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Leases | 3 Months Ended
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Apr. 30, 2025
Leases [Abstract] |
Leases | Leases The Company accounts for leases in accordance with ASC 842 “Leases” (“ASC 842”). We determine whether an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Effective February 1, 2025, the Company amended and extended its lease for 25 Branca Road, East Rutherford, NJ. The amended lease expands the space available to the Company, has a monthly rent starting at approximately $73 thousand increasing over time to approximately $84 thousand from February 1, 2025 to January 31, 2030, and required an initial direct payment of approximately $200 thousand. On the effective date of the lease amendment, the Company recognized a right of use asset and corresponding lease liability of approximately $4.2 million. We have operating leases for offices and other facilities used for our operations. We also have finance leases relating primarily to machinery and equipment. Our leases have remaining lease terms of approximately 0.25 years to 6.6 years. Supplemental cash flow and other information related to leases was as follows (in thousands):
| April 30, 2025 |  | April 30, 2024
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 257 |  |  | $ | 151 |
Financing cash flows from finance leases | 102 |  |  | 95 |
The following table shows the weighted average lease term and weighted average discount rate for our ROU lease assets:
| April 30, 2025 |  | January 31, 2025
Weighted average remaining lease term (in years) |  |  |
Operating leases | 5.08 |  | 5.32
Finance leases | 4.38 |  | 4.53
Weighted average discount rate: |  |  |
Operating leases | 6.37 | % |  | 6.38 | %
Finance leases | 7.86 | % |  | 7.74 | %
Maturities of lease liabilities for each of the succeeding fiscal years are as follows (in thousands):
For the fiscal years ended |  | Finance Leases | Operating Leases | Total Maturities of Lease Liabilities
2026 remaining |  | $ | 322 |  | $ | 1,102 |  | $ | 1,424 |
2027 |  | 406 |  | 1,512 |  | 1,918 |
2028 |  | 398 |  | 1,591 |  | 1,989 |
2029 |  | 302 |  | 1,635 |  | 1,937 |
2030 |  | 179 |  | 1,486 |  | 1,665 |
Thereafter |  | 117 |  | 519 |  | 636 |
Total undiscounted future lease payments |  | 1,724 |  | 7,845 |  | 9,569 |
Less: imputed interest |  | (282) |  | (1,148) |  | (1,430) |
Total present value of future lease liabilities |  | $ | 1,442 |  | $ | 6,697 |  | $ | 8,139 |
Leases | Leases The Company accounts for leases in accordance with ASC 842 “Leases” (“ASC 842”). We determine whether an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Effective February 1, 2025, the Company amended and extended its lease for 25 Branca Road, East Rutherford, NJ. The amended lease expands the space available to the Company, has a monthly rent starting at approximately $73 thousand increasing over time to approximately $84 thousand from February 1, 2025 to January 31, 2030, and required an initial direct payment of approximately $200 thousand. On the effective date of the lease amendment, the Company recognized a right of use asset and corresponding lease liability of approximately $4.2 million. We have operating leases for offices and other facilities used for our operations. We also have finance leases relating primarily to machinery and equipment. Our leases have remaining lease terms of approximately 0.25 years to 6.6 years. Supplemental cash flow and other information related to leases was as follows (in thousands):
| April 30, 2025 |  | April 30, 2024
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 257 |  |  | $ | 151 |
Financing cash flows from finance leases | 102 |  |  | 95 |
The following table shows the weighted average lease term and weighted average discount rate for our ROU lease assets:
| April 30, 2025 |  | January 31, 2025
Weighted average remaining lease term (in years) |  |  |
Operating leases | 5.08 |  | 5.32
Finance leases | 4.38 |  | 4.53
Weighted average discount rate: |  |  |
Operating leases | 6.37 | % |  | 6.38 | %
Finance leases | 7.86 | % |  | 7.74 | %
Maturities of lease liabilities for each of the succeeding fiscal years are as follows (in thousands):
For the fiscal years ended |  | Finance Leases | Operating Leases | Total Maturities of Lease Liabilities
2026 remaining |  | $ | 322 |  | $ | 1,102 |  | $ | 1,424 |
2027 |  | 406 |  | 1,512 |  | 1,918 |
2028 |  | 398 |  | 1,591 |  | 1,989 |
2029 |  | 302 |  | 1,635 |  | 1,937 |
2030 |  | 179 |  | 1,486 |  | 1,665 |
Thereafter |  | 117 |  | 519 |  | 636 |
Total undiscounted future lease payments |  | 1,724 |  | 7,845 |  | 9,569 |
Less: imputed interest |  | (282) |  | (1,148) |  | (1,430) |
Total present value of future lease liabilities |  | $ | 1,442 |  | $ | 6,697 |  | $ | 8,139 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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