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Stockholders Equity | 9 Months Ended
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Oct. 31, 2018
Equity [Abstract] |
Stockholders Equity | 11. STOCKHOLDERS EQUITY Repurchase of Stock and Units In June 2018 the Trust entered into a Note Payable with an investor for $175,000. The Note Payable has a maturity date of May 2021 and is related to the repurchase of 60,000 shares of IHT Stock. The note payable is due in equal monthly payments of approximately $5,435 with 7% interest per annum. No prepayment penalty exists. The outstanding balance at October 31, 2018 was approximately $158,000. In March 2018 the Trust entered into a Note Payable with an investor for approximately $125,000. The Note Payable has a maturity date of March 2021 and is related to the repurchase of 41,167 shares of IHT Stock. The note payable is due in equal monthly payments of approximately $3,825 with 7% interest per annum. No prepayment penalty exists. The outstanding balance at October 31, 2018 was approximately $102,000. In April 2018 the Trust entered into a Note Payable with an investor for approximately $140,000. The Note Payable has a maturity date of February 2021 and is related to the repurchase of 93,247 shares of IHT Stock. The note payable is due in equal monthly payments of approximately $4,325 with 7% interest per annum. No prepayment penalty exists. The outstanding balance at October 31, 2018 was approximately $111,000. In May 2018 the Trust entered into a Note Payable with an investor for approximately $14,000. The Note Payable has a maturity date of August 2021 and is related to the repurchase of 5,827 shares of IHT Stock. The note payable is due in equal monthly payments of approximately $400 with 7% interest per annum. No prepayment penalty exists. The outstanding balance at October 31, 2018 was approximately $8,000. In June 2018, the Trust entered into a severance agreement with its former CFO in which is was agreed that the Trust would repurchase 10,500 shares of IHT stock at a price of $2.14 per share, the original exercise price. No prepayment penalty exists. The note payable in the amount of approximately $23,000 matures in September 2020, with monthly payments of approximately $970 per month, including interest at 7% per annum, beginning in September 2018. The outstanding balance was approximately $21,000 at October 31, 2018. During the prior year January 31, 2018, the Trust entered into various Note Payables with various third party investors in the aggregate amount of approximately $101,000 for the repurchase of 51,126 shares of common stock. The notes range from approximately $5,000 to $48,000 and mature on various dates thru July 2020, and accrue interest at 7%. The outstanding balance on these notes were approximately $55,000 at October 31, 2018. During the prior year January 31, 2018, the Trust entered into a Note Payable with Mr. Marc Berg, Vice President and Trustee of the Trust, in the amount of $40,000 for the repurchase of 80,000 shares of common stock. The note matures in July 2020, requires monthly payments of approximately $2,500 and accrues interest at 7%. The outstanding balance on the related note payable was approximately $47,000 at October 31, 2018. During the nine months period ended October 31, 2018, the Trust repurchased 184,055 shares of common stock on the open mark on various dates for a total cash purchase price of approximately $311,000. The Trust has recorded the above transactions as treasury stock under stockholders’ equity in the accompanying condensed balance sheet as of October 31, 2018. In addition, pursuant to the above notes payable, the Company made down payments related to the purchase of the treasury stock of approximately $13,000 in aggregate to the various note holders. During the nine months period ended October 31, 2018, the Trust provided working capital to the General Partner in the form of notes payable to third party investors for the repurchase of 24,104 units of the beneficial partnership units for the benefit of the General Partner. The notes payables aggregated to approximately $42,000 and vary in amounts ranging from $7,000 to $20,000 and mature on various dates thru August 2021, with monthly payments of approximately $500 per note payable. The notes accrue interest at 7% per annum. In addition, during the year end January 31, 2018, the Trust provided working capital to the General Partner in the form of notes payable to third party investors for the repurchase of 48,584 units of the beneficial partnership units for the benefit of the General Partner. The notes payables aggregated to approximately $88,000 and vary in amounts ranging from $4,000 to $22,000 and mature on various dates thru January 2021, with monthly payments ranging from approximately $500 to approximately $1,000 per note payable. The notes accrue interest at 7% per annum. The balance of the notes outstanding was approximately $101,000 at October 31, 2018. During the year end January 31, 2018, the Trust provided working capital to the General Partner in the form of notes payable to related parties ( Mr. James Wirth and family) for the repurchase of 433,900 units of the beneficial partnership units for the benefit of the General Partner. The notes payables aggregated to approximately $868,000 and vary in amounts ranging from $92,000 to $500,000 and mature on various dates thru July 2020, with monthly payments ranging from approximately $3,000 to approximately $15,000 per note payable. The notes accrue interest at 7% per annum. The balance of the notes outstanding was approximately $515,000 at October 31, 2018. Dividends The Trust had originally declared a dividend on June 19, 2018, of $0.01 per share payable on July 31, 2018 to shareholders of record as of July 16, 2018. However, the Trust rescinded the original dividend and re-declared the dividend on July 26,2018 with a date of record as of August 8, 2018 and paid on August 20, 2018 in the amount of approximately $99,000. Sale of Shares or Units During the nine months ended October 31, 2018, there were 14.50 Class A units sold for $145,000 ($10,000/unit), of which 14.50 came from the Trust’s Class B units of the Albuquerque entity.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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