covid-19 and depressed oil and gas market the company 's results of operations , financial condition , liquidity and cash flow in 2020 have been materially adversely affected by the covid-19 pandemic and the current depressed market prices for oil and gas , and will likely continue to be materially adversely affected , the extent to which remains unclear at this time . see item 1a . risk factors for additional information . as of the date of filing this form 10-k , all of the company 's plants are operating and , to date , the company 's global supply chains have not been materially affected by the global pandemic . due to the unprecedented actions taken to stem the spread of the virus and the uncertainty of the duration and impact of additional actions that may be required , the resulting future disruptions to the company 's operations are uncertain . in response to the extraordinary steps taken to combat the spread of covid-19 and the impact of decreased oil prices , the company has updated its forecasts more frequently during this period to determine the continuing financial impact of these events on the company 's results of operations , financial condition and liquidity . as a result of these reforecasts , the company reduced headcount , planned capital expenditures and non-essential operating expenses . due to continued project delays as a result of the covid-19 pandemic and related disruptions , as of january 31 , 2021 , the company and its subsidiaries failed to achieve the necessary fixed charge coverage ratio of 1.10 to 1.00 for the three-month period ended january 31 , 2021 under its amendment and waiver for the north american loan parties . based upon the actions taken by the company and expected future results , the company believes it has alleviated any concerns about its ability to satisfy its obligations in the normal course of business for the next year after the date these financial statements are available to be issued . see further discussion below and in note 5 - debt , in the notes to consolidated financial statements . on may 1 , 2020 , the company entered into a loan agreement under the ppp and received proceeds of approximately $ 3.2 million . interest on the loan accrued at a fixed interest rate of 1.0 % . under section 1106 of the cares act , borrowers are eligible for forgiveness of principal and accrued interest on the loans to the extent that the proceeds are used to cover eligible payroll costs , mortgage interest costs , rent and utility costs , otherwise described as qualified expenses . during the three months ended july 31 , 2020 , the company used all of the ppp loan proceeds to pay for qualified expenses . 100 % of the ppp loan proceeds were used for payroll related expenses . the company believes the ppp loan proceeds will be forgiven under the terms of the cares act , although no assurance to that effect can be provided . under the current provisions of the cares act , any recipient of a ppp loan may be subject to an audit by the sba to confirm it qualifies for the loan and that the proceeds were used for qualified expenses as prescribed by the ppp rules . based on the facts and circumstances of the company 's ppp loan and according to the applicable accounting guidance described herein , the company has elected to account for the ppp loan proceeds as a grant that has reasonable assurance of being forgiven . as such , the company recognized the proceeds in earnings during the year ended january 31 , 2021. the amounts are recognized in other income in the consolidated statements of operations . the company has submitted its application and supporting documentation for forgiveness to its bank , which has submitted the application and supporting documents to the sba . we are currently awaiting approval of forgiveness from the sba . beginning in april 2020 , the company 's subsidiary , perma-pipe canada , ltd. ( `` ppca `` ) , applied for relief in the form of grants from the canadian government under the cews program . based on the cews program rules , the grants are applied for each month and are granted based on the amount of eligible employee expenses incurred over the previous month . beginning in october 2020 , ppca also applied for grants under the cers program . ppca was approved for and received approximately $ 1.9 million and $ 0.1 million in grants under the cews and cers programs , respectively , during the year ended january 31 , 2021. both programs are scheduled to continue through june 2021. the proceeds from cews and cers are recognized in other income in the consolidated statements of operations . results of operations the analysis presented below and discussed in more detail throughout this md & a was organized to provide instructive information for better understanding the company 's results of operations , financial condition and cash flows . however , this md & a should be read in conjunction with the consolidated financial statements in item 8 of this annual report on