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InnSuites Hospitality Trust Shares of Beneficial Interest (IHT+1.20%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing total revenue of $5,959,490, an increase from $5,751,583 in the same quarter the previous year. The increase is attributed to recovery in demand after COVID-19 related travel restrictions.
Operating expenses for the quarter were $6,213,199, up from $5,881,402 in the previous year. This increase in expenses is primarily due to higher costs at hotel properties.
The company reported an operating loss of $253,709 for the quarter, compared to a loss of $129,819 in the previous year.
Interest expense for the quarter was $337,837, down from $377,539 in the previous year.
Net loss for the quarter was $556,746, compared to net income of $611,693 in the previous year. The decrease is primarily due to the absence of the Employee Retention Credit, which was received in the previous year.
Cash used in operating activities was $650,721, while cash used in investing and financing activities was $367,910 and $145,168, respectively.
Total assets as of October 31, 2024, were $14,973,679, with total liabilities of $13,322,894 and total equity of $1,650,785.
The company continues to focus on maintaining hotel operations and exploring strategic options, including potential sales of hotel properties and diversification investments.
InnSuites Hospitality Trust is engaged in the ownership and operation of hotel properties, with two hotels located in Tucson, Arizona, and Albuquerque, New Mexico.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the InnSuites Hospitality Trust Shares of Beneficial Interest quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.