InnSuites Hospitality Trust

InnSuites Hospitality Trust (IHT) is an unincorporated Ohio business trust headquartered in Phoenix, Arizona, that owns and manages hotels under the InnSuites Hotels name. It first listed on the NYSE in 1971 and qualifies as a Real Estate Investment Trust (REIT) for tax treatment, though it is currently taxed as a corporation with the IRS. IHT has paid dividends each year since 1971, currently at $0.2 per year. Approximately 9 million shares are outstanding, plus approximately 3 million RRF Partnership units convertible 1-to-1 into IHT stock, for a total of approximately 12 million shares and units. While seeking diversification, IHT became aware of UniGen (UPI), an innovative start-up company developing an efficient, clean, natural gas-powered, liquid-cooled electric generator. UniGen started in January 2020 to complete final design on two production engines, which have proceeded on time and on budget despite the economic slowdown. Sales for 30 engines are already on UniGen's books. IHT invested $1 million in a 6% convertible bond partially secured by one of the company's two prototypes. As part of this agreement, IHT also received a total of 1.7 million warrants, exercisable at $1.00 per share for 1.5 million warrants and at $2.25 per share for the remaining 200,000 warrants.