form 10-k , including the notes thereto and the risk factors contained herein . the company 's fiscal year ends on january 31. years , results and balances described as 2020 and 2019 are for the fiscal years ended january 31 , 2021 and 2020 , respectively 12 consolidated results of operations : replace_table_token_1_th 2020 compared to 2019 net sales : net sales were $ 84.7 million in 2020 , a decrease of $ 42.9 million , or 33.7 % , from $ 127.7 million in 2019 . story_separator_special_tag interest on the loan accrued at a fixed interest rate of 1.0 % , and the loan had a maturity date of april 28 , 2022. under section 1106 of the cares act , borrowers are eligible for forgiveness of principal and accrued interest on the loans to the extent that the proceeds are used to cover eligible payroll costs , mortgage interest costs , rent and utility costs , otherwise described as qualified expenses . during the three months ended july 31 , 2020 , the company used all of the ppp loan proceeds to pay for qualified expenses . 100 % of the ppp loan proceeds were used for payroll related expenses . the company believes the ppp loan proceeds will be forgiven under the terms of the cares act , although no assurance to such effect may be provided . under the current provisions of the cares act , any recipients of a ppp loan may be subject to an audit by the sba to confirm they qualify for the loan and that the proceeds were used for qualified expenses as prescribed by the program rules . based on the facts and circumstances of the company 's loan and according to the applicable accounting guidance described herein , the company has elected to account for the ppp proceeds as a grant that has reasonable assurance of being forgiven . as such , the company recognized the proceeds in earnings during the year ended january 31 , 2021. the amounts are recognized in other income in the consolidated statements of operations . additional liquidity from the cews and cers programs beginning in april 2020 , the company 's subsidiary , ppca , applied for relief in the form of grants from the canadian government under the cews program . based on the program rules , the grants are applied for each month and are granted based on the amount of eligible employee expenses incurred over the previous month . beginning in october 2020 , ppca also applied for grants under the cers program . ppca was approved for and received approximately $ 1.9 million and $ 0.1 million in grants under the cews and cers programs , respectively , during the year ended january 31 , 2021. both programs are scheduled to continue through june 2021. the proceeds from cews and cers are recognized in other income in the consolidated statements of operations . 17 accounts receivable : in 2013 , the company started a project in the middle east as a sub-contractor , with billings in the aggregate amount of approximately $ 41.9 million . the company completed all of its deliverables in 2015 , and has since then collected approximately $ 38.1 million , with a remaining balance due in the amount of $ 3.8 million . included in this balance is an amount of $ 3.4 million , which pertains to retention clauses within the agreements of the company 's customer ( contractor ) , and which become payable by the customer when this project is fully tested and commissioned . in the absence of a firm date for the final commissioning of the project , and due to the long-term nature of this receivable , $ 2.4 million of this retention amount was reclassified to a long-term receivable account . the company has been engaged in ongoing active efforts to collect the outstanding amount . during 2020 , the company received approximately $ 0.2 million from the customer . the company has also received an updated acknowledgment of the outstanding balances and assurances of payment from the customer . as a result , the company did not reserve any allowance against this amount as of january 31 , 2021. however , if the company 's efforts to collect on this account are not successful in fiscal 2021 , then the company may be required to recognize an allowance for all , or substantially all , of any such then uncollected amounts in the future . critical accounting estimates and policies the company 's significant accounting policies are discussed in the notes to consolidated financial statements included in item 8 of this annual report on form 10-k. the application of certain of these policies requires significant judgments or a historical based estimation process that can affect the results of operations and financial position of the company , as well as the related footnote disclosures . the company bases its estimates on historical experience and other assumptions that it believes are reasonable . if actual amounts ultimately differ from previous estimates , the revisions are included in the company 's results of operations for the period in which the actual amounts become known . revenue recognition . in accordance with accounting standards update no . 