0000082473 2026-02-01 2026-04-30 0000082473 2026-06-18 0000082473 2026-04-30 0000082473 2026-01-31 0000082473 us-gaap:RelatedPartyMember 2026-04-30 0000082473 us-gaap:RelatedPartyMember 2026-01-31 0000082473 2025-02-01 2026-01-31 0000082473 2025-02-01 2025-04-30 0000082473 IHT:RoomMember 2026-02-01 2026-04-30 0000082473 IHT:RoomMember 2025-02-01 2025-04-30 0000082473 us-gaap:FoodAndBeverageMember 2026-02-01 2026-04-30 0000082473 us-gaap:FoodAndBeverageMember 2025-02-01 2025-04-30 0000082473 IHT:OtherMember 2026-02-01 2026-04-30 0000082473 IHT:OtherMember 2025-02-01 2025-04-30 0000082473 IHT:GeneralAndAdministrativeMember 2026-02-01 2026-04-30 0000082473 IHT:GeneralAndAdministrativeMember 2025-02-01 2025-04-30 0000082473 IHT:SellingAndMarketingMember 2026-02-01 2026-04-30 0000082473 IHT:SellingAndMarketingMember 2025-02-01 2025-04-30 0000082473 IHT:RepairsAndMaintenanceMember 2026-02-01 2026-04-30 0000082473 IHT:RepairsAndMaintenanceMember 2025-02-01 2025-04-30 0000082473 IHT:HospitalityMember 2026-02-01 2026-04-30 0000082473 IHT:HospitalityMember 2025-02-01 2025-04-30 0000082473 IHT:UtilitiesMember 2026-02-01 2026-04-30 0000082473 IHT:UtilitiesMember 2025-02-01 2025-04-30 0000082473 IHT:DepreciationMember 2026-02-01 2026-04-30 0000082473 IHT:DepreciationMember 2025-02-01 2025-04-30 0000082473 IHT:RealEstateAndPersonalPropertyTaxesInsuranceAndGroundRentMember 2026-02-01 2026-04-30 0000082473 IHT:RealEstateAndPersonalPropertyTaxesInsuranceAndGroundRentMember 2025-02-01 2025-04-30 0000082473 us-gaap:CommonStockMember 2026-01-31 0000082473 us-gaap:TreasuryStockCommonMember 2026-01-31 0000082473 IHT:TrustShareholdersEquityMember 2026-01-31 0000082473 us-gaap:NoncontrollingInterestMember 2026-01-31 0000082473 us-gaap:CommonStockMember 2025-01-31 0000082473 us-gaap:TreasuryStockCommonMember 2025-01-31 0000082473 IHT:TrustShareholdersEquityMember 2025-01-31 0000082473 us-gaap:NoncontrollingInterestMember 2025-01-31 0000082473 2025-01-31 0000082473 us-gaap:CommonStockMember 2026-02-01 2026-04-30 0000082473 us-gaap:TreasuryStockCommonMember 2026-02-01 2026-04-30 0000082473 IHT:TrustShareholdersEquityMember 2026-02-01 2026-04-30 0000082473 us-gaap:NoncontrollingInterestMember 2026-02-01 2026-04-30 0000082473 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000082473 us-gaap:TreasuryStockCommonMember 2025-02-01 2025-04-30 0000082473 IHT:TrustShareholdersEquityMember 2025-02-01 2025-04-30 0000082473 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0000082473 us-gaap:CommonStockMember 2026-04-30 0000082473 us-gaap:TreasuryStockCommonMember 2026-04-30 0000082473 IHT:TrustShareholdersEquityMember 2026-04-30 0000082473 us-gaap:NoncontrollingInterestMember 2026-04-30 0000082473 us-gaap:CommonStockMember 2025-04-30 0000082473 us-gaap:TreasuryStockCommonMember 2025-04-30 0000082473 IHT:TrustShareholdersEquityMember 2025-04-30 0000082473 us-gaap:NoncontrollingInterestMember 2025-04-30 0000082473 2025-04-30 0000082473 IHT:UnigenPowerIncMember 2026-04-30 0000082473 us-gaap:GeneralPartnerMember IHT:RRFLimitedPartnershipMember 2026-02-01 2026-04-30 0000082473 us-gaap:GeneralPartnerMember IHT:RRFLimitedPartnershipMember 2025-02-01 2026-01-31 0000082473 IHT:InnSuitesHotelLocatedinTucsonMember 2026-02-01 2026-04-30 0000082473 IHT:InnsuitesHotelLocatedInAlbuquerqueNewMexicoMember 2026-02-01 2026-04-30 0000082473 IHT:ClassAPartnershipUnitsMember 2026-04-30 0000082473 IHT:ClassAPartnershipUnitsMember 2026-01-31 0000082473 IHT:ClassAPartnershipUnitsMember 2026-02-01 2026-04-30 0000082473 IHT:ClassAPartnershipUnitsMember 2025-02-01 2026-01-31 0000082473 IHT:JamesWirthMember IHT:ClassBPartnershipUnitsMember 2026-04-30 0000082473 IHT:JamesWirthMember IHT:ClassBPartnershipUnitsMember 2026-01-31 0000082473 IHT:ClassBPartnershipUnitsMember 2026-02-01 2026-04-30 0000082473 IHT:ClassBPartnershipUnitsMember 2025-02-01 2026-01-31 0000082473 us-gaap:LimitedPartnerMember 2026-04-30 0000082473 us-gaap:LimitedPartnerMember 2026-01-31 0000082473 IHT:GeneralPartnerUnitsMember 2026-04-30 0000082473 IHT:GeneralPartnerUnitsMember 2026-01-31 0000082473 IHT:GeneralPartnerUnitsMember 2026-02-01 2026-04-30 0000082473 IHT:GeneralPartnerUnitsMember 2025-02-01 2026-01-31 0000082473 IHT:RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember 2026-04-30 0000082473 IHT:TrustMember 2026-04-30 0000082473 IHT:RepublicBankofArizonaMember 2026-04-30 0000082473 IHT:DirectOwnershipMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-04-30 0000082473 IHT:IndirectOwnershipMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-04-30 0000082473 IHT:DirectOwnershipMember IHT:TucsonHospitalityPropertiesLLLPMember 2026-04-30 0000082473 IHT:IndirectOwnershipMember IHT:TucsonHospitalityPropertiesLLLPMember 2026-04-30 0000082473 IHT:DirectOwnershipMember IHT:RRFLimitedPartnershipMember 2026-04-30 0000082473 IHT:IndirectOwnershipMember IHT:RRFLimitedPartnershipMember 2026-04-30 0000082473 srt:MaximumMember IHT:BuildingAndImprovementsMember 2026-04-30 0000082473 srt:MinimumMember IHT:FurnitureFixturesAndEquipmentMember 2026-04-30 0000082473 srt:MaximumMember IHT:FurnitureFixturesAndEquipmentMember 2026-04-30 0000082473 IHT:BoardOfTrusteesMember 2026-02-01 2026-04-30 0000082473 2025-02-01 2026-04-30 0000082473 IHT:ConvertibleDebenturePurchaseAgreementMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 us-gaap:CommonClassAMember IHT:ConvertibleDebenturePurchaseAgreementMember IHT:UnigenPowerIncMember 2019-12-15 2019-12-16 0000082473 us-gaap:CommonClassAMember IHT:ConvertibleDebenturePurchaseAgreementMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 IHT:DebentureWarrantsMember us-gaap:CommonClassAMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 IHT:AdditionalWarrantsMember us-gaap:CommonClassAMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 IHT:UnigenPowerIncMember 2019-12-15 2019-12-16 0000082473 IHT:UnigenPowerIncMember 2019-12-16 0000082473 srt:MinimumMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 srt:MaximumMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 us-gaap:NotesReceivableMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 us-gaap:WarrantMember IHT:UnigenPowerIncMember 2019-12-16 0000082473 srt:MinimumMember IHT:UnigenPowerIncMember 2026-04-30 0000082473 srt:MaximumMember IHT:UnigenPowerIncMember 2026-04-30 0000082473 IHT:UnigenPowerIncMember 2026-04-30 0000082473 IHT:UniGenMember 2026-04-30 0000082473 IHT:UnigenPowerIncMember 2025-02-01 2026-01-31 0000082473 IHT:UnigenPowerIncMember us-gaap:CommonStockMember 2026-01-31 0000082473 IHT:UnigenPowerIncMember 2026-01-31 0000082473 IHT:DebentureWarrantsMember us-gaap:MeasurementInputSharePriceMember 2026-04-30 0000082473 IHT:DebentureWarrantsMember 2026-04-30 0000082473 IHT:DebentureWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-04-30 0000082473 IHT:DebentureWarrantsMember us-gaap:MeasurementInputPriceVolatilityMember 2026-04-30 0000082473 IHT:AdditionalWarrantsMember us-gaap:MeasurementInputSharePriceMember 2026-04-30 0000082473 IHT:AdditionalWarrantsMember 2026-04-30 0000082473 IHT:AdditionalWarrantsMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-04-30 0000082473 IHT:AdditionalWarrantsMember us-gaap:MeasurementInputPriceVolatilityMember 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember 2025-10-31 0000082473 srt:MinimumMember IHT:AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember 2026-02-01 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:RestructuringAgreementMember 2017-02-15 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:RestructuringAgreementMember 2026-02-01 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:RestructuringAgreementMember 2025-02-01 2025-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:RestructuringAgreementMember 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:RestructuringAgreementMember 2025-04-30 0000082473 IHT:RareEarthFinancialLLCMember IHT:TucsonHospitalityPropertiesLLLPMember 2013-10-01 0000082473 IHT:RareEarthFinancialLLCMember IHT:TucsonHospitalityPropertiesLLLPMember 2013-09-28 2013-10-01 0000082473 IHT:RareEarthFinancialLLCMember IHT:TucsonHospitalityPropertiesLLLPMember 2016-06-30 0000082473 IHT:ClassALimitedPartnershipUnitsMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-02-01 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-01-31 0000082473 IHT:ClassBLimitedPartnershipUnitsMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-02-01 2026-04-30 0000082473 IHT:ClassBLimitedPartnershipUnitsMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2025-02-01 2026-01-31 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:MrWirthAndHisAffiliatesMember 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:MrWirthAndHisAffiliatesMember 2026-01-31 0000082473 IHT:ClassCLimitedPartnershipUnitsMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-02-01 2026-04-30 0000082473 IHT:ClassCLimitedPartnershipUnitsMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2025-02-01 2026-01-31 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:OtherPartiesMember 2026-04-30 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember IHT:OtherPartiesMember 2026-01-31 0000082473 IHT:ClassALimitedPartnershipUnitsMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-02-01 2026-04-30 0000082473 IHT:ClassALimitedPartnershipUnitsMember IHT:AlbuquerqueSuiteHospitalityLLCMember 2025-02-01 2026-01-31 0000082473 IHT:IndirectOwnershipMember IHT:TucsonHospitalityPropertiesLLLPMember 2026-01-31 0000082473 IHT:ClassBLimitedPartnershipUnitsMember IHT:TucsonHospitalityPropertiesLPMember 2026-02-01 2026-04-30 0000082473 IHT:ClassBLimitedPartnershipUnitsMember IHT:TucsonHospitalityPropertiesLPMember 2025-02-01 2026-01-31 0000082473 IHT:IndirectOwnershipMember IHT:TucsonHospitalityPropertiesLLLPMember IHT:MrWirthMember 2026-04-30 0000082473 IHT:IndirectOwnershipMember IHT:TucsonHospitalityPropertiesLLLPMember IHT:MrWirthMember 2026-01-31 0000082473 IHT:ClassCLimitedPartnershipUnitsMember IHT:TucsonHospitalityPropertiesLPMember 2026-02-01 2026-04-30 0000082473 IHT:ClassCLimitedPartnershipUnitsMember IHT:TucsonHospitalityPropertiesLPMember 2025-02-01 2026-01-31 0000082473 IHT:TucsonHospitalityPropertiesLLLPMember 2026-04-30 0000082473 IHT:TucsonHospitalityPropertiesLLLPMember 2026-01-31 0000082473 IHT:OtherPartiesHoldersMember IHT:ClassALimitedPartnershipUnitsMember IHT:TucsonHospitalityPropertiesLPMember 2026-02-01 2026-04-30 0000082473 IHT:OtherPartiesHoldersMember IHT:ClassALimitedPartnershipUnitsMember IHT:TucsonHospitalityPropertiesLPMember 2025-02-01 2026-01-31 0000082473 IHT:HotelPropertiesMember us-gaap:LandMember 2026-04-30 0000082473 IHT:HotelPropertiesMember us-gaap:LandMember 2026-01-31 0000082473 IHT:HotelPropertiesMember us-gaap:BuildingAndBuildingImprovementsMember 2026-04-30 0000082473 IHT:HotelPropertiesMember us-gaap:BuildingAndBuildingImprovementsMember 2026-01-31 0000082473 IHT:HotelPropertiesMember us-gaap:FurnitureAndFixturesMember 2026-04-30 0000082473 IHT:HotelPropertiesMember us-gaap:FurnitureAndFixturesMember 2026-01-31 0000082473 IHT:HotelPropertiesMember 2026-04-30 0000082473 IHT:HotelPropertiesMember 2026-01-31 0000082473 us-gaap:PropertyPlantAndEquipmentMember us-gaap:BuildingAndBuildingImprovementsMember 2026-04-30 0000082473 us-gaap:PropertyPlantAndEquipmentMember us-gaap:BuildingAndBuildingImprovementsMember 2026-01-31 0000082473 us-gaap:PropertyPlantAndEquipmentMember us-gaap:FurnitureAndFixturesMember 2026-04-30 0000082473 us-gaap:PropertyPlantAndEquipmentMember us-gaap:FurnitureAndFixturesMember 2026-01-31 0000082473 us-gaap:PropertyPlantAndEquipmentMember 2026-04-30 0000082473 us-gaap:PropertyPlantAndEquipmentMember 2026-01-31 0000082473 IHT:TucsonHospitalityPropertiesLLLPMember 2022-03-29 0000082473 IHT:TucsonHospitalityPropertiesLLLPMember IHT:FirstPositionDebtMember 2022-03-29 0000082473 IHT:TucsonHospitalityPropertiesLLLPMember IHT:InterCompanyAdvancesMember 2022-03-29 0000082473 IHT:BusinessLoanAgreementMember IHT:TucsonOraclePropertyMember 2026-04-30 0000082473 IHT:BusinessLoanAgreementMember IHT:TucsonOraclePropertyMember 2026-01-31 0000082473 IHT:BusinessLoanAgreementMember IHT:TucsonHospitalityPropertiesMember 2026-04-30 0000082473 IHT:BusinessLoanAgreementMember IHT:TucsonHospitalityPropertiesMember 2026-01-31 0000082473 IHT:BusinessLoanAgreementMember IHT:TucsonHospitalityPropertiesMember 2026-02-01 2026-04-30 0000082473 IHT:BusinessLoanAgreementMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2019-12-02 0000082473 IHT:BusinessLoanAgreementMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2019-11-30 2019-12-02 0000082473 IHT:BusinessLoanAgreementMember us-gaap:InterestRateFloorMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2019-12-02 0000082473 IHT:BusinessLoanAgreementMember us-gaap:PrimeRateMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2019-12-02 0000082473 IHT:BusinessLoanAgreementMember us-gaap:InterestRateFloorMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2024-12-31 0000082473 IHT:BusinessLoanAgreementMember us-gaap:InterestRateFloorMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2025-12-31 0000082473 IHT:BusinessLoanAgreementMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2026-04-30 0000082473 IHT:BusinessLoanAgreementMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2026-01-31 0000082473 IHT:BusinessLoanAgreementMember IHT:AlbuqurequeSuitesHospitalityLLCMember 2026-02-01 2026-04-30 0000082473 IHT:RareEarthFinancialLLCMember 2014-12-01 2014-12-01 0000082473 IHT:RareEarthFinancialLLCMember 2020-12-30 0000082473 IHT:RareEarthFinancialLLCMember 2025-11-26 0000082473 IHT:RareEarthFinancialLLCMember us-gaap:RelatedPartyMember 2026-04-30 0000082473 IHT:RareEarthFinancialLLCMember us-gaap:RelatedPartyMember 2026-01-31 0000082473 IHT:RareEarthFinancialLLCMember 2026-02-01 2026-04-30 0000082473 IHT:RareEarthFinancialLLCMember 2025-02-01 2025-04-30 0000082473 IHT:IndividualLenderMember 2026-04-30 0000082473 IHT:IndividualInvestorMember 2019-07-01 0000082473 IHT:IndividualInvestorMember 2026-04-30 0000082473 IHT:IndividualInvestorMember 2026-01-31 0000082473 us-gaap:MortgagesMember 2026-04-30 0000082473 us-gaap:NotesPayableOtherPayablesMember 2026-04-30 0000082473 IHT:NotesPayableRelatedPartyMember 2026-04-30 0000082473 IHT:SharesOfBeneficialInterestMember 2026-02-01 2026-04-30 0000082473 IHT:SharesOfBeneficialInterestMember 2025-02-01 2025-04-30 0000082473 IHT:MrWirthAndHisAffiliatesMember IHT:ClassBPartnershipUnitsMember 2026-04-30 0000082473 IHT:MrWirthAndHisAffiliatesMember IHT:ClassBPartnershipUnitsMember 2026-01-31 0000082473 IHT:MrWirthAndHisAffiliatesMember 2026-04-30 0000082473 IHT:OwnershipMember 2026-04-30 0000082473 IHT:OwnershipMember 2026-01-31 0000082473 IHT:InnSuitesHotelLocatedinTucsonMember IHT:OwnershipMember 2026-04-30 0000082473 IHT:InnsuitesHotelLocatedInAlbuquerqueNewMexicoMember IHT:OwnershipMember 2026-04-30 0000082473 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember IHT:InnSuitesHotelsIncMember 2026-02-01 2026-04-30 0000082473 IHT:InnSuitesHotelsIncMember 2026-02-01 2026-04-30 0000082473 IHT:MrWirthBrainJamesAndAffiliatesMember 2026-04-30 0000082473 IHT:TucsonOraclePropertyMember 2026-04-30 0000082473 IHT:NorthpointPropertiesMember 2026-02-01 2026-04-30 0000082473 IHT:AlbuquerqueHotelMember 2026-02-01 2026-04-30 0000082473 2026-03-16 2026-03-16 0000082473 2023-05-15 2023-05-15 0000082473 IHT:ThreeIndependentTrusteesMember 2024-02-01 2025-10-31 0000082473 2025-09-11 2025-09-11 0000082473 IHT:IBCHotelsLLCMember 2018-08-15 0000082473 IHT:PromissoryNotesMember IHT:IBCHotelsLLCMember 2018-08-15 0000082473 IHT:PromissoryNotesMember us-gaap:SubsequentEventMember IHT:IBCHotelsLLCMember 2026-05-01 0000082473 IHT:PromissoryNotesMember IHT:IBCHotelsLLCMember 2018-08-12 2018-08-15 0000082473 IHT:PromissoryNotesMember IHT:RRFLimitedLiabilityLimitedPartnershipMember 2026-04-30 0000082473 IHT:InnSuitesHospitalityTrustMember 2025-03-05 0000082473 IHT:AlbuquerqueSuiteHospitalityLLCMember 2026-02-01 2026-04-30 0000082473 IHT:TucsonHospitalityPropertiesLPMember 2026-02-01 2026-04-30 0000082473 2026-02-09 2026-02-09 0000082473 us-gaap:SubsequentEventMember 2026-05-01 2026-05-01 iso4217:USD shares iso4217:USD shares pure false 2027 --01-31 Q1 0000082473 Unlimited Unlimited 10-Q true 2026-04-30 false 1-7062 INNSUITES HOSPITALITY TRUST OH 34-6647590 InnSuites Hospitality Centre 1730 E. Northern Avenue Suite 122 Phoenix AZ 85020 (602) 944-1500 Yes Yes Non-accelerated Filer true false false 9402834 Shares of beneficial interest without par value IHT NYSE 41286 350200 157903 96924 1233527 1233527 148143 137378 1580859 1818029 6625163 6756249 1925000 1925000 2039809 2045563 1000000 1000000 445833 435180 13616664 13980021 605005 847752 263309 261000 470000 470000 28500 28154 1366814 1606906 2532479 2645088 8471708 8551028 2167584 2174841 14538585 14977863 9353311 9331544 9349544 9331544 2952830 2966285 3767 0 4168 2948662 2966285 -3870583 -3964127 -921921 -997842 13616664 13980021 2120239 2124672 34148 30444 39122 50647 2193509 2205763 644611 660935 23657 26087 546956 467766 135729 126920 96406 108933 151685 158481 86749 85593 194971 182300 133211 158139 6625 8213 2020600 1983367 172909 222396 35097 750 15641 50738 750 105168 145263 6124 5940 111292 151203 112355 71943 37653 33153 -240 74702 39030 92972 160062 -18270 -121032 0.00 0.00 -0.01 -0.01 9331544 9331544 8665019 8665019 9331544 2966285 2966285 -3964127 -997842 -18270 -18270 92972 74702 3767 -4168 -4168 -4168 18000 4815 4815 4815 572 572 9349544 2952830 3767 -4168 2948662 -3870583 -921921 8763485 5470050 225319 -917425 4552625 -3907147 645478 -121032 -121032 160062 39030 -10000 -10000 8763485 5349018 225319 -917425 4431593 -3757085 674508 74702 39030 4815 194971 182300 60979 -76145 10765 -18240 -1157 -1154 -242747 -34735 -41160 279826 63885 195898 10653 -74538 -195898 77011 86726 -112609 -66950 10000 -3596 -193216 -163676 -308914 -79748 350200 92752 41286 13004 <p id="xdx_803_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zSkhLM3Zuntf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <span id="xdx_82A_zaKYGcquliha">NATURE OF OPERATIONS AND BASIS OF PRESENTATION</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 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 $<span id="xdx_90E_eus-gaap--ConvertibleDebtCurrent_iI_pn6n6_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zUhpjzKDULog" title="Convertible debenture">1</span> million <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zEidTdm80IHe" title="Debt instrument interest rate">6%</span> convertible debenture in UniGen Power Inc., (“UniGen”), approximately $<span id="xdx_90D_ecustom--PrivatelyheldCommonStock_iI_pp0p0_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_z3GTfRCOAuW4" title="Privately-held common stock">445,833</span> in UniGen’s privately-held common stock (<span id="xdx_900_ecustom--PrivatelyheldCommonStockShares_iI_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zpPAnNxHl1d1" title="Privately-held common stock, shares">575,000</span> shares), and hold warrants to make further UniGen Investments in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IHT is currently taxed as a C corporation, founded and first listed on NYSE 56 years ago with uninterrupted annual dividends each year since inception in 1971. IHT owns and operates mid-scale hotels and is pursuing opportunities in diversified development of innovative new efficient clean energy generation. Ownership of hotels takes place through Tucson Hospitality Properties and Albuquerque Suite Hotels subsidiaries. Management of hotels, and management of InnDependent Boutique Collection Hotels (IBC), is handled through RRF Limited Liability Limited Partnership (RRF), its management subsidiary. Diversified clean energy investment takes place through investment in UniGen Power Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hotel Operations:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Tucson, Arizona Hotel and our Hotel located in Albuquerque, New Mexico are moderate service mid-scale hotels. Both hotels offer swimming pools, fitness centers, business centers, and complimentary breakfast. In addition, the Hotels offer complementary social gathering areas and modest conference facilities. The Tucson hotel has “PJ’s” Pub and Café, as well.