InnSuites Hospitality Trust Inc. (NASDAQ: IHT) stock gained by 20.57% at last close whereas the IHT stock price declines by 3.01% in pre-market trading. InnSuites Hospitality Trust, headquartered in Phoenix, Arizona, is a lodging-focused real estate investment trust. While it is structured as a real estate investment trust, it is not classified as such for tax purposes.
What is happening?
- For the Fiscal Year Ended January 31, 2021, IHT recorded revenues of about $4.203 million, compared to revenues of roughly $6.568 million for the same time the previous year.
- For the fiscal year 2021, basic profits per share was ($0.31), relative to ($0.21) for the fiscal year ended January 31, 2020. The adverse effects of the Covid-19 virus pandemic was mainly responsible for this decrease. Yet, IHT’s economic situation strengthened in Q4 of Fiscal Year 2021 compared to Q3 of Fiscal Year 2021.
- Revenues for the fourth quarter of Fiscal Year 2021 held almost steady from November 1, 2020 to January 31, 2021, compared to revenues for the third quarter of Fiscal Year 2021.
In the current fiscal year, which ends January 31, 2022, a lot of locations of IHT’s hotel operations already off to a promising start.
UniGen Power, Inc. (UniGen), a privately owned firm creating unique high profit potential efficient sustainable energy generating invention, received a first $1 million diversification investment from IHT in 2019. As indicated by UPI’s present pursuit of three additional valuable patents, the UniGen concept is highly promising. Apart from the initial investment, which may be turned into 1 million UPI shares, IHT also has warrants that, if actually transitioned, would provide IHT another 2 million UniGen shares, putting IHT in a position to possess up to a quarter of UniGen. UniGen has made good progress on this invention so far, according to IHT, with the first two Prototypes expected to be operational later this year.
James Wirth President, CEO, and Board Chairman commented:
The repercussions of the one-time exceptional Covid-19 Virus and its overall influence on the Hotel and Travel Industry, not to forget the whole national and worldwide economy, were reflected in the Fiscal Year 2021, which just finished. IHT continues to execute its strategic objective of selling existing hotel real estate at market prices well above their carrying (book) values and diversifying its portfolio, which includes IHT’s high-potential investment in UniGen’s breakthrough efficient, clean-energy power generating technology, which is widely recognized by investors