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Note 7 - Leases

3 Months Ended

Apr. 30, 2023

7. Leases

The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Singapore, Malaysia, and the United Kingdom. Our lease obligation in Canada was terminated as of March 31, 2022, and our lease obligation in Hungary was terminated November 30, 2022.

Lease expense for the three months ended April 30, 2023 was approximately $221,000, and during the three months ended April 30, 2022 was approximately $203,000, and were recorded as a component of operating income (loss). Included in these costs was short-term lease expense of approximately $2,000 for the three months ended April 30, 2023, and during the three months ended April 30, 2022 was approximately $9,000.

Supplemental balance sheet information related to leases as of April 30, 2023 and January 31, 2023 were as follows:

Lease	*April 30, 2023*		*January 31, 2023*
Assets	(in thousands)
Operating lease assets	$	1,762	$	1,749

Liabilities
Operating lease liabilities	$	1,762	$	1,749

Classification of lease liabilities
Current liabilities	$	753	$	903
Non-current liabilities		1,009		846
Total Operating lease liabilities	$	1,762	$	1,749

Lease-term and discount rate details as of April 30, 2023 and January 31, 2023 were as follows:

Lease term and discount rate	*April 30, 2023*			*January 31, 2023*
Weighted average remaining lease term (years)
Operating leases		1.94			1.98

Weighted average discount rate:
Operating leases		13	%		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, 2023*			*Three Months Ended April 30, 2022*
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating leases	$	(221	)	$	(203	)

Changes in lease balances resulting from new and modified leases:
Operating leases	$	223		$	—

Maturities of lease liabilities at April 30, 2023 were as follows:

	*April 30, 2023*
	(in thousands)
2024	$	753
2025		691
2026		294
2027		188
2028		188
Thereafter		15
Total payments under lease agreements	$	2,129

Less: imputed interest		(367	)
Total lease liabilities	$	1,762