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Related Party Transaction | 12 Months Ended
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Jan. 31, 2020
Related Party Transactions [Abstract] |
Related Party Transaction | Related Party Transaction On October 7, 2016, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (the “Agent”). On December 18, 2019, the Company and Agent entered into an Amended and Restated equity distribution agreement (the “Equity Distribution Agreement”). Pursuant to the Equity Distribution Agreement, the Company may sell up to 500,000 shares of the Series A Preferred Stocked through the Agent through an at the market (“ATM”) offering program. Under the Equity Distribution Agreement, the Agent will be entitled to compensation of up to 2.0% of the gross proceeds from the sale of Series A Preferred Stock under the ATM program. For the twelve months ended January 31, 2020, the Company issued 163,674 shares of Series A Preferred Stock under the ATM offering program. Gross proceeds from these sales were approximately $3.9 million and the Agent received compensation of approximately $78,935, resulting in net proceeds to the Company of $3.9 million for the twelve months ended January 31, 2020. For the three months ended January 31, 2020, the Company issued 66,436 shares of Series A Preferred stock under the ATM offering program. Gross proceeds from these sales were approximately $1.6 million and the Agent received compensation of approximately $31,902, resulting in net proceeds to the Company of $1.6 million for the three months ended January 31, 2020. The Co-Chief Executive Officer and Co-President of Ladenburg Thalmann & Co. Inc is the Non-Executive Chairman of the Company’s board of directors. The Non-Executive Chairman of the Company received no portion of this compensation. At January 31, 2020, the Company has an outstanding obligation payable to the beneficiary of the estate of our former CEO. The obligation, which bears interest at 4% per annum, totals approximately $1.2 million, of which approximately $967,000 is classified as long-term on the Company’s Consolidated Balance Sheet as of January 31, 2020.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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