InnSuites Hospitality Trust (IHT) reported its financial performance for the six months ended July 31, 2024, revealing a total revenue of $4.1 million, a 5% increase from $3.9 million in the same period of 2023. Room revenue also saw a rise, reaching $4.0 million compared to $3.9 million in the prior year. However, total operating expenses increased significantly to $4.2 million, up from $3.9 million, leading to an operating loss of $115,510, a stark contrast to the operating profit of $30,441 reported in 2023.
The consolidated net loss before employee retention credit for the six months was $(331,387), worsening from $(169,757) in the previous year. The net loss attributable to controlling interests was $(527,416), compared to a net income of $245,661 in 2023. This resulted in a net loss per share of $(0.06), down from a profit of $0.03 in the same period last year.
For the three months ended July 31, 2024, total revenue was $1.8 million, a 7% increase from $1.7 million in 2023. However, the operating loss for this quarter increased to $(285,956) from $(146,037) in the prior year, and the consolidated net loss was $(410,002), compared to a net income of $76,182 in 2023.
The Trust's total assets decreased to $15.1 million as of July 31, 2024, from $15.7 million at the end of January 2024. Total current liabilities rose to $2.0 million, up from $1.8 million, while total liabilities increased slightly to $13.1 million. Trust shareholders’ equity fell to $5.5 million from $6.2 million in January 2024.
Strategically, IHT continues to manage two hotels in Arizona and New Mexico, with plans to sell these properties within the next 12 to 36 months, believing they are undervalued compared to their fair market value. The Trust has also invested $1 million in UniGen Power, Inc., acquiring convertible debentures and common stock, which may lead to significant equity ownership in the future.
The Trust's management is actively considering options to enhance liquidity and operational efficiency, including potential sales of hotel properties and other investments. Despite the challenges faced in the current fiscal period, management remains optimistic about future growth driven by the travel industry and improved hotel performance.
About INNSUITES HOSPITALITY TRUST
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.