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust is the sole general partner of RRF Limited Liability Limited Partnership, a Delaware LLLP (the “Partnership”), and owned a <span id="xdx_902_ecustom--PercentageOfOwnershipInterestHeldByTrust_dp_uPure_c20260201__20260430__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--GeneralPartnerMember__dei--LegalEntityAxis__custom--RRFLimitedPartnershipMember_zp0cuazZdXJb" title="Percentage of ownership interest held by trust"><span id="xdx_90D_ecustom--PercentageOfOwnershipInterestHeldByTrust_dp_uPure_c20250201__20260131__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--GeneralPartnerMember__dei--LegalEntityAxis__custom--RRFLimitedPartnershipMember_zlbeT2pNJ443" title="Percentage of ownership interest held by trust">79.18</span></span>% interest in the Partnership as of April 30, 2026 and January 31, 2026, respectively. As of April 30, 2026, the Partnership owned a <span id="xdx_901_eus-gaap--LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_pid_dp_uPure_c20260201__20260430__srt--OwnershipAxis__custom--InnSuitesHotelLocatedinTucsonMember_zKLDrhPOhHAf">51.69</span>% interest in an InnSuites® hotel located in Tucson, Arizona. The Trust owns a direct <span id="xdx_905_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20260201__20260430__srt--OwnershipAxis__custom--InnsuitesHotelLocatedInAlbuquerqueNewMexicoMember_zRXgHOfUhgmi">21.90</span>% interest in an InnSuites® hotel located in Albuquerque, New Mexico.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, future potential growth, and replacement cost.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited 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.</span></p> <p id="xdx_89E_eus-gaap--ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTextBlock_zE9N8xVkvVDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zIBvsPRboctc" style="display: none">SCHEDULE OF ENTITY OWNERSHIP PERCENTAGE</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p> <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="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(204,238,255)"> <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_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zRTGseBaVezj" title="IHT OWNERSHIP %">21.90</span></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_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_zjN9BQMZEZ12" title="IHT OWNERSHIP %"><span style="-sec-ix-hidden: xdx2ixbrl0443">-</span></span></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_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zXgMDdwfCZs8" title="IHT OWNERSHIP %"><span style="-sec-ix-hidden: xdx2ixbrl0445">-</span></span></td><td style="text-align: left"> </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_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_z9673vL2ilqa" title="IHT OWNERSHIP %">51.69</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zLqVqKB31koa" title="IHT ownership percentage">79.18</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_z7fXZ09rh0C8" title="IHT ownership percentage"><span style="-sec-ix-hidden: xdx2ixbrl0451">-</span></span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0A_zICTnPLbBFD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F1D_zmz8UvESScH8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tucson Indirect ownership is through the Partnership</span></td></tr> </table> <p id="xdx_8AA_z8dgVos5HT8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTNERSHIP AGREEMENT</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Partnership Agreement of the RRF LLLP 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 April 30, 2026 and January 31, 2026, <span id="xdx_901_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20260430__us-gaap--StatementEquityComponentsAxis__custom--ClassAPartnershipUnitsMember_zXrKryTgphX8" title="Partnership units outstanding"><span id="xdx_902_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20260131__us-gaap--StatementEquityComponentsAxis__custom--ClassAPartnershipUnitsMember_zShH1Ljhoyv6" title="Partnership units outstanding">206,696</span></span> Class A Partnership units were outstanding, representing <span id="xdx_908_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20260201__20260430__srt--OwnershipAxis__custom--ClassAPartnershipUnitsMember_z006KUVx3lma" title="Partnership interest units percentage"><span id="xdx_90F_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--ClassAPartnershipUnitsMember_z5XcQwzQUH6d" title="Partnership interest units percentage">1.63</span></span>% of the total Partnership units, respectively. Additionally, as of April 30, 2026 and January 31, 2026, <span id="xdx_90A_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20260430__us-gaap--StatementEquityComponentsAxis__custom--ClassBPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesWirthMember_z7eCrXJO4XJb" title="Partnership units outstanding"><span id="xdx_90C_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_c20260131__us-gaap--StatementEquityComponentsAxis__custom--ClassBPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JamesWirthMember_zqpURpGxGT0f" title="Partnership units outstanding">2,429,038</span></span> 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_908_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20260201__20260430__srt--OwnershipAxis__custom--ClassBPartnershipUnitsMember_zzNimMElhz55" title="Partnership interest units percentage"><span id="xdx_90E_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--ClassBPartnershipUnitsMember_zQLjYHz7aTM" title="Partnership interest units percentage">19.19</span></span>% ownership in the Partnership. If all the Class A and B Partnership units were converted on April 30, 2026 and January 31, 2026, the limited partners in the Partnership would receive <span id="xdx_906_eus-gaap--UnitsOfPartnershipInterestAmount_iI_c20260430__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zac9aE1Gm7Sa" title="Partnership interest shares"><span id="xdx_908_eus-gaap--UnitsOfPartnershipInterestAmount_iI_c20260131__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zoYGIQ4SkEo3" title="Partnership interest shares">2,429,038</span></span> Shares of Beneficial Interest of the Trust. As of April 30, 2026, and January 31, 2026, the Trust owns <span id="xdx_909_eus-gaap--UnitsOfPartnershipInterestAmount_iI_c20260430__us-gaap--StatementEquityComponentsAxis__custom--GeneralPartnerUnitsMember_zd6Tjxp5BfL9" title="General partners shares"><span id="xdx_901_eus-gaap--UnitsOfPartnershipInterestAmount_iI_c20260131__us-gaap--StatementEquityComponentsAxis__custom--GeneralPartnerUnitsMember_zLRZdFW5jqy8" title="General partners shares">10,025,724</span></span> general partner units in the Partnership, representing <span id="xdx_90D_eus-gaap--LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_dp_uPure_c20260201__20260430__srt--OwnershipAxis__custom--GeneralPartnerUnitsMember_zVdSp3BiapC2" title="Partnership interest units percentage"><span id="xdx_909_eus-gaap--LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_dp_uPure_c20250201__20260131__srt--OwnershipAxis__custom--GeneralPartnerUnitsMember_z2IErSBMuMl1" title="Partnership interest units percentage">79.18</span></span>% of the total Partnership units.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIQUIDITY</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust’s principal source of cash to meet its cash requirements is revenues from hotel room rentals 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At a future date, the Trust may receive cash from independent/boutique hotel reservations, and energy operations and/or full or partial sale of one or both hotels, and/or full or partial sale of its interest in IBC or UniGen diversification investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, the Trust had a related party Demand/Revolving Line of Credit/Promissory Note with an amount payable of approximately $<span id="xdx_90B_eus-gaap--LongTermNotesPayable_iI_pn5n6_c20260430__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zHb7ptcli7Yg" title="Amount payable">2.5</span> million. The Demand/Revolving Line of Credit/Promissory Note interest at <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260430__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zh92OlWNVeUi" title="Debt instrument interest rate">7.0%</span> per annum, requiring interest only payments, has been paused. The Demand/Revolving Line of Credit/Promissory Note has a maximum borrowing capacity of approximately $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20260430__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zgnP9SJGYaxj" title="Line of credit limit">2,500,000</span>, 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 approximately $<span id="xdx_907_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20260430__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zsrM3upjbaz" title="Line of credit limit">2,500,000</span> for either party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, the Trust had three Revolving lines of Credit totaling $<span id="xdx_908_eus-gaap--LinesOfCreditCurrent_iI_pp0p0_c20260430__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TrustMember_zoM7QdPcDSFi" title="Line of credit amount">250,000</span> with the Pima Federal Credit Union. The lines had a <span id="xdx_90B_eus-gaap--LinesOfCreditCurrent_iI_pp0p0_dxL_c20260430_zk16u4ZQhSw9" title="Line of credit amount::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0492">zero</span></span> balance as of April 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With approximately $<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20260430__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zWNv0saWKwZg" title="Cash">41,000</span> of cash, as of April 30, 2026, the availability of the combined $<span id="xdx_908_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20260430__us-gaap--DebtInstrumentAxis__custom--RelatedPartyDemandRevolvingLineofCreditPromissoryNoteMember_zN3m8k8CKGw3" title="Line of credit limit">2,500,000</span> Advance to Affiliate credit facilities, and the $<span id="xdx_903_eus-gaap--LinesOfCreditCurrent_iI_pp0p0_c20260430__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RepublicBankofArizonaMember_za6eBgOb5Uo2" title="Line of credit amount">250,000</span> 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-Q. 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 benefits from diversified investments. However, such transactions may not be available on terms that are favorable to the Trust, or at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There can be no assurance that the Trust will be successful in a reverse merger, selling properties, merging, refinancing, benefiting from diversified investments, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BASIS OF PRESENTATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared by the Trust in accordance with GAAP for interim financial information, and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statement presentation. However, the Trust believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating results for the three months ended April 30, 2026, are not necessarily indicative of the results that may be expected for the Fiscal year ending January 31, 2027. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended January 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Trust has evaluated subsequent events through the date of the filing of this Form 10-Q with the Securities and Exchange Commission. The Trust is not aware of any 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEASONALITY OF THE HOTEL BUSINESS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1000000 0.06 445833 575000 0.7918 0.7918 0.5169 0.2190 <p id="xdx_89E_eus-gaap--ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTextBlock_zE9N8xVkvVDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zIBvsPRboctc" style="display: none">SCHEDULE OF ENTITY OWNERSHIP PERCENTAGE</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p> <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="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(204,238,255)"> <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_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zRTGseBaVezj" title="IHT OWNERSHIP %">21.90</span></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_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_zjN9BQMZEZ12" title="IHT OWNERSHIP %"><span style="-sec-ix-hidden: xdx2ixbrl0443">-</span></span></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_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zXgMDdwfCZs8" title="IHT OWNERSHIP %"><span style="-sec-ix-hidden: xdx2ixbrl0445">-</span></span></td><td style="text-align: left"> </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_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_z9673vL2ilqa" title="IHT OWNERSHIP %">51.69</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zLqVqKB31koa" title="IHT ownership percentage">79.18</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RRFLimitedPartnershipMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_fKGkp_z7fXZ09rh0C8" title="IHT ownership percentage"><span style="-sec-ix-hidden: xdx2ixbrl0451">-</span></span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0A_zICTnPLbBFD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F1D_zmz8UvESScH8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tucson Indirect ownership is through the Partnership</span></td></tr> </table> 0.2190 0.5169 0.7918 206696 206696 0.0163 0.0163 2429038 2429038 0.1919 0.1919 2429038 2429038 10025724 10025724 0.7918 0.7918 2500000 0.070 2500000 2500000 250000 41000 2500000 250000 <p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zZrZGz30jpE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. <span id="xdx_82C_zKXXtLdmj1Qc">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--UseOfEstimates_znbBTSwNvf8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF ESTIMATES</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust’s operations are affected by numerous factors, including the level of area economic activity, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z4mBrsxYTR6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPERTY AND EQUIPMENT</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingAndImprovementsMember__srt--RangeAxis__srt--MaximumMember_z41AjuvjEGti" title="Property, plant and equipment, useful life">40</span> years for buildings and improvements, and <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zyRakh3OI117" title="Property, plant and equipment, useful life">3</span> to <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zHGoUfeaH8g1" title="Property, plant and equipment, useful life">10</span> years for furniture, fixtures, and equipment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land is an indefinite-lived asset. The Trust tests its land for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its carrying value to its implied fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For tax purposes the Trust takes advantage of accelerated depreciation methods (MACRS) for new capital additions and improvements to its Hotels. With many years of non-cash depreciation expense recognition, management believes that its hotel properties are carried on its books at values significantly below current hotel market values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Period ended April 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z01fNBMiPf7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust believes it places its cash only with high credit quality financial institutions, although these balances periodically exceed federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zjedZMsikzD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVENUE RECOGNITION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Hotel and Operations</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--ReceivablesPolicyTextBlock_z1MeEYYPIeV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCOUNTS RECEIVABLES PER ASC 326</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20260430_zDHHb0evD9qg" title="Allowance for expected credit losses">16,000</span> and $<span id="xdx_902_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20260131_zR3jFl4JqYcg" title="Allowance for expected credit losses">7,000</span> in the allowance for expected credit losses for the three months ended April 30, 2026, and the Fiscal Year ended January 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zFLOqxn2UT9l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEASE ACCOUNTING</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 14).