Stock-Based Compensation

9 Months Ended

Oct. 31, 2018

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

Stock-Based Compensation

3. STOCK-BASED COMPENSATION

TRUSTEE STOCK COMPENSATION

For the three and nine month periods ended October 31, 2018 and 2017, the Trust recognized expenses of approximately $8,000 and $13,000 and $24,000 and $39,000, respectively, related to stock-based compensation. During the nine months period ended October 31, 2018, the Trust issued 18,000 restricted shares with a total market value of $32,400 in the first fiscal quarter of fiscal year 2019 as compensation to its three outside Trustees for fiscal year 2019. On a monthly basis through January 31, 2019, these shares vest at a rate of approximately 500 shares for each outside Trustee. As of October 31, 2018, the remaining unamortized stock based compensation to be recognized into stock based compensation over the next six months is approximately $8,000.

The following table summarizes restricted share activity during the nine months ended October 31, 2018:

	Restricted Shares
	Shares			Weighted-Average Per Share Grant Date Fair Value
Balance of unvested awards at January 31, 2018		-			-
Granted		18,000		$	1.8
Vested		(13,500	)	$	1.8
Forfeited		-			-
Balance of unvested awards at October 31, 2018		4,500		$	1.8