2014-19 , “ revenue from contracts with customers ” ( “ asc 606 ” ) , the company recognizes revenue when a customer obtains control of promised goods or services . see note 4 - revenue recognition , in the notes to consolidated financial statements , for more detail . percentage of completion revenue recognition . certain domestic divisions have contracts that recognize revenues using periodic recognition of income . for these contracts , the company uses the `` percentage of completion `` accounting method . under this approach , income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete . the choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project . the percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract . provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined . changes in job performance , job conditions , and estimated profitability , including those arising from contract penalty provisions and final contract

liquidity and capital resources cash and cash equivalents as of january 31 , 2021 and 2020 were $ 7.2 million and $ 13.4 million , respectively . on january 31 , 2021 , $ 0.1 million was held in the united states and $ 7.1 million was held by the company 's foreign subsidiaries . the company 's working capital was $ 25.6 million on january 31 , 2021 compared to $ 31.4 million on january 31 , 2020 . of the working capital components , cash decreased $ 6.2 millio n primarily as a result of the activity discussed below . net cash provided by operating activities was $ 0.2 million in 2020 compared to $ 4.1 million in 2019. this decrease of $ 4.0 million was due primarily to the decrease in net income and increases in prepaid expenses and other current assets , partially offset by decreases in inventory and increases in accounts payable in the current period compared to the prior year period . net cash used in investing activities during 2020 and 2019 was $ 2.0 million and $ 1.9 million , respectively . net cash used in financing activities was $ 4.1 million in 2020 compared to $ 0.3 million in 2019. the primary reason for this change was that during the current period the company had greater net repayments under its revolving credit facility of approximately $ 3.2 million , as compared to the prior year period where the company had net borrowings under its revolving credit facility of approximately $ 0.3 million . debt totaled $ 13.2 million and $ 16.9 million as of january 31 , 2021 and january 31 , 2020 , respectively . for additional information , see note 5 - debt , in the notes to consolidated financial statements . there was no restricted cash held in the united states on january 31 , 2021 or january 31 , 2020. restricted cash held by foreign subsidiaries was $ 1.2 million and $ 1.3 million as of january 31 , 2021 and 2020 , respectively . restricted cash held by foreign subsidiaries related to fixed deposits that also serve as security deposits and guarantees .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources cash and cash equivalents as of january 31 , 2021 and 2020 were $ 7.2 million and $ 13.4 million , respectively . on january 31 , 2021 , $ 0.1 million was held in the united states and $ 7.1 million was held by the company 's foreign subsidiaries . the company 's working capital was $ 25.6 million on january 31 , 2021 compared to $ 31.4 million on january 31 , 2020 . of the working capital components , cash decreased $ 6.2 millio n primarily as a result of the activity discussed below . net cash provided by operating activities was $ 0.2 million in 2020 compared to $ 4.1 million in 2019. this decrease of $ 4.0 million was due primarily to the decrease in net income and increases in prepaid expenses and other current assets , partially offset by decreases in inventory and increases in accounts payable in the current period compared to the prior year period . net cash used in investing activities during 2020 and 2019 was $ 2.0 million and $ 1.9 million , respectively . net cash used in financing activities was $ 4.1 million in 2020 compared to $ 0.3 million in 2019. the primary reason for this change was that during the current period the company had greater net repayments under its revolving credit facility of approximately $ 3.2 million , as compared to the prior year period where the company had net borrowings under its revolving credit facility of approximately $ 0.3 million . debt totaled $ 13.2 million and $ 16.9 million as of january 31 , 2021 and january 31 , 2020 , respectively . for additional information , see note 5 - debt , in the notes to consolidated financial statements . there was no restricted cash held in the united states on january 31 , 2021 or january 31 , 2020. restricted cash held by foreign subsidiaries was $ 1.2 million and $ 1.3 million as of january 31 , 2021 and 2020 , respectively . restricted cash held by foreign subsidiaries related to fixed deposits that also serve as security deposits and guarantees .
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 Suspicious Activity Report : covid-19 and depressed oil and gas market the company 's results of operations , financial condition , liquidity and cash flow in 2020 have been materially adversely affected by the covid-19 pandemic and the current depressed market prices for oil and gas , and will likely continue to be materially adversely affected , the extent to which remains unclear at this time . see item 1a . risk factors for additional information . as of the date of filing this form 10-k , all of the company 's plants are operating and , to date , the company 's global supply chains have not been materially affected by the global pandemic . due to the unprecedented actions taken to stem the spread of the virus and the uncertainty of the duration and impact of additional actions that may be required , the resulting future disruptions to the company 's operations are uncertain . in response to the extraordinary steps taken to combat the spread of covid-19 and the impact of decreased oil prices , the company has updated its forecasts more frequently during this period to determine the continuing financial impact of these events on the company 's results of operations , financial condition and liquidity . as a result of these reforecasts , the company reduced headcount , planned capital expenditures and non-essential operating expenses . due to continued project delays as a result of the covid-19 pandemic and related disruptions , as of january 31 , 2021 , the company and its subsidiaries failed to achieve the necessary fixed charge coverage ratio of 1.10 to 1.00 for the three-month period ended january 31 , 2021 under its amendment and waiver for the north american loan parties . based upon the actions taken by the company and expected future results , the company believes it has alleviated any concerns about its ability to satisfy its obligations in the normal course of business for the next year after the date these financial statements are available to be issued . see further discussion below and in note 5 - debt , in the notes to consolidated financial statements . on may 1 , 2020 , the company entered into a loan agreement under the ppp and received proceeds of approximately $ 3.2 million . interest on the loan accrued at a fixed interest rate of 1.0 % . under section 1106 of the cares act , borrowers are eligible for forgiveness of principal and accrued interest on the loans to the extent that the proceeds are used to cover eligible payroll costs , mortgage interest costs , rent and utility costs , otherwise described as qualified expenses . during the three months ended july 31 , 2020 , the company used all of the ppp loan proceeds to pay for qualified expenses . 100 % of the ppp loan proceeds were used for payroll related expenses . the company believes the ppp loan proceeds will be forgiven under the terms of the cares act , although no assurance to that effect can be provided . under the current provisions of the cares act , any recipient of a ppp loan may be subject to an audit by the sba to confirm it qualifies for the loan and that the proceeds were used for qualified expenses as prescribed by the ppp rules . based on the facts and circumstances of the company 's ppp loan and according to the applicable accounting guidance described herein , the company has elected to account for the ppp loan proceeds as a grant that has reasonable assurance of being forgiven . as such , the company recognized the proceeds in earnings during the year ended january 31 , 2021. the amounts are recognized in other income in the consolidated statements of operations . the company has submitted its application and supporting documentation for forgiveness to its bank , which has submitted the application and supporting documents to the sba . we are currently awaiting approval of forgiveness from the sba . beginning in april 2020 , the company 's subsidiary , perma-pipe canada , ltd. ( `` ppca `` ) , applied for relief in the form of grants from the canadian government under the cews program . based on the cews program rules , the grants are applied for each month and are granted based on the amount of eligible employee expenses incurred over the previous month . beginning in october 2020 , ppca also applied for grants under the cers program . ppca was approved for and received approximately $ 1.9 million and $ 0.1 million in grants under the cews and cers programs , respectively , during the year ended january 31 , 2021. both programs are scheduled to continue through june 2021. the proceeds from cews and cers are recognized in other income in the consolidated statements of operations . results of operations the analysis presented below and discussed in more detail throughout this md & a was organized to provide instructive information for better understanding the company 's results of operations , financial condition and cash flows . however , this md & a should be read in conjunction with the consolidated financial statements in item 8 of this annual report on form 10-k , including the notes thereto and the risk factors contained herein . the company 's fiscal year ends on january 31. years , results and balances described as 2020 and 2019 are for the fiscal years ended january 31 , 2021 and 2020 , respectively 12 consolidated results of operations : replace_table_token_1_th 2020 compared to 2019 net sales : net sales were $ 84.7 million in 2020 , a decrease of $ 42.9 million , or 33.7 % , from $ 127.7 million in 2019 . story_separator_special_tag interest on the loan accrued at a fixed interest rate of 1.0 % , and the loan had a maturity date of april 28 , 2022. under section 1106 of the cares act , borrowers are eligible for forgiveness of principal and accrued interest on the loans to the extent that the proceeds are used to cover eligible payroll costs , mortgage interest costs , rent and utility costs , otherwise described as qualified expenses . during the three months ended july 31 , 2020 , the company used all of the ppp loan proceeds to pay for qualified expenses . 100 % of the ppp loan proceeds were used for payroll related expenses . the company believes the ppp loan proceeds will be forgiven under the terms of the cares act , although no assurance to such effect may be provided . under the current provisions of the cares act , any recipients of a ppp loan may be subject to an audit by the sba to confirm they qualify for the loan and that the proceeds were used for qualified expenses as prescribed by the program rules . based on the facts and circumstances of the company 's loan and according to the applicable accounting guidance described herein , the company has elected to account for the ppp proceeds as a grant that has reasonable assurance of being forgiven . as such , the company recognized the proceeds in earnings during the year ended january 31 , 2021. the amounts are recognized in other income in the consolidated statements of operations . additional liquidity from the cews and cers programs beginning in april 2020 , the company 's subsidiary , ppca , applied for relief in the form of grants from the canadian government under the cews program . based on the program rules , the grants are applied for each month and are granted based on the amount of eligible employee expenses incurred over the previous month . beginning in october 2020 , ppca also applied for grants under the cers program . ppca was approved for and received approximately $ 1.9 million and $ 0.1 million in grants under the cews and cers programs , respectively , during the year ended january 31 , 2021. both programs are scheduled to continue through june 2021. the proceeds from cews and cers are recognized in other income in the consolidated statements of operations . 17 accounts receivable : in 2013 , the company started a project in the middle east as a sub-contractor , with billings in the aggregate amount of approximately $ 41.9 million . the company completed all of its deliverables in 2015 , and has since then collected approximately $ 38.1 million , with a remaining balance due in the amount of $ 3.8 million . included in this balance is an amount of $ 3.4 million , which pertains to retention clauses within the agreements of the company 's customer ( contractor ) , and which become payable by the customer when this project is fully tested and commissioned . in the absence of a firm date for the final commissioning of the project , and due to the long-term nature of this receivable , $ 2.4 million of this retention amount was reclassified to a long-term receivable account . the company has been engaged in ongoing active efforts to collect the outstanding amount . during 2020 , the company received approximately $ 0.2 million from the customer . the company has also received an updated acknowledgment of the outstanding balances and assurances of payment from the customer . as a result , the company did not reserve any allowance against this amount as of january 31 , 2021. however , if the company 's efforts to collect on this account are not successful in fiscal 2021 , then the company may be required to recognize an allowance for all , or substantially all , of any such then uncollected amounts in the future . critical accounting estimates and policies the company 's significant accounting policies are discussed in the notes to consolidated financial statements included in item 8 of this annual report on form 10-k. the application of certain of these policies requires significant judgments or a historical based estimation process that can affect the results of operations and financial position of the company , as well as the related footnote disclosures . the company bases its estimates on historical experience and other assumptions that it believes are reasonable . if actual amounts ultimately differ from previous estimates , the revisions are included in the company 's results of operations for the period in which the actual amounts become known . revenue recognition . in accordance with accounting standards update no . 2014-19 , “ revenue from contracts with customers ” ( “ asc 606 ” ) , the company recognizes revenue when a customer obtains control of promised goods or services . see note 4 - revenue recognition , in the notes to consolidated financial statements , for more detail . percentage of completion revenue recognition . certain domestic divisions have contracts that recognize revenues using periodic recognition of income . for these contracts , the company uses the `` percentage of completion `` accounting method . under this approach , income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete . the choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project . the percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract . provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined . changes in job performance , job conditions , and estimated profitability , including those arising from contract penalty provisions and final contract

