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Note 12 - Employee Benefit Plans
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12 Months Ended |
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Jan. 31, 2013
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| Compensation and Employee Benefit Plans [Text Block] |
12. Employee
Benefit Plans
We
have a Savings and Retirement Plan (the “Plan”)
that provides benefits to eligible employees. Under the Plan,
as amended and restated effective February 1, 2012, employees
are eligible to participate on the first of the month
following 30 days of employment, provided they are at least
18 years of age, by contributing between 1 percent and
20 percent of pre-tax earnings. Company contributions
match employee contributions at levels as specified in the
Plan document. In addition, we may contribute a portion of
our net profits as determined by our Board of Directors.
Participants are vested immediately in their voluntary
contributions plus actual earnings thereon. Company
contributions plus actual earnings thereon generally vest
ratably over a four year period. Company contributions, which
consist of matching contributions, with respect to the Plan
for the years ended January 31, 2013 and 2012 were
approximately $33,000 and $65,000, respectively. During
fiscal 2013 and fiscal 2012, we made matching contributions
of $14,000 and $32,000 respectively, through forfeited
matching funds previously contributed to the Plan.
We
have obligations to match employee contributions made to the
Plan. Generally, our obligation is equal to 100 percent
of up to 5 percent of employees’ contribution
amounts. If we are unable to meet the requisite matching, the
Plan may need to be amended.
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