XML 25 R15.htm IDEA: XBRL DOCUMENT v3.19.2
Lines of Credit - Related Party
3 Months Ended
Apr. 30, 2019
Debt Disclosure [Abstract]  
Lines of Credit - Related Party

9. LINES OF CREDIT – RELATED PARTY

 

On December 1, 2014, the Trust entered into a $1,000,000 net maximum Demand/Revolving Line of Credit/Promissory Note with Rare Earth Financial, LLC, an entity which is wholly owned by Mr. Wirth and his family members. The Demand/Revolving Line of Credit/Promissory Note, as amended on June 19, 2017, bears interest at 7.0% per annum for both a payable and receivable, is interest only quarterly and matures on December 31, 2019, and renews annually for each calendar year. No prepayment penalty exists on the Demand/Revolving Line of Credit/Promissory Note. The balance fluctuates significantly through the period. The Demand/Revolving Line of Credit/Promissory Note has a net maximum borrowing/lending capacity of $1,000,000. As of April 30, 2019 and January 31, 2019, the Trust had an amount receivable of approximately $632,000, including accrued interest and $632,000, respectively. During the three months ended April 30, 2019 and 2018, the Trust accrued approximately $844 and $3,632, respectively, of interest income.