XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.21.1

Leases | 9 Months Ended
--- | ---
Oct. 31, 2020
Leases [Abstract] |
Leases | 14. LEASES The Company has operating leases and finance lease for its corporate offices in Phoenix, Arizona, and land leased in Albuquerque, New Mexico. 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 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 following table presents the Company’s lease costs for the nine months ended October 31, 2020:
|  | Nine Months |
|  | Ended |
|  | 31-Oct-20 |
Operating Lease Costs: |  |  |  |
Operating lease cost* |  | $ | 150,260 |
* Short term lease costs were immaterial. Supplemental cash flow information is as follows:
|  | Nine Months |
|  | Ended |
|  | 31-Oct-20 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 126,102 |
Lease Obligations obtained: |  |  |  |
Operating leases, net |  | $ | 2,383,120 |
Long-term obligations |  | $ | 2,326,160 |
Weighted average remaining lease terms and discount rates were as follows:
Weighted average remaining lease term (years) |  | October 31, 2020 |
Operating leases |  |  | 37 |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 4.85 | %
The aggregate future lease payments for Operating Lease Liability as of October 31, 2020 are as follows:
For the Years Ending January 31, |  |  |
Remaining in 2021 |  | $ | 42,678 |
2022 |  |  | 172,177 |
2023 |  |  | 148,348 |
2024 |  |  | 112,116 |
2025 |  |  | 112,116 |
Thereafter |  |  | 5,151,311 |
Total minimum lease payments |  | $ | 5,738,746 |
Less: amount representing interest |  |  | 3,355,626 |
Total present value of minimum payments |  |  | 2,383,120 |
Less: current portion of operating lease liability |  | $ | 56,960 |
Long term portion of operating lease liability |  |  | 2,326,160 |
Finance Leases The Company’s Tucson Oracle Hotel is subject to non-cancelable cable lease. The Tucson Oracle Hotel non-cancelable cable lease expires in 2023. The following table presents the Company’s lease costs for the nine months ended October 31, 2020:
|  | Nine Months |
|  | Ended |
|  | 31-Oct-20 |
Finance Lease Costs: |  |  |  |
Amortization of lease obligations |  | $ | 20,811 |
Interest on lease obligations |  |  | 3,557 |
Supplemental cash flow information is as follows:
|  | Nine Months |
|  | Ended |
|  | 31-Oct-20 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 25,936 |
Lease Obligations obtained: |  |  |  |
Finance leases, net |  | $ | 86,732 |
Long-term obligations |  | $ | 59,209 |
Weighted average remaining lease terms and discount rates were as follows:
Weighted average remaining lease term (years) |  | October 31, 2020 |
Finance leases |  |  | 3 |
Weighted average discount rate |  |  |  |
Finance leases |  |  | 4.85 | %
The aggregate future lease payments for Finance Lease Liability as of October 31, 2020 are as follows:
For the Years Ending January 31, |  |  |
Remaining in 2021 |  | $ | 7,781 |
2022 |  |  | 31,123 |
2023 |  |  | 31,123 |
2024 |  |  | 23,343 |
Total minimum lease payments |  | $ | 93,370 |
Less: amount representing interest |  |  | 6,638 |
Total present value of minimum payments |  |  | 86,732 |
Less: current portion |  | $ | 27,523 |
Long term portion of finance lease liability |  |  | 59,209 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration