Quarterly report pursuant to Section 13 or 15(d)

Operating Leases

v3.19.3
Operating Leases
9 Months Ended
Oct. 31, 2019
Leases [Abstract]  
Operating Leases

8.

Operating Leases

The Company has noncancelable operating leases for facilities, automobiles and equipment expiring at various dates through 2023 and thereafter. As discussed in Note 2, the Company adopted ASC 842 as of February 1, 2019 on a prospective basis using the transition method under ASU 2018-11. In accordance with this method, the Company recognized a right of use asset and an operating lease liability of $1.7 million as of February 1, 2019.

 

The components of lease expense for the three and nine months ended October 31, 2019 are as follows:

 

 

 

Three Months

Ended

October 31, 2019

 

 

Nine Months

Ended

October 31, 2019

 

 

 

(Amounts in

thousands)

 

Operating lease cost

 

$

199

 

 

$

611

 

Short term lease cost

 

 

3

 

 

17

 

Total lease cost

 

$

202

 

 

$

628

 

 

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

 

 

 

Nine Months Ended

October 31, 2019

 

 

 

(Amounts in

thousands)

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

Operating cash flows from operating leases

 

$

611

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

 

 

 

Operating leases

 

$

2,952

 

 

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

 

 

 

October 31, 2019

 

 

 

(Amounts in

thousands)

 

Operating lease right-of-use assets

 

$

2,438

 

 

 

 

 

 

Current portion, operating lease liabilities

 

 

511

 

Operating lease liabilities, long term

 

 

2,056

 

Total operating lease liabilities

 

$

2,567

 

 

 

 

 

 

Weighted average remaining lease term (years)

 

 

4.9

 

Weighted average incremental borrowing rate

 

 

5.1

%

 

The current portion, operating lease liabilities is included in the balance of accrued expenses at October 31, 2019. Rent payments for continuing operations were approximately $0.2 million and $0.6 million for the three and nine months ended October 31, 2019. Future minimum lease payments for operating leases, with initial or remaining terms in excess of one year at October 31, 2019, are as follows:

 

 

 

Payments for

Operating Leases

 

For the fiscal years ended January 31,

 

(Amounts in

thousands)

 

2020

 

$

192

 

2021

 

 

573

 

2022

 

 

545

 

2023

 

 

526

 

2024

 

 

516

 

Thereafter

 

 

497

 

Total lease payments

 

 

2,849

 

Less interest

 

 

282

 

Total operating lease liabilities

 

$

2,567