Leases

9 Months Ended

Oct. 28, 2023

Note 11 – Leases

We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of one to six years.

Balance sheet and other information related to our leases is as follows:


Operating Leases (In thousands)	Balance Sheet Classification	October 28, 2023		January 31, 2023
Lease Assets	Right of Use Assets	$	650	$	794
Lease Liabilities – Current	Other Liabilities and Accrued Expenses	$	254	$	275
Lease Liabilities – Long Term	Lease Liabilities	$	459	$	555

Lease cost information is as follows:


		Three Months Ended		Nine Months Ended
Operating Leases (In thousands)	Statement of Income Classification	October 28, 2023		October 28, 2023
Operating Lease Costs	General and Administrative Expense	$	103	$	362

		Three Months Ended		Nine Months Ended
Operating Leases (In thousands)	Statement of Income Classification	October 29, 2022		October 29, 2022
Operating Lease Costs	General and Administrative Expense	$	115	$	350

Maturities of operating lease liabilities are as follows:


(In thousands)	October 28, 2023
Fiscal 2024, remaining	$	86
Fiscal 2025		252
Fiscal 2026		193
Fiscal 2027		145
Fiscal 2028		89
Thereafter		—
Total Lease Payments		765
Less: Imputed Interest		(52	)
Total Lease Liabilities	$	713

As of October 28, 2023, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 3.2 years and 4.39%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term.

Supplemental cash flow information related to leases is as follows:


	Three Months Ended		Nine Months Ended
(In thousands)	October 28, 2023		October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	91	$	268

	Three Months Ended		Nine Months Ended
(In thousands)	October 29, 2022		October 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	74	$	237