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Note 12 - Subsequent Events | 9 Months Ended
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Oct. 31, 2014
Notes to Financial Statements |
Subsequent Events [Text Block] | 12. SUBSEQUENT EVENTS As previously disclosed on our Form 8-K dated October 15, 2014, Tucson Hospitality Properties, LLLP (“Tucson”), a subsidiary of the Trust, entered into purchase and sale agreement for a $2.5 million for the purchase of land located at 6201 North Oracle Road, Tucson, Pima County, Arizona, known as Pima County Assessor Parcel No. 102-20-004E (the “Property”). The transaction closed on November 24, 2014. In connection with the purchase of the Property, the Trust obtained financing to acquire the land, re-finance the existing Tucson hotel loan 1st deed of trust lowering the existing hotel interest rate from 8.0% to 4.19% and payoff other existing debt. The $3,500,000 commercial real estate loan has a 15 year term with 4.19% fixed for 5 years and adjusts annually. The loan closed simultaneous to the property purchase. Rare Earth Financial, LLC, the Partnership, the Trust, the Wirth Family Trust dated July 14, 2006, James and Gail Wirth are joint guarantors. As of December 2, 2014, we have continued to sell units under our Albuquerque, Ontario and Yuma entity offerings and have raised approximately $35,000, $5,000 and $40,000 respectively, through the sale of approximately 3.5, 0.5 and 4 units, respectively, to unrelated parties at $10,000 per unit.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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