Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 31, 2022 | Dec. 12, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000926423 | |
Entity Registrant Name | MIND TECHNOLOGY, INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-13490 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0210849 | |
Entity Address, Address Line One | 2002 Timberloch Place Suite 550 | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 353-4475 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,788,738 | |
Series A Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Preferred Stock - $1.00 par value per share | |
Trading Symbol | MINDP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock - $0.01 par value per share | |
Trading Symbol | MIND | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 812 | $ 5,114 |
Accounts receivable, net of allowance for doubtful accounts of $504 and $484 at October 31, 2022 and January 31, 2022, respectively | 3,896 | 8,126 |
Inventories, net | 16,837 | 14,006 |
Prepaid expenses and other current assets | 1,610 | 1,840 |
Assets held for sale | 0 | 159 |
Total current assets | 23,155 | 29,245 |
Property and equipment, net | 4,103 | 4,272 |
Operating lease right-of-use assets | 1,807 | 1,835 |
Intangible assets, net | 5,193 | 6,018 |
Other assets | 0 | 650 |
Total assets | 34,258 | 42,020 |
Current liabilities: | ||
Accounts payable | 4,191 | 2,046 |
Deferred revenue | 135 | 232 |
Accrued expenses and other current liabilities | 4,719 | 5,762 |
Income taxes payable | 1,059 | 837 |
Operating lease liabilities - current | 229 | 869 |
Liabilities held for sale | 0 | 953 |
Total current liabilities | 10,333 | 10,699 |
Operating lease liabilities - non-current | 1,578 | 966 |
Deferred tax liability | 92 | 92 |
Total liabilities | 12,003 | 11,757 |
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of October 31, 2022 and January 31, 2022 | 37,779 | 37,779 |
Common stock, $0.01 par value; 40,000 shares authorized; 15,721 and 15,705 shares issued at October 31, 2022 and January 31, 2022, respectively | 157 | 157 |
Additional paid-in capital | 129,450 | 128,926 |
Treasury stock, at cost (1,933 and 1,931 shares at October 31, 2022 and January 31, 2022, respectively) | (16,863) | (16,862) |
Accumulated deficit | (128,301) | (117,856) |
Accumulated other comprehensive gain (loss) | 33 | (1,881) |
Total stockholders’ equity | 22,255 | 30,263 |
Total liabilities and stockholders’ equity | $ 34,258 | $ 42,020 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Allowance for doubtful accounts | $ 504 | $ 484 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 1,683,000 | 1,683,000 |
Preferred stock, shares outstanding (in shares) | 1,683,000 | 1,683,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 15,721,000 | 15,705,000 |
Treasury stock, shares (in shares) | 1,933,000 | 1,931,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Revenues: | ||||
Total revenues | $ 4,884,000 | $ 8,347,000 | $ 22,684,000 | $ 19,348,000 |
Cost of sales: | ||||
Total cost of sales | 3,382,000 | 5,177,000 | 14,355,000 | 13,411,000 |
Gross profit | 1,502,000 | 3,170,000 | 8,329,000 | 5,937,000 |
Operating expenses: | ||||
Selling, general and administrative | 3,556,000 | 3,903,000 | 11,617,000 | 11,098,000 |
Research and development | 843,000 | 826,000 | 2,690,000 | 2,567,000 |
Depreciation and amortization | 469,000 | 494,000 | 1,415,000 | 1,717,000 |
Total operating expenses | 4,868,000 | 5,223,000 | 15,722,000 | 15,382,000 |
Operating loss | (3,366,000) | (2,053,000) | (7,393,000) | (9,445,000) |
Other income (expense): | ||||
Other, net | 90,000 | 33,000 | (104,000) | 1,037,000 |
Total other income (expense) | 90,000 | 33,000 | (104,000) | 1,037,000 |
Loss from continuing operations before income taxes | (3,276,000) | (2,020,000) | (7,497,000) | (8,408,000) |
Provision for income taxes | (37,000) | (59,000) | (379,000) | (111,000) |
Net loss from continuing operations | (3,313,000) | (2,079,000) | (7,876,000) | (8,519,000) |
Loss from discontinued operations, net of income taxes | (1,846,000) | (499,000) | (1,622,000) | (703,000) |
Net loss | (5,159,000) | (2,578,000) | (9,498,000) | (9,222,000) |
Preferred stock dividends - declared | 0 | (688,000) | (947,000) | (1,954,000) |
Preferred stock dividends - undeclared | (947,000) | 0 | (1,894,000) | 0 |
Net loss attributable to common stockholders | $ (6,106,000) | $ (3,266,000) | $ (12,339,000) | $ (11,176,000) |
Net loss per common share - Basic | ||||
Continuing operations (in dollars per share) | $ (0.31) | $ (0.20) | $ (0.78) | $ (0.76) |
Discontinued operations (in dollars per share) | (0.13) | (0.04) | (0.12) | (0.05) |
Net loss (in dollars per share) | (0.44) | (0.24) | (0.90) | (0.81) |
Net loss per common share - Diluted | ||||
Continuing operations (in dollars per share) | (0.31) | (0.20) | (0.78) | (0.76) |
Discontinued operations (in dollars per share) | (0.13) | (0.04) | (0.12) | (0.05) |
Net loss (in dollars per share) | $ (0.44) | $ (0.24) | $ (0.90) | $ (0.81) |
Shares used in computing net loss per common share: | ||||
Basic (in shares) | 13,788 | 13,774 | 13,782 | 13,769 |
Diluted (in shares) | 13,788 | 13,774 | 13,782 | 13,769 |
Marine Technology Products [Member] | ||||
Revenues: | ||||
Total revenues | $ 4,884,000 | $ 8,347,000 | $ 22,684,000 | $ 19,348,000 |
Cost of sales: | ||||
Total cost of sales | $ 3,382,000 | $ 5,177,000 | $ 14,355,000 | $ 13,411,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Net loss | $ (5,159) | $ (2,578) | $ (9,498) | $ (9,222) |
Change in cumulative translation adjustment for liquidation of entities held for sale | 1,626 | 0 | 1,919 | 0 |
Other changes in cumulative translation adjustment | (9) | (17) | (5) | 17 |
Comprehensive loss | $ (3,542) | $ (2,595) | $ (7,584) | $ (9,205) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (9,498) | $ (9,222) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
PPP loan forgiveness | 0 | (850) |
Depreciation and amortization | 1,414 | 1,721 |
Stock-based compensation | 524 | 419 |
Non-cash cumulative translation adjustment for discontinued operations | 1,626 | 0 |
