Shareholders' Equity (Tables)
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6 Months Ended |
Jul. 31, 2021 |
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| Share-based Payment Arrangement, Noncash Expense [Abstract] |
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| Schedule of warrants outstanding [Table Text Block] |
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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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297,619 |
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297,619 |
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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 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.
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Fiscal 2021 |
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Expected volatility: |
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89% |
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Expected term (in years): |
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6 years |
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Risk-free interest rate: |
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1.05% |
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| Schedule of stock option activity [Table Text Block] |
A summary of the status of the Company’s stock option activity as of July 31, 2021 and changes during the six months then ended is as follows:
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2020 |
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Weighted |
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Weighted |
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Weighted |
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Equity |
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Average |
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Average |
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Average |
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Incentive |
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Exercise |
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 |
Plan |
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Price |
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Plan |
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Price |
Balance outstanding, January 30, 2021 |
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— |
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$ |
— |
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34,000 |
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$ |
12.87 |
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3,000 |
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$ |
53.49 |
Granted |
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68,000 |
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$ |
9.08 |
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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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$ |
— |
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— |
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$ |
— |
Forfeited or canceled |
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— |
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$ |
— |
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— |
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$ |
— |
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— |
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$ |
— |
Balance outstanding, July 31, 2021 |
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68,000 |
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$ |
9.08 |
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34,000 |
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$ |
12.87 |
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3,000 |
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$ |
53.49 |
Options exercisable at July 31, 2021 |
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— |
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$ |
— |
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30,000 |
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$ |
13.67 |
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3,000 |
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$ |
53.49 |
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| Schedule of stock options outstanding, vested and expected to vest [Table Text Block] |
The following table summarizes information regarding stock options outstanding as of July 31, 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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68,000 |
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$ |
9.08 |
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9.6 |
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$ |
— |
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42,000 |
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8.72 |
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9.6 |
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$ |
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2011 Incentive: |
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34,000 |
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$ |
12.87 |
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5.6 |
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$ |
16,000 |
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33,000 |
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$ |
13.01 |
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5.5 |
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$ |
15,000 |
2004 Incentive: |
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3,000 |
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$ |
53.49 |
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2.6 |
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$ |
— |
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3,000 |
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$ |
53.49 |
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2.6 |
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$ |
— |
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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 restricted stock unit activity [Table Text Block] |
A summary of the status of the Company’s non-vested restricted stock unit activity as of July 31, 2021 and changes during the six-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, January 30, 2021 |
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60,000 |
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$ |
3.52 |
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736,000 |
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$ |
4.03 |
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146,000 |
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$ |
1.69 |
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942,000 |
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$ |
3.64 |
Granted |
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77,000 |
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$ |
8.72 |
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812,000 |
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$ |
9.05 |
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— |
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$ |
— |
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889,000 |
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$ |
9.02 |
Vested |
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— |
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$ |
— |
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(334,000) |
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$ |
5.82 |
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— |
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$ |
— |
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(334,000) |
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$ |
5.82 |
Forfeited |
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— |
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$ |
— |
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(171,000) |
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$ |
9.78 |
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— |
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$ |
— |
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(171,000) |
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$ |
9.78 |
Non-vested outstanding, July 31, 2021 |
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137,000 |
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$ |
5.46 |
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1,043,000 |
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$ |
5.82 |
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146,000 |
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$ |
1.69 |
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1,326,000 |
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$ |
5.33 |
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