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Stockholders’ Equity
 12 Months Ended
Jan. 31, 2024
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Preferred Stock and Series A Preferred Stock
The Company is authorized to issue 20 million shares of preferred stock, $0.00001 par value per share. The Company has designated 120 thousand shares of preferred stock as Series A Convertible Preferred stock. As of January 31, 2024 and 2023, no shares of Series A Convertible Preferred Stock are outstanding.
Series B Preferred
The Company has designated 200 thousand shares of preferred stock, $0.00001 par value per share, for each of the Series B Preferred. The holders of the Series B Preferred Stock shall be entitled to receive, upon liquidation, dissolution or winding up of the Company, the amount of cash, securities or other property to which such holder would be entitled to receive with respect to such shares of Series B Preferred Stock if such shares had been converted to common stock immediately prior to such liquidation.
Holders of the Series B Preferred Stock were entitled to receive cumulative cash dividends at an annual rate of eight percent (8%). Holders of the Series B Preferred Stock shall have no voting rights. Each share of Series B Preferred stock shall be convertible, at the option of the holder, into shares of common stock at a rate of 1 share of Series B Preferred Stock into 15 shares of common stock.
For the year ended January 31, 2023, the Company sold approximately 55 thousand shares, raising gross proceeds of approximately $1.3 million.
On June 22, 2023, all the holders of the Series B Preferred Stock converted the shares of Series B Preferred Stock into 819 thousand shares of Common Stock of the Company.
As of January 31, 2024 and 2023, 0 and 55 thousand shares of Series B Preferred Stock were outstanding, respectively.
During the year ended January 31, 2024 and 2023, the Company paid dividends of approximately $49 thousand and $34 thousand, respectively.
Restricted Stock Units
The fair value of restricted stock units is determined based on the closing price of the Company's Common Stock on the grant date. Restricted Stock Units generally vest on a graded basis over three to four years of service.
A summary of the status of the Company's Restricted Stock Units is presented below.
Restricted
Stock Units		Weighted Average
Grant Date Fair Value
Non-vested Restricted Stock Units – February 1, 2023367,647$1.36 
Granted283,414$2.65 
Vested(118,210)$1.14 
Forfeited(39,773)$1.76 
Non-vested Restricted Stock Units – January 31, 2024493,078$1.91 
At January 31, 2024 there was approximately $748 thousand of total unrecognized compensation expense related to Restricted Stock Units, which is expected to be recognized over a weighted-average period of 1.84 years. During the years ended January 31, 2024 and 2023 the Company recognized stock-based compensation related to RSUs of an aggregate of approximately $279 thousand and $50 thousand respectively, which was recorded to selling, general and administrative expenses or cost of goods sold depending on the nature of the employee on the Consolidated Statement of Operations. Of the total 283,414 RSUs issued during the year ended January 31, 2024, 64,590 were issued to the Board of Directors and 218,824 were issued to employees of the Company.
Options
The following is a summary of the Company’s option activity:
 OptionsWeighted Average
Exercise Price		Weighted
Average
Remaining
Contractual Life
(in years)		Aggregate Intrinsic Value
(in thousands)
Outstanding – February 1, 2023689,000$0.77 2.95545
Granted— — 
Exercised(232,500)$0.54 
Expired/forfeited(339,000)$0.67 
Outstanding – January 31, 2024117,500$1.48 8.36333
Exercisable – January 31, 20245,000$1.48 8.3614
During the year ended January 31, 2024, 232,500 options at a weighted average exercise price of 0.54 per share were exchanged for 199,420 shares of common stock. The Company received approximately $68 thousand for the exercise of these options, as a portion of the options were cashless exercised.
During the year ended January 31, 2023, 130,000 options at a weighted average exercise price of $1.00 per share were exchanged for 57,093 shares of common stock. The Company received approximately $26 thousand for the exercise of these options, as a portion of the options were cashless exercised.
For the years ended January 31, 2024 and 2023, the Company recognized share-based compensation related to options of an aggregate of approximately $65 thousand and $60 thousand, respectively, which is included in selling, general and administrative expenses on the accompanying Consolidated Statements of Operations. At January 31, 2024, there was unrecognized share-based compensation of approximately $55 thousand.
Warrants
In conjunction with the Series B Preferred offering during the year ended January 31, 2023, the placement agent received one warrant for every $100 invested. The fair value of the warrants as of grant date was approximately $17 thousand and was valued using a Black-Scholes option pricing model using the following assumptions:
September 13, 2022
Risk-free interest rate3.58 %
Expected life5 years
Expected volatility of underlying stock82.52 %
Dividends0 %
The following is a summary of the Company’s warrant activity:
WarrantsWeighted Average
Exercise Price
Outstanding – February 1, 202313,650$2.25 
Exercisable – February 1, 202313,650$2.25 
Granted0
Exercised(13,650)$— 
Outstanding – January 31, 2024—$— 
Exercisable – January 31, 2024—$— 
During the year ended January 31, 2024, the Company issued 13,650 shares of common stock upon the cashless exercise of the warrants.