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SUBSEQUENT EVENTS | 6 Months Ended
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Jul. 31, 2025
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | 24. SUBSEQUENT EVENTS The Trust intends to maintain its current conservative dividend policy. The Trust currently is, and has, been paying two semi-annual dividends each Fiscal Year totaling $0.02 per share per Fiscal Year. In the Fiscal Years ended January 31, 2025 and 2024, the Trust paid dividends of $0.01 per share per share in each of the first and third quarters. The Trust has paid dividends each Fiscal Year since its inception 55 years ago, in 1971. The Trust paid the scheduled semi-annual $0.01 dividend payable on February 5, 2025, as well as August 7, 2025, and is once again anticipated for February 4, 2026. Rare Earth Financial LLC (REF), an affiliate majority-owned by our President and CEO, James Wirth, entered into an agreement with the Obasa Group of Companies, on March 5, 2025, to purchase 102037739 Saskatchewan Ltd, and its subsidiary IBC Hotels, LLC. RRF LLLP, a subsidiary of IHT, agreed to become the Management Company of IBC, in an effort to rekindle earlier operations that were initially substantially successful, until the Covid-19 pandemic in early 2020. The Note Payable to IHT, obtained by IHT in its sale of IBC Hotels, LLC, in August of 2018, was extended until June 30, 2030, with interest to be paid at maturity, at 3.25%. REF may make partial outstanding unpaid interest payments potentially due in Fiscal Year 2026 (February 1, 2025 to January 31, 2026), from May 2024 to March, 2025, in part or in full, unless waived. As part of the Management Agreement, RRF obtained a five-year option to purchase IBC at the net cost of REF. If the rekindling of IBC is successful, this option could prove to be a valuable asset of IHT in the future. Hotel Operation results of the Albuquerque Hotel and the Tucson Hotel both achieved record revenue and Gross Operating Profit (GOP) results for the Fiscal Year ended January 31, 2025. Total Revenues increased to approximately $7.6 million. Solid hotel revenue results are expected for the two hotels, during the Third Fiscal Quarter of 2026, (August 1, 2025 to October 31, 2025). IHT hotel operations contributed to a solid start thus far in the current 2026 Fiscal Year (February 1, 2025, through January 31, 2026), with both the Tucson Hotel and Albuquerque Hotel achieving consistent solid revenue results for the first Fiscal Half of the 2026 Fiscal Year. Combined Revenue for both hotels was approximately $4.05 million for the First Fiscal Half of Fiscal 2026. August Combined Revenues for the two Hotels were approximately $550,000, the highest Combined Revenues recorded for the month of August. The Trust made a change with their External Auditor and outside Tax Preparation Service Provider on May 17, 2024, hiring the BCRG Group for the Fiscal Year 2025, and continuing in Fiscal Year 2026. InnSuites lost a long-time Board of Trustee Member, and dear friend, Mr. J.R. “Ronee” Chase, who passed away suddenly and unexpectedly on June 14, 2024. Mr. Chase had been temporarily replaced as a Trustee by Mr. Michael G. Marchi. Mr. Marchi assumed the role performed by Mr. Chase effective June 19, 2024, and was re-elected for a three-year term, at the 2025 Fiscal Year Annual Shareholder Meeting, on August 14, 2024. Mr. Marchi was issued 4,000 Shares of IHT Stock on June 20, 2024. OTHER RECENT PRONOUCEMENTS Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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