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10-K true 2026-01-31 --01-31 2026 false 1-7062 INNSUITES HOSPITALITY TRUST OH 34-6647590 InnSuites Hospitality Centre 1730 E. Northern Avenue Suite 122 Phoenix AZ 85020 (602) 944-1500 No No Yes Yes Non-accelerated Filer true false false false 3716836 9402834 None Shares of beneficial interest without par value IHT NYSE Risk Management and Strategy We periodically assess risks from cybersecurity threats, and <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_900_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250201__20260131_zR3iPXmNe9di">monitor our information systems for potential vulnerabilities. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_902_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_c20250201__20260131_zOooi9A7EHDb">However, to date, given the small size of our company and the nature of our operations, our reliance on information systems has primarily been limited to the use of standard off-the-shelf software (such as Google, Sage 100 Advanced Software, and Microsoft Office) and the use by our employees of standard personal computers. We also employ an internal Information System Employee, as well as an external 24 hour per day, 365 day per year, Information Technology Service, providing Cloud Hosting, Web Protection, License, Firewall, and IP Service. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90F_ecyd--CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_dbT_c20250201__20260131_zMwckhxhpRH9">With the assistance of the outside IT service, in conjunction with our Internal IT Team, management has implemented the necessary formal processes for assessing, identifying, and managing risks from cybersecurity threats. Firewalls are regularly checked and updated to the latest firmware. In the case of an actual cyber security threat, our outside IT service has full backups of critical systems and a 6-hour Disaster Recovery plan. Risks from cybersecurity threats have, to date, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_907_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250201__20260131_zCaZCGfAo6bk">not materially affected us, our business strategy, results of operations or financial condition. We discuss how cybersecurity incidents could materially affect us in our risk factor disclosures within our FORWARD-LOOKING STATEMENTS, discussed in Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, of this Annual Report on Form 10-K. true However, to date, given the small size of our company and the nature of our operations, our reliance on information systems has primarily been limited to the use of standard off-the-shelf software (such as Google, Sage 100 Advanced Software, and Microsoft Office) and the use by our employees of standard personal computers true false Governance As discussed above, given the internal and external IT work, the nature of our current operations and our experience to date, we do not currently perceive cybersecurity as a particularly significant risk to our business. Accordingly, we have not tasked our Board of Directors with any additional cybersecurity oversight duties, or designated any committee of the Board of Directors to specifically oversee cybersecurity risks to our business. 7158 We have audited the accompanying consolidated balance sheets of InnSuites Hospitality Trust (the “Company”) as of January 31, 2026 and 2025, the related consolidated statements of operations, stockholders’ equity (deficit), and cash flows for each of the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). BCRG Group 7158 Irvine, CA

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1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION As of January 31, 2026, InnSuites Hospitality Trust (the “Trust”, “IHT”, “we”, “us” or “our”) is a publicly traded unincorporated Ohio real estate investment trust (REIT) with two hotels that IHT has an ownership interest in and manages. The Trust and its shareholders directly in and through a Partnership, own interests in two hotels with an aggregate of 270 hotel suites in Arizona and New Mexico. Both are operated under the federally trademarked name “InnSuites”, as well as operating under the brand name “Best Western”. The Trust and its shareholders hold a $1 million 6% convertible debenture in UniGen Power Inc., (“UniGen”), approximately $445,833 in UniGen’s privately-held common stock (575,000 shares), and hold warrants to make further UniGen Investments in the future, as further discussed in Note 2. Hotel Operations: Full service hotels often contain upscale full-service facilities with a large volume of full service accommodations, on-site full-service restaurant(s), and a variety of on-site amenities such as swimming pools, a health club, children’s activities, ballrooms and on-site conference facilities. Moderate or limited-service hotels are small to medium-sized hotel establishments that offer a limited amount of on-site amenities. Most moderate or limited service establishments may still offer full service accommodations. The Trust considers its Tucson, Arizona hotel and our hotel located in a subsidiary of Albuquerque, New Mexico to be moderate or limited service hotels. IHT provides management services and marketing. Our Tucson, Arizona Hotel and our Hotel located in Albuquerque, New Mexico are moderate service hotels. Both hotels offer swimming pools, fitness centers, business centers, and complimentary breakfast. In addition, the Hotels offer complementary social areas and modest conference facilities. The Tucson hotel has “PJ’s” Pub and Café, as well. The Trust is the sole general partner of RRF Limited Liability Limited Partnership, a Delaware LLLP (the “Partnership”), and owned a <span id="xdx_90D_ecustom--PercentageOfOwnershipInterestHeldByTrust_dp_uPure_c20250201__20260131__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--GeneralPartnerMember__dei--LegalEntityAxis__custom--RRFLimitedPartnershipMember_zrsX1TsGQeXg" title="Percentage of ownweship interest held by trust">79.18% and <span id="xdx_90D_ecustom--PercentageOfOwnershipInterestHeldByTrust_dp_uPure_c20240201__20250131__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--GeneralPartnerMember__dei--LegalEntityAxis__custom--RRFLimitedPartnershipMember_zHsyrBjd01c3" title="Percentage of ownweship interest held by trust">75.89% interest in the Partnership as of January 31, 2026 and 2025, respectively. As of January 31, 2026, the Partnership owned a <span id="xdx_90D_eus-gaap--LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_pid_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--InnSuitesHotelLocatedinTucsonMember_zXynpBNa3GWb">51.69% interest in an InnSuites® hotel located in Tucson, Arizona. The Trust owns a direct <span id="xdx_905_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--InnsuitesHotelLocatedInAlbuquerqueNewMexicoMember_znHbbtJ1EZL2">21.90% interest in an InnSuites® hotel located in Albuquerque, New Mexico. RRF Limited Liability Limited Partnership, an IHT subsidiary, manages the Hotels’ daily operations under 2 management agreements. RRF also provides the use of the “InnSuites” trademark to the Hotels. All expenses and reimbursements between the Trust and RRF LLLP have been eliminated in consolidation. The Trust classified the Hotels as operating assets, but these assets are available for sale. At this time, the Trust is unable to predict when, and if, either of these will be sold. Neither the Tucson Hotel nor the Albuquerque Hotel is currently listed for sale, but the Trust is willing to consider offers for each Hotel. Each of the Hotels is being made available at a price that management believes is reasonable in relation to its current fair market value, earnings, profits, and replacement cost. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION These audited condensed consolidated financial statements have been prepared by management in accordance with accounting principles in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and include all assets, liabilities, revenues and expenses of the Trust and its subsidiaries, as listed in the table below. All material intercompany transactions and balances have been eliminated. Certain items have been reclassified to conform to the current fiscal year presentation. The Trust exercises unilateral control over the Partnership and the entities listed below. Therefore, the unaudited condensed financial statements of the Partnership and the entities listed below are consolidated with the Trust, and all intercompany transactions and balances have been eliminated. SCHEDULE OF ENTITY OWNERSHIP PERCENTAGE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">IHT OWNERSHIP %</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">ENTITY</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">DIRECT</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">INDIRECT (i)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Albuquerque Suite Hospitality, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zzlwNG2VdWm5" title="IHT OWNERSHIP %">21.90</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_z1Gs6tThSRUl" title="IHT OWNERSHIP %">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tucson Hospitality Properties, LLLP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--DirectOwnershipMember_ziElM2R2WoO4" title="IHT OWNERSHIP %">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_zbYvQdfCOZYc" title="IHT OWNERSHIP %">51.69</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">RRF Limited Partnership</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zQA5TPx0qmQ1" title="IHT ownership percentage">79.18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_zeEdlkRk2Gcd" title="IHT ownership percentage">-</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zLCI8WCqtd7l" style="width: 15pt; text-align: right">(i)</td><td style="width: 5pt"></td><td id="xdx_F1D_zdOOm2cdPrjh" style="text-align: justify">Indirect ownership is through the Partnership</td> </tr></table> The Trust has evaluated subsequent events through the date of the filing of its Form 10-K with the Securities and Exchange Commission. Other than those events disclosed indicating the recovery of economic and business activity, and continuing progress by UniGen in seeking the next round of financing and developing its innovative clean energy product, the Trust is not aware of any other significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Trust’s 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 5 – “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. NON-CONTROLLING INTEREST Non-controlling interest in the Trust represents the limited partners’ proportionate share of the capital and earnings of the Partnership and the two hotels. Income or loss is allocated to the non-controlling interest based on a weighted average ownership percentage in the entities throughout the period, and capital is allocated based on the ownership percentage at year-end. Any difference between the weighted average and point-in-time allocations is presented as a reallocation of non-controlling interest as a component of shareholders’ equity. As of January 31, 2026, non-controlling interest represented 48.31% interest in the InnSuites® hotel located in Tucson, Arizona, 78.10% interest in the InnSuites® hotel located in Albuquerque, New Mexico, and 24.11% in the Partnership. PARTNERSHIP AGREEMENT The Partnership Agreement of the Partnership provides for the issuance of two classes of Limited Partnership units, Class A and Class B. Class A and Class B Partnership units are identical in all respects. On January 31, 2026 and 2025, <span id="xdx_901_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20260131__us-gaap--StatementEquityComponentsAxis__custom--ClassAPartnershipUnitsMember_zSX0wk7L525b" title="Partnership units outstanding">194,317 and <span id="xdx_905_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20250131__us-gaap--StatementEquityComponentsAxis__custom--ClassAPartnershipUnitsMember_zdfo7R8jOZ54" title="Partnership units outstanding">211,755 Class A Partnership units were outstanding, representing <span id="xdx_908_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--ClassAPartnershipUnitsMember_zlztPM8FSgAe" title="Partnership interest units percentage">1.51% and <span id="xdx_90D_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20240201__20250131__srt--OwnershipAxis__custom--ClassAPartnershipUnitsMember_zSugH8DkasLi" title="Partnership interest units percentage">1.60% of the total Partnership units, respectively. Additionally, as of January 31, 2026 and 2025, <span id="xdx_901_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20260131__us-gaap--StatementEquityComponentsAxis__custom--ClassBPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesWirthMember_zkQ8FQO95So7" title="Partnership units outstanding">2,629,038 and <span id="xdx_901_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20250131__us-gaap--StatementEquityComponentsAxis__custom--ClassBPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesWirthMember_zONu3VddK8cf" title="Partnership units outstanding">2,974,038 Class B Partnership units were outstanding to and owned by James Wirth, the Trust’s Chairman and Chief Executive Officer, and Mr. Wirth’s affiliates, representing <span id="xdx_903_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--ClassBPartnershipUnitsMember_zcMpo5NMgAMj" title="Partnership interest units percentage">20.46% and <span id="xdx_908_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20240201__20250131__srt--OwnershipAxis__custom--ClassBPartnershipUnitsMember_zgUNdWAKkjQg" title="Partnership interest units percentage">22.51% ownership in the Partnership. If all the Class A and B Partnership units were converted on January 31, 2026 and 2025, the limited partners in the Partnership would receive 2,823,355 Shares of Beneficial Interest of the Trust. As of January 31, 2026, and 2025, the Trust owns 10,025,724 general partner units in the Partnership, representing <span id="xdx_900_eus-gaap--LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--GeneralPartnerUnitsMember_zSKgugUnNMJi" title="Partnership interest units percentage">79.18% and <span id="xdx_90E_eus-gaap--LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_dp_uPure_c20240201__20250131__srt--OwnershipAxis__custom--GeneralPartnerUnitsMember_zJ8LOZpiGXIf" title="Partnership interest units percentage">75.89% of the total Partnership units. On January 31, 2026, the total IHT Shares of Beneficial Interest are 6,457,296. Total Class A and Class B RRF Limited Partnership units are 2,823,355. The total diluted shares that are convertible one for one is 9,280,651. LIQUIDITY The Trust’s principal source of cash to meet its cash requirements is revenues from hotel room reservations and from RRF Management fees from the Tucson, Arizona and Albuquerque, New Mexico properties. The Trust’s liquidity, including our ability to make distributions to its shareholders, and to service debt, will depend upon the ability of the Trust and the Partnership’s ability to generate sufficient cash flow from hotel operations, as well as to generate funds from repayment of intercompany advances and sale of assets. At a future date, the Trust may receive cash from hotel reservations, branding, and/or energy operations and/or full or partial refinance or sale of one or both hotels, and/or full or partial sale of its UniGen diversification investment. As of January 31, 2026, the Trust had a related party Demand/Revolving Line of Credit/Promissory Note with an amount payable of approximately $1.15 million. The Demand/Revolving Line of Credit/Promissory Note accrues interest at <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260131__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zmEbPW9tqj87" title="Debt instrument interest rate">7.0% per annum and requires interest only payments. The Demand/Revolving Line of Credit/Promissory Note has a maximum borrowing capacity to $<span id="xdx_90D_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20260131__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_ztbpEk6A4jzj" title="Line of credit limit">2,500,000, which automatically renews annually. This is a two-way Line of Credit, with both the Trust and an Affiliate lender having access to draw on the credit amount of up to $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20260131__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zQ3JHIiqqiKc" title="Line of credit limit">2,500,000 for either party. As of January 31, 2026, the Trust had an amount payable of the Related Party Notes Payable of approximately $2,645,000. As of January 31, 2026, the Trust had three Revolving lines of Credit totaling $250,000 with the Pima Federal Credit Union. The lines had a zero balance as of January 31, 2026. With approximately $<span id="xdx_900_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20260131__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zs2qeNCLOLv2" title="Cash">350,000 of cash as of January 31, 2026, the availability of the combined $<span id="xdx_904_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20260131__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_z8gQ6W7j8LU6" title="Line of credit limit">2,500,000 Advance to Affiliate credit facilities, and the $250,000 Revolving Line of Credit with Pima Federal Credit Union, the Trust believes that it has and will have enough cash on hand to meet all of the financial obligations as they become due for twelve months from the date of filing this 10-K. In addition, management is analyzing other strategic options available to the Trust, including the sale or refinance of one or both Hotel properties, one or more reverse merger opportunities, or other investments. However, such transactions may not be available on terms that are favorable to the Trust, or at all. There can be no assurance that the Trust will be successful in a reverse merger, selling properties, merging, refinancing, or raising additional or replacement funds, or that these funds may be available on terms that are favorable to it. If the Trust is unable to raise additional or replacement funds, it may be required to sell or refinance certain of our assets to meet liquidity needs, which may not be on terms that are favorable. 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 economic downturn or poor weather should occur at either of its two hotels, the adverse impact to the Trust’s revenues and profit could be significant.

1000000

0.06

445833 575000 0.7918 0.7589

0.5169

0.2190

SCHEDULE OF ENTITY OWNERSHIP PERCENTAGE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">IHT OWNERSHIP %</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">ENTITY</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">DIRECT</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">INDIRECT (i)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Albuquerque Suite Hospitality, LLC</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zzlwNG2VdWm5" title="IHT OWNERSHIP %">21.90</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_z1Gs6tThSRUl" title="IHT OWNERSHIP %">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tucson Hospitality Properties, LLLP</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--DirectOwnershipMember_ziElM2R2WoO4" title="IHT OWNERSHIP %">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_zbYvQdfCOZYc" title="IHT OWNERSHIP %">51.69</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">RRF Limited Partnership</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zQA5TPx0qmQ1" title="IHT ownership percentage">79.18</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_zeEdlkRk2Gcd" title="IHT ownership percentage">-</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zLCI8WCqtd7l" style="width: 15pt; text-align: right">(i)</td><td style="width: 5pt"></td><td id="xdx_F1D_zdOOm2cdPrjh" style="text-align: justify">Indirect ownership is through the Partnership</td> </tr></table>

0.2190

0.5169

0.7918

As of January 31, 2026, non-controlling interest represented 48.31% interest in the InnSuites® hotel located in Tucson, Arizona, 78.10% interest in the InnSuites® hotel located in Albuquerque, New Mexico, and 24.11% in the Partnership

