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Subsequent Events | 3 Months Ended
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Apr. 30, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Subsequent to quarter end, the Company entered into a non-binding agreement to purchase a manufacturing building in Conway Arkansas. The Company has been operating a component fabrication operation in this building since the 1998 under a series of 10 year leases. The current lease expires in March of 2018. The non-binding agreement is to purchase the building for $7,200,000 with Virco making a 20% down payment and the current owner providing financing for 20 years at 4% per year. On June 8, 2017, the Company entered into Amendment No. 15 to the Credit Agreement which, among other things, will allow the restatement of the amount of revolving advances to $14,000,000 for June 2017 and $11,000,000 for July 2017 and extend the time to borrow under the $2,500,000 Equipment Line until March 12, 2018.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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