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Paycheck Protection Program Loan
 6 Months Ended
Jul. 31, 2021
Debt Disclosure [Abstract]  
Paycheck Protection Program Loan
Note 8 – Paycheck Protection Program Loan
On May 6, 2020, we entered into a loan agreement with, and executed a promissory note in favor of Greenwood Credit Union (“Greenwood”) pursuant to which we borrowed $4.4 million (the “PPP Loan”) from Greenwood pursuant to the Paycheck Protection Program (“PPP”) administered by the United States Small Business Administration (the “SBA”) and authorized by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020 (the “PPP Flexibility Act”) which was enacted on June 5, 2020.
The PPP Loan,
which
would have been set to mature on
May 6, 2022,
is unsecured and bears interest at a rate of
1.0%
per annum, accruing from the loan date, and is payable monthly
. No
payments
were due on the PPP Loan until the date on which the lender determines the amount of the PPP Loan that is eligible for forgiveness. The PPP Loan is classified as long-term debt – PPP Loan in the condensed consolidated balance sheet until forgiveness is made. 
On June 15, 2021, 
Greenwood 
notified us that the SBA approved our application for forgiveness of the entire $
4.4
 million principal balance of our PPP Loan and all accrued interest thereon. As a
result
, we recorded a $4.5 million gain on extinguishment of debt in the accompanying condensed consolidated income statement for the three and six months ended July 31,2021.