194317

211755

0.0151

0.0160

2629038

2974038

0.2046

0.2251

2823355

10025724

0.7918

0.7589

6457296

2823355

9280651

1150000

0.070

2500000

2645000

250000

350000

2500000

250000

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of the audited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the audited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Trust’s operations are affected by numerous factors, including the economy, inflation, virus/pandemic, competition in the hotel industry and the effect of the economy on the travel and hospitality industries. The Trust cannot predict if any of the above items will have a significant impact in the future, nor can it predict what impact, if any, the occurrence of these or other events might have on the Trust’s operations and cash flows. Significant estimates and assumptions made by management include, but are not limited to, the estimated useful lives of long-lived assets and recoverability of long-lived assets and the fair values of the long-lived assets. PROPERTY AND EQUIPMENT Furniture, fixtures, building and improvements and hotel properties are stated at cost, except for land, and depreciated using the straight-line method over estimated lives ranging up to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingAndImprovementsMember__srt--RangeAxis__srt--MaximumMember_zcNTvfqt3HLl" title="Property, plant and equipment, useful life">40 years for buildings and improvements, and <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_z4CGlvzkbpL4" title="Property, plant and equipment, useful life">3 to <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zQdWYSIY63li" title="Property, plant and equipment, useful life">10 years for furniture, fixtures and equipment. Land is an indefinite-lived asset. The Trust tests its land for impairment annually, or whenever events or changes in circumstances indicates an impairment may have occurred, by comparing its carrying value to its implied fair value. For tax purposes the Trust takes advantage of accelerated depreciation methods (MACRS) for new capital additions and improvements to its Hotels. Management applies guidance ASC 360-10-35, to determine when it is required to test an asset for recoverability of its carrying value and whether, or not, an impairment exists. Under ASC 360-10-35, the Trust is required to test a long-lived asset for impairment when there is an indicator of impairment. Impairment indicators may include, but are not limited to, a drop in the performance of a long-lived asset, a decline in the hospitality industry or a decline in the economy. If an indicator of potential impairment is present, then an assessment is performed of whether the carrying amount of an asset exceeds its estimated undiscounted future cash flows over its estimated remaining life. If the estimated undiscounted future cash flows over the asset’s estimated remaining life are greater than the asset’s carrying value, no impairment is recognized; however, if the carrying value of the asset exceeds the estimated undiscounted future cash flows, then the Trust would recognize an impairment expense to the extent the asset’s carrying value exceeds its fair value, if any. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are analyzed on a property-specific basis independent of the cash flows of other groups of assets. Evaluation of future cash flows is based on historical experience and other factors, including certain economic conditions, and committed future bookings. Management has determined no impairment is required of long-lived assets for the Fiscal Years ended January 31, 2026, and January 31, 2025, respectively. CASH The Trust believes it places its cash only with high credit quality financial institutions, although these balances periodically exceed federally insured limits. COST METHOD INVESTMENT IN PRIVATE COMPANY STOCK Investment in private company stock consists of equity securities recorded at fair value. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We analyze our marketable securities in accordance with Accounting Standard Codification 321 (“ASC 321”). Valuations for private company stock are based on quoted prices for identical assets in active markets. Where marketable securities were found not be part of an actively traded market, we made a measurement alternative election and estimate the fair value at cost of the investment minus impairment. During the Fiscal Year ended January 31, 2026, no warrants were exercised. As of January 31, 2026, the Trust owned 575,000 shares of common stock in UniGen Power, Inc. (UniGen), a non-affiliated privately held entity, at a cost of $668,750. As of January 31, 2026, the Trust accounted for such securities at cost minus impairment due to the investment not being traded on an active market noting that UniGen had limited operations and was still in the start-up and research and development stage. Management believes recording the investment at cost approximates fair value since there have been no significant changes in the operations of UniGen and UniGen’s projects are still in the R&D phase. REVENUE RECOGNITION Hotel and Operations Revenues are primarily derived from the sources below and are recognized as services are rendered and it is probable that the entity will collect substantially all of the consideration. Amounts received in advance of revenue recognition are considered deferred liabilities and are generally not significant. Revenues primarily currently consist of room rentals, food and beverage sales, management and trademark fees and other miscellaneous revenues from our properties. Revenues are recorded when rooms are occupied and when food and beverage sales are delivered. Management and trademark fees include a monthly accounting fee and a percentage of hotel room revenues for managing the daily operations of the Hotels. Each room night consumed by a guest with a cancellable reservation represents a contract whereby the Trust has a performance obligation to provide the room night at an agreed upon price. For cancellable reservations, the Trust recognizes revenue as each performance obligation (i.e., each room night) is met. Such contract is renewed if the guest continues their stay. For room nights consumed by a guest with a non-cancellable reservation, the entire reservation period represents the contract term whereby the Trust has a performance obligation to provide the room night or nights at an agreed upon price. For non-cancellable reservations, the Trust recognizes revenue over the term of the performance period (i.e., the reservation period) as room nights are consumed. For these reservations, the room rate is typically fixed over the reservation period. The Trust uses an output method based on performance completed to date (i.e., room nights consumed) to determine the amount of revenue it recognizes on a daily basis if the length of a non-cancellable reservation exceeds one night since consumption of room nights indicates when services are transferred to the guest. In certain instances, variable consideration may exist with respect to the transaction price, such as discounts, coupons and price concessions made upon guest checkout. In evaluating its performance obligation, the Trust bundles the obligation to provide the guest the room itself with other obligations (such as free Wi-Fi, complimentary breakfast, and high-speed internet), as the other obligations are not distinct and separable because the guest cannot benefit from the additional amenities without the consumed room night. The Trust’s obligation to provide the additional items or services is not separately identifiable from the fundamental contractual obligation (i.e., providing the room and its contents). The Trust has no performance obligations once a guest’s stay is complete. We are required to collect certain taxes and fees from customers on behalf of government agencies and remit these back to the applicable governmental agencies on a periodic basis. We have a legal obligation to act as a collection agent. We do not retain these taxes and fees and, therefore, they are not included in revenues. We record a liability when the amounts are collected and relieve the liability when payments are made to the applicable taxing authority or other appropriate governmental agency. ACCOUNTS RECEIVABLES PER ASC 326 Accounts receivable are derived from guest stays and other reservations at the Hotels, and are recorded at the invoiced amount. The Trust accounts for credit losses under ASC Topic 326, which requires an estimate of expected credit losses over the contractual life of the receivables. The Trust utilizes an aging matrix to estimate the allowance, pooling receivables with similar risk characteristics. This methodology is based on historical loss experience, adjusted for current market conditions and reasonable and supportable forecasts of future economic conditions that may affect the guests’ ability to pay. Accounts receivable are written off when collection efforts have been exhausted and they are deemed uncollectible. Recoveries, if any, of receivables previously written off are recorded when received. The Trust does not charge interest on accounts receivable balances and these receivables are unsecured. There is $7,000 and $4,000 in the allowance for expected credit losses for the Fiscal Years ended January 31, 2026 and 2025. LEASE ACCOUNTING The Trust determines, at the inception of a contract, if the arrangement is a lease and whether it meets the classification criteria for a finance or operating lease. Right of Use (ROU), assets represent the Trust’s right to use an underlying asset during the lease term and lease liabilities represent the Trust’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. ROU assets also include any advance lease payments and exclude lease incentives. As most of the Trust’s operating leases do not provide an implicit rate, the Trust uses its incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Operating fixed lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term (see Note 16). TRUSTEE STOCK-BASED COMPENSATION The Trust has an employee equity incentive plan, which is described more fully in Note 23 - “Share-Based Payments.” The three independent members of the Board of Trustees each earn <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20250201__20260131__srt--TitleOfIndividualAxis__custom--BoardOfTrusteesMember_zIuP09fbvIB3" title="Restricted shares">6,000 IHT fully paid restricted Shares per year. All shares vest over one year from date of grant. The Trust has paid the annual fees due to its Trustees by issuing Shares of Beneficial Interest out of its authorized but unissued Shares. Upon issuance, the Trust recognizes the shares as outstanding. The Trust recognizes expense related to the issuance based on the fair value of the shares upon the date of the restricted share grant and amortizes the expense equally over the period during which the shares vest to the Trustees. From time to time, the Trustees and key employees receive one-time fully paid restricted share grants, as well. Additionally, in Fiscal Year 2024 (February 1, 2023 to January 31, 2024), <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20230201__20240131__srt--TitleOfIndividualAxis__custom--TrustsThreeAccountantsMember_zQoxjCOebCth" title="Restricted shares">3,000 IHT Restricted Shares were issued to each of the Trust’s three accountants, and 2,000 restricted IHT Shares to each of three IHT employees. The shares were fully vested at January 31, 2026. The following table summarizes restricted share activity during Fiscal Years 2025 and 2026. SUMMARIZES OF RESTRICTED SHARE ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Restricted Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price on Date of Grant</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td>Balance at January 31, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zxrL8dqdQRxi" style="text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zZc3tWJkfdzk" style="text-align: right" title="Restricted Shares, Price on date of grant, Beginning">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%">Granted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zd2swdi5NMdd" style="width: 16%; text-align: right" title="Restricted Shares, Granted">38,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvARR3zG02a4" style="width: 16%; text-align: right" title="Weighted-Average Per Share Grant Date Fair Value Granted">2.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zSL0LQnKjqi" style="text-align: right" title="Restricted Shares, Vested">(38,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z8IILmQmxAB" style="text-align: right" title="Weighted-Average Per Share Grant Date Fair Value Vested">2.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zTX9nz4n7o4g" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zBvlaNcLxra8" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zZvVrEZwvDah" style="text-align: right" title="Restricted Shares, Granted">46,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zqfg3Yt2FXxb" style="text-align: right" title="Restricted Shares, Price on date of grant, Granted">1.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zUDaOrGUTQDj" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(40,480</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z058Hl5GMSK9" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zB9cimxs19Z7" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of unvested awards beginning">5,520</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zoSKxUIh2ZBj" style="text-align: right" title="Restricted Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zsbsxxxp0ZWe" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(5,520</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z7bPwkJtXTkb" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_znZIgnn64Ccf" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zkuJe1XBrA3h" style="text-align: right" title="Restricted Shares, Granted">18,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvNx4zaryIu4" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(18,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zgiX0BMQMLEb" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zHuj3jf25Lmk" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Ending">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> TREASURY STOCK Treasury stock is carried at cost, including any brokerage commissions paid to repurchase the shares. Any shares issued from treasury stock are removed at cost, with the difference between cost and fair value at the time of issuance recorded against Shares of Beneficial Interest. INCOME TAXES The Trust is subject to federal and state corporate income taxes, and accounts for deferred taxes utilizing an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when it is determined to be more likely than not that some portion, or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment (see Note 18). DIVIDENDS AND DISTRIBUTIONS In Fiscal Years 2026 and 2025, the Trust paid a semi-annual dividend of $0.01 per share each, at the beginning of the first Fiscal quarter and at the end of the second Fiscal quarter for a total annual dividend of $0.02 for each Fiscal Year in the amounts of approximately $182,000 and $178,000, respectively. The Trust previously had a policy of one Annual Dividend per Fiscal Year, typically in early February of the Fiscal Year. The Board may consider returning to an annual dividend potentially providing additional cash for diversified investments. The Trust’s long-term ability to pay dividends is largely dependent upon the operations of the Hotels, and/or sale of assets. The Trust has paid uninterrupted dividends annually for 56 consecutive years since the Trust was formed in 1971, and listed with the NYSE. NET INCOME PER SHARE Basic and diluted net income per Share of Beneficial Interest is computed based on the weighted-average number of Shares of Beneficial Interest and potentially dilutive securities outstanding during the period. Dilutive securities are limited to the Class A and Class B units of the Partnership, which are convertible into 3,185,793 Shares of the Beneficial Interest, as discussed in Note 1. For the Fiscal Years ended January 31, 2026 and 2025, there were Class A and Class B Partnership units outstanding, which are convertible into Shares of Beneficial Interest of the Trust. Assuming conversion at the beginning of each period, the aggregate weighted-average of these Shares of Beneficial Interest would have been 2,823,355 and 3,185,793 in addition to the basic shares outstanding for the years ended January 31, 2026 and 2025. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were anti-dilutive during the years ended January 31, 2026 and 2025 and are excluded in the calculation of diluted earnings per share for those periods. SEGMENT REPORTING It has been determined that the Trust hotel ownership, Operations, and Management Services are comprised of one reportable segment, Hotel Operations & Hotel Management Services (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. The Trust’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The accounting policies of the Hotel Operations and Hotel Management Services segment are as described in the summary of significant accounting policies. The CODM evaluates the performance of the Hotel Operations and Hotel Management Services segment based on the Company’s net income (loss) as reported in the Statements of Operations. The Trust’s segment assets are reported on the Balance Sheets. The CODM reviews performance based on gross profit, operating profit, net earnings and net earnings. Operating profit is reviewed to monitor the operating and administrative expenses of the Trust. Profitability is important to the Trust’s ability to grow and expand operations and strategic initiatives. The Trust does not have any operations or sources of revenue outside of the United States. The Trust does not have any customer representing more than 10% of total revenues for any period presented. Accordingly, the CODM considers the revenue, operating expenses, and other income (expenses) of our single operating segment as reported on the statement of operations and considers our current and total assets as recorded on the balance sheet. There are no additional expense or asset information that are supplemental to those disclosed in these consolidated financial statements that are regularly provided to the CODM. The Trust has chosen to focus its hotel investments on the southwest region of the United States. The CODM does not review assets by geographical region; therefore, no income statement or balance sheet information by geographical region is provided. ADVERTISING COSTS Amounts incurred for advertising costs are expensed as incurred. Advertising expense totaled approximately $274,000 and $311,000 for the twelve months ended January 31, 2026 and 2025, respectively, and is reported in the consolidated Statement of Operations. CONCENTRATION OF CREDIT RISK Credit risk is the risk of an unexpected loss if a third party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Trust to a concentration of credit risk consist primarily of cash and cash equivalents. Management’s assessment of the Trust’s credit risk for cash and cash equivalents is low as cash and cash equivalents are held in financial institutions believed to be credit worthy. The Trust limits its exposure to credit loss by placing its cash with various major financial institutions and invests only in short-term obligations. While the Trust is exposed to credit losses due to the non-performance of its counterparties, the Trust considers the risk of this remote. The Trust estimates its maximum credit risk for accounts receivable at the amount recorded on the balance sheet. FAIR VALUE OF FINANCIAL INSTRUMENTS For disclosure purposes, fair value is determined by using available market information and appropriate valuation methodologies. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. The fair value framework specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The fair value hierarchy levels are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and / or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are level 2 valuation techniques.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 – Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect a company’s own judgments about the assumptions that market participants would use in pricing an asset or liability.</td></tr> </table> The Trust has assets that are carried at fair value on a recurring basis, including stock and warrants in a 3rd party private company on the audited condensed consolidated balance sheet. Due to their short maturities, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value. The fair value of mortgage notes payable, notes payable to banks and notes and advances payable to related parties is estimated by using the current rates which would be available for similar loans having the same remaining maturities and are based on level 2 inputs. OTHER RECENT PRONOUNCEMENTS 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.

USE OF ESTIMATES The preparation of the audited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the audited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Trust’s operations are affected by numerous factors, including the economy, inflation, virus/pandemic, competition in the hotel industry and the effect of the economy on the travel and hospitality industries. The Trust cannot predict if any of the above items will have a significant impact in the future, nor can it predict what impact, if any, the occurrence of these or other events might have on the Trust’s operations and cash flows. Significant estimates and assumptions made by management include, but are not limited to, the estimated useful lives of long-lived assets and recoverability of long-lived assets and the fair values of the long-lived assets.

PROPERTY AND EQUIPMENT Furniture, fixtures, building and improvements and hotel properties are stated at cost, except for land, and depreciated using the straight-line method over estimated lives ranging up to <span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingAndImprovementsMember__srt--RangeAxis__srt--MaximumMember_zcNTvfqt3HLl" title="Property, plant and equipment, useful life">40 years for buildings and improvements, and <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_z4CGlvzkbpL4" title="Property, plant and equipment, useful life">3 to <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260131__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zQdWYSIY63li" title="Property, plant and equipment, useful life">10 years for furniture, fixtures and equipment. Land is an indefinite-lived asset. The Trust tests its land for impairment annually, or whenever events or changes in circumstances indicates an impairment may have occurred, by comparing its carrying value to its implied fair value. For tax purposes the Trust takes advantage of accelerated depreciation methods (MACRS) for new capital additions and improvements to its Hotels. Management applies guidance ASC 360-10-35, to determine when it is required to test an asset for recoverability of its carrying value and whether, or not, an impairment exists. Under ASC 360-10-35, the Trust is required to test a long-lived asset for impairment when there is an indicator of impairment. Impairment indicators may include, but are not limited to, a drop in the performance of a long-lived asset, a decline in the hospitality industry or a decline in the economy. If an indicator of potential impairment is present, then an assessment is performed of whether the carrying amount of an asset exceeds its estimated undiscounted future cash flows over its estimated remaining life. If the estimated undiscounted future cash flows over the asset’s estimated remaining life are greater than the asset’s carrying value, no impairment is recognized; however, if the carrying value of the asset exceeds the estimated undiscounted future cash flows, then the Trust would recognize an impairment expense to the extent the asset’s carrying value exceeds its fair value, if any. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. Long-lived assets evaluated for impairment are analyzed on a property-specific basis independent of the cash flows of other groups of assets. Evaluation of future cash flows is based on historical experience and other factors, including certain economic conditions, and committed future bookings. Management has determined no impairment is required of long-lived assets for the Fiscal Years ended January 31, 2026, and January 31, 2025, respectively.

P40Y

P3Y

P10Y

CASH The Trust believes it places its cash only with high credit quality financial institutions, although these balances periodically exceed federally insured limits.

COST METHOD INVESTMENT IN PRIVATE COMPANY STOCK Investment in private company stock consists of equity securities recorded at fair value. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We analyze our marketable securities in accordance with Accounting Standard Codification 321 (“ASC 321”). Valuations for private company stock are based on quoted prices for identical assets in active markets. Where marketable securities were found not be part of an actively traded market, we made a measurement alternative election and estimate the fair value at cost of the investment minus impairment. During the Fiscal Year ended January 31, 2026, no warrants were exercised. As of January 31, 2026, the Trust owned 575,000 shares of common stock in UniGen Power, Inc. (UniGen), a non-affiliated privately held entity, at a cost of $668,750. As of January 31, 2026, the Trust accounted for such securities at cost minus impairment due to the investment not being traded on an active market noting that UniGen had limited operations and was still in the start-up and research and development stage. Management believes recording the investment at cost approximates fair value since there have been no significant changes in the operations of UniGen and UniGen’s projects are still in the R&D phase.

575000

668750

REVENUE RECOGNITION Hotel and Operations Revenues are primarily derived from the sources below and are recognized as services are rendered and it is probable that the entity will collect substantially all of the consideration. Amounts received in advance of revenue recognition are considered deferred liabilities and are generally not significant. Revenues primarily currently consist of room rentals, food and beverage sales, management and trademark fees and other miscellaneous revenues from our properties. Revenues are recorded when rooms are occupied and when food and beverage sales are delivered. Management and trademark fees include a monthly accounting fee and a percentage of hotel room revenues for managing the daily operations of the Hotels. Each room night consumed by a guest with a cancellable reservation represents a contract whereby the Trust has a performance obligation to provide the room night at an agreed upon price. For cancellable reservations, the Trust recognizes revenue as each performance obligation (i.e., each room night) is met. Such contract is renewed if the guest continues their stay. For room nights consumed by a guest with a non-cancellable reservation, the entire reservation period represents the contract term whereby the Trust has a performance obligation to provide the room night or nights at an agreed upon price. For non-cancellable reservations, the Trust recognizes revenue over the term of the performance period (i.e., the reservation period) as room nights are consumed. For these reservations, the room rate is typically fixed over the reservation period. The Trust uses an output method based on performance completed to date (i.e., room nights consumed) to determine the amount of revenue it recognizes on a daily basis if the length of a non-cancellable reservation exceeds one night since consumption of room nights indicates when services are transferred to the guest. In certain instances, variable consideration may exist with respect to the transaction price, such as discounts, coupons and price concessions made upon guest checkout. In evaluating its performance obligation, the Trust bundles the obligation to provide the guest the room itself with other obligations (such as free Wi-Fi, complimentary breakfast, and high-speed internet), as the other obligations are not distinct and separable because the guest cannot benefit from the additional amenities without the consumed room night. The Trust’s obligation to provide the additional items or services is not separately identifiable from the fundamental contractual obligation (i.e., providing the room and its contents). The Trust has no performance obligations once a guest’s stay is complete. We are required to collect certain taxes and fees from customers on behalf of government agencies and remit these back to the applicable governmental agencies on a periodic basis. We have a legal obligation to act as a collection agent. We do not retain these taxes and fees and, therefore, they are not included in revenues. We record a liability when the amounts are collected and relieve the liability when payments are made to the applicable taxing authority or other appropriate governmental agency.

ACCOUNTS RECEIVABLES PER ASC 326 Accounts receivable are derived from guest stays and other reservations at the Hotels, and are recorded at the invoiced amount. The Trust accounts for credit losses under ASC Topic 326, which requires an estimate of expected credit losses over the contractual life of the receivables. The Trust utilizes an aging matrix to estimate the allowance, pooling receivables with similar risk characteristics. This methodology is based on historical loss experience, adjusted for current market conditions and reasonable and supportable forecasts of future economic conditions that may affect the guests’ ability to pay. Accounts receivable are written off when collection efforts have been exhausted and they are deemed uncollectible. Recoveries, if any, of receivables previously written off are recorded when received. The Trust does not charge interest on accounts receivable balances and these receivables are unsecured. There is $7,000 and $4,000 in the allowance for expected credit losses for the Fiscal Years ended January 31, 2026 and 2025.

