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Leases (Tables) | 3 Months Ended
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Apr. 30, 2020
Operating Leases [Member] |
Schedule of Lease Costs | The following table presents the Company’s lease costs for the three months ended April 30, 2020:
|  | Three Months |
|  | Ended |
|  | 30-Apr-20 |
Operating Lease Costs: |  |  |  |
Operating lease cost* |  | $ | 55,000 |
* Short term lease costs were immaterial.
Schedule of Cash Flow Information | Supplemental cash flow information is as follows:
|  | Three Months |
|  | Ended |
|  | 30-Apr-20 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 41,850 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases, net |  | $ | 2,301,461 |
Long-term obligations |  | $ | 2,240,427 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rates | Weighted average remaining lease terms and discount rates were as follows:
Weighted average remaining lease term (years) |  | April 30, 2020 |
Operating leases |  |  | 37.5 |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 4.85 | %
Schedule of Future Minimum Rental Payments for Operating Lease and Finance Lease | The aggregate future lease payments for Operating Lease Liability as of April 30, 2020 are as follows:
For the Years Ending January 31, |  |  |
Remaining in 2021 |  | $ | 126,930 |
2022 |  |  | 172,177 |
2023 |  |  | 148,348 |
2024 |  |  | 112,116 |
2025 |  |  | 121,459 |
Thereafter |  |  | 5,151,311 |
Total minimum lease payments |  | $ | 5,822,998 |
Less: amount representing interest |  |  | 3,143,792 |
Total present value of minimum payments |  |  | 2,409,207 |
Less: current portion |  | $ | 168,780 |
Long term portion of operating lease liability |  |  | 2,240,427 |
Finance Leases [Member] |
Schedule of Lease Costs | The following table presents the Company’s lease costs for the three months ended April 30, 2020:
|  | Three Months |
|  | Ended |
|  | 30-Apr-20 |
Finance Lease Costs: |  |  |  |
Amortization of right-of-use assets |  | $ | 6,937 |
Interest on lease obligations |  |  | 1,265 |
Schedule of Cash Flow Information | Supplemental cash flow information is as follows:
|  | Three Months |
|  | Ended |
|  | 30-Apr-20 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases |  | $ | 7,781 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Finance leases, net |  | $ | 97,120 |
Long-term obligations |  | $ | 68,880 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rates | Weighted average remaining lease terms and discount rates were as follows:
Weighted average remaining lease term (years) |  | April 30, 2020 |
Finance leases |  |  | 3.75 |
Weighted average discount rate |  |  |  |
Finance leases |  |  | 4.85 | %
Schedule of Future Minimum Rental Payments for Operating Lease and Finance Lease | The aggregate future lease payments for Finance Lease Liability as of April 30, 2020 are as follows:
For the Years Ending January 31, |  |  |
Remaining in 2021 |  | $ | 23,343 |
2022 |  |  | 31,123 |
2023 |  |  | 31,123 |
2024 |  |  | 23,343 |
2025 |  |  | - |
Thereafter |  |  | - |
Total minimum lease payments |  | $ | 108,932 |
Less: amount representing interest |  |  | 8,929 |
Total present value of minimum payments |  |  | 100,003 |
Less: current portion |  | $ | 31,123 |
Long term portion of finance lease liability |  |  | 68,880 |

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