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Debt | 12 Months Ended
--- | ---
Jan. 31, 2018
Debt [Abstract] |
Debt Disclosure [Text Block] | Note 8 - Debt
(In thousands) | 2017 |  | 2016 |
Revolving line North America | $7,273 | $3,813
Mortgage notes | 7,723 |  | 7,463 |
Revolving lines foreign | 123 |  | 301 |
Term loans | — |  | 80 |
Capitalized lease obligations | 846 |  | 283 |
Total debt | 15,965 |  | 11,940 |
Unamortized debt issuance costs | (200 | ) | (165 | )
Less current maturities | 8,037 |  | 4,517 |
Total long-term debt | $7,728 | $7,258
Current portion of long-term debt | $8,037 | $4,517
Unamortized debt issuance costs | (11 | ) | (46 | )
Total short-term debt | $8,026 | $4,471
The following table summarizes the Company's scheduled maturities on January 31:
(In thousands) | Total | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |
Revolving line North America | $7,273 |  | $7,273 |  |  | $— |  |  | $— |  |  | $— |  |  | $— |  |  | $— |
Mortgages | 7,723 | 367 | 372 | 377 | 383 | 389 | 5,835
Revolving line foreign | 123 | 123 | — |  | — |  | — |  | — |  | — |
Capitalized lease obligations | 846 | 274 | 224 | 240 |  | 86 |  | 22 |  | — |
Total | $15,965 | $8,037 | $596 | $617 | $469 | $411 | $5,835
Revolving line North America. On September 24, 2014, the Company entered into a Credit and Security Agreement with a financial institution (as amended, the "Credit Agreement"). Under the terms of the Credit Agreement, the Company can borrow up to a combined $15.0 million in the U.S. and Canada, subject to borrowing base availability from secured domestic and certain Canadian assets, such as accounts receivable and inventory, and other requirements, under a revolving line of credit. The Credit Agreement covenants restrict debt, liens, share repurchases and investments, and require achieving a minimum fixed charge coverage ratio with respective performance metrics as defined by the Credit Agreement if a minimum availability is not met. In a seventh amendment to the Credit Agreement executed on December 14, 2017, the lenders under the Credit Agreement increased the borrowing limit for the Company’s Canadian subsidiary and adjusted minimum availability requirements for borrowers in the U.S. and Canada. Interest rates under the Credit Agreement vary based on the average availability in the preceding fiscal quarter and are: (a) a margin in effect plus a base rate, if below certain availability limits; or (b) a margin in effect plus the Eurodollar rate for the corresponding interest period. On January 31, 2018, the Company had borrowed $7.3 million at 7%, 5.06% and 3.95% and had $0.9 million available to it under the revolving line of credit. In addition, $0.2 million of availability was used under the Credit Agreement primarily to support letters of credit to guarantee amounts committed for inventory purchases. Cash required for operations is provided by draw-downs on the line of credit. On January 31, 2018, the Company was in compliance with all covenants under the Credit Agreement. The North American revolving line balances as of January 31, 2018 and 2017 were included as current liabilities in the consolidated balance sheets, because the Credit Agreement has a subjective acceleration clause. The Credit Agreement will expire on September 25, 2018. The Company has engaged a financial advisor and is actively pursuing refinancing the Credit Agreement and replacement financing sources. Revolving lines foreign. The Company also has credit arrangements used by its Middle Eastern subsidiaries. These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets, such as accounts receivable and inventory, and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained including intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On January 31, 2018, the Company was in compliance with the covenants under the credit arrangement. Interest rates are 4.0% per annum below National Bank of Fujairah Base Rate, minimum 3.5% per annum, and Emirates Inter Bank Offered Rate (EIBOR) plus 3.5% per annum. The Company's interest rates range from 3.5% to 6.0% on January 31, 2018. On January 31, 2018, the Company can borrow $13.5 million under these credit arrangements. The Company borrowed $0.1 million and had $4.1 million available under these credit arrangements as of January 31, 2018. In addition, $9.3 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases. The Company has a revolving line for 14.6 million Saudi Riyal (approximately $3.9 million U.S. dollars at the prevailing exchange rate on the transaction date) from a Saudi Arabian bank. The loan has an interest rate of approximately 6% and matures April 2018. Subsequent to January 31, 2018, the Company reduced this revolving line to 5.4 million Saudi Riyal (approximately $1.4 million) which matures October 2018. The Company has a revolving line for 10 million Dirhams (approximately $2.7 million U.S. dollars at the prevailing exchange rate on the transaction date) from a bank in the U.A.E. The loan has an interest rate of approximately 6% and matures June 2018. The Company has a revolving line for 25.5 million Dirhams (approximately $6.4 million U.S. dollars at the prevailing exchange rate on the transaction date) from a bank in the U.A.E. The loan has an interest rate of approximately 6% and matures July 2018. The Company’ credit arrangements used by its Middle Eastern subsidiaries renew on an annual basis. The Company guarantees the subsidiaries' debt including all foreign debt. Mortgages. On July 28, 2016, the Company borrowed $8.0 million CAD (approximately $6.1 million at the prevailing exchange rate on the transaction date) from a bank in Canada under a mortgage note secured by the manufacturing facility located in Alberta, Canada that matures on December 23, 2042. The interest rate is variable, currently at 4.7%, with monthly payments of $31 thousand CAD (approximately $24 thousand) for interest; and monthly payments of $27 thousand CAD (approximately $20 thousand) for principal. Principal payments began January 2018. On June 19, 2012, the Company borrowed $1.8 million under a mortgage note secured by its manufacturing facility in Lebanon, Tennessee. The proceeds were used for payment of amounts borrowed. The loan bears interest at 4.5% with monthly payments of $13 thousand for both principal and interest and matures July 1, 2027. On June 19, 2022, and on the same day of each year thereafter, the interest rate shall adjust to the prime rate, provided that the applicable interest rate shall not adjust more than 2.0% per annum and shall be subject to a ceiling of 18.0% and a floor of 4.5%. Capital leases. On October 20, 2017, the Company obtained a capital lease for $0.18 million CAD (approximately $0.1 million at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 4.0% per annum with monthly principal and interest payments of $3 thousand, and these leases mature on September 29, 2022. On May 5, 2017, the Company obtained two capital leases for a total of $0.94 million CAD (approximately $0.7 million USD at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 7.8% per annum with monthly principal and interest payments of $9 thousand, and these leases mature on April 30, 2021. On August 5, 2016, the Company obtained a capital lease for 0.6 million Indian Rupees (approximately $8 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this capital lease is 15.6% per annum with monthly principal and interest payments of less than a thousand dollars, and the lease matures on July 5, 2019. On June 26, 2014, the Company obtained two capital leases for $0.9 million CAD (approximately $0.9 million at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 3.25% per annum with monthly principal and interest payments of $14 thousand, and these leases mature on June 25, 2018. On July 1, 2014, the Company obtained a capital lease for $49,000 CAD (approximately $52 thousand at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this capital lease is 3.25% per annum with monthly principal and interest payments of $1 thousand, and the lease matures in June 30, 2018.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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