SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Apr. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS |
The
table below provides information on the fair value of our liabilities:
SCHEDULE
OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS
| | |
Total Fair | | |
Quoted Prices in Active Markets | | |
Significant Other Observable Inputs | | |
Significant
Unobservable Inputs | |
| | |
Value | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| At January 31, 2023 | |
| | | |
| | | |
| | | |
| | |
| Acquisition earnout liability (1) | |
$ | 3,738,000 | | |
$ | — | | |
$ | — | | |
$ | 3,738,000 | |
| At April 30, 2023 | |
| | | |
| | | |
| | | |
| | |
| Acquisition earnout liability (1) | |
$ | 3,374,000 | | |
$ | — | | |
$ | — | | |
$ | 3,374,000 | |
| (1) |
The
fair value of the acquisition earnout liability is based upon a probability-weighted discounted cash flow that was completed at the
date of acquisition and updated as of April 30, 2023. The change in the fair value of the acquisition earnout liability decreased
$364,000 for the three months ended April 30, 2023. The change in the fair value is recognized in “Acquisition earnout valuation
adjustments” in the accompanying condensed consolidated statement of operations. |
|
| SCHEDULE OF DISAGGREGATION OF REVENUE |
The
following table provides information about disaggregated revenue by type and nature of revenue stream:
SCHEDULE
OF DISAGGREGATION OF REVENUE
| | |
April 30, 2023 | | |
April 30, 2022 | |
| | |
Three Months Ended | |
| | |
April 30, 2023 | | |
April 30, 2022 | |
| Over time revenue | |
$ | 4,332,000 | | |
$ | 3,941,000 | |
| Point in time revenue | |
| 1,000,000 | | |
| 1,994,000 | |
| Total revenue | |
$ | 5,332,000 | | |
$ | 5,935,000 | |
|
| SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE OF COMMON STOCK |
The
following is the calculation of the basic and diluted net loss per share of common stock for the three months ended April 30, 2023 and
2022:
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE OF COMMON STOCK
| | |
April 30, 2023 | | |
April 30, 2022 | |
| | |
Three Months Ended | |
| | |
April 30, 2023 | | |
April 30, 2022 | |
| Basic and diluted loss per share: | |
| | | |
| | |
| Net loss | |
$ | (2,901,000 | ) | |
$ | (2,787,000 | ) |
| Basic and diluted net loss per share of common stock from operations | |
$ | (0.05 | ) | |
$ | (0.06 | ) |
| Weighted average shares outstanding – Basic (1) | |
| 55,970,880 | | |
| 47,028,463 | |
| Effect of dilutive securities – Stock options and Restricted stock (2) | |
| — | | |
| — | |
| Weighted average shares outstanding – Diluted | |
| 55,970,880 | | |
| 47,028,463 | |
| (1) |
Includes
the effect of vested and excludes the effect of unvested restricted shares of common stock, which are considered non-participating
securities. As of April 30, 2023 and 2022, there were 2,655,831 and 1,025,800 unvested restricted shares of common stock outstanding,
respectively. |
| |
|
| (2) |
Diluted
net loss per share excludes the effect of shares that are anti-dilutive. For the three months ended April 30, 2023, diluted earnings
per share excludes 628,958 outstanding stock options and 2,655,831 unvested restricted shares of common stock. For the three months
ended April 30, 2022, diluted earnings per share excludes 1,062,130 outstanding stock options and 1,025,800 unvested restricted shares
of common stock. |
|
| SCHEDULE OF ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED |
SCHEDULE OF ACCOUNTING
PRONOUNCEMENTS RECENTLY ADOPTED
| | |
January 31, 2023 | | |
CECL Adoption | | |
Provision adjustments | | |
Write-offs & Recoveries | | |
April 30, 2023 | |
| Allowance for credit losses | |
$ | (132,000 | ) | |
$ | 36,000 | | |
| - | | |
| - | | |
$ | (96,000 | ) |
|