Innsuites Hospitality Trust Q1 2025 10-Q Filing

TL;DR

**Innsuites Hospitality Trust Q1 2025 10-Q filed. Financials for Room Revenue, F&B, G&A detailed.**

AI Summary

Innsuites Hospitality Trust filed its 10-Q for the period ending April 30, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Specific revenue and expense figures for various segments like Room Revenue, Food & Beverage, and General & Administrative expenses are provided for the current and prior year periods.

Why It Matters

This filing provides investors with a detailed look at Innsuites Hospitality Trust's financial health and operational performance for the first quarter, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — The filing is a standard 10-Q, but the real estate and hospitality sector can be sensitive to economic downturns and interest rate changes.

Key Numbers

• 20240430 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240618 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2025 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• INNSUITES HOSPITALITY TRUST (company) — Filer
• 0000082473 (company) — Central Index Key
• OH (location) — State of Incorporation
• PHOENIX (location) — Business Address City
• AZ (location) — Business Address State
• CLEVELAND (location) — Mail Address City
• OH (location) — Mail Address State

FAQ

Key Financial Figures

• $5,352,582 — date, as reported on the NYSE AMERICAN: $5,352,582 . Number of outstanding Shares of Ben

Filing Documents

• form10-q.htm (10-Q) — 1055KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-024329.txt ( ) — 5496KB
• iht-20240430.xsd (EX-101.SCH) — 54KB
• iht-20240430_cal.xml (EX-101.CAL) — 53KB
• iht-20240430_def.xml (EX-101.DEF) — 215KB
• iht-20240430_lab.xml (EX-101.LAB) — 363KB
• iht-20240430_pre.xml (EX-101.PRE) — 290KB
• form10-q_htm.xml (XML) — 748KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets – January 31, 2024 and April 30, 2024 (unaudited) 3 Condensed Consolidated Statements of Operations – Three Months Ended April 30, 2024 and April 30, 2023 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity – Three Months Ended April 30, 2024 and April 30, 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Three Months ended April 30, 2024 and April 30, 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4

Controls and Procedures

Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 43 Item 1A

Risk Factors

Risk Factors 43 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3 Defaults Upon Senior Securities 44 Item 4 Mine Safety Disclosures 44 Item 5 Other Information 44 Item 6 Exhibits 44 Signature 45 Exhibit Index 2 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS APRIL 30, 2024 JANUARY 31, 2024 ASSETS Current Assets: Cash $ 437,343 $ 1,325,368 Accounts Receivable 134,146 111,946 Employee Retention Credit Receivable 1,233,527 1,233,527 Prepaid Expenses and Other Current Assets 773,108 310,891 Total Current Assets 2,578,124 2,981,732 Property and Equipment, net 7,028,976 7,051,192 Notes Receivable (net) 1,925,000 1,925,000 Operating Lease – Right of Use 2,083,575 2,088,693 Convertible Note Receivable 1,000,000 1,000,000 Investment in Private Company Stock 668,750 633,750 TOTAL ASSETS $ 15,284,425 $ 15,680,367 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current Liabilities: Accounts Payable and Accrued Expenses $ 816,040 $ 1,049,530 Current Portion of Mortgage Notes Payable, net of Discount 230,921 230,921 Current Portion of Other Notes Payable 470,000 470,000 Current Portion of Operating Lease Liability 25,847 6,268 Total Current Liabilities 1,542,808 1,756,719 Mortgage Notes Payable, net of Discount 8,954,995 9,019,664 Operating Lease Liability, net of current portion 2,223,225 2,249,072 TOTAL LIABILITIES 12,721,028 13,025,455 COMMITMENTS AND CONTINGENCIES - - SHAREHOLDERS' EQUITY Shares of Beneficial Interest, without par value, unlimited authorization; 8,988,804 and 8,988,804 shares issued and 8,773,366 and 8,791,822 shares outstanding at April 30, 2024 and Jauary 31, 2024, respectively 6,890,505 7,039,055 Treasury Stock, 215,438 and 196,982 shares held at cost at April 30, 2024 and January 31, 2024

financial statements

financial statements. As the general partner of the Partnership, the Trust exercises unilateral control over the Partnership. Therefore, the financial statements of the Partnership are consolidated with the Trust, and all significant intercompany transactions and balances have been eliminated. Under Accounting Standards Codification ("ASC") Topic 810-10-25, Albuquerque Suite Hospitality, LLC has been determined to be a variable interest entity with the Partnership as the primary beneficiary (see Note 4 – "Variable Interest Entity"). Therefore, the financial statements of Albuquerque Suite Hospitality, LLC, are consolidated with the Trust, and all significant intercompany transactions and balances have been eliminated. The financial statements of the Partnership and Tucson Hospitality Properties, LLLP are consolidated with the Partnership and the Trust, and all significant intercompany transactions and balances have been eliminated. SEASONALITY OF THE HOTEL BUSINESS The Hotels' operations historically have been somewhat seasonal. The Tucson Arizona Hotel historically experiences the highest occupancy in the first Fiscal Quarter (the winter high season) and, to a lesser extent, the fourth Fiscal Quarter. The second Fiscal Quarter (summer low season) historically tends to be the lowest occupancy period at this Arizona Hotel. This seasonality pattern can be expected to cause fluctuations in the Trust's quarterly revenues. The Hotel located in Albuquerque, New Mexico historically experiences its most profitable periods during the second and third Fiscal Quarters (the summer high season), providing some balance to the general seasonality of the Trust's hotel business. The seasonal nature of the Trust's business increases its vulnerability to risks such as travel disruptions, labor force shortages and cash flow issues. Further, if an adverse event such as an actual or threatened virus pandemic, terrorist attack, international conflict, data breach, regional eco

View Full Filing

View this 10-Q filing on SEC EDGAR