7000

4000

LEASE ACCOUNTING The Trust determines, at the inception of a contract, if the arrangement is a lease and whether it meets the classification criteria for a finance or operating lease. Right of Use (ROU), assets represent the Trust’s right to use an underlying asset during the lease term and lease liabilities represent the Trust’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. ROU assets also include any advance lease payments and exclude lease incentives. As most of the Trust’s operating leases do not provide an implicit rate, the Trust uses its incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Operating fixed lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term (see Note 16).

TRUSTEE STOCK-BASED COMPENSATION The Trust has an employee equity incentive plan, which is described more fully in Note 23 - “Share-Based Payments.” The three independent members of the Board of Trustees each earn <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20250201__20260131__srt--TitleOfIndividualAxis__custom--BoardOfTrusteesMember_zIuP09fbvIB3" title="Restricted shares">6,000 IHT fully paid restricted Shares per year. All shares vest over one year from date of grant. The Trust has paid the annual fees due to its Trustees by issuing Shares of Beneficial Interest out of its authorized but unissued Shares. Upon issuance, the Trust recognizes the shares as outstanding. The Trust recognizes expense related to the issuance based on the fair value of the shares upon the date of the restricted share grant and amortizes the expense equally over the period during which the shares vest to the Trustees. From time to time, the Trustees and key employees receive one-time fully paid restricted share grants, as well. Additionally, in Fiscal Year 2024 (February 1, 2023 to January 31, 2024), <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_c20230201__20240131__srt--TitleOfIndividualAxis__custom--TrustsThreeAccountantsMember_zQoxjCOebCth" title="Restricted shares">3,000 IHT Restricted Shares were issued to each of the Trust’s three accountants, and 2,000 restricted IHT Shares to each of three IHT employees. The shares were fully vested at January 31, 2026. The following table summarizes restricted share activity during Fiscal Years 2025 and 2026. SUMMARIZES OF RESTRICTED SHARE ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Restricted Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price on Date of Grant</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td>Balance at January 31, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zxrL8dqdQRxi" style="text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zZc3tWJkfdzk" style="text-align: right" title="Restricted Shares, Price on date of grant, Beginning">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%">Granted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zd2swdi5NMdd" style="width: 16%; text-align: right" title="Restricted Shares, Granted">38,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvARR3zG02a4" style="width: 16%; text-align: right" title="Weighted-Average Per Share Grant Date Fair Value Granted">2.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zSL0LQnKjqi" style="text-align: right" title="Restricted Shares, Vested">(38,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z8IILmQmxAB" style="text-align: right" title="Weighted-Average Per Share Grant Date Fair Value Vested">2.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zTX9nz4n7o4g" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zBvlaNcLxra8" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zZvVrEZwvDah" style="text-align: right" title="Restricted Shares, Granted">46,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zqfg3Yt2FXxb" style="text-align: right" title="Restricted Shares, Price on date of grant, Granted">1.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zUDaOrGUTQDj" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(40,480</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z058Hl5GMSK9" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zB9cimxs19Z7" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of unvested awards beginning">5,520</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zoSKxUIh2ZBj" style="text-align: right" title="Restricted Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zsbsxxxp0ZWe" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(5,520</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z7bPwkJtXTkb" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_znZIgnn64Ccf" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zkuJe1XBrA3h" style="text-align: right" title="Restricted Shares, Granted">18,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvNx4zaryIu4" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(18,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zgiX0BMQMLEb" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zHuj3jf25Lmk" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Ending">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

6000

3000

2000

The following table summarizes restricted share activity during Fiscal Years 2025 and 2026. SUMMARIZES OF RESTRICTED SHARE ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Restricted Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price on Date of Grant</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td>Balance at January 31, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zxrL8dqdQRxi" style="text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zZc3tWJkfdzk" style="text-align: right" title="Restricted Shares, Price on date of grant, Beginning">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%">Granted</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zd2swdi5NMdd" style="width: 16%; text-align: right" title="Restricted Shares, Granted">38,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvARR3zG02a4" style="width: 16%; text-align: right" title="Weighted-Average Per Share Grant Date Fair Value Granted">2.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zSL0LQnKjqi" style="text-align: right" title="Restricted Shares, Vested">(38,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z8IILmQmxAB" style="text-align: right" title="Weighted-Average Per Share Grant Date Fair Value Vested">2.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20220201__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zTX9nz4n7o4g" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zBvlaNcLxra8" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zZvVrEZwvDah" style="text-align: right" title="Restricted Shares, Granted">46,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zqfg3Yt2FXxb" style="text-align: right" title="Restricted Shares, Price on date of grant, Granted">1.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zUDaOrGUTQDj" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(40,480</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20230201__20240131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z058Hl5GMSK9" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zB9cimxs19Z7" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of unvested awards beginning">5,520</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zoSKxUIh2ZBj" style="text-align: right" title="Restricted Shares, Granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zsbsxxxp0ZWe" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(5,520</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20240201__20250131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z7bPwkJtXTkb" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_znZIgnn64Ccf" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Beginning">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zkuJe1XBrA3h" style="text-align: right" title="Restricted Shares, Granted">18,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvNx4zaryIu4" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares, Vested">(18,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zgiX0BMQMLEb" style="padding-bottom: 1pt; text-align: right" title="Restricted Shares, Price on date of grant, Vested">1.20</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt">Balance of unvested awards at January 31, 2026</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250201__20260131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zHuj3jf25Lmk" style="border-bottom: Black 1pt solid; text-align: right" title="Restricted Shares Balance of Unvested Awards Ending">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

38000

2.08

38000

2.08

46000

1.20

40480

1.20

5520

1.20

18000

1.20

TREASURY STOCK Treasury stock is carried at cost, including any brokerage commissions paid to repurchase the shares. Any shares issued from treasury stock are removed at cost, with the difference between cost and fair value at the time of issuance recorded against Shares of Beneficial Interest.

INCOME TAXES The Trust is subject to federal and state corporate income taxes, and accounts for deferred taxes utilizing an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when it is determined to be more likely than not that some portion, or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment (see Note 18).

DIVIDENDS AND DISTRIBUTIONS In Fiscal Years 2026 and 2025, the Trust paid a semi-annual dividend of $0.01 per share each, at the beginning of the first Fiscal quarter and at the end of the second Fiscal quarter for a total annual dividend of $0.02 for each Fiscal Year in the amounts of approximately $182,000 and $178,000, respectively. The Trust previously had a policy of one Annual Dividend per Fiscal Year, typically in early February of the Fiscal Year. The Board may consider returning to an annual dividend potentially providing additional cash for diversified investments. The Trust’s long-term ability to pay dividends is largely dependent upon the operations of the Hotels, and/or sale of assets. The Trust has paid uninterrupted dividends annually for 56 consecutive years since the Trust was formed in 1971, and listed with the NYSE.

0.01 0.01

0.02

182000

178000

NET INCOME PER SHARE Basic and diluted net income per Share of Beneficial Interest is computed based on the weighted-average number of Shares of Beneficial Interest and potentially dilutive securities outstanding during the period. Dilutive securities are limited to the Class A and Class B units of the Partnership, which are convertible into 3,185,793 Shares of the Beneficial Interest, as discussed in Note 1. For the Fiscal Years ended January 31, 2026 and 2025, there were Class A and Class B Partnership units outstanding, which are convertible into Shares of Beneficial Interest of the Trust. Assuming conversion at the beginning of each period, the aggregate weighted-average of these Shares of Beneficial Interest would have been 2,823,355 and 3,185,793 in addition to the basic shares outstanding for the years ended January 31, 2026 and 2025. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were anti-dilutive during the years ended January 31, 2026 and 2025 and are excluded in the calculation of diluted earnings per share for those periods.

3185793

2823355

3185793

SEGMENT REPORTING It has been determined that the Trust hotel ownership, Operations, and Management Services are comprised of one reportable segment, Hotel Operations & Hotel Management Services (continuing operations) segment that has ownership interest in two hotel properties with an aggregate of 270 suites in Arizona and New Mexico. The Trust’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The accounting policies of the Hotel Operations and Hotel Management Services segment are as described in the summary of significant accounting policies. The CODM evaluates the performance of the Hotel Operations and Hotel Management Services segment based on the Company’s net income (loss) as reported in the Statements of Operations. The Trust’s segment assets are reported on the Balance Sheets. The CODM reviews performance based on gross profit, operating profit, net earnings and net earnings. Operating profit is reviewed to monitor the operating and administrative expenses of the Trust. Profitability is important to the Trust’s ability to grow and expand operations and strategic initiatives. The Trust does not have any operations or sources of revenue outside of the United States. The Trust does not have any customer representing more than 10% of total revenues for any period presented. Accordingly, the CODM considers the revenue, operating expenses, and other income (expenses) of our single operating segment as reported on the statement of operations and considers our current and total assets as recorded on the balance sheet. There are no additional expense or asset information that are supplemental to those disclosed in these consolidated financial statements that are regularly provided to the CODM. The Trust has chosen to focus its hotel investments on the southwest region of the United States. The CODM does not review assets by geographical region; therefore, no income statement or balance sheet information by geographical region is provided.

ADVERTISING COSTS Amounts incurred for advertising costs are expensed as incurred. Advertising expense totaled approximately $274,000 and $311,000 for the twelve months ended January 31, 2026 and 2025, respectively, and is reported in the consolidated Statement of Operations.

274000

311000

CONCENTRATION OF CREDIT RISK Credit risk is the risk of an unexpected loss if a third party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Trust to a concentration of credit risk consist primarily of cash and cash equivalents. Management’s assessment of the Trust’s credit risk for cash and cash equivalents is low as cash and cash equivalents are held in financial institutions believed to be credit worthy. The Trust limits its exposure to credit loss by placing its cash with various major financial institutions and invests only in short-term obligations. While the Trust is exposed to credit losses due to the non-performance of its counterparties, the Trust considers the risk of this remote. The Trust estimates its maximum credit risk for accounts receivable at the amount recorded on the balance sheet.

FAIR VALUE OF FINANCIAL INSTRUMENTS For disclosure purposes, fair value is determined by using available market information and appropriate valuation methodologies. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. The fair value framework specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The fair value hierarchy levels are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 1 – Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2 – Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and / or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are level 2 valuation techniques.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3 – Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect a company’s own judgments about the assumptions that market participants would use in pricing an asset or liability.</td></tr> </table> The Trust has assets that are carried at fair value on a recurring basis, including stock and warrants in a 3rd party private company on the audited condensed consolidated balance sheet. Due to their short maturities, the carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value. The fair value of mortgage notes payable, notes payable to banks and notes and advances payable to related parties is estimated by using the current rates which would be available for similar loans having the same remaining maturities and are based on level 2 inputs.

OTHER RECENT PRONOUNCEMENTS 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.

3. SALE OF OWNERSHIP INTERESTS IN ALBUQUERQUE SUBSIDIARY On July 22, 2010, the Board of Trustees unanimously approved, with Mr. Wirth abstaining, for the Partnership to enter into an agreement with Rare Earth Financial, LLC (“Rare Earth”), an affiliate of Mr. Wirth, to sell units in Albuquerque Suite Hospitality, LLC (the “Albuquerque entity”), which owns and operates the Albuquerque, New Mexico hotel property. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase at least <span id="xdx_904_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_pid_dp_c20100721__20100722__srt--OwnershipAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zTuazkapoB8" title="Percentage of membership interest in a subsidiary committed to purchase by an affiliate">49% of the membership interests in the Albuquerque entity and the parties agreed to restructure the operating agreement of the Albuquerque entity. A total of <span id="xdx_907_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_pid_c20100721__20100722__srt--OwnershipAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zxJ9LYsxUTJ5" title="Number of units were available for sale">400 units were available for sale for $<span id="xdx_90C_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_pid_c20100722__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_z9zgYuh5ubUb" title="Sale price per unit">10,000 per unit, with a two-unit minimum subscription. On September 24, 2010, the parties revised the Amended and Restated Operating Agreement to name Rare Earth as the administrative member of the Albuquerque entity in charge of the day-to-day management. On December 9, 2013, the Trust entered into an updated restructuring agreement with Rare Earth to allow for the sale of additional interest units in the Albuquerque entity for $<span id="xdx_909_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_pid_c20131209__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember_zKly0KgJzvw6" title="Sale price per unit">10,000 per unit. Under the updated restructuring agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to <span id="xdx_907_ecustom--MaximumInvestorsToPurchaseUnits_pid_c20131208__20131209__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember_zwJwC08I1V95" title="Maximum investors to purchase units">150 (and potentially up to <span id="xdx_902_ecustom--MaximumPotentiallyToOverallotmentExercised_pid_c20131208__20131209__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember_zZoB1kElRP1j" title="Maximum potentially to overallotment exercised">190 if the overallotment is exercised) units. Under the terms of the updated restructuring agreement, the Trust agreed to hold at least <span id="xdx_903_ecustom--PercentageOfHoldLeastOutstandingUnits_pid_dp_c20131208__20131209__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember_z2tZvinj4WZi" title="Percentage of hold least outstanding units">50.1% of the outstanding units in the Albuquerque entity, on a post-transaction basis, and intends to maintain this minimum ownership percentage through the purchase of units under this offering. The Board of Trustees approved this restructuring on December 9, 2013. The units in the Albuquerque entity are allocated to three classes with differing cumulative discretionary priority distribution rights through December 31, 2015. Class A units are owned by unrelated third parties and have priority for distributions. Class B units are owned by the Trust and have second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and have the lowest priority for distributions from the Albuquerque entity. Priority distributions of $<span id="xdx_90B_ecustom--CumulativePriorityDistributionsPerUnitPerYear_iI_pid_c20151231__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember_z7OBDB4KgcPc" title="Cumulative priority distributions per unit per year">700 per unit per year were cumulative until December 31, 2015; however, after December 31, 2015 Class A unit holders continue to hold a preference on distributions over Class B and Class C unit holders. The Trust does not accrue for these distributions as the preference periods have expired. The Trust has sold non-controlling interests in certain subsidiaries, including Albuquerque Suite Hospitality, LLC (the “Albuquerque entity”) and Tucson Hospitality Properties, LLLP (the “Tucson entity, which sales are described in detail in our Annual Report on Form 10-K filed on April 8, 2024, with the Securities and Exchange Commissions. Generally, interests have sold for $<span id="xdx_903_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_c20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember_zpSJMfcTKF78" title="Sale price per unit">10,000 per unit with a two-unit minimum subscription. The Trust maintains at least <span id="xdx_90A_ecustom--PercentageOfHoldLeastOutstandingUnits_dp_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember__srt--RangeAxis__srt--MinimumMember_zvcgj6Tn9IY5" title="Percentage of hold least outstanding units">50.1% of the units in one of the entities and intends to maintain this minimum ownership percentage. Generally, the units in the each of the entities are allocated to three classes with differing cumulative discretionary priority distribution rights through a certain time period. Class A units are owned by unrelated third parties and have priority for distributions. Class B units are owned by the Trust and have second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and have the lowest priority for distributions. Priority distributions of $<span id="xdx_906_ecustom--CumulativePriorityDistributionsPerUnitPerYear_iI_c20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember_zoMvG2lHwGo8" title="Cumulative priority distributions per unit per year">700 per unit per year are cumulative until a certain date; however, after that date, generally Class A unit holders continue to hold a preference on distributions over Class B and Class C unit holders. The Trust does not accrue for these distributions as the preference periods have expired. On February 15, 2017, the Trust and Partnership entered into a restructuring agreement with Rare Earth Financial, LLC (“REF”) to allow for the sale of non-controlling partnership units in Albuquerque Suite Hospitality LLC (“Albuquerque”) for $<span id="xdx_902_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_c20170215__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zPTWPORyrWP4" title="Sale price per unit">10,000 per unit, which operates the Best Western InnSuites Albuquerque Hotel and Suites Airport hotel property, a 112 unit hotel in Albuquerque, New Mexico (the “Property”). REF and IHT restructured the Albuquerque Membership Interest by creating 250 additional Class A membership interests from General Member majority-owned to accredited investor member-owned. In the event of sale of 250 Class A Interests, total interests outstanding changed from <span id="xdx_909_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20170214__us-gaap--StatementClassOfStockAxis__custom--ClassAClassBandClassCMember__dei--LegalEntityAxis__custom--AlbuquerqueMember_zmloyH0RAukl" title="Limited partners capital account units outstanding">550 to <span id="xdx_902_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20170215__us-gaap--StatementClassOfStockAxis__custom--ClassAClassBandClassCMember__dei--LegalEntityAxis__custom--AlbuquerqueMember_zTx194eHBK9c" title="Limited partners capital account units outstanding">600 with Class A, Class B and Class C Limited Liability Company Interests (referred to collectively as “Interests”) restructured with IHT selling approximately 200 Class B Interests to accredited investors as Class A Interest. REF, as an Administrative Manager of Albuquerque, coordinating the offering and sale of Class A Interests to qualified third parties. REF, IHT, and other REF Affiliates may purchase Interests from time to time. Rare Earth, as a General Partner of the Albuquerque entity, will coordinate the offering and sale of Class A Interests to qualified third parties. Rare Earth and other Rare Earth affiliates may purchase Interests under the offering. As part of this offering, Rare Earth was paid $200,000 for a restructuring fee which was recorded in Equity. This restructuring is part of the Trust’s Equity Enhancement Plan to comply with Section 1003(a)(iii) of the NYSE American Company Guide. For the Fiscal Year ending January 31, 2026 and 2025, the Trust purchased a net of <span id="xdx_908_ecustom--PartnersCapitalAccountUnitsPurchaseOfUnits_c20250201__20260131__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zIy08wmXIGHd" title="Number of units were purchased"><span id="xdx_90B_ecustom--PartnersCapitalAccountUnitsPurchaseOfUnits_c20240201__20250131__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_z9fovr7YMse7" title="Number of units were purchased">0 units, and sold <span id="xdx_90F_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember_zKAn5fBPRR7l" title="Number of units were available for sale"><span id="xdx_90D_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_c20240201__20250131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember_zhEDibkbGnzb" title="Number of units were available for sale">2 units, respectively. As of January 31, 2026, the Trust held a <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zmW3C3wyMdgc" title="Percentage of trust held ownership interest">21.90% ownership interest, or <span id="xdx_90B_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassBLimitedPartnershipUnitsMember_zEbmhHZ1lrmj" title="Number of units sold during period">132.5 Class B units, in the Tucson entity, Mr. Wirth and his affiliates held a <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassBLimitedPartnershipUnitsMember_zgQIJtHxOkdc" title="Percentage of trust held ownership interest">0.17% interest, or approximately 1 Class C units, and other parties held a <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OtherPartiesMember_zTo6UptAHuyi" title="Percentage of trust held ownership interest">77.93% interest, or approximately <span id="xdx_909_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember__srt--TitleOfIndividualAxis__custom--OtherPartiesMember_zwpg7QULBdZ9" title="Number of units sold during period">471.5 Class A units. For the Fiscal Year ended January 31, 2026, the Albuquerque entity made quarterly Priority Return payments.

