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Note 5 - Note Payable to Bank
3 Months Ended
Apr. 30, 2012
Debt Disclosure [Text Block]
5. NOTE PAYABLE TO BANK

As of April 30, 2012, the Trust has a revolving bank line of credit agreement, with a credit limit of $500,000.  The line of credit bears interest at the prime rate plus 2.75% per annum and has no financial covenants if the Trust maintains bank balances of at least $250,000 with the lender, the line of credit bears interest at the prime rate plus 1.0% with a 6.0% rate floor.  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 no funds drawn on this line of credit as of April 30, 2012. Subsequent to the maturity date of May 23, 2012, the line of credit was extended for 30 days to allow time to complete negotiations on a one-year extension.