Cover Page
Cover Page | 6 Months Ended |
Jul. 31, 2021 | |
Entity Information [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Central Index Key | 0000926423 |
Entity Registrant Name | MIND Technology, Inc. |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 2,056 | $ 4,611 | $ 3,090 |
Restricted cash | 0 | 144 | |
Accounts receivable, net of allowance for doubtful accounts respectively | 5,100 | 4,747 | 6,623 |
Inventories, net | 11,928 | 11,453 | 12,656 |
Prepaid expenses and other current assets | 1,190 | 1,659 | 1,987 |
Assets held for sale | 3,312 | 4,321 | 14,913 |
Total current assets | 23,586 | 26,791 | 39,413 |
Property and equipment, net | 4,440 | 4,751 | 5,419 |
Operating lease right-of-use assets | 1,568 | 1,471 | 2,300 |
Intangible assets, net | 6,455 | 6,750 | 8,136 |
Goodwill | 0 | 2,531 | |
Other assets | 0 | 429 | |
Total assets | 36,049 | 39,763 | 58,228 |
Current liabilities: | |||
Accounts payable | 2,148 | 1,704 | 1,767 |
Deferred revenue | 459 | 208 | 731 |
Accrued expenses and other current liabilities | 2,651 | 2,912 | 1,565 |
Income taxes payable | 1,002 | 1,041 | |
Income taxes payable | 562 | 316 | |
Operating lease liabilities - current | 567 | 1,008 | 1,339 |
Liabilities held for sale | 705 | 963 | |
Liabilities held for sale | 1,442 | 2,730 | |
Total current liabilities | 7,532 | 7,836 | 8,448 |
Operating lease liabilities - non-current | 1,001 | 463 | 961 |
Notes payable | 0 | 850 | 0 |
Other non-current liabilities | 0 | 967 | |
Deferred tax liability | 198 | 198 | 200 |
Total liabilities | 8,731 | 9,347 | 10,576 |
Commitments and contingencies (Notes 10,17, and 21) | |||
Stockholders' equity: | |||
Preferred stock | 27,606 | 23,104 | 22,104 |
Common stock | 157 | 157 | 141 |
Additional paid-in capital | 128,519 | 128,241 | 123,964 |
Treasury stock | (16,862) | (16,860) | (16,860) |
Accumulated deficit | (107,780) | (99,870) | (77,310) |
Accumulated other comprehensive loss | (4,322) | (4,356) | (4,387) |
Total stockholders' equity | 27,318 | 30,416 | 47,652 |
Total liabilities and stockholders' equity | $ 36,049 | $ 39,763 | $ 58,228 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
ASSETS | |||
Allowance for doubtful accounts, current | $ 481 | $ 948 | $ 2,378 |
Stockholders' equity: | |||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 1,223,000 | 1,038,000 | 994,000 |
Preferred stock, shares outstanding (in shares) | 1,223,000 | 1,038,000 | 994,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 15,704,000 | 15,681,000 | 14,049,000 |
Treasury stock, shares (in shares) | 1,931,000 | 1,929,000 | 1,929,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenues: | ||||||
Total revenues | $ 6,807,000 | $ 5,086,000 | $ 11,001,000 | $ 8,273,000 | $ 21,215,000 | $ 29,919,000 |
Cost of sales: | ||||||
Total cost of sales | 4,583,000 | 3,069,000 | 8,234,000 | 5,772,000 | 13,906,000 | 16,965,000 |
Gross profit | 2,224,000 | 2,017,000 | 2,767,000 | 2,501,000 | 7,309,000 | 12,954,000 |
Operating expenses: | ||||||
Selling, general and administrative | 3,378,000 | 2,988,000 | 7,195,000 | 5,942,000 | 12,648,000 | 14,140,000 |
Research and development | 888,000 | 755,000 | 1,741,000 | 1,165,000 | 3,003,000 | 1,850,000 |
Provision for doubtful accounts | 659,000 | 0 | ||||
Impairment of intangible assets | 0 | 0 | 0 | 2,531,000 | 2,531,000 | 760,000 |
Depreciation and amortization | 557,000 | 700,000 | 1,223,000 | 1,430,000 | 2,796,000 | 2,494,000 |
Total operating expenses | 4,823,000 | 4,443,000 | 10,159,000 | 11,068,000 | 21,637,000 | 19,244,000 |
Operating loss | (2,599,000) | (2,426,000) | (7,392,000) | (8,567,000) | (14,328,000) | (6,290,000) |
Other income: | ||||||
Other income | 57,000 | 0 | 1,004,000 | 56,000 | 862,000 | 100,000 |
Total other income | 57,000 | 0 | 1,004,000 | 56,000 | 862,000 | 100,000 |
Loss from continuing operations before income taxes | (2,542,000) | (2,426,000) | (6,388,000) | (8,511,000) | (13,466,000) | (6,190,000) |
(Provision) benefit for income taxes | (197,000) | 530,000 | (52,000) | 188,000 | (536,000) | (353,000) |
Loss from continuing operations | (2,739,000) | (1,896,000) | (6,440,000) | (8,323,000) | (14,002,000) | (6,543,000) |
Income (Loss) from discontinued operations, net of income taxes | 79,000 | (4,708,000) | (204,000) | (4,923,000) | (6,304,000) | (4,744,000) |
Net loss | (2,660,000) | (6,604,000) | (6,644,000) | (13,246,000) | (20,306,000) | (11,287,000) |
Preferred stock dividends | (682,000) | (559,000) | (1,266,000) | (1,118,000) | (2,254,000) | (2,050,000) |
Net loss attributable to common stockholders | $ (3,342,000) | $ (7,163,000) | $ (7,910,000) | $ (14,364,000) | $ (22,560,000) | $ (13,337,000) |
Net loss per common share—Basic | ||||||
Continuing operations (in usd per share) | $ (0.25) | $ (0.20) | $ (0.56) | $ (0.78) | $ (1.30) | $ (0.71) |
Discontinued operations (in usd per share) | 0.01 | (0.39) | (0.01) | (0.40) | (0.50) | (0.39) |
Net loss (in usd per share) | (0.24) | (0.59) | (0.57) | (1.18) | (1.80) | (1.10) |
Net loss per common share—Diluted | ||||||
Continuing operations (in usd per share) | (0.25) | (0.20) | (0.56) | (0.78) | (1.30) | (0.71) |
Discontinued operations (in usd per share) | 0.01 | (0.39) | (0.01) | (0.40) | (0.50) | (0.39) |
Net loss (in usd per share) | $ (0.24) | $ (0.59) | $ (0.57) | $ (1.18) | $ (1.80) | $ (1.10) |
Shares used in computing net loss per common share: | ||||||
Basic (in shares) | 13,774 | 12,182 | 13,767 | 12,177 | 12,519 | 12,143 |
Diluted (in shares) | 13,774 | 12,182 | 13,767 | 12,177 | 12,519 | 12,143 |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net loss attributable to common stockholders | $ (3,342) | $ (7,163) | $ (7,910) | $ (14,364) | $ (22,560) | $ (13,337) |
Changes in cumulative translation adjustment | (23) | 82 | 34 | (49) | 31 | (343) |
Comprehensive loss | $ (3,365) | $ (7,081) | $ (7,876) | $ (14,413) | $ (22,529) | $ (13,680) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Common Stock Including Additional Paid-In Capital |
Beginning balances (in shares) at Jan. 31, 2019 | 14,049 | 830 | ||||||
Beginning balances at Jan. 31, 2019 | $ 56,678 | $ 140 | $ 18,330 | $ 123,085 | $ (16,860) | $ (63,973) | $ (4,044) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (11,287) | (11,287) | ||||||
Foreign currency translation | (343) | (343) | ||||||
Equity Compensation (in shares) | 9 | |||||||
Equity Compensation | 26 | $ 1 | 25 | |||||
Restricted stock issued (in shares) | 39 | |||||||
Stock offering (in shares) | 164 | |||||||
Stock offering | 3,774 | $ 3,774 | ||||||
Preferred stock dividends | (2,050) | (2,050) | ||||||
Stock-based compensation | 854 | 854 | ||||||
Ending balances (in shares) at Jan. 31, 2020 | 14,097 | 994 | ||||||
Ending balances at Jan. 31, 2020 | 47,652 | $ 141 | $ 22,104 | 123,964 | (16,860) | (77,310) | (4,387) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (6,642) | (6,642) | ||||||
Foreign currency translation | (131) | (131) | ||||||
Preferred stock dividends | (559) | (559) | ||||||
Stock-based compensation | 230 | 230 | ||||||
Ending balances (in shares) at Apr. 30, 2020 | 14,097 | 994 | ||||||
Ending balances at Apr. 30, 2020 | 40,550 | $ 141 | $ 22,104 | 124,194 | (16,860) | (84,511) | (4,518) | |
Beginning balances (in shares) at Jan. 31, 2020 | 14,097 | 994 | ||||||
Beginning balances at Jan. 31, 2020 | 47,652 | $ 141 | $ 22,104 | 123,964 | (16,860) | (77,310) | (4,387) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (13,246) | |||||||
Ending balances (in shares) at Jul. 31, 2020 | 14,097 | 994 | ||||||
Ending balances at Jul. 31, 2020 | 33,688 | $ 141 | $ 22,104 | 124,413 | (16,860) | (91,674) | (4,436) | |
Beginning balances (in shares) at Jan. 31, 2020 | 14,097 | 994 | ||||||
Beginning balances at Jan. 31, 2020 | 47,652 | $ 141 | $ 22,104 | 123,964 | (16,860) | (77,310) | (4,387) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (20,306) | (20,306) | ||||||
Foreign currency translation | 31 | 31 | ||||||
Stock offering (in shares) | 1,584 | 44 | ||||||
Stock offering | 1,000 | $ 16 | $ 1,000 | 3,569 | $ 3,585 | |||
Preferred stock dividends | (2,254) | (2,254) | ||||||
Stock-based compensation | 708 | 708 | ||||||
Ending balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | ||||||
Ending balances at Jan. 31, 2021 | 30,416 | $ 157 | $ 23,104 | 128,241 | (16,860) | (99,870) | (4,356) | |
Beginning balances (in shares) at Apr. 30, 2020 | 14,097 | 994 | ||||||
Beginning balances at Apr. 30, 2020 | 40,550 | $ 141 | $ 22,104 | 124,194 | (16,860) | (84,511) | (4,518) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (6,604) | (6,604) | ||||||
Foreign currency translation | 82 | 82 | ||||||
Preferred stock dividends | (559) | (559) | ||||||
Stock-based compensation | 219 | 219 | ||||||
Ending balances (in shares) at Jul. 31, 2020 | 14,097 | 994 | ||||||
Ending balances at Jul. 31, 2020 | 33,688 | $ 141 | $ 22,104 | 124,413 | (16,860) | (91,674) | (4,436) | |
Beginning balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | ||||||
Beginning balances at Jan. 31, 2021 | 30,416 | $ 157 | $ 23,104 | 128,241 | (16,860) | (99,870) | (4,356) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (3,984) | (3,984) | ||||||
Foreign currency translation | 57 | 57 | ||||||
Restricted stock issued (in shares) | 5 | |||||||
Restricted stock issued | 11 | 11 | ||||||
Restricted stock forfeited for taxes | (2) | (2) | ||||||
Stock offering (in shares) | 18 | 21 | ||||||
Stock offering | 503 | $ 503 | 42 | 42 | ||||
Preferred stock dividends | (584) | (584) | ||||||
Stock-based compensation | 109 | 109 | ||||||
Ending balances (in shares) at Apr. 30, 2021 | 15,704 | 1,059 | ||||||
Ending balances at Apr. 30, 2021 | 26,568 | $ 157 | $ 23,607 | 128,403 | (16,862) | (104,438) | (4,299) | |
Beginning balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | ||||||
Beginning balances at Jan. 31, 2021 | 30,416 | $ 157 | $ 23,104 | 128,241 | (16,860) | (99,870) | (4,356) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (6,644) | |||||||
Ending balances (in shares) at Jul. 31, 2021 | 15,704 | 1,223 | ||||||
Ending balances at Jul. 31, 2021 | 27,318 | $ 157 | $ 27,606 | 128,519 | (16,862) | (107,780) | (4,322) | |
Beginning balances (in shares) at Apr. 30, 2021 | 15,704 | 1,059 | ||||||
Beginning balances at Apr. 30, 2021 | 26,568 | $ 157 | $ 23,607 | 128,403 | (16,862) | (104,438) | (4,299) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (2,660) | (2,660) | ||||||
Foreign currency translation | (23) | (23) | ||||||
Stock offering (in shares) | 164 | |||||||
Stock offering | 3,999 | $ 3,999 | 1 | $ 1 | ||||
Preferred stock dividends | (682) | (682) | ||||||
Stock-based compensation | 115 | 115 | ||||||
Ending balances (in shares) at Jul. 31, 2021 | 15,704 | 1,223 | ||||||
Ending balances at Jul. 31, 2021 | $ 27,318 | $ 157 | $ 27,606 | $ 128,519 | $ (16,862) | $ (107,780) | $ (4,322) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | ||||
Net loss | $ (6,644) | $ (13,246) | $ (20,306) | $ (11,287) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
PPP loan forgiveness | (850) | 0 | (757) | 0 |
Depreciation and amortization | 1,226 | 3,210 | 4,627 | 7,768 |
Stock-based compensation | 236 | 449 | 708 | 854 |
Impairment of intangible assets | 0 | 2,531 | 2,531 | 760 |
Loss on disposal of discontinued operations | 0 | 1,859 | 1,859 | 0 |
(Recovery) provision for doubtful accounts, net of charge offs | (453) | 470 | 1,129 | 2,000 |
Provision for inventory obsolescence | 350 | 234 | 321 | 298 |
Gross profit from sale of lease pool equipment | 0 | (1,326) | (1,326) | (1,197) |
Gross profit from sale of other equipment | (155) | 0 | (357) | 0 |
Deferred tax expense | 0 | 263 | 32 | 503 |
Non-current prepaid tax | 0 | 50 | ||
Changes in: | ||||
Accounts receivable | (140) | 4,404 | 4,632 | (1,723) |
Unbilled revenue | 21 | (9) | 72 | (327) |
Inventories | (542) | (675) | 1,178 | (2,810) |
Prepaid expenses and other current and long-term assets | (260) | 766 | 581 | (506) |
Income taxes receivable and payable | (63) | 0 | 767 | 0 |
Accounts payable, accrued expenses and other current liabilities | 375 | (1,583) | (2,510) | (178) |
Deferred revenue | (292) | 87 | 459 | (335) |
Foreign exchange losses net of gains | 0 | 313 | ||
Net cash used in operating activities | (7,191) | (2,566) | (6,360) | (5,817) |
Cash flows from investing activities: | ||||
Purchases of seismic equipment held for lease | 0 | (110) | (110) | (2,955) |
Purchase of technology | (366) | 0 | ||
Purchases of property and equipment | (14) | (302) | (90) | (1,036) |
Sale of used lease pool equipment | 0 | 2,010 | 2,010 | 1,664 |
Sale of assets held for sale | 484 | 0 | 1,506 | 0 |
Sale of a business | 761 | 0 | 257 | 239 |
Net cash provided by investing activities | 1,231 | 1,598 | 3,207 | (2,088) |
Cash flows from financing activities: | ||||
Purchase of treasury stock | 2 | 0 | ||
Net proceeds from preferred stock offering | 4,502 | 0 | 1,000 | 3,773 |
Net proceeds from common stock offering | 43 | 0 | 3,584 | 0 |
Preferred stock dividends | (1,160) | (1,118) | (1,677) | (2,050) |
Proceeds from PPP loans | 0 | 1,607 | 1,607 | 0 |
Proceeds from exercise of stock options | 0 | 26 | ||
Net cash provided by financing activities | 3,383 | 489 | 4,514 | 1,749 |
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | 22 | (117) | 16 | (159) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,555) | (596) | 1,377 | (6,315) |
Cash, cash equivalents and restricted cash, beginning of period | 4,611 | 3,234 | 3,234 | 9,549 |
Cash, cash equivalents and restricted cash, end of period | 2,056 | 2,638 | 4,611 | 3,234 |
Supplemental cash flow information: | ||||
Interest paid | 18 | 23 | $ 40 | $ 63 |
Income taxes paid | $ 147 | $ 246 |
Organization
Organization | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization MIND Technology, Inc., a Delaware corporation (the “Company”), formerly Mitcham Industries, Inc., a Texas corporation, was incorporated in 1987. Effective August 3, 2020 the Company effectuated a reincorporation to the state of Delaware. Concurrent with the reincorporation the name of the Company was changed to MIND Technology, Inc. and the number of shares of common stock and preferred stock authorized for issuance was increased. See Note 15—“Corporate The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC (formerly Seamap USA, LLC), Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the states of New Hampshire and Texas. Prior to July 31, 2020, the Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), and its branch operations in Colombia, provided full-service equipment leasing, sales and service to the seismic industry worldwide (the “Leasing Business”). Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 3—“Assets The lingering impacts of the global pandemic and emerging supply chain disruptions have created uncertainty in the global economy which could have a material adverse effect on the Company’s business, financial position, results of operations and liquidity. In addition, the Company has a history of operating losses and has had negative cash from operating activities. However, as of July 31, 2021, the Company has no funded debt or obligations containing financial covenants, working capital of approximately $16.1 million, including cash of approximately $2.1 million, backlog of firm orders of approximately $11.7 million, the ability, and plans, to reduce costs to maintain positive cash flow, additional equity available to raise further capital, and lease pool equipment being actively marketed for sale. Based on these factors, management expects the Company to continue to meet its obligations as they arise over the next twelve months. |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC (formerly Seamap USA, LLC), Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd, collectively “Seamap”, and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the states of New Hampshire and Texas. Prior to July 31, 2020, the Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), and its branch operations in Colombia, provided full-service equipment leasing, sales and service to the seismic industry worldwide. Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 2 – “Assets Held for Sale and Discontinued Operations” for additional details). All intercompany transactions and balances have been eliminated in consolidation. During February 2019, the Company completed the sale of its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”) (see Note 23 - “Sale of Subsidiary” for additional details related to this transaction). Revenue Recognition of Marine Technology Product Sales Revenue Recognition of Long-term Projects three Revenue Recognition of Service Agreements on-going Revenue Recognition of Leasing Arrangements 2 — Allowance for Doubtful Accounts gation written-off Cash and Cash Equivalents Short-term Investments— Inventories Property and Equipment three Intangible Assets 15-year eight eight ten Impairment . Product Warranties Income Taxes The weight given to the potential effect of positive and negative evidence is commensurate with the extent to which it can be objectively verified. The preponderance of negative or positive evidence supports a conclusion regarding the need for a valuation allowance for some portion, or all, of the deferred tax asset. The more significant types of evidence considered include the following: • projected taxable income in future years; • our history of taxable income within a particular jurisdiction; • any history of deferred tax assets expiring prior realization; • whether the carry forward period is so brief that it would limit realization of tax benefits; • other limitations on the utilization of tax benefits; • future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; • our earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition; and • tax planning strategies that will create additional taxable income. Use of Estimates Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for doubtful accounts because of the extended payment terms the Company offers to its customers on occasion and the limited financial wherewithal of certain of these customers. As a result, the Company’s allowance for doubtful accounts could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make substantial judgments regarding the valuation allowance on deferred tax assets and with respect to quantitative analysis prepared in conjunction with impairment analysis related to goodwill and other intangible assets. Fair Value of Financial Instruments — The Financial Accounting Standards Board (“FASB”) has issued guidance on the definition of fair value, the framework for using fair value to measure assets hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current and contractual prices for the underlying instruments, as well as other relevant economic measures. • Level 3: Defined as pricing inputs that are unobservable form objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company measures the fair values of goodwill, intangibles and other long-lived assets on a recurring basis if required by impairment tests applicable to these assets. The Company utilized Level 3 inputs to value intangibles and other long-lived assets as of January 31, 2021. See Notes 10 and 11 to our consolidated financial statements. Foreign Currency Translation Stock-Based Compensation Earnings Per Share Year Ended January 31, 2021 2020 (in thousands) Stock options 48 79 Restricted stock 17 3 Total dilutive shares 65 82 For the fiscal years ended January 31, 2021 and 2020, respectively, potentially dilutive common shares, underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods. Reclassifications |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The condensed consolidated balance sheet as of January 31, 2021 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation. On the consolidated balance sheets, income taxes payable, not related to discontinued operations has been reclassified from “Current liabilities held for sale” to “Current income taxes |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Assets Held for Sale and Discontinued Operations | 3. Assets Held for Sale and Discontinued Operations On July 27, 2020, the Board determined to exit the Leasing Business, which comprises essentially all operations of the Equipment Leasing segment. As a result, the assets, excluding cash, and liabilities of the Leasing Business are considered held for sale and the operations of the business are reported as discontinued operations as of July 31, 2021 and for all comparative periods presented in these condensed consolidated financial statements. The Company originally anticipated selling the discontinued operations in multiple transactions, which may involve the sale of legal entities, assets, or a combination of both, within the twelve months ending July 31, 2021. The assets reported as held for sale consist of the following: July 31, January 31, Current assets of discontinued operations: Accounts receivable, net 1,151 1,668 Inventories, net 68 352 Prepaid expenses and other current assets 120 150 Seismic equipment lease pool and property and equipment, net 1,973 2,151 Total assets of discontinued operations $ 3,312 $ 4,321 The liabilities reported as held for sale consist of the following: July 31, January 31, Current liabilities of discontinued operations: Accounts payable $ 21 $ 59 Deferred revenue 73 73 Accrued expenses and other current liabilities 611 831 Total liabilities of discontinued operations 705 963 The results of operations from discontinued operations for the three and six months ended July For the Three Months For the Six Months 2021 2020 2021 2020 Revenues: Revenue from discontinued operations $ 757 $ 1,230 $ 787 $ 5,418 Cost of sales: Cost of discontinued operations 332 1,642 705 4,126 Operating expenses: Selling, general and administrative 378 1,476 720 3,176 Provision for doubtful accounts (2 ) 470 (445 ) 470 Depreciation and amortization 2 41 3 85 Total operating expenses 378 1,987 278 3,731 Operating income (loss) 47 (2,399 ) (196 ) (2,439 ) Other income (expenses) 35 72 (4 ) 75 Loss on disposal (including $2,745 of cumulative translation loss) — (1,859 ) — (1,859 ) Income (loss) before income taxes 82 (4,186 ) (200 ) (4,223 ) Provision for income taxes (3 ) (522 ) (4 ) (700 ) Net income (loss) 79 (4,708 ) (204 ) (4,923 ) For the Six Months 2021 2020 Depreciation and amortization $ — $ 1,771 Gross profit from sale of lease pool equipment $ — $ (1,324 ) (Recovery) provisions for doubtful accounts $ (445 ) $ 470 Loss on disposal of discontinued operations $ — $ 1,859 Sale of used lease pool equipment $ — $ 1,988 Sale of assets held for sale $ 1,245 $ — | 2. Assets Held for Sale and Discontinued Operations On July 27, 2020, the Board determined to exit the Leasing Business. As a result, the assets, excluding cash, and liabilities of the Leasing Business are considered held for sale and it’s results of operations are reported as discontinued operations as of January 31, 2021 and for all comparative periods presented in these condensed consolidated financial statements. The Company anticipates selling the discontinued operations within twelve months from July 27, 2020 in multiple transactions, which may involve the sale of legal entities or assets. The assets reported as held for sale consist of the following: As of January 31, 2021 2020 Current assets of discontinued operations: Accounts receivable, net 1,668 5,699 Inventories, net 352 605 Prepaid expenses and other current assets 150 227 Seismic equipment lease pool and property and equipment, net 2,151 8,382 Total assets of discontinued operations $ 4,321 $ 14,913 The liabilities reported as held for sale consist of the following: As of January 31, 2021 2020 Current liabilities of discontinued operations: Accounts payable $ 59 $ 884 Deferred revenue 73 34 Accrued expenses and other current liabilities 831 1,886 Income taxes payable 479 (74 ) Total liabilities of discontinued operations $ 1,442 $ 2,730 The results of operations from discontinued operations for the twelve months ended January 31, 2021 and 2020, consist of the following: Twelve Months Ended 2021 2020 Revenues: Revenue from discontinued operations $ 5,747 $ 12,756 Cost of sales: Cost of discontinued operations 4,537 9,089 Operating expenses: Selling, general and administrative 4,589 5,576 Provision for doubtful accounts 470 2,000 Depreciation and amortization 132 176 Total operating expenses 5,191 7,752 Operating loss (3,981 ) (4,085 ) Other income (expenses) 201 (134 ) Loss on disposal (including $2,745 of cumulative translation loss) (1,859 ) — Loss before income taxes (5,639 ) (4,219 ) Provision for income taxes (665 ) (525 ) Net loss (6,304 ) (4,744 ) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: As of January 31, 2021 2020 Depreciation and amortization $ 1,830 $ 4,818 Gross profit from sale of lease pool equipment $ (1,326 ) $ (1,145 ) Provisions for doubtful accounts $ 470 $ 2,000 Loss on disposal of discontinued operations $ 1,859 $ — Sale of used lease pool equipment $ 2,010 $ 1,415 Sale of assets held for sale $ 1,506 $ — Purchase of seismic equipment held for lease $ (110 ) $ (2,955 ) |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | ||
New Accounting Pronouncements | 4. New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, In August 2018, the FASB issued ASU No. 2018-13, | 3. New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, No. 2018-01, No. 2018-10, No. 2018-11 No. 2016-02, policy elections to not recognize lease assets and lease liabilities with an initial term of 12 months or less and to not separate lease and non-lease off-balance on |
Liquidity
Liquidity | 12 Months Ended |
Jan. 31, 2021 | |
Liquidity Disclosure [Abstract] | |
Liquidity | 4. Liquidity The global pandemic has created significant uncertainty in the global economy which could have a material adverse effect on the Company’s business, financial position, results of operations and liquidity. The time frame for which disruptions related to the pandemic will continue is uncertain as is the magnitude of any adverse impacts. We were required to temporarily shut-down our facilities in Malaysia and Singapore on March 17, 2020 and April 7, 2020, respectively. Both locations have now reopened and are operating at essentially full capacity. Our other facilities have been allowed to operate, although at reduced efficiencies, in some cases some employees have worked remotely. Management believes that any negative impacts will be temporary, but there can be no assurance of that. The Company has a history of operating losses and has had negative cash from operating activities. The above factors create substantial uncertainty regarding the Company’s future financial results and liquidity. Management has identified the following mitigating factors regarding adequate liquidity and capital resources to meet its obligations.: • The Company has no funded debt, excluding the PPP Loan granted to Klein which has been completely forgiven in February 2021, or other outstanding obligations, outside of normal trade obligations. • The Company has no obligations or agreements containing “maintenance type” financial covenants. • The Company has working capital of approximately $19.0 million as of January 31, 2021, including cash of approximately $4.6 million. • Should revenues be less than projected, the Company believes it is able, and has plans, to reduce costs proportionately in order to maintain positive cash flow. • The majority of the Company’s costs are variable in nature, such as raw materials and personnel related costs. The Company has already terminated or furloughed certain employees and contractors. • The Company has a backlog of orders of approximately $14.2 million (unaudited) as of January 31, 2021, as compared to approximately $8.9 million (unaudited) as of January 31, 2020. Production for certain of these orders was in process and included in inventory as of January 31, 2021, thereby reducing the liquidity needed to complete the orders. • Despite difficulties in world energy markets, the Company has been able to generate cash from the sale of lease pool equipment and collection of accounts receivable related to its discontinued operations. Management expects to generate additional liquidity from the sale of lease pool equipment in fiscal 2022. • The Company has declared the quarterly dividend on • Despite the challenging economic environment in the year ended January 31, 2021, the Company was successful expanding its authorized capital stock (See Note 20 - Corporate Restructuring) and raising approximately $4.6 million in new capital through the sale of common and preferred stock pursuant to the 2 nd expects nd ATM • Based on publicized transactions and discussions with potential funding sources, Management believes that other sources of debt and equity financing are available should the need arise. For the factors discussed above, Management expects the Company to continue to meet its obligations as they arise over the next twelve months. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue from Contract with Customers | 5. Revenue from Contracts with Customers The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Revenue recognized at a point in time: Seamap $ 5,256 $ 3,881 $ 8,169 $ 5,870 Klein 1,406 1,004 2,556 2,002 Total revenue recognized at a point in time $ 6,662 $ 4,885 $ 10,725 $ 7,872 Revenue recognized over time: Seamap $ 145 $ 201 $ 276 $ 401 Total revenue recognized over time 145 201 276 401 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 The revenue from products manufactured and sold by our Seamap and Klein businesses is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. Our Seamap business also provides Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from SMA’s is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract, which is typically twelve months. The following table presents geography Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) United States $ 219 $ 686 $ 578 $ 1,786 Europe 3,520 1,604 6,102 2,980 Middle East & Africa 675 221 689 297 Asia-Pacific 2,188 2,222 2,893 2,499 Canada & Latin America 205 353 739 711 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 As of July 31, 2021, and January 31, 2021, contract assets and liabilities consisted of the following: July 31 , January 31, (in thousands) Contract Assets: Unbilled revenue — $ 106 $ 85 Total unbilled revenue $ 106 $ 85 Contract Liabilities: Deferred revenue & customer deposits — $ 399 $ 691 Total deferred revenue & customer deposits $ 399 $ 691 Considering the products manufactured and sold by our Seamap and Klein businesses and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a period of three Pursuant to our accounting policies and procedures related to revenue from contracts with customers, sales and transaction-based taxes are excluded from revenue. Also, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Additionally, we expense costs incurred to obtain contracts when incurred because the amortization period would have been one year or less. These costs are recorded in selling, general and administrative expenses. | 5. Revenue from Contracts with Customers The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Twelve Months Ended 2021 2020 (in thousands) Revenue recognized at a point in time: Seamap $ 16,304 $ 21,617 Klein 4,145 7,468 SAP — 101 Total revenue recognized at a point in time $ 20,449 $ 29,186 Revenue recognized over time: Seamap $ 766 $ 733 Klein — — SAP — — Total revenue recognized over time 766 733 Total revenue from contracts with customers $ 21,215 $ 29,919 The revenue from products manufactured and sold by our Seamap and Klein businesses, as well as the revenue from products marketed and sold by our SAP business, is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. Our Seamap business also provides annual Software Maintenance Agreements (“SMA”) to customers who have an active license for software imbedded in Seamap products. The revenue from SMA is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract. The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Twelve Months Ended 2021 2020 (in thousands) Revenue from contracts with customers: United States $ 3,687 $ 3,920 Europe, Russia & CIS 8,512 15,262 Middle East & Africa 1,226 1,576 Asia-Pacific 6,523 5,377 Canada & Latin America 1,267 3,784 Total revenue from contracts with customers $ 21,215 $ 29,919 As of January 31, 2021, contract assets and liabilities consisted of the following: January 31, January 31, (in thousands) Contract Assets: Unbilled revenue-current $ 85 $ 13 Unbilled revenue - non-current — — Total unbilled revenue $ 85 $ 13 Contract Liabilities: Deferred revenue & customer deposits — $ 691 $ 220 Deferred revenue & customer deposits — non-current — 12 Total deferred revenue & customer deposits $ 691 $ 232 Considering the products manufactured and sold by our Marine Technology Products business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three six-month With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not disclose the value of unsatisfied performance obligations for contacts with an original expected duration of one year or less. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses. |
