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LEASES

9 Months Ended

Oct. 31, 2024

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 expires in 2058.

The following table presents the Trust’s lease costs for the nine months ended October 31, 2024:

SCHEDULE OF LEASE COSTS

	For the Nine Months Ended
	October 31, 2024
Operating Lease Costs:
Operating lease cost*		108,929

Short term lease costs were immaterial.

Supplemental cash flow information is as follows:

SCHEDULE OF CASH FLOW INFORMATION  

	For the Nine Months Ended
	October 31, 2024

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(3,452	)

Lease obligations:
Operating leases, net	$	2,236,306
Long-term obligations	$	2,216,563

Weighted average remaining lease terms and discount rates were as follows:

Weighted average remaining lease term (years)	October 31, 2024
Operating leases		31

Weighted average discount rate		4.85	%
Operating leases

The aggregate future lease payments for Operating Lease Liability as of October 31, 2024 are as follows:

For the Period Ending July 31,
2025	$	33,589
2026		134,367
2027		134,379
2028		134,391
2029		134,403
Thereafter		3,992,854
Total minimum lease payments	$	4,563,983
Less: amount representing interest		2,327,677
Total present value of minimum payments		2,236,306
Less: current portion	$	19,743
Long term portion of operating lease liability		2,216,563