DEBT (Tables)

12 Months Ended

Jan. 31, 2013

DEBT [Abstract]

Schedule of debt

Short-term and long-term debt consisted of the following:

	January 31,
	2013		2012
Bond payable, bank, payable in quarterly installments of $58,460, plus interest at a rate equal to the greater of (i) 16 basis points below the ninety day LIBOR rate or (ii) 250 basis points (effective interest rate of 2.50% at both January 31, 2013 and 2012), maturing April, 2021, collateralized by the Telford, PA building	$	1,929,195	$	2,163,037
Note payable, bank, payable in quarterly installments of $33,945 (25,000 Euro), plus interest at a fixed rate of 3.82%, maturing January, 2016, collateralized by the Heerenveen, Netherlands building		407,340		523,320
Equipment note, payable in monthly installments of $13,482, no interest, matured March 2012		-		26,963
Line of credit, $265,581, or 202,997 Euro, payable upon demand, plus interest at a rate of 70 basis points over the thirty day EURIBOR rate (effective interest rate of 1.41% at January 31, 2012)		-		265,581
		2,336,535		2,978,901
Less current portion		369,622		657,216
		1,966,913		2,321,685
Fair market value of interest rate swap liability		302,972		366,286
Long-term portion	$	2,269,885	$	2,687,971

Schedule of maturities of short-term and long-term debt

Maturities of short-term and long-term debt are as follows:

Year Ending
January 31,
2014	$	369,622
2015		369,622
2016		369,622
2017		233,842
2018		233,842
Thereafter		759,985
	$	2,336,535