Balance Sheet - Continuing Oper
Balance Sheet - Continuing Operations | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet - Continuing Operations | 6. Balance Sheet — As of As of (in thousands) Accounts receivable $ 5,581 $ 5,695 Less allowance for doubtful accounts (481 ) (948 ) Accounts receivable net of allowance for doubtful accounts $ 5,100 $ 4,747 July 31, January 31, (in thousands) Inventories: Raw materials $ 7,468 $ 6,905 Finished goods 3,455 3,466 Work in progress 2,404 2,445 13,327 12,816 Less allowance for obsolescence (1,399 ) (1,363 ) Total inventories, net $ 11,928 $ 11,453 July 31, January 31, (in thousands) Property and equipment: Marine seismic service equipment $ 4,157 $ 5,969 Land and buildings 4,422 4,354 Furniture and fixtures 9,899 9,750 Autos and trucks 491 491 18,969 20,564 Accumulated depreciation and amortization (14,529 ) (15,813 ) Total property and equipment, net $ 4,440 $ 4,751 As of January 31, 2021, the Company completed an annual review of long-lived assets noting that the undiscounted their |
Supplemental Statements of Cash
Supplemental Statements of Cash Flows Information | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statements of Cash Flows Information | 6. Supplemental Statements of Cash Flows Information Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2021 and 2020 were as follows (in thousands): Year Ended January 31, 2021 2020 Interest paid $ 40 $ 63 Income taxes paid, net 336 498 Seismic equipment purchases included in accounts payable at year-end — 812 |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 7. Inventories Inventories from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Raw materials $ 6,905 $ 7,388 Finished goods 3,466 3,758 Work in progress 2,445 2,720 Cost of inventories 12,816 13,866 Less allowance for obsolescence (1,363 ) (1,210 ) Net inventories $ 11,453 $ 12,656 |
Accounts Receivables
Accounts Receivables | 12 Months Ended |
Jan. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivables | 8. Accounts Receivables Accounts receivables from continuing operations consisted of the following (in thousands): As of January 31, 2021 As of January 31, 2020 Current Total Current Total Accounts receivable $ 5,695 $ 5,695 $ 9,001 $ 9,001 Less allowance for doubtful accounts (948 ) (948 ) (2,378 ) (2,378 ) Accounts receivable net of allowance for doubtful accounts $ 4,747 $ 4,747 $ 6,623 $ 6,623 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 9. Property and Equipment Property and equipment from continuing operations consisted of the following (in thousands) As of January 31, 2021 2020 Marine seismic service equipment 5,969 8,341 Land and buildings 4,354 4,274 Furniture and fixtures 9,750 9,364 Autos and trucks 491 491 Cost of property and equipment 20,564 22,470 Less accumulated depreciation (15,813 ) (17,051 ) Net book value of property and equipment $ 4,751 $ 5,419 Location of property and equipment (in thousands): As of January 31, 2021 2020 United States $ 3,133 $ 3,379 Europe 87 78 Singapore 480 773 Malaysia 1,051 1,189 Net book value of property and equipment $ 4,751 $ 5,419 |
Leases
Leases | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Leases [Abstract] | ||
Leases | 7. Leases The Company has certain non-cancelable Lease expense for the three and six months ended July 31, 2021 was approximately $291,000 and $600,000, respectively, and was recorded as a component of operating loss. Included in these costs was short-term lease expense of approximately $10,000 and $10,000, respectively, for the three and six months ended July 31, 2021. Supplemental balance sheet information related to leases as of July 31, 2021 and January 31, 2021 were as follows (in thousands): Lease July 31, January 31, Assets Operating lease assets $ 1,568 $ 1,471 Liabilities Operating lease liabilities $ 1,568 $ 1,471 Classification of lease liabilities Current liabilities $ 567 $ 1,008 Non-current 1,001 463 Total Operating lease liabilities $ 1,568 $ 1,471 Lease-term and discount rate details as of July 31, 2021 and January 31, 2021 were as follows: Lease term and discount rate July 31, January 31, Weighted average remaining lease term (years) Operating leases 1.26 1.09 Weighted average discount rate: Operating leases 9.36 % 10 % The incremental borrowing rate was calculated using the Company’s weighted average cost of capital. Supplemental cash flow information related to leases was as follows (in thousands): Lease Six Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (600 ) $ (514 ) Right-of-use Operating leases $ 600 $ 514 Maturities of lease liabilities at July 31, 2021 were as follows (in thousands): July 31, 2022 $ 567 2023 667 2024 346 2025 134 2026 24 Thereafter — Total payments under lease agreements $ 1,738 Less: imputed interest (170 ) Total lease liabilities $ 1,568 | 10. Leases In February 2016, the FASB issued ASU No. 2016-02, 2018-01, 2018-10, 2018-11 2018-20 In July 2018, the FASB issued ASU No. 2018-11, 2018-11”). 2018-11 2018-11, or operating leases existing at or entered after the beginning of the earliest comparative period presented in the financial statements. ASU 2018-11 The Company adopted the New Lease Standard effective February 1, 2019. We elected to apply the current period transition approach as introduced by ASU 2018-11 We elected a package of transition expedients, which must be elected together, that allowed us to forgo reassessing certain conclusions reached under ASC 840. All expedients in this package were applied together for all leases that commenced before the effective date, February 1, 2019, of the adoption of the New Lease Standard. As a result, in transitioning to the New Lease Standard, for existing leases as of February 1, 2019, we continued to use judgments made under ASC 840 related to embedded leases, lease classification and accounting for initial direct costs. In addition, we have chosen, as an accounting policy election by class of underlying asset, not to separate non-lease non-lease The Company has certain non-cancelable Adoption of the New Lease Standard did have a material impact on our consolidated balance sheet as we recorded right-of-use right-of-use Lease expense for the twelve months ended January 31, 2021 and 2020 was approximately $828,000 and $1.2 million, respectively, and was recorded as a component of operating loss. Included in these costs was short-term Supplemental balance sheet information related to leases as of January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Assets Operating lease assets $ 1,471 $ 2,300 Liabilities Operating lease liabilities $ 1,471 $ 2,300 Classification of lease liabilities Current liabilities $ 1,008 $ 1,339 Non-current 463 961 Total Operating lease liabilities $ 1,471 $ 2,300 Lease-term and discount rate details as of January 31, 2021 and 2020 were as follows: As of January 31, Lease term and discount rate 2021 2020 Weighted average remaining lease term (years) Operating leases 1.09 1.76 Weighted average discount rate: Operating leases 10 % 9.27 % The incremental borrowing rate was calculated using the Company’s weighted average cost of capital. Supplemental cash flow information related to leases at January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,157 ) $ (1,182 ) Right-of-use Operating leases $ — $ 635 Maturities of lease liabilities at January 31, 2021 and 2020 were as follows (in thousands): As of January 31, 2021 2020 2021 $ 1,007 $ 1,338 2022 421 838 2023 110 222 2024 58 98 2025 24 52 Thereafter — 21 Total payments under lease agreements $ 1,620 $ 2,569 Less: imputed interest (149 ) (269 ) Total lease liabilities $ 1,471 $ 2,300 Prior to July 31, 2020, the Company leased seismic equipment to customers under operating leases with non-cancelable month-to-month The Company leases its office and warehouse facilities in Canada, Texas, Singapore, United Kingdom, Hungary and Malaysia under operating leases. Facility lease expense for the fiscal years ended January 31, 2021 and 2020 was approximately $1.2 million and $1.2 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets Weighted July 31, 2021 January 31, 2021 Gross Carrying Amount Accumulated Amortization Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Goodwill $ 7,060 $ — $ (7,060 ) $ — $ 7,060 $ — $ (7,060 ) $ — Proprietary rights 6.4 $ 8,220 $ (3,920 ) $ — $ 4,300 $ 7,781 $ (3,688 ) $ — $ 4,093 Customer relationships 0.4 5,024 (4,748 ) — 276 5,024 (4,513 ) — 511 Patents 3.1 2,440 (1,653 ) — 787 2,440 (1,528 ) — 912 Trade name 4.8 894 (80 ) (760 ) 54 894 (74 ) (760 ) 60 Developed technology 4.4 1,430 (798 ) — 632 1,430 (727 ) — 703 Other 2.8 684 (278 ) — 406 684 (213 ) — 471 Amortizable intangible assets $ 18,692 $ (11,477 ) $ (760 ) $ 6,455 $ 18,253 $ (10,743 ) $ (760 ) $ 6,750 As of January 31, 2021, the Company has recorded impairment expense equal to 100% of the gross carrying amount of goodwill. As a result, no further review of goodwill is required. On January 31, 2021, the Company completed an annual review of amortizable intangible assets. Based on a review of qualitative factors it was determined it was more likely than not that the fair market value of intangible assets was greater than its carrying value. During the six months ended July 31, 2021, there have been no substantive indicators of impairment. Aggregate amortization expense was $618,000 and $794,000 for the six months ended July 31, 2021 and 2020, respectively. As of July 31, 2021, future estimated amortization expense related to amortizable intangible assets was estimated to be (in thousands): For fiscal years ending January 31 2022 $ 588 2023 1,167 2024 1,032 2025 837 2026 700 Thereafter 2,131 Total $ 6,455 | 11. Goodwill and Other Intangible Assets Goodwill and other intangible assets from continuing operations consisted of the following: Weighted Average Life at 1/31/20 January 31, 2021 January 31, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (7,060 ) $ — $ 7,060 $ — $ (4,529 ) $ 2,531 Proprietary rights 7.2 $ 7,781 $ (3,688 ) — 4,093 $ 9,247 $ (4,950 ) — 4,297 Customer relationships 0.8 5,024 (4,513 ) — 511 5,024 (3,831 ) — 1,193 Patents 3.6 2,440 (1,528 ) — 912 2,440 (1,277 ) — 1,163 Trade name 5.3 894 (74 ) (760 ) 60 894 (63 ) (760 ) 71 Developed technology 4.9 1,430 (727 ) — 703 1,430 (584 ) — 846 Other 3.4 684 (213 ) — 471 653 (87 ) — 566 Amortizable intangible assets $ 18,253 $ (10,743 ) $ (760 ) $ 6,750 $ 19,688 $ (10,792 ) $ (760 ) $ 8,136 As of January 31, 2021, the Company completed its annual review of intangible assets. Based on a review of qualitative factors it was determined it was more likely than not that the fair value of our Seamap reporting unit was greater than its carrying value. Based on a review of qualitative and quantitative factors it was determined it was more likely than not that the fair value of our Klein reporting unit was greater than its carrying value. Accordingly, we did not record an impairment charge related to intangible assets in the Seamap and Klein reporting units. Due to the economic impact of the global pandemic, the decline in oil prices during the three months ended April 30, 2020 and a decline in the market value of the Company’s equity securities, the Company performed a quantitative review of the Seamap reporting unit and concluded that goodwill had been impaired. As a result, the Company recorded an impairment expense of approximately $2.5 million related to goodwill in the Seamap reporting unit during the quarter ended April 30, 2020. As Aggregate amortization expense was $1.8 million, and $1.8 million for the fiscal years ended January 31, 2021 and 2020, respectively. As of January 31, 2021, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal year ending January 31: 2022 $ 1,266 2023 1,125 2024 989 2025 828 2026 658 Thereafter 1,884 Total $ 6,750 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 12. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Contract settlement $ 968 $ 228 Wages and benefits 577 317 Customer deposits 484 239 Accrued inventory — 229 Other 883 552 Accrued Expenses and Other Liabilities $ 2,912 $ 1,565 |
Notes Payable
Notes Payable | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Notes Payable | 9. Notes Payable On May 5, 2020, the Company, and its wholly owned subsidiary, Klein (collectively, the “Borrowers”), were granted loans (the “Loans”) from Bank of America, N.A. in the aggregate amount of approximately $1.6 million, pursuant to the Small Business Association’s Paycheck Protection Program (the “PPP”), a component of the Coronavirus Aid, Relief, and Economic Security Act which was enacted on March 27, 2020. The Loans, in the form of promissory notes (the “Notes”) dated May 1, 2020 issued by the Borrowers, were set to mature on May 1, 2022 and bore interest at a rate of 1% per annum, payable monthly commencing on November 1, 2020. The Notes stipulated various restrictions customary with this type of transaction including representations, warranties, and covenants, in addition to events of default, breaches of representation and warranties or other provisions of the Notes. In the event of default, the Borrowers would have become obligated to repay all amounts outstanding under the Notes. The Borrowers were permitted to prepay the Notes at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, funds from the Loans could only be used for payroll costs, rent, utilities and interest on other debt obligations incurred prior to February 15, 2020. In addition, certain amounts of the Loans could be forgiven if the funds were used to pay qualifying expenses. In January 2021, the Loan granted to the Company in the amount of approximately $757,000 was forgiven resulting in other income of that amount. In February 2021, the Loan granted to Klein in the amount of approximately $850,000 was also forgiven, resulting in other income of that amount. As of July 31, 2021, the Company had no outstanding balance under the Loans. | 13. Notes Payable On May 5, 2020, the Company, and its wholly owned subsidiary, Klein (collectively, the “Borrowers”), were granted loans (the “Loans”) from Bank of America, N.A. in the aggregate amount of approximately $1.6 million, pursuant to the Small Business Association’s Paycheck Protection Program (the “PPP”), a component of the Coronavirus Aid, Relief, and Economic Security Act which was enacted on March 27, 2020. The Loans, in the form of promissory notes (the “Notes”) dated May 1, 2020 issued by the Borrowers, mature on May 1, 2022 and bear interest at a rate of 1% per annum, payable monthly commencing on November 1, 2020. The Notes stipulate various restrictions customary with this type of transaction including representations, warranties, and covenants, in addition to events of default, breaches of representation and warranties or other provisions of the Notes. In the event of default, the Borrowers may become obligated to repay all amounts outstanding under the Notes. The Borrowers may prepay the Notes at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, funds from the Loans may only be used for payroll costs, rent, utilities and interest on other debt obligations incurred prior to February 15, 2020. In addition, certain amounts of the Loan may be forgiven if the funds are used to pay qualifying expenses. In January 2021, the Loan related to the Company in the amount of approximately $757,000 was forgiven resulting in other income of that amount. In February 2021, the Loan related to Klein in the amount of approximately $850,000 was also forgiven resulting in other income of that amount. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 14. Stockholders’ Equity The Company has 2,000,000 shares of preferred stock authorized. The preferred stock may be issued in multiple series with various terms, as authorized by the Company’s Board of Directors. As of January 31, 2021, 1,038,232 shares of the Series A Preferred Stock were outstanding, and 994,046 shares were outstanding as of January 31, 2020. Dividends on the Series A Preferred Stock are cumulative from the date of original issue and payable quarterly on or about the last day of January, April, July and October of each year when, as and if, declared by the Company’s board of directors. Dividends are payable out of amounts legally available therefor at a rate equal to 9.00% per annum per $25.00 of stated liquidation preference per share, or $2.25 per share of Series A Preferred Stock per year. The Company may redeem, at the Company’s option, the Series A Preferred Stock, in whole or in part, at a cash redemption price of per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or other mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into our common stock in connection with a change of control. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series A Preferred Stock are in arrears non-consecutive The Company has 40,000,000 shares of common stock authorized, of which 15,681,000 and 14,049,000 were issued as of January 31, 2021 and 2020, respectively, including 1,929,000 treasury shares. During the fiscal years ended January 31, 2021, and 2020 there were no shares surrendered in exchange for payment of taxes due upon vesting of restricted shares . |
Related Party Transaction
Related Party Transaction | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Related Party Transaction | 12. Related Party Transaction On October 7, 2016, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (the “Agent”). On December 18, 2019, the Company and Agent entered into an Amended and Restated equity distribution agreement (the “1st Equity Distribution Agreement”). Pursuant to the 1st Equity Distribution Agreement, the Company may sell up to 500,000 shares of 9.00% Series A Cumulative Preferred Stock, par value $1.00 per share (the “Preferred Stock”), through an at-the-market Co-Chief Co-President Non-Executive In September 2020 we entered into a new equity distribution agreement (the “2 nd nd at-the-market nd During the three- and six-month nd the three Non-Executive six-month nd t he three and six months ended July 31 , 2021 , were approximately $1,000 and $43,000. Compensation to the Agent during this period was approximately $1,000, none of which was received by the Non-Executive | 15. Related Party Transaction On October 7, 2016, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (the “Agent”). On December 18, 2019, the Company and Agent entered into an Amended and Restated equity distribution agreement (the “1 st st st Co-Chief Co-President Non-Executive st st In September 2020 we entered into a new equity distribution agreement (the “2 nd nd nd For the twelve months ended January 31, 2021, the Company issued 44,186 shares of Series A Preferred Stock under the 2 nd Non-Executive For the twelve months ended January 31, 2021, the Company issued 1,584,556 shares of Common Stock under the 2 nd Non-Executive At January 31, 2021, the Company has an outstanding obligation payable to the beneficiary of the estate of our former CEO. The obligation, which bears interest at 4% per annum, totals approximately $968,000 and is included in accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheet as of January 31, 2021. |
Income Taxes
Income Taxes | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | 10. Income Taxes For the six months ended July 31, 2021, the income tax expense from continuing operations was approximately $52,000 on a pre-tax pre-tax The Company files U.S. federal and state income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company’s U.S. federal tax returns are subject to examination by the Internal Revenue Service for fiscal years ended January 31, 2018 through 2021. The Company’s tax returns may also be subject to examination by state and local tax authorities for fiscal years ended January 31, 2016 through 2021. In addition, the Company’s tax returns filed in foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2016 through 2021. The Company has determined that the undistributed earnings of foreign subsidiaries are not deemed to be indefinitely reinvested outside of the United States as of July 31, 2021. Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of July 31, 2021. For the six months ended July 31, 2021 and 2020, the Company did not recognize any tax expense or benefit related to uncertain tax positions. | 16. Income Taxes Year Ended January 31, 2021 2020 (in thousands) (Loss) income from continuing operations before income taxes is attributable to the following jurisdictions: Domestic $ (8,851 ) $ (7,550 ) Foreign (4,615 ) 1,360 Total $ (13,466 ) $ (6,190 ) The components of income tax expense (benefit) for continuing operations were as follows: Current: Domestic $ 22 $ 27 Foreign 515 58 537 85 Deferred: Domestic — — Foreign (1 ) 268 (1 ) 268 Income tax expense $ 536 $ 353 The following is a reconciliation of expected to actual income tax expense (benefit) for continuing o perations: Year Ended January 31, 2021 2020 (in thousands) Federal income tax at 21% $ (2,828 ) $ (1,300 ) Changes in tax rates (50 ) 50 Permanent differences 413 52 Foreign effective tax rate differential 66 (80 ) Foreign withholding taxes, including penalties and interest 29 34 Tax effect of book loss on disposition of subsidiaries — 79 Valuation allowance on deferred tax assets 2,682 1,205 Excess tax deficiency for share-based payments under ASU 2016-09 66 284 Other 158 29 $ 536 $ 353 The components of the Company’s deferred taxes for continuing operations consisted of the following: As of January 31, 2021 2020 (in thousands) Deferred tax assets: Net operating losses $ 17,177 $ 13,716 Tax credit carry forwards 139 117 Stock option book expense 718 650 Allowance for doubtful accounts — 229 Inventory 565 525 Accruals not yet deductible for tax purposes 281 357 Fixed assets 232 105 Intangible assets 445 337 Other 599 561 Gross deferred tax assets 20,156 16,597 Valuation allowance (20,156 ) (16,597 ) Deferred tax assets — — Deferred tax liabilities: Other (198 ) (200 ) Deferred tax liabilities (198 ) (200 ) Unrecognized tax benefits — — Total deferred tax (liabilities) assets, net (198 ) $ (200 ) On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the global pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company does not believe the CARES Act will have a material impact on the Company’s future income tax expense or the related tax assets and liabilities. The Company has determined that, due to the potential requirement for additional investment and working capital to achieve its objectives, the undistributed earnings of foreign subsidiaries as of January 31, 2021, are not deemed indefinitely reinvested outside of the United States. Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial, particularly in light of the one-time Included in deferred tax assets is approximately $700,000 related to stock-based compensation, including non-qualified 718-740-10, As of January 31, 2021, the Company has recorded valuation allowances of approximately $20.2 million related to deferred tax assets for continuing operations. These deferred tax assets relate primarily to net operating loss carryforwards in the United States and other jurisdictions. The valuation allowances were determined based on management’s judgment as to the likelihood that the deferred tax assets would not be realized. The judgment was based on an evaluation of available evidence, both positive and negative. At January 31, 2021, the Company had tax credit carry forwards for continuing operations of approximately $139,000, which amounts can be carried forward through at least 2026. As of January 31, 2021, and 2020 the company had no unrecognized tax benefits attributable to uncertain tax positions. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. The Company files U.S. federal income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company’s U.S. federal tax returns are subject to examination by the IRS for fiscal years ended January 31, 2017 through 2021. The Company’s tax returns may also be subject to examination by state and local revenue authorities for fiscal years ended January 31, 2015 through 2021. The Company’s Singapore income tax returns are subject to examination by the Singapore tax authorities for fiscal years ended January 31, 2015 through 2021. The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2015 through January 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies During fiscal 2021 we entered into an agreement (the “Agreement”) with a major European defense contractor (the “Co-developer”) Co-developer’s Purchase Obligations |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Plans | 18. Stock Option Plans At January 31, 2021, the Company had stock-based compensation plans as described in more detail below. The total compensation expense related to stock-based awards granted under these plans during the fiscal years ended January 31, 2021 and 2020 was approximately $708,000 and $854,000, respectively. The Company recognizes stock-based compensation costs net of a forfeiture rate for only those awards expected to vest over the requisite service period of the award. The Company estimates the forfeiture rate based on its historical experience regarding employee terminations and forfeitures. The fair value of each option award is estimated as of the date of grant using a Black-Scholes-Merton option pricing formula. Expected volatility is based on historical volatility of the Company’s stock over a preceding period commensurate with the expected term of the option. The expected term is based upon historical exercise patterns. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield was not considered in the option pricing formula since the Company does not pay dividends and has not paid any dividends since its incorporation. The weighted average grant-date fair value of options granted during the fiscal years ended January 31, 2021 and 2020 were $0.70 and $1.77, respectively. The assumptions for the periods indicated are noted in the following table. Weighted average Black-Scholes-Merton fair value assumptions Year Ending January 31, 2021 2020 Risk free interest rate 0.34% - 0.37% 1.47% - 2.53% Expected life 3.97 years - 5.97 years 3.98 years - 6.00 years Expected volatility 53% - 64% 49% - 51% Expected dividend yield 0.0% 0.0% Cash flows resulting from tax benefits attributable to tax deductions in excess of the compensation expense recognized for those options (excess tax benefits) are classified as financing out-flows in-flows. The Company has share-based awards outstanding under, the MIND Technology, Inc. Stock Awards Plan (“the Plan”). Stock options granted and outstanding under the Plan generally vest evenly over three years and have a 10-year Stock Based Compensation Activity The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2021: Number of Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, January 31, 2020 2,440 $ 4.51 7.08 $ 20 Granted 320 1.47 Exercised — — Forfeited (41 ) 4.63 Expired (133 ) 5.31 Outstanding, January 31, 2021 2,586 $ 4.09 6.58 $ 223 Exercisable at January 31, 2021 1,778 $ 4.63 5.71 $ — Vested and expected to vest at January 31, 2021 2,562 $ 4.12 6.55 $ 213 The aggregate intrinsic value in the table above represents the total pre-tax in-the-money As of January 31, 2021, there was approximately $482,228 of total unrecognized compensation expense related to unvested stock options granted under the Company’s share-based compensation plans. That expense is expected to be recognized over a weighted average period of 1.3 years. Restricted stock as of January 31, 2021 and changes during the fiscal year ended January 31, 2021 were as follows: Year Ended January 31, 2021 Number of Shares (in thousands) Weighted Average Grant Date Fair Value Unvested, beginning of period 37 $ 3.98 Granted 15 1.25 Vested (12 ) 3.98 Canceled — — Unvested, end of period 40 $ 2.94 As of January 31, 2021, there was approximately no unrecognized stock-based compensation expense related to unvested restricted stock awards. |
Segment Reporting
Segment Reporting | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Segment Reporting [Abstract] | ||
Segment Reporting | 14. Segment Reporting With the designation of the Equipment Leasing segment as discontinued operations as of July 31, 2020, the Company operates in one segment, Marine Technology Products. As a result, no segment reporting is required. The Marine Technology Products business is engaged in the design, manufacture and sale of state-of-the-art | 19. Segment Reporting With the designation of the Equipment Leasing segment as discontinued operations as of July 31, 2020, the Company operates in one segment, Marine Technology Products. The Marine Technology Products business is engaged in the design, manufacture and sale of state-of-the-art |
Corporate Restructuring
Corporate Restructuring | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Corporate Restructuring | 15. Corporate Restructuring On August 3, 2020, the Company, formerly Mitcham Industries, Inc., completed the reincorporation from the State of Texas to the State of Delaware, including a name change to MIND Technology, Inc. The change in legal domicile and company name were approved by the affirmative vote of the holders of more than two-thirds Pursuant to the terms of the reincorporation merger, each outstanding share of Common Stock and each share of Preferred Stock of Mitcham Industries, Inc., the Texas corporation, automatically converted into one share of Common Stock and one share of Series A Preferred Stock, respectively, of MIND Technology, Inc., the Delaware corporation. Stockholders who hold physical stock certificates are not required to, but may, exchange stock certificates as a result of the reincorporation. The Company’s Common Stock and Preferred Stock continued to trade on the NASDAQ Global Select Market under their ticker symbols, “MIND” and “MINDP”, respectively. The Company’s Common Stock was assigned a new CUSIP number of 602566 101 and the Company’s Preferred Stock was assigned a new CUSIP number of 602566 200. No changes were made to the Board, management, business or operations of the Company as a result of the reincorporation. The Company’s corporate headquarters remains in Texas. | 20. Corporate Restructuring On August 3, 2020, the Company, formerly Mitcham Industries, Inc., completed the reincorporation from the State of Texas to the State of Delaware, including a name change to MIND Technology, Inc. The change in legal domicile and company name were approved by the affirmative vote of the holders of more than two-thirds Pursuant to the terms of the reincorporation merger, each outstanding share of Common Stock and each share of Preferred Stock of Mitcham Industries, Inc., the Texas corporation, automatically converted into one share of Common Stock and one share of Series A Preferred Stock, respectively, of MIND Technology, Inc., the Delaware corporation. Stockholders who hold physical stock certificates are not required to, but may, exchange stock certificates as a result of the reincorporation. The Company’s Common Stock and Preferred Stock continued to trade on the NASDAQ Global Select Market under their ticker symbols, “MIND” and “MINDP”, respectively. The Company’s Common Stock was assigned a new CUSIP number of 602566 101 and the Company’s Preferred Stock was assigned a new CUSIP number of 602566 200. No changes have been made to the Board, management, business or operations of the Company as a result of the reincorporation. The Company’s corporate headquarters remains in Texas. |
Concentrations
Concentrations | 12 Months Ended |
Jan. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 21. Concentrations Credit Risk The Company maintains deposits and certificates of deposit with banks which may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and money market accounts which are not FDIC insured. In addition, deposits aggregating approximately $2.8 million at January 31, 2021 are held in foreign banks. Management believes the risk of loss in connection with these accounts is minimal. Supplier Concentration |
Sales and Major Customers
Sales and Major Customers | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Sales and Major Customers | 22. Sales and Major Customers A summary of the Company’s revenues, from continuing operations, from customers by geographic region, outside the U.S., is as follows (in thousands): Year Ended January 31, 2021 2020 UK/Europe $ 8,005 $ 14,975 Canada 1,267 3,519 Latin America — 262 Asia/South Pacific 6,523 5,377 Eurasia 507 290 Other 1,226 1,576 Total $ 17,528 $ 25,999 During each of the fiscal years ended 2021 and 2020, no individual customer exceeded 10% of total revenue. |
Sale of Subsidiary
Sale of Subsidiary | 12 Months Ended |
Jan. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Subsidiary | 23. Sale of Subsidiary In February 2019, the Company completed the sale of its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. for total contractual proceeds of approximately $660,000 U.S. dollars of which the Company received approximately $240,000 in cash at closing and an unsecured, non-interest two-year non-current |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II MIND TECHNOLOGY, INC. VALUATION AND QUALIFYING ACCOUNTS (in thousands) Col. A Col. B Col. C(1) Col. C(2) Col. D Col. E Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Describe Balance at End of Period Allowance for doubtful accounts January 31, 2021 $ 4,054 1,129 (43) (a) (3,364 ) (b) $ 1,776 January 31, 2020 $ 2,113 2,000 — (a) (59 ) (b) $ 4,054 Allowance for obsolete equipment and inventory January 31, 2021 $ 1,404 321 1 (a) (66 ) (c) $ 1,660 January 31, 2020 $ 1,222 298 1 (a) (117 ) (c) $ 1,404 (a) Represents translation differences. (b) Represents recoveries and uncollectible accounts written off. (c) Represents sale or scrap of inventory and obsolete equipment. |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 6 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
Equity and Stock-Based Compensation | 13. Equity and Stock-Based Compensation During the three months ended July 31, 2021, the Board declared quarterly dividends of $0.5625 per share for our Preferred Stock. As of July 31, 2021, there are 1,223,000 shares of Preferred Stock outstanding with an aggregate liquidation preference of approximately $30.6 million. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three and six months ended July 31, 2021 was approximately $115,000 and $224,000, respectively, and during the three and six months ended July 31, 2020 was approximately $219,000 and $449,000, respectively. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 11. Earnings per Share Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) (in thousands) Basic weighted average common shares outstanding 13,774 12,182 13,767 12,177 Stock options 79 3 58 1 Unvested restricted stock 29 10 18 5 Total weighted average common share equivalents 108 13 76 6 Diluted weighted average common shares outstanding 13,882 12,195 13,843 12,183 For the three and six months ended July 31, 2021 and 2020, potentially dilutive common shares underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Event Subsequent to July 31,2021, we completed an agreement for the sale of lease pool equipment reported as Assets Held for Sale (see Note 3—“Assets Held for Sale and Discontinued Operations” for additional details) in our condensed consolidated financial statements. Under the terms of the agreement the Company will receive total proceeds of approximately $4.5 million, with approximately $2.5 million paid at closing and the balance of approximately $2.0 million paid before the end of fiscal 2022. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC (formerly Seamap USA, LLC), Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd, collectively “Seamap”, and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the states of New Hampshire and Texas. Prior to July 31, 2020, the Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), and its branch operations in Colombia, provided full-service equipment leasing, sales and service to the seismic industry worldwide. Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 2 – “Assets Held for Sale and Discontinued Operations” for additional details). All intercompany transactions and balances have been eliminated in consolidation. During February 2019, the Company completed the sale of its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”) (see Note 23 - “Sale of Subsidiary” for additional details related to this transaction). |
Revenue Recognition of Marine Technology Product Sales, Long-term Projects, and Service Agreements | Revenue Recognition of Marine Technology Product Sales Revenue Recognition of Long-term Projects three Revenue Recognition of Service Agreements on-going |
Revenue Recognition of Leasing Arrangements | Revenue Recognition of Leasing Arrangements 2 — |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts gation written-off |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term Investments | Short-term Investments— |
Inventories | Inventories |
Property and Equipment | Property and Equipment three |
Intangible Assets | Intangible Assets 15-year eight eight ten |
Impairment | Impairment . |
Product Warranties | Product Warranties |
Income Taxes | Income Taxes The weight given to the potential effect of positive and negative evidence is commensurate with the extent to which it can be objectively verified. The preponderance of negative or positive evidence supports a conclusion regarding the need for a valuation allowance for some portion, or all, of the deferred tax asset. The more significant types of evidence considered include the following: • projected taxable income in future years; • our history of taxable income within a particular jurisdiction; • any history of deferred tax assets expiring prior realization; • whether the carry forward period is so brief that it would limit realization of tax benefits; • other limitations on the utilization of tax benefits; • future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; • our earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition; and • tax planning strategies that will create additional taxable income. |
Use of Estimates | Use of Estimates Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for doubtful accounts because of the extended payment terms the Company offers to its customers on occasion and the limited financial wherewithal of certain of these customers. As a result, the Company’s allowance for doubtful accounts could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make substantial judgments regarding the valuation allowance on deferred tax assets and with respect to quantitative analysis prepared in conjunction with impairment analysis related to goodwill and other intangible assets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The Financial Accounting Standards Board (“FASB”) has issued guidance on the definition of fair value, the framework for using fair value to measure assets hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current and contractual prices for the underlying instruments, as well as other relevant economic measures. • Level 3: Defined as pricing inputs that are unobservable form objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company measures the fair values of goodwill, intangibles and other long-lived assets on a recurring basis if required by impairment tests applicable to these assets. The Company utilized Level 3 inputs to value intangibles and other long-lived assets as of January 31, 2021. See Notes 10 and 11 to our consolidated financial statements. |
Foreign Currency Translation | Foreign Currency Translation |
Stock-Based Compensation | Stock-Based Compensation |
Earnings Per Share | Earnings Per Share Year Ended January 31, 2021 2020 (in thousands) Stock options 48 79 Restricted stock 17 3 Total dilutive shares 65 82 For the fiscal years ended January 31, 2021 and 2020, respectively, potentially dilutive common shares, underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods. |
Reclassifications | Reclassifications |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, No. 2018-01, No. 2018-10, No. 2018-11 No. 2016-02, policy elections to not recognize lease assets and lease liabilities with an initial term of 12 months or less and to not separate lease and non-lease off-balance on |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restricted Stock and Options Outstanding Used in Per Share Calculations | For the fiscal years ended January 31, 2021 and 2020, the following table sets forth the number of potentially dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations. Year Ended January 31, 2021 2020 (in thousands) Stock options 48 79 Restricted stock 17 3 Total dilutive shares 65 82 |
Assets Held for Sale and Disc_2
Assets Held for Sale and Discontinued Operations (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Schedule of Discontinued Operations, Including Balance Sheet, Income Statement, Cash Flow, and Additional Disclosures | The assets reported as held for sale consist of the following: July 31, January 31, Current assets of discontinued operations: Accounts receivable, net 1,151 1,668 Inventories, net 68 352 Prepaid expenses and other current assets 120 150 Seismic equipment lease pool and property and equipment, net 1,973 2,151 Total assets of discontinued operations $ 3,312 $ 4,321 The liabilities reported as held for sale consist of the following: July 31, January 31, Current liabilities of discontinued operations: Accounts payable $ 21 $ 59 Deferred revenue 73 73 Accrued expenses and other current liabilities 611 831 Total liabilities of discontinued operations 705 963 The results of operations from discontinued operations for the three and six months ended July For the Three Months For the Six Months 2021 2020 2021 2020 Revenues: Revenue from discontinued operations $ 757 $ 1,230 $ 787 $ 5,418 Cost of sales: Cost of discontinued operations 332 1,642 705 4,126 Operating expenses: Selling, general and administrative 378 1,476 720 3,176 Provision for doubtful accounts (2 ) 470 (445 ) 470 Depreciation and amortization 2 41 3 85 Total operating expenses 378 1,987 278 3,731 Operating income (loss) 47 (2,399 ) (196 ) (2,439 ) Other income (expenses) 35 72 (4 ) 75 Loss on disposal (including $2,745 of cumulative translation loss) — (1,859 ) — (1,859 ) Income (loss) before income taxes 82 (4,186 ) (200 ) (4,223 ) Provision for income taxes (3 ) (522 ) (4 ) (700 ) Net income (loss) 79 (4,708 ) (204 ) (4,923 ) For the Six Months 2021 2020 Depreciation and amortization $ — $ 1,771 Gross profit from sale of lease pool equipment $ — $ (1,324 ) (Recovery) provisions for doubtful accounts $ (445 ) $ 470 Loss on disposal of discontinued operations $ — $ 1,859 Sale of used lease pool equipment $ — $ 1,988 Sale of assets held for sale $ 1,245 $ — | The assets reported as held for sale consist of the following: As of January 31, 2021 2020 Current assets of discontinued operations: Accounts receivable, net 1,668 5,699 Inventories, net 352 605 Prepaid expenses and other current assets 150 227 Seismic equipment lease pool and property and equipment, net 2,151 8,382 Total assets of discontinued operations $ 4,321 $ 14,913 The liabilities reported as held for sale consist of the following: As of January 31, 2021 2020 Current liabilities of discontinued operations: Accounts payable $ 59 $ 884 Deferred revenue 73 34 Accrued expenses and other current liabilities 831 1,886 Income taxes payable 479 (74 ) Total liabilities of discontinued operations $ 1,442 $ 2,730 The results of operations from discontinued operations for the twelve months ended January 31, 2021 and 2020, consist of the following: Twelve Months Ended 2021 2020 Revenues: Revenue from discontinued operations $ 5,747 $ 12,756 Cost of sales: Cost of discontinued operations 4,537 9,089 Operating expenses: Selling, general and administrative 4,589 5,576 Provision for doubtful accounts 470 2,000 Depreciation and amortization 132 176 Total operating expenses 5,191 7,752 Operating loss (3,981 ) (4,085 ) Other income (expenses) 201 (134 ) Loss on disposal (including $2,745 of cumulative translation loss) (1,859 ) — Loss before income taxes (5,639 ) (4,219 ) Provision for income taxes (665 ) (525 ) Net loss (6,304 ) (4,744 ) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: As of January 31, 2021 2020 Depreciation and amortization $ 1,830 $ 4,818 Gross profit from sale of lease pool equipment $ (1,326 ) $ (1,145 ) Provisions for doubtful accounts $ 470 $ 2,000 Loss on disposal of discontinued operations $ 1,859 $ — Sale of used lease pool equipment $ 2,010 $ 1,415 Sale of assets held for sale $ 1,506 $ — Purchase of seismic equipment held for lease $ (110 ) $ (2,955 ) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Disaggregation of Revenue | The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Revenue recognized at a point in time: Seamap $ 5,256 $ 3,881 $ 8,169 $ 5,870 Klein 1,406 1,004 2,556 2,002 Total revenue recognized at a point in time $ 6,662 $ 4,885 $ 10,725 $ 7,872 Revenue recognized over time: Seamap $ 145 $ 201 $ 276 $ 401 Total revenue recognized over time 145 201 276 401 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 The revenue from products manufactured and sold by our Seamap and Klein businesses is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. Our Seamap business also provides Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from SMA’s is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract, which is typically twelve months. The following table presents geography Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) United States $ 219 $ 686 $ 578 $ 1,786 Europe 3,520 1,604 6,102 2,980 Middle East & Africa 675 221 689 297 Asia-Pacific 2,188 2,222 2,893 2,499 Canada & Latin America 205 353 739 711 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 | The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Twelve Months Ended 2021 2020 (in thousands) Revenue recognized at a point in time: Seamap $ 16,304 $ 21,617 Klein 4,145 7,468 SAP — 101 Total revenue recognized at a point in time $ 20,449 $ 29,186 Revenue recognized over time: Seamap $ 766 $ 733 Klein — — SAP — — Total revenue recognized over time 766 733 Total revenue from contracts with customers $ 21,215 $ 29,919 The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Twelve Months Ended 2021 2020 (in thousands) Revenue from contracts with customers: United States $ 3,687 $ 3,920 Europe, Russia & CIS 8,512 15,262 Middle East & Africa 1,226 1,576 Asia-Pacific 6,523 5,377 Canada & Latin America 1,267 3,784 Total revenue from contracts with customers $ 21,215 $ 29,919 |
Contract with Customer, Asset and Liability | As of July 31, 2021, and January 31, 2021, contract assets and liabilities consisted of the following: July 31 , January 31, (in thousands) Contract Assets: Unbilled revenue — $ 106 $ 85 Total unbilled revenue $ 106 $ 85 Contract Liabilities: Deferred revenue & customer deposits — $ 399 $ 691 Total deferred revenue & customer deposits $ 399 $ 691 | As of January 31, 2021, contract assets and liabilities consisted of the following: January 31, January 31, (in thousands) Contract Assets: Unbilled revenue-current $ 85 $ 13 Unbilled revenue - non-current — — Total unbilled revenue $ 85 $ 13 Contract Liabilities: Deferred revenue & customer deposits — $ 691 $ 220 Deferred revenue & customer deposits — non-current — 12 Total deferred revenue & customer deposits $ 691 $ 232 |
Balance Sheet - Continuing Op_2
Balance Sheet - Continuing Operations (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Schedule of Accounts Receivable | As of As of (in thousands) Accounts receivable $ 5,581 $ 5,695 Less allowance for doubtful accounts (481 ) (948 ) Accounts receivable net of allowance for doubtful accounts $ 5,100 $ 4,747 | Accounts receivables from continuing operations consisted of the following (in thousands): As of January 31, 2021 As of January 31, 2020 Current Total Current Total Accounts receivable $ 5,695 $ 5,695 $ 9,001 $ 9,001 Less allowance for doubtful accounts (948 ) (948 ) (2,378 ) (2,378 ) Accounts receivable net of allowance for doubtful accounts $ 4,747 $ 4,747 $ 6,623 $ 6,623 |
Schedule of Inventories | July 31, January 31, (in thousands) Inventories: Raw materials $ 7,468 $ 6,905 Finished goods 3,455 3,466 Work in progress 2,404 2,445 13,327 12,816 Less allowance for obsolescence (1,399 ) (1,363 ) Total inventories, net $ 11,928 $ 11,453 | Inventories from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Raw materials $ 6,905 $ 7,388 Finished goods 3,466 3,758 Work in progress 2,445 2,720 Cost of inventories 12,816 13,866 Less allowance for obsolescence (1,363 ) (1,210 ) Net inventories $ 11,453 $ 12,656 |
Schedule of Seismic Equipment Lease Pool and Property and Equipment | July 31, January 31, (in thousands) Property and equipment: Marine seismic service equipment $ 4,157 $ 5,969 Land and buildings 4,422 4,354 Furniture and fixtures 9,899 9,750 Autos and trucks 491 491 18,969 20,564 Accumulated depreciation and amortization (14,529 ) (15,813 ) Total property and equipment, net $ 4,440 $ 4,751 | Property and equipment from continuing operations consisted of the following (in thousands) As of January 31, 2021 2020 Marine seismic service equipment 5,969 8,341 Land and buildings 4,354 4,274 Furniture and fixtures 9,750 9,364 Autos and trucks 491 491 Cost of property and equipment 20,564 22,470 Less accumulated depreciation (15,813 ) (17,051 ) Net book value of property and equipment $ 4,751 $ 5,419 |
Supplemental Statements of Ca_2
Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flows Information | Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2021 and 2020 were as follows (in thousands): Year Ended January 31, 2021 2020 Interest paid $ 40 $ 63 Income taxes paid, net 336 498 Seismic equipment purchases included in accounts payable at year-end — 812 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | ||
Schedule of Inventories | July 31, January 31, (in thousands) Inventories: Raw materials $ 7,468 $ 6,905 Finished goods 3,455 3,466 Work in progress 2,404 2,445 13,327 12,816 Less allowance for obsolescence (1,399 ) (1,363 ) Total inventories, net $ 11,928 $ 11,453 | Inventories from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Raw materials $ 6,905 $ 7,388 Finished goods 3,466 3,758 Work in progress 2,445 2,720 Cost of inventories 12,816 13,866 Less allowance for obsolescence (1,363 ) (1,210 ) Net inventories $ 11,453 $ 12,656 |
Accounts Receivables (Tables)
Accounts Receivables (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Receivables [Abstract] | ||
Schedule of Accounts Receivable | As of As of (in thousands) Accounts receivable $ 5,581 $ 5,695 Less allowance for doubtful accounts (481 ) (948 ) Accounts receivable net of allowance for doubtful accounts $ 5,100 $ 4,747 | Accounts receivables from continuing operations consisted of the following (in thousands): As of January 31, 2021 As of January 31, 2020 Current Total Current Total Accounts receivable $ 5,695 $ 5,695 $ 9,001 $ 9,001 Less allowance for doubtful accounts (948 ) (948 ) (2,378 ) (2,378 ) Accounts receivable net of allowance for doubtful accounts $ 4,747 $ 4,747 $ 6,623 $ 6,623 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment | July 31, January 31, (in thousands) Property and equipment: Marine seismic service equipment $ 4,157 $ 5,969 Land and buildings 4,422 4,354 Furniture and fixtures 9,899 9,750 Autos and trucks 491 491 18,969 20,564 Accumulated depreciation and amortization (14,529 ) (15,813 ) Total property and equipment, net $ 4,440 $ 4,751 | Property and equipment from continuing operations consisted of the following (in thousands) As of January 31, 2021 2020 Marine seismic service equipment 5,969 8,341 Land and buildings 4,354 4,274 Furniture and fixtures 9,750 9,364 Autos and trucks 491 491 Cost of property and equipment 20,564 22,470 Less accumulated depreciation (15,813 ) (17,051 ) Net book value of property and equipment $ 4,751 $ 5,419 |
Location of Property and Equipment | Location of property and equipment (in thousands): As of January 31, 2021 2020 United States $ 3,133 $ 3,379 Europe 87 78 Singapore 480 773 Malaysia 1,051 1,189 Net book value of property and equipment $ 4,751 $ 5,419 |
Leases (Tables)
Leases (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Leases [Abstract] | ||
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases as of July 31, 2021 and January 31, 2021 were as follows (in thousands): Lease July 31, January 31, Assets Operating lease assets $ 1,568 $ 1,471 Liabilities Operating lease liabilities $ 1,568 $ 1,471 Classification of lease liabilities Current liabilities $ 567 $ 1,008 Non-current 1,001 463 Total Operating lease liabilities $ 1,568 $ 1,471 Lease-term and discount rate details as of July 31, 2021 and January 31, 2021 were as follows: Lease term and discount rate July 31, January 31, Weighted average remaining lease term (years) Operating leases 1.26 1.09 Weighted average discount rate: Operating leases 9.36 % 10 % | Supplemental balance sheet information related to leases as of January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Assets Operating lease assets $ 1,471 $ 2,300 Liabilities Operating lease liabilities $ 1,471 $ 2,300 Classification of lease liabilities Current liabilities $ 1,008 $ 1,339 Non-current 463 961 Total Operating lease liabilities $ 1,471 $ 2,300 Lease-term and discount rate details as of January 31, 2021 and 2020 were as follows: As of January 31, Lease term and discount rate 2021 2020 Weighted average remaining lease term (years) Operating leases 1.09 1.76 Weighted average discount rate: Operating leases 10 % 9.27 % |
Supplemental Cash Flow Information | Supplemental cash flow information related to leases was as follows (in thousands): Lease Six Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (600 ) $ (514 ) Right-of-use Operating leases $ 600 $ 514 | Supplemental cash flow information related to leases at January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,157 ) $ (1,182 ) Right-of-use Operating leases $ — $ 635 |
Maturities of Lease Liabilities | Maturities of lease liabilities at July 31, 2021 were as follows (in thousands): July 31, 2022 $ 567 2023 667 2024 346 2025 134 2026 24 Thereafter — Total payments under lease agreements $ 1,738 Less: imputed interest (170 ) Total lease liabilities $ 1,568 | Maturities of lease liabilities at January 31, 2021 and 2020 were as follows (in thousands): As of January 31, 2021 2020 2021 $ 1,007 $ 1,338 2022 421 838 2023 110 222 2024 58 98 2025 24 52 Thereafter — 21 Total payments under lease agreements $ 1,620 $ 2,569 Less: imputed interest (149 ) (269 ) Total lease liabilities $ 1,471 $ 2,300 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill and Other Intangible Assets | Weighted July 31, 2021 January 31, 2021 Gross Carrying Amount Accumulated Amortization Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Goodwill $ 7,060 $ — $ (7,060 ) $ — $ 7,060 $ — $ (7,060 ) $ — Proprietary rights 6.4 $ 8,220 $ (3,920 ) $ — $ 4,300 $ 7,781 $ (3,688 ) $ — $ 4,093 Customer relationships 0.4 5,024 (4,748 ) — 276 5,024 (4,513 ) — 511 Patents 3.1 2,440 (1,653 ) — 787 2,440 (1,528 ) — 912 Trade name 4.8 894 (80 ) (760 ) 54 894 (74 ) (760 ) 60 Developed technology 4.4 1,430 (798 ) — 632 1,430 (727 ) — 703 Other 2.8 684 (278 ) — 406 684 (213 ) — 471 Amortizable intangible assets $ 18,692 $ (11,477 ) $ (760 ) $ 6,455 $ 18,253 $ (10,743 ) $ (760 ) $ 6,750 | Goodwill and other intangible assets from continuing operations consisted of the following: Weighted Average Life at 1/31/20 January 31, 2021 January 31, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (7,060 ) $ — $ 7,060 $ — $ (4,529 ) $ 2,531 Proprietary rights 7.2 $ 7,781 $ (3,688 ) — 4,093 $ 9,247 $ (4,950 ) — 4,297 Customer relationships 0.8 5,024 (4,513 ) — 511 5,024 (3,831 ) — 1,193 Patents 3.6 2,440 (1,528 ) — 912 2,440 (1,277 ) — 1,163 Trade name 5.3 894 (74 ) (760 ) 60 894 (63 ) (760 ) 71 Developed technology 4.9 1,430 (727 ) — 703 1,430 (584 ) — 846 Other 3.4 684 (213 ) — 471 653 (87 ) — 566 Amortizable intangible assets $ 18,253 $ (10,743 ) $ (760 ) $ 6,750 $ 19,688 $ (10,792 ) $ (760 ) $ 8,136 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of July 31, 2021, future estimated amortization expense related to amortizable intangible assets was estimated to be (in thousands): For fiscal years ending January 31 2022 $ 588 2023 1,167 2024 1,032 2025 837 2026 700 Thereafter 2,131 Total $ 6,455 | Aggregate amortization expense was $1.8 million, and $1.8 million for the fiscal years ended January 31, 2021 and 2020, respectively. As of January 31, 2021, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal year ending January 31: 2022 $ 1,266 2023 1,125 2024 989 2025 828 2026 658 Thereafter 1,884 Total $ 6,750 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Contract settlement $ 968 $ 228 Wages and benefits 577 317 Customer deposits 484 239 Accrued inventory — 229 Other 883 552 Accrued Expenses and Other Liabilities $ 2,912 $ 1,565 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes by Jurisdiction | Year Ended January 31, 2021 2020 (in thousands) (Loss) income from continuing operations before income taxes is attributable to the following jurisdictions: Domestic $ (8,851 ) $ (7,550 ) Foreign (4,615 ) 1,360 Total $ (13,466 ) $ (6,190 ) The components of income tax expense (benefit) for continuing operations were as follows: Current: Domestic $ 22 $ 27 Foreign 515 58 537 85 Deferred: Domestic — — Foreign (1 ) 268 (1 ) 268 Income tax expense $ 536 $ 353 |
Reconciliation of Expected to Actual Income Tax Expense | The following is a reconciliation of expected to actual income tax expense (benefit) for continuing o perations: Year Ended January 31, 2021 2020 (in thousands) Federal income tax at 21% $ (2,828 ) $ (1,300 ) Changes in tax rates (50 ) 50 Permanent differences 413 52 Foreign effective tax rate differential 66 (80 ) Foreign withholding taxes, including penalties and interest 29 34 Tax effect of book loss on disposition of subsidiaries — 79 Valuation allowance on deferred tax assets 2,682 1,205 Excess tax deficiency for share-based payments under ASU 2016-09 66 284 Other 158 29 $ 536 $ 353 |
Company's Deferred Taxes | The components of the Company’s deferred taxes for continuing operations consisted of the following: As of January 31, 2021 2020 (in thousands) Deferred tax assets: Net operating losses $ 17,177 $ 13,716 Tax credit carry forwards 139 117 Stock option book expense 718 650 Allowance for doubtful accounts — 229 Inventory 565 525 Accruals not yet deductible for tax purposes 281 357 Fixed assets 232 105 Intangible assets 445 337 Other 599 561 Gross deferred tax assets 20,156 16,597 Valuation allowance (20,156 ) (16,597 ) Deferred tax assets — — Deferred tax liabilities: Other (198 ) (200 ) Deferred tax liabilities (198 ) (200 ) Unrecognized tax benefits — — Total deferred tax (liabilities) assets, net (198 ) $ (200 ) |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Fair Value Option Award | The assumptions for the periods indicated are noted in the following table. Weighted average Black-Scholes-Merton fair value assumptions Year Ending January 31, 2021 2020 Risk free interest rate 0.34% - 0.37% 1.47% - 2.53% Expected life 3.97 years - 5.97 years 3.98 years - 6.00 years Expected volatility 53% - 64% 49% - 51% Expected dividend yield 0.0% 0.0% |
Summary of Company's Stock Option Activity | The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2021: Number of Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, January 31, 2020 2,440 $ 4.51 7.08 $ 20 Granted 320 1.47 Exercised — — Forfeited (41 ) 4.63 Expired (133 ) 5.31 Outstanding, January 31, 2021 2,586 $ 4.09 6.58 $ 223 Exercisable at January 31, 2021 1,778 $ 4.63 5.71 $ — Vested and expected to vest at January 31, 2021 2,562 $ 4.12 6.55 $ 213 |
Restricted Stock and Changes During Period | Restricted stock as of January 31, 2021 and changes during the fiscal year ended January 31, 2021 were as follows: Year Ended January 31, 2021 Number of Shares (in thousands) Weighted Average Grant Date Fair Value Unvested, beginning of period 37 $ 3.98 Granted 15 1.25 Vested (12 ) 3.98 Canceled — — Unvested, end of period 40 $ 2.94 |
Sales and Major Customers (Tabl
Sales and Major Customers (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Company's Revenues from Customers by Geographic Region, Outside the U.S. | A summary of the Company’s revenues, from continuing operations, from customers by geographic region, outside the U.S., is as follows (in thousands): Year Ended January 31, 2021 2020 UK/Europe $ 8,005 $ 14,975 Canada 1,267 3,519 Latin America — 262 Asia/South Pacific 6,523 5,377 Eurasia 507 290 Other 1,226 1,576 Total $ 17,528 $ 25,999 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation | The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) (in thousands) Basic weighted average common shares outstanding 13,774 12,182 13,767 12,177 Stock options 79 3 58 1 Unvested restricted stock 29 10 18 5 Total weighted average common share equivalents 108 13 76 6 Diluted weighted average common shares outstanding 13,882 12,195 13,843 12,183 |
Organization (Details)
Organization (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 01, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Working capital | $ 16.1 | $ 19 | |
Cash included in working capital | 2.1 | 4.6 | |
Backlog of firm orders | $ 11.7 | $ 14.2 | $ 8.9 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jul. 31, 2020 | |
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Services pursuant to contracts term (in months) | 12 months | |
Support services term (in months) | 12 months | |
Additional charges | $ 0 | |
Salvage value assigned to property and equipment | $ 0 | |
Customer relationships | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets amortization period (in years) | 8 years | |
Building | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful lives (in years) | 30 months | |
Property Improvements | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful lives (in years) | 10 years | |
Minimum | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Performance period of long-term projects (in months) | 3 months | |
Estimated useful lives (in years) | 3 years | |
Minimum | Proprietary rights developed technology and amortizable trade names | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets amortization period (in years) | 10 years | |
Minimum | Patents | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets amortization period (in years) | 8 years | |
Maximum | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Performance period of long-term projects (in months) | 12 months | |
Lease term (in years) | 1 year | 1 year |
Estimated useful lives (in years) | 7 years | |
Maximum | Proprietary rights developed technology and amortizable trade names | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets amortization period (in years) | 15 years | |
Maximum | Patents | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Intangible assets amortization period (in years) | 10 years | |
Seamap | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Customers warranty against defects (in months) | 3 months | |
Klein | ||
Organization and Summary of Significant Accounting Policies [Line Items] | ||
Customers warranty against defects (in months) | 12 months |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Restricted Stock and Options Outstanding Used in Per Share Calculations (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Stock options (in shares) | 79 | 3 | 58 | 1 | 48 | 79 |
Restricted stock (in shares) | 17 | 3 | ||||
Total dilutive shares | 65 | 82 |
Assets Held for Sale and Disc_3
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets of discontinued operations: | |||
Total assets of discontinued operations | $ 3,312 | $ 4,321 | $ 14,913 |
Current liabilities of discontinued operations: | |||
Total liabilities of discontinued operations | 705 | 963 | |
Total liabilities of discontinued operations | 1,442 | 2,730 | |