Provision for inventory obsolescence | 68 | (453) |
Changes in: | ||
Accounts receivable | 4,981 | (4,444) |
Unbilled revenue | 1 | (27) |
Inventories | (2,899) | (183) |
Prepaid expenses and other current and long-term assets | 506 | (293) |
Income taxes receivable and payable | (16) | 3 |
Accounts payable, accrued expenses and other current liabilities | 983 | 1,696 |
Deferred revenue | 328 | 172 |
Net cash used in operating activities | (2,251) | (11,228) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (531) | (139) |
Sale of assets held for sale | 382 | 3,187 |
Sale of a business, net of cash sold | 0 | 761 |
Net cash (used in) provided by investing activities | (149) | 3,809 |
Cash flows from financing activities: | ||
Purchase of treasury stock | (1) | (2) |
Net proceeds from preferred stock offering | 0 | 5,145 |
Net proceeds from common stock offering | 0 | 43 |
Preferred stock dividends | (1,894) | (1,842) |
Net cash (used in) provided by financing activities | (1,895) | 3,344 |
Effect of changes in foreign exchange rates on cash and cash equivalents | (7) | 86 |
Net decrease in cash and cash equivalents | (4,302) | (3,989) |
Cash and cash equivalents, beginning of period | 5,114 | 4,611 |
Cash and cash equivalents, end of period | 812 | 622 |
Supplemental cash flow information: | ||
Interest paid | 4 | 26 |
Income taxes paid | 371 | 149 |
Lease Pool Equipment [Member] | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Gross profit) loss from sale of assets held-for-sale | (382) | 388 |
Other Machinery and Equipment [Member] | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Gross profit) loss from sale of assets held-for-sale | $ 113 | $ (155) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock Offerings [Member] Common Stock [Member] | Preferred Stock Offerings [Member] Preferred Stock [Member] | Preferred Stock Offerings [Member] Additional Paid-in Capital [Member] | Preferred Stock Offerings [Member] Treasury Stock [Member] | Preferred Stock Offerings [Member] Retained Earnings [Member] | Preferred Stock Offerings [Member] AOCI Attributable to Parent [Member] | Preferred Stock Offerings [Member] | Common Stock Offerings [Member] Common Stock [Member] | Common Stock Offerings [Member] Preferred Stock [Member] | Common Stock Offerings [Member] Additional Paid-in Capital [Member] | Common Stock Offerings [Member] Treasury Stock [Member] | Common Stock Offerings [Member] Retained Earnings [Member] | Common Stock Offerings [Member] AOCI Attributable to Parent [Member] | Common Stock Offerings [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) | 15,681 | 1,038 | |||||||||||||||||||
Balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | |||||||||||||||||||
Balances at Jan. 31, 2021 | $ 157 | $ 23,104 | $ 128,241 | $ (16,860) | $ (99,870) | $ (4,356) | $ 30,416 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | (3,984) | 0 | (3,984) | ||||||||||||||
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 0 | 57 | 57 | ||||||||||||||
Restricted stock issued (in shares) | 5 | 0 | |||||||||||||||||||
Restricted stock issued | $ 0 | $ 0 | 11 | 0 | 0 | 0 | 11 | ||||||||||||||
Restricted stock surrendered for tax withholding | 0 | 0 | 0 | (2) | 0 | 0 | (2) | ||||||||||||||
Preferred stock dividends | 0 | 0 | 0 | 0 | (584) | 0 | (584) | ||||||||||||||
Stock-based compensation | $ 0 | $ 0 | 109 | 0 | 0 | 0 | 109 | ||||||||||||||
Stock offering (in shares) | 0 | 21 | 18 | 0 | |||||||||||||||||
Stock offering | $ 0 | $ 503 | $ 0 | $ 0 | $ 0 | $ 0 | $ 503 | $ 0 | $ 0 | $ 42 | $ 0 | $ 0 | $ 0 | $ 42 | |||||||
Balances (in shares) at Apr. 30, 2021 | 15,704 | 1,059 | |||||||||||||||||||
Balances at Apr. 30, 2021 | $ 157 | $ 23,607 | 128,403 | (16,862) | (104,438) | (4,299) | 26,568 | ||||||||||||||
Balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | |||||||||||||||||||
Balances at Jan. 31, 2021 | $ 157 | $ 23,104 | 128,241 | (16,860) | (99,870) | (4,356) | 30,416 | ||||||||||||||
Net loss | (9,222) | ||||||||||||||||||||
Balances (in shares) at Oct. 31, 2021 | 15,704 | 1,250 | |||||||||||||||||||
Balances at Oct. 31, 2021 | $ 157 | $ 28,248 | 128,702 | (16,862) | (111,046) | (4,339) | 24,860 | ||||||||||||||
Balances (in shares) | 15,704 | 1,059 | |||||||||||||||||||
Balances (in shares) at Apr. 30, 2021 | 15,704 | 1,059 | |||||||||||||||||||
Balances at Apr. 30, 2021 | $ 157 | $ 23,607 | 128,403 | (16,862) | (104,438) | (4,299) | 26,568 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | (2,660) | 0 | (2,660) | ||||||||||||||
Foreign currency translation | 0 | 0 | 0 | 0 | 0 | (23) | (23) | ||||||||||||||
Preferred stock dividends | 0 | 0 | 0 | 0 | (682) | 0 | (682) | ||||||||||||||
Stock-based compensation | $ 0 | $ 0 | 115 | 0 | 0 | 0 | 115 | ||||||||||||||
Stock offering (in shares) | 0 | 164 | |||||||||||||||||||
Stock offering | $ 0 | $ 3,999 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,999 | $ 0 | $ 0 | $ 1 | $ 0 | $ 0 | $ 0 | $ 1 | |||||||
Balances (in shares) at Jul. 31, 2021 | 15,704 | 1,223 | |||||||||||||||||||
Balances at Jul. 31, 2021 | $ 157 | $ 27,606 | 128,519 | (16,862) | (107,780) | (4,322) | 27,318 | ||||||||||||||
Balances (in shares) | 15,704 | 1,223 | |||||||||||||||||||
Net loss | $ 0 | $ 0 | 0 | 0 | (2,578) | 0 | (2,578) | ||||||||||||||
Foreign currency translation | 0 | 0 | 0 | 0 | 0 | (17) | (17) | ||||||||||||||
Preferred stock dividends | 0 | 0 | 0 | 0 | (688) | 0 | (688) | ||||||||||||||
Stock-based compensation | $ 0 | $ 0 | 183 | 0 | 0 | 0 | 183 | ||||||||||||||
Stock offering (in shares) | 0 | 27 | |||||||||||||||||||
Stock offering | $ 0 | $ 642 | 0 | 642 | |||||||||||||||||
Balances (in shares) at Oct. 31, 2021 | 15,704 | 1,250 | |||||||||||||||||||
Balances at Oct. 31, 2021 | $ 157 | $ 28,248 | 128,702 | (16,862) | (111,046) | (4,339) | 24,860 | ||||||||||||||
Balances (in shares) | 15,704 | 1,250 | |||||||||||||||||||
Balances (in shares) | 15,705,000 | 1,683,000 | |||||||||||||||||||
Balances (in shares) at Jan. 31, 2022 | 15,705,000 | 1,683,000 | |||||||||||||||||||
