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LEASES
 6 Months Ended
Jul. 31, 2025
Leases  
LEASES

15. 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. The Albuquerque Land lease is 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, 2025:

SCHEDULE OF LEASE COSTS 

   For the Six Months Ended 
   July 31, 2025 
Operating Lease Costs:     
Operating lease cost*   74,559 

 

  * Short term lease costs were immaterial.

 

Supplemental cash flow information is as follows:

  

   For the Six Months Ended 
   July 31, 2025 
     
Cash paid for amounts included in the measurement of lease liabilities:     
Operating cash flows from operating leases  $(2,308)
      
Lease obligations:     
Operating leases, net  $2,216,563 
Long-term obligations  $2,196,084 

 

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, 2025 
Operating leases   31 
      
Weighted average discount rate   4.85%
Operating leases     

 

The aggregate future lease payments for Operating Lease Liability as of July 31, 2025 are as follows:

SCHEDULE OF ANNUAL LEASE OBLIGATIONS 

For the Years Ending January 31,     
2026    67,183 
2027    134,379 
2028    134,391 
2029    134,403 
2030    134,416 
Thereafter    3,858,439 
Total minimum lease payments   $4,463,211 
Less: amount representing interest    2,246,648 
Total present value of minimum payments    2,216,563 
Less: current portion   $20,479 
Long term portion of operating lease liability    2,196,084