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Leases
 9 Months Ended
Oct. 31, 2024
Leases [Abstract]  
Leases Leases
The Company accounts for leases in accordance with ASC 842 “Leases” (“ASC 842”). We determine whether an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration.
In April 2024, the Company's lease of additional warehouse and office space in Farmingdale, New York became effective. The lease agreement has a five-year term with monthly rent of approximately $16.7 thousand for the first year, increasing
to approximately $17.2 thousand for the second year, increasing to approximately $17.7 thousand for the third year, increasing to approximately $18.2 thousand for the fourth year and increasing to approximately $18.8 thousand for the fifth year. As a result of this lease the Company recognized a ROU)asset and a lease liability of approximately $873 thousand.
During the nine months ended October 31, 2024, the Company amended and subsequently extended its lease for 25 Branca Road, East Rutherford, NJ. The amended lease had a termination date of August 31, 2024. With the initial amendment of the lease the Company wrote off approximately $897 thousand of the ROU asset and ROU liability in the nine months ended October 31, 2024. On August 21, 2024, the Company amended its lease at 25 Branca Road. The amended lease has monthly rent of approximately $36 thousand until February 28, 2026, with a renewal option to extend the lease until August 31, 2029. The monthly rent during the renewal option ranges from approximately $38 thousand to approximately $42 thousand. As a result of this lease the Company recognized a ROU asset and a lease liability of approximately $615 thousand.
We have operating leases for offices and other facilities used for our operations. We also have finance leases consisting primarily of machinery and equipment. Our leases have remaining lease terms of approximately 0.50 years to 7.1 years.
Supplemental cash flow and other information related to leases was as follows (in thousands):
 October 31, 2024October 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$(180)$237 
Financing cash flows from finance leases296 175 
The following table shows the weighted average lease term and weighted average discount rate for our ROU lease assets:
 October 31, 2024January 31, 2024
Weighted average remaining lease term (in years)
Operating leases5.206.57
Finance leases4.704.49
 
Weighted average discount rate:
Operating leases5.82 %4.85 %
Finance leases7.65 %6.74 %
Maturities of lease liabilities for each of the succeeding fiscal years are as follows (in thousands):
For the fiscal years endedFinance LeasesOperating LeasesTotal Maturities of Lease Liabilities
2025 remaining$132 $249 $381 
2026454 1,002 1,456 
2027406 503 909 
2028398 500 898 
2029302 507 809 
Thereafter293 839 1,132 
Total undiscounted future lease payments1,985 3,600 5,585 
Less: imputed interest(341)(447)(788)
Total present value of future lease liabilities$1,644 $3,153 $4,797 
Leases Leases
The Company accounts for leases in accordance with ASC 842 “Leases” (“ASC 842”). We determine whether an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration.
In April 2024, the Company's lease of additional warehouse and office space in Farmingdale, New York became effective. The lease agreement has a five-year term with monthly rent of approximately $16.7 thousand for the first year, increasing
to approximately $17.2 thousand for the second year, increasing to approximately $17.7 thousand for the third year, increasing to approximately $18.2 thousand for the fourth year and increasing to approximately $18.8 thousand for the fifth year. As a result of this lease the Company recognized a ROU)asset and a lease liability of approximately $873 thousand.
During the nine months ended October 31, 2024, the Company amended and subsequently extended its lease for 25 Branca Road, East Rutherford, NJ. The amended lease had a termination date of August 31, 2024. With the initial amendment of the lease the Company wrote off approximately $897 thousand of the ROU asset and ROU liability in the nine months ended October 31, 2024. On August 21, 2024, the Company amended its lease at 25 Branca Road. The amended lease has monthly rent of approximately $36 thousand until February 28, 2026, with a renewal option to extend the lease until August 31, 2029. The monthly rent during the renewal option ranges from approximately $38 thousand to approximately $42 thousand. As a result of this lease the Company recognized a ROU asset and a lease liability of approximately $615 thousand.
We have operating leases for offices and other facilities used for our operations. We also have finance leases consisting primarily of machinery and equipment. Our leases have remaining lease terms of approximately 0.50 years to 7.1 years.
Supplemental cash flow and other information related to leases was as follows (in thousands):
 October 31, 2024October 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$(180)$237 
Financing cash flows from finance leases296 175 
The following table shows the weighted average lease term and weighted average discount rate for our ROU lease assets:
 October 31, 2024January 31, 2024
Weighted average remaining lease term (in years)
Operating leases5.206.57
Finance leases4.704.49
 
Weighted average discount rate:
Operating leases5.82 %4.85 %
Finance leases7.65 %6.74 %
Maturities of lease liabilities for each of the succeeding fiscal years are as follows (in thousands):
For the fiscal years endedFinance LeasesOperating LeasesTotal Maturities of Lease Liabilities
2025 remaining$132 $249 $381 
2026454 1,002 1,456 
2027406 503 909 
2028398 500 898 
2029302 507 809 
Thereafter293 839 1,132 
Total undiscounted future lease payments1,985 3,600 5,585 
Less: imputed interest(341)(447)(788)
Total present value of future lease liabilities$1,644 $3,153 $4,797