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Brazil Management and Share Purchase Agreement-Arbitration Award and Settlement Agreement | 3 Months Ended
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Apr. 30, 2014
Brazil Management and Share Purchase Agreement [Abstract] |
Brazil Management and Share Purchase Agreement [Text Block] | 13. Brazil Management and Share Purchase Agreement-Arbitration Award and Settlement Agreement Lakeland Industries, Inc. and its wholly-owned subsidiary, Lakeland Brasil S.A. (“Lakeland Brasil” and together with Lakeland Industries, Inc., the “Company”) were parties to an arbitration proceeding in Brazil involving the Company and two former officers (the “former officers”) of Lakeland Brasil. On May 8, 2012, the Company received notice of an arbitral award in favor of the former officers. On September 11, 2012, the Company and the former officers entered into a settlement agreement (the “Settlement Agreement”) which fully and finally resolved all alleged outstanding claims against the Company arising from the arbitration proceeding. Pursuant to the Settlement Agreement, the Company agreed to a payment schedule to the former officers with a balance remaining as of April 30, 2014 of $4.75 million in US dollars consisting of 19 consecutive quarterly installments of US $250,000 ending on December 31, 2018. The Company is current with all obligations pursuant to this Settlement Agreement. There is no interest payable. This amount is shown on the accompanying Balance Sheet as $1,000,000 current maturity of arbitration settlement and $3,566,904 long-term portion (net of $183,096 of imputed interest). In addition, pursuant to the Settlement Agreement, as additional security for payment of the Settlement Amount, Lakeland Brasil agreed to grant the former officers a second mortgage interest on certain of its property in Brazil, which mortgage is expressly behind the lien securing the payment of tax debts to a state within Brazil related to certain notices of tax assessment on such property. The Company also agreed to become a co-obligor, in lieu of a guarantor, for payment of the Settlement Amount.

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