0.49

400

10000

150 190 0.501 700

10000

0.501 700

10000

250

550

600

200

200000

0 0

0.2190

132.5

0.0017

0.7793

471.5 4. SALE OF OWNERSHIP INTERESTS IN TUCSON HOSPITALITY PROPERTIES SUBSIDIARY On February 17, 2011, the Partnership entered into a restructuring agreement with Rare Earth to allow for the sale of non-controlling interest units in Tucson Hospitality Properties, LP (the “Tucson entity”), which operates the Tucson Oracle hotel property, then wholly owned by the Partnership. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to <span id="xdx_902_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_pid_c20110216__20110217__srt--OwnershipAxis__custom--TucsonHospitalityPropertiesLPMember_z9TPaRQh1rp7" title="Number of units were available for sale">250 units, which represents approximately<span id="xdx_902_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_pid_dp_c20110216__20110217__srt--OwnershipAxis__custom--TucsonHospitalityPropertiesLPMember_zOCsGKdUY1Mc" title="Percentage of membership interest in a subsidiary committed to purchase by an affiliate"> 41% of the outstanding limited partnership units in the Tucson entity, on a post-transaction basis, and the parties agreed to restructure the limited partnership agreement of the Tucson entity. The Board of Trustees approved this restructuring on January 31, 2011. On October 1, 2013, the Partnership entered into an updated restructured limited partnership agreement with Rare Earth to allow for the sale of additional Partnership interest units in the Tucson entity for $<span id="xdx_90B_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_pid_c20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__dei--LegalEntityAxis__custom--RareEarthFinancialLLCMember_zlnV9BJ4W2o3" title="Sale price per unit">10,000 per unit. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to <span id="xdx_905_ecustom--MaximumInvestorsToPurchaseUnits_pid_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zlL6UBpb9ln3" title="Maximum investors to purchase units">160 (and potentially up to <span id="xdx_904_ecustom--MaximumPotentiallyToOverallotmentExercised_pid_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zBJrhhwDXYck" title="Maximum potentially to overallotment exercised">200 if the overallotment is exercised) units. Under the terms of the updated restructuring agreement, the Partnership agreed to hold at least <span id="xdx_901_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_pid_dp_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zb82rmEOAo8d" title="Percentage of membership interest in a subsidiary committed to purchase by an affiliate">50.1% of the outstanding limited partnership units in the Tucson entity, on a post-transaction basis, and intends to maintain this minimum ownership percentage through the purchase of units under this offering. The Board of Trustees approved this restructuring on September 14, 2013. The limited partnership interests in the Tucson entity are allocated to three classes with differing cumulative discretionary priority distribution rights through June 30, 2017. Class A units are owned by unrelated third parties and have priority for distributions. Class B units are owned by the Partnership and have second priority for distributions. Class C units are owned by Rare Earth or other affiliates of Mr. Wirth and have the lowest priority for distributions from the Tucson entity. Priority distributions of $<span id="xdx_905_ecustom--CumulativePriorityDistributionsPerUnitPerYear_iI_pid_c20160630__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__dei--LegalEntityAxis__custom--RareEarthFinancialLLCMember_zHioNAHzHlgi" title="Cumulative priority distributions per unit per year">700 per unit per year are cumulative until June 30, 2016; however, after June 30, 2016 Class A unit holders continue to hold a preference on distributions over Class B and Class C unit holders. The Trust does not accrue for these distributions as the preference periods have expired. If certain triggering events related to the Tucson entity occur prior to the payment of all accumulated distributions to its members, such accumulated distributions will be paid out of any proceeds of the event before general distribution of the proceeds to the members. In the event that funds generated from a triggering event are insufficient to pay the total amount of all such accumulated distributions owed to the members, all Class A members will participate pro rata in the funds available for distribution to them until paid in full, then Class B, and then Class C. After all investors have received their initial capital plus a 7% per annum simple return, any additional profits will be allocated <span id="xdx_909_ecustom--ReturnPercentage_pid_dp_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementEquityComponentsAxis__custom--UnitClassMember_zjFMq5rktRU7" title="Return percentage">50% to Rare Earth, with the remaining <span id="xdx_904_ecustom--ReturnPercentage_pid_dp_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zvwEBy21Nqm" title="Return percentage">50% allocated proportionately to all unit classes. Rare Earth also received a restructuring fee of $<span id="xdx_903_eus-gaap--RestructuringCosts_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementEquityComponentsAxis__custom--UnitClassMember_zkTgwMF4orb5" title="Restructuring fee">128,000, conditioned upon and arising from the sale of the first <span id="xdx_90A_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zISGOMAYnk6b" title="Number of units sold during period">100 units in the Tucson entity following the October 1, 2013 restructuring. The Tucson entity plans to use its best efforts to pay the discretionary priority distributions. The Trust does not guarantee and is not otherwise obligated to pay the cumulative discretionary priority distributions. RRF LLLP will continue to provide management, licensing and reservation services to the Tucson, Arizona property, as well as the Albuquerque, New Mexico property. As of January 31, 2026, the Partnership held a<span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zA4SpLm9F2Q" title="Percentage of trust held ownership interest"> 51.69% ownership interest, or<span id="xdx_908_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassBLimitedPartnershipUnitsMember_zuvsypMi0yS8" title="Number of units sold during period"> 413.5 Class B units, in the Tucson entity, Mr. Wirth and his affiliates held a <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember__srt--TitleOfIndividualAxis__custom--MrWirthMember_z1BzISl8ZI7j" title="Percentage of trust held ownership interest">0.25% interest, or approximately <span id="xdx_901_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassCLimitedPartnershipUnitsMember_z9FXjfCLB3fe" title="Number of units sold during period">2 Class C units, and other parties held a <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zTkU7mufpqGc" title="Percentage of trust held ownership interest">48.06% interest, or approximately <span id="xdx_908_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OtherPartiesHoldersMember_zey9EnZhj9k" title="Number of units sold during period">384.5 Class A units. For the Fiscal Year ended January 31, 2026, the Tucson entity paused quarterly Priority Return payments.

250

0.41

10000

160 200

0.501

700 0.07 0.50 0.50

128000

100

0.5169

413.5

0.0025

0.4806

384.5

5. VARIABLE INTEREST ENTITIES Management evaluates the Trust’s explicit and implicit variable interests to determine if they have any interests in variable interest entities (“VIEs”). Variable interests are contractual, ownership, or other pecuniary interests in an entity whose value changes with changes in the fair value of the entity’s net assets, exclusive of variable interests. Explicit variable interests are those which directly absorb the variability of a VIE and can include contractual interests such as loans or guarantees as well as equity investments. An implicit variable interest acts the same as an explicit variable interest except it involves the absorbing of variability indirectly, such as through related party arrangements or implicit guarantees. The analysis includes consideration of the design of the entity, its organizational structure, including decision making ability over the activities that most significantly impact the VIE’s economic performance. GAAP requires a reporting entity to consolidate a VIE when the reporting entity has a variable interest, or combination of variable interest, that provides it with a controlling financial interest in the VIE. The entity that consolidates a VIE is referred to as the primary beneficiary of that VIE. The Partnership has determined that the Albuquerque entity is a variable interest entity with the Partnership as the primary beneficiary with the ability to exercise control, as determined under the guidance of ASC Topic 810-10-25. In its determination, management considered the following qualitative and quantitative factors: a) The Partnership, Trust, and their related parties, which share common ownership and management, have guaranteed material financial obligations of the Albuquerque hotel. b) The Partnership, Trust and their related parties have maintained, as a group, a controlling ownership interest in the Albuquerque hotel, with the largest ownership belonging to the Trust. c) The Partnership, Trust and their related parties have maintained control over the decisions which most impact the financial performance of the Albuquerque hotel, including providing the personnel to operate the property daily. During the Fiscal Years ended January 31, 2026, and January 31, 2025, neither the Trust nor the Partnership have provided any implicit or explicit financial support for which they were not previously contracted, respectively. Both the Partnership and the Trust provided mortgage loan guarantees which allow our properties to obtain new financing as needed, including the refinance of the Tucson Hotel on March 29, 2022. The following table includes assets that can only be used to settle the liabilities of Albuquerque Suites Hospitality LLC (Albuquerque Hotel) and the creditors have no recourse to the Trust. These assets and liabilities, with the exception of the intercompany accounts, which are eliminated upon consolidation with the Trust, are included in the accompanying consolidated balance sheets. SCHEDULE OF VARIABLE INTEREST ENTITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260131__srt--ConsolidatedEntitiesAxis__custom--VariableInterestEntitiesVIEMember_z5rdNNxh7Qkl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250131__srt--ConsolidatedEntitiesAxis__custom--VariableInterestEntitiesVIEMember_zZBLNWez2FXg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="font-weight: bold">Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--CashWithAdjustmentValue_iI_zXmYJtSJ29x" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">52,183</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(24,551</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--AccountsReceivableNetCurrentWithAdjustmentValue_iI_zbHTuf2en3eb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Accounts Receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,929</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23,757</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_zCyKlinJ7H7f" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid Expenses and Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,129</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--EmployeeRetentionsCredit_iI_zsLWHdAN6Ki" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Employee Retention Credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">616,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">616,764</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RentalProperties_iI_zRDOVtoElQtb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Hotel Properties, Net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">837,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">940,421</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zlpNgw2GfGy5" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Operating Lease -Right of Use</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,045,563</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,067,761</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_iI_zjFeEBsuLiOf" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,589,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,580,767</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_zLNqlPIzHYn8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts Payable and Accrued Expenses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,508,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,532,757</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iI_zw1pMAJrJ4z4" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Operating Lease Liability (ASC 842)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,202,995</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,229,807</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--MortgageNotesPayable_iI_zoeZFYThTS3a" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Mortgage Notes Payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,114,598</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,156,433</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Liabilities_iI_z6pttcNa61h" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,826,480</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,918,997</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquity_iI_zrzN2bmCL592" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt; font-weight: bold">Equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,236,793</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,338,230</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquity_iI_zmGNXgxyMn0k" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Liabilities & Equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,589,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,580,767</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

SCHEDULE OF VARIABLE INTEREST ENTITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260131__srt--ConsolidatedEntitiesAxis__custom--VariableInterestEntitiesVIEMember_z5rdNNxh7Qkl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250131__srt--ConsolidatedEntitiesAxis__custom--VariableInterestEntitiesVIEMember_zZBLNWez2FXg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="font-weight: bold">Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--CashWithAdjustmentValue_iI_zXmYJtSJ29x" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">52,183</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(24,551</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--AccountsReceivableNetCurrentWithAdjustmentValue_iI_zbHTuf2en3eb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Accounts Receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,929</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23,757</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_zCyKlinJ7H7f" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Prepaid Expenses and Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,129</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--EmployeeRetentionsCredit_iI_zsLWHdAN6Ki" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Employee Retention Credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">616,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">616,764</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--RentalProperties_iI_zRDOVtoElQtb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Hotel Properties, Net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">837,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">940,421</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zlpNgw2GfGy5" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left">Operating Lease -Right of Use</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,045,563</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,067,761</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_iI_zjFeEBsuLiOf" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,589,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,580,767</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iI_zLNqlPIzHYn8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accounts Payable and Accrued Expenses</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,508,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,532,757</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iI_zw1pMAJrJ4z4" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Operating Lease Liability (ASC 842)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,202,995</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,229,807</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--MortgageNotesPayable_iI_zoeZFYThTS3a" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Mortgage Notes Payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,114,598</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,156,433</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Liabilities_iI_z6pttcNa61h" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,826,480</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,918,997</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--StockholdersEquity_iI_zrzN2bmCL592" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt; font-weight: bold">Equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,236,793</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,338,230</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquity_iI_zmGNXgxyMn0k" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Liabilities & Equity</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,589,687</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,580,767</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

52183 -24551 1929 -23757

35852

4129

616764 616764

837396

940421

2045563

2067761

3589687

3580767

1508887

1532757

2202995

2229807

1114598 1156433

4826480

4918997

-1236793

-1338230

3589687

3580767

6. NOTES RECEIVABLE Sale of IBC Hospitality Technologies; IBC Hotels LLC (IBC) On August 15, 2018 InnSuites Hospitality Trust (IHT) entered into a final sale agreement of its technology subsidiary, IBC Hotels LLC (IBC), to an unrelated third-party buyer (Buyer). As a part of the amended sale agreement, the Trust received a secured promissory note adjusted to the principal amount of $1,925,000 with interest to be accrued at <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20180815__dei--LegalEntityAxis__custom--IBCHotelsLLCMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zx0bLBIbq5U" title="Percentage of accrued interest">3.75% per annum, which is recorded in the accompanying consolidated balance sheet in continuing operations, which was subsequently adjusted to <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20260201__dei--LegalEntityAxis__custom--IBCHotelsLLCMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9pjJPvqoES8" title="Percentage of accrued interest">3.25%, due in 2030. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">No interest accrued through May 2024, and no payments on the note receivable including principal and interest based on the previously extended time period were due through May 2024.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Note is secured by (1) pledge of the Buyer’s interest in IBC, and (2) a security interest in all assets of IBC, provided IHT shall agree to subordinate such equity interest to commercially reasonable debt financing upon request.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_907_eus-gaap--DebtInstrumentDescription_c20180812__20180815__dei--LegalEntityAxis__custom--IBCHotelsLLCMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zMdAr0hE2bP2" title="Debt instrument, description">If IBC closes an equity transaction with net proceeds to IBC in excess of $2,500,000, IBC/Buyer shall pay or pre-pay to IHT an amount equal to (a) 50% of the net proceeds received by IBC and (b) 50% of the sum of the unpaid balance of the note and accrued interest accrued but unpaid interest thereon, as the date of receipt of the net proceeds by IBC.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The note has been extended further and modified.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Future payments on this note are shown in the table below.</td></tr> </table> SCHEDULE OF FUTURE PAYMENTS OF DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">FISCAL YEAR</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260131_zN0Nf5uVPJ0b"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_ecustom--NotesAndLoansReceivableNetInNextTwelveMonths_iI_maNRNEIzdOj_zM5CHOs4w6Va" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">2030</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">1,925,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--NotesReceivableNetExcludingImpairment_iTI_mtNRNEIzdOj_zUB9KDYcD1lc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,925,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Management’s best, conservative valuation of IBC’s assets, and their marketability, in the case of a default by the Buyer.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">●</td> <td style="font: 10pt Times New Roman, Times, Serif">There were past negative impact of the COVID-19 pandemic, on the travel and hospitality industry, in which IBC’s reservation and booking technology operates. IHT strongly believes the IBC business model is sound and viable, partly because IBC focus is on independent hotels. Half of the world’s hotels are non-affiliated hotels. There are only two major hotel reservation systems, both with multi-billion dollar valuation, which are both focused on affiliated hotels. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">IBC was purchased by an affiliate of the Trust Chairman with modified terms and maturity date. The RRF subsidiary of the Trust now manages IBC Hotels, with a five-year option to buy at cost.</td></tr> </table> 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. RRF LLLP, a subsidiary of IHT, agreed to become the Management Company of IBC, in an effort to rekindle earlier operations that were partially successful, until the Covid-19 pandemic in early 2020. The Note Payable to IHT was extended until June 30, 2030, with interest to be paid at 3.25%. REF intends to make any outstanding interest payments potentially due in Fiscal Year 2027 (February 1, 2026 to January 31, 2027). 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. As of January 31, 2026, management evaluated the carrying value of the note determined no impairment is needed at this time.

