InnSuites Hospitality Trust(IHT) - 2024 Q3 - Quarterly Report

PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Presents unaudited condensed consolidated financial statements: Balance Sheets, Operations, Equity, and Cash Flows. Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets | Metric | October 31, 2023 | January 31, 2023 | | :----------------------------------- | :--------------- | :--------------- | | Assets | | | | Cash | $1,904,676 | $2,111,383 | | Total Current Assets | $3,271,268 | $4,167,504 | | TOTAL ASSETS | $15,976,227 | $17,019,972 | | Liabilities | | | | Total Current Liabilities | $1,393,861 | $1,811,140 | | TOTAL LIABILITIES | $12,717,690 | $13,337,827 | | Equity | | | | TOTAL EQUITY | $3,258,537 | $3,682,145 | | TOTAL LIABILITIES AND EQUITY | $15,976,227 | $17,019,972 | - Total assets decreased by approximately $1.04 million from January 31, 2023, to October 31, 2023, primarily driven by a reduction in current assets, including cash and employee retention credit receivable[9] - Total equity decreased by approximately $0.42 million, from $3,682,145 to $3,258,537, during the nine months ended October 31, 2023[9] Condensed Consolidated Statements of Operations – Nine Months (Unaudited) Condensed Consolidated Statements of Operations – Nine Months (Unaudited) | Metric | Nine Months Ended Oct 31, 2023 | Nine Months Ended Oct 31, 2022 | Change ($) | Change (%) | | :------------------------------------------ | :----------------------------- | :----------------------------- | :--------- | :--------- | | TOTAL REVENUE | $5,751,583 | $5,539,814 | $211,769 | 3.82% | | TOTAL OPERATING EXPENSES | $5,881,402 | $5,523,895 | $357,507 | 6.47% | | OPERATING INCOME (LOSS) | $(129,819) | $15,919 | $(145,738) | -915.50% | | CONSOLIDATED NET INCOME | $611,693 | $729,783 | $(118,090) | -16.18% | | NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS | $296,885 | $371,213 | $(74,328) | -20.02% | | NET INCOME PER SHARE – BASIC & DILUTED | $0.03 | $0.04 | $(0.01) | -25.00% | - Operating income shifted to a loss of $(129,819) in 2023 from an income of $15,919 in 2022, a significant decrease of 915.50%[11] - Consolidated Net Income decreased by 16.18% year-over-year, primarily due to higher operating expenses outpacing revenue growth[11] Condensed Consolidated Statements of Operations – Three Months (Unaudited) Condensed Consolidated Statements of Operations – Three Months (Unaudited) | Metric | Three Months Ended Oct 31, 2023 | Three Months Ended Oct 31, 2022 | Change ($) | Change (%) | | :------------------------------------------ | :------------------------------ | :------------------------------ | :--------- | :--------- | | TOTAL REVENUE | $1,824,499 | $1,704,612 | $119,887 | 7.03% | | TOTAL OPERATING EXPENSES | $1,974,539 | $1,834,828 | $139,711 | 7.61% | | OPERATING LOSS | $(150,040) | $(130,216) | $(19,824) | -15.22% | | CONSOLIDATED NET INCOME | $90,088 | $107,995 | $(17,907) | -16.58% | | NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS | $61,444 | $95,165 | $(33,721) | -35.43% | | NET INCOME PER SHARE – BASIC & DILUTED | $0.01 | $0.01 | $0.00 | 0.00% | - Total revenue increased by 7.03% for the three months ended October 31, 2023, compared to the same period in 2022, reaching approximately $1.82 million[13] - Consolidated Net Income decreased by 16.58% to $90,088, while Net Income Attributable to Controlling Interests saw a larger decline of 35.43% to $61,444[13] Condensed Consolidated Statements of Shareholders' Equity (Unaudited) Condensed Consolidated Statements of Shareholders' Equity (Unaudited) | Metric | October 31, 2023 | January 31, 2023 | | :------------------------------------------ | :--------------- | :--------------- | | Trust Shareholders' Equity | $6,405,854 | $6,575,048 | | Non-Controlling Interest | $(3,147,317) | $(2,892,903) | | Total Equity | $3,258,537 | $3,682,145 | - Total equity decreased from $3,682,145 at January 31, 2023, to $3,258,537 at October 31, 2023, primarily due to treasury stock repurchases and distributions to non-controlling interests[15] - The Trust repurchased treasury stock amounting to $(399,164) during the nine months ended October 31, 2023[15] Condensed Consolidated Statements of Cash Flows (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Activity | Nine Months Ended Oct 31, 2023 | Nine Months Ended Oct 31, 2022 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | NET CASH PROVIDED BY OPERATING ACTIVITIES | $1,511,150 | $115,457 | | NET CASH USED IN INVESTING ACTIVITIES | $(390,083) | $(322,740) | | NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | $(1,327,774) | $1,829,886 | | NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | $(206,707) | $1,622,603 | | CASH AND CASH EQUIVALENTS AT END OF PERIOD | $1,904,676 | $2,846,983 | - Net cash provided by operating activities significantly increased to $1,511,150 in 2023 from $115,457 in 2022[18] - Net cash used in financing activities was $(1,327,774) in 2023, a substantial shift from $1,829,886 provided in 2022, primarily due to the absence of large borrowings on mortgage notes and increased treasury stock repurchases[18] Notes to Condensed Consolidated Financial Statements (Unaudited) [1. Nature of Operations and Basis of Presentation](index=9&type=section&id=