Note 3 - Share-Based Compensation

3 Months Ended

Apr. 30, 2014

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

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

3. STOCK-BASED COMPENSATION

For the three months ended April 30, 2014, the Trust recognized expenses of $9,167 related to stock-based compensation. The Trust issued 23,100 restricted shares with a total market value of $36,666 in the first fiscal quarter of fiscal year 2015 as compensation to its four outside Trustees for fiscal year 2015. On a monthly basis during fiscal year 2015, each outside Trustee vests approximately 500 shares.

The following table summarizes restricted share activity during the three months ended April 30, 2014:

	Restricted Shares
	Shares			Weighted-Average Per Share Grant Date Fair Value
Balance at January 31, 2014		-			-
Granted		23,100		$	1.59
Vested		(5,100	)	$	1.59
Forfeited		-			-
Balance of unvested awards at April 30, 2014		18,000		$	1.59