1925000

3.75

3.25

If IBC closes an equity transaction with net proceeds to IBC in excess of $2,500,000, IBC/Buyer shall pay or pre-pay to IHT an amount equal to (a) 50% of the net proceeds received by IBC and (b) 50% of the sum of the unpaid balance of the note and accrued interest accrued but unpaid interest thereon, as the date of receipt of the net proceeds by IBC

SCHEDULE OF FUTURE PAYMENTS OF DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">FISCAL YEAR</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260131_zN0Nf5uVPJ0b"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_ecustom--NotesAndLoansReceivableNetInNextTwelveMonths_iI_maNRNEIzdOj_zM5CHOs4w6Va" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">2030</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">1,925,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--NotesReceivableNetExcludingImpairment_iTI_mtNRNEIzdOj_zUB9KDYcD1lc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,925,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> 1925000 1925000

0.0325

7. CONVERTIBLE NOTE RECEIVABLE, COMMON STOCK AND WARRANTS IN UNIGEN POWER, INC. On December 16, 2019, the Trust entered into a Convertible Debenture Purchase Agreement with UniGen Power Inc. (“UniGen”). The Trust purchased secured convertible debentures (“Debentures”) in the aggregate amount of $<span id="xdx_906_eus-gaap--ConvertibleDebt_iI_pp0p0_c20191216__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zHizFO0tWdF7" title="Convertible debt">1,000,000 (the “Loan Amount”) at an annual interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20191216__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__dei--LegalEntityAxis__custom--UnigenPowerIncMember_z4pq42tM122a" title="Debt instrument, interest rate">6% (approximately $<span id="xdx_903_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20191215__20191216__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zqdZPdsFRdTd" title="Debt instrument periodic payment of interest">15,000 per quarter). The Debentures are convertible into <span id="xdx_909_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20191215__20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember_zXOvNsuahfO5" title="Debt conversion, shares">1,000,000 Class A shares of UniGen Common Stock at an initial conversion rate of $<span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z7nE85G4G1mj" title="Debt instrument, conversion rate">1.00 per share. UniGen issued the Trust common stock purchase warrants (the “Debenture Warrants”) to purchase up to <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zoQal7eYMsGj" title="Common stock, debenture warrants">1,000,000 shares of Class A Common Stock. The Debenture Warrants are exercisable at an exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrJbovCha6gj" title="Debenture warrants, exercise price">1.00 per share of Class A Common Stock, with an expiration extended warrant date of June 30, 2029. UniGen also issued the Trust additional common stock purchase warrants (“Additional Warrants”) to purchase up to <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zM4u4Uhk0hq1" title="Common stock, additional warrants">500,000 shares of UniGen Class A Common Stock. The Additional Warrants are exercisable at an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_uUSDPShares_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zGOk9Q0NzC" title="Debenture warrants, exercise price">2.25 per share of Class A Common Stock, with an expiration extended warrant date of June 30, 2029. The total of all stock ownership upon conversion of the note receivable is 1 million shares and if all stock warrants are exercised, shares from conversion of the note receivable and shares from the exercise of warrants could total approximately <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pn6n6_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember_z09bx7OQJLO3" title="Common stock, total warrants">2 million UniGen shares, which amounts up to approximately <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191216__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MinimumMember_zqfISSaFwZMh" title="Equity ownership, percentage">15-<span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191216__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MaximumMember_zAMVHwPITPS6" title="Equity ownership, percentage">20% of fully diluted UniGen equity. Certain stock option warrants have expired, but may be extended to secure additional funds as part of the current UniGen effort to raise additional capital, and complete the first two prototypes. On the Trust’s balance sheet, the investment of the $1,000,000 consists of approximately $<span id="xdx_902_eus-gaap--Investments_iI_pp0p0_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--NotesReceivableMember_zrkU9DqBmnCa" title="Investments, note receivables">700,000 in note receivables and approximately $<span id="xdx_90D_eus-gaap--Investments_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zxJ7eDnscUug" title="Investments, fair value">300,000 as the fair value of the warrant issued with the Trust’s investment in UniGen. The value of the premium related to the fair value of the warrants will accrete over the life of the debentures. The value of the warrants issued with the note receivable was based on Black-Scholes pricing model based on the following inputs: SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS Debenture Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Type of option</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Call option</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 80%; text-align: justify">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zWfCNdXeE8P8" style="width: 16%; text-align: right" title="Stock price">2.25</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exercise (Strike) price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260131__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zUw4WkIJ0q6d" style="text-align: right" title="Exercise (Strike) price">1.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Annualized risk-free rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zgQAMkcuaVla" style="text-align: right" title="Annualized risk-free rate">1.630</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zdDHRJBX0uHc" style="text-align: right" title="Annualized volatility">27.43</td><td style="text-align: left">%</td></tr> </table> Additional Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Type of option</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Call option</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 80%; text-align: justify">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uUSDPShares_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_z4noGLJZC6Ih" style="width: 16%; text-align: right" title="Stock price">2.25</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exercise (Strike) price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260131__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zoVyVcjwv7bi" style="text-align: right" title="Exercise (Strike) price">2.25</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Annualized risk-free rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zlRnNI1ScIc2" style="text-align: right" title="Annualized risk-free rate">1.630</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zuNyI2wN4HAc" style="text-align: right" title="Warrants measurement input">27.43</td><td style="text-align: left">%</td></tr> </table> If all notes are converted and all available but not outstanding warrants exercised, IHT could hold up to approximately <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MinimumMember_zCkyiFpo8jY6" title="Equity ownership, percentage">15-<span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MaximumMember_zMGIiS2HSvX" title="Equity ownership, percentage">20% of UniGen fully diluted equity ownership. During the year ended January 31, 2025, the Trust reinvested $35,000 of interest income to exercise 35,000 warrants for 35,000 shares of common stock in UniGen. These warrants were exercised entirely in the First Fiscal Quarter of 2025, during the three months ended April 30, 2024. During the Second Fiscal Quarter (May 1, 2024 to July 31, 2024), three months ended July 31, 2024, as well as the Third Fiscal Quarter (August 1, 2024 to October 31, 2024), three months ended October 31, 2024, and Fourth Fiscal Quarter (November 1, 2024 to January 31, 2025), the Trust did not receive any interest income from UniGen. The second convertible debenture has matured with principal and unpaid accrued interest due, subject to restructuring. As of January 31, 2026, IHT held 575,000 common shares of UniGen, purchased at a cost of $668,750. During the fiscal year ended January 31, 2026, the Trust evaluated its cost-method investment in UniGen common stock for impairment under ASC 321 and concluded that indicators of impairment were present, including UniGen’s continued pre-revenue status, the slower-than-anticipated pace of engineering completion (61% complete as of the reporting date), and UniGen’s ongoing need to raise additional capital to fund commercialization of its first prototypes. Based on management’s assessment, the Trust recorded an impairment charge of $222,917 during the year ended January 31, 2026, reducing the carrying value of its <span id="xdx_901_eus-gaap--InvestmentOwnedBalanceShares_iI_c20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zd2bNSS8Yz03" title="Investment owned balance, shares">575,000 shares of UniGen common stock from a cost basis of $668,750 to $445,833. The impairment charge is included in Other Income (Expense) in the Consolidated Statements of Operations. The convertible debenture receivable was separately evaluated for impairment as of January 31, 2026 and no impairment was recorded against the note. Following the impairment of the common stock, management believes the post-impairment carrying value of $445,833 approximates fair value, recognizing that UniGen’s projects remain in the developmental R&D phase and that further changes in UniGen’s commercialization progress or capital-raising efforts could result in additional impairment in future periods. UniGen Power Inc. (UPI), progress of the UPI efficient clean energy innovation is as follows: 1. UniGen has stated they have completed 61% of engineering, and is now focused on raising additional capital, which is an ongoing process, in which IHT may participate. 2. Due to an increasingly unreliable American power grid, increasing demand for electricity including electric vehicles, increasing demand for data center power, ballooning demand for Artificial Intelligence electricity, inflation, and supply chain pressures, the UniGen marketing team estimates product’s market has grown. The market for total electricity in the U.S. is projected to double over the next five years. The initial order for thirty units has been reaffirmed. James Wirth (IHT President) and Marc Berg (IHT Executive Vice President) were both elected to similar UniGen Management positions, on February 20, 2026, and currently hold both of the two UniGen Board of Directors seats. This product is a potentially power industry disruptive relatively clean energy generation innovation. The Trust has valued UniGen investment as a level 3 fair value measurement, for the following reasons: The investment does not qualify for level 1 since there are no identical actively traded instruments or level 2 identical or similar unobservable markets.

1000000

0.06

15000

1000000

1.00

1000000

1.00

500000

2.25

1000000

2000000

0.15

0.20

1000000

700000

300000

The value of the warrants issued with the note receivable was based on Black-Scholes pricing model based on the following inputs: SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS Debenture Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Type of option</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Call option</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 80%; text-align: justify">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zWfCNdXeE8P8" style="width: 16%; text-align: right" title="Stock price">2.25</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exercise (Strike) price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260131__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zUw4WkIJ0q6d" style="text-align: right" title="Exercise (Strike) price">1.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Annualized risk-free rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zgQAMkcuaVla" style="text-align: right" title="Annualized risk-free rate">1.630</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zdDHRJBX0uHc" style="text-align: right" title="Annualized volatility">27.43</td><td style="text-align: left">%</td></tr> </table> Additional Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Type of option</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Call option</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 80%; text-align: justify">Stock price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uUSDPShares_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_z4noGLJZC6Ih" style="width: 16%; text-align: right" title="Stock price">2.25</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Exercise (Strike) price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260131__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zoVyVcjwv7bi" style="text-align: right" title="Exercise (Strike) price">2.25</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Annualized risk-free rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zlRnNI1ScIc2" style="text-align: right" title="Annualized risk-free rate">1.630</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260131__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zuNyI2wN4HAc" style="text-align: right" title="Warrants measurement input">27.43</td><td style="text-align: left">%</td></tr> </table>

2.25

1.00

P2Y

1.630

27.43

2.25

P3Y

1.630

27.43

0.15

0.20

35000

575000

668750

0.61

222917

575000

668750

445833 445833 0.61 James Wirth (IHT President) and Marc Berg (IHT Executive Vice President) were both elected to similar UniGen Management positions, on February 20, 2026, and currently hold both of the two UniGen Board of Directors seats. This product is a potentially power industry disruptive relatively clean energy generation innovation

8. PROPERTY AND EQUIPMENT As of January 31, 2026 and January 31, 2025, hotel properties consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">HOTEL SEGMENT</td><td> </td> <td colspan="2" id="xdx_49C_20260131_zPxd1iA2pb63"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49A_20250131_zyAJQygHOFy"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zbKYxt1QFold" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%">Land</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_zlE97dc0dkT2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Building and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,497,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,225,376</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z7LjK8FAcu18" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Furniture, fixtures and equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,193,376</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,792,854</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_maPPAENzRaP_zGNKgZL8mVAi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total hotel properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,190,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,518,230</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_msPPAENzRaP_zS7YE0VgxX71" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,455,260</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,729,945</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_mtPPAENzRaP_zPFwatSwA0Fg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Hotel properties, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,735,442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,788,285</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of January 31, 2026 and January 31, 2025, property and equipment consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">CORPORATE PP&E</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_z83PbCHloN27" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td>Land</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_zxvb3uhNLXL6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Building and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">75,662</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">75,662</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zzFUaRZom9Td" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Furniture, fixtures and equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">392,878</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">392,878</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_maPPAENzFpf_zWGfz1dA0Hy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,540</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_msPPAENzFpf_z1pDr1wTJf0i" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(447,733</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(445,211</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_mtPPAENzFpf_zUIC4qqoMMnk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Property, Plant and Equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,807</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,329</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

As of January 31, 2026 and January 31, 2025, hotel properties consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">HOTEL SEGMENT</td><td> </td> <td colspan="2" id="xdx_49C_20260131_zPxd1iA2pb63"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49A_20250131_zyAJQygHOFy"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zbKYxt1QFold" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%">Land</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_zlE97dc0dkT2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Building and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,497,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,225,376</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z7LjK8FAcu18" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Furniture, fixtures and equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,193,376</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,792,854</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_maPPAENzRaP_zGNKgZL8mVAi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total hotel properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,190,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,518,230</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_msPPAENzRaP_zS7YE0VgxX71" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,455,260</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,729,945</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_mtPPAENzRaP_zPFwatSwA0Fg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Hotel properties, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,735,442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6,788,285</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of January 31, 2026 and January 31, 2025, property and equipment consisted of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">CORPORATE PP&E</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_z83PbCHloN27" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td>Land</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_zxvb3uhNLXL6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Building and improvements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">75,662</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">75,662</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zzFUaRZom9Td" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Furniture, fixtures and equipment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">392,878</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">392,878</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_maPPAENzFpf_zWGfz1dA0Hy7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,540</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,540</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_msPPAENzFpf_z1pDr1wTJf0i" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(447,733</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(445,211</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_mtPPAENzFpf_zUIC4qqoMMnk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Property, Plant and Equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,807</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23,329</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2500000

11497326

11225376

5193376

4792854

19190702

18518230

12455260

11729945

6735442

6788285

75662

392878

468540

447733

445211

20807

23329

9. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are carried at historical cost and are expected to be consumed within one year. As of January 31, 2026, and 2025, prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260131_zAMSHDWKaueh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250131_zyizx03dzShe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--EscrowDeposit_iI_pp0p0_maPEAOAzTir_zSNDZfo5ca3h" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Tax and Insurance Escrow</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">57,951</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">57,752</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SecurityDeposit_iI_pp0p0_maPEAOAzTir_zQgyu2JhJdL5" style="vertical-align: bottom; background-color: White"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidInsuranceCurrent_iI_pp0p0_maPEAOAzTir_zQ1VI2JaQQX8" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Prepaid Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,423</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,532</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--PrepaidWorkmansCompensation_iI_pp0p0_maPEAOAzTir_zjSeUXXjq4s5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid Workman’s Compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">672</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">592</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--MiscellaneousPrepaidExpensesCurrent_iI_pp0p0_maPEAOAzTir_zwgrAWOg5HKb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Miscellaneous Prepaid Expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,332</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,357</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pp0p0_mtPEAOAzTir_zh9m0tCQQgye" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Prepaid Expenses and Current Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">137,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">199,233</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Prepaid expenses and other current assets are carried at historical cost and are expected to be consumed within one year. As of January 31, 2026, and 2025, prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260131_zAMSHDWKaueh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250131_zyizx03dzShe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--EscrowDeposit_iI_pp0p0_maPEAOAzTir_zSNDZfo5ca3h" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Tax and Insurance Escrow</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">57,951</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">57,752</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SecurityDeposit_iI_pp0p0_maPEAOAzTir_zQgyu2JhJdL5" style="vertical-align: bottom; background-color: White"> <td>Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidInsuranceCurrent_iI_pp0p0_maPEAOAzTir_zQ1VI2JaQQX8" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Prepaid Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,423</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,532</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--PrepaidWorkmansCompensation_iI_pp0p0_maPEAOAzTir_zjSeUXXjq4s5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid Workman’s Compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">672</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">592</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--MiscellaneousPrepaidExpensesCurrent_iI_pp0p0_maPEAOAzTir_zwgrAWOg5HKb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Miscellaneous Prepaid Expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,332</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,357</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pp0p0_mtPEAOAzTir_zh9m0tCQQgye" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total Prepaid Expenses and Current Assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">137,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">199,233</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

57951

57752

28423 95532 672 592 50332 45357

137378

199233

10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES As of January 31, 2026 and 2025, accounts payable and accrued expenses consisted of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260131_zBh6MRNLv0ii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250131_zY0qJi5psNz9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsPayableCurrent_iI_pp0p0_maAPAALzH1h_zRUlcUu09ad1" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Accounts Payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">439,740</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">196,261</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_maAPAALzH1h_z8zKwa0OoSaa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued Salaries and Wages</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,629</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedVacationCurrent_iI_pp0p0_maAPAALzH1h_zTHt6sveRqgc" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Accrued Vacation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AccruedPropertyTaxesCurrent_iI_pp0p0_maAPAALzH1h_zPMzLHYoWtd9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued Property Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,628</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,527</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_pp0p0_maAPAALzH1h_zX4cVvLX8wGf" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Sales Tax Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,284</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maAPAALzH1h_zsWDAyp5dbYd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,769</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">199,923</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pp0p0_mtAPAALzH1h_zK0Thf3iUV84" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Accounts Payable and Accrued Expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">847,752</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">652,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

As of January 31, 2026 and 2025, accounts payable and accrued expenses consisted of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20260131_zBh6MRNLv0ii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250131_zY0qJi5psNz9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsPayableCurrent_iI_pp0p0_maAPAALzH1h_zRUlcUu09ad1" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Accounts Payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">439,740</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">196,261</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_maAPAALzH1h_z8zKwa0OoSaa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued Salaries and Wages</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,629</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedVacationCurrent_iI_pp0p0_maAPAALzH1h_zTHt6sveRqgc" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Accrued Vacation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--AccruedPropertyTaxesCurrent_iI_pp0p0_maAPAALzH1h_zPMzLHYoWtd9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued Property Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,628</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,527</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_pp0p0_maAPAALzH1h_zX4cVvLX8wGf" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Sales Tax Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,284</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maAPAALzH1h_zsWDAyp5dbYd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,769</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">199,923</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pp0p0_mtAPAALzH1h_zK0Thf3iUV84" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt">Total Accounts Payable and Accrued Expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">847,752</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">652,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

