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Leases | 12 Months Ended
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Jan. 31, 2021
Leases [Abstract] |
Leases | 16. LEASES The Trust has operating leases for its corporate offices in Phoenix, Arizona and land leased in Albuquerque, New Mexico, and a cable equipment finance lease in Tucson, Arizona. The Trust’s corporate office lease includes options to extend or terminate the leases and the Trust includes these options in the lease term when it is reasonably certain to exercise that option. All leases are non-cancelable. Operating Leases On August 4, 2017, 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 Trust’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 Trust’s Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2021 consist of the following:
|  | Fiscal Year Ended January 31, 2021 |
Operating Lease Costs: |  |  |  |
Operating lease cost |  | $ | 200,347 |
Supplemental cash flow information is as follows:
|  | Fiscal Year Ended January 31, 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 168,780 |
Lease Obligations obtained: |  |  |  |
Operating leases, net |  | $ | 2,369,281 |
Long-term obligations |  | $ | 2,310,745 |
Weighted average remaining lease terms and discount rates were as follows:
Weighted average remaining lease term (years) |  | January 31, 2021 |
Operating leases |  |  | 37 |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 4.85 | %
The aggregate future lease payments for Operating Lease Liability as of January 31, 2021 are as follows:
For the Years Ending January 31, |  |  |
2022 |  | $ | 172,177 |
2023 |  |  | 148,348 |
2024 |  |  | 112,116 |
2025 |  |  | 112,116 |
2026 |  |  | 112,116 |
Thereafter |  |  | 5,039,195 |
Total minimum lease payments |  | $ | 5,696,068 |
Less: amount representing interest |  |  | 3,326,787 |
Total present value of minimum payments |  |  | 2,369,281 |
Less: current portion of operating lease liability |  | $ | 58,536 |
Long term portion of operating lease liability |  |  | 2,310,745 |
Finance Leases The Company’s Tucson Oracle Hotel is subject to non-cancelable cable lease that expires in 2023. The Trust’s Finance Lease costs recognized in the Consolidated Statement of Income for the Fiscal Year ended January 31, 2021 consist of the following:
|  | Fiscal Year Ended |
|  | January 31, 2021 |
Finance Lease Costs: |  |  |  |
Amortization of lease obligations |  | $ | 27,749 |
Interest on lease obligations |  |  | 4,581 |
Supplemental cash flow information is as follows:
|  | Fiscal Year Ended |
|  | January 31, 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 31,123 |
Lease Obligations obtained: |  |  |  |
Finance leases, net |  | $ | 79,976 |
Long-term obligations |  | $ | 52,118 |
Weighted average remaining lease terms and discount rates were as follows:
Weighted average remaining lease term (years) |  | January 31, 2021 |
Finance leases |  |  | 3 |
Weighted average discount rate |  |  |  |
Finance leases |  |  | 4.85 | %
The aggregate future lease payments for Finance Lease Liability as of January 31, 2021 are as follows:
For the Years Ending January 31, |  |  |
2022 |  | $ | 31,123 |
2023 |  |  | 31,123 |
2024 |  |  | 23,343 |
Total minimum lease payments |  | $ | 85,589 |
Less: amount representing interest |  |  | 5,613 |
Total present value of minimum payments |  |  | 79,976 |
Less: current portion |  | $ | 27,858 |
Long term portion of finance lease liability |  |  | 52,118 |
The aggregate annual lease obligations at January 31, 2021 are as follows:
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
2022 |  | $ | 172,177 |  |  | $ | 31,123 |
2023 |  |  | 148,348 |  |  |  | 31,123 |
2024 |  |  | 112,116 |  |  |  | 23,343 |
2025 |  |  | 112,116 |  |  |  | - |
2026 |  |  | 112,116 |  |  |  | - |
Thereafter |  |  | 5,039,195 |  |  |  | - |
Total undiscounted lease obligations |  |  | 5,696,068 |  |  |  | 85,589 |
Less imputed interest |  |  | (3,326,787 | ) |  |  | (5,613 | )
Net lease obligations |  | $ | 2,369,281 |  |  | $ | 79,976 |

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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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