | $ | 341,000 |  |  | $ | (227,000 | )
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the differences between the effective and statutory income tax rates for years ended January 31, is as follows:
|  | 2018 |
|  | Amount |  |  | Percent |
Federal statutory rates |  | $ | 1,604,000 |  |  |  | 34 | %
State income taxes |  |  | 636,000 |  |  |  | 13 | %
Changes in valuation allowance |  |  | (1,703,000 | ) |  |  | (36 | )%
True-up to prior year returns |  |  | (240,000 | ) |  |  | (5 | )%
Other |  |  | 44,000 |  |  |  | 1 | %
Effective rate |  | $ | 341,000 |  |  |  | 7 | %
|  | 2017 |
|  | Amount |  |  | Percent |
Federal statutory rates |  | $ | (878,000 | ) |  |  | (34 | )%
State income taxes |  |  | (196,000 | ) |  |  | (8 | )%
Changes in valuation allowance |  |  | 1,445,000 |  |  |  | 56 | %
True-up to prior year returns |  |  | (593,000 | ) |  |  | (23 | )%
Other |  |  | (5,000 | ) |  |  | 0 | %
Effective rate |  | $ | (227,000 | ) |  |  | (9 | )%

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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