439740

196261

88613

80629

10000

67628 113527

41002

52284

200769

199923

847752

652624

11. MORTGAGE NOTES PAYABLE On January 31, 2026, the Trust had a mortgage note payable outstanding with respect to the Tucson Hotel. The mortgage note payable has a scheduled maturity date in June 2042. Weighted average annual interest rates on mortgage notes payable as of January 31, 2026 was 4.69%. On June 29, 2017, Tucson Oracle entered into a $<span id="xdx_907_esrt--MortgageLoansOnRealEstateFaceAmountOfMortgages_iI_pn5n6_c20170629__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesLLLPMember_ztCQfKwF46c9" title="Mortgage facility amount">5.0 million Business Loan Agreement (“Tucson Loan”) as a first mortgage credit facility with KS State Bank to refinance the existing first mortgage credit facility with an approximate payoff balance of $<span id="xdx_90F_ecustom--RefinancingMortgageFacilityAmount_iI_pn3n6_c20170629__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesLLLPMember_zr4v5EUl6g3k" title="Refinancing mortgage facility amount">3.045 million which will allow Tucson Hospitality Properties, LLLP to be reimbursed for prior and future hotel improvements. The Tucson Loan has a maturity date of <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_dd_c20170628__20170629__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zL1LqOTiXJ3b" title="Debt instrument, maturity date">June 19, 2042. The Tucson Loan has an initial interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20170629__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__custom--FirstFiveYearAndThereafterMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_znVkr5FD2715" title="Debt instrument, interest rate">4.99% for the first five years and thereafter a variable rate equal to the US Treasury + <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20170629__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zGdIvWTJVqf2" title="Debt instrument, interest rate">2.0% with a floor of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20170629__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__us-gaap--InterestRateFloorMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_z3S3kZTFh66g" title="Debt instrument, interest rate">4.99% and no prepayment penalty. This credit facility is guaranteed by InnSuites Hospitality Trust, RRF LLLP, Rare Earth Financial, LLC, James F. Wirth and Gail J. Wirth and the Wirth Family Trust dated July 14, 2016. On March 29, 2022 Tucson Hospitality Properties LLLP, <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zC7PKgpO45oj" title="Ownership percentage">51% owned by RRF LLLP, a subsidiary of InnSuites Hospitality Trust, funded a new loan for $<span id="xdx_906_esrt--MortgageLoansOnRealEstateFaceAmountOfMortgages_iI_pn5n6_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zJDVwK7r4z7g" title="Mortgage loan">8.4 million to refinance it’s relatively low $ <span id="xdx_902_esrt--MortgageLoansOnRealEstateFaceAmountOfMortgages_iI_pn5n6_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__us-gaap--DebtInstrumentAxis__custom--FirstPositionDebtMember_z9bIN2PSDdid" title="Mortgage loan">4.5 million first position debt along with approximately $<span id="xdx_906_esrt--MortgageLoansOnRealEstateFaceAmountOfMortgages_iI_pn5n6_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__us-gaap--DebtInstrumentAxis__custom--InterCompanyAdvancesMember_zZx5nOygvSil" title="Face amount of mortgages">3.8 million in inter-company advances from IHT used to complete the Best Western Product Improvement Plan (“liquidity”) refurbishment of the Hotel at an interest rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zoDe8ezmJW3d" title="Debt instrument, interest rate">4.99% financed on a <span id="xdx_903_eus-gaap--DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1_iI_dtY_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zgBkMFEgibma" title="Amortization period">25 year amortization with no prepayment penalty and no balloon. This credit facility is guaranteed by InnSuites Hospitality Trust, RRF Limited Partnership, Rare Earth Financial, LLC, James F. Wirth and Gail J. Wirth, and the Wirth Family Trust dated July 14, 2016. As of January 31, 2026, and January 31, 2025 the mortgage loan balance was approximately $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_znHQRAZO8zk7" title="Mortgage loan, face amount">7,697,000 and $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20250131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_z5DI7TBAUuOg" title="Mortgage loan, face amount">7,888,000, respectively, net of financing fees of approximately $<span id="xdx_90F_eus-gaap--DeferredFinanceCostsNet_iI_c20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesMember_zDrAP3qEtry" title="Financing fees">85,000 and $<span id="xdx_906_eus-gaap--DeferredFinanceCostsNet_iI_c20250131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesMember_zQkyD4RA4aa2" title="Financing fees">89,000, respectively. The mortgage note payable is due in monthly installments of approximately $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20250201__20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesMember_zXNlKbecEtIf" title="Periodic payment principal">50,000. On December 2, 2019, Albuquerque Suites Hospitality, LLC entered into a $<span id="xdx_900_esrt--MortgageLoansOnRealEstateFaceAmountOfMortgages_iI_pn5n6_c20191202__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_ziy4PefEBipa" title="Face amount of mortgages">1.4 million Business Loan Agreement (“Albuquerque Loan”) as a first mortgage credit facility with Republic Bank of Arizona originally, and now subsequently with Pima Federal Credit Union. The Albuquerque Loan has a maturity date of <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20191130__20191202__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_z6PGuqe6cZf8" title="Debt instrument, maturity date">December 2, 2029. The Albuquerque Loan has an initial interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20191202__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__us-gaap--InterestRateFloorMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zoy9yXtiwRL8" title="Debt instrument, interest rate">4.90% for the first five years and thereafter a variable rate equal to the US Treasury +<span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20191202__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zCYIEr4HJAi5" title="Debt instrument, interest rate"> 3.5% with a floor of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20191202__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__us-gaap--InterestRateFloorMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zzIGyRrRq3hk" title="Debt instrument, interest rate">4.90% and no prepayment penalty. The current rate for this note was adjusted to <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241231__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__us-gaap--InterestRateFloorMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zT76OSstenvc" title="Debt instrument, interest rate">7.3%, in December of 2024, and was adjusted to <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__us-gaap--VariableRateAxis__us-gaap--InterestRateFloorMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_z4qs1O7eWc91" title="Debt instrument, interest rate">7.571%, in December of 2025. This credit facility is guaranteed by InnSuites Hospitality Trust. As of January 31, 2026, and January 31, 2025 the mortgage loan balance was approximately $1,115,000, and $1,156,000, respectively, net of financing fees of approximately $<span id="xdx_904_eus-gaap--DeferredFinanceCostsNet_iI_c20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zMeSwE2sO748" title="Financing fees">7,000 and $<span id="xdx_903_eus-gaap--DeferredFinanceCostsNet_iI_c20250131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zNdK7fOoFGyb" title="Financing fees">9,000, respectively. The mortgage note payable is due in monthly installments of approximately $<span id="xdx_90B_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20250201__20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_z4ryPaEX2d68" title="Periodic payment principal">11,000 per month. As of January 31, 2026 it was determined the loan covenant was no longer being met. Thus, the remaining balance has been reclassified as a current liability. The following table summarizes the Trust’s mortgage notes payable, net of debt discounts, as of January 31, 2026: SCHEDULE OF MORTGAGE NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260131_zVvKbWCVtq96" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250131_zHyy2sDyvYf7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--SecuredDebt_iI_pp0p0_hdei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zBX4hNTuJmBg" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Mortgage note payable, due in monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentPeriodicPayment_c20250201__20260131__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zEB4rmelGquj" title="Mortgage note payable, monthly payments">28,493, including interest at<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260131__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zsOqzns74PUc" title="Mortgage note payable, interest rate"> 4.69% per year, through June 19, 2042, secured by the Tucson Oracle property with a carrying value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_ecustom--PledgedAssetSeparatelyReportedRealEstatePledgedAsCollateralAtFairValue_iI_pn5n6_c20260131__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_z3Q6PwS0Lmff" title="Mortgage note payable, carrying value of secured property">5.9 million at January 31, 2026.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,697,430</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,888,013</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--SecuredDebt_iI_pp0p0_hdei--LegalEntityAxis__custom--AlbuquerquePropertyMember_z5oyjbs5azQh" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt; text-align: left">Mortgage note payable, due in monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20250201__20260131__dei--LegalEntityAxis__custom--AlbuquerquePropertyMember_z5jVWaznrqDb" title="Mortgage note payable, monthly payments">9,218, including interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260131__dei--LegalEntityAxis__custom--AlbuquerquePropertyMember_zijsB9hcY7hj" title="Mortgage note payable, interest rate">4.90% per year, through December 2, 2029, secured by the Albuquerque property with a carrying value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_ecustom--PledgedAssetSeparatelyReportedRealEstatePledgedAsCollateralAtFairValue_iI_pn5n6_c20260131__dei--LegalEntityAxis__custom--AlbuquerquePropertyMember_zpKX6YWvpSo3" title="Mortgage note payable, carrying value of secured property">0.8 million at January 31, 2026.</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,114,598</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,156,433</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--SecuredDebt_iI_pp0p0_zooZx6eAVhkg" style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt">Totals:</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,812,028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,044,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Total interest expense on mortgage notes payable was approximately $476,000 and $324,000 for the Fiscal Years ended January 31, 2026 and 2025, respectively. See Note 15 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.

0.0469 5000000.0 3045000.000

2042-06-19

0.0499

0.020

0.0499

0.51

8400000 4500000 3800000

0.0499

P25Y

7697000

7888000

85000

89000

50000

1400000

2029-12-02

0.0490

0.035

0.0490

0.073

0.07571

1115000

1156000

7000

9000

11000

SCHEDULE OF MORTGAGE NOTES PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20260131_zVvKbWCVtq96" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250131_zHyy2sDyvYf7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--SecuredDebt_iI_pp0p0_hdei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zBX4hNTuJmBg" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Mortgage note payable, due in monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_907_eus-gaap--DebtInstrumentPeriodicPayment_c20250201__20260131__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zEB4rmelGquj" title="Mortgage note payable, monthly payments">28,493, including interest at<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260131__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zsOqzns74PUc" title="Mortgage note payable, interest rate"> 4.69% per year, through June 19, 2042, secured by the Tucson Oracle property with a carrying value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90C_ecustom--PledgedAssetSeparatelyReportedRealEstatePledgedAsCollateralAtFairValue_iI_pn5n6_c20260131__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_z3Q6PwS0Lmff" title="Mortgage note payable, carrying value of secured property">5.9 million at January 31, 2026.</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,697,430</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,888,013</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--SecuredDebt_iI_pp0p0_hdei--LegalEntityAxis__custom--AlbuquerquePropertyMember_z5oyjbs5azQh" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-bottom: 1pt; text-align: left">Mortgage note payable, due in monthly installments of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_pp0p0_c20250201__20260131__dei--LegalEntityAxis__custom--AlbuquerquePropertyMember_z5jVWaznrqDb" title="Mortgage note payable, monthly payments">9,218, including interest at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260131__dei--LegalEntityAxis__custom--AlbuquerquePropertyMember_zijsB9hcY7hj" title="Mortgage note payable, interest rate">4.90% per year, through December 2, 2029, secured by the Albuquerque property with a carrying value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE1PUlRHQUdFIE5PVEVTIFBBWUFCTEUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_ecustom--PledgedAssetSeparatelyReportedRealEstatePledgedAsCollateralAtFairValue_iI_pn5n6_c20260131__dei--LegalEntityAxis__custom--AlbuquerquePropertyMember_zpKX6YWvpSo3" title="Mortgage note payable, carrying value of secured property">0.8 million at January 31, 2026.</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,114,598</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,156,433</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--SecuredDebt_iI_pp0p0_zooZx6eAVhkg" style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt">Totals:</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,812,028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,044,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

28493

0.0469

5900000

7697430

7888013

9218

0.0490

800000

1114598

1156433

8812028

9044446

476000

324000

12. NOTES PAYABLE TO BANKS On October 17, 2017, the Trust entered into a Business Loan Agreement with Republic Bank of Arizona for a revolving line of credit for $<span id="xdx_90C_eus-gaap--LineOfCredit_iI_pp0p0_c20171017__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TrustMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zec2VuyodH22">150,000. The loan has a variable rate as the published rate in the Wall Street Journal and matures in <span id="xdx_90C_ecustom--LineOfCreditFacilityExpirationTerm_dc_c20171017__20171017__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TrustMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zSPVEjLWihk" title="Line of credit, maturity term">December 2025. The balance as of January 31, 2026 and 2025 was $<span id="xdx_90E_eus-gaap--LineOfCredit_iI_pp0p0_c20260131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TrustMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zU69LRxZIPNb"><span id="xdx_905_eus-gaap--LineOfCredit_iI_pp0p0_c20250131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TrustMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zNV0mYUmUf59">0. On October 17, 2017 Albuquerque Suite Hospitality LLC (the Albuquerque Hotel) entered into a Business Loan Agreement with Republic Bank of Arizona for a revolving line of credit for $<span id="xdx_90D_eus-gaap--LineOfCredit_iI_pp0p0_c20171017__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zywAkFVv5sY6">50,000. The loan has a variable rate as the published rate in the Wall Street Journal and matures in <span id="xdx_90F_ecustom--LineOfCreditFacilityExpirationTerm_dc_c20171017__20171017__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zjTkdndTxkt5" title="Line of credit, maturity term">January 2027. The balance as of January 31, 2026 and 2025 was $<span id="xdx_902_eus-gaap--LineOfCredit_iI_pp0p0_c20250131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zRSY3g3zub18"><span id="xdx_906_eus-gaap--LineOfCredit_iI_pp0p0_c20260131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zr55zD9FZfzb">0. On October 17, 2017 Tucson Hospitality Properties LLLP (the Tucson Hotel) entered into a Business Loan Agreement for a revolving line of credit for $<span id="xdx_909_eus-gaap--LineOfCredit_iI_pp0p0_c20171017__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TucsonHospitalityPropertiesLLLPMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_z0s5TfYkySUa">50,000. The loan has a variable rate as the published rate in the Wall Street Journal and matures in <span id="xdx_907_ecustom--LineOfCreditFacilityExpirationTerm_dc_c20171017__20171017__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TucsonHospitalityPropertiesLLLPMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zMDr7CNpdSQl" title="Line of credit, maturity term">January 2027. The balance as of January 31, 2026 and 2025 was $<span id="xdx_900_eus-gaap--LineOfCredit_iI_pp0p0_c20260131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TucsonHospitalityPropertiesLLLPMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_z0BxgYrosmyf" title="Line of credit"><span id="xdx_902_eus-gaap--LineOfCredit_iI_pp0p0_c20250131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TucsonHospitalityPropertiesLLLPMember__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember_zzGocHgVTKNb" title="Line of credit">0.

150000

2025-12

50000

2027-01

50000

2027-01

13. RELATED PARTY NOTES On December 1, 2014, the Trust entered a Demand/Revolving Line of Credit/Promissory Note with Rare Earth Financial, LLC, an entity which is wholly owned by Mr. Wirth and his family members. The Demand/Revolving Line of Credit/Promissory Note, as amended on June 19, 2017, bears interest at <span id="xdx_907_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_dp_uPure_c20141201__20141201__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RareEarthFinancialLLCMember_zvNdyxU0hMqc" title="Line of credit percentage">7.0% per annum for both a payable and receivable, interest is due quarterly, matures on August 24, 2026, and automatically renews annually each calendar year. No prepayment penalty exists on the Demand/Revolving Line of Credit/Promissory Note. The balance fluctuates through the period. On December 30, 2020, the Demand/Revolving Line of Credit/Promissory Note was extended and increased to $<span id="xdx_903_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20201230__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RareEarthFinancialLLCMember_zYGRnultAHJe" title="Maximum borrowing amount">2,000,000. On November 26, 2025 the Demand/Revolving Line of Credit/Promissory Note was extended and increased to the current level of $<span id="xdx_901_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20251126__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RareEarthFinancialLLCMember_zTsHckt8a9r6" title="Maximum borrowing amount">2,500,000. As of January 31, 2026, and January 31, 2025, the Trust had an amount payable of approximately $<span id="xdx_908_eus-gaap--NotesPayableCurrent_iI_pp0p0_c20260131__us-gaap--RelatedPartyTransactionAxis__custom--RareEarthFinancialLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zHscWcJOnCNj" title="Trust amount payable">2,645,000 and $<span id="xdx_903_eus-gaap--NotesPayableCurrent_iI_pp0p0_c20250131__us-gaap--RelatedPartyTransactionAxis__custom--RareEarthFinancialLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z7e9CED3eHY3" title="Trust amount payable">1,151,000, respectively. During the Fiscal Years ended January 31, 2026 and 2025, the Trust accrued approximately $0, respectively, of interest expense.

0.070

2000000

2500000

2645000

1151000

14. OTHER NOTES PAYABLE As of January 31, 2026, the Trust had a $200,000 unsecured note payable with an individual lender. The promissory note is payable 90 days with notice, or in August 2026, whichever occurs first, and renews annually. The loan accrues interest at 5% and interest only payments shall be made monthly. The Trust may pay all of part of this note without any repayment penalties. The total principal amount of this loan is $200,000 as of January 31, 2026. On July 1, 2019, the Trust and the Partnership together entered into an unsecured loan totaling $270,000 with an individual investor at <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20190701__srt--TitleOfIndividualAxis__custom--IndividualInvestorMember_z7sUIume3JM1" title="Interest rate stated percentage">5%, interest only, payable monthly. <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDateDescription_c20190629__20190701__srt--TitleOfIndividualAxis__custom--IndividualInvestorMember_z4eDCnG5uzag" title="Debt instrument, maturity date description">The loan has been subsequently extended to May 2026, and renews annually. The Trust may pay all or part of this note without any repayment penalties. The total principal amount of this loan is $270,000 as of January 31, 2026. See Note 15 – “Minimum Debt Payments” for scheduled minimum payments on the debt liabilities.

200000

0.05

200000

270000

0.05

The loan has been subsequently extended to May 2026

270000

15. MINIMUM DEBT PAYMENTS Scheduled minimum payments of debt, net of debt discounts, as of January 31, 2026 are approximately as follows in the respective Fiscal Years indicated: SCHEDULE OF MINIMUM PAYMENTS OF DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">FISCAL YEAR</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">MORTGAGES</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OTHER NOTES PAYABLE</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NOTES PAYABLE TO BANKS</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NOTES PAYABLE - RELATED PARTY</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">TOTAL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 20%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_z1kneHvjAANh" style="width: 12%; text-align: right" title="2027">1,320,719</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_ze4KLHHjI4ck" style="width: 12%; text-align: right" title="2027">470,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zf9SyReSZ5E" style="width: 12%; text-align: right" title="2027">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zSbNh974qOmj" style="width: 12%; text-align: right" title="2027">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131_z4Xv6MnY2f35" style="width: 12%; text-align: right" title="2027">1,790,719</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zdOI0XUSMpv7" style="text-align: right" title="2028">205,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zI6qZbXfeNo8" style="text-align: right" title="2028">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_z6IiYdfHOSri" style="text-align: right" title="2028">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zxqfMvfGpY37" style="text-align: right" title="2028">2,645,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131_z4QTe2JexJ6d" style="text-align: right" title="2028">2,850,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zjUsLHghCcYl" style="text-align: right" title="2029">214,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zJdULAHtGxp5" style="text-align: right" title="2029">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zpmuTlOzrq3e" style="text-align: right" title="2029">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zEKk6OafTnPl" style="text-align: right" title="2029">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131_z9DxD35ClFy4" style="text-align: right" title="2029">214,027</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zcOYz5vhyuUi" style="text-align: right" title="2030">227,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zhX4v5kPn3K5" style="text-align: right" title="2030">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zfmRd0Iugfdg" style="text-align: right" title="2030">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zYNf7nQODnX" style="text-align: right" title="2030">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131_zL3ZPTecMf6b" style="text-align: right" title="2030">227,807</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zEK2LacC05Oj" style="text-align: right" title="2031">241,195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zTKQ2niR4llc" style="text-align: right" title="2031">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zkjmMH0IG3rj" style="display: none; text-align: right" title="2031">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zhSEinx8rQGe" style="text-align: right" title="2031">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131_zi3I8m5MekB2" style="text-align: right" title="2031">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zm2tjVNdE0V2" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,602,921</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zJNWYUzfhzig" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zR8ma9sor3bk" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zRIbYq6vWRr" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131_zbLFXYTGcbPh" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,602,921</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zeLS0SNEnvlk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">8,812,028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zXe3mygEvL8d" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">470,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zofmq6Bafvwd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zSJX7lc6P9S1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">2,645,088</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebt_iI_pp0p0_c20260131_zkV2sBHzHYQl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">11,685,921</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Scheduled minimum payments of debt, net of debt discounts, as of January 31, 2026 are approximately as follows in the respective Fiscal Years indicated: SCHEDULE OF MINIMUM PAYMENTS OF DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">FISCAL YEAR</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">MORTGAGES</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OTHER NOTES PAYABLE</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NOTES PAYABLE TO BANKS</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NOTES PAYABLE - RELATED PARTY</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">TOTAL</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 20%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_z1kneHvjAANh" style="width: 12%; text-align: right" title="2027">1,320,719</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_ze4KLHHjI4ck" style="width: 12%; text-align: right" title="2027">470,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zf9SyReSZ5E" style="width: 12%; text-align: right" title="2027">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zSbNh974qOmj" style="width: 12%; text-align: right" title="2027">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260131_z4Xv6MnY2f35" style="width: 12%; text-align: right" title="2027">1,790,719</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zdOI0XUSMpv7" style="text-align: right" title="2028">205,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zI6qZbXfeNo8" style="text-align: right" title="2028">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_z6IiYdfHOSri" style="text-align: right" title="2028">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zxqfMvfGpY37" style="text-align: right" title="2028">2,645,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260131_z4QTe2JexJ6d" style="text-align: right" title="2028">2,850,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zjUsLHghCcYl" style="text-align: right" title="2029">214,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zJdULAHtGxp5" style="text-align: right" title="2029">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zpmuTlOzrq3e" style="text-align: right" title="2029">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zEKk6OafTnPl" style="text-align: right" title="2029">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260131_z9DxD35ClFy4" style="text-align: right" title="2029">214,027</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zcOYz5vhyuUi" style="text-align: right" title="2030">227,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zhX4v5kPn3K5" style="text-align: right" title="2030">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zfmRd0Iugfdg" style="text-align: right" title="2030">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zYNf7nQODnX" style="text-align: right" title="2030">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260131_zL3ZPTecMf6b" style="text-align: right" title="2030">227,807</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zEK2LacC05Oj" style="text-align: right" title="2031">241,195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zTKQ2niR4llc" style="text-align: right" title="2031">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zkjmMH0IG3rj" style="display: none; text-align: right" title="2031">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zhSEinx8rQGe" style="text-align: right" title="2031">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_c20260131_zi3I8m5MekB2" style="text-align: right" title="2031">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zm2tjVNdE0V2" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,602,921</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zJNWYUzfhzig" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zR8ma9sor3bk" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zRIbYq6vWRr" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pp0p0_c20260131_zbLFXYTGcbPh" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,602,921</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zeLS0SNEnvlk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">8,812,028</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--OtherNotesPayablesMember_zXe3mygEvL8d" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">470,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableToBanksMember_zofmq6Bafvwd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--LongTermDebt_iI_pp0p0_c20260131__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zSJX7lc6P9S1" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">2,645,088</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebt_iI_pp0p0_c20260131_zkV2sBHzHYQl" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">11,685,921</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1320719

