Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity (Tables)

v3.21.1
Shareholders' Equity (Tables)
12 Months Ended
Jan. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of warrants outstanding [Table Text Block] The following table summarizes information regarding warrants outstanding at January 30, 2021:

    

Warrants

    

Warrants

    

Exercise Price

    

Grant Date

Outstanding

Exercisable

(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

367,197

$

2.66

April 14, 2025

May 22, 2020

122,398

122,398

$

2.66

April 14, 2025

June 8, 2020

122,399

122,399

$

2.66

April 14, 2025

June 12, 2020

122,398

122,398

$

2.66

April 14, 2025

July 11, 2020

244,798

244,798

$

2.66

April 14, 2025

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 January 30, 2021 and changes during the twelve-month period then ended is as follows:

Restricted Stock

Weighted

Average

Grant Date

    

Shares

    

Fair Value

Non-vested outstanding, February 1,2020

 

50,000

$

9.39

Granted

 

$

Vested

 

(50,000)

$

9.39

Non-vested outstanding, January 30,2021

 

$

Schedule of stock option valuation assumptions [Table Text Block] 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

    

Fiscal 2018

Expected volatility:

 

75% - 82%

72% - 78%

Expected term (in years):

 

6 years

 

6 years

Risk-free interest rate:

 

1.4% - 2.6%

2.8% - 3.0%

Summary of stock option activity [Table Text Block]

A summary of the status of the Company’s stock option activity as of January 30, 2021 and changes during the year then ended is as follows:

Weighted

Weighted

Average 

Average 

2011

Exercise 

2004

Exercise 

Plan

Price

Plan

Price

Balance outstanding, February 1, 2020

 

247,000

$

12.44

 

6,000

$

51.52

Granted

 

$

 

$

Exercised

 

$

 

$

Forfeited or canceled

 

(213,000)

$

12.37

 

(3,000)

$

48.92

Balance outstanding, January 30, 2021

 

34,000

$

12.87

 

3,000

$

53.49

Options exercisable at January 30, 2021

 

25,000

$

15.00

 

3,000

$

53.49

Schedule of stock options, vested and expected to vest, outstanding [Table Text Block]

The following table summarizes information regarding stock options outstanding at January 30, 2021:

Options Outstanding

Options Vested or Expected to Vest

    

    

    

Weighted

    

    

    

    

Weighted

    

Average 

Average 

Weighted

Remaining 

Weighted

Remaining 

Average 

Contractual 

Aggregate

Average 

Contractual 

Aggregate

Number of

Exercise 

Life 

Intrinsic 

Number of

Exercise 

Life 

Intrinsic 

Option Type

Shares

Price

 

(Years)

Value

Shares

Price

 

(Years)

Value

2011 Incentive:

 

34,000

$

12.87

 

6.1

$

8,000

 

32,000

$

13.14

 

6.0

$

9,000

2004 Incentive:

 

3,000

$

53.49

 

3.1

$

 

3,000

$

53.49

 

3.1

$

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

    

Fiscal 2018

Total grant date fair value

 

$482,000

$859,000

Total grant date fair value per share

 

$5.14

$10.70 - $13.00

Expected volatility

 

74% - 82%

73% - 76%

Weighted average expected life (in years)

 

3 years

3 years

Risk-free interest rate

 

1.7% - 2.3%

2.4% - 2.7%

Restricted stock vesting criteria for market-based performance units issued [Table Text Block]

The percent of the target market-based performance vested restricted stock unit award that will be earned based on the Company’s TSR relative to the peer group is as follows:

    

Percentage of

 

Percentile Rank

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

    

Derived Service

(Per Share)

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 Non-vested Restricted Stock Activity [Table Text Block]

A summary of the status of the Company’s non-vested restricted stock unit activity as of January 30, 2021 and changes during the twelve-month period then ended is as follows:

Restricted Stock Units

Market-Based Units

Time-Based Units

    

Performance-Based Units

    

Total

    

    

Weighted

    

    

Weighted

    

Weighted

    

Weighted

Average

Average 

Average

Average 

Grant Date

Grant Date 

Grant Date

Grant Date 

Shares

    

Fair Value

    

Shares

Fair Value

    

Shares

    

Fair Value

    

Shares

Fair Value

Non-vested outstanding, February 1,2020

 

129,000

$

6.49

 

435,000

$

5.96

 

$

564,000

$

6.08

Granted

 

$

 

471,000

$

2.35

 

146,000

1.69

617,000

$

2.20

Vested

 

$

 

(103,000)

$

4.41

 

(103,000)

$

4.41

Forfeited

 

(69,000)

$

9.05

 

(67,000)

$

4.22

 

(136,000)

$

6.70

Non-vested outstanding, January 30,2021

 

60,000

$

3.52

 

736,000

$

4.03

 

146,000

$

1.69

942,000

$

3.64