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zOwbtjLjTjl2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEE STOCK-BASED COMPENSATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust has an employee equity incentive plan, which is described more fully in Note 15 - “Share-Based Payments.” The three independent members of the Board of Trustees each earn <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20260201__20260430__srt--TitleOfIndividualAxis__custom--BoardOfTrusteesMember_zFyD5vf2orh8" title="Restricted shares">6,000</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--TreasuryStockPolicyTextBlock_z2OFm3LJVbai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TREASURY STOCK</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--EarningsPerSharePolicyTextBlock_zQcWBfg2URle" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NET INCOME (LOSS) PER SHARE</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_906_eus-gaap--WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_c20260201__20260430_zhmCmsSRcq3h" title="Weighted average limited partnership units outstanding, diluted">3,185,793</span> Shares of the Beneficial Interest, as discussed in Note 1.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the three months ended April 30, 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 <span id="xdx_901_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_c20250201__20260430_zX86I7dZyj5a" title="Weighted average incremental shares resulting from unit conversion"><span id="xdx_906_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_c20250201__20250430_zsR1oGypy6B7" title="Weighted average incremental shares resulting from unit conversion">2,823,355</span></span> in addition to the basic shares outstanding for the three months ended April 30, 2026 and the Fiscal Year ended January 31, 2026. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were anti-dilutive during the three months ended April 30, 2026 and 2025 and are excluded in the calculation of diluted earnings per share for those periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--AdvertisingCostsPolicyTextBlock_zQd69y4tTgm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADVERTISING COSTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts incurred for advertising costs are expensed as incurred. Advertising expense for continuing operations totaled approximately $<span id="xdx_909_eus-gaap--AdvertisingExpense_pp0p0_c20260201__20260430_z46PiNVDa1o8" title="Advertising expense">70,000</span> and $<span id="xdx_905_eus-gaap--AdvertisingExpense_pp0p0_c20250201__20250430_zNuhaIwZ0EVi" title="Advertising expense">84,000</span> for the three months ended April 30, 2026 and 2025 respectively, and is reported in the consolidated Statement of Operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zNYGdc7m2hBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONCENTRATION OF CREDIT RISK</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zYaBqITrfsGb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAIR VALUE OF FINANCIAL INSTRUMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 unaudited condensed consolidated balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--DebtPolicyTextBlock_ziYrH2Rzr2y1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVERTIBLE NOTE RECEIVABLE, COMMON STOCK AND WARRANTS IN UNIGEN POWER, INC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 16, 2019, the Trust entered into a Convertible Debenture Purchase Agreement with UniGen Power Inc. (“UniGen”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust purchased secured convertible debentures (“Debentures”) in the aggregate amount of $<span id="xdx_909_eus-gaap--ConvertibleDebt_iI_pp0p0_c20191216__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zZqgD3jm65m2" title="Convertible debt">1,000,000</span> (the “Loan Amount”) at an annual interest rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20191216__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zAgHMZ88LgZ4" title="Debt instrument, interest rate">6%</span>. The Debentures are convertible into <span id="xdx_900_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20191215__20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember_zUP9kycZ8Vd" title="Debt conversion, shares">1,000,000</span> Class A shares of UniGen Common Stock at an initial conversion rate of $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zeE1GU7DHO5d" title="Debt instrument, conversion rate">1.00</span> per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UniGen issued the Trust common stock purchase warrants (the “Debenture Warrants”) to purchase up to <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zmrgSJBXBRo8" title="Common stock, debenture warrants">1,000,000</span> 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_ziuXVWefjUg4" title="Debenture warrants, exercise price">1.00</span> per share of Class A Common Stock, with an expiration extended warrant date of June 30, 2029.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_z4RcSIG3isL1" title="Common stock, additional warrants">500,000</span> 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_zrNCoDAfXQ4e" title="Debenture warrants, exercise price">2.25</span> per share of Class A Common Stock, with an expiration extended warrant date of June 30, 2029.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total of all stock ownership upon conversion of the note receivable is <span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pn6n6_c20191215__20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zzTB4gLM99Pi" title="Note receivable stock converted">1</span> 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_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pn6n6_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zHOMMzraApZd" title="Common stock, total warrants">2</span> million UniGen shares, which amounts up to approximately <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191216__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MinimumMember_zGiVhwiCYLDh" title="Equity ownership, percentage">15</span>-<span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191216__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MaximumMember_ztfvnJpbN2" title="Equity ownership, percentage">20</span>% of fully diluted UniGen equity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain stock option warrants have been extended to secure additional funds as part of the current UniGen effort to raise additional capital, and complete the first two prototypes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Trust’s balance sheet, the investment of $<span id="xdx_904_eus-gaap--Investments_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember_ze5xu0HZrY2" title="Investments">1,000,000</span> consists of approximately $<span id="xdx_907_eus-gaap--Investments_iI_pp0p0_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--NotesReceivableMember_z6nQWI8yvJ2a" title="Investments, note receivables">700,000</span> in note receivables and approximately $<span id="xdx_90D_eus-gaap--Investments_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z4M15rc57udg" title="Investments, fair value">300,000</span> 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 overtime.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_ecustom--ScheduleOfWarrantsOrRightsValuationAssumptionsTableTextBlock_zaisiyYQl0pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The value of the warrants issued with the note receivable was based on Black-Scholes pricing model based on the following inputs:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_ziy7F0HzOiy6" style="display: none">SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debenture Warrants</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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(204,238,255)"> <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_980_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zlXxWfeGrhBk" 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_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zfQZbp6vMiql" 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(204,238,255)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_z1zuUedQF7p9" title="Time to maturity (years)">2.0</span></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_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zZ5fH9wumXbh" 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(204,238,255)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zOSthT8rYwK7" style="text-align: right" title="Annualized volatility">27.43</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Warrants</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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(204,238,255)"> <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_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uUSDPShares_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zmGvXxkZ3Zwl" 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_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zJCD9TEF5uwe" 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(204,238,255)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zaTyNErYCwx3" title="Time to maturity (years)">3.0</span></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_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zfczhtnhPEqe" 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(204,238,255)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zsDgIfDrIZZ3" style="text-align: right" title="Warrants measurement input">27.43</td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AE_zoiiEo5VnSTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If all notes are converted and all available but not outstanding warrants exercised, IHT could hold up to approximately <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MinimumMember_zxBuyIdPzgD3" title="Equity ownership, percentage">15</span>-<span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MaximumMember_zE2oF4kKCaX7" title="Equity ownership, percentage">20</span>% of UniGen fully diluted equity ownership.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, IHT held <span id="xdx_907_eus-gaap--InvestmentOwnedBalanceShares_iI_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_ze85y6W6eiUi" title="Investment owned balance, shares">575,000</span> common shares of UniGen, purchased at a cost of $<span id="xdx_908_eus-gaap--InvestmentOwnedAtCost_iI_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zTviIxLPBbp4" title="Investment cost">668,750</span>. This amount has been reduced to $<span id="xdx_90D_ecustom--PostImpairmentCarryingValue_iI_c20260430__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_z5OyoXTLGvT7" title="Post impairment carrying value">445,833</span> due to impairment loss recognized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (<span id="xdx_90F_ecustom--PercentageForCompletionOfEngineering_iI_dp_c20260430__dei--LegalEntityAxis__custom--UniGenMember_z9ZGtZMZ1sZj">61%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_904_eus-gaap--AssetImpairmentCharges_c20250201__20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zgyaSTJEBdF4">222,917</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during the year ended January 31, 2026, reducing the carrying value of its <span id="xdx_90E_eus-gaap--InvestmentOwnedBalanceShares_iI_c20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zivtGZ8WNyn7">575,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of UniGen common stock from a cost basis of $<span id="xdx_90B_eus-gaap--InvestmentOwnedAtCost_iI_c20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zvghFM1m4sF">668,750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_901_ecustom--ReductionOfInvestmentOwnedAtCost_iI_c20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zxzJ95p6QCqe">445,833</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The convertible debenture receivable was separately evaluated for impairment as of April 30, 2026, and no impairment was recorded against the note. Following the impairment of the common stock, management believes the post-impairment carrying value of $<span id="xdx_90D_ecustom--PostImpairmentCarryingValue_iI_c20260430__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zrXQbHeynt7l" title="Post impairment carrying value">445,833</span> approximates fair value, recognizing that UniGen’s projects remain in the developmental R&amp;D phase and that further changes in UniGen’s commercialization progress or capital-raising efforts could result in additional impairment in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UniGen Power Inc. (UPI), R&amp;D development progress of the UPI efficient clean energy innovation is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. UniGen has stated they have completed <span id="xdx_90F_ecustom--PercentageForCompletionOfEngineering_iI_dp_c20260430__dei--LegalEntityAxis__custom--UniGenMember_zTzTE5i4G8E8" title="Percentage of completion of engineering">61%</span> of engineering, and is now focused on raising additional capital, which is an ongoing process, in which IHT may participate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--BoardOfDirectorsDescription_c20260201__20260430_z1VPyOOLuvr6" title="Board of directors description">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. 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 are the sole remaining Directors of UniGen and are also both Officers of IHT. UniGen plans to rejuvenate the momentum of UniGen to benefit all the UniGen debt and equity holders, including IHT. This product is a potentially power industry disruptive relatively clean energy generation innovation. UniGen Power, Inc., is now in the process of refocusing on finalizing engineering, completing the first two prototypes, and getting them ready for testing.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zJAwYG60Z0Qa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER RECENT PRONOUNCEMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p id="xdx_855_zSVahMpUO6Hi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--UseOfEstimates_znbBTSwNvf8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF ESTIMATES</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust’s operations are affected by numerous factors, including the level of area economic activity, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z4mBrsxYTR6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPERTY AND EQUIPMENT</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BuildingAndImprovementsMember__srt--RangeAxis__srt--MaximumMember_z41AjuvjEGti" title="Property, plant and equipment, useful life">40</span> years for buildings and improvements, and <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zyRakh3OI117" title="Property, plant and equipment, useful life">3</span> to <span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20260430__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureFixturesAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zHGoUfeaH8g1" title="Property, plant and equipment, useful life">10</span> years for furniture, fixtures, and equipment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land is an indefinite-lived asset. The Trust tests its land for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its carrying value to its implied fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For tax purposes the Trust takes advantage of accelerated depreciation methods (MACRS) for new capital additions and improvements to its Hotels. With many years of non-cash depreciation expense recognition, management believes that its hotel properties are carried on its books at values significantly below current hotel market values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Period ended April 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> P40Y P3Y P10Y <p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_z01fNBMiPf7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust believes it places its cash only with high credit quality financial institutions, although these balances periodically exceed federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zjedZMsikzD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVENUE RECOGNITION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Hotel and Operations</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--ReceivablesPolicyTextBlock_z1MeEYYPIeV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCOUNTS RECEIVABLES PER ASC 326</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_905_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20260430_zDHHb0evD9qg" title="Allowance for expected credit losses">16,000</span> and $<span id="xdx_902_eus-gaap--AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_iI_c20260131_zR3jFl4JqYcg" title="Allowance for expected credit losses">7,000</span> in the allowance for expected credit losses for the three months ended April 30, 2026, and the Fiscal Year ended January 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 16000 7000 <p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zFLOqxn2UT9l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEASE ACCOUNTING</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 14).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zOwbtjLjTjl2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEE STOCK-BASED COMPENSATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust has an employee equity incentive plan, which is described more fully in Note 15 - “Share-Based Payments.” The three independent members of the Board of Trustees each earn <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20260201__20260430__srt--TitleOfIndividualAxis__custom--BoardOfTrusteesMember_zFyD5vf2orh8" title="Restricted shares">6,000</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 6000 <p id="xdx_847_ecustom--TreasuryStockPolicyTextBlock_z2OFm3LJVbai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TREASURY STOCK</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--EarningsPerSharePolicyTextBlock_zQcWBfg2URle" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NET INCOME (LOSS) PER SHARE</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_906_eus-gaap--WeightedAverageLimitedPartnershipUnitsOutstandingDiluted_c20260201__20260430_zhmCmsSRcq3h" title="Weighted average limited partnership units outstanding, diluted">3,185,793</span> Shares of the Beneficial Interest, as discussed in Note 1.