Contractual Obligations

9 Months Ended

Oct. 31, 2012

Contractual Obligations [Abstract]

CONTRACTUAL OBLIGATIONS

NOTE F – CONTRACTUAL OBLIGATIONS

The following table details the remaining obligations, by fiscal year, as of the end of the quarter (in thousands):

	2012		2013		2014		2015		2016		Thereafter		Totals
Operating leases	$	310		874		723		322		162		251		2,642
Senior term loan		313		1,250		3,437		—		—		—		5,000
Subordinated term loan		—		—		9,000		—		—		—		9,000
Convertible subordinated notes payable (1)		—		—		—		—		—		—		—
Total	$	623		2,124		13,160		322		162		251		16,642

(1) The convertible subordinated notes payable were converted on November 1, 2012. See Note I for further details.

On April 10, 2012, we entered into an amended lease obligation to lease 8,582 square feet of office space in our current building at 1230 Peachtree NE in Atlanta, GA. The lease commences upon taking possession of the space and ends 72 months thereafter. We took possession of the space on August 1, 2012. Upon relocation, we completely vacated the previously leased premises within the building. The provisions of the lease provide for rent abatement for the first four months of the lease term, and a moving allowance of approximately $17,000. Upon taking possession of the premises, the rent abatement and allowance has been aggregated with the total expected rental expense, and amortized on a straight line basis over the term of the lease.

As part of the Meta acquisition, we assumed a lease obligation for office space at 330 Seventh Avenue in New York, NY. The balance of the lease term runs through August of 2014.