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Leases | 3 Months Ended
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Apr. 30, 2019
Leases [Abstract] |
Leases | 16. LEASES The Company has operating leases for its corporate offices in Phoenix, Arizona, land leased in Albuquerque, New Mexico, and cable equipment leased for its Tucson, Arizona property. The Company’s lease terms include options to extend or terminate the leases and the Company includes these options in the lease term when it is reasonably certain to exercise that option. Operating Leases On August 4, 2017, the InnSuites Hospitality Trust (“IHT” or “the Company” or “the Trust”) entered into a five-year office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020 commencing on September 1, 2017. Base monthly rent of $4,100 increases 6% on a yearly basis. No rent is due for October 2018 and October 2022 months. The Trust also agreed to pay electricity and applicable sales tax. The office lease agreement provides early termination with a 90 day notification with an early termination fee of $12,000, $8,000, $6,000, $4,000 and $2,000 for years 1 - 5 of the lease term. The Company’s Albuquerque Hotel is subject to non-cancelable ground lease. The Albuquerque Hotel non-cancelable ground lease was extended on January 14, 2014 and expires in 2058. The Company’s Tucson, Arizona hotel property leases satellite television equipment for all of its 159 rooms and common areas. The lease commenced in November 2018 and expires 5 years from the date of commencement. The following table presents the Company’s lease costs for the three months ended April 30, 2019:
|  | Three Months Ended |
|  | April 30, 2019 |
Lease Costs: |  |  |  |
Operating lease cost* |  | $ | 64,334 |
* Short term lease costs were immaterial. Supplemental cash flow information is as follows:
|  | Three Months Ended |
|  | April 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 57,985 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases, net |  | $ | 2,791,249 |
The aggregate future lease payments for ROU assets as of April 30, 2019 are as follows:
For the Years Ending January 31, |  | ROU Assets |
Remaining in 2020 |  | $ | 173,956 |
2021 |  |  | 231,941 |
2022 |  |  | 231,941 |
2023 |  |  | 208,829 |
2024 |  |  | 168,691 |
Thereafter |  |  | 5,050,859 |
Total minimum lease payments |  | $ | 6,066,217 |
Less: amount representing interest |  |  | 3,210,634 |
Total present value of minimum payments |  |  | 2,855,583 |
Less: current portion |  | $ | 98,117 |
Long-term obligations |  | $ | 2,757,466 |
Weighted average remaining lease terms and discount rates were as follows:
Weighted average remaining lease term (years) |  | April 30, 2019 |
Operating leases |  |  | 34.81 |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 4.76 | %

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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