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the three months ended April 30, 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 <span id="xdx_901_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_c20250201__20260430_zX86I7dZyj5a" title="Weighted average incremental shares resulting from unit conversion"><span id="xdx_906_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_c20250201__20250430_zsR1oGypy6B7" title="Weighted average incremental shares resulting from unit conversion">2,823,355</span></span> in addition to the basic shares outstanding for the three months ended April 30, 2026 and the Fiscal Year ended January 31, 2026. These Shares of Beneficial Interest issuable upon conversion of the Class A and Class B Partnership units were anti-dilutive during the three months ended April 30, 2026 and 2025 and are excluded in the calculation of diluted earnings per share for those periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3185793 2823355 2823355 <p id="xdx_841_eus-gaap--AdvertisingCostsPolicyTextBlock_zQd69y4tTgm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADVERTISING COSTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts incurred for advertising costs are expensed as incurred. Advertising expense for continuing operations totaled approximately $<span id="xdx_909_eus-gaap--AdvertisingExpense_pp0p0_c20260201__20260430_z46PiNVDa1o8" title="Advertising expense">70,000</span> and $<span id="xdx_905_eus-gaap--AdvertisingExpense_pp0p0_c20250201__20250430_zNuhaIwZ0EVi" title="Advertising expense">84,000</span> for the three months ended April 30, 2026 and 2025 respectively, and is reported in the consolidated Statement of Operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 70000 84000 <p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zNYGdc7m2hBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONCENTRATION OF CREDIT RISK</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zYaBqITrfsGb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAIR VALUE OF FINANCIAL INSTRUMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 unaudited condensed consolidated balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--DebtPolicyTextBlock_ziYrH2Rzr2y1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVERTIBLE NOTE RECEIVABLE, COMMON STOCK AND WARRANTS IN UNIGEN POWER, INC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 16, 2019, the Trust entered into a Convertible Debenture Purchase Agreement with UniGen Power Inc. (“UniGen”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust purchased secured convertible debentures (“Debentures”) in the aggregate amount of $<span id="xdx_909_eus-gaap--ConvertibleDebt_iI_pp0p0_c20191216__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zZqgD3jm65m2" title="Convertible debt">1,000,000</span> (the “Loan Amount”) at an annual interest rate of <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20191216__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zAgHMZ88LgZ4" title="Debt instrument, interest rate">6%</span>. The Debentures are convertible into <span id="xdx_900_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20191215__20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember_zUP9kycZ8Vd" title="Debt conversion, shares">1,000,000</span> Class A shares of UniGen Common Stock at an initial conversion rate of $<span id="xdx_908_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleDebenturePurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zeE1GU7DHO5d" title="Debt instrument, conversion rate">1.00</span> per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UniGen issued the Trust common stock purchase warrants (the “Debenture Warrants”) to purchase up to <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zmrgSJBXBRo8" title="Common stock, debenture warrants">1,000,000</span> 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_ziuXVWefjUg4" title="Debenture warrants, exercise price">1.00</span> per share of Class A Common Stock, with an expiration extended warrant date of June 30, 2029.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_z4RcSIG3isL1" title="Common stock, additional warrants">500,000</span> 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_zrNCoDAfXQ4e" title="Debenture warrants, exercise price">2.25</span> per share of Class A Common Stock, with an expiration extended warrant date of June 30, 2029.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total of all stock ownership upon conversion of the note receivable is <span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pn6n6_c20191215__20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zzTB4gLM99Pi" title="Note receivable stock converted">1</span> 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_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pn6n6_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zHOMMzraApZd" title="Common stock, total warrants">2</span> million UniGen shares, which amounts up to approximately <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191216__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MinimumMember_zGiVhwiCYLDh" title="Equity ownership, percentage">15</span>-<span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191216__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MaximumMember_ztfvnJpbN2" title="Equity ownership, percentage">20</span>% of fully diluted UniGen equity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain stock option warrants have been extended to secure additional funds as part of the current UniGen effort to raise additional capital, and complete the first two prototypes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Trust’s balance sheet, the investment of $<span id="xdx_904_eus-gaap--Investments_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember_ze5xu0HZrY2" title="Investments">1,000,000</span> consists of approximately $<span id="xdx_907_eus-gaap--Investments_iI_pp0p0_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--NotesReceivableMember_z6nQWI8yvJ2a" title="Investments, note receivables">700,000</span> in note receivables and approximately $<span id="xdx_90D_eus-gaap--Investments_iI_c20191216__dei--LegalEntityAxis__custom--UnigenPowerIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z4M15rc57udg" title="Investments, fair value">300,000</span> 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 overtime.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_ecustom--ScheduleOfWarrantsOrRightsValuationAssumptionsTableTextBlock_zaisiyYQl0pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The value of the warrants issued with the note receivable was based on Black-Scholes pricing model based on the following inputs:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_ziy7F0HzOiy6" style="display: none">SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debenture Warrants</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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(204,238,255)"> <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_980_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zlXxWfeGrhBk" 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_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zfQZbp6vMiql" 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(204,238,255)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_z1zuUedQF7p9" title="Time to maturity (years)">2.0</span></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_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zZ5fH9wumXbh" 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(204,238,255)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zOSthT8rYwK7" style="text-align: right" title="Annualized volatility">27.43</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Warrants</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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(204,238,255)"> <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_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uUSDPShares_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zmGvXxkZ3Zwl" 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_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zJCD9TEF5uwe" 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(204,238,255)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zaTyNErYCwx3" title="Time to maturity (years)">3.0</span></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_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zfczhtnhPEqe" 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(204,238,255)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zsDgIfDrIZZ3" style="text-align: right" title="Warrants measurement input">27.43</td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8AE_zoiiEo5VnSTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If all notes are converted and all available but not outstanding warrants exercised, IHT could hold up to approximately <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MinimumMember_zxBuyIdPzgD3" title="Equity ownership, percentage">15</span>-<span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UnigenPowerIncMember__srt--RangeAxis__srt--MaximumMember_zE2oF4kKCaX7" title="Equity ownership, percentage">20</span>% of UniGen fully diluted equity ownership.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, IHT held <span id="xdx_907_eus-gaap--InvestmentOwnedBalanceShares_iI_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_ze85y6W6eiUi" title="Investment owned balance, shares">575,000</span> common shares of UniGen, purchased at a cost of $<span id="xdx_908_eus-gaap--InvestmentOwnedAtCost_iI_c20260430__dei--LegalEntityAxis__custom--UnigenPowerIncMember_zTviIxLPBbp4" title="Investment cost">668,750</span>. This amount has been reduced to $<span id="xdx_90D_ecustom--PostImpairmentCarryingValue_iI_c20260430__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_z5OyoXTLGvT7" title="Post impairment carrying value">445,833</span> due to impairment loss recognized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (<span id="xdx_90F_ecustom--PercentageForCompletionOfEngineering_iI_dp_c20260430__dei--LegalEntityAxis__custom--UniGenMember_z9ZGtZMZ1sZj">61%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_904_eus-gaap--AssetImpairmentCharges_c20250201__20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zgyaSTJEBdF4">222,917</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">during the year ended January 31, 2026, reducing the carrying value of its <span id="xdx_90E_eus-gaap--InvestmentOwnedBalanceShares_iI_c20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zivtGZ8WNyn7">575,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of UniGen common stock from a cost basis of $<span id="xdx_90B_eus-gaap--InvestmentOwnedAtCost_iI_c20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zvghFM1m4sF">668,750</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to $<span id="xdx_901_ecustom--ReductionOfInvestmentOwnedAtCost_iI_c20260131__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zxzJ95p6QCqe">445,833</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The convertible debenture receivable was separately evaluated for impairment as of April 30, 2026, and no impairment was recorded against the note. Following the impairment of the common stock, management believes the post-impairment carrying value of $<span id="xdx_90D_ecustom--PostImpairmentCarryingValue_iI_c20260430__srt--TitleOfIndividualAxis__custom--UnigenPowerIncMember_zrXQbHeynt7l" title="Post impairment carrying value">445,833</span> approximates fair value, recognizing that UniGen’s projects remain in the developmental R&amp;D phase and that further changes in UniGen’s commercialization progress or capital-raising efforts could result in additional impairment in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UniGen Power Inc. (UPI), R&amp;D development progress of the UPI efficient clean energy innovation is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. UniGen has stated they have completed <span id="xdx_90F_ecustom--PercentageForCompletionOfEngineering_iI_dp_c20260430__dei--LegalEntityAxis__custom--UniGenMember_zTzTE5i4G8E8" title="Percentage of completion of engineering">61%</span> of engineering, and is now focused on raising additional capital, which is an ongoing process, in which IHT may participate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--BoardOfDirectorsDescription_c20260201__20260430_z1VPyOOLuvr6" title="Board of directors description">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. 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 are the sole remaining Directors of UniGen and are also both Officers of IHT. UniGen plans to rejuvenate the momentum of UniGen to benefit all the UniGen debt and equity holders, including IHT. This product is a potentially power industry disruptive relatively clean energy generation innovation. UniGen Power, Inc., is now in the process of refocusing on finalizing engineering, completing the first two prototypes, and getting them ready for testing.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1000000 0.06 1000000 1.00 1000000 1.00 500000 2.25 1000000 2000000 0.15 0.20 1000000 700000 300000 <p id="xdx_89D_ecustom--ScheduleOfWarrantsOrRightsValuationAssumptionsTableTextBlock_zaisiyYQl0pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The value of the warrants issued with the note receivable was based on Black-Scholes pricing model based on the following inputs:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_ziy7F0HzOiy6" style="display: none">SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debenture Warrants</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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(204,238,255)"> <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_980_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uUSDPShares_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zlXxWfeGrhBk" 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_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_uUSDPShares_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zfQZbp6vMiql" 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(204,238,255)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_z1zuUedQF7p9" title="Time to maturity (years)">2.0</span></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_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zZ5fH9wumXbh" 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(204,238,255)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--DebentureWarrantsMember_zOSthT8rYwK7" style="text-align: right" title="Annualized volatility">27.43</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Warrants</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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(204,238,255)"> <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_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uUSDPShares_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zmGvXxkZ3Zwl" 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_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zJCD9TEF5uwe" 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(204,238,255)"> <td style="text-align: justify">Time to maturity (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20260430__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zaTyNErYCwx3" title="Time to maturity (years)">3.0</span></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_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zfczhtnhPEqe" 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(204,238,255)"> <td style="text-align: justify">Annualized volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20260430__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--ClassOfWarrantOrRightAxis__custom--AdditionalWarrantsMember_zsDgIfDrIZZ3" 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 2.25 P3Y 1.630 27.43 0.15 0.20 575000 668750 445833 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. 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 are the sole remaining Directors of UniGen and are also both Officers of IHT. UniGen plans to rejuvenate the momentum of UniGen to benefit all the UniGen debt and equity holders, including IHT. This product is a potentially power industry disruptive relatively clean energy generation innovation. UniGen Power, Inc., is now in the process of refocusing on finalizing engineering, completing the first two prototypes, and getting them ready for testing. <p id="xdx_844_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zJAwYG60Z0Qa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER RECENT PRONOUNCEMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p id="xdx_80E_eus-gaap--MinorityInterestDisclosureTextBlock_zMy7knVivPgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. <span id="xdx_827_zRP62FwKSqOe">OWNERSHIP INTERESTS IN ALBQUERQUE AND TUCSON SUBSIDIARIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_907_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_c20251031__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember_znu5pDNYWa3f" title="Sale price per unit">10,000</span> per unit with a two-unit minimum subscription. The Trust maintains at least <span id="xdx_901_ecustom--PercentageOfHoldLeastOutstandingUnits_pid_dp_uPure_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember__srt--RangeAxis__srt--MinimumMember_zGsO1xWrLEOa" title="Percentage of hold least outstanding units">50.1%</span> 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_900_ecustom--CumulativePriorityDistributionsPerUnitPerYear_iI_c20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCAndTucsonHospitalityPropertiesLLLPMember_zftQUSvRMxOb" title="Cumulative priority distributions per unit per year">700</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_903_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_c20170215__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zDZSOBGQgNXc" title="Sale price per unit">10,000</span> 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”). 