Discontinued Operations, Held-for-sale | |||
Current assets of discontinued operations: | |||
Accounts receivable, net | 1,151 | 1,668 | 5,699 |
Inventories, net | 68 | 352 | 605 |
Prepaid expenses and other current assets | 120 | 150 | 227 |
Seismic equipment lease pool and property and equipment, net | 1,973 | 2,151 | 8,382 |
Total assets of discontinued operations | 3,312 | 4,321 | 14,913 |
Current liabilities of discontinued operations: | |||
Accounts payable | 21 | 59 | 884 |
Deferred revenue | 73 | 73 | 34 |
Accrued expenses and other current liabilities | 611 | 831 | 1,886 |
Income taxes payable | 479 | (74) | |
Total liabilities of discontinued operations | $ 705 | 963 | |
Total liabilities of discontinued operations | $ 1,442 | $ 2,730 |
Assets Held for Sale and Disc_4
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Operating expenses: | ||||||
Loss on disposal (including $2,745 of cumulative translation loss) | $ 0 | $ (1,859) | $ (1,859) | $ 0 | ||
Net income (loss) | $ 79 | $ (4,708) | (204) | (4,923) | (6,304) | (4,744) |
Discontinued Operations, Held-for-sale | ||||||
Revenues: | ||||||
Revenue from discontinued operations | 757 | 1,230 | 787 | 5,418 | 5,747 | 12,756 |
Cost of sales: | ||||||
Cost of discontinued operations | 332 | 1,642 | 705 | 4,126 | 4,537 | 9,089 |
Operating expenses: | ||||||
Selling, general and administrative | 378 | 1,476 | 720 | 3,176 | 4,589 | 5,576 |
(Recovery) provisions for doubtful accounts | (2) | 470 | (445) | 470 | 470 | 2,000 |
Depreciation and amortization | 2 | 41 | 3 | 85 | 132 | 176 |
Total operating expenses | 378 | 1,987 | 278 | 3,731 | 5,191 | 7,752 |
Operating income (loss) | 47 | (2,399) | (196) | (2,439) | (3,981) | (4,085) |
Other income (expenses) | 35 | 72 | (4) | 75 | 201 | (134) |
Loss on disposal (including $2,745 of cumulative translation loss) | 0 | (1,859) | 0 | (1,859) | (1,859) | 0 |
Cumulative translation loss | 2,745 | 2,745 | 2,745 | 2,745 | ||
Income (loss) before income taxes | 82 | (4,186) | (200) | (4,223) | (5,639) | (4,219) |
Provision for income taxes | (3) | (522) | (4) | (700) | (665) | (525) |
Net income (loss) | $ 79 | $ (4,708) | $ (204) | $ (4,923) | $ (6,304) | $ (4,744) |
Assets Held for Sale and Disc_5
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on disposal of discontinued operations | $ 0 | $ 1,859 | $ 1,859 | $ 0 | ||
Discontinued Operations, Held-for-sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Depreciation and amortization | 0 | 1,771 | 1,830 | 4,818 | ||
Gross profit from sale of lease pool equipment | 0 | (1,324) | (1,326) | (1,145) | ||
(Recovery) provisions for doubtful accounts | $ (2) | $ 470 | (445) | 470 | 470 | 2,000 |
Loss on disposal of discontinued operations | $ 0 | $ 1,859 | 0 | 1,859 | 1,859 | 0 |
Sale of used lease pool equipment | 0 | 1,988 | 2,010 | 1,415 | ||
Sale of assets held for sale | $ 1,245 | $ 0 | 1,506 | 0 | ||
Purchase of seismic equipment held for lease | $ (110) | $ (2,955) |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | Feb. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 1,568 | $ 1,471 | $ 2,300 | |
Operating lease liability | $ 1,568 | $ 1,471 | $ 2,300 | |
ASU 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use assets | $ 3,000 | |||
Operating lease liability | $ 3,000 |
Liquidity - Additional Informat
Liquidity - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2021 | Jul. 31, 2021 | Jan. 01, 2020 | |
Liquidity Disclosure [Abstract] | |||
Working capital | $ 19 | $ 16.1 | |
Cash included in working capital | 4.6 | 2.1 | |
Backlog of orders | 14.2 | $ 11.7 | $ 8.9 |
Proceeds from sale of common and preferred stock | $ 4.6 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue Disaggregation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | $ 6,807 | $ 5,086 | $ 11,001 | $ 8,273 | $ 21,215 | $ 29,919 |
Revenue recognized at a point in time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 6,662 | 4,885 | 10,725 | 7,872 | 20,449 | 29,186 |
Revenue recognized over time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 145 | 201 | 276 | 401 | 766 | 733 |
Seamap | Revenue recognized at a point in time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 5,256 | 3,881 | 8,169 | 5,870 | 16,304 | 21,617 |
Seamap | Revenue recognized over time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 145 | 201 | 276 | 401 | 766 | 733 |
Klein | Revenue recognized at a point in time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | $ 1,406 | $ 1,004 | $ 2,556 | $ 2,002 | 4,145 | 7,468 |
Klein | Revenue recognized over time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 0 | 0 | ||||
SAP | Revenue recognized at a point in time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 0 | 101 | ||||
SAP | Revenue recognized over time | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Revenue Disaggregated by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | $ 6,807 | $ 5,086 | $ 11,001 | $ 8,273 | $ 21,215 | $ 29,919 |
United States | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 219 | 686 | 578 | 1,786 | 3,687 | 3,920 |
Europe, Russia & CIS | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 3,520 | 1,604 | 6,102 | 2,980 | 8,512 | 15,262 |
Middle East & Africa | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 675 | 221 | 689 | 297 | 1,226 | 1,576 |
Asia-Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | 2,188 | 2,222 | 2,893 | 2,499 | 6,523 | 5,377 |
Canada & Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue from contracts with customers | $ 205 | $ 353 | $ 739 | $ 711 | $ 1,267 | $ 3,784 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Assets And Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | |
Contract Assets: | |||
Unbilled revenue—current | $ 106 | $ 85 | $ 13 |
Total unbilled revenue | 106 | 85 | 13 |
Contract Liabilities: | |||
Deferred revenue & customer deposits—current | 399 | 691 | 220 |
Deferred revenue & customer deposits—non-current | 12 | ||
Total deferred revenue & customer deposits | $ 399 | $ 691 | $ 232 |
Minimum | |||
Contract With Customers [Line Items] | |||
Contract with customers, turn over period (in months) | 3 months | 3 months | |
Maximum | |||
Contract With Customers [Line Items] | |||
Contract with customers, turn over period (in months) | 9 months | 6 months |
Balance Sheet - Continuing Op_3
Balance Sheet - Continuing Operations - Accounts Receivable (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accounts receivable | $ 5,581 | $ 5,695 | $ 9,001 |
Less allowance for doubtful accounts | (481) | (948) | (2,378) |
Accounts receivable net of allowance for doubtful accounts | $ 5,100 | $ 4,747 | $ 6,623 |
Balance Sheet - Continuing Op_4
Balance Sheet - Continuing Operations - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Inventory, Gross [Abstract] | |||
Raw materials | $ 7,468 | $ 6,905 | $ 7,388 |
Finished goods | 3,455 | 3,466 | 3,758 |
Work in progress | 2,404 | 2,445 | 2,720 |
Cost of inventories | 13,327 | 12,816 | 13,866 |
Less allowance for obsolescence | (1,399) | (1,363) | (1,210) |
Total inventories, net | $ 11,928 | $ 11,453 | $ 12,656 |
Balance Sheet - Continuing Op_5
Balance Sheet - Continuing Operations - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Property and equipment: | |||
Property and equipment | $ 18,969 | $ 20,564 | $ 22,470 |
Accumulated depreciation and amortization | (14,529) | (15,813) | (17,051) |
Total property and equipment, net | 4,440 | 4,751 | 5,419 |
Marine seismic service equipment | |||
Property and equipment: | |||
Property and equipment | 4,157 | 5,969 | |
Land and buildings | |||
Property and equipment: | |||
Property and equipment | 4,422 | 4,354 | 4,274 |
Furniture and fixtures | |||
Property and equipment: | |||
Property and equipment | 9,899 | 9,750 | 9,364 |
Autos and trucks | |||
Property and equipment: | |||
Property and equipment | $ 491 | $ 491 | $ 491 |
Supplemental Statements of Ca_3
Supplemental Statements of Cash Flows Information - Supplemental Disclosures of Cash Flows Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Interest paid | $ 18 | $ 23 | $ 40 | $ 63 |
Income taxes paid, net | 336 | 498 | ||
Seismic equipment purchases included in accounts payable at year-end | $ 0 | $ 812 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 7,468 | $ 6,905 | $ 7,388 |
Finished goods | 3,455 | 3,466 | 3,758 |
Work in progress | 2,404 | 2,445 | 2,720 |
Cost of inventories | 13,327 | 12,816 | 13,866 |
Less allowance for obsolescence | (1,399) | (1,363) | (1,210) |
Total inventories, net | $ 11,928 | $ 11,453 | $ 12,656 |
Accounts Receivables - Schedule
Accounts Receivables - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Receivables [Abstract] | |||
Current accounts receivable | $ 5,695 | $ 9,001 | |
Accounts receivable | $ 5,581 | 5,695 | 9,001 |
Less current Portion of allowance for doubtful accounts | (481) | (948) | (2,378) |
Less total allowance for doubtful accounts | (481) | (948) | (2,378) |
Current accounts receivable, net of allowance for doubtful accounts | 5,100 | 4,747 | 6,623 |
Total accounts receivable, net of allowance for doubtful accounts | $ 5,100 | $ 4,747 | $ 6,623 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | $ 18,969 | $ 20,564 | $ 22,470 |
Less accumulated depreciation | (14,529) | (15,813) | (17,051) |
Total property and equipment, net | 4,440 | 4,751 | 5,419 |
Marine seismic service equipment | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 5,969 | 8,341 | |
Land and buildings | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 4,422 | 4,354 | 4,274 |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 9,899 | 9,750 | 9,364 |
Autos and trucks | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | $ 491 | $ 491 | $ 491 |
Property and Equipment - Locati
Property and Equipment - Location of Property and Equipment (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Geographic Information For Property Plant And Equipment [Line Items] | |||
Net book value of property and equipment | $ 4,440 | $ 4,751 | $ 5,419 |
United States | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Net book value of property and equipment | 3,133 | 3,379 | |
Europe | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Net book value of property and equipment | 87 | 78 | |
Singapore | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Net book value of property and equipment | 480 | 773 | |
Malaysia | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Net book value of property and equipment | $ 1,051 | $ 1,189 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Feb. 01, 2019 | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease right-of-use assets | $ 1,568 | $ 1,568 | $ 1,471 | $ 2,300 | ||
Total operating lease liabilities | 1,568 | 1,568 | 1,471 | 2,300 | ||
Lease expense | 291,000 | $ 600,000 | 828,000 | 1,200 | ||
Short-term lease expense | $ 10,000 | $ 10,000 | 20,000 | 30,000 | ||
ASU 2016-02 | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease right-of-use assets | $ 3,000 | |||||
Total operating lease liabilities | $ 3,000 | |||||
Office | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Facility lease expense | $ 1,200 | $ 1,200 | ||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating leases, non-cancelable term (in years) | 1 year | 1 year |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Assets | |||
Operating lease right-of-use assets | $ 1,568 | $ 1,471 | $ 2,300 |
Liabilities | |||
Total operating lease liabilities | 1,568 | 1,471 | 2,300 |
Current liabilities | 567 | 1,008 | 1,339 |
Non-current liabilities | 1,001 | 463 | 961 |
Total Operating lease liabilities | $ 1,568 | $ 1,471 | $ 2,300 |
Weighted average remaining lease term (years) | |||
Operating leases | 1 year 3 months 3 days | 1 year 1 month 2 days | 1 year 9 months 3 days |
Weighted average discount rate: | |||
Operating leases | 9.36% | 10.00% | 9.27% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ (600) | $ (514) | $ (1,157) | $ (1,182) |
Right-of-use assets obtained in exchange for lease liabilities: | ||||
Operating leases | $ 600 | $ 514 | $ 635 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Leases [Abstract] | |||
2022 | $ 567 | ||
2021 | 667 | $ 1,007 | $ 1,338 |
2022 | 346 | 421 | 838 |
2023 | 134 | 110 | 222 |
2024 | 24 | 58 | 98 |
2025 | 24 | 52 | |
Thereafter | 0 | 0 | 21 |
Total payments under lease agreements | 1,738 | 1,620 | 2,569 |
Less: imputed interest | (170) | (149) | (269) |
Total operating lease liabilities | $ 1,568 | $ 1,471 | $ 2,300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Net Carrying Amount (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill, Gross Carrying Amount | $ 7,060 | $ 7,060 | $ 7,060 |
Goodwill, Accumulated Impairment | (7,060) | (7,060) | (4,529) |
Goodwill, Net Carrying Amount | 0 | 2,531 | |
Gross Carrying Amount | 18,692 | 18,253 | 19,688 |
Accumulated Amortization | (11,477) | (10,743) | (10,792) |
Accumulated Impairment | (760) | (760) | (760) |
Net Carrying Amount | $ 6,455 | $ 6,750 | 8,136 |
Proprietary rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Life (in years) | 6 years 4 months 24 days | 7 years 2 months 12 days | |
Gross Carrying Amount | $ 8,220 | $ 7,781 | 9,247 |
Accumulated Amortization | (3,920) | (3,688) | (4,950) |
Net Carrying Amount | $ 4,300 | $ 4,093 | 4,297 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Life (in years) | 4 months 24 days | 9 months 18 days | |
Gross Carrying Amount | $ 5,024 | $ 5,024 | 5,024 |
Accumulated Amortization | (4,748) | (4,513) | (3,831) |
Net Carrying Amount | $ 276 | $ 511 | 1,193 |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Life (in years) | 3 years 1 month 6 days | 3 years 7 months 6 days | |
Gross Carrying Amount | $ 2,440 | $ 2,440 | 2,440 |
Accumulated Amortization | (1,653) | (1,528) | (1,277) |
Net Carrying Amount | $ 787 | $ 912 | 1,163 |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Life (in years) | 4 years 9 months 18 days | 5 years 3 months 18 days | |
Gross Carrying Amount | $ 894 | $ 894 | 894 |
Accumulated Amortization | (80) | (74) | (63) |
Accumulated Impairment | (760) | (760) | (760) |
Net Carrying Amount | $ 54 | $ 60 | 71 |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Life (in years) | 4 years 4 months 24 days | 4 years 10 months 24 days | |
Gross Carrying Amount | $ 1,430 | $ 1,430 | 1,430 |
Accumulated Amortization | (798) | (727) | (584) |
Net Carrying Amount | $ 632 | $ 703 | 846 |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Life (in years) | 2 years 9 months 18 days | 3 years 4 months 24 days | |
Gross Carrying Amount | $ 684 | $ 684 | 653 |
Accumulated Amortization | (278) | (213) | (87) |
Net Carrying Amount | $ 406 | $ 471 | $ 566 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Impairment expense, percentage of gross carrying amount of goodwill | 100.00% | ||||
Aggregate amortization expense | $ 618,000,000 | $ 794,000,000 | $ 1,800,000 | $ 1,800,000 | |
Seamap | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, impairment | $ 2,500,000 | ||||
Klein Associates Inc. | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of intangible assets | 0 | ||||
Impairment of indefinite lived intangible assets | $ 760,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2022 | $ 588 | $ 1,266 | |
2023 | 1,167 | 1,125 | |
2024 | 1,032 | 989 | |
2025 | 837 | 828 | |
2026 | 700 | 658 | |
Thereafter | 2,131 | 1,884 | |
Net Carrying Amount | $ 6,455 | $ 6,750 | $ 8,136 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Payables and Accruals [Abstract] | |||
Contract settlement | $ 968 | $ 228 | |
Wages and benefits | 577 | 317 | |
Customer deposits | 484 | 239 | |
Accrued inventory | 0 | 229 | |
Other | 883 | 552 | |
Accrued Expenses and Other Liabilities | $ 2,651 | $ 2,912 | $ 1,565 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) $ in Thousands | May 05, 2020 | Feb. 28, 2021 | Jan. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Proceeds from PPP loans | $ 0 | $ 1,607 | $ 1,607 | $ 0 | |||
Paycheck Protection Program, CARES Act | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from PPP loans | $ 1,600 | ||||||
Interest rate (as a percent) | 1.00% | ||||||
Loan forgiveness | $ 757,000 | ||||||
Paycheck Protection Program, CARES Act | Klein Associates Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Loan forgiveness | $ 850,000 | ||||||
