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Sale of Fye Business
 9 Months Ended
Oct. 31, 2020
Sale of Fye Business [Abstract]  
Sale of Fye Business
Note 4. Sale of fye business

On February 20, 2020, the Company consummated the sale of substantially all of the assets and certain of the liabilities relating to fye to a subsidiary of Sunrise Records pursuant to an Asset Purchase Agreement dated January 23, 2020, by and among the Company, Record Town, Inc., Record Town USA LLC, Record Town Utah LLC, Trans World FL LLC, Trans World New York, LLC, 2428392 Inc., and Sunrise Records. The following table reconciles the assets sold to and liabilities assumed by Sunrise to cash proceeds received:

Assets sold
   
Inventory
 
$
50,122
 
Accounts receivable
  
62
 
Prepaid expenses and other current assets
  
654
 
Other assets
  
351
 
fye business assets sold
 
$
51,189
 
     
     
Less liabilities assumed:
    
Accounts payable
  
(9,769
)
Deferred revenue
  
(6,764
)
Accrued expenses and other current liabilities
  
(779
)
Other long-term liabilities
  
(2,063
)
Operating lease liabilities
  
(20,035
)
fye business liabilities assumed
 
$
39,410
 
     
Net proceeds
 
$
11,779
 

The Company did not recognize a gain/loss upon the sale of the fye business as the assets of fye were impaired to the fair value of the assets as of February 1, 2020.