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 three months ending April 30, 2026 and 2025, the Trust sold <span id="xdx_905_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_c20260201__20260430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zOiNDetfCS8a" title="Partners capital account units sale of units"><span id="xdx_905_eus-gaap--PartnersCapitalAccountUnitsSaleOfUnits_c20250201__20250430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zpgxdLzhBwte" title="Partners capital account units sale of units">0</span></span> units for $<span id="xdx_903_eus-gaap--SharePrice_iI_c20260430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zq3KVGJnYqX2" title="Sale price per unit"><span id="xdx_904_eus-gaap--SharePrice_iI_c20250430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zqyCC0d8bwRd" title="Sale price per unit">10,000</span></span> per unit, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2013, the Partnership entered into an updated restructured limited partnership agreement with Rare Earth to allow for the sale of additional interest units in the Tucson entity for $<span id="xdx_901_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_pid_c20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zjcdmmFonLP1" title="Sale price per unit">10,000</span> per unit. Under the agreement, Rare Earth agreed to either purchase or bring in other investors to purchase up to <span id="xdx_90F_ecustom--MaximumInvestorsToPurchaseUnits_pid_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zRp08aMtyqRh" title="Maximum investors to purchase units">160</span> (and potentially up to <span id="xdx_902_ecustom--MaximumPotentiallyToOverallotmentExercised_pid_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_zfSpfANy0ssh" title="Maximum potentially to overallotment exercised">200</span> if the overallotment is exercised) units. Under the terms of the updated restructuring agreement, the Partnership agreed to hold at least <span id="xdx_900_eus-gaap--SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest_pid_dp_c20130928__20131001__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_z9stsX0Opvk" title="Percentage of membership interest in a subsidiary committed to purchase by an affiliate">50.1%</span> 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_90E_ecustom--CumulativePriorityDistributionsPerUnitPerYear_iI_pid_c20160630__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--RareEarthFinancialLLCMember_ziwlrhnyke0g" title="Cumulative priority distributions per unit per year">700</span> 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. For the three months ending April 30, 2026 and 2025, the Trust purchased <span id="xdx_903_eus-gaap--PartnersCapitalAccountUnitsAcquisitions_c20260201__20260430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zwTjNzwfyKF1" title="Partners capital account units purchase of units"><span id="xdx_90C_eus-gaap--PartnersCapitalAccountUnitsAcquisitions_c20250201__20250430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zdhpgXPT17Fb" title="Partners capital account units purchase of units">0</span></span> and 1 units for $<span id="xdx_900_eus-gaap--SharePrice_iI_c20260430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zkkHoy5E6T8j" title="Partners capital account units purchase price of units"><span id="xdx_901_eus-gaap--SharePrice_iI_c20250430__us-gaap--TypeOfArrangementAxis__custom--RestructuringAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zKvUd2Lh8wMa" title="Partners capital account units purchase price of units">10,000</span></span> per unit, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Albuquerque entity, <span id="xdx_909_ecustom--NumberOfUnitsPurchasedDuringPeriod_pid_dc_c20260201__20260430__dei--LegalEntityAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember_zmZ5OGm7YkCe" title="Number of units purchased during period">0</span> Class A units were purchased back by the Trust during the three months ended April 30, 2026. As of April 30, 2026 and January 31, 2026, respectively, the Trust held a <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zLAa6QVPg3ya" title="Ownership interest"><span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_z6ZMX9bsu7N5" title="Ownership interest">21.90</span></span>% ownership interest, or <span id="xdx_908_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20260201__20260430__dei--LegalEntityAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassBLimitedPartnershipUnitsMember_zz14Nkb7bI0d" title="Number of units sold during period"><span id="xdx_90C_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__dei--LegalEntityAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassBLimitedPartnershipUnitsMember_zaRpMuB3GSOa" title="Number of units sold during period">132.5</span></span> Class B units, in the Albuquerque entity, Mr. Wirth and his affiliates held a <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrWirthAndHisAffiliatesMember_z4dpPNeHUqx8" title="Percentage of trust held ownership interest"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrWirthAndHisAffiliatesMember_ztajdnILv2Cj" title="Percentage of trust held ownership interest">0.17</span></span>% interest, or <span id="xdx_902_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassCLimitedPartnershipUnitsMember_zWDMzh9KH2c9" title="Number of units sold during period"><span id="xdx_90A_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassCLimitedPartnershipUnitsMember_zsE6GS820Gs6" title="Number of units sold during period">1</span></span> Class C units, and other parties held a <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OtherPartiesMember_zzbE5p3q94U7" title="Interest"><span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OtherPartiesMember_zZ3AxrfGqLr1" title="Interest">77.93</span></span>% interest, or <span id="xdx_909_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember_zY51923AsVQk" title="Number of units sold during period"><span id="xdx_90E_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember_zvL2KcV49cbe" title="Number of units sold during period">471.5</span></span> Class A units. For the three months ended April 30, 2026, the Albuquerque entity made no quarterly Priority Return payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Tucson entity, as of April 30, 2026 and January 31, 2026, respectively, the Partnership held a <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zOAsqKCknmb4" title="Percentage of trust held ownership interest"><span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_ziJaEExMNuFi" title="Percentage of trust held ownership interest">51.69</span></span>% ownership interest, or <span id="xdx_90D_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassBLimitedPartnershipUnitsMember_zoxAguC4saE7" title="Number of units sold during period"><span id="xdx_907_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassBLimitedPartnershipUnitsMember_zeiZplZoCz9h" title="Number of units sold during period">413.5</span></span> Class B units, in the Tucson, Mr. Wirth and his affiliates held a <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember__srt--TitleOfIndividualAxis__custom--MrWirthMember_zrxxra5ZBnLf" title="Percentage of trust held ownership interest"><span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember__srt--OwnershipAxis__custom--IndirectOwnershipMember__srt--TitleOfIndividualAxis__custom--MrWirthMember_ztldIjAVK563" title="Percentage of trust held ownership interest">0.25</span></span>% interest, or <span id="xdx_900_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassCLimitedPartnershipUnitsMember_zWdhpXCazcqk" title="Number of units sold during period"><span id="xdx_90F_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassCLimitedPartnershipUnitsMember_zISc5tu4vl6b" title="Number of units sold during period">2</span></span> Class C units, and other parties held a <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zq8XCuqZTIg6" title="Percentage of trust held ownership interest"><span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zxxp7FbZNo43" title="Percentage of trust held ownership interest">48.06</span></span>% interest, or <span id="xdx_901_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OtherPartiesHoldersMember_zjuikuZOloI2" title="Number of units sold during period"><span id="xdx_907_ecustom--NumberOfUnitsSoldDuringPeriod_pid_c20250201__20260131__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember__us-gaap--StatementClassOfStockAxis__custom--ClassALimitedPartnershipUnitsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OtherPartiesHoldersMember_zgXYl87sMe8h" title="Number of units sold during period">384.5</span></span> Class A units. For the three months ended April 30, 2026, the Tucson entity made no quarterly Priority Return payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 10000 0.501 700 10000 0 0 10000 10000 10000 160 200 0.501 700 0 0 10000 10000 0 0.2190 0.2190 132.5 132.5 0.0017 0.0017 1 1 0.7793 0.7793 471.5 471.5 0.5169 0.5169 413.5 413.5 0.0025 0.0025 2 2 0.4806 0.4806 384.5 384.5 <p id="xdx_809_eus-gaap--VariableInterestEntityDisclosureTextBlock_z3ZSAJwa77jh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. <span id="xdx_82D_zphoGztMwsVg">VARIABLE INTEREST ENTITIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a) The Partnership, Trust, and their related parties, which share common ownership and management, have guaranteed material financial obligations of the Albuquerque hotel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended April 30, 2026 and the Fiscal Year ended January 31, 2026, neither the Trust nor the Partnership have provided any implicit or explicit financial support for which they were not previously contracted. Both the Partnership and the Trust provided mortgage loan guarantees which allowed our properties to obtain financing as needed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80E_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zELcgHKtdufa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. <span id="xdx_822_zkssFpQUfsq1">PROPERTY AND EQUIPMENT</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--PropertyPlantAndEquipmentTextBlock_zmBi5TnKvGTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, and January 31, 2026, hotel properties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zmjxvDqa2Bn5" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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> </td> <td colspan="2" id="xdx_49C_20260430_z9tlN6dtudA1"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49C_20260131_zBf2wTtnmrO6"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">HOTEL SEGMENT</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">April 30, 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" 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_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zCOGkf4oUY85" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">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_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_z1aD1Z91qu6h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Building and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,538,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,497,326</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zEqj9B0qG3Jd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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">5,216,180</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">5,193,376</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_maPPAENzRaP_zCES1B2eF52" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total hotel properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,254,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,190,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_msPPAENzRaP_zTuAjZgnGen1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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">(12,649,601</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">(12,455,260</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_mtPPAENzRaP_zEYtQCSYMHYf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">6,604,986</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">6,735,442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, and January 31, 2026, corporate property, plant, and equipment consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; text-align: justify">CORPORATE PP&amp;E</td><td> </td> <td colspan="2" id="xdx_495_20260430_zMfodfXnPPm3"> </td><td> </td><td> </td> <td colspan="2" id="xdx_491_20260131_z0EpD1rbI7Lf"> </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">April 30, 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, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_zGl98envYU8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">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_z6N1G9TvQlrf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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_zmgiftCM39I6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_zHFaFYgbQTDe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">(448,363</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">(447,733</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_mtPPAENzFpf_zshhx78D8qNj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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">20,177</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">20,807</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zje0FSRTPdp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--PropertyPlantAndEquipmentTextBlock_zmBi5TnKvGTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, and January 31, 2026, hotel properties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zmjxvDqa2Bn5" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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> </td> <td colspan="2" id="xdx_49C_20260430_z9tlN6dtudA1"> </td><td> </td><td> </td> <td colspan="2" id="xdx_49C_20260131_zBf2wTtnmrO6"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">HOTEL SEGMENT</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">April 30, 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" 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_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LandMember_zCOGkf4oUY85" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">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_40B_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_z1aD1Z91qu6h" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Building and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,538,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,497,326</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zEqj9B0qG3Jd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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">5,216,180</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">5,193,376</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_maPPAENzRaP_zCES1B2eF52" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Total hotel properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,254,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,190,702</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_msPPAENzRaP_zTuAjZgnGen1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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">(12,649,601</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">(12,455,260</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__custom--HotelPropertiesMember_mtPPAENzRaP_zEYtQCSYMHYf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">6,604,986</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">6,735,442</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, and January 31, 2026, corporate property, plant, and equipment consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; text-align: justify">CORPORATE PP&amp;E</td><td> </td> <td colspan="2" id="xdx_495_20260430_zMfodfXnPPm3"> </td><td> </td><td> </td> <td colspan="2" id="xdx_491_20260131_z0EpD1rbI7Lf"> </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">April 30, 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, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingAndBuildingImprovementsMember_zGl98envYU8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">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_z6N1G9TvQlrf" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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_zmgiftCM39I6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_zHFaFYgbQTDe" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">(448,363</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">(447,733</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_iTI_hus-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_mtPPAENzFpf_zshhx78D8qNj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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">20,177</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">20,807</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2500000 2500000 11538407 11497326 5216180 5193376 19254587 19190702 12649601 12455260 6604986 6735442 75662 75662 392878 392878 468540 468540 448363 447733 20177 20807 <p id="xdx_805_eus-gaap--MortgageNotesPayableDisclosureTextBlock_zsQfkhRLmSU9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. <span id="xdx_82F_zYu126VinqD9">MORTGAGE NOTES PAYABLE</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 29, 2022 Tucson Hospitality Properties LLLP, <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_zqbRBYo01q06" title="Ownership percentage">51%</span> 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_zGXa4RJecZ0d" title="Mortgage loan">8.4</span> 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_z3NkJcTZmHDd" title="Mortgage loan">4.5</span> 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_zADbGkHDffWb" title="Face amount of mortgages">3.8</span> 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_zOUH3HZ11sq7" title="Debt instrument, interest rate">4.99%</span> financed on a <span id="xdx_903_eus-gaap--DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1_iI_dtY_c20220329__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TucsonHospitalityPropertiesLLLPMember_z6LNhCs8WCT2" title="Amortization period">25</span> year amortization with no prepayment penalty and no balloon. 