Paycheck Protection Program, CARES Act | Klein Associates Inc. | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Loan forgiveness | $ 850,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | ||||
Jan. 31, 2021quarterlyPeriod$ / sharesshares | Jan. 31, 2020shares | Jul. 31, 2021shares | Aug. 03, 2020shares | Aug. 02, 2020shares | |
Statement Of Shareholders Equity [Line Items] | |||||
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 1,038,000 | 994,000 | 1,223,000 | ||
Number of quarterly periods to obtain voting rights | quarterlyPeriod | 6 | ||||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 15,681,000 | 14,049,000 | 15,704,000 | ||
Treasury stock, shares (in shares) | 1,929,000 | 1,929,000 | 1,931,000 | ||
Shares surrendered in exchange for payment of taxes (in shares) | 0 | 0 | |||
Series A Preferred Stock - $1.00 par value per share | |||||
Statement Of Shareholders Equity [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 1,038,232 | 994,046 | |||
Preferred stock, dividend rate | 9.00% | ||||
Preferred stock, liquidation preference per share (in usd per share) | $ / shares | $ 25 | ||||
Preferred stock, dividend rate (in usd per share) | $ / shares | 2.25 | ||||
Preferred stock, redemption price (in usd per share) | $ / shares | $ 25 | ||||
Preferred stock, redemption period (in days) | 120 days | ||||
Period of time for listing (in days) | 180 days |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 07, 2016 | Jan. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Sep. 30, 2020 | Aug. 03, 2020 | Aug. 02, 2020 | Dec. 18, 2019 |
Related Party Transaction [Line Items] | ||||||||||||
Maximum number of preferred stock to be issued (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | ||||
Maximum number of common stock to be issued (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 20,000,000 | ||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Gross proceeds from preferred stock | $ 1,000 | |||||||||||
Net proceeds from common stock offering | $ 43 | $ 0 | $ 3,584 | $ 0 | ||||||||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | ||||||
Ladenburg Thalmann & Co. Inc. | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Maximum number of preferred stock to be issued (in shares) | 500,000 | |||||||||||
Maximum number of common stock to be issued (in shares) | 5,000,000 | |||||||||||
Common stock, par value (in usd per share) | $ 0.01 | |||||||||||
Former CEO | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Interest rate on obligation payable to related party | 4.00% | |||||||||||
Outstanding obligation payable to related party, current | $ 968,000 | $ 968,000 | ||||||||||
Series A Preferred Stock | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Preferred stock, dividend rate | 9.00% | |||||||||||
Series A Preferred Stock | Ladenburg Thalmann & Co. Inc. | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Maximum number of preferred stock to be issued (in shares) | 500,000 | 500,000 | 500,000 | |||||||||
Percentage of compensation fees to be paid | 2.00% | 2.00% | ||||||||||
Stock issued during period (in shares) | 994,046,000 | 163,780,000 | 184,740,000 | 44,186,000 | 994,046,000 | |||||||
Preferred stock issued from at the market sale of stock program (as a percent) | 100.00% | 100.00% | ||||||||||
Equity distribution compensation expenses | $ 82,000 | $ 92,000 | $ 20,408 | |||||||||
Net proceeds from preferred stock | 4,000 | 4,500 | 1,000 | |||||||||
Preferred stock, dividend rate | 9.00% | |||||||||||
Preferred stock, par value (in usd per share) | $ 1 | |||||||||||
Series A Preferred Stock | Non-Executive Chairman | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity distribution compensation expenses | $ 0 | $ 0 | $ 0 | |||||||||
Common Stock | Ladenburg Thalmann & Co. Inc. | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Stock issued during period (in shares) | 362,000 | 18,415,000 | 1,584,556,000 | |||||||||
Equity distribution compensation expenses | $ 1,000 | $ 1,000 | $ 79,307 | |||||||||
Gross proceeds from common stock | 4,000 | |||||||||||
Net proceeds from common stock offering | 1,000 | 43,000 | 3,600 | |||||||||
Common Stock | Non-Executive Chairman | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Equity distribution compensation expenses | $ 0 | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes by Jurisdiction (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
(Loss) income from continuing operations before income taxes is attributable to the following jurisdictions: | ||||||
Domestic | $ (8,851,000) | $ (7,550,000) | ||||
Foreign | (4,615,000) | 1,360,000 | ||||
Loss from continuing operations before income taxes | $ (2,542,000) | $ (2,426,000) | $ (6,388,000) | $ (8,511,000) | (13,466,000) | (6,190,000) |
Current: | ||||||
Domestic | 22,000 | 27,000 | ||||
Foreign | 515,000 | 58,000 | ||||
Total | 537,000 | 85,000 | ||||
Deferred: | ||||||
Domestic | 0 | 0 | ||||
Foreign | (1,000) | 268,000 | ||||
Total | (1,000) | 268,000 | ||||
Income tax expense | $ 197,000 | $ (530,000) | $ 52,000 | $ (188,000) | $ 536,000 | $ 353,000 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Reconciliation of expected to actual income tax expense | ||||||
Federal income tax at 21% | $ (2,828,000) | $ (1,300,000) | ||||
Federal income tax rate (as a percent) | 21.00% | 21.00% | ||||
Changes in tax rates | $ (50,000) | $ 50,000 | ||||
Permanent differences | 413,000 | 52,000 | ||||
Foreign effective tax rate differential | 66,000 | (80,000) | ||||
Foreign withholding taxes, including penalties and interest | 29,000 | 34,000 | ||||
Tax effect of book loss on disposition of subsidiaries | 0 | 79,000 | ||||
Valuation allowance on deferred tax assets | 2,682,000 | 1,205,000 | ||||
Excess tax deficiency for share-based payments under ASU 2016-09 | 66,000 | 284,000 | ||||
Other | 158,000 | 29,000 | ||||
Income tax expense | $ 197,000 | $ (530,000) | $ 52,000 | $ (188,000) | $ 536,000 | $ 353,000 |
Income Taxes - Company's Deferr
Income Taxes - Company's Deferred Taxes (Detail) - USD ($) | Jan. 31, 2021 | Jan. 01, 2020 |
Deferred tax assets: | ||
Net operating losses | $ 17,177,000 | $ 13,716,000 |
Tax credit carry forwards | 139,000 | 117,000 |
Stock option book expense | 718,000 | 650,000 |
Allowance for doubtful accounts | 0 | 229,000 |
Inventory | 565,000 | 525,000 |
Accruals not yet deductible for tax purposes | 281,000 | 357,000 |
Fixed assets | 232,000 | 105,000 |
Intangible assets | 445,000 | 337,000 |
Other | 599,000 | 561,000 |
Gross deferred tax assets | 20,156,000 | 16,597,000 |
Valuation allowance | (20,156,000) | (16,597,000) |
Deferred tax assets | 0 | 0 |
Deferred tax liabilities: | ||
Other | (198,000) | (200,000) |
Deferred tax liabilities | (198,000) | (200,000) |
Unrecognized tax benefits | 0 | 0 |
Total deferred tax liabilities, net | $ (198,000) | $ (200,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 01, 2020 | |
Income Tax Disclosure [Abstract] | |||||||
Income tax expense (benefit) | $ 197,000 | $ (530,000) | $ 52,000 | $ (188,000) | $ 536,000 | $ 353,000 | |
Pre-tax net loss | 2,542,000 | $ 2,426,000 | 6,388,000 | 8,511,000 | 13,466,000 | $ 6,190,000 | |
Deferred tax liability associated with the undistributed foreign earnings | $ 0 | 0 | 0 | ||||
Tax expense or benefit related to uncertain tax positions | $ 0 | $ 0 | |||||
Deferred tax assets, stock based compensation | 700,000 | ||||||
Valuation allowance, deferred tax assets | 20,156,000 | $ 16,597,000 | |||||
Tax credit carry forwards | 139,000 | ||||||
Unrecognized tax benefits | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jan. 31, 2021USD ($) | Jan. 31, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Total potential commitment | $ 1,600 | |
Payment of commitment | $ 300,000 | |
Purchase orders outstanding | $ 3,900 | $ 3,900 |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Stock Based Compensation [Line Items] | ||||||
Compensation expense related to stock-based awards granted | $ 115,000 | $ 219,000 | $ 224,000 | $ 449,000 | $ 708,000 | $ 854,000 |
Weighted average grant-date fair value of options granted (in usd per share) | $ 0.70 | $ 1.77 | ||||
Excess tax benefit from share-based compensation | $ 0 | $ 0 | ||||
Vesting period of stock options granted and outstanding (in years) | 3 years | |||||
Contractual term of stock options granted and outstanding (in years) | 10 years | |||||
Shares available for grant (in shares) | 615,000 | |||||
Options exercised (in shares) | 0 | 9,000 | ||||
Intrinsic value of options exercised | $ 0 | |||||
Fair value of options vested | $ 950,000 | $ 650,000 | ||||
Options vested (in shares) | 500,000 | |||||
Total unrecognized compensation expense related to unvested stock options | $ 482,228 | |||||
Expense expected to be recognized over weighted average period (in years) | 1 year 3 months 18 days | |||||
Restricted Stock | ||||||
Stock Based Compensation [Line Items] | ||||||
Total unrecognized compensation expense related to unvested restricted stock awards | $ 0 |
Stock Option Plans - Schedule o
Stock Option Plans - Schedule of Fair Value Option Award (Detail) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate, minimum | 0.34% | 1.47% |
Risk free interest rate, maximum | 0.37% | 2.53% |
Expected life (in years) | 10 years | |
Expected volatility, minimum | 53.00% | 49.00% |
Expected volatility, maximum | 64.00% | 51.00% |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 3 years 11 months 19 days | 3 years 11 months 23 days |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 11 months 19 days | 6 years |
Stock Option Plans - Summary of
Stock Option Plans - Summary of Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Number of Shares (in thousands) | ||
Outstanding, beginning (in shares) | 2,440,000 | |
Granted (in shares) | 320,000 | |
Exercised (in shares) | 0 | (9,000) |
Forfeited (in shares) | (41,000) | |
Expired (in shares) | (133,000) | |
Outstanding, ending (in shares) | 2,586,000 | 2,440,000 |
Exercisable (in shares) | 1,778,000 | |
Vested and expected to vest (in shares) | 2,562,000 | |
Weighted Average Exercise Price | ||
Outstanding beginning (in usd per share) | $ 4.51 | |
Granted (in usd per share) | 1.47 | |
Exercised (in usd per share) | 0 | |
Forfeited (in usd per share) | 4.63 | |
Expired (in usd per share) | 5.31 | |
Outstanding ending (in usd per share) | 4.09 | $ 4.51 |
Exercisable (in usd per share) | 4.63 | |
Vested and expected to vest (in usd per share) | $ 4.12 | |
Weighted Average Remaining Contractual Term (in years) | ||
Outstanding (in years) | 6 years 6 months 29 days | 7 years 29 days |
Exercisable (in years) | 5 years 8 months 15 days | |
Vested and expected to vest (in years) | 6 years 6 months 18 days | |
Aggregate Intrinsic Value (in thousands) | ||
Outstanding | $ 223 | $ 20 |
Exercisable | 0 | |
Vested and expected to vest | $ 213 |
Stock Option Plans - Restricted
Stock Option Plans - Restricted Stock and Changes During Period (Detail) shares in Thousands | 12 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Number of Shares (in thousands) | |
Unvested, beginning of period (in shares) | shares | 37 |
Granted (in shares) | shares | 15 |
Vested (in shares) | shares | (12) |
Canceled (in shares) | shares | 0 |
Unvested, end of period (in shares) | shares | 40 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning of period (in usd per share) | $ / shares | $ 3.98 |
Granted (in usd per share) | $ / shares | 1.25 |
Vested (in usd per share) | $ / shares | 3.98 |
Canceled (in usd per share) | $ / shares | 0 |
Unvested, end of period (in usd per share) | $ / shares | $ 2.94 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - segment | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Segment Reporting [Abstract] | ||
Number of operating segments | 1 | 1 |
Corporate Restructuring (Detail
Corporate Restructuring (Details) - shares | Jul. 31, 2021 | Jan. 31, 2021 | Aug. 03, 2020 | Aug. 02, 2020 | Jan. 31, 2020 |
Restructuring and Related Activities [Abstract] | |||||
Capital stock, shares authorized (in shares) | 42,000,000 | 21,000,000 | |||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 20,000,000 | 40,000,000 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 2,000,000 |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) $ in Millions | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |
Foreign bank deposits | $ 2.8 |
Top three customers exceeding 10% of consolidated accounts receivable | Accounts Receivable | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 10.00% |
Sales and Major Customers - Sum
Sales and Major Customers - Summary of Company's Revenues from Customers by Geographic Region, Outside the U.S. (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenue, Major Customer [Line Items] | ||||||
Total revenues | $ 6,807 | $ 5,086 | $ 11,001 | $ 8,273 | $ 21,215 | $ 29,919 |
Total | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total revenues | 17,528 | 25,999 | ||||
UK/Europe | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total revenues | 8,005 | 14,975 | ||||
Canada | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total revenues | 1,267 | 3,519 | ||||
Latin America | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total revenues | 0 | 262 | ||||
Asia/South Pacific | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total revenues | 6,523 | 5,377 | ||||
Eurasia | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total revenues | 507 | 290 | ||||
Other | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total revenues | $ 1,226 | $ 1,576 |
Sale of Subsidiary (Details)
Sale of Subsidiary (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2019 | Jan. 31, 2021 | Sep. 09, 2021 | Aug. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of subsidiary | $ 4,500 | |||
Seismic Asia Pacific Pty Ltd | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of subsidiary | $ 660,000 | |||
Proceeds in cash from sale of subsidiary | $ 240,000 | |||
Note receivable term (in years) | 2 years | |||
Proceeds in note receivable from sale of subsidiary | $ 420,000 | |||
Working capital adjustment | $ 114,000 | |||
Proceeds from note receivable | $ 124,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Allowance for doubtful accounts | ||
Allowance for Doubtful Accounts and Allowance for Obsolete Equipment and Inventory [Roll Forward] | ||
Balance at Beginning of Period | $ 4,054 | $ 2,113 |
Charged to Costs and Expenses | 1,129 | 2,000 |
Charged to Other Accounts | (43) | 0 |
Deductions Describe | (3,364) | (59) |
Balance at End of Period | 1,776 | 4,054 |
Allowance for obsolete equipment and inventory | ||
Allowance for Doubtful Accounts and Allowance for Obsolete Equipment and Inventory [Roll Forward] | ||
Balance at Beginning of Period | 1,404 | 1,222 |
Charged to Costs and Expenses | 321 | 298 |
Charged to Other Accounts | 1 | 1 |
Deductions Describe | (66) | (117) |
Balance at End of Period | $ 1,660 | $ 1,404 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Sep. 09, 2021 | Jan. 31, 2022 | |
Subsequent Event [Line Items] | ||
Proceeds from sale of lease pool equipment | $ 4.5 | |
Proceeds from sale of lease pool equipment, paid | $ 2.5 | |
Forecast | ||
Subsequent Event [Line Items] | ||
Proceeds from sale of lease pool equipment, paid | $ 2 |
Equity and Stock-Based Compen_2
Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Equity [Abstract] | ||||||
Quarterly dividends declared (in usd per share) | $ 0.5625 | |||||
Preferred stock, shares outstanding (in shares) | 1,223,000 | 1,223,000 | 1,038,000 | 994,000 | ||
Preferred stock, liquidation preference | $ 30,600,000 | $ 30,600,000 | ||||
Compensation expense related to stock-based awards granted | $ 115,000 | $ 219,000 | $ 224,000 | $ 449,000 | $ 708,000 | $ 854,000 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | ||||||
Basic weighted average common shares outstanding | 13,774 | 12,182 | 13,767 | 12,177 | 12,519 | 12,143 |
Stock options (in shares) | 79 | 3 | 58 | 1 | 48 | 79 |
Unvested restricted stock | 29 | 10 | 18 | 5 | ||
Total weighted average common share equivalents | 108 | 13 | 76 | 6 | ||
Diluted weighted average common shares outstanding | 13,882 | 12,195 | 13,843 | 12,183 |