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Notes Payable | 6 Months Ended
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Jul. 31, 2018
Debt Disclosure [Abstract] |
Notes Payable | 5. NOTES PAYABLE On August 24, 2012, the Yuma entity entered into a $5,500,000 mortgage loan with 1st Bank Yuma to refinance the then existing term debt. The mortgage loan calls for a 10 year maturity date and an interest rate of the Wall Street Journal Prime Rate plus one percentage point, with a floor of 5.0% per year. Prepayment fees exist for refinancing this debt with another lender until the maturity date. As of July 31, 2018, the mortgage loan balance was approximately $4,764,000, net of a discount of approximately $9,000. The related note payable is recorded under liabilities held for sale in the accompanying condensed balance sheet (see Note 10). On May 11, 2017, Yuma Hospitality Properties, LLLP entered into a $850,000 Promissory Note Agreement (“Yuma Loan Agreement”) as a credit facility to replenish funds for the hotel remodel with 1st Bank of Yuma Arizona Bank & Trust with a maturity date of September 1, 2022. The Yuma Loan Agreement has an initial interest rate of 5.50% with a variable rate adjustment equal to the Wall Street Journal Prime Rate plus 1.50% with a floor of 5.50% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust. As of July 31, 2018, the Promissory Note balance was approximately $819,000, net of a discount of approximately $6,000. The Yuma Loan Agreement is recorded under liabilities held for sale in the accompany condensed balance sheet (see Note 10). On January 8, 2016, in connection with the acquisition of substantially all of the assets of International Vacation Hotels, the Trust entered into a $400,000 business loan with Laurence Holdings Limited, an Ontario, Canada corporation, with a maturity date of February 1, 2019 pursuant to the terms of the Security Agreement and Promissory Note (the “Laurence Holdings Agreement”). The Laurence Holdings Agreement required the funds be used for the purchase of International Vacation Hotels assets. The Laurence Holdings Agreement provides for interest- only payments for the first three months of the term and principal and interest payments for the remaining portion of the loan. The Laurence Holdings Agreement sets an interest rate of 8% per annum with no prepayment penalty. As of July 31, 2018, the business loan was paid in full. On June 29, 2017, Tucson Hospitality Properties, LLLP, a subsidiary of InnSuites Hospitality Trust, entered into a $5.0 million Business Loan Agreement (“Tucson Loan”) as a first mortgage credit facility with KS State Bank to refinance the existing first mortgage credit facility with an approximate payoff balance of $3.045 million which will allow Tucson Hospitality Properties, LLLP to be reimbursed for prior and future hotel improvements. The Tucson Loan has a maturity date of June 19, 2042. The Tucson Loan has an initial interest rate of 4.69% for the first five years and thereafter a variable rate equal to the US Treasury + 2.0% with a floor of 4.69% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust, RRF Limited Partnership, Rare Earth Financial, LLC, James F. Wirth and Gail J. Wirth and the Wirth Family Trust dated July 14, 2016. As of July 31, 2018, the Tucson Loan was approximately $4,872,000, net of a discount of approximately $5,000. Scheduled minimum payments of debt, net of debt discounts, as of July 31, 2018 are as follows in the respective fiscal years indicated:
FISCAL YEAR |  | MORTGAGES |  |  | NOTES PAYABLE TO BANK |  |  | OTHER NOTES PAYABLE |  |  | TOTAL |
|  | (1) |  |  | (1) |  |  |  |  |  |  |
Remainder of 2019 |  | $ | 190,401 |  |  | $ | 97,715 |  |  | $ | 1,112,333 |  |  | $ | 1,400,449 |
2020 |  |  | 267,441 |  |  |  | 21,625 |  |  |  | 158,136 |  |  |  | 447,202 |
2021 |  |  | 278,588 |  |  |  | 22,868 |  |  |  | 140,491 |  |  |  | 441,947 |
2022 |  |  | 295,336 |  |  |  | 22,552 |  |  |  | 15,734 |  |  |  | 333,622 |
2023 |  |  | 4,333,180 |  |  |  | 741,570 |  |  |  | - |  |  |  | 5,074,750 |
Thereafter |  |  | 4,327,629 |  |  |  | - |  |  |  | - |  |  |  | 4,327,629 |
|  | $ | 9,692,575 |  |  | $ | 906,330 |  |  | $ | 1,426,694 |  |  | $ | 12,025,599 |
(1) Mortgage and Notes Payable for Yuma included in Discontinued Operations and Held for Sale

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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