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Note 3 - Correction of Immaterial Errors | 12 Months Ended
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Jan. 31, 2020
Notes to Financial Statements |
Accounting Changes and Error Corrections [Text Block] | Note 3 - Correction of immaterial errors In the fourth quarter of 2019, management discovered prior period errors that accumulated over several years relating to accounting for leases with escalation clauses. The cumulative adjustment for the errors covering the period from February 1, 2018 to January 31, 2020 was approximately $0.6 million. The adjustment applicable to the beginning retained earnings as February 1, 2018 was approximately $0.6 million and the adjustment to the consolidated statement of operations for the year ended January 31, 2019 was less than $0.1 million. Pursuant to the guidance of Staff Accounting Bulletin ("SAB") No. 99, Materiality, the Company concluded that the errors were not material to any of its prior period financial statements. Although the errors were immaterial to prior periods, the prior period financial statements were revised, in accordance with SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements , due to the significance of the out-of-period correction. A reconciliation of the effects of the adjustments to the previously reported balance sheet at January 31, 2019 follows:
(In thousands) |  | As Reported |  |  | Adjustment |  |  | Revised |
Other long-term liabilities |  | $ | 688 |  |  | $ | 659 |  |  | $ | 1,347 |
Total long-term liabilities |  |  | 12,757 |  |  |  | 659 |  |  |  | 13,416 |
Accumulated deficit |  |  | (3,632 | ) |  |  | (659 | ) |  |  | (4,291 | )
Total stockholders' equity |  |  | 52,360 |  |  |  | (659 | ) |  |  | 51,701 |
A reconciliation of the effects of the adjustments to the previously reported statement of operations for the year ended January 31, 2019 follows:
(In thousands) |  | As Reported |  |  | Adjustment |  |  | Revised |
Cost of Sales |  | $ | 105,626 |  |  | $ | 21 |  |  | $ | 105,647 |
Gross profit |  |  | 23,339 |  |  |  | (21 | ) |  |  | 23,318 |
Income from operations |  |  | 2,743 |  |  |  | (21 | ) |  |  | 2,722 |
Income from operations before income taxes |  |  | 1,621 |  |  |  | (21 | ) |  |  | 1,600 |
Net loss |  |  | (529 | ) |  |  | (21 | ) |  |  | (550 | )
A reconciliation of the effects of the adjustments to the previously reported statement of comprehensive loss for the year ended January 31, 2019 follows:
(In thousands) |  | As Reported |  |  | Adjustment |  |  | Revised |
Net loss |  | $ | (529 | ) |  | $ | (21 | ) |  | $ | (550 | )
Comprehensive loss |  |  | (1,943 | ) |  |  | (21 | ) |  |  | (1,964 | )
A reconciliation of the effects of the adjustments to the previously reported statement of cash flows for the year ended January 31, 2019 follows:
(In thousands) |  | As Reported |  |  | Adjustment |  |  | Revised |
Net loss |  | $ | (529 | ) |  | $ | (21 | ) |  | $ | (550 | )
Other assets and liabilities |  |  | 508 |  |  |  | 21 |  |  |  | 529 |
A reconciliation of the effects of the adjustments to the previously reported statement of stockholders' equity for the year ended January 31, 2019 follows:
(In thousands) |  | As Reported |  |  | Adjustment |  |  | Revised |
Net loss |  | $ | (529 | ) |  | $ | (21 | ) |  | $ | (550 | )
Accumulated deficit |  |  | (3,632 | ) |  |  | (659 | ) |  |  | (4,291 | )
Stockholders' equity |  |  | 52,360 |  |  |  | (659 | ) |  |  | 51,701 |
A reconciliation of the effects of the adjustments to the previously reported statement of stockholders' equity for the year ended January 31, 2018 follows:
(In thousands) |  | As Reported |  |  | Adjustment |  |  | Revised |
Accumulated deficit |  | $ | (3,103 | ) |  | $ | (638 | ) |  | $ | (3,741 | )
Stockholders' equity |  |  | 51,812 |  |  |  | (638 | ) |  | $ | 51,174 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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