470000

1790719

205359

2645088

2850447

214027

227807

241195

6602921

8812028

470000

2645088

11685921

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 $<span id="xdx_900_eus-gaap--PaymentsForRent_pp0p0_c20250201__20260131__srt--RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis__custom--NorthpointPropertiesMember_zDa9QZfv86hh" title="Payments for rent">4,318. The Trust also pays electricity and applicable sales tax. The Trust’s Albuquerque Hotel is subject to non-cancelable ground lease. <span id="xdx_90F_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20250201__20260131__srt--RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis__custom--AlbuquerqueHotelMember_zw4RcfaL4RE7" title="Operating lease, option to extend">The Albuquerque Hotel non-cancelable ground lease expires in 2058. The Albuquerque Hotel ground lease has been extended three times since the Albuquerque Hotel was first acquired, in the year 2000, and may be extended further in the future. The Trust’s Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2026 consist of the following: SCHEDULE OF LEASE COSTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250201__20260131_z7FWoNKvyopb" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--LeaseCostAbstract_iB_zaVotzojtJ5e" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Operating Lease Costs:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_z5zbdKWeFz73" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 78%; text-align: left">Operating lease cost*</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">149,461</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">*</td> <td style="font: 10pt Times New Roman, Times, Serif">Short term lease costs were immaterial.</td></tr> </table> Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250201__20260131_zc60qSpExWVi" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40B_eus-gaap--CashFlowOperatingActivitiesLesseeAbstract_iB_z2tgy5SdUnOl" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeasePayments_iN_di_z3EMtvq7hxN6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 78%; text-align: left">Operating cash flows from operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">(4,614</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease obligations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Operating leases, net</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--OperatingLeaseLiability_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260131_z5gjoP8L0uZe" style="text-align: right">2,202,995</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term obligations</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiabilityNoncurrent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260131_za2feDoIvk9i" style="text-align: right">2,174,841</td><td style="text-align: left"> </td></tr> </table> Weighted average remaining lease terms and discount rates were as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Weighted average remaining lease term (years)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 78%; text-align: left">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">30</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_pid_dp_uPure_c20260131_z2XYdrddzTAg" title="Weighted-average discount rate - Operating leases">4.85</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> The aggregate annual lease obligations at January 31, 2026 are as follows: SCHEDULE OF ANNUAL LEASE OBLIGATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">For the Years Ending January 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260131_zQOGWExAVX3"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzEna_zRt78NlO089" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 78%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">134,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzEna_zk8HVU7y4XIg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,391</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzEna_zVQ55RxIwIFa" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,403</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzEna_zMin2jZJvHy9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,416</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_maLOLLPzEna_z06gCAWUdluk" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,428</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_maLOLLPzEna_z1M9Idd6BWC7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,724,011</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzEna_z8AYwqL6Umgc" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Total minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,396,028</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_zF2eXLmJit6k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,193,033</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseLiability_iI_zGpEOehR2Xv8" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Total present value of minimum payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,202,995</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_iI_zSvktynSl4l5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">28,154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_z1uNe9erTL2b" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Long term portion of operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,174,841</td><td style="text-align: left"> </td></tr> </table>

4318

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, 2026 consist of the following: SCHEDULE OF LEASE COSTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20250201__20260131_z7FWoNKvyopb" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--LeaseCostAbstract_iB_zaVotzojtJ5e" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Operating Lease Costs:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_z5zbdKWeFz73" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 78%; text-align: left">Operating lease cost*</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">149,461</td><td style="width: 1%; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">*</td> <td style="font: 10pt Times New Roman, Times, Serif">Short term lease costs were immaterial.</td></tr> </table>

149461

Supplemental cash flow information is as follows: SCHEDULE OF CASH FLOW INFORMATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_493_20250201__20260131_zc60qSpExWVi" style="font-weight: bold; text-align: center">For the Year Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40B_eus-gaap--CashFlowOperatingActivitiesLesseeAbstract_iB_z2tgy5SdUnOl" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeasePayments_iN_di_z3EMtvq7hxN6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 78%; text-align: left">Operating cash flows from operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">(4,614</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease obligations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="padding-left: 10pt; text-align: left">Operating leases, net</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--OperatingLeaseLiability_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260131_z5gjoP8L0uZe" style="text-align: right">2,202,995</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term obligations</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiabilityNoncurrent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260131_za2feDoIvk9i" style="text-align: right">2,174,841</td><td style="text-align: left"> </td></tr> </table>

4614

2202995

2174841

Weighted average remaining lease terms and discount rates were as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Weighted average remaining lease term (years)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">January 31, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 78%; text-align: left">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">30</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_pid_dp_uPure_c20260131_z2XYdrddzTAg" title="Weighted-average discount rate - Operating leases">4.85</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

P30Y

0.0485

The aggregate annual lease obligations at January 31, 2026 are as follows: SCHEDULE OF ANNUAL LEASE OBLIGATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">For the Years Ending January 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20260131_zQOGWExAVX3"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzEna_zRt78NlO089" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 78%; text-align: left">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">134,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzEna_zk8HVU7y4XIg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,391</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzEna_zVQ55RxIwIFa" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,403</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzEna_zMin2jZJvHy9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,416</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_maLOLLPzEna_z06gCAWUdluk" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,428</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_maLOLLPzEna_z1M9Idd6BWC7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,724,011</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzEna_z8AYwqL6Umgc" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Total minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,396,028</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_zF2eXLmJit6k" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,193,033</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseLiability_iI_zGpEOehR2Xv8" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Total present value of minimum payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,202,995</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_iI_zSvktynSl4l5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">28,154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_z1uNe9erTL2b" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Long term portion of operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,174,841</td><td style="text-align: left"> </td></tr> </table>

134379

134391

134403

134416

134428

3724011

4396028

2193033

2202995

28154

2174841

17. DESCRIPTION OF BENEFICIAL INTERESTS Holders of the Trust’s Shares of Beneficial Interest are entitled to receive dividends when and if declared by the Board of Trustees of the Trust out of funds legally available. The holders of Shares of Beneficial Interest, upon any liquidation, dissolution or winding-down of the Trust, are entitled to share ratably in any assets remaining after payment in full of all liabilities of the Trust. The Shares of Beneficial Interest possess ordinary voting rights, each share entitling the holder thereof to one vote. Holders of Shares of Beneficial Interest do not have cumulative voting rights in the election of Trustees and do not have preemptive rights. On January 2, 2001, the Board of Trustees approved a share repurchase program under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, for the purchase of up to 250,000 Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. On September 10, 2002, August 18, 2005 and September 10, 2007, the Board of Trustees approved the purchase of up to 350,000 additional Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. Additionally, on January 5, 2009, September 15, 2009 and January 31, 2010, the Board of Trustees approved the purchase of up to 300,000, 250,000 and 350,000, respectively, of additional Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. Acquired Shares of Beneficial Interest will be held in treasury and will be available for future acquisitions and financings and/or for awards granted under the Trust’s equity compensation plans/programs. Additionally, on June 19, 2017, the Board of Trustees approved a share repurchase program under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, for the purchase of up to 750,000 Partnership units and/or Shares of Beneficial Interest in open market or privately negotiated transactions. Acquired Shares of Beneficial Interest will be held in treasury and will be available for future acquisitions and financings and/or for awards granted under the InnSuites Hospitality Trust 1997 Stock Incentive and Option Plan. For the years ended January 31, 2026 and 2025, the Trust repurchased<span id="xdx_90E_eus-gaap--StockRepurchasedDuringPeriodShares_c20250201__20260131__us-gaap--StatementEquityComponentsAxis__custom--SharesOfBeneficialInterestMember_zemjho8NjKo8" title="Stock repurchased during period shares"> 0 and <span id="xdx_906_eus-gaap--StockRepurchasedDuringPeriodShares_c20240201__20250131__us-gaap--StatementEquityComponentsAxis__custom--SharesOfBeneficialInterestMember_zBp5W0fq4Pdl" title="Stock repurchased during period shares">28,337 Shares of Beneficial Interest at an average price of $0 and $1.59 per share, respectively. The average price paid includes brokerage commissions. The Trust has once again resumed its share repurchases and based on management view plans to aggressively continue repurchasing Shares of Beneficial Interest in compliance with applicable legal and NYSE AMERICAN requirements. The Trust remains authorized to repurchase approximately an additional 200,000 Partnership units and/or Shares of Beneficial Interest pursuant to the publicly announced share repurchase program, which has no expiration date. Repurchased Shares of Beneficial Interest are accounted for as treasury stock in the Trust’s Consolidated Statements of Shareholders’ Equity.

250000

350000

300000

250000

350000

750000

28337

0 1.59 200000

18. FEDERAL INCOME TAXES The Trust and subsidiaries have income tax net operating loss carryforward of approximately $7.9M at January 31, 2026. In 2005, the Trust had an ownership change within the meaning of the Internal Revenue Code Section 382. However, the Trust determined that such ownership change would not have a material impact on the future use of the net operating losses. The Trust amended the Federal and State Tax Returns for tax years 2017 and 2018, resulting in a recalculation of the net operating loss carry-forward. The impact of the amended returns are reflected in the below data. Total and net deferred income tax assets at January 31, SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260131_zr5RVRZSwkYe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250131_zHuD4XdBaNu" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzC6F_zOvlyIZ5kij9" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,010,517</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,053,465</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForBadDebt_iI_maDTAGzC6F_zSz2EAWMIPIc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Bad debt allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruedLiabilities_iI_maDTAGzC6F_z1KF07lxiKAb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,622</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,622</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxAssetsSyndications_iI_maDTAGzC6F_z9SHR6OzJEBl" style="vertical-align: bottom; background-color: White"> <td>Syndications</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,923,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,923,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxPrepaidExpenses_iI_maDTAGzC6F_zJWQreMDevj1" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Prepaid insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,423</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,532</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax_iI_maDTAGzC6F_zuoO8yRB3UV3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Alternative minimum tax credit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzC6F_maDTALNzSru_znaLmO7MjZhd" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,010,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120,375</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesOther_iNI_di_msDTALNzSru_zxlfcgvJPCw" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax liability associated with book/tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,771,158</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,785,672</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzSru_zAMI6cNzmfbk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net deferred income tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,239,160</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,334,703</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zwFdEvlkgREb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Valuation Allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,239,160</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,334,703</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNet_iI_zAGu0vQ1qIac" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Net deferred income tax</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_89D_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zeCWLS1GXKah" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Income taxes for the year ended January 31, SCHEDULE OF INCOME TAX PROVISION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250201__20260131_zqV8SXFfBDCf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240201__20250131_zdqoh8MnKRf7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--CurrentIncomeTaxExpenseBenefit_maITEBz1xM_znGmOOI96lab" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Current income tax provision (benefit)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(140</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">355</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredIncomeTaxExpenseBenefit_maITEBz1xM_zuti2CExHEu6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred income tax provision (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(223,965</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(392,348</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--IncomeTaxExpenseBenefitChangeInValuationAllowance_maITEBz1xM_zCJEzNlY2CJ3" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">223,965</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">392,348</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBz1xM_zSszLWXCkj0c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(140</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The differences between the statutory and effective tax rates are as follows for the year ended January 31, SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250201__20260131_z4DcEsTjdOj8" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBCzySK_zDpRcZcvXvKf" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Federal statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(227,042</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBCzySK_zJWZ2YNus7Ac" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56,383</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_di_maITEBCzySK_zjs4B1T4ffae" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(224,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_maEQal1_c20250201__20260131_zIOdoR4MdxJk" title="Change in valuation allowance, Percent">21</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBCzySK_zelitvbuXQJk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">True-up in prior year returns</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_iNT_di_mtITEBCzySK_zDu1YPfmsjB2" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective Rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">140</td><td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0129</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> The differences between the statutory and effective tax rates are as follows for the year ended January 31, <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240201__20250131_z8JYq7cmZuvg" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBCzm7L_z7KfV5sC3H9j" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Federal statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(248,329</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBCzm7L_zRUUvuHY1tv8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(61,670</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_di_maITEBCzm7L_zVeq2yToU6M5" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(392,300</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_maEQal1_c20240201__20250131_zbnId6pxgIRd" title="Change in valuation allowance, Percent">33</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBCzm7L_zFxRIlKM4Oy8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">True-up in prior year returns</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0</td><td style="padding-bottom: 1pt; text-align: justify">%</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iNT_di_mtITEBCzm7L_z7vvkghAbS4e" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective Rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(355</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-0.03</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> The Trust is taxed as a C-Corporation. The Trust’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Trust has received various IRS and state tax jurisdiction notices which the Trust in the process of responding to in which management believes the notices are without merit and expect full remediation of all tax notices. The Trust and subsidiaries have deferred tax assets of $7 million which includes cumulative net operating loss carryforwards of $4.1 million and syndications of $2.9 million, and deferred tax liability associated with book/tax differences of $1.8 million as of January 31, 2026. We have evaluated the net deferred tax asset and determined that it is not more likely than not we will receive full benefit from the net operating loss carryforwards. Therefore, we have determined a valuation allowance of approximately $5.2 million.

7900000

Total and net deferred income tax assets at January 31, SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20260131_zr5RVRZSwkYe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250131_zHuD4XdBaNu" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzC6F_zOvlyIZ5kij9" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,010,517</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,053,465</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForBadDebt_iI_maDTAGzC6F_zSz2EAWMIPIc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Bad debt allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruedLiabilities_iI_maDTAGzC6F_z1KF07lxiKAb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,622</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,622</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxAssetsSyndications_iI_maDTAGzC6F_z9SHR6OzJEBl" style="vertical-align: bottom; background-color: White"> <td>Syndications</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,923,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,923,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxPrepaidExpenses_iI_maDTAGzC6F_zJWQreMDevj1" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Prepaid insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,423</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,532</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax_iI_maDTAGzC6F_zuoO8yRB3UV3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Alternative minimum tax credit</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">51,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzC6F_maDTALNzSru_znaLmO7MjZhd" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,010,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120,375</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesOther_iNI_di_msDTALNzSru_zxlfcgvJPCw" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax liability associated with book/tax</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,771,158</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,785,672</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzSru_zAMI6cNzmfbk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net deferred income tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,239,160</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,334,703</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zwFdEvlkgREb" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Valuation Allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,239,160</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,334,703</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNet_iI_zAGu0vQ1qIac" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Net deferred income tax</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

4010517

3053465

-2622 -2622 2923000 2923000 28423 95532

51000

7010318

6120375

1771158

1785672

5239160

4334703

5239160

4334703

<p id="xdx_89D_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zeCWLS1GXKah" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Income taxes for the year ended January 31, SCHEDULE OF INCOME TAX PROVISION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250201__20260131_zqV8SXFfBDCf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240201__20250131_zdqoh8MnKRf7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--CurrentIncomeTaxExpenseBenefit_maITEBz1xM_znGmOOI96lab" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Current income tax provision (benefit)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(140</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">355</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredIncomeTaxExpenseBenefit_maITEBz1xM_zuti2CExHEu6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred income tax provision (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(223,965</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(392,348</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--IncomeTaxExpenseBenefitChangeInValuationAllowance_maITEBz1xM_zCJEzNlY2CJ3" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">223,965</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">392,348</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBz1xM_zSszLWXCkj0c" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(140</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-140

355

-223965

-392348

223965 392348

-140

355

The differences between the statutory and effective tax rates are as follows for the year ended January 31, SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250201__20260131_z4DcEsTjdOj8" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBCzySK_zDpRcZcvXvKf" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Federal statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(227,042</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBCzySK_zJWZ2YNus7Ac" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56,383</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_di_maITEBCzySK_zjs4B1T4ffae" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(224,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_maEQal1_c20250201__20260131_zIOdoR4MdxJk" title="Change in valuation allowance, Percent">21</td><td style="text-align: left">%</td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBCzySK_zelitvbuXQJk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">True-up in prior year returns</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_iNT_di_mtITEBCzySK_zDu1YPfmsjB2" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective Rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">140</td><td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.0129</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> The differences between the statutory and effective tax rates are as follows for the year ended January 31, <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240201__20250131_z8JYq7cmZuvg" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percent</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBCzm7L_z7KfV5sC3H9j" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Federal statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(248,329</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBCzm7L_zRUUvuHY1tv8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(61,670</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_di_maITEBCzm7L_zVeq2yToU6M5" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(392,300</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-<span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_maEQal1_c20240201__20250131_zbnId6pxgIRd" title="Change in valuation allowance, Percent">33</td><td style="text-align: left">%</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBCzm7L_zFxRIlKM4Oy8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">True-up in prior year returns</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0</td><td style="padding-bottom: 1pt; text-align: justify">%</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iNT_di_mtITEBCzm7L_z7vvkghAbS4e" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective Rate</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(355</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">-0.03</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

-227042

0.21

-56383

0.05

224000

-0.21

-140

0.000129

-248329

0.21

-61670

0.05

392300

-0.33

355

-0.0003

7000000

4100000 2900000

1800000

5200000

19. OTHER RELATED PARTY TRANSACTIONS As of January 31, 2026 and January 31, 2025, Mr. Wirth and his affiliates held <span id="xdx_90D_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pid_c20260131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zFvmGWx6DUri" title="Account units outstanding">2,629,038 and <span id="xdx_90B_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pid_c20250131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zlhKcaNQWJqa" title="Account units outstanding">2,974,038 Class B Partnership units, which represented <span id="xdx_904_ecustom--PercentageOfOutstandingPartnershipUnits_iI_pid_dp_c20260131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zW7TBaUi0Be7" title="Percentage of outstanding partnership units">22.51% and <span id="xdx_903_ecustom--PercentageOfOutstandingPartnershipUnits_iI_pid_dp_c20250131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zZpAgYFIQFfk" title="Percentage of outstanding partnership units">20.46% of the total outstanding Partnership units, respectively. As of January 31, 2026 and January 31, 2025, Mr. Wirth and his affiliates held <span id="xdx_90E_ecustom--NumberOfSharesHeldForBeneficialInterestOfTrust_iI_pid_c20260131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember_zzMxQ2on35Ri" title="Number of shares held for beneficial interest of trust">6,457,296 and <span id="xdx_90E_ecustom--NumberOfSharesHeldForBeneficialInterestOfTrust_iI_pid_c20250131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember_zFoI793riLyd" title="Number of shares held for beneficial interest of trust">6,024,613 Shares of Beneficial Interest in the Trust, respectively, which represented <span id="xdx_902_ecustom--PercentageOfSharesIssuedAndOutstandingOfBeneficialInterest_iI_pid_dp_c20260131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember_zcdgmQJ28ZUb" title="Percentage of shares issued and outstanding of beneficial interest">71.02% and <span id="xdx_907_ecustom--PercentageOfSharesIssuedAndOutstandingOfBeneficialInterest_iI_pid_dp_c20250131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember_zEwMl6SZxZob" title="Percentage of shares issued and outstanding of beneficial interest">64.07% respectively, of the total issued and outstanding Shares of Beneficial Interest. As of January 31, 2026 and January 31, 2025, the Trust owned <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_z8cxkoFlcMG" title="Ownership percentage">79.18% and <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20250131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_zS13yLhhWRS3" title="Ownership percentage">75.89% of the Partnership. As of January 31, 2026, the Partnership owned a <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--OwnershipAxis__custom--InnSuitesHotelLocatedinTucsonMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_z27Wg2D2vfcj" title="Ownership percentage">51.69% interest in the InnSuites® hotel located in Tucson. The Trust also owned a direct <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--OwnershipAxis__custom--InnsuitesHotelLocatedInAlbuquerqueNewMexicoMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_z31eIj4TXbcb" title="Ownership percentage">21.90% interest in one InnSuites® hotel located in Albuquerque, New Mexico. The Trust directly manages the Hotels through the Trust’s majority-owned subsidiary, RRF LLLP. Under the management agreements, RRF manages the daily operations of both Trust Hotels. All Trust managed Hotel expenses, revenues and reimbursements among the Trust, and the Partnership have been eliminated in consolidation. The management fees for the Hotels are 5% of room revenue and a monthly accounting fee of $2,000 per hotel. These agreements have no expiration dates but may be cancelled by either party with 30-days written notice, or potentially sooner in the event the property changes ownership. During the Fiscal Years ended January 31, 2026 and 2025, the Trust paid Berg Investment Advisors $6,000 for additional consultative services rendered by Mr. Marc Berg, the Trust’s Executive Vice President. The Trust employs part time, an immediate family member of Mr. Wirth, Brian James Wirth, who provides part time IT Technology support services to the Trust, receiving up to approximately $27,000, per year plus bonuses.