Balances at Jan. 31, 2022 | $ 157 | $ 37,779 | 128,926 | (16,862) | (117,856) | (1,881) | 30,263 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | (2,419) | 0 | (2,419) | ||||||||||||||
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 0 | (3) | (3) | ||||||||||||||
Restricted stock issued (in shares) | 10,000 | 0 | |||||||||||||||||||
Restricted stock issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Restricted stock surrendered for tax withholding | 0 | 0 | 0 | (1) | 0 | 0 | (1) | ||||||||||||||
Preferred stock dividends | 0 | 0 | 0 | 0 | (947) | 0 | (947) | ||||||||||||||
Stock-based compensation | $ 0 | $ 0 | 236 | 0 | 0 | 0 | 236 | ||||||||||||||
Balances (in shares) at Apr. 30, 2022 | 15,715,000 | 1,683,000 | |||||||||||||||||||
Balances at Apr. 30, 2022 | $ 157 | $ 37,779 | 129,162 | (16,863) | (121,222) | (1,884) | 27,129 | ||||||||||||||
Balances (in shares) at Jan. 31, 2022 | 15,705,000 | 1,683,000 | |||||||||||||||||||
Balances at Jan. 31, 2022 | $ 157 | $ 37,779 | 128,926 | (16,862) | (117,856) | (1,881) | 30,263 | ||||||||||||||
Net loss | (9,498) | ||||||||||||||||||||
Balances (in shares) at Oct. 31, 2022 | 15,721,000 | 1,683,000 | |||||||||||||||||||
Balances at Oct. 31, 2022 | $ 157 | $ 37,779 | 129,450 | (16,863) | (128,301) | 33 | 22,255 | ||||||||||||||
Balances (in shares) | 15,715,000 | 1,683,000 | |||||||||||||||||||
Balances (in shares) at Apr. 30, 2022 | 15,715,000 | 1,683,000 | |||||||||||||||||||
Balances at Apr. 30, 2022 | $ 157 | $ 37,779 | 129,162 | (16,863) | (121,222) | (1,884) | 27,129 | ||||||||||||||
Net loss | 0 | 0 | 0 | 0 | (1,920) | 0 | (1,920) | ||||||||||||||
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 0 | 300 | 300 | ||||||||||||||
Restricted stock issued (in shares) | 5,000 | 0 | |||||||||||||||||||
Restricted stock issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation | $ 0 | $ 0 | 152 | 0 | 0 | 0 | 152 | ||||||||||||||
Balances (in shares) at Jul. 31, 2022 | 15,720,000 | 1,683,000 | |||||||||||||||||||
Balances at Jul. 31, 2022 | $ 157 | $ 37,779 | 129,314 | (16,863) | (123,142) | (1,584) | 25,661 | ||||||||||||||
Balances (in shares) | 15,720,000 | 1,683,000 | |||||||||||||||||||
Net loss | $ 0 | $ 0 | 0 | 0 | (5,159) | 0 | (5,159) | ||||||||||||||
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 0 | 1,617 | 1,617 | ||||||||||||||
Restricted stock issued (in shares) | 1,000 | 0 | |||||||||||||||||||
Restricted stock issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation | $ 0 | $ 0 | 136 | 0 | 0 | 0 | 136 | ||||||||||||||
Balances (in shares) at Oct. 31, 2022 | 15,721,000 | 1,683,000 | |||||||||||||||||||
Balances at Oct. 31, 2022 | $ 157 | $ 37,779 | $ 129,450 | $ (16,863) | $ (128,301) | $ 33 | $ 22,255 | ||||||||||||||
Balances (in shares) | 15,721,000 | 1,683,000 |
Note 1 - Organization and Liqui
Note 1 - Organization and Liquidity | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. MIND Technology, Inc., a Delaware corporation (the “Company”), formerly Mitcham Industries, Inc., a Texas corporation, was incorporated in 1987. August 3, 2020 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, July 31, 2020, 3 These condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. The Company has a history of generating losses and negative cash from operating activities and may not not may not Management has identified the following mitigating factors regarding adequate liquidity and capital resources to meet its obligations: • The Company has no • The Company has no • The Company has working capital of approximately $12.8 million as of October 31, 2022, • Should revenues be less than projected, the Company believes it is able, and has plans in place, 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 recently eliminated two • The Company has a backlog of orders of approximately $19.9 million as of October 31, 2022. October 31, 2022, • Since designating the Leasing Business held for sale, 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 the fourth 2023. • The Company declared and paid the quarterly dividend on its Preferred Stock for the first 2023, 2022, second third 2023. not six two • In recent years, the Company has raised capital through the sale of Common Stock and Preferred Stock pursuant to the ATM Offering Program (as defined herein) and underwritten offerings on Form S- 1. not 3 may 1 • Based on publicized transactions and preliminary discussions with potential funding sources, management believes that other sources of debt and equity financing are available. Such sources could include private or public issues of equity or debt securities, or a combination of such securities. Other sources could include secured debt financing, sale-leaseback transactions on owned real estate or investment from strategic industry participants. There can be no Notwithstanding the mitigating factors identified by management, there remains substantial doubt regarding the Company's ability to meet its obligations as they arise over the next twelve |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Immaterial Correction of Comprehensive Loss | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The condensed consolidated balance sheet as of January 31, 2022 not 10 January 31, 2022 2022” October 31, 2022 three nine October 31, 2022 2021 nine October 31, 2022 2021 three nine October 31, 2022 2021 not January 31, 2023 2023” The Company has corrected an immaterial error in the statements of comprehensive loss for the three nine October 31, 2021, January 31, 2022 2021, |
Note 3 - Assets Held for Sale a
