Note 8 - Leases

3 Months Ended

Apr. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

8. Leases

The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Singapore, Malaysia, and the United Kingdom. 

Lease expense for the three months ended April 30, 2024 was approximately $207,000, respectively, and during the three months ended April 30, 2023 was approximately $221,000, respectively, and was recorded as a component of operating income (loss). Included in these costs was short-term lease expense of approximately$1,000 for the three months ended April 30, 2024, and during the three months ended April 30, 2023 was approximately$2,000. 

Supplemental balance sheet information related to leases as of April 30, 2024 and January 31, 2024 was as follows:

Lease	April 30, 2024		January 31, 2024
Assets	(in thousands)
Operating lease assets	$	1,725	$	1,324
Liabilities
Operating lease liabilities	$	1,725	$	1,324
Classification of lease liabilities
Current liabilities	$	728	$	751
Non-current liabilities		997		573
Total Operating lease liabilities	$	1,725	$	1,324

Lease-term and discount rate details as of April 30, 2024 and January 31, 2024 were as follows:

Lease term and discount rate	April 30, 2024			January 31, 2024
Weighted average remaining lease term (years)
Operating leases		1.83			1.40
Weighted average discount rate:
Operating leases		13	%		13	%

The incremental borrowing rate was calculated using the Company's weighted average cost of capital.

Supplemental cash flow information related to leases was as follows:

	For the Three Months Ended April 30,
Lease	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating leases	$	(207	)	$	(221	)
Changes in lease balances resulting from new and modified leases:
Operating leases	$	612		$	223

Maturities of lease liabilities at April 30, 2024 were as follows:

	April 30, 2024
	(in thousands)
2025	$	705
2026		595
2027		487
2028		275
2029		35
Thereafter		—
Total payments under lease agreements	$	2,097
Less: imputed interest		(372	)
Total lease liabilities	$	1,725