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DEBT (Tables)
6 Months Ended
Jul. 31, 2022
Debt Disclosure [Abstract]  
SCHEDULE OF MAXIMUM DEBT TO ARR RATIO

 

Quarter Ending   Maximum Debt
to ARR Ratio
 
October 31, 2021   0.80 to 1.00 
January 31, 2022   0.75 to 1.00 
April 30, 2022   0.65 to 1.00 
July 31, 2022   0.55 to 1.00 
October 31, 2022   0.50 to 1.00 
January 31, 2023   0.45 to 1.00 
SCHEDULE OF MAXIMUM DEBT TO ADJUSTED EBITDA RATIO

 

Quarter Ending   Maximum Debt
to Adjusted
EBITDA Ratio
 
April 30, 2023   11.30 to 1.00 
July 31, 2023   4.15 to 1.00 
October 31, 2023   2.50 to 1.00 
January 31, 2024 and on the last day of each quarter thereafter   2.00 to 1.00 
SCHEDULE OF OUTSTANDING DEBT, OTHER THAN PPP LOAN

Outstanding principal balances on debt related to the new term loan agreement that the Company entered into on August 16, 2021 with Bridge Bank consisted of the following at:

 

   July 31, 2022   January 31, 2022 
Term loan  $10,000,000   $10,000,000 
Financing cost payable   45,000    21,000 
Deferred financing cost   (101,000)   (117,000)
Total   9,944,000    9,904,000 
Less: Current portion   (500,000)   (250,000)
Non-current portion of debt  $9,444,000   $9,654,000