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Note 8 - Leases

12 Months Ended

Jan. 31, 2025

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 twelve months ended January 31, 2025 and 2024 was approximately $860,000 and $831,000, respectively, and was recorded as a component of operating income. Included in these costs was short-term lease expense of approximately $26,000 and $8,000 for the twelve months ended January 31, 2025 and 2024, respectively.

Supplemental balance sheet information related to leases as of January 31, 2025 and 2024 was as follows (in thousands):

	*As of January 31,*
Lease	*2025*		*2024*
Assets
Operating lease right-of-use assets	$	1,320	$	1,324

Liabilities
Operating lease liabilities	$	1,320	$	1,324

Classification of lease liabilities
Current liabilities	$	577	$	751
Non-current liabilities		743		573
Total Operating lease liabilities	$	1,320	$	1,324

Lease-term and discount rate details as of January 31, 2025 and 2024 were as follows:

	*As of January 31,*
Lease term and discount rate	*2025*			*2024*
Weighted average remaining lease term (years)
Operating leases		1.39			1.40

Weighted average discount rate:
Operating leases		14	%		13	%

Supplemental cash flow information related to leases on January 31, 2025 and 2024 was as follows (in thousands):

	*As of January 31,*
Lease	*2025*			*2024*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(987	)	$	(831	)

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	834		$	409

Maturities of lease liabilities on January 31, 2025 and 2024 were as follows (in thousands):

	*As of January 31,*
	*2025*			*2024*
2026	$	718		$	753
2027		526			343
2028		275			235
2029		35			232
2030		—			34
Thereafter		—			—
Total payments under lease agreements	$	1,554		$	1,597

Less: imputed interest		(234	)		(273	)
Total lease liabilities	$	1,320		$	1,324