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Stock-Based Compensation
 9 Months Ended
Oct. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

3. STOCK-BASED COMPENSATION

 

TRUSTEE STOCK COMPENSATION

 

For the nine months ended October 31, 2017, the Trust recognized expenses of $38,880 related to stock-based compensation. The Trust issued 24,000 restricted shares with a total market value of $51,840 in the first fiscal quarter of fiscal year 2018 as compensation to its three outside Trustees for fiscal year 2017. On a monthly basis through January 31, 2018, these shares vest at a rate of approximately 500 shares for each outside Trustee.

 

The following table summarizes restricted share activity during the nine months ended October 31, 2017:

 

    Restricted Shares  
    Shares     Weighted-Average
Per Share Grant
Date Fair Value		  
Balance of unvested awards at January 31, 2017     -       -  
Granted     24,000     $ 2.16  
Vested     (18,000 )   $ 2.16  
Forfeited     -       -  
Balance of unvested awards at October 31, 2017     6,000     $ 2.16