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Note 10 - Leases | 9 Months Ended
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Oct. 31, 2021
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | Note 10 - Leases Operating Leases. In August 2020, the Company entered into a new lease in Abu Dhabi for land upon which the Company intends to build a facility. The annual payments are initially expected to be approximately 1.2 million U.A.E. Dirhams (approximately $0.3 million at October 31, 2020), inclusive of rent and common charges, with escalation clauses in the agreement. Rent payments are deferred until August 2022. The lease expires in August 2050. Finance Leases. In 2019, the Company obtained two finance leases for a total of CAD 1.1 million (approximately $0.8 million at the prevailing exchange rates on the transaction dates) to finance vehicle equipment. The interest rates for these finance leases were 8.0% per annum with monthly principal and interest payments of less than $0.1 million. These leases mature in August 2023. In 2017, the Company obtained three finance leases for a total of CAD 1.1 million (approximately $0.8 million at the prevailing exchange rates on the transaction dates) to finance vehicle equipment. The interest rates for these finance leases range from 4.0% to 7.8% per annum with monthly principal and interest payments of less than $0.1 million. Two of these leases matured in April 2021 and new leases have been entered into in May 2021 to replace the matured leases. The remaining lease matures in September 2022. The Company has several significant operating lease agreements, with lease terms of one to 30 years, which consist of real estate, vehicles and office equipment leases. These leases do not require any contingent rental payments, impose any financial restrictions or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses; renewal options have not been included in the calculation of the lease liabilities and right-of-use ("ROU") assets as the Company is not reasonably certain to exercise the options. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. The Company does not have any arrangements where it acts as a lessor, other than one sub-lease arrangement. At October 31, 2021, the Company had total operating lease liabilities of $13.0 million and total operating ROU assets of $11.5 million, which are reflected in the consolidated balance sheets. At October 31, 2021, the Company also had total finance lease liabilities of $0.6 million included in current maturities of long-term debt and long-term debt less current maturities, and total finance ROU assets of $0.8 million which were included in property plant and equipment, net of accumulated depreciation in the consolidated balance sheets. Supplemental balance sheet information related to leases is as follows (in thousands):
Operating and Finance leases: |  | October 31, 2021 |  |  | January 31, 2021 |
Finance leases assets: |  |  |  |  |  |  |  |
Property and Equipment - gross |  | $ | 1,254 |  |  | $ | 879 |
Accumulated depreciation and amortization |  |  | (438 | ) |  |  | (96 | )
Property and Equipment - net |  | $ | 816 |  |  | $ | 783 |
Finance lease liabilities: |  |  |  |  |  |  |  |
Finance lease liability short-term |  | $ | 368 |  |  | $ | 300 |
Finance lease liability long-term |  |  | 266 |  |  |  | 401 |
Total finance lease liabilities |  | $ | 634 |  |  | $ | 701 |
Operating lease assets: |  |  |  |  |  |  |  |
Operating lease ROU assets |  | $ | 11,515 |  |  | $ | 13,384 |
Operating lease liabilities: |  |  |  |  |  |  |  |
Operating lease liability short-term |  | $ | 1,427 |  |  | $ | 1,402 |
Operating lease liability long-term |  |  | 11,586 |  |  |  | 13,174 |
Total operating lease liabilities |  | $ | 13,013 |  |  | $ | 14,576 |
Total lease costs consist of the following (in thousands):
Lease costs | Consolidated Statements of Operations Classification |  | Three Months Ended October 31, 2021 |  |  | Three Months Ended October 31, 2020 |  |  | Nine Months Ended October 31, 2021 |  |  | Nine Months Ended October 31, 2020 |
Finance Lease Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets | Cost of sales |  | $ | 65 |  |  | $ | 50 |  |  | $ | 184 |  |  | $ | 151 |
Interest on lease liabilities | Interest expense |  |  | 13 |  |  |  | 17 |  |  |  | 42 |  |  |  | 54 |
Operating lease costs | Cost of sales, SG&A expenses |  |  | 620 |  |  |  | 682 |  |  |  | 1,890 |  |  |  | 1,904 |
Short-term lease costs (1) | Cost of sales, SG&A expenses |  |  | 255 |  |  |  | 53 |  |  |  | 454 |  |  |  | 289 |
Sub-lease income | SG&A expenses |  |  | (20 | ) |  |  | (21 | ) |  |  | (61 | ) |  |  | (61 | )
Total Lease costs |  | $ | 933 |  |  | $ | 781 |  |  | $ | 2,509 |  |  | $ | 2,337 |
(1) Includes variable lease costs, which are immaterial Supplemental cash flow information related to leases is as follows (in thousands):
|  | Nine Months Ended October 31, 2021 |  |  | Nine Months Ended October 31, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Financing cash outflows from finance leases |  | $ | 203 |  |  | $ | 291 |
Operating cash outflows from finance leases |  |  | 28 |  |  |  | 42 |
Operating cash outflows from operating leases |  |  | 985 |  |  |  | 1,470 |
|  | Nine Months Ended October 31, 2021 |  |  | Nine Months Ended October 31, 2020 |
ROU Assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |
Finance leases liabilities |  | $ | 201 |  |  | $ | - |
Operating leases liabilities |  |  | 89 |  |  |  | 3,255 |
Weighted-average lease terms and discount rates are as follows:
|  | October 31, 2021 |
Weighted-average remaining lease terms (in years): |  |  |  |
Finance leases |  |  | 1.7 |
Operating leases |  |  | 13.5 |
Weighted-average discount rates: |  |  |  |
Finance leases |  |  | 8.9 | %
Operating leases |  |  | 7.4 | %
Maturities of lease liabilities as of October 31, 2021, are as follows (in thousands):
Year: |  | Operating Leases |  |  | Finance Leases |
For the three months ended January 31, 2022 |  | $ | 737 |  |  | $ | 102 |
For the year ended January 31, 2023 |  |  | 2,313 |  |  |  | 396 |
For the year ended January 31, 2024 |  |  | 2,299 |  |  |  | 182 |
For the year ended January 31, 2025 |  |  | 1,528 |  |  |  | - |
For the year ended January 31, 2026 |  |  | 1,326 |  |  |  | - |
For the year ended January 31, 2027 |  |  | 1,333 |  |  |  | - |
Thereafter |  |  | 12,322 |  |  |  | - |
Total lease payments |  |  | 21,858 |  |  |  | 680 |
Less: amount representing interest |  |  | (8,845 | ) |  |  | (46 | )
Total lease liabilities at October 31, 2021 |  | $ | 13,013 |  |  | $ | 634 |
Rent expense on operating leases, which is recorded on straight-line basis, was $0.9 million for the three months ended October 31, 2021 and 2020, respectively.

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