Subsequent Events

3 Months Ended

Apr. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

4. Subsequent Events

In June 2016, the Company completed a public offering of 320,000 shares of its 9.00% Series A Cumulative Preferred Stock, par value $1.00 per share (the “Series A Preferred Stock”). In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 48,000 shares of Series A Preferred Stock.

Net proceeds from the offering were approximately $7.0 million and were used to partially repay amounts outstanding under the Credit Agreement (as defined below). See Note 8.