Note 5 - Note Payable to Banks

3 Months Ended

Apr. 30, 2013

Short-term Debt [Text Block]

5. NOTE PAYABLE TO BANK

As of April 30, 2013, the Trust has a revolving bank line of credit agreement, with a credit limit of $600,000.  The line of credit bears interest at the prime rate plus 1.00% per annum with a 6.0% rate floor, has no financial covenants and matures on June 23, 2013. On June 11, 2013, IHT renewed their line of credit with Republic Bank AZ, N.A. with a maturity date of June 23, 2014. All other terms and conditions remained the same. The line is secured by a junior security interest in the Yuma, Arizona property and the Trust’s trade receivables.  Mr. Wirth is a guarantor on the line of credit.  The Trust had drawn funds of $178,201 on this line of credit as of April 30, 2013.