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Notes Payable and Notes Receivable - Related Party | 3 Months Ended
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Apr. 30, 2020
Notes Payable And Notes Receivable - Related Party |
Notes Payable and Notes Receivable - Related Party | 7. NOTES PAYABLE AND NOTES RECEIVABLE – RELATED PARTY On December 1, 2014, the Trust entered a 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 matures on August 24, 2021, and renews annually 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, 2020, and January 31, 2020, the Trust had an amount receivable of approximately $25,000. During the three months ended April 30, 2020 and 2019, the Trust accrued approximately $0 and $3,632, respectively, of interest income. As of April 30, 2020, the Trust had approximately $77,000 in promissory notes outstanding to related parties arising from the repurchase of 433,900 Class B Partnership units and the repurchase of 40,000 Shares of Beneficial Interest. The Shares of Beneficial Interest were repurchased from Marc E. Berg, the Trust’s Executive Vice President and Vice Chairman of the Board of Trustees. The Class B Partnership units were repurchased from James Wirth, CEO, President, and Chairman of the Board of Trustees and Mr. Wirth’s family members. These promissory notes all bear interest at 7% per year and are due in varying monthly payments through July 2020. See Note 11 – “Related Party Transactions” for related party receivable information with Tempe/Phoenix Airport Resort LLC.

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