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LEASES

12 Months Ended

Jan. 31, 2025

16. 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 Trust’s Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2025 consist of the following:

SCHEDULE OF LEASE COSTS

	For the Year Ended
	January 31, 2025
Operating Lease Costs:
Operating lease cost*		145,563

Supplemental cash flow information is as follows:

SCHEDULE OF CASH FLOW INFORMATION

	For the Year Ended
	January 31, 2025

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(4,601	)

Lease obligations:
Operating leases, net	$	2,229,807
Long-term obligations	$	2,202,995

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

Weighted average remaining lease term (years)	January 31, 2025
Operating leases		31

Weighted average discount rate		4.85	%
Operating leases

The aggregate annual lease obligations at January 31, 2025 are as follows:

SCHEDULE OF ANNUAL LEASE OBLIGATIONS

For the Years Ending January 31,
2026		134,367
2027		134,379
2028		134,391
2029		134,403
2030		134,403
Thereafter		3,858,452
Total minimum lease payments	$	4,530,395
Less: amount representing interest		2,300,588
Total present value of minimum payments		2,229,807
Less: current portion	$	26,812
Long term portion of operating lease liability		2,202,995