Note 3 - Assets Held for Sale and Discontinued Operations | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. On July 27, 2020, October 31, 2022 twelve July 31, 2021. fourth January 31, 2023. The assets reported as held for sale consist of the following: October 31, 2022 January 31, 2022 Current assets of discontinued operations: (in thousands) Accounts receivable, net — 177 Inventories, net — 2 Prepaid expenses and other current assets — 167 Seismic equipment lease pool and property and equipment, net — 738 Loss recognized on classification as held for sale — (925 ) Total assets of discontinued operations $ — $ 159 The liabilities reported as held for sale consist of the following: October 31, 2022 January 31, 2022 Current liabilities of discontinued operations: (in thousands) Accounts payable $ — $ 132 Deferred revenue — 73 Accrued expenses and other current liabilities — 507 Income taxes payable — 241 Total liabilities of discontinued operations — 953 The results of operations from discontinued operations for the three nine October 31, 2022 2021 For the Three Months Ended October 31, For the Nine Months Ended October 31, 2022 2021 2022 2021 Revenues: (in thousands) Revenue from discontinued operations $ — $ 53 $ — $ 840 Cost of sales: Cost of discontinued operations 24 86 72 791 Operating expenses: Selling, general and administrative 145 502 359 1,222 Recovery of doubtful accounts — (5 ) — (450 ) Depreciation and amortization — 1 — 4 Total operating expenses 145 498 359 776 Operating loss (169 ) (531 ) (431 ) (727 ) Other (expenses) income (including $1,626 of cumulative translation loss) (1,677 ) 41 (1,191 ) 37 Loss before income taxes from discontinued operations (1,846 ) (490 ) (1,622 ) (690 ) Provision for income taxes from discontinued operations — (9 ) — (13 ) Net loss from discontinued operations (1,846 ) (499 ) (1,622 ) (703 ) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: For the Nine Months Ended October 31, 2022 2021 (in thousands) (Gross profit) loss from sale of assets held-for-sale $ (382 ) $ 388 Recovery of doubtful accounts $ — $ (450 ) Non-cash cumulative translation adjustment for discontinued operations $ 1,626 $ — Sale of assets held for sale $ 383 $ 3,948 |
Note 4 - New Accounting Pronoun
Note 4 - New Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 4. New accounting pronouncements that have been issued but not not |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Revenue recognized at a point in time: (in thousands) Seamap $ 2,777 $ 6,876 $ 15,059 $ 15,045 Klein 1,847 1,328 3,630 3,884 Total revenue recognized at a point in time $ 4,624 $ 8,204 $ 18,689 $ 18,929 Revenue recognized over time: Seamap $ 260 $ 143 $ 1,082 $ 419 Klein $ — $ — $ 2,913 $ — Total revenue recognized over time 260 143 3,995 419 Total revenue from contracts with customers $ 4,884 $ 8,347 $ 22,684 $ 19,348 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. However, from time to time our Seamap and Klein businesses provide repair and maintenance services, or perform upgrades, on customer owned equipment in which case revenue is recognized over time. In addition, our Seamap business provides annual Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from SMA is recognized over time, with the total value of the SMA recognized 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: Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands) United States $ 931 $ 967 $ 5,517 $ 1,545 Europe 1,972 3,491 10,666 9,593 Middle East & Africa 113 120 293 809 Asia-Pacific 1,796 3,667 6,022 6,560 Canada & Latin America 72 102 186 841 Total revenue from contracts with customers $ 4,884 $ 8,347 $ 22,684 $ 19,348 As of October 31, 2022 January 31, 2022 October 31, 2022 January 31, 2022 Contract Assets: (in thousands) Unbilled revenue - current $ 29 $ 28 Total unbilled revenue $ 29 $ 28 Contract Liabilities: Deferred revenue & customer deposits - current $ 2,897 $ 2,569 Total deferred revenue & customer deposits $ 2,897 $ 2,569 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 nine With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not one one |
Note 6 - Balance Sheet - Contin
Note 6 - Balance Sheet - Continuing Operations | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 6. As of October 31, 2022 As of January 31, 2022 (in thousands) Current Long-term Total Current Long-term Total Accounts receivable $ 4,400 $ — $ 4,400 $ 8,610 $ 650 $ 9,260 Less allowance for doubtful accounts (504 ) — (504 ) (484 ) — (484 ) Accounts receivable net of allowance for doubtful accounts $ 3,896 $ — $ 3,896 $ 8,126 $ 650 $ 8,776 October 31, 2022 January 31, 2022 (in thousands) Inventories: Raw materials $ 9,810 $ 8,511 Finished goods 4,510 3,806 Work in progress 4,437 3,567 Cost of inventories 18,757 15,884 Less allowance for obsolescence (1,920 ) (1,878 ) Total inventories, net $ 16,837 $ 14,006 October 31, 2022 January 31, 2022 (in thousands) Property and equipment: Furniture and fixtures $ 10,038 $ 9,865 Autos and trucks 359 495 Marine seismic service equipment — 3,880 Land and buildings 4,845 4,555 Cost of property and equipment 15,242 18,795 Accumulated depreciation and amortization (11,139 ) (14,523 ) Total property and equipment, net $ 4,103 $ 4,272 As of January 31, 2022 January 31, 2022 not October 31, 2022. |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Hungary, Singapore, Malaysia, and the United Kingdom. We negotiated the termination of our Colombia lease obligation during fiscal 2022, March 31, 2022, November 30, 2022. Lease expense for the three nine October 31, 2022 three nine October 31, 2021 three nine October 31, 2022 three nine October 31, 2021 Supplemental balance sheet information related to leases as of October 31, 2022 January 31, 2022 Lease October 31, 2022 January 31, 2022 Assets (in thousands) Operating lease assets $ 1,807 $ 1,835 Liabilities Operating lease liabilities $ 1,807 $ 1,835 Classification of lease liabilities Current liabilities $ 229 $ 869 Non-current liabilities 1,578 966 Total Operating lease liabilities $ 1,807 $ 1,835 Lease-term and discount rate details as of October 31, 2022 January 31, 2022 Lease term and discount rate October 31, 2022 January 31, 2022 Weighted average remaining lease term (years) Operating leases 2.29 1.82 Weighted average discount rate: Operating leases 13 % 13 % 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: Lease Nine Months Ended October 31, 2022 Nine Months Ended October 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating leases $ (639 ) $ (974 ) Changes in lease balances resulting from new and modified leases: Operating leases $ 655 $ 762 Maturities of lease liabilities at October 31, 2022 October 31, 2022 (in thousands) 2023 $ 229 2024 808 