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Other Notes Payable | 3 Months Ended
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Apr. 30, 2019
Debt Disclosure [Abstract] |
Other Notes Payable | 10. OTHER NOTES PAYABLE As of April 30, 2019, the Trust had approximately $440,000 in promissory notes outstanding to unrelated third parties arising from the repurchase of 82,588 Class A Partnership units in privately negotiated transactions and the repurchase of 266,894 Shares of Beneficial Interest in privately negotiated transactions. These promissory notes bear interest at 7% per year and are due in varying monthly payments through July 2020. As of April 30, 2019, the Trust had a $100,000 note payable with an individual lender. The promissory note is payable on demand, or on June 30, 2021, whichever occurs first. The loan accrues interest at 7% and interest only payments shall be made monthly and are due on the first of the following month. The Trust may pay all of part of this note without any repayment penalties. As of July 1, 2019 IHT has verbal agreement to extend the note until June 30, 2021 at 4.5% interest only with similar terms (see Note 21). On June 20, 2016, the Trust and the Partnership together entered into multiple unsecured loans totaling $270,000 with Guy C. Hayden III (“Hayden Loans”). As of July 1, 2019 IHT has verbal agreement to consolidate and extend the Hayden loans at 4.5% interest only, with similar terms to June 30, 2021 (see Note 21). The Trust and Partnership may call these with 90 day written notice. The total principal amount of the Hayden Loans was $270,000 as of April 30, 2019. On December 5, 2016, the Trust and the Partnership together entered into eight unsecured loans for a total of $425,000 with H. W. Hayes Trust (“Hayes Loans”). On March 20, 2017, the Trust and Partnership added additional loans to Marriott Sweitzer Hayes (“Sweitzer Loans”), totaling $100,000. The total principal amount of the Sweitzer Loans is $100,000 as of April 30, 2019. The Sweitzer Loans are due on June 20, 2019, but as of July 1, 2019 IHT has verbal agreement to extend the note until June 30, 2021 at 4.0% interest only, with similar terms. The Hayes loan will be paid in full at maturity on July 1, 2019. As of April 30, 2019, total balance of the above loans is $425,000. See Note 11 – “Minimum Debt Payments” for scheduled minimum payments on the mortgage notes payable.

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