Note 12 - Related Party Transaction

3 Months Ended

Apr. 30, 2023

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

12. Related Party Transaction

In September 2020 we entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (the “Agent”). The Co-Chief Executive Officer and Co-President of the Agent is the Non-Executive Chairman of our Board. Pursuant to the Equity Distribution Agreement, the Company may sell up to 500,000 shares of 9.00% Series A Cumulative Preferred Stock, par value $1.00 per share (the “Preferred Stock”) and 5,000,000 shares of $0.01 par value common stock (“Common Stock”) through an at-the-market offering program (the “ATM Offering Program”) administered by the Agent. Under the Equity Distribution Agreement, the Agent is entitled to compensation of up to 2.0% of the gross proceeds from the sale of Preferred Stock and Common Stock under the ATM Offering Program.

During the three-month period ended April 30, 2023, and 2022 the Company sold no shares of Preferred Stock under the ATM Offering Program.

During the three-month period ended April 30, 2023, and 2022 the Company sold no shares of Common Stock under the ATM Offering Program. 

With respect to the Loan (see Note-9 "Notes Payable" for additional details). the Agent acted as the broker and received approximately $50,000 in related fees. Our Non-Executive Chairman of the Board received no portion of this compensation.