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CONVERTIBLE NOTE RECEIVABLE, COMMON STOCK AND WARRANTS IN UNIGEN POWER, INC | 12 Months Ended
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Jan. 31, 2023
Convertible Note Receivable Common Stock And Warrants In Unigen Power Inc |
CONVERTIBLE NOTE RECEIVABLE, COMMON STOCK AND WARRANTS IN UNIGEN POWER, INC | 7. CONVERTIBLE NOTE RECEIVABLE, COMMON STOCK AND WARRANTS IN UNIGEN POWER, INC. On December 16, 2019, the Trust entered into a Convertible Debenture Purchase Agreement with UniGen Power Inc. (“UniGen”). The Trust purchased secured convertible debentures (“Debentures”) in the aggregate amount of $1,000,000 (the “Loan Amount”) (the “Loan”) at an annual interest rate of 6% (approximately $15,000 per quarter). The Debentures are convertible into 1,000,000 Class A shares of UniGen Common Stock at an initial conversion rate of $1.00 per share. UniGen issued the Trust common stock purchase warrants (the “Debenture Warrants”) to purchase up to 1,000,000 shares of Class A Common Stock. The Debenture Warrants are exercisable at an exercise price of $1.00 per share of Class A Common Stock. UniGen also issued the Trust additional common stock purchase warrants (“Additional Warrants”) to purchase up to 500,000 shares of UniGen Class A Common Stock. The Additional Warrants are exercisable at an exercise price of $2.25 per share of Class A Common Stock. IHT may fund a $500,000 line of credit at the option of IHT convertible into 500,000 shares of UniGen stock at $1 per share. The total of all stock ownership upon conversion of the note receivable is 1 million shares and if all stock warrants available but not outstanding are exercised, these could total approximately 3 million UniGen shares, which amounts to approximately 25% of fully diluted UniGen equity. On the Trust’s balance sheet, the investment of the $1,000,000 consists of approximately $700,000 in note receivables and approximately $300,000 as the fair value of the warrant issued with the Trust’s investment in UniGen. The value of the premium related to the fair value of the warrants will accrete over the life of the debentures. The value of the warrants issued with the note receivable was based on Black-Scholes pricing model based on the following inputs: SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS Debenture Warrants
Type of option |  | Call option |
Stock price |  | $ | 2.25 |
Exercise (Strike) price |  | $ | 1.00 |
Time to maturity (years) |  |  | 2.0 |
Annualized risk-free rate |  |  | 1.630 | %
Annualized volatility |  |  | 27.43 | %
Additional Warrants
Type of option |  | Call option |
Stock price |  | $ | 2.25 |
Exercise (Strike) price |  | $ | 2.25 |
Time to maturity (years) |  |  | 3.0 |
Annualized risk-free rate |  |  | 1.630 | %
Annualized volatility |  |  | 27.43 | %
If all notes are converted and all available but not outstanding warrants exercised, IHT could hold up to approximately 25% of UniGen fully diluted equity ownership. Subsequent to January 31, 2023, no activity has occurred with this line of credit and thus no draws have been taken. During the year ended January 31, 2023, the Trust reinvested $60,000 of interest income to exercise 60,000 warrants for 60,000 shares of common stock in UniGen. Additionally, the Trust exercised 161,250 warrants for a total of $255,000 for 161,250 shares of common stock in UniGen. As of January 31, 2023, IHT held 495,000 common shares of UniGen, purchased at a cost of $588,750. Management believes recording the investment at cost approximates fair value since there have been no significant changes in the operations of UniGen and UniGen’s projects are still in the R&D phase. The Trust has valued UniGen investment as a level 3 fair value measurement, for the following reasons: The investment does not qualify for level 1 since there are no identical actively traded instruments or level 2 identical or similar unobservable markets.

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- References No definition available. + Details
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