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LEASES | 6 Months Ended
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Jul. 31, 2024
Leases |
LEASES | 14. LEASES The Trust has operating leases for its corporate offices in Phoenix, Arizona and land leased in Albuquerque, New Mexico. The Trust’s corporate office lease is month to month. All leases are non-cancelable. Operating Leases The Trust holds a month to month office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020. Base monthly rent is $4,318. The Trust also pays electricity and applicable sales tax. 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, 2024: SCHEDULE OF LEASE COSTS
|  | For the Six Months Ended July 31, 2024 |
Operating Lease Costs: |  |  |  |
Operating lease cost* |  |  | 72,620 |
| * | Short term lease costs were immaterial.
Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION
|  | For the Six Months Ended |
|  | July 31, 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | (2,301 | )
Lease obligations: |  |  |  |
Operating leases, net |  | $ | 2,242,728 |
Long-term obligations |  | $ | 2,216,563 |
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, 2024 |
Operating leases |  |  | 32 |
Weighted average discount rate |  |  | 4.85 | %
Operating leases |  |  |  |
The aggregate future lease payments for Operating Lease Liability as of July 31, 2024 are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASE
For the Period Ending July 31, |  |  |
2025 |  | $ | 67,177 |
2026 |  |  | 134,367 |
2027 |  |  | 134,379 |
2028 |  |  | 134,391 |
2029 |  |  | 134,403 |
Thereafter |  |  | 3,992,855 |
Total minimum lease payments |  | $ | 4,597,572 |
Less: amount representing interest |  |  | 2,354,844 |
Total present value of minimum payments |  |  | 2,242,728 |
Less: current portion |  | $ | 26,165 |
Long term portion of operating lease liability |  |  | 2,216,563 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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