Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Apr. 29, 2024 | Jul. 31, 2023 | |
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 | FY | ||
Document Fiscal Year Focus | 2024 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 000-13490 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 76-0210849 | ||
Entity Address, Address Line One | 2002 Timberloch Place | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,089,154 | ||
Entity Common Stock, Shares Outstanding | 1,405,779 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Houston, Texas | ||
Auditor Firm ID | 659 | ||
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 - $0.01 par value per share | ||
Trading Symbol | MIND | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 5,289,000 | $ 778,000 |
Accounts receivable, net of allowance for credit losses of $332 and $332 at January 31, 2024 and 2023, respectively | 6,566,000 | 3,247,000 |
Inventories, net | 13,371,000 | 11,026,000 |
Prepaid expenses and other current assets | 3,113,000 | 1,400,000 |
Current assets of discontinued operations | 0 | 5,783,000 |
Total current assets | 28,339,000 | 22,234,000 |
Property and equipment, net | 818,000 | 953,000 |
Operating lease right-of-use assets | 1,324,000 | 1,749,000 |
Intangible assets, net | 2,888,000 | 3,633,000 |
Deferred tax asset | 122,000 | 0 |
Long-term assets of discontinued operations | 0 | 4,289,000 |
Total assets | 33,491,000 | 32,858,000 |
Current liabilities: | ||
Accounts payable | 1,623,000 | 2,494,000 |
Deferred revenue | 203,000 | 144,000 |
Accrued expenses and other current liabilities | 5,586,000 | 1,477,000 |
Income taxes payable | 2,114,000 | 1,493,000 |
Operating lease liabilities - current | 751,000 | 903,000 |
Current liabilities of discontinued operations | 0 | 2,420,000 |
Total current liabilities | 10,277,000 | 8,931,000 |
Operating lease liabilities - non-current | 573,000 | 846,000 |
Deferred tax liability | 0 | 29,000 |
Total liabilities | 10,850,000 | 9,806,000 |
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each January 31, 2024, and 2023 | 37,779,000 | 37,779,000 |
Common stock $0.01 par value; 40,000 shares authorized; