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Subsequent Events
3 Months Ended
Apr. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

11. SUBSEQUENT EVENTS

 

The Trust has received a proposed purchase and sale agreement for IBC. The agreement was received the week of June 11, 2018 from the Obasa Group of Companies, a Canadian entity. The agreement would provide initial capital infusion, with the balance of the purchase price to be carried by the seller (IHT), over a 60-month period with interest.

 

On June 1, 2018 the Trust entered into a Note Payable with an investor for $177,000. The Note Payable has a maturity date of May 31, 2021 and is related to the sale of 60,000 shares of IHT Stock. The note payable is due in equal payments with 7% interest per annum. No prepayment penalty exists.

 

We currently have our Yuma, Arizona property listed with a specific hotel sale broker. An offering memorandum was issued the week of June 11, 2018, and was widely circulated.

 

The Trust declared a dividend on June 19, 2018, of $0.01 per share payable on July 31, 2018 to shareholders of record as of July 16, 2018, continuing an uninterrupted 48-year history of annual dividends.

 

As reported in IHT’s current report on form 8-K filed June 15, 2018, the IHT Board elected James Wirth founder, Chairman and CEO to the additional position of IHT President to further streamline operations. In addition, the Board promoted Craig Miller, Director of Finance, to the position of CFO.