Tue, Jun 18, 9:26 PM (81 days ago)
InnSuites Hospitality Trust's Form 10-Q for the quarter ended April 30, 2024, indicates a mixed financial performance. The Trust reported a decrease in total assets from $15.68 million to $15.28 million, primarily due to a reduction in cash and prepaid expenses. Total liabilities also decreased slightly from $13.03 million to $12.72 million, driven by reductions in accounts payable and accrued expenses. Revenue increased by 4% year-over-year to $2.29 million, with room revenue up by 3%. However, net income attributable to controlling interests fell to a loss of $148,550, compared to a profit of $236,608 in the same quarter last year. This was partly due to the absence of the Employee Retention Credit, which contributed $350,791 in the previous year. Operating expenses rose by 5%, with notable increases in real estate taxes, insurance, and repairs and maintenance. Cash flow from operations was negative, with a net cash outflow of $459,417. Despite these challenges, the Trust has sufficient liquidity with $437,343 in cash and available credit lines. The Trust continues to explore strategic options, including potential hotel sales and further investment in UniGen Power Inc. Future performance will depend on the successful execution of these strategies and continued recovery in the travel industry.