Income Taxes (Tables)

12 Months Ended

Jan. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax (benefit) expense for the years ended January 31, 2013 and 2012 consisted of:

	2013		2012
Current:
Federal	$	-	$	-
State		-		-
		-		-
Deferred:
Federal		839,000		397,000
State		81,000		39,000
		920,000		436,000
Income tax expense	$	920,000	$	436,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table illustrates the difference between the statutory income tax rates applicable to the Company versus the effective tax expense rate for the years ended January 31, 2013 and 2012:

	2013			2012
Federal tax rate		34.0	%		34.0	%
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit		3.4			4.1
Intrinsic costs warrants		-			2.1
Stock based compensation		0.4			5.2
Research and development tax credit		(11.4	)		5.9
Other - primarily non-deductible expenses		0.2			1.4
Effective tax rate		26.6	%		52.7	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 31, 2013 and 2012 were as follows:

	2013			2012
Current deferred tax assets:
Accounts receivable	$	150,000		$	133,000
Inventories		1,117,000			1,130,000
Compensation expense		169,000			187,000
Contract loss		(25,000	)		15,000
Other		64,000			84,000
Total current deferred tax assets		1,475,000			1,549,000
Non-current deferred tax assets:
Property, plant and equipment, principally due to differences in depreciation and capitalized interest		(843,000	)		(133,000	)
Building held for sale		62,000			70,000
Research and experimentation and alternative minimum tax credits		888,000			325,000
Stock-based compensation		-			-
Net operating loss carryforward		185,000			508,000
Total non-current deferred tax assets		292,000			770,000
Total deferred tax asset		1,767,000			2,319,000
Non-current deferred tax liabilities:
Identifiable intangibles		224,000			35,000
Net deferred tax asset	$	1,543,000		$	2,284,000