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OTHER NOTES PAYABLE
12 Months Ended
Jan. 31, 2024
Other Notes Payable  
OTHER NOTES PAYABLE

14. OTHER NOTES PAYABLE

 

As of January 31, 2024, the Trust had a $200,000 unsecured note payable with an individual lender. The promissory note is payable on demand, or on June 30, 2024, whichever occurs first. The loan accrues interest at 4.5% and interest only payments shall be made monthly. The Trust may pay all of part of this note without any repayment penalties. The total principal amount of this loan is $200,000 as of January 31, 2024.

 

 

On July 1, 2019, the Trust and the Partnership together entered into an unsecured loan totaling $270,000 with an individual investor at 4.5%, interest only, payable monthly. The loan has been subsequently extended to June 30, 2024. The Trust may pay all or part of this note without any repayment penalties. The total principal amount of this loan is $270,000 as of January 31, 2024.

 

See Note 15 – “Minimum Debt Payments” for scheduled minimum payments on the debt liabilities.