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Subsequent Events | 12 Months Ended
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Jan. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | 28. SUBSEQUENT EVENTS On February 3, 2020 The Trust paid $400,000, as the second payment on its investment to Unigen Power Inc The Trust received approximately $504,000 in loan proceeds pursuant to the SBA sponsored Paycheck Protection Plan (“PPP”), under the Coronavirus Aid Relief and Economic Security (CARES) Act. The PPP Loan(s) are evidenced by a loan application and payment agreement by and between the Trust, the Albuquerque Hotel, and the Tucson Hotel. The Trust applied for the loan(s) in April 2020-and received its maximum funding amounts of approximately $87,000, $188,000, and $229,000 for the Trust, the Albuquerque Hotel and the Tucson Hotel, respectively on April 17, 2020. The term of the loan is for 60 months and matures on the fifth-year anniversary from the -date of funding. It bears interest at an annual rate of 1%. The PPP loan is subject to 100% forgiveness. Currently, the application process to apply for forgiveness occurs 24 weeks after the funding date. The Trust intends to file the application for forgiveness. There can be no assurance that such forgiveness will occur. The Trust is accounting for the loan as debt and if forgiveness is granted the Trust will recognize a gain on extinguishment. On April 15, 2020 the Trust’s Board of Trustees approved entering into three SBA sponsored Paycheck Protection Plan (PPP) loans for Innsuites Hotels Inc., the Albuquerque hotel and the Tucson hotel for approximately $87,000, $188,000, and $229,000, respectively. On April 28, 2020 the Trust filed form 8-K Order taking relief and relying on the SEC’s Order (Release No. 34-88318) under Section 36 of the Exchange Act granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”) for a 45-day extension to file its Annual Report on form 10-K. On June 12, 2020 the Trust filed form 8-K Order taking relief and relying on the SEC’s Order (Release No. 34-88318) under Section 36 of the Exchange Act granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”) for a 45-day extension to file its Interim Report on form 10-Q. On June 8, 2020 the Trust’s Board of Trustees approved a one cent semi-annual dividend, payable on July 31, 2020, on shares held of record a July 15, 2020. This continues the Trust’s recent practice of paying total annual dividends of two cents per share, payable one cent each semi-annually on July 31 and January 31. This dividend continues 50 consecutive uninterrupted fiscal years during which the Trust has paid annual dividends, since the formation of the Trust and the initial listing of its shares on the New York Stock Exchange in 1971. On June 30, 2019, the Trust’s Board of Trustees set a date of August 25, 2019 for the Annual Shareholder meeting, to be held at 11:00 AM MST at the Trust’s corporate office: 1730 East Northern Ave, Suite 122, Phoenix, AZ 85020. Shareholders of record of the Trust on July 27, 2019 will be entitled to vote at the meeting. Subsequent to the fiscal year ended January 31, 2020 the Trust repurchased 201,676 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $211,000.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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