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. As of April 30, 2026, and January 31, 2026 the mortgage loan balance was approximately $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20260430__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_z2YvbyuYlms" title="Mortgage loan, face amount">7,632,000</span>, and $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonOraclePropertyMember_zKSMGGUuYWJd" title="Mortgage loan, face amount">7,697,000</span>, respectively, net of financing fees of approximately $<span id="xdx_905_eus-gaap--DeferredFinanceCostsNet_iI_c20260430__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesMember_zXwIGrKrEd58" title="Financing fees">84,000</span> and $<span id="xdx_90F_eus-gaap--DeferredFinanceCostsNet_iI_c20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesMember_zL3zQTpReBxe" title="Financing fees">85,000</span>. The mortgage note payable is due in monthly installments of approximately $<span id="xdx_905_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20260201__20260430__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--TucsonHospitalityPropertiesMember_z8RfyWqY8Mdb" title="Periodic payment principal">50,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zbfM6cnvRp77" title="Face amount of mortgages">1.4</span> 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_zVgpMRBiumTb" title="Debt instrument, maturity date">December 2, 2029</span>. 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_zPBo54TfC6m7" title="Debt instrument, interest rate">4.90%</span> 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_z8GoX3Qowt04" title="Debt instrument, interest rate">3.5%</span> 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_z3PmmIpLA7wh" title="Debt instrument, interest rate">4.90%</span> 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_z1XuKlYQQIx2" title="Debt instrument, interest rate">7.3%</span>, 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_zAvVQXGPfCH3" title="Debt instrument, interest rate">7.571%</span>, in December of 2025. This credit facility is guaranteed by InnSuites Hospitality Trust. As of April 30, 2026, and January 31, 2026 the mortgage loan balance was approximately $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_c20260430_zcTbmHKErUGc" title="Mortgage loan, face amount">1,103,000</span>, and $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20260131_zAd8OHlQgYdh" title="Mortgage loan, face amount">1,115,000</span>, respectively, net of financing fees of approximately $<span id="xdx_904_eus-gaap--DeferredFinanceCostsNet_iI_c20260430__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zdk5rkPC8g3f" title="Financing fees">6,000</span> and $<span id="xdx_904_eus-gaap--DeferredFinanceCostsNet_iI_c20260131__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_ztgm5Egda5Lk" title="Financing fees">7,000</span>, respectively. The mortgage note payable is due in monthly installments of approximately $<span id="xdx_903_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20260201__20260430__us-gaap--TypeOfArrangementAxis__custom--BusinessLoanAgreementMember__dei--LegalEntityAxis__custom--AlbuqurequeSuitesHospitalityLLCMember_zjEu0pkegoK9" title="Periodic payment principal">11,000</span> per month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 9 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.51 8400000 4500000 3800000 0.0499 P25Y 7632000 7697000 84000 85000 50000 1400000 2029-12-02 0.0490 0.035 0.0490 0.073 0.07571 1103000 1115000 6000 7000 11000 <p id="xdx_80D_ecustom--NotesPayableAndNotesReceivableRelatedPartyTextBlock_zen0aeElt7A" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. <span id="xdx_827_zGhHR3jVGHJf">NOTES PAYABLE AND NOTES RECEIVABLE – RELATED PARTY</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 of up to <span id="xdx_907_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_dp_uPure_c20141201__20141201__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RareEarthFinancialLLCMember_zIaVVF0lRgTi" title="Line of credit percentage">7.0</span>% per annum for both a payable and receivable, interest is due quarterly but was currently paused, and automatically renews annually each calendar year. No prepayment penalty exists on the Demand/Revolving Line of Credit/Promissory Note. The balance fluctuates significantly 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_ziHLnUS7dUt8" title="Maximum borrowing amount">2,000,000</span>. On November 26, 2025 the Demand/Revolving Line of Credit/Promissory Note was extended and increased to the current level of approximately $<span id="xdx_901_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pp0p0_c20251126__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RareEarthFinancialLLCMember_zGFQNJ5147Hf" title="Maximum borrowing amount">2,500,000</span>. As of April 30, 2026, and January 31, 2026, the Trust had an amount payable of approximately $<span id="xdx_904_eus-gaap--NotesPayableCurrent_iI_pp0p0_c20260430__us-gaap--RelatedPartyTransactionAxis__custom--RareEarthFinancialLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zVkm5FdrUfp" title="Trust amount payable">2,532,000</span> and $<span id="xdx_908_eus-gaap--NotesPayableCurrent_iI_pp0p0_c20260131__us-gaap--RelatedPartyTransactionAxis__custom--RareEarthFinancialLLCMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zLgOHukC93Zk" title="Trust amount payable">2,645,000</span>, respectively. During the three months ended April 30, 2026 and 2025, the Trust accrued approximately $<span id="xdx_90A_eus-gaap--InterestExpense_pp0p0_c20260201__20260430__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RareEarthFinancialLLCMember_zomwPjQc8dy6" title="Interest expense"><span id="xdx_900_eus-gaap--InterestExpense_pp0p0_c20250201__20250430__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RareEarthFinancialLLCMember_zi9zLzrvlVf8" title="Interest expense">0</span></span>, respectively, of interest expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.070 2000000 2500000 2532000 2645000 0 0 <p id="xdx_80A_ecustom--OtherNotesPayableDisclosureTextBlock_zrUMVXXpVJfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. <span id="xdx_82E_zqB3c9viZRA5">OTHER NOTES PAYABLE</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, the Trust had a $<span id="xdx_90A_eus-gaap--UnsecuredDebt_iI_pp0p0_c20260430__srt--TitleOfIndividualAxis__custom--IndividualLenderMember_zn8dcZHQXRAa" title="Notes payable outstanding to unrelated third parties">200,000</span> 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 <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260430__srt--TitleOfIndividualAxis__custom--IndividualLenderMember_zOpeov0GCo83" title="Interest rate stated percentage">5%</span> 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 $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20260430__srt--TitleOfIndividualAxis__custom--IndividualLenderMember_zje1EgMXR2nh" title="Debt instrument face amount">200,000</span> as of April 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 1, 2019, the Trust and the Partnership together entered into an unsecured loan totaling $<span id="xdx_909_eus-gaap--UnsecuredDebt_iI_pp0p0_c20190701__srt--TitleOfIndividualAxis__custom--IndividualInvestorMember_zHPjjyOWWWR6" title="Unsecured debt">270,000</span> with an individual investor at <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20190701__srt--TitleOfIndividualAxis__custom--IndividualInvestorMember_zRpSCcyQ3h94" title="Interest rate stated percentage">5%</span>, interest only, payable monthly. 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 $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20260430__srt--TitleOfIndividualAxis__custom--IndividualInvestorMember_zO5ur7L3OFn9" title="Debt instrument face amount"><span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20260131__srt--TitleOfIndividualAxis__custom--IndividualInvestorMember_zieXad1UAlPc" title="Debt instrument face amount">270,000</span></span> as of April 30, 2026, and January 31, 2026, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 9 – “Minimum Debt Payments” for scheduled minimum payments on the debt liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> 200000 0.05 200000 270000 0.05 270000 270000 <p id="xdx_800_eus-gaap--DebtDisclosureTextBlock_zaEqeeQIkZgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. <span id="xdx_82A_zt5bPxgWCsQ2">MINIMUM DEBT PAYMENTS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zCXV0cP7jS6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scheduled minimum payments of debt, net of debt discounts, as of April 30, 2026 are approximately as follows in the respective Fiscal Years indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B6_zlJUHznLQMla" style="display: none">SCHEDULE OF MINIMUM PAYMENTS OF DEBT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="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" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OTHER NOTES PAYABLE</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" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NOTES PAYABLE - RELATED PARTY</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" 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> </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(204,238,255)"> <td style="width: 24%; text-align: justify">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zlt125mrGcw9" style="width: 15%; text-align: right" title="2027">195,482</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--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zxFnLv3gCyHj" style="width: 15%; 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_980_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zl2dS5XFjfHh" style="width: 15%; text-align: right" title="2027"><span style="-sec-ix-hidden: xdx2ixbrl0838">-</span></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--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_ma1_c20260430_z3NhOToOscf5" style="width: 15%; text-align: right" title="2027">665,482</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zfn7YzP87bgf" style="text-align: right" title="2028">263,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zmuV73xntbB9" style="text-align: right" title="2028"><span style="-sec-ix-hidden: xdx2ixbrl0844">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zXnHDWKl9brd" style="text-align: right" title="2028">2,532,479</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_ma1_c20260430_zMYl0cm3uUIf" style="text-align: right" title="2028">2,795,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zSmZTPaLUcV9" style="text-align: right" title="2029">274,685</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_ztsYL8AIoi09" style="text-align: right" title="2029"><span style="-sec-ix-hidden: xdx2ixbrl0852">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zVDSDCp3Z0a6" style="text-align: right" title="2029"><span style="-sec-ix-hidden: xdx2ixbrl0854">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_ma1_c20260430_z6hodEEuB9hj" style="text-align: right" title="2029">274,685</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2030</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zxgopTnVLuQk" style="text-align: right" title="2030">1,171,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_ztbWq8AECqg" style="text-align: right" title="2030"><span style="-sec-ix-hidden: xdx2ixbrl0860">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_z0lleemVptA9" style="text-align: right" title="2030"><span style="-sec-ix-hidden: xdx2ixbrl0862">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_ma1_c20260430_zGnO0txsMS3l" style="text-align: right" title="2030">1,171,292</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2031</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zowkaEOKBVhk" 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_98C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_z3HLqLBV0RQb" style="text-align: right" title="2031"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zH51d8xxvoX" style="text-align: right" title="2031"><span style="-sec-ix-hidden: xdx2ixbrl0870">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_ma1_c20260430_zv8ByjEZtUne" style="text-align: right" title="2031">241,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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_989_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zPIWq26ydyNf" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,589,238</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_98E_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_z1HMdqtjyG63" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter"><span style="-sec-ix-hidden: xdx2ixbrl0876">-</span></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_989_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zZXoSsTmPwxb" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter"><span style="-sec-ix-hidden: xdx2ixbrl0878">-</span></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_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_ma1_c20260430_zmPcZKh19X2g" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,589,238</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--LongTermDebt_iTI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zDEL3lxlfFKj" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">8,735,017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebt_iTI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zroTN6eti4Q4" 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">$</td><td id="xdx_981_eus-gaap--LongTermDebt_iTI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zDeKy7uiLqGa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">2,532,479</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--LongTermDebt_iTI_pp0p0_mt1_c20260430_zUzAv7IC9Cza" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">11,737,496</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_z5OEVQiKxCS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zCXV0cP7jS6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scheduled minimum payments of debt, net of debt discounts, as of April 30, 2026 are approximately as follows in the respective Fiscal Years indicated:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B6_zlJUHznLQMla" style="display: none">SCHEDULE OF MINIMUM PAYMENTS OF DEBT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <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="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" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">OTHER NOTES PAYABLE</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" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">NOTES PAYABLE - RELATED PARTY</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" 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> </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(204,238,255)"> <td style="width: 24%; text-align: justify">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zlt125mrGcw9" style="width: 15%; text-align: right" title="2027">195,482</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--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zxFnLv3gCyHj" style="width: 15%; 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_980_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zl2dS5XFjfHh" style="width: 15%; text-align: right" title="2027"><span style="-sec-ix-hidden: xdx2ixbrl0838">-</span></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--LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_iI_pp0p0_ma1_c20260430_z3NhOToOscf5" style="width: 15%; text-align: right" title="2027">665,482</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2028</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zfn7YzP87bgf" style="text-align: right" title="2028">263,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zmuV73xntbB9" style="text-align: right" title="2028"><span style="-sec-ix-hidden: xdx2ixbrl0844">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zXnHDWKl9brd" style="text-align: right" title="2028">2,532,479</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_ma1_c20260430_zMYl0cm3uUIf" style="text-align: right" title="2028">2,795,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2029</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zSmZTPaLUcV9" style="text-align: right" title="2029">274,685</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_ztsYL8AIoi09" style="text-align: right" title="2029"><span style="-sec-ix-hidden: xdx2ixbrl0852">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zVDSDCp3Z0a6" style="text-align: right" title="2029"><span style="-sec-ix-hidden: xdx2ixbrl0854">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_ma1_c20260430_z6hodEEuB9hj" style="text-align: right" title="2029">274,685</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2030</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zxgopTnVLuQk" style="text-align: right" title="2030">1,171,292</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_ztbWq8AECqg" style="text-align: right" title="2030"><span style="-sec-ix-hidden: xdx2ixbrl0860">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_z0lleemVptA9" style="text-align: right" title="2030"><span style="-sec-ix-hidden: xdx2ixbrl0862">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_ma1_c20260430_zGnO0txsMS3l" style="text-align: right" title="2030">1,171,292</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2031</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zowkaEOKBVhk" 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_98C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_z3HLqLBV0RQb" style="text-align: right" title="2031"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0868">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zH51d8xxvoX" style="text-align: right" title="2031"><span style="-sec-ix-hidden: xdx2ixbrl0870">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pp0p0_ma1_c20260430_zv8ByjEZtUne" style="text-align: right" title="2031">241,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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_989_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zPIWq26ydyNf" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,589,238</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_98E_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_z1HMdqtjyG63" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter"><span style="-sec-ix-hidden: xdx2ixbrl0876">-</span></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">$</td><td id="xdx_989_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zZXoSsTmPwxb" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter"><span style="-sec-ix-hidden: xdx2ixbrl0878">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour_iI_pp0p0_ma1_c20260430_zmPcZKh19X2g" style="border-bottom: Black 1pt solid; text-align: right" title="Thereafter">6,589,238</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--LongTermDebt_iTI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--MortgagesMember_zDEL3lxlfFKj" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">8,735,017</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">$</td><td id="xdx_983_eus-gaap--LongTermDebt_iTI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zroTN6eti4Q4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">470,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--LongTermDebt_iTI_pp0p0_c20260430__us-gaap--LongtermDebtTypeAxis__custom--NotesPayableRelatedPartyMember_zDeKy7uiLqGa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">2,532,479</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_98D_eus-gaap--LongTermDebt_iTI_pp0p0_mt1_c20260430_zUzAv7IC9Cza" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">11,737,496</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 195482 470000 665482 263125 2532479 2795604 274685 274685 1171292 1171292 241195 241195 6589238 6589238 8735017 470000 2532479 11737496 <p id="xdx_804_ecustom--DescriptionOfBeneficialInterestsTextBlock_zdXJn7iMd8Xc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. <span id="xdx_82F_z93OaTvJGzQ1">DESCRIPTION OF BENEFICIAL INTERESTS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three months ended April 30, 2026 and 2025, the Trust repurchased <span id="xdx_900_eus-gaap--StockRepurchasedDuringPeriodShares_c20260201__20260430__us-gaap--StatementEquityComponentsAxis__custom--SharesOfBeneficialInterestMember_zXneiXlDVaK4" title="Stock repurchased during period shares">3,767</span> and <span id="xdx_90F_eus-gaap--StockRepurchasedDuringPeriodShares_c20250201__20250430__us-gaap--StatementEquityComponentsAxis__custom--SharesOfBeneficialInterestMember_zdr8S9TXSk5e" title="Stock repurchased during period shares">0</span> Shares of Beneficial Interest at an average price of $<span id="xdx_908_ecustom--SharesRepurchasePricePerShare_c20260201__20260430_z3txoxLuHruc" title="Average price">1.11</span> and $<span id="xdx_902_ecustom--SharesRepurchasePricePerShare_c20250201__20250430_zQKbw4YIdMD8" title="Average price">0.00</span> per share, respectively. The average price paid includes brokerage commissions. The Trust intends to continue repurchasing Shares of Beneficial Interest in compliance with applicable legal and NYSE AMERICAN requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> 3767 0 1.11 0.00 <p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zl8TnkAtKp8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. <span id="xdx_82D_zmMbvocF3M57">RELATED PARTY TRANSACTIONS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, and January 31, 2026, Mr. Wirth and his affiliates held <span id="xdx_909_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pid_c20260430__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zms4slWNYXL4" title="Account units outstanding"><span id="xdx_90D_eus-gaap--LimitedPartnersCapitalAccountUnitsOutstanding_iI_pid_c20260131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zx41NCl9hju8" title="Account units outstanding">2,429,038</span></span> Class B Partnership units, which represented <span id="xdx_906_ecustom--PercentageOfOutstandingPartnershipUnits_iI_pid_dp_c20260430__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zHQvIlwY8XN9" title="Percentage of outstanding partnership units"><span id="xdx_904_ecustom--PercentageOfOutstandingPartnershipUnits_iI_pid_dp_c20260131__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember__us-gaap--StatementClassOfStockAxis__custom--ClassBPartnershipUnitsMember_zuLsqi8e5hq8" title="Percentage of outstanding partnership units">19.19</span></span>% of the total outstanding Partnership units, respectively. As of April 30, 2026, and January 31, 2026, Mr. Wirth and his affiliates held <span id="xdx_903_ecustom--NumberOfSharesHeldForBeneficialInterestOfTrust_iI_pid_c20260430__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember_ztiEpEMtNvS5" title="Number of shares held for beneficial interest of trust">6,024,613</span> Shares of Beneficial Interest in the Trust, respectively, which represented <span id="xdx_909_ecustom--PercentageOfSharesIssuedAndOutstandingOfBeneficialInterest_iI_pid_dp_c20260430__srt--TitleOfIndividualAxis__custom--MrWirthAndHisAffiliatesMember_z4ojUdLPD2ul" title="Percentage of shares issued and outstanding of beneficial interest">64.07</span>% respectively, of the total issued and outstanding Shares of Beneficial Interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, and January 31, 2026 the Trust owned <span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_zEvhmgTimPK9" title="Ownership percentage"><span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260131__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_zrlIpl1Z9iQ5" title="Ownership percentage">79.18</span></span>% of the Partnership. As of January 31, 2026, the Partnership owned a <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--OwnershipAxis__custom--InnSuitesHotelLocatedinTucsonMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_zN3Inz107kGk" title="Ownership percentage">51.69</span>% interest in the InnSuites® hotel located in Tucson. The Trust also owned a direct <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--OwnershipAxis__custom--InnsuitesHotelLocatedInAlbuquerqueNewMexicoMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OwnershipMember_zw8qy8F7YfYj" title="Ownership percentage">21.90</span>% interest in one InnSuites® hotel located in Albuquerque, New Mexico.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_90D_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20260201__20260430__dei--LegalEntityAxis__custom--InnSuitesHotelsIncMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zDYtkxQv3pTc" title="Revenue percentage">5</span>% of room revenue and a monthly accounting fee of $<span id="xdx_901_ecustom--AccountingFee_pp0p0_c20260201__20260430__dei--LegalEntityAxis__custom--InnSuitesHotelsIncMember_zKGiGJHIfI29" title="Monthly accounting fee">3,000</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_900_eus-gaap--AccruedSalariesCurrentAndNoncurrent_iI_c20260430__srt--TitleOfIndividualAxis__custom--MrWirthBrainJamesAndAffiliatesMember_zF7e5L2joYfc" title="Annual salary">27,000</span>, per year plus bonuses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2429038 2429038 0.1919 0.1919 6024613 0.6407 0.7918 0.7918 0.5169 0.2190 0.05 3000 27000 <p id="xdx_808_eus-gaap--CashFlowSupplementalDisclosuresTextBlock_z9nDrI0hYue3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. <span id="xdx_82F_zNetMzJ6b6Fj">STATEMENTS OF CASH FLOWS, SUPPLEMENTAL DISCLOSURES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust paid $<span id="xdx_904_eus-gaap--InterestPaidNet_pp0p0_c20260201__20260430_zXDiqtRuvH0a" title="Interest paid">111,000</span> and $<span id="xdx_90B_eus-gaap--InterestPaidNet_pp0p0_c20250201__20250430_zPpwcObm7ovb" title="Interest paid">151,000</span> in cash for interest for the three months ended April 30, 2026 and 2025, respectively for operations. The amounts related to Notes Payables - IHT Shares of Beneficial Interest and Partnership Units repurchases amounted to $<span id="xdx_90D_ecustom--NotesPayablesSharesOfBeneficialInterestAndPartnershipUnitsRepurchases_c20260201__20260430_zRaT8sKoBJM5" title="Amounts related to notes payables"><span id="xdx_907_ecustom--NotesPayablesSharesOfBeneficialInterestAndPartnershipUnitsRepurchases_c20250201__20250430_ztIIDGCVWMcf" title="Amounts related to notes payables">0</span></span> for the three months ended April 30, 2026 and 2025, respectively. Cash paid for taxes for the three months ended April 30, 2026 and 2025 was $<span id="xdx_908_eus-gaap--IncomeTaxesPaidNet_pp0p0_c20260201__20260430_zDGMkLLVhXqg" title="Income taxes paid"><span id="xdx_909_eus-gaap--IncomeTaxesPaidNet_pp0p0_c20250201__20250430_zOhq9GDxvnOh" title="Income taxes paid">0</span></span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 111000 151000 0 0 0 0 <p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zmRohKItgzCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. <span id="xdx_823_z5Gb41GdjxDc">COMMITMENTS AND CONTINGENCIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Cash:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust is obligated under a loan agreement relating to the Tucson Oracle property to deposit <span id="xdx_90E_ecustom--PercentageOfDepositUsedForCapitalExpenditures_iI_pid_dp_c20260430__us-gaap--TypeOfArrangementAxis__custom--TucsonOraclePropertyMember_z01bJyGndRV5" title="Percentage of deposit used for capital expenditures">4</span>% 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 $<span id="xdx_909_eus-gaap--RestrictedCash_iI_c20260430_zB56tB6OItI5" title="Restricted cash"><span id="xdx_90B_eus-gaap--RestrictedCash_iI_c20260131_zQUP8PRKmLw8" title="Restricted cash">0</span></span> cash balance existed in Restricted Cash as of April 30, 2026 and January 31, 2026, Restricted Cash line was omitted on the Trust’s Consolidated Balance Sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Membership Agreements:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_900_ecustom--MembershipFees_c20260201__20260430_zORV5aQBloEk" title="Membership fees">62,000</span> and $<span id="xdx_905_ecustom--MembershipFees_c20250201__20250430_z0sj8tZMjP4k" title="Membership fees">54,000</span> for the three months ended April 30, 2026 and 2025, respectively. These costs include fees for the Albuquerque and Tucson hotels in 2026. These fees are included in room operating expenses on the unaudited condensed consolidated statements of operations for Albuquerque and Tucson.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 14 – Leases, for discussion on lease payment commitments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.04 0 0 62000 54000 <p id="xdx_803_eus-gaap--LesseeOperatingLeasesTextBlock_z8qsNZryIJRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14. <span id="xdx_82E_zuiZYjo2KxEi">LEASES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating Leases</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_906_eus-gaap--PaymentsForRent_pp0p0_c20260201__20260430__srt--RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis__custom--NorthpointPropertiesMember_zfuXK3CPmlc3" title="Payments for rent">4,318</span>. The Trust also pays electricity and applicable sales tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust’s Albuquerque Hotel is subject to non-cancelable ground lease. <span id="xdx_90A_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20260201__20260430__srt--RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis__custom--AlbuquerqueHotelMember_zSaw2p1os8Kf" title="Operating lease, option to extend">The Albuquerque Hotel non-cancelable ground lease expires in 2058.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--LeaseCostTableTextBlock_zTPpWy5ttev" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Trust’s lease costs for the three months ended April 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B0_zUQpNaPqhkZ9" style="display: none">SCHEDULE OF LEASE COSTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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"> </td> <td colspan="2" id="xdx_491_20260201__20260430_zeUWON9J7n4l" style="font-weight: bold; text-align: center">For the Three Months 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">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_zL15mRgcwflf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 78%; text-align: justify">Operating lease cost<span id="xdx_F4B_z5pAwnK5VjL1">*</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">38,306</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F08_zotXqh5iv6V5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zMauwJN2KEqi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short term lease costs were immaterial.</span></td></tr> </table> <p id="xdx_8AD_zRw6Tm4ut2S6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_ecustom--ScheduleOfCashFlowInformationTableTextBlock_zMf1ndlcPUvi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental cash flow information is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8B2_zBkOnnPJb937" style="display: none">SCHEDULE OF CASH FLOW INFORMATION</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20260201__20260430_zD2F8ft0qq78" style="font-weight: bold; text-align: center">For the Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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">April 30, 2026</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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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_zfR1LHQ9Ko0e" 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">(1,157</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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="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(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases, net</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiability_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260430_zZH1H9T5CAMa" style="text-align: right">2,196,084</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term obligations</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--OperatingLeaseLiabilityNoncurrent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260430_zbw28s7EEtJi" style="text-align: right">2,167,584</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A9_z2MPP66KkPA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_ecustom--ScheduleOfWeightedAverageRemainingLeaseTermsAndDiscountRatesTableTextBlock_z9ivxo9FUp3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average remaining lease terms and discount rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8BF_zzw9aOtyjXM7" style="display: none">SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">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">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right"><span id="xdx_903_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iIP1us-gaap--OperatingLeaseLiabilityAbstract_dtY_c20260430_zhvwbT4kMxx9" title="Weighted average, Operating Leases">30</span></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(204,238,255)"> <td style="text-align: justify">Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_pid_dp_uPure_c20260430_zIPI04aBwC3k" title="Weighted-average discount rate - Operating leases">4.85</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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> <p id="xdx_8AE_zUOPV8YvKOhd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zdJmHbCv9Fh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aggregate future lease payments for Operating Lease Liability as of April 30, 2026 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8B9_zWiKZGgpVy43" style="display: none">SCHEDULE OF ANNUAL LEASE OBLIGATIONS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">For the Years Ending January 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260430_z4oWty6VT6oc" style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pp0p0_maLOLLPzWAM_zhBzMbKac72j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">100,784</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzWAM_zf5bhBQ3THya" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_maLOLLPzWAM_zHMEEQFnqgNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_maLOLLPzWAM_zHdpJgedPAa7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_maLOLLPzWAM_zAjQl783Dfwl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_400_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour_iI_pp0p0_maLOLLPzWAM_zcceDGE8HSUa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">3,724,012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzWAM_zaM3lBiAzNB2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,362,434</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_pp0p0_z7d6QaTJ7SA" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,166,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_ztF6fadGNfgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Total present value of minimum payments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,196,084</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pp0p0_zgEyFPV4HIU4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">28,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0p0_zOAIzPvJtmei" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Long term portion of operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,167,584</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A5_zaYCrSN76WBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4318 The Albuquerque Hotel non-cancelable ground lease expires in 2058. <p id="xdx_890_eus-gaap--LeaseCostTableTextBlock_zTPpWy5ttev" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the Trust’s lease costs for the three months ended April 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B0_zUQpNaPqhkZ9" style="display: none">SCHEDULE OF LEASE COSTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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"> </td> <td colspan="2" id="xdx_491_20260201__20260430_zeUWON9J7n4l" style="font-weight: bold; text-align: center">For the Three Months 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">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_zL15mRgcwflf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 78%; text-align: justify">Operating lease cost<span id="xdx_F4B_z5pAwnK5VjL1">*</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">38,306</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F08_zotXqh5iv6V5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zMauwJN2KEqi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short term lease costs were immaterial.