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Commitments and Contingencies
 12 Months Ended
Jan. 28, 2012
Commitments and Contingencies.  
Commitments and Contingencies

6.     Commitments and Contingencies

  • Leases

        We lease our current facility under an operating lease expiring on November 1, 2016. We also have one five-year option to extend this lease for a total of 5 additional years, to November 1, 2021. We also lease an office in Minnesota under an operating lease expiring on March 15, 2018. There is one three-year option to extend this lease for a total of 3 additional years, to March 15, 2021. The future minimum non-cancelable lease payments are as follows:

 
   Operating
Leases 		 

Fiscal 2013

   $ 269,000  

Fiscal 2014

     282,000  

Fiscal 2015

     290,000  

Fiscal 2016

     299,000  

Fiscal 2017 and thereafter

     294,000  
       

Total future minimum lease payments

   $ 1,434,000  
       

        Total rent expense was $185,000 for Fiscal 2012 and $150,000 for each of Fiscal 2011 and Fiscal 2010.

  • Promissory Notes

        Under the terms of our Separation Agreement with our former Executive Chairman, on January 28, 2011 we irrevocably agreed to repurchase 400,000 shares of our common stock from Mr. Margolis or his affiliates at a per share price of $18.15, or $7,260,000 in total (the "Repurchase"). We consummated the Repurchase on February 7, 2011, and issued promissory notes (the "Promissory Notes") to affiliates of Mr. Margolis as consideration for the Repurchase. On February 17, 2011, we repaid the Promissory Notes in full.

  • Trademark Indemnities

        We indemnify certain customers against liability arising from third-party claims of intellectual property rights infringement related to our trademarks. These indemnities appear in our licensing agreements with our customers, are not limited in amount or duration and generally survive the expiration of the contracts. Given that the amount of any potential liabilities related to such indemnities cannot be determined until an infringement claim has been made, we are unable to determine the maximum amount of losses that it could incur related to such indemnifications.