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v3.22.2.2

LEASES | 6 Months Ended
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Jul. 31, 2022
Leases |
LEASES | 14. LEASES The Trust has operating leases for its land leased in Albuquerque, New Mexico, and a cable equipment finance lease in Tucson, Arizona. All leases are non-cancelable. Operating Leases 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 following table presents the Trust’s lease costs for the six months ended July 31, 2022: SCHEDULE OF LEASE COSTS
|  | Six Months Ended |
|  | July 31, 2022 |
Operating Lease Costs: |  |  |  |
Operating lease cost* |  |  | (24,080 | )
| * | Short term lease costs were immaterial.
Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION
|  | Six Months Ended |
|  | July 31, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | (82,836 | )
Lease obligations: |  |  |  |
Operating leases, net |  | $ | 2,291,379 |
Long-term obligations |  | $ | 2,267,645 |
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, 2022 |
Operating leases |  |  | 35 |
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
For the Years Ending July 31, |  |  |
Operating Lease Liability |  |  |  |
2023 |  | $ | 67,171 |
2024 |  |  | 134,342 |
2025 |  |  | 134,355 |
2026 |  |  | 134,367 |
2027 |  |  | 134,379 |
Thereafter |  |  | 4,261,650 |
Total minimum lease payments |  | $ | 4,866,264 |
Less: amount representing interest |  |  | 2,574,885 |
Total present value of minimum payments |  |  | 2,291,379 |
Less: current portion |  | $ | 23,734 |
Long term portion of operating lease liability |  |  | 2,267,645 |
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 three months ended July 31, 2022: SCHEDULE OF LEASE COSTS
|  | Six Months Ended |
|  | July 31, 2022 |
Finance Lease Costs: |  |  |  |
Amortization of right-of-use assets |  | $ | 13,874 |
Interest on lease obligations |  |  | 1,119 |
Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION
|  | Six Months Ended |
|  | July 31, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | (570 | )
Lease obligations: |  |  |  |
Finance leases, net |  | $ | 37,674 |
Long-term obligations |  | $ | 7,718 |
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, 2022 |
Finance leases |  |  | 2 |
Weighted average discount rate |  |  | 4.85 | %
Finance leases |  |  |  |
The aggregate future lease payments for Finance Lease Liability as of July 31, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR FINANCE LEASE
For the Years Ending July 31, |  |  |
Finance Lease Liability |  |  |  |
2023 |  |  | 15,562 |
2024 |  |  | 23,342 |
Total minimum lease payments |  | $ | 38,904 |
Less: amount representing interest |  |  | 1,230 |
Total present value of minimum payments |  |  | 37,674 |
Less: current portion |  | $ | 29,956 |
Long term portion of finance lease liability |  |  | 7,718 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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