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Note 6 - Leases

6 Months Ended

Jul. 31, 2025

6. 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 and six months ended July 31, 2025, was approximately $232,000 and $464,000, respectively. Lease expense for the three and six months ended July 31, 2024, was approximately $207,000 and $422,000, respectively, and was recorded as a component of operating income. Included in these costs was short-term lease expense of approximately $7,000 and $14,000 for the three and six months ended July 31, 2025, respectively and approximately $7,000 and $13,000 for the three and six months ended July 31, 2024, respectively.

Supplemental balance sheet information related to leases as of July 31, 2025 and January 31, 2025 was as follows:

Lease	*July 31, 2025*		*January 31, 2025*
Assets	(in thousands)
Operating lease assets	$	841	$	1,320

Liabilities
Operating lease liabilities	$	841	$	1,320

Classification of lease liabilities
Current liabilities	$	475	$	577
Non-current liabilities		366		743
Total Operating lease liabilities	$	841	$	1,320

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

Lease term and discount rate	*July 31, 2025*			*January 31, 2025*
Weighted average remaining lease term (years)
Operating leases		1.95			1.39

Weighted average discount rate:
Operating leases		15	%		14	%

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

Supplemental cash flow information related to leases was as follows:

	*For the Six Months Ended July 31,*
Lease	*2025*			*2024*
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating leases	$	(232	)	$	(422	)

Changes in lease balances resulting from new and modified leases:
Operating leases	$	112		$	834

Maturities of lease liabilities as of July 31, 2025 were as follows:

	*July 31, 2025*
	(in thousands)
2026	$	276
2027		463
2028		163
2029		75
2030		—
Thereafter		—
Total payments under lease agreements	$	977

Less: imputed interest		(136	)
Total lease liabilities	$	841