Innsuites Hospitality Trust Files Q3 2024 10-Q

TL;DR

IHT filed their Q3 10-Q. Check financials for hotel trust performance.

AI Summary

Innsuites Hospitality Trust filed a 10-Q for the period ending October 31, 2024. The filing covers the third quarter and the first nine months of their fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in the real estate investment trust sector.

Why It Matters

This filing provides investors with an update on Innsuites Hospitality Trust's financial health and operational performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Innsuites Hospitality Trust is subject to market fluctuations and economic conditions affecting the hospitality sector.

Key Numbers

• 2024-10-31 — Reporting Period End Date (Indicates the end of the fiscal period covered by the report.)
• 2024-12-16 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0131 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• Innsuites Hospitality Trust (company) — Filer of the 10-Q
• October 31, 2024 (date) — End of reporting period
• 20241216 (date) — Filing date
• 0001493152-24-050274 (other) — Accession Number

FAQ

Key Financial Figures

• $3,716,836 — date, as reported on the NYSE AMERICAN: $3,716,836. Number of outstanding Shares of Bene

Filing Documents

• form10-q.htm (10-Q) — 1130KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 8KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-050274.txt ( ) — 5496KB
• iht-20241031.xsd (EX-101.SCH) — 52KB
• iht-20241031_cal.xml (EX-101.CAL) — 53KB
• iht-20241031_def.xml (EX-101.DEF) — 220KB
• iht-20241031_lab.xml (EX-101.LAB) — 352KB
• iht-20241031_pre.xml (EX-101.PRE) — 285KB
• form10-q_htm.xml (XML) — 745KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets – January 31, 2024 (audited) and October 31, 2024 (unaudited) 2 Condensed Consolidated Statements of Operations – Nine Months Ended October 31, 2024 and October 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations – Three Months Ended October 31, 2024 and October 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity – Three and Nine Months Ended October 31, 2024 and October 31, 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Nine Months ended October 31, 2024 and October 31, 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 24 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 40 Item 1A

Risk Factors

Risk Factors 40 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3 Defaults upon Senior Securities 41 Item 4 Mine Safety Disclosures 41 Item 5 Other Information 41 Item 6 Exhibits 41 Signature 42 Exhibit Index PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS OCTOBER 31, 2024 JANUARY 31, 2024 ASSETS Current Assets: Cash $ 451,905 $ 1,325,368 Accounts Receivable 48,359 111,946 Employee Retention Credit Receivable 1,233,527 1,233,527 Prepaid Expenses and Other Current Assets 709,772 310,891 Total Current Assets 2,443,563 2,981,732 Property and Equipment, net 6,863,255 7,051,192 Notes Receivable (net) 1,925,000 1,925,000 Operating Lease – Right of Use 2,073,111 2,088,693 Convertible Note Receivable 1,000,000 1,000,000 Investment in Private Company Stock 668,750 633,750 TOTAL ASSETS $ 14,973,679 $ 15,680,367 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Current Liabilities: Accounts Payable and Accrued Expenses $ 773,454 $ 1,049,530 Current Portion of Mortgage Notes Payable, net of Discount 241,709 230,921 Current Portion of Other Notes Payable 470,000 470,000 Current Portion of Operating Lease Liability 19,743 6,268 Total Current Liabilities 1,504,906 1,756,719 Notes Payable - Related Party 749,950 - Mortgage Notes Payable, net of Discount 8,851,475 9,019,664 Operating Lease Liability, net of current portion 2,216,563 2,249,072 TOTAL LIABILITIES 13,322,894 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 8,763,485 and 8,791,822 shares outstanding at October 31, 2024 and January 31, 2024, respectively 6,137,160 7,039,055 Treasury Stock, 225,319 and 196,982 shares held at cost at Oct

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View this 10-Q filing on SEC EDGAR