InnSuites Hospitality Trust (IHT) a real estate investment trust engaged in the ownership and operation of hotel properties, reported the fiscal year 2021 results. IHT stock price plummeted immensely adjacent to the news.
At last check-in, pre-market trading, shares of InnSuites Hospitality Trust (IHT) declined 2.20%. IHT stock closed the last session at $5.91, decreasing by -12.18% or -$0.82. Shares of the company fluctuated between $6.10 and $8.00 throughout the day. The shares of InnSuites Hospitality Trust have retreated -7.51% in the last five days; however, they have gained 186.89% over the last one month.
2021 Fiscal Result
InnSuites Hospitality Trust (NYSE American: IHT) reported Fiscal 2021 revenues of an estimated $4.203 million for the Fiscal Year completed on January 31, 2021, in comparison to revenues accounting for almost $6.568 million for the same quarter of the previous year. Basic earnings per share for the Fiscal Year ended January 31, 2021, was ($0.31) vs ($0.21) for the Fiscal Year completed on January 31, 2020.
This decrease was mainly accredited to the negative impact of the pandemic. Fiscal 2021 fourth-quarter revenues remained almost flat for the three-month time period of November 1, 2020, till January 31, 2021, in comparison to revenues generated in the third quarter of the Fiscal Year 2021.
In 2019, InnSuites Hospitality Trust (IHT) diversified their portfolio by making an initial investment of $1 million in privately held UniGen Power, Inc. (UniGen), a company specializing to develop patented high profit efficient clean energy generation. UniGen has a high emphasis on innovation, as evidenced by UPI’s current attempt for 3 more potential patents.
In addition to the initial investment, which may be converted into 1 million UPI shares, IHT also consists of ownership of warrants that, if completely converted, would issue to IHT approximately 2 million excessive UniGen shares, which in the total could give IHT up to an almost 25% ownership equity in UniGen. IHT is aware of the fact that UniGen has been progressive in the development of this innovation, with the first two Prototypesplanned to be operational later in the current year.
As investors recognize the potential of the lucrative UniGen diversification clean energy effective innovation, the trading volume of the company has surged. IHT believes in the immense potential of UniGen project, especially at its current rate of progression.
IHT failed to induce adequate investor interest and the current Fiscal report did not surpass shareholder expectation, with IHT stock price declining at the last check.