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Leases
 12 Months Ended
Jan. 31, 2020
Leases [Abstract]  
Leases

17. LEASES

 

The Company has operating leases and finance leases for corporate offices, land, and certain hotel equipment. These leases have remaining lease terms of 2 to 38 years. Neither operating lease for corporate office space or land have options to extend.

 

The Company’s lease costs recognized in the Consolidated Statement of Income consist of the following:

 

    Fiscal Year Ended January 31, 2020  
Operating lease cost   $ 2,225,113  
         
Finance lease cost:        
Amortization of right-of-use assets     27,749  
Interest on lease obligations     5,835  

 

Other lease information is as follows:

 

    Fiscal Year Ended January 31, 2020  
       
Cash paid for amounts included in measurement of lease obligations:        
Operating cash flows from operating leases   $ 165,573  
Operating cash flows from finance leases     31,123  
         
Right of use assets obtained in exchange for lease liabilities        
Operating leases   $ 2,274,551  
Finance leases     104,058  
         
Weighted-average remaining lease term - operating leases     37.7 years  
Weighted-average remaining lease term - finance leases     3.75 years  
Weighted-average discount rate - operating leases     4.85 %
Weighted-average discount rate - finance leases     4.85 %

 

The aggregate annual lease obligations at January 31, 2020 are as follows:

 

Fiscal Year   Operating Leases     Finance Leases  
2021   $ 168,780     $ 31,123  
2022     172,177       31,123  
2023     148,348       31,123  
2024     112,116       23,343  
2025     112,116          
Thereafter     5,151,311          
Total undiscounted lease obligations     5,864,848       116,713  
                 
Less imputed interest     (3,443,105 )     (10,194.49 )
Net lease obligations   $ 2,421,744     $ 106,518  

 

As of January 31, 2019, prior to the adoption of ASC 842, future minimum lease payments under operating leases having initial or non-cancellable lease terms in excess of one year were as follows:

 

Years ending January 31,   Operating Leases     Finance Leases  
2020     200,817       31,123  
2021     200,817       31,123  
2022     200,817       31,123  
2023     182,328       31,123  
2024     145,348       23,343  
Thereafter     5,051,449       -  
                 
Total future minimum lease payments     5,981,578       147,836