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Subsequent Events
3 Months Ended
Apr. 30, 2023
Subsequent Events  
Subsequent Events

14.Subsequent Events

 

Convertible Loan Investment in Bodytrak

 

On May 19, 2023, the Company entered into an agreement with Bodytrak to provide an additional investment up to an aggregate of £1,500,000 ($1.9 million, on the date of initial investment) in the form of a convertible loan. An initial investment funding of £500,000 ($0.6 million on the date of investment) was made on May 19, 2023. The loaned amounts (“notes”) are due twenty-four months from the issue date which can be extended upon mutual agreement. The notes bear interest at either an annual rate of 12% for cash interest or 15% for payment in kind interest on the outstanding notes such rate being selected by Bodytrak.

 

The notes can be converted into equity shares of Bodytrak under a number of conditions, including a qualified equity financing as defined in the agreement, a change of control, an IPO, default or conversion at the discretion of the Company and upon the occurrence of the specified event.

 

Second Quarter Dividend

 

On May 1, 2023, the Company’s Board of Directors declared a quarterly cash dividend. The quarterly dividend of $0.03 per share or approximately $0.2 million, was paid on May 22, 2023, to stockholders of record as of May 15, 2023.