Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity (Tables)

v3.22.1
Shareholders' Equity (Tables)
12 Months Ended
Jan. 29, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of warrants outstanding [Table Text Block]

    

Warrants

    

Warrants

    

Exercise Price

    

Grant Date

Outstanding

Exercisable

(Per Share)

Expiration Date

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 stock options valuation assumptions [Table Text Block]

Fiscal 2021

    

Fiscal 2020

    

Fiscal 2019

Expected volatility:

82% - 89%

 

75% - 82%

Expected term (in years):

6 years

 

6 years

Risk-free interest rate:

1.0% - 1.3%

 

1.4% - 2.6%

Schedule of stock option activity [Table Text Block]

A summary of the status of the Company’s stock option activity as of January 29, 2022 and changes during the year then ended is as follows:

2020 Plan

2011 Plan

2004 Plan

Option

Weighted Average

Option

Weighted Average

Option

Weighted Average

Shares

Exercise Price

Shares

Exercise Price

Shares

Exercise Price

Balance outstanding, January 30, 2021

$

 

34,000

$

12.87

 

3,000

$

53.49

Granted

158,000

$

7.48

 

$

 

$

Exercised

$

 

$

 

$

Forfeited or canceled

(10,500)

$

9.64

 

(8,300)

$

22.59

 

$

Balance outstanding, January 29, 2022

147,500

$

7.33

 

25,700

$

10.04

 

3,000

$

53.49

Options exercisable at January 29, 2022

10,000

$

8.72

 

22,800

$

10.73

 

3,000

$

53.49

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

The following table summarizes information regarding stock options outstanding at January 29, 2022:

Options Outstanding

Options Vested or Expected to Vest

Weighted

Weighted

Weighted

Average 

Weighted

Average 

Average 

Remaining 

Aggregate

Average 

Remaining 

Aggregate

Number of

Exercise 

Contractual 

Intrinsic 

Number of

Exercise 

Contractual 

Intrinsic 

Option Type

Shares

Price

 

Life (Years)

Value

Shares

Price

 

Life (Years)

Value

2020 Plan

147,500

$

7.33

9.4

$

129,700

$

7.34

9.4

$

2011 Plan

 

25,700

$

10.04

 

5.9

$

2,500

 

25,200

$

10.16

 

5.9

$

2,400

2004 Plan

 

3,000

$

53.49

 

2.2

$

 

3,000

$

53.49

 

2.2

$

Schedule of grant date fair value assumptions, market-based restricted stock performance units [Table Text Block]

    

Fiscal 2019

    

Total grant date fair value

 

$482

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%

Restricted stock vesting criteria for market-based performance

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 restricted stock unit activity [Table Text Block]

A summary of the status of the Company’s non-vested restricted stock unit activity as of January 29, 2022 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, January 30, 2021

 

60,000

$

3.52

 

736,000

$

4.03

 

146,000

$

1.69

942,000

$

3.64

Granted

 

$

 

824,200

$

9.33

 

76,900

$

8.72

901,100

$

9.28

Vested

 

$

 

(451,500)

$

5.82

 

$

(451,500)

$

5.82

Forfeited

 

(2,200)

$

5.10

 

(77,400)

$

4.28

 

$

(79,600)

$

4.30

Non-vested outstanding, January 29, 2022

 

57,800

$

3.47

 

1,031,300

$

7.46

 

222,900

$

4.13

1,312,000

$

6.72