2025 544 2026 274 2027 188 Thereafter 204 Total payments under lease agreements $ 2,247 Less: imputed interest (440 ) Total lease liabilities $ 1,807 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. October 31, 2022 January 31, 2022 Weighted Gross Net Gross Net Average Life at Carrying Accumulated Carrying Carrying Accumulated Carrying October 31, 2022 Amount Amortization Impairment Amount Amount Amortization Impairment Amount (in thousands) (in thousands) Proprietary rights 5.3 8,237 (4,492 ) — 3,745 8,237 (4,150 ) — 4,087 Customer relationships 0.2 5,024 (4,870 ) — 154 5,024 (4,797 ) — 227 Patents 2.2 2,540 (1,965 ) — 575 2,540 (1,778 ) — 762 Trade name 3.6 894 (94 ) (760 ) 40 894 (85 ) (760 ) 49 Developed technology 3.2 1,430 (977 ) — 453 1,430 (870 ) — 560 Other 1.5 694 (468 ) — 226 694 (361 ) — 333 Intangible assets $ 18,819 $ (12,866 ) $ (760 ) $ 5,193 $ 18,819 $ (12,041 ) $ (760 ) $ 6,018 Approximately $923,000 of the gross carrying amount of intangible assets, primarily in proprietary rights, are related to technology development projects that have not not On January 31, 2022 no not nine October 31, 2022, no Aggregate amortization expense was $0.8 million and $1.0 million for the nine October 31, 2022 2021 October 31, 2022 For fiscal years ending January 31, (in thousands) 2023 $ 274 2024 955 2025 725 2026 634 2027 333 Thereafter 1,349 Total $ 4,270 |
Note 9 - Notes Payable
Note 9 - Notes Payable | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. On May 5, 2020, March 27, 2020. The Loan, in the form of promissory note (the “Note”) dated May 1, 2020 May 1, 2022 1% November 1, 2020. no Under the terms of the PPP, funds from the Loan could only be used for payroll costs, rent, utilities and interest on other debt obligations incurred prior to February 15, 2020. In February 2021, |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. For the three nine October 31, 2022 three nine October 31, 2021 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, 2019 2022. may January 31, 2017 2022. January 31, 2017 2022. The Company has determined that the undistributed earnings of foreign subsidiaries are not October 31, 2022 not October 31, 2022 For the three nine October 31, 2022 2021 not |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. 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 assumed vesting of unvested shares of restricted stock. The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands) (in thousands) Basic weighted average common shares outstanding 13,788 13,774 13,782 13,769 Stock options — 66 — 80 Unvested restricted stock 1 30 6 28 Total weighted average common share equivalents 1 96 6 108 Diluted weighted average common shares outstanding 13,789 13,870 13,788 13,877 For the three nine October 31, 2022 2021, not |
Note 12 - Related Party Transac
Note 12 - Related Party Transaction | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. In September 2020 may On November 12, 2021, November 9, 2021, no During the three nine October 31, 2022 three nine October 31, 2021, three nine October 31, 2021, no During the three nine October 31, 2022 nine October 31, 2021, nine October 31, 2021, none |
Note 13 - Equity and Stock-base
Note 13 - Equity and Stock-based Compensation | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 13. As of October 31, 2022 April 30, July 31, October 31, January 31, three October 31, 2022 not not $1.9 nine October 31, 2022, April 30, 2022. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three nine October 31, 2022 three nine October 31, 2021, |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 9 Months Ended |
Oct. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. With the designation of the Equipment Leasing segment as discontinued operations as of July 31, 2020, no |
Note 3 - Assets Held for Sale_2
Note 3 - Assets Held for Sale and Discontinued Operations (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | October 31, 2022 January 31, 2022 Current assets of discontinued operations: (in thousands) Accounts receivable, net — 177 Inventories, net — 2 Prepaid expenses and other current assets — 167 Seismic equipment lease pool and property and equipment, net — 738 Loss recognized on classification as held for sale — (925 ) Total assets of discontinued operations $ — $ 159 October 31, 2022 January 31, 2022 Current liabilities of discontinued operations: (in thousands) Accounts payable $ — $ 132 Deferred revenue — 73 Accrued expenses and other current liabilities — 507 Income taxes payable — 241 Total liabilities of discontinued operations — 953 For the Three Months Ended October 31, For the Nine Months Ended October 31, 2022 2021 2022 2021 Revenues: (in thousands) Revenue from discontinued operations $ — $ 53 $ — $ 840 Cost of sales: Cost of discontinued operations 24 86 72 791 Operating expenses: Selling, general and administrative 145 502 359 1,222 Recovery of doubtful accounts — (5 ) — (450 ) Depreciation and amortization — 1 — 4 Total operating expenses 145 498 359 776 Operating loss (169 ) (531 ) (431 ) (727 ) Other (expenses) income (including $1,626 of cumulative translation loss) (1,677 ) 41 (1,191 ) 37 Loss before income taxes from discontinued operations (1,846 ) (490 ) (1,622 ) (690 ) Provision for income taxes from discontinued operations — (9 ) — (13 ) Net loss from discontinued operations (1,846 ) (499 ) (1,622 ) (703 ) For the Nine Months Ended October 31, 2022 2021 (in thousands) (Gross profit) loss from sale of assets held-for-sale $ (382 ) $ 388 Recovery of doubtful accounts $ — $ (450 ) Non-cash cumulative translation adjustment for discontinued operations $ 1,626 $ — Sale of assets held for sale $ 383 $ 3,948 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 Revenue recognized at a point in time: (in thousands) Seamap $ 2,777 $ 6,876 $ 15,059 $ 15,045 Klein 1,847 1,328 3,630 3,884 Total revenue recognized at a point in time $ 4,624 $ 8,204 $ 18,689 $ 18,929 Revenue recognized over time: Seamap $ 260 $ 143 $ 1,082 $ 419 Klein $ — $ — $ 2,913 $ — Total revenue recognized over time 260 143 3,995 419 Total revenue from contracts with customers $ 4,884 $ 8,347 $ 22,684 $ 19,348 Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands) United States $ 931 $ 967 $ 5,517 $ 1,545 Europe 1,972 3,491 10,666 9,593 Middle East & Africa 113 120 293 809 Asia-Pacific 1,796 3,667 6,022 6,560 Canada & Latin America 72 102 186 841 Total revenue from contracts with customers $ 4,884 $ 8,347 $ 22,684 $ 19,348 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | October 31, 2022 January 31, 2022 Contract Assets: (in thousands) Unbilled revenue - current $ 29 $ 28 Total unbilled revenue $ 29 $ 28 Contract Liabilities: Deferred revenue & customer deposits - current $ 2,897 $ 2,569 Total deferred revenue & customer deposits $ 2,897 $ 2,569 |
