Leases

6 Months Ended

Aug. 03, 2024

Note 11 – Leases

We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to ten years, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options.

Balance sheet and other information related to our leases is as follows:


Operating Leases (In thousands)	Balance Sheet Classification	August 3, 2024		January 31, 2024
Lease Assets	Right of Use Assets	$	1,920	$	603
Lease Liabilities – Current	Other Accrued Expenses	$	337	$	233
Lease Liabilities – Long Term	Lease Liabilities	$	1,633	$	415

Lease cost information is as follows:


		Three Months Ended
Operating Leases (In thousands)	Statement of Income Classification	August 3, 2024		July 29, 2023
Operating Lease Costs	General and Administrative Expense	$	180	$	127

		Six Months Ended
Operating Leases (In thousands)	Statement of Income Classification	August 3, 2024		July 29, 2023
Operating Lease Costs	General and Administrative Expense	$	269	$	259

Maturities of operating lease liabilities are as follows:


(In thousands)	August 3, 2024
Fiscal 2025, remaining	$	228
Fiscal 2026		421
Fiscal 2027		376
Fiscal 2028		315
Fiscal 2029		219
Thereafter		905
Total Lease Payments		2,464
Less: Imputed Interest		(494	)
Total Lease Liabilities	$	1,970

As of August 3, 2024, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 7.3 years and 5.9%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term.

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
(In thousands)	August 3, 2024		July 29, 2023
Cash paid for operating lease liabilities	$	88	$	85
	Six Months Ended
(In thousands)	August 3, 2024		July 29, 2023
Cash paid for operating lease liabilities	$	174	$	177