</span></td></tr> </table> 38306 <p id="xdx_896_ecustom--ScheduleOfCashFlowInformationTableTextBlock_zMf1ndlcPUvi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental cash flow information is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8B2_zBkOnnPJb937" style="display: none">SCHEDULE OF CASH FLOW INFORMATION</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20260201__20260430_zD2F8ft0qq78" style="font-weight: bold; text-align: center">For the Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </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">April 30, 2026</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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <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_zfR1LHQ9Ko0e" 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">$</td><td style="width: 18%; text-align: right">(1,157</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease obligations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Operating leases, net</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiability_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260430_zZH1H9T5CAMa" style="text-align: right">2,196,084</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_983_eus-gaap--OperatingLeaseLiabilityNoncurrent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_c20260430_zbw28s7EEtJi" style="text-align: right">2,167,584</td><td style="text-align: left"> </td></tr> </table> 1157 2196084 2167584 <p id="xdx_89A_ecustom--ScheduleOfWeightedAverageRemainingLeaseTermsAndDiscountRatesTableTextBlock_z9ivxo9FUp3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average remaining lease terms and discount rates were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8BF_zzw9aOtyjXM7" style="display: none">SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">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">April 30, 2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">Operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right"><span id="xdx_903_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iIP1us-gaap--OperatingLeaseLiabilityAbstract_dtY_c20260430_zhvwbT4kMxx9" title="Weighted average, Operating Leases">30</span></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(204,238,255)"> <td style="text-align: justify">Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iIP1us-gaap--OperatingLeaseLiabilityAbstract_pid_dp_uPure_c20260430_zIPI04aBwC3k" title="Weighted-average discount rate - Operating leases">4.85</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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 <p id="xdx_89C_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zdJmHbCv9Fh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aggregate future lease payments for Operating Lease Liability as of April 30, 2026 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span id="xdx_8B9_zWiKZGgpVy43" style="display: none">SCHEDULE OF ANNUAL LEASE OBLIGATIONS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">For the Years Ending January 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260430_z4oWty6VT6oc" style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_pp0p0_maLOLLPzWAM_zhBzMbKac72j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify">2027</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">100,784</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzWAM_zf5bhBQ3THya" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_maLOLLPzWAM_zHMEEQFnqgNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_maLOLLPzWAM_zHdpJgedPAa7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">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_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_maLOLLPzWAM_zAjQl783Dfwl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">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_400_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour_iI_pp0p0_maLOLLPzWAM_zcceDGE8HSUa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">3,724,012</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzWAM_zaM3lBiAzNB2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total minimum lease payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,362,434</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iI_pp0p0_z7d6QaTJ7SA" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">2,166,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_ztF6fadGNfgf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; 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">2,196,084</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pp0p0_zgEyFPV4HIU4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; 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">28,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0p0_zOAIzPvJtmei" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Long term portion of operating lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,167,584</td><td style="text-align: left"> </td></tr> </table> 100784 134391 134403 134416 134428 3724012 4362434 2166350 2196084 28500 2167584 <p id="xdx_809_eus-gaap--ShareholdersEquityAndShareBasedPaymentsTextBlock_zqLTod1ZoROl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15. <span id="xdx_82B_zTiHFMpsjLx">SHARE-BASED PAYMENTS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust compensates its three non-employee Trustees for their services through grants of restricted Shares. As compensation for our Fiscal Year 2027, on March 16, 2026, we issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20260316__20260316_zL1Hi9MiYk5">6,000</span> restricted Shares (with the aggregate grant date fair value of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_pid_c20260316__20260316_zZliUAd52hya" title="Stock issued, restricted stock award, shares fair value">7,200</span> per grant) to each of Messrs. Kutasi, Robson, and Marchi. These <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pp0p0_c20230515__20230515_zn5Gmfhxi6T7">18,000</span> Shares (<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20240201__20251031__srt--TitleOfIndividualAxis__custom--ThreeIndependentTrusteesMember_zl4epMzwlTz9" title="Stock issued, restricted stock award, shares">6,000</span> each to the three Independent Trustees), vest in equal monthly amounts during Fiscal Year 2027.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 11, 2025, the Trust’s Board of Trustees approved a grant to issue Officers, Trustees, and Key Employees totaling <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20250911__20250911_zUMExAmbE9X9" title="Restricted stock award gross">43,500</span> fully paid IHT restricted shares. The aggregate grant date fair value of these Shares was approximately $<span id="xdx_90F_ecustom--StockIssuedDuringPeriodValueRestrictedStockGross_pp0p0_c20250911__20250911_zPCF0y3Nok9" title="Grant date fair value of restricted shares">82,215</span>. These shares partially vested on December 31, 2025, and February 28, 2026, in two equal amounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Note 2 – “Summary of Significant Accounting Policies” for information related to grants of restricted shares under “Trustee Stock-Based Compensation.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 6000 7200 18000 6000 43500 82215 <p id="xdx_80E_ecustom--NotesReceivableTextBlock_zB8s1G8HD1h5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16. <span id="xdx_820_z2LMxW6WcN4h">NOTES RECEIVEABLE</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Sale of IBC Hospitality Technologies; IBC Hotels LLC (IBC)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 15, 2018 InnSuites Hospitality Trust (IHT) entered into a 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 $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20180815__dei--LegalEntityAxis__custom--IBCHotelsLLCMember_zK1aCvLPI3xh" title="Principal amount">1,925,000</span> with interest to be accrued at <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20180815__dei--LegalEntityAxis__custom--IBCHotelsLLCMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zB0s6WUR8M63" title="Percentage of accrued interest">3.75%</span> per annum, which is recorded in the accompanying consolidated balance sheet in continuing operations, which was subsequently adjusted to <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_c20260501__dei--LegalEntityAxis__custom--IBCHotelsLLCMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGeptzVuh8B6" title="Percentage of accrued interest">3.25%</span>, due in 2030.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DebtInstrumentDescription_c20180812__20180815__dei--LegalEntityAxis__custom--IBCHotelsLLCMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zzfFd1m3nTP8" 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</span>.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RRF, the Management Subsidiary of IHT, is currently the Management Company of IBC. The Note was extended to June 30, 2030, including interest modification to <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20260430__dei--LegalEntityAxis__custom--RRFLimitedLiabilityLimitedPartnershipMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zMx8Db7VFmc3" title="Percentage of accrued interest">3.25%</span> payable at maturity.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future payments on this note are shown in the table below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <p id="xdx_891_ecustom--ScheduleOfFuturePaymentsOfDebtNotesReceivableTableTextBlock_zobLM1a8Dbj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_zMGwbulhcoOk" style="display: none">SCHEDULE OF FUTURE PAYMENTS OF DEBT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">FISCAL YEAR</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260430_zjcIHgysKOzk" style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--NotesAndLoansReceivableNetInYearThree_iI_maNRNEIzdOj_zh19sx9SfWDa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify; 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: 18%; 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_zduAPaogQ8oj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></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> <p id="xdx_8AD_zgvG5SqUxJgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 believes the IBC business model is sound and viable, partly because IBC focus is on independent boutique 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IHT Management believes this option to buy at cost could prove to be a valuable asset of RRF, and eventually IHT in the future, if the current expansion of IBC, (which is underway), is successful in the years ahead.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20250305__dei--LegalEntityAxis__custom--InnSuitesHospitalityTrustMember_z0LiI8THEOX4" title="Interset rate percentage">3.25%</span>. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of April 30, 2026, management evaluated the carrying value of the note and determined no further impairment is needed at this time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1925000 0.0375 0.0325 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 0.0325 <p id="xdx_891_ecustom--ScheduleOfFuturePaymentsOfDebtNotesReceivableTableTextBlock_zobLM1a8Dbj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_zMGwbulhcoOk" style="display: none">SCHEDULE OF FUTURE PAYMENTS OF DEBT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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">FISCAL YEAR</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20260430_zjcIHgysKOzk" style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--NotesAndLoansReceivableNetInYearThree_iI_maNRNEIzdOj_zh19sx9SfWDa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: justify; 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: 18%; 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_zduAPaogQ8oj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></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 <p id="xdx_804_eus-gaap--IncomeTaxDisclosureTextBlock_z1t9qSzH8cje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17. <span id="xdx_820_zMD4GS2gDMo3">INCOME TAXES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_905_eus-gaap--DeferredTaxAssetsGross_iI_pn6n6_c20260430_zx6R1ehjwTx7" title="Deferred tax assets">7</span> million which includes cumulative net operating loss carryforwards of $<span id="xdx_90A_ecustom--OperatingLossCarryforwardsCumulativeNet_iI_pn5n6_c20260430_zCw0MdTJOhXe" title="Operating loss carryforwards cumulative net">4.1</span> million and syndications of $<span id="xdx_903_ecustom--Syndications_iI_pn5n6_c20260430_ziIIebSbPjej" title="Syndications value">2.9</span> million, and deferred tax liability associated with book/tax differences of $<span id="xdx_905_eus-gaap--DeferredTaxLiabilities_iI_pn5n6_c20260131_zAG5VSenZFz9" title="Deferred tax liability">1.8</span> million as of January 31, 2026. We have evaluated the net deferred tax asset and determined that it is more likely than not we will receive full benefit from the net operating loss carryforwards. Therefore, we have determined a valuation allowance of approximately $<span id="xdx_901_eus-gaap--OperatingLossCarryforwardsValuationAllowance_iI_pn5n6_c20260430_zD46MrhCAI4a" title="Operating loss carryforwards, valuation allowance">5.2</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 7000000 4100000 2900000 1800000 5200000 <p id="xdx_80C_ecustom--EmployeeRetentionTaxCreditTextBlock_zTKgyVzld8G6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18. <span id="xdx_82D_z1zIrxGy5Ok8">EMPLOYEE RETENTION TAX CREDIT</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of both legislative acts, the Trust has been and/or is expected to be receiving a net of approximately $<span id="xdx_90F_eus-gaap--CompensationAndBenefitsTrust_iI_pn5n6_c20260430_ziiKdIdFX0Rb" title="Compensation and benefits trust">2.7</span> 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 $<span id="xdx_90C_ecustom--EmployeeRetentionTaxCreditAmountReceived_iI_pn5n6_c20260131_z8kkp9U2nmSl" title="Employee retention tax credit amount">1.5</span> million, and is working to receive additional funds during the Fiscal Year ended January 31, 2027.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2700000 1500000 <p id="xdx_80B_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zcClqdb5Zgqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19. <span id="xdx_821_zbPwQpeVVpL5">GOING CONCERN</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The most recent First Fiscal Quarter of IHT was once again profitable, up from a loss compared to the First Fiscal Quarter of the prior Fiscal Year. We believe that the Trust will once again be profitable in future years, especially with the potential success of and maturing of diversification investments, as well as reverse merger potential.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_803_ecustom--BestWesternRewardsCreditsTextBlock_zqeG6ZHFnsO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20. <span id="xdx_826_zxUR6LwfmWI">BEST WESTERN REWARDS CREDITS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended April 30, 2026, the Trust recorded approximately $<span id="xdx_900_ecustom--BestWesternRewardsCredit_c20260201__20260430_zVAWQMP5sdg4" title="Best western rewards credits">38,000</span> in Best Western Rewards credits, consisting of approximately $<span id="xdx_90D_ecustom--BestWesternRewardsCredits_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--AlbuquerqueSuiteHospitalityLLCMember_zgv4A1w075A2" title="Best western rewards credits">4,000</span> related to Albuquerque Suite Hospitality LLC and approximately $<span id="xdx_90B_ecustom--BestWesternRewardsCredits_c20260201__20260430__us-gaap--SubsidiarySaleOfStockAxis__custom--TucsonHospitalityPropertiesLPMember_zJhDwrD2wzd" title="Best western rewards credits">34,000</span> related to Tucson Hospitality Properties LLLP. These were non-cash expenses, primarily related to guest free night vouchers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 38000 4000 34000 <p id="xdx_802_eus-gaap--SubsequentEventsTextBlock_zCSitQaWxLMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21. <span id="xdx_824_zW64IIuwn51e">SUBSEQUENT EVENTS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust has evaluated subsequent events through the date of the filing of its Form 10-Q with the Securities and Exchange Commission. Other than those events disclosed indicating the recovery of economic and business activity, and continuing progress by UniGen with new management aligned with IHT, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 current 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, <span id="xdx_90D_ecustom--DividendsPayableDescription_c20260209__20260209_zPJUfs01rObb" title="Dividends payable description">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. Most recently, the Trust paid the scheduled semi-annual $0.01 dividend payable on August 4, 2025, as well as February 9, 2026.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to the Fiscal Quarter ended April 30, 2026, the Trust repurchased <span id="xdx_90A_eus-gaap--StockRepurchasedDuringPeriodShares_pid_c20260501__20260501__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zugWlI0RFhBi" title="Trust repurchased, shares">14,045</span> Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $<span id="xdx_902_eus-gaap--StockRepurchasedDuringPeriodValue_c20260501__20260501__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxwVfNos9Rb7" title="Cash repurchase, value">19,145</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER RECENT PRONOUCEMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> 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. Most recently, the Trust paid the scheduled semi-annual $0.01 dividend payable on August 4, 2025, as well as February 9, 2026. 14045 19145 Tucson Indirect ownership is through the Partnership Short term lease costs were immaterial.