Note 6 - Balance Sheet - Cont_2
Note 6 - Balance Sheet - Continuing Operations (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of October 31, 2022 As of January 31, 2022 (in thousands) Current Long-term Total Current Long-term Total Accounts receivable $ 4,400 $ — $ 4,400 $ 8,610 $ 650 $ 9,260 Less allowance for doubtful accounts (504 ) — (504 ) (484 ) — (484 ) Accounts receivable net of allowance for doubtful accounts $ 3,896 $ — $ 3,896 $ 8,126 $ 650 $ 8,776 |
Schedule of Inventory, Current [Table Text Block] | October 31, 2022 January 31, 2022 (in thousands) Inventories: Raw materials $ 9,810 $ 8,511 Finished goods 4,510 3,806 Work in progress 4,437 3,567 Cost of inventories 18,757 15,884 Less allowance for obsolescence (1,920 ) (1,878 ) Total inventories, net $ 16,837 $ 14,006 |
Property, Plant and Equipment [Table Text Block] | October 31, 2022 January 31, 2022 (in thousands) Property and equipment: Furniture and fixtures $ 10,038 $ 9,865 Autos and trucks 359 495 Marine seismic service equipment — 3,880 Land and buildings 4,845 4,555 Cost of property and equipment 15,242 18,795 Accumulated depreciation and amortization (11,139 ) (14,523 ) Total property and equipment, net $ 4,103 $ 4,272 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Lease October 31, 2022 January 31, 2022 Assets (in thousands) Operating lease assets $ 1,807 $ 1,835 Liabilities Operating lease liabilities $ 1,807 $ 1,835 Classification of lease liabilities Current liabilities $ 229 $ 869 Non-current liabilities 1,578 966 Total Operating lease liabilities $ 1,807 $ 1,835 |
Lease, Cost [Table Text Block] | Lease term and discount rate October 31, 2022 January 31, 2022 Weighted average remaining lease term (years) Operating leases 2.29 1.82 Weighted average discount rate: Operating leases 13 % 13 % Lease Nine Months Ended October 31, 2022 Nine Months Ended October 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating leases $ (639 ) $ (974 ) Changes in lease balances resulting from new and modified leases: Operating leases $ 655 $ 762 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | October 31, 2022 (in thousands) 2023 $ 229 2024 808 2025 544 2026 274 2027 188 Thereafter 204 Total payments under lease agreements $ 2,247 Less: imputed interest (440 ) Total lease liabilities $ 1,807 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | October 31, 2022 January 31, 2022 Weighted Gross Net Gross Net Average Life at Carrying Accumulated Carrying Carrying Accumulated Carrying October 31, 2022 Amount Amortization Impairment Amount Amount Amortization Impairment Amount (in thousands) (in thousands) Proprietary rights 5.3 8,237 (4,492 ) — 3,745 8,237 (4,150 ) — 4,087 Customer relationships 0.2 5,024 (4,870 ) — 154 5,024 (4,797 ) — 227 Patents 2.2 2,540 (1,965 ) — 575 2,540 (1,778 ) — 762 Trade name 3.6 894 (94 ) (760 ) 40 894 (85 ) (760 ) 49 Developed technology 3.2 1,430 (977 ) — 453 1,430 (870 ) — 560 Other 1.5 694 (468 ) — 226 694 (361 ) — 333 Intangible assets $ 18,819 $ (12,866 ) $ (760 ) $ 5,193 $ 18,819 $ (12,041 ) $ (760 ) $ 6,018 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For fiscal years ending January 31, (in thousands) 2023 $ 274 2024 955 2025 725 2026 634 2027 333 Thereafter 1,349 Total $ 4,270 |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands) (in thousands) Basic weighted average common shares outstanding 13,788 13,774 13,782 13,769 Stock options — 66 — 80 Unvested restricted stock 1 30 6 28 Total weighted average common share equivalents 1 96 6 108 Diluted weighted average common shares outstanding 13,789 13,870 13,788 13,877 |
Note 1 - Organization and Liq_2
Note 1 - Organization and Liquidity (Details Textual) | Oct. 31, 2022 USD ($) |
Working Capital (Deficit) | $ 12,800,000 |
Cash | 812,000 |
Unbilled Contracts Receivable | $ 19,900,000 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Immaterial Correction of Comprehensive Loss (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ (3,542,000) | $ (2,595,000) | $ (7,584,000) | $ (9,205,000) | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ (688,000) | $ (2,000,000) | $ (2,900,000) | $ (2,300,000) |
Note 3 - Assets Held for Sale_3
Note 3 - Assets Held for Sale and Discontinued Operations - Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Loss recognized on classification as held for sale | $ 0 | $ 0 | $ (925) | ||
Total assets of discontinued operations | 0 | 0 | 159 | ||
Total liabilities of discontinued operations | 0 | 0 | 953 | ||
Net loss from discontinued operations | (1,846) | $ (499) | (1,622) | $ (703) | |
Non-cash cumulative translation adjustment for discontinued operations | 1,626 | 0 | |||
Sale of assets held for sale | 382 | 3,187 | |||
Lease Pool Equipment [Member] | |||||
(Gross profit) loss from sale of assets held-for-sale | 382 | (388) | |||
Discontinued Operations, Held-for-sale [Member] | |||||
Accounts receivable, net | 0 | 0 | 177 | ||
Inventories, net | 0 | 0 | 2 | ||
Prepaid expenses and other current assets | 0 | 0 | 167 | ||
Seismic equipment lease pool and property and equipment, net | 0 | 0 | 738 | ||
Total assets of discontinued operations | 0 | 0 | 159 | ||
Accounts payable | 0 | 0 | 132 | ||
Deferred revenue | 0 | 0 | 73 | ||
Accrued expenses and other current liabilities | 0 | 0 | 507 | ||
Income taxes payable | 0 | 0 | 241 | ||
Total liabilities of discontinued operations | 0 | 0 | $ 953 | ||
