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Note 10 - Notes Payable | 6 Months Ended
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Jul. 31, 2023
Notes to Financial Statements |
Long-Term Debt [Text Block] | 10. Notes Payable On February 2, 2023, we entered into a $3.75 million Loan and Security Agreement (“the Loan”). The Loan is due February 1, 2024, and bears interest at 12.9% per annum, payable monthly. The Company has incurred approximately $814,000 of debt acquisition costs associated with the loan including approximately $254,000 in origination and other transaction fees and approximately $484,000 of prepaid interest, which is the interest due through maturity. These costs have been recorded as a reduction to the carrying value of our debt and are amortized to interest expense straight-line over the term of the Loan. Approximately $204,000 and $407,000 of amortization of debt acquisition costs have been recorded as interest expense for the three and six months ended July 31, 2023. The Loan may be repaid at any time without penalty. The Loan is secured by mortgages on certain real estate owned by the Company. The Loan contains terms customary with this type of transaction including representations, warranties, covenants, and reporting requirements. On August 22, 2023, in connection with the sale of Klein, the Loan was repaid in full (see Note 2- "Sale of Subsidiary and Subsequent Events" for additional details).

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