XML 34 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 11 - Subsequent Events
6 Months Ended
Jul. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

11. SUBSEQUENT EVENTS


On August 19, 2014, Ontario Hospitality Properties Limited Partnership, a subsidiary of the Trust, entered into a $477,000 credit card advance financing business loan, including $27,000 of loan fees, with American Express Bank, FSB with a maturity date of August 19, 2015. The agreement includes acceleration provisions upon default. The funds may be used for working capital and to expand IBC.


On August 22, 2014, Ontario Hospitality Properties Limited Partnership, a subsidiary of the Trust, entered into a $5,700,000 10 year term loan to refinance the first mortgage with monthly payments of $36,835 including principal and interest, an interest rate of 4.75% fixed for the first five years and variable with a 4.75% floor for the remaining five years of the term. The loan is secured by a lien on the Ontario Hospitality Properties Limited Partnership. The balance of the previous mortgage at the time of refinance was $5,697,171, of which, $5,640,940 has been presented as long-term in the accompanying unaudited condensed consolidated balance sheet at July 31, 2014 based on the Trust’s intent and ability to refinance this mortgage at that time.


As of September 2, 2014, we have continued to sell units under our Albuquerque and Ontario entity offerings and have raised approximately $35,000 and $5,000, respectively, through the sale of approximately 3.5 and 0.5 units, respectively, to unrelated parties at $10,000 per unit.