Revenue from discontinued operations | 0 | 53 | 0 | 840 | |
Cost of discontinued operations | 24 | 86 | 72 | 791 | |
Selling, general and administrative | 145 | 502 | 359 | 1,222 | |
Recovery of doubtful accounts | 0 | (5) | 0 | (450) | |
Depreciation and amortization | 0 | 1 | 0 | 4 | |
Total operating expenses | 145 | 498 | 359 | 776 | |
Operating loss | (169) | (531) | (431) | (727) | |
Other (expenses) income (including $1,626 of cumulative translation loss) | (1,677) | 41 | (1,191) | 37 | |
Loss before income taxes from discontinued operations | (1,846) | (490) | (1,622) | (690) | |
Provision for income taxes from discontinued operations | 0 | (9) | 0 | (13) | |
Net loss from discontinued operations | $ (1,846) | $ (499) | (1,622) | (703) | |
Sale of assets held for sale | 383 | 3,948 | |||
Discontinued Operations, Held-for-sale [Member] | Lease Pool Equipment [Member] | |||||
(Gross profit) loss from sale of assets held-for-sale | $ (382) | $ 388 |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers (Details Textual) | 9 Months Ended |
Oct. 31, 2022 | |
Minimum [Member] | |
Contract with Customers, Turn Over Period (Month) | 3 months |
Maximum [Member] | |
Contract with Customers, Turn Over Period (Month) | 9 months |
Note 5 - Revenue From Contrac_4
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Seamap | $ 4,884 | $ 8,347 | $ 22,684 | $ 19,348 |
Transferred at Point in Time [Member] | ||||
Seamap | 4,624 | 8,204 | 18,689 | 18,929 |
Transferred over Time [Member] | ||||
Seamap | 260 | 143 | 3,995 | 419 |
Seamap [Member] | Transferred at Point in Time [Member] | ||||
Seamap | 2,777 | 6,876 | 15,059 | 15,045 |
Seamap [Member] | Transferred over Time [Member] | ||||
Seamap | 260 | 143 | 1,082 | 419 |
Klein [Member] | Transferred at Point in Time [Member] | ||||
Seamap | 1,847 | 1,328 | 3,630 | 3,884 |
Klein [Member] | Transferred over Time [Member] | ||||
Seamap | 0 | 0 | 2,913 | 0 |
UNITED STATES | ||||
Seamap | 931 | 967 | 5,517 | 1,545 |
Europe [Member] | ||||
Seamap | 1,972 | 3,491 | 10,666 | 9,593 |
Middle East and Africa [Member] | ||||
Seamap | 113 | 120 | 293 | 809 |
Asia Pacific [Member] | ||||
Seamap | 1,796 | 3,667 | 6,022 | 6,560 |
Canada and Latin America [Member] | ||||
Seamap | $ 72 | $ 102 | $ 186 | $ 841 |
Note 5 - Revenue From Contrac_5
Note 5 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Unbilled revenue - current | $ 29 | $ 28 |
Total unbilled revenue | 29 | 28 |
Deferred revenue & customer deposits - current | 2,897 | 2,569 |
Total deferred revenue & customer deposits | $ 2,897 | $ 2,569 |
Note 6 - Balance Sheet - Cont_3
Note 6 - Balance Sheet - Continuing Operations (Details Textual) $ in Thousands | Jan. 31, 2022 USD ($) |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 |
Note 6 - Balance Sheet - Cont_4
Note 6 - Balance Sheet - Continuing Operations - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Accounts receivable | $ 4,400 | $ 9,260 |
Less allowance for doubtful accounts | (504) | (484) |
Accounts receivable net of allowance for doubtful accounts | 3,896 | 8,776 |
Other Current Assets [Member] | ||
Accounts receivable | 4,400 | 8,610 |
Less allowance for doubtful accounts | (504) | (484) |
Accounts receivable net of allowance for doubtful accounts | 3,896 | 8,126 |
Other Noncurrent Assets [Member] | ||
Accounts receivable | 0 | 650 |
Less allowance for doubtful accounts | 0 | 0 |
Accounts receivable net of allowance for doubtful accounts | $ 0 | $ 650 |
Note 6 - Balance Sheet - Cont_5
Note 6 - Balance Sheet - Continuing Operations - Schedule of Inventories (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Raw materials | $ 9,810 | $ 8,511 |
Finished goods | 4,510 | 3,806 |
Work in progress | 4,437 | 3,567 |
Cost of inventories | 18,757 | 15,884 |
Less allowance for obsolescence | (1,920) | (1,878) |
Total inventories, net | $ 16,837 | $ 14,006 |
Note 6 - Balance Sheet - Cont_6
Note 6 - Balance Sheet - Continuing Operations - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Property and equipment, gross | $ 15,242 | $ 18,795 |
Accumulated depreciation and amortization | (11,139) | (14,523) |
Total property and equipment, net | 4,103 | 4,272 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 10,038 | 9,865 |
Vehicles [Member] | ||
Property and equipment, gross | 359 | 495 |
Marine Services Equipment [Member] | ||
Property and equipment, gross | 0 | 3,880 |
Land and Building [Member] | ||
Property and equipment, gross | $ 4,845 | $ 4,555 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Lease, Cost, Total | $ 218,000 | $ 374,000 | $ 639,000 | $ 974,000 |
Short-Term Lease, Cost | $ 2,000 | $ 14,000 | $ 5,000 | $ 42,000 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Operating lease assets | $ 1,807 | $ 1,835 |
Operating lease liabilities | 1,807 | 1,835 |
Current liabilities | 229 | 869 |
Non-current liabilities | 1,578 | 966 |
Total Operating lease liabilities | $ 1,807 | $ 1,835 |
Note 7 - Leases - Supplementa_2
Note 7 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Weighted average remaining lease term, Operating leases (Year) | 2 years 3 months 14 days | 1 year 9 months 25 days | |
Weighted average discount rate, Operating leases | 13% | 13% | |
Operating cash flows from operating leases | $ (639) | $ (974) | |
Right-of-use assets obtained in exchange for lease liabilities, Operating leases | $ 655 | $ 762 |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
2023 | $ 229 | |
2024 | 808 | |
2025 | 544 | |
2026 | 274 | |
2027 | 188 | |
Thereafter | 204 | |
Total payments under lease agreements | 2,247 | |
Less: imputed interest | (440) | |
Total lease liabilities | $ 1,807 | $ 1,835 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Finite-Lived Intangible Assets, Gross, Total | $ 18,819,000 | $ 18,819,000 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | 0 | ||
Amortization of Intangible Assets | 0.8 | $ 1 | |
Technology Development Projects That Have Not Been Completed [Member] | |||
Finite-Lived Intangible Assets, Gross, Total | $ 923,000 |
Note 8 - Intangible Assets - Sc
Note 8 - Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Jan. 31, 2022 | |