2629038

2974038

0.2251 0.2046 6457296 6024613 0.7102 0.6407

0.7918

0.7589

0.5169

0.2190

6000

27000

20. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the estimated fair values of the Trust’s debt instruments, based on rates currently available to the Trust for bank loans with similar terms and average maturities, and the associated carrying value recognized in the consolidated balance sheets at January 31, 2026 and 2025: SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Carrying Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Carrying Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 44%; text-align: left">Mortgage Notes Payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--SecuredLongTermDebt_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zMiVR0lsyjr6" style="width: 10%; text-align: right" title="Mortgage notes payable, Carrying Amount">8,812,028</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DebtInstrumentFairValue_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zfVn1nsBMH1d" style="width: 10%; text-align: right" title="Mortgage notes payable, Fair Value">8,903,689</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--SecuredLongTermDebt_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zuj6yKORe044" style="width: 10%; text-align: right" title="Mortgage notes payable, Carrying Amount">9,044,446</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--DebtInstrumentFairValue_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_z9xSG6yCnA37" style="width: 10%; text-align: right" title="Mortgage notes payable, Fair Value">2,526,695</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other Notes Payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OtherNotesPayable_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zf3I4f6B3gYe" style="text-align: right" title="Other notes payable, Carrying Amount">470,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--OtherLiabilitiesFairValueDisclosure_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zN7d5ib88Rdh" style="text-align: right" title="Other notes payable, Fair Value">470,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--OtherNotesPayable_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zKoeIdYlK71k" style="text-align: right" title="Other notes payable, Carrying Amount">470,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--OtherLiabilitiesFairValueDisclosure_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zVIbm5DZA6C8" style="text-align: right" title="Other notes payable, Fair Value">470,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Notes Payable - Related Party</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--NotesPayable_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zYIxokeOoKQ" style="text-align: right" title="Notes payable - related party, Carrying Amount">2,645,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--NotesPayableFairValueDisclosure_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zoiZsoB4VUW8" style="text-align: right" title="Notes payable - related party, Fair Value">2,645,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--NotesPayable_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zoB7YNjIP5n5" style="text-align: right" title="Notes payable - related party, Carrying Amount">1,151,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--NotesPayableFairValueDisclosure_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zhTRjnoqIkVb" style="text-align: right" title="Notes payable - related party, Fair Value">1,151,225</td><td style="text-align: left"> </td></tr> </table>

The following table presents the estimated fair values of the Trust’s debt instruments, based on rates currently available to the Trust for bank loans with similar terms and average maturities, and the associated carrying value recognized in the consolidated balance sheets at January 31, 2026 and 2025: SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Carrying Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Carrying Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 44%; text-align: left">Mortgage Notes Payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--SecuredLongTermDebt_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zMiVR0lsyjr6" style="width: 10%; text-align: right" title="Mortgage notes payable, Carrying Amount">8,812,028</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--DebtInstrumentFairValue_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zfVn1nsBMH1d" style="width: 10%; text-align: right" title="Mortgage notes payable, Fair Value">8,903,689</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--SecuredLongTermDebt_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zuj6yKORe044" style="width: 10%; text-align: right" title="Mortgage notes payable, Carrying Amount">9,044,446</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--DebtInstrumentFairValue_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_z9xSG6yCnA37" style="width: 10%; text-align: right" title="Mortgage notes payable, Fair Value">2,526,695</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other Notes Payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OtherNotesPayable_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zf3I4f6B3gYe" style="text-align: right" title="Other notes payable, Carrying Amount">470,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--OtherLiabilitiesFairValueDisclosure_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zN7d5ib88Rdh" style="text-align: right" title="Other notes payable, Fair Value">470,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--OtherNotesPayable_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zKoeIdYlK71k" style="text-align: right" title="Other notes payable, Carrying Amount">470,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--OtherLiabilitiesFairValueDisclosure_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember_zVIbm5DZA6C8" style="text-align: right" title="Other notes payable, Fair Value">470,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Notes Payable - Related Party</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--NotesPayable_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zYIxokeOoKQ" style="text-align: right" title="Notes payable - related party, Carrying Amount">2,645,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--NotesPayableFairValueDisclosure_iI_c20260131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zoiZsoB4VUW8" style="text-align: right" title="Notes payable - related party, Fair Value">2,645,088</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--NotesPayable_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zoB7YNjIP5n5" style="text-align: right" title="Notes payable - related party, Carrying Amount">1,151,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--NotesPayableFairValueDisclosure_iI_c20250131__us-gaap--LongtermDebtTypeAxis__custom--FairValuesOfTrustDebtInstrumentsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zhTRjnoqIkVb" style="text-align: right" title="Notes payable - related party, Fair Value">1,151,225</td><td style="text-align: left"> </td></tr> </table>

8812028

8903689

9044446

2526695

470000

2645088

1151225

21. SUPPLEMENTAL CASH FLOW DISCLOSURES SCHEDULE OF SUPPLEMENTAL CASH FLOWS DISCLOSURES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250201__20260131_zIsOivC47pn" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240201__20250131_zp8t65AFbjq7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--InterestPaidNet_zFZQ2vzbzNh9" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Cash Paid for Interest</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">499,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">454,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--NotesPayables_zTGdsyySeio6" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Notes Payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,000</td><td style="text-align: left"> </td></tr> </table>

SCHEDULE OF SUPPLEMENTAL CASH FLOWS DISCLOSURES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250201__20260131_zIsOivC47pn" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240201__20250131_zp8t65AFbjq7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--InterestPaidNet_zFZQ2vzbzNh9" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="width: 60%; text-align: left">Cash Paid for Interest</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">499,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">454,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--NotesPayables_zTGdsyySeio6" style="vertical-align: bottom; background-color: rgb(196,255,208)"> <td style="text-align: left">Notes Payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,000</td><td style="text-align: left"> </td></tr> </table>

499000

454000

24000 22000

22. COMMITMENTS AND CONTINGENCIES Restricted Cash: The Trust is obligated under a loan agreement relating to the Tucson Oracle property to deposit <span id="xdx_909_ecustom--PercentageOfDepositUsedForCapitalExpenditures_iI_pid_dp_c20260131__us-gaap--TypeOfArrangementAxis__custom--TucsonOraclePropertyMember_zRdu7S0iRUG2" title="Percentage of deposit used for capital expenditures">4% of the individual hotel’s room revenue into an escrow account to be used for capital expenditures. The escrow funds applicable to the Tucson Oracle property for which a mortgage lender escrow exists is reported on the Trust’s Consolidated Balance Sheet as “Restricted Cash.” Since a $0 cash balance existed in Restricted Cash for the Fiscal Years 2026 and 2025, Restricted Cash line was omitted on the Trust’s Consolidated Balance Sheet. Membership Agreements: The Tucson and Albuquerque Hotels have entered into membership agreements with Best Western International, Inc. (“Best Western”) for both hotel properties. In exchange for use of the Best Western name, trademark and reservation system, both Hotels pay fees to Best Western based on reservations received through the use of the Best Western reservation system and the number of available suites at the Hotels. The agreements with Best Western have no specific expiration terms and may be cancelled annually by either party. Best Western requires that the hotels meet certain requirements for room quality. The two Best Western Hotels receive significant reservations through the Best Western reservation system, and through Online Travel Agent (OTA) reservations systems, Expedia and Booking.com. Under these arrangements, fees paid for membership fees and reservations were approximately $227,000 and $209,000 for the Fiscal Years ended January 31, 2026 and 2025, respectively. These costs include fees for the Albuquerque and Tucson hotels in 2025. These fees are included in room operating expenses on the consolidated statements of operations for Albuquerque and Tucson. Litigation: The Trust and/or its hotel affiliates, are involved from time to time in various other claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Trust’s audited condensed consolidated financial position, results of operations or liquidity. The nature of the operations of the Hotels exposes them to risks of claims and litigation in the normal course of their business. Although the outcome of these matters cannot be determined and is covered by insurance, management does not expect that the ultimate resolution of these matters will have a material adverse effect on the audited condensed consolidated financial position, results of operations or liquidity of the Trust. Indemnification: The Trust has entered into indemnification agreements with all our executive officers and Trustees. The agreements provide for indemnification against all liabilities and expenses reasonably incurred by an officer or Trustee in connection with the defense or disposition of any suit or other proceeding, in which he or she may be involved or with which he or she may be threatened, while in office or thereafter, because of his or her position at the Trust. There is no indemnification for any matter as to which an officer or Trustee is adjudicated to have acted in bad faith, with willful misconduct or reckless disregard of his or her duties, with gross negligence, or not in good faith in the reasonable belief that his or her action was in the Trust’s best interests. These agreements require the Trust, among other things, to indemnify the Trustee or officer against specified expenses and liabilities, such as attorneys’ fees, judgments, fines and settlements, paid by the individual in connection with any action, suit or proceeding arising out of the individual’s status or service as our Trustee or officer, other than liabilities arising from willful misconduct or conduct that is knowingly fraudulent or deliberately dishonest, and to advance expenses incurred by the individual in connection with any proceeding against the individual with respect to which the individual may be entitled to indemnification by us. The Trust may advance payments in connection with indemnification under the agreements. The level of indemnification is to the full extent of the net equity based on appraised and/or market value of the Trust. Historically, the Trust has not incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities in the accompanying consolidated balance sheets.

0.04

227000 209000

23. SHARE-BASED PAYMENTS The Trust compensates its three non-employee independent Trustees for their services through grants of restricted or unrestricted Shares. The aggregate grant date fair value of these Shares was $21,600. These restricted 18,000 shares, (<span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20250201__20260131__srt--TitleOfIndividualAxis__custom--ThreeIndependentTrusteesMember_zsEoOTTtrzig" title="Stock issued, restricted stock award, shares">6,000 each to the three Independent Trustees at the beginning of the Fiscal Year), vest in equal monthly amounts during Fiscal Year 2026. On September 11, 2025, the Trust’s Board of Trustees approved a grant to issue Officers, Trustees, and Key Employees totaling 43,500 fully paid IHT restricted shares. The aggregate grant date fair value of these Shares was approximately $82,215. These shares partially vested on December 31, 2025, and February 28, 2026, in two equal amounts. See Note 2 – “Summary of Significant Accounting Policies” for information related to grants of restricted shares under “Stock-Based Compensation.”

21600

18000

6000

43500

82215

24. COVID-19 DISCLOSURE COVID-19 had a material detrimental impact on our business, financial results and liquidity, in Fiscal Year 2021, ended January 31, 2021. Its consequences had dramatically reduced travel and demand for hotel rooms, in Fiscal Year 2021. We believe that lodging demand and revenue level have now recovered. Fiscal Year 2026, starting February 1, 2025 and ending January 31, 2026, confirmed a significant rebound and progress. The start of Fiscal Year 2027, starting February 1, 2026 and ending January 31, 2027, continues with solid results, still subject to uncertain world events. COVID-19 and its consequences previously reduced travel and demand for hotel rooms, which previously had an impact our business, operations, and financial results. We believe that lodging demand and revenue level is now at full recovery. The extent to which COVID-19 currently impacts our business, operations, and financial results, including the duration and magnitude of such effects, is diminished. The negative impact COVID-19 had on global and regional economies and economic activity, including the duration and magnitude of its impact on consumer discretionary spending has been reduced significantly, and its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence is no longer considered a major factor for Fiscal Year 2027, (February 1, 2026 to January 31, 2027).

25. EMPLOYEE RETENTION TAX CREDIT The Trust participated in Economic Relief through a Credit allowed for Entities that suffered financial hardship during the Covid-19 Pandemic, under the CARES (The Coronavirus Aid, Relief, and Economic Security) Act (2020), and The Consolidated Appropriations Act (2021). Both provided fast and direct economic assistance for American workers, families, small businesses, and industries, by the U.S. Department of the Treasury along with Congress. This Credit was available for all Entities of a certain size, impacted by the Virus and who paid Employment Taxes, while working to remain solvent and viable. It is a fully refundable tax credit for Eligible Employers that paid employees to carry on a trade or business that was partially or fully suspended during any calendar year 2020; or that experienced significant decline in gross receipts during any calendar quarter in 2020, due to COVID-19. As a result of both legislative acts, the Trust has been and/or is expected to be receiving a net of approximately $2.7 million in a combination of Employment Tax Refunds and Credits, for the two calendar years 2020, and 2021, respectively. As of January 31, 2026, IHT has received approximately $1.5 million, and is working to receive additional funds during the Fiscal Year ended January 31, 2027.

2700000

1500000

26. GOING CONCERN InnSuites Hospitality Trust Fiscal Year 2026 was its second Fiscal Year with a loss in the last five Fiscal Years, dating back to Fiscal Year ended 1/31/21. Going forward, IHT is focused on cost cutting at a time of increased tariff/economic uncertainty. For example, hotel insurance rates have been reduced. Modest improvements in total hotel revenue, improved operating profits due to cost cutting measures, the potential of the aforementioned various diversification opportunities, and being listed on the NYSE-American, with a potential of a reverse merger, provide positive equitable assets, and all bode well for the continued success of the Trust. We believe that the Trust will once again be profitable in future years, especially with the potential success of and maturing of diversification investments.

27. BEST WESTERN REWARDS CREDITS During the Fiscal Year ended January 31, 2026, the Trust recorded approximately $227,000 in Best Western Rewards credits, consisting of approximately $101,000 related to Albuquerque Suite Hospitality LLC and approximately $126,000 related to Tucson Hospitality Properties LLLP. These were primarily related to guest free night vouchers. 227000 101000 126000

28. SUBSEQUENT EVENTS The Trust intends to maintain its current conservative uninterrupted annual dividend policy. The Trust may reduce dividend frequency from semi-annual to annual, in the Fiscal Year ahead, to provide additional cashflow for investing purposes, including our current diversification investments. In the Fiscal Years ended January 31, 2026 and 2025, the Trust paid dividends of $0.01 per share in each of the first and third quarters. The Trust has paid dividends each Fiscal Year since its inception in 1971. The Trust paid the scheduled semi-annual $0.01 dividend payable on August 4, 2025, as well as February 9, 2026. The Trust’s Management received communication from the NYSE-American on August 29, 2022, indicating IHT is fully compliant with all of the Continued Listing Standards Equity Requirements set forth in Part 10 of the NYSE American Company Guide, of the NYSE-American. Subsequent to the Fiscal Year ended January 31, 2026 the Trust repurchased 3,767 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $4,168. 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, 2026. Increased record results are expected for the two hotels, during the current Fiscal Year 2027, ending January 31, 2027. Total Revenues increased to approximately $7.6 million. IHT hotel operations contributed to a solid start in the current 2027 Fiscal Year (February 1, 2026, through January 31, 2027), with both the Tucson Hotel and Albuquerque Hotel achieving record results for the combined months of February, and March of the current Fiscal Year. Combined Revenue for both hotels was approximately $1.6 million for the First Two Fiscal Months of Fiscal 2027, a new combined record level. 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 Years 2026 and 2027. On February 20, 2026, shortly after the end of the 2026 Fiscal Year, all the Corporate Officers and three of the five Directors of UniGen Power, Inc., an IHT diversified investment, resigned leaving 100% of the UniGen Board seats to James Wirth and Marc Berg. James Wirth was elected Chairman, CEO, and President of UniGen, while Marc Berg was elected as Vice Chairman, EVP, and Secretary/Treasurer of UniGen. James Wirth and Marc Berg, the only two remaining Directors of UniGen and are also both Officers of IHT, plan to rejuvenate the momentum of UniGen to benefit all the UniGen debt and equity holders, including IHT. Other Recent Pronouncements 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.

the Trust paid dividends of $0.01 per share in each of the first and third quarters. The Trust has paid dividends each Fiscal Year since its inception in 1971. The Trust paid the scheduled semi-annual $0.01 dividend payable on August 4, 2025, as well as February 9, 2026.

3767

4168

7600000

1600000

true Indirect ownership is through the Partnership Short term lease costs were immaterial.