Shareholders' Equity (Tables)
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12 Months Ended |
Jan. 30, 2021 |
Share-based Payment Arrangement, Noncash Expense [Abstract] |
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Schedule of warrants outstanding [Table Text Block] |
The following table summarizes information regarding warrants outstanding at January 30, 2021:
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Warrants |
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Warrants |
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Exercise Price |
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Grant Date |
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Outstanding |
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Exercisable |
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(Per Share) |
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Expiration Date |
September 19, 2016 |
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297,616 |
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297,616 |
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$ |
29.00 |
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September 19, 2021 |
November 10, 2016 |
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33,386 |
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33,386 |
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$ |
30.00 |
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November 10, 2021 |
January 23, 2017 |
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48,930 |
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48,930 |
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$ |
17.60 |
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January 23, 2022 |
March 16, 2017 |
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5,000 |
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5,000 |
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$ |
19.20 |
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March 16, 2022 |
May 2, 2019 |
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349,998 |
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349,998 |
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$ |
15.00 |
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May 2, 2024 |
April 17, 2020 |
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367,197 |
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367,197 |
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$ |
2.66 |
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April 14, 2025 |
May 22, 2020 |
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122,398 |
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122,398 |
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$ |
2.66 |
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April 14, 2025 |
June 8, 2020 |
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122,399 |
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122,399 |
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$ |
2.66 |
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April 14, 2025 |
June 12, 2020 |
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122,398 |
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122,398 |
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$ |
2.66 |
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April 14, 2025 |
July 11, 2020 |
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244,798 |
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244,798 |
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$ |
2.66 |
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April 14, 2025 |
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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:
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Restricted Stock |
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Weighted |
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Average |
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Grant Date |
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Shares |
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Fair Value |
Non-vested outstanding, February 1,2020 |
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50,000 |
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$ |
9.39 |
Granted |
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— |
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$ |
— |
Vested |
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(50,000) |
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$ |
9.39 |
Non-vested outstanding, January 30,2021 |
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— |
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$ |
— |
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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.
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Fiscal 2019 |
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Fiscal 2018 |
Expected volatility: |
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75% - 82% |
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72% - 78% |
Expected term (in years): |
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6 years |
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6 years |
Risk-free interest rate: |
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1.4% - 2.6% |
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2.8% - 3.0% |
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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:
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Weighted |
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Weighted |
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Average |
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Average |
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2011 |
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Exercise |
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2004 |
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Exercise |
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Plan |
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Price |
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Plan |
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Price |
Balance outstanding, February 1, 2020 |
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247,000 |
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$ |
12.44 |
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6,000 |
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$ |
51.52 |
Granted |
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— |
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$ |
— |
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— |
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$ |
— |
Exercised |
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— |
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$ |
— |
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— |
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$ |
— |
Forfeited or canceled |
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(213,000) |
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$ |
12.37 |
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(3,000) |
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$ |
48.92 |
Balance outstanding, January 30, 2021 |
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34,000 |
|
$ |
12.87 |
|
3,000 |
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$ |
53.49 |
Options exercisable at January 30, 2021 |
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25,000 |
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$ |
15.00 |
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3,000 |
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$ |
53.49 |
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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:
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Options Outstanding |
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Options Vested or Expected to Vest |
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Weighted |
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Weighted |
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Average |
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Average |
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Weighted |
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Remaining |
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Weighted |
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Remaining |
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Average |
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Contractual |
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Aggregate |
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Average |
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Contractual |
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Aggregate |
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Number of |
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Exercise |
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Life |
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Intrinsic |
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Number of |
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Exercise |
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Life |
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Intrinsic |
Option Type |
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Shares |
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Price |
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(Years) |
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Value |
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Shares |
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Price |
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(Years) |
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Value |
2011 Incentive: |
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34,000 |
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$ |
12.87 |
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6.1 |
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$ |
8,000 |
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32,000 |
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$ |
13.14 |
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6.0 |
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$ |
9,000 |
2004 Incentive: |
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3,000 |
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$ |
53.49 |
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3.1 |
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$ |
— |
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3,000 |
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$ |
53.49 |
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3.1 |
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$ |
— |
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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:
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Fiscal 2019 |
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Fiscal 2018 |
Total grant date fair value |
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$482,000 |
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$859,000 |
Total grant date fair value per share |
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$5.14 |
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$10.70 - $13.00 |
Expected volatility |
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74% - 82% |
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73% - 76% |
Weighted average expected life (in years) |
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3 years |
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3 years |
Risk-free interest rate |
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1.7% - 2.3% |
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2.4% - 2.7% |
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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:
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Percentage of |
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Percentile Rank |
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Units Vested |
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< 33% |
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0 |
% |
33% |
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50 |
% |
50% |
|
100 |
% |
100% |
|
150 |
% |
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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:
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Fair Value |
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Derived Service |
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(Per Share) |
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Period |
Tranche 1 (one year) |
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$ |
3.66 |
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1.00 Year |
Tranche 2 ($20.00/share) |
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$ |
3.19 |
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3.27 Years |
Tranche 3 ($40.00/share) |
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$ |
2.85 |
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4.53 Years |
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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:
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Restricted Stock Units |
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Market-Based Units |
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Time-Based Units |
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Performance-Based Units |
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Total |
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Weighted |
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Weighted |
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Weighted |
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Weighted |
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Average |
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Average |
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Average |
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Average |
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Grant Date |
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Grant Date |
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Grant Date |
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Grant Date |
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Shares |
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Fair Value |
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Shares |
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Fair Value |
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Shares |
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Fair Value |
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Shares |
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Fair Value |
Non-vested outstanding, February 1,2020 |
|
129,000 |
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$ |
6.49 |
|
435,000 |
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$ |
5.96 |
|
— |
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$ |
— |
|
564,000 |
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$ |
6.08 |
Granted |
|
— |
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$ |
— |
|
471,000 |
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$ |
2.35 |
|
146,000 |
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|
1.69 |
|
617,000 |
|
$ |
2.20 |
Vested |
|
— |
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$ |
— |
|
(103,000) |
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$ |
4.41 |
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— |
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|
— |
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(103,000) |
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$ |
4.41 |
Forfeited |
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(69,000) |
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$ |
9.05 |
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(67,000) |
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$ |
4.22 |
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— |
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— |
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(136,000) |
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$ |
6.70 |
Non-vested outstanding, January 30,2021 |
|
60,000 |
|
$ |
3.52 |
|
736,000 |
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$ |
4.03 |
|
146,000 |
|
$ |
1.69 |
|
942,000 |
|
$ |
3.64 |
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