Amortizable intangible assets, gross carrying amount | $ 18,819 | $ 18,819 |
Amortizable intangible assets, accumulated amortization | (12,866) | (12,041) |
Intangible assets, net | 5,193 | 6,018 |
Amortizable intangible assets, impairment | (760) | (760) |
Proprietary Rights [Member] | ||
Amortizable intangible assets, gross carrying amount | 8,237 | 8,237 |
Amortizable intangible assets, accumulated amortization | (4,492) | (4,150) |
Intangible assets, net | $ 3,745 | 4,087 |
Proprietary Rights [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 5 years 3 months 18 days | |
Customer Relationships [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 5,024 | 5,024 |
Amortizable intangible assets, accumulated amortization | (4,870) | (4,797) |
Intangible assets, net | $ 154 | 227 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 2 months 12 days | |
Patents [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 2,540 | 2,540 |
Amortizable intangible assets, accumulated amortization | (1,965) | (1,778) |
Intangible assets, net | $ 575 | 762 |
Patents [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 2 years 2 months 12 days | |
Trade Names [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 894 | 894 |
Amortizable intangible assets, accumulated amortization | (94) | (85) |
Intangible assets, net | 40 | 49 |
Amortizable intangible assets, impairment | $ (760) | (760) |
Trade Names [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 3 years 7 months 6 days | |
Developed Technology Rights [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 1,430 | 1,430 |
Amortizable intangible assets, accumulated amortization | (977) | (870) |
Intangible assets, net | $ 453 | 560 |
Developed Technology Rights [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 3 years 2 months 12 days | |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 694 | 694 |
Amortizable intangible assets, accumulated amortization | (468) | (361) |
Intangible assets, net | $ 226 | $ 333 |
Other Intangible Assets [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 1 year 6 months |
Note 8 - Intangible Assets - Fu
Note 8 - Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Total | $ 5,193 | $ 6,018 |
Intangibles Excluding Technology Development Projects Not Yet Completed [Member] | ||
2023 | 274 | |
2024 | 955 | |
2025 | 725 | |
2026 | 634 | |
2027 | 333 | |
Thereafter | 1,349 | |
Total | $ 4,270 |
Note 9 - Notes Payable (Details
Note 9 - Notes Payable (Details Textual) | May 05, 2020 USD ($) |
Paycheck Protection Program CARES Act [Member] | |
Proceeds from Unsecured Notes Payable | $ 850,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 37,000 | $ 59,000 | $ 379,000 | $ 111,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | (3,276,000) | (2,020,000) | (7,497,000) | (8,408,000) |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 0 | 0 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Calculation of Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Basic (in shares) | 13,788 | 13,774 | 13,782 | 13,769 |
Total weighted average common share equivalents (in shares) | 1 | 96 | 6 | 108 |
Diluted weighted average common shares outstanding (in shares) | 13,789 | 13,870 | 13,788 | 13,877 |
Share-Based Payment Arrangement, Option [Member] | ||||
Stock options (in shares) | 0 | 66 | 0 | 80 |
Restricted Stock [Member] | ||||
Stock options (in shares) | 1 | 30 | 6 | 28 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transaction (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Nov. 12, 2021 | Sep. 30, 2020 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | $ 1 | $ 1 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 5,145,000 | |||||
Proceeds from Issuance of Common Stock | $ 0 | $ 43,000 | |||||
Common Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | ||||||
Preferred Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 27 | ||||||
Underwriting Agreement [Member] | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 9,500,000 | ||||||
Payments of Stock Issuance Costs | $ 576,000 | ||||||
Underwriting Agreement [Member] | Preferred Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 432,000 | ||||||
Ladenburg Thalmann and Co. Inc. [Member] | First ATM Offering Program [Member] | Common Stock [Member] | |||||||
Equity Offering, Maximum Shares to be Issued (in shares) | 5,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | ||||||
Ladenburg Thalmann and Co. Inc. [Member] | Second ATM Offering Program [Member] | Common Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | 18,415 | ||||
Payments of Stock Issuance Costs | $ 1,000 | ||||||
Proceeds from Issuance of Common Stock | $ 43,000 | ||||||
Ladenburg Thalmann and Co. Inc. [Member] | Series A Preferred Stock [Member] | First ATM Offering Program [Member] | |||||||
Equity Offering, Maximum Shares to be Issued (in shares) | 500,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | 9% | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | ||||||
Equity Offering, Distribution Compensation, Percentage of Gross Proceeds | 2% | ||||||
Ladenburg Thalmann and Co. Inc. [Member] | Series A Preferred Stock [Member] | Second ATM Offering Program [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 26,506 | 0 | 211,246 | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 642,000 | $ 5.1 | |||||
Payments of Stock Issuance Costs | $ 13,000 | $ 105,000 |
Note 13 - Equity and Stock-ba_2
Note 13 - Equity and Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 1,683,000 | 1,683,000 | 1,683,000 | ||
Preferred Stock, Liquidation Preference, Value | $ 43,900,000 | $ 43,900,000 | |||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 1,900,000 | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | $ 25 | |||
Share-Based Payment Arrangement, Expense | $ 136,000 | $ 183,000 | $ 524,000 | $ 419,000 | |
Preferred Stock [Member] | Quarterly Dividends [Member] | |||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.5625 | $ 0.5625 |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) | 9 Months Ended |
Oct. 31, 2020 | |
Number of Operating Segments | 1 |