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Note 7 - Leases

3 Months Ended

Apr. 30, 2022

7. Leases

The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Hungary, Singapore, Malaysia, and the United Kingdom. We negotiated the termination of our Colombia lease obligation during fiscal 2022 and our lease obligation in Canada was terminated as of March 31, 2022.

Lease expense for the three months ended April 30, 2022 and 2021 was approximately $203,000 and $309,000, respectively, and was recorded as a component of operating loss. Included in these costs was short-term lease expense of approximately $9,000 and $10,000 for the three months ended April 30, 2022 and 2021, respectively.

Supplemental balance sheet information related to leases as of April 30, 2022 and January 31, 2022 were as follows:

Lease	*April 30, 2022*		*January 31, 2022*
Assets	(in thousands)
Operating lease assets	$	1,531	$	1,835

Liabilities
Operating lease liabilities	$	1,531	$	1,835

Classification of lease liabilities
Current liabilities	$	587	$	869
Non-current liabilities		944		966
Total Operating lease liabilities	$	1,531	$	1,835

Lease-term and discount rate details as of April 30, 2022 and January 31, 2022 were as follows:

Lease term and discount rate	*April 30, 2022*			*January 31, 2022*
Weighted average remaining lease term (years)
Operating leases		1.54			1.82

Weighted average discount rate:
Operating leases		15	%		13	%

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

Supplemental cash flow information related to leases was as follows:

Lease	*Three Months Ended April 30, 2022*			*Three Months Ended April 30, 2021*
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating leases	$	(203	)	$	(309	)

Changes in lease balances resulting from new and modified leases:
Operating leases	$	—		$	16

Maturities of lease liabilities at April 30, 2022 were as follows:

	*April 30, 2022*
	(in thousands)
2023	$	588
2024		535
2025		282
2026		210
2027		188
Thereafter		202
Total payments under lease agreements	$	2,005

Less: imputed interest		(474	)
Total lease liabilities	$	1,531