Note 3 - Stock-Based Compensation

3 Months Ended

Apr. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

3. STOCK-BASED COMPENSATION

For the three months ended April 30, 2013, the Trust recognized expenses of $7,700 related to stock-based compensation. The Trust issued 18,000 restricted shares with a total market value of $30,960 in February 2013 as compensation to its three outside Trustees for fiscal year 2014. On a monthly basis, each outside Trustee vests 500 shares.

The following table summarizes restricted share activity during the three months ended April 30, 2013:

	Restricted Shares
	Shares			Weighted- Average Per Share Grant Date Fair Value
Balance at January 31, 2013		—			—
Granted		18,000		$	1.72
Vested		(4,500	)	$	1.72
Forfeited		—			—
Balance of unvested awards at April 30, 2013		13,500		$	1.72