XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.21.2

LEASES | 6 Months Ended
--- | ---
Jul. 31, 2021
Leases |
LEASES | 14. LEASES The Trust has operating leases for its corporate offices in Phoenix, Arizona, 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 July 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 $2,000 for year 5 of the lease term, which expires August 31, 2022. 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 six months ended July 31, 2021: SCHEDULE OF LEASE COSTS
|  | Six Months Ended |
|  | July 31, 2021 |
Operating Lease Costs: |  |  |  |
Operating lease cost* |  |  | 100,174 |
* | Short term lease costs were immaterial.
Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION
|  | Six Months Ended |
|  | July 31, 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 43,002 |
Lease obligations: |  |  |  |
Operating leases, net |  | $ | 2,341,098 |
Long-term obligations |  | $ | 2,295,144 |
Weighted average remaining lease terms and discount rates were as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
Weighted average remaining lease term (years) |  | July 31, 2021 |
Operating leases |  |  | 37 |
Weighted average discount rate Operating leases |  |  | 4.85 | %
The aggregate future lease payments for Operating Lease Liability as of July 31, 2021 are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASE AND FINANCE LEASE
For the Years Ending July 31, |  |  |
2022 |  | $ | 86,821 |
2023 |  |  | 148,348 |
2024 |  |  | 112,116 |
2025 |  |  | 112,116 |
2026 |  |  | 112,116 |
Thereafter |  |  | 5,039,196 |
Total minimum lease payments |  | $ | 5,610,713 |
Less: amount representing interest |  |  | 3,269,615 |
Total present value of minimum payments |  |  | 2,341,098 |
Less: current portion |  | $ | 45,954 |
Long term portion of operating lease liability |  |  | 2,295,144 |
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 six months ended July 31, 2021: SCHEDULE OF LEASE COSTS
|  | Six Months Ended |
|  | July 31, 2021 |
Finance Lease Costs: |  |  |  |
Amortization of right-of-use assets |  | $ | 13,874 |
Interest on lease obligations |  |  | 1,801 |
Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION
|  | Six Months Ended |
|  | July 31, 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 13,874 |
Lease obligations: |  |  |  |
Finance leases, net |  | $ | 66,216 |
Long-term obligations |  | $ | 44,940 |
Weighted average remaining lease terms and discount rates were as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
Weighted average remaining lease term (years) |  | July 31, 2021 |
Finance leases |  |  | 2.25 |
Weighted average discount rate |  |  | 4.85 | %
Finance leases |  |  |  |
The aggregate future lease payments for Finance Lease Liability as of July 31, 2021 are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASE AND FINANCE LEASE
For the Years Ending July 31, |  |  |
2022 |  |  | 15,562 |
2023 |  |  | 31,123 |
2024 |  |  | 24,202 |
Total minimum lease payments |  | $ | 70,887 |
Less: amount representing interest |  |  | 4,671 |
Total present value of minimum payments |  |  | 66,216 |
Less: current portion |  | $ | 21,276 |
Long term portion of finance lease liability |  |  | 44,940 |

X
- References No definition available. + Details
Name: | IHT_DisclosureLeasesAbstract
Namespace Prefix: | IHT_
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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration