Quarterly report pursuant to Section 13 or 15(d)

Operating Leases

v3.20.2
Operating Leases
9 Months Ended
Oct. 31, 2020
Leases [Abstract]  
Operating Leases

7.

Operating Leases

The Company has noncancelable operating leases for facilities and equipment expiring at various dates through 2025 and thereafter.  

 

The components of lease expense are as follows:

 

 

 

For the Three Months Ended

October 31, 2020

 

 

For the Nine Months Ended

October 31, 2020

 

 

 

(Amounts in thousands)

 

Operating lease cost

 

$

344

 

 

$

972

 

Short term lease (credit) cost, net

 

 

(10

)

 

 

30

 

Total lease cost

 

$

334

 

 

$

1,002

 

 

Supplemental cash flow information related to the Company’s operating leases was as follows:

 

 

 

For the Three Months Ended

October 31, 2020

 

 

For the Nine Months Ended

October 31, 2020

 

 

 

(Amounts in thousands)

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

263

 

 

$

829

 

 

Supplemental balance sheet information related to the Company's operating leases was as follows:

 

 

 

October 31, 2020

 

 

January 31, 2020

 

 

 

(Amounts in thousands)

 

Operating lease right-of-use assets

 

$

5,231

 

 

$

4,860

 

 

 

 

 

 

 

 

 

 

Current portion, operating lease liabilities

 

 

1,351

 

 

 

722

 

Operating lease liabilities, long term

 

 

4,299

 

 

 

4,348

 

Total operating lease liabilities

 

$

5,650

 

 

$

5,070

 

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term (years)

 

 

4.3

 

 

 

 

 

Weighted average incremental borrowing rate

 

 

5.0

%

 

 

 

 

 

The current portion, operating lease liabilities is included in the balance of accrued expenses at October 31, 2020. Rent payments for continuing operations were approximately $0.3 million for the three months ended October 31, 2020 and $0.8 million for the nine months ended October 31, 2020. Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at October 31, 2020, are as follows:

 

 

 

Payments for

Operating Leases

 

For the fiscal years ended January 31,

 

(Amounts in thousands)

 

2021

 

$

298

 

2022

 

 

1,319

 

2023

 

 

1,445

 

2024

 

 

1,482

 

2025

 

 

1,524

 

Thereafter

 

 

59

 

Total lease payments

 

 

6,127

 

Less interest

 

 

477

 

Total operating lease liabilities

 

$

5,650