Stock-Based Compensation

3 Months Ended

Apr. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plan

The Company's two stock incentive plans are the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”) and the 2011 Stock Incentive Plan (the “2011 Plan”). The 2011 Plan expired in 2021 and no new award may be made under the 2011 Plan.

Under the 2019 Plan, the Company may grant an aggregate of up to 1,000,000 shares to its employees in the form of restricted stock units and non-employee directors in the form of restricted stock awards. Restricted stock units and awards granted under the 2019 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock units or awards and related compensation expense as the difference between the market value of the units or awards on the date of grant less the exercise price of the units or awards granted. During the three-month period ended April 30, 2023, the Company granted 0 awards, vested 0 shares according to their terms and forfeited 0 shares under the 2019 Plan. As of April 30, 2023, there were approximately 608,435 shares available for future issuance under the 2019 Plan.

The following table summarizes the stock-based compensation expense related to restricted stock awards recognized in the Company's statement of operations for the three months ended April 30, 2023 and 2022:


	Three Months Ended
	4/30/2023		4/30/2022
	(in thousands)

Cost of goods sold	$	28	$	55
Selling, general and administrative expenses	75		198
Total stock-based compensation expense	$	103	$	253

As of April 30, 2023, there was $446,000 of unrecognized compensation expense related to unvested restricted stock units and/or awards, which is expected to be recognized over a weighted average period of approximately 1 year.