Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity (Tables)

v3.20.2
Shareholders' Equity (Tables)
6 Months Ended
Aug. 01, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of warrants outstanding [Table Text Block]
The following table summarizes information regarding warrants outstanding at August 1, 2020:
Grant Date
 
Warrants Outstanding
 
Warrants Exercisable
 
Exercise Price
(Per Share)
 
Expiration Date
September 19, 2016
 
297,616

 
297,616

 
$29.00
 
September 19, 2021
November 10, 2016
 
33,386

 
33,386

 
$30.00
 
November 10, 2021
January 23, 2017
 
48,930

 
48,930

 
$17.60
 
January 23, 2022
March 16, 2017
 
5,000

 
5,000

 
$19.20
 
March 16, 2022
May 2, 2019
 
349,998

 
349,998

 
$15.00
 
May 2, 2024
April 17, 2020
 
367,197

 

 
$2.66
 
April 14, 2025
May 22, 2020
 
122,398

 

 
$2.66
 
April 14, 2025
June 8, 2020
 
122,399

 

 
$2.66
 
April 14, 2025
June 12, 2020
 
122,398

 

 
$2.66
 
April 14, 2025
July 11, 2020
 
244,798

 

 
$2.66
 
April 14, 2025
July 11, 2020
 
114,698

 
114,698

 
$0.001
 
April 14, 2030
Schedule of non-vested restricted stock award activity [Table Text Block]
A summary of the status of the Company’s non-vested restricted stock award activity as of August 1, 2020 and changes during the six months then ended is as follows:
 
 
Restricted Stock
 
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Non-vested outstanding, February 1, 2020
 
50,000

 
$
9.39

Granted
 

 
$

Vested
 

 
$

Non-vested outstanding, August 1, 2020
 
50,000

 
$
9.39

Schedule of stock options valuation assumptions [Table Text Block]
The fair value of each time-based vesting option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions noted in the following table. Expected volatilities are based on the historical volatility of the Company's stock. Expected term is calculated using the simplified method taking into consideration the option's contractual life and vesting terms. The Company uses the simplified method in estimating its expected option term because it believes that historical exercise data cannot be accurately relied upon at this time to provide a reasonable basis for estimating an expected term due to the extreme volatility of its stock price and the resulting unpredictability of its stock option exercises. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yields were not used in the fair value computations as the Company has never declared or paid dividends on its common stock and currently intends to retain earnings for use in operations.
 
Fiscal 2019
Expected volatility:
75%
-
82%
Expected term (in years):
6 years
Risk-free interest rate:
1.9%
-
2.6%
Schedule of stock option activity [Table Text Block]
A summary of the status of the Company’s stock option activity as of August 1, 2020 and changes during the six months then ended is as follows:
 
2011
Plan
 
Weighted
Average
Exercise
Price
 
2004
Plan
 
Weighted
Average
Exercise
Price
Balance outstanding, February 1, 2020
247,000

 
$
12.44

 
6,000

 
$
51.52

Granted

 
$

 

 
$

Exercised

 
$

 

 
$

Forfeited or canceled
(55,000
)
 
$
9.25

 
(1,000
)
 
$
46.20

Balance outstanding, August 1, 2020
192,000

 
$
13.34

 
5,000

 
$
52.15

Options exercisable at August 1, 2020
184,000

 
$
13.66

 
5,000

 
$
52.15

Schedule of stock options outstanding, vested and expected to vest [Table Text Block]
The following table summarizes information regarding stock options outstanding at August 1, 2020:
 
Options Outstanding
 
Options Vested or Expected to Vest
Option Type
Number of
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(Years)
 
Aggregate
Intrinsic
Value
 
Number of
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(Years)
 
Aggregate
Intrinsic
Value
2011 Incentive:
192,000

 
$
13.34

 
6.7
 
$

 
191,000

 
$
13.39

 
6.7
 
$

2004 Incentive:
5,000

 
$
52.15

 
3.7
 
$

 
5,000

 
$
52.15

 
3.7
 
$

Schedule of grant date fair value assumptions, market-based restricted stock performance units [Table Text Block]
Grant date fair values were determined using a Monte Carlo valuation model based on assumptions as follows:
 
Fiscal 2019
Total grant date fair value
$482,000
Total grant date fair value per share
$5.14
Expected volatility
74%
-
82%
Weighted average expected life (in years)
3 years
Risk-free interest rate
1.7%
-
2.3%
Schedule of vesting criteria, market-based restricted stock performance units [Table Text Block]
The percent of the target market-based restricted stock performance units that will be earned based on the Company's TSR relative to the peer group is as follows:
Percentile Rank
 
Percentage of
Units Vested
< 33%
 
0%
33%
 
50%
50%
 
100%
100%
 
150%
Valuation assumptions of May 2, 2019 market-based restricted stock unit [Table Text Block]
Grant date fair values and derived service periods for each tranche were determined using a Monte Carlo valuation model based on assumptions, which included a weighted average risk-free interest rate of 2.5%, a weighted average expected life of 2.9 years and an implied volatility of 80% and were as follows for each tranche:
 
 
Fair Value (Per Share)
 
Derived Service Period
Tranche 1 (one year)
 
$3.66
 
1.00 Year
Tranche 2 ($20.00/share)
 
$3.19
 
3.27 Years
Tranche 3 ($40.00/share)
 
$2.85
 
4.53 Years
Schedule of restricted stock unit activity [Table Text Block]
A summary of the status of the Company’s non-vested restricted stock unit activity as of August 1, 2020 and changes during the six-month period then ended is as follows:
 
Restricted Stock Units
 
Market-Based Units
 
Time-Based Units
 
Performance-Based Units
 
Total
 
Shares
 
Weighted Average Grant Date Fair Value
 
Shares
 
Weighted Average Grant Date Fair Value
 
Shares
 
Weighted Average Grant Date Fair Value
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Non-vested outstanding, February 1, 2020
129,000

 
$
6.49

 
435,000

 
$
5.96

 

 
$

 
564,000

 
$
6.08

Granted

 
$

 
412,000

 
$
2.28

 
146,000

 
1.69

 
558,000

 
$
2.12

Vested

 
$

 
(100,000
)
 
$
4.36

 

 

 
(100,000
)
 
$
4.36

Forfeited
(69,000
)
 
$
9.05

 
(46,000
)
 
$
5.02

 

 

 
(115,000
)
 
$
7.46

Non-vested outstanding, August 1, 2020
60,000

 
$
3.52

 
701,000

 
$
4.09

 
146,000

 
$
1.69

 
907,000

 
$
3.67