Debt (Tables)

3 Months Ended

Apr. 30, 2016

Debt Disclosure [Abstract]

Schedule of Minimum EBITDA Levels

The following table shows our future minimum trailing four quarter period EBITDA covenant thresholds, as modified by the second amendment to the Credit Agreement:

For the four-quarter period ending	Minimum EBITDA
April 30, 2016	$	3,000,000
July 31, 2016	1,500,000
October 31, 2016	250,000
January 31, 2017	0

Summary of Term Loan and Line of Credit

Outstanding principal balances on debt consisted of the following at:

	April 30, 2016			January 31, 2016
Senior term loan	$	8,114,000		$	8,535,000
Capital lease	469,000			686,000
Total	8,583,000			9,221,000
Less: Current portion	(2,879,000		)	(1,266,000		)
Non-current portion of debt	$	5,704,000		$	7,955,000

Schedule of Future Minimum Lease Payments for Capital Leases

Future principal repayments of debt consisted of the following at April 30, 2016:

	Senior Term Loan (1)			Capital Lease (2)		Total
2016	$	2,244,000	(3)	$	390,000	$	2,634,000
2017	898,000			93,000		991,000
2018	898,000			—		898,000
2019	4,326,000			—		4,326,000
Total repayments	$	8,366,000		$	483,000	$	8,849,000

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(1) Term loan balance on the condensed consolidated balance sheet is reported net of deferred financing costs of $252,000.

(2) Future minimum lease payments include principal plus interest.

(3) Includes required prepayment of $1,738,000 made in May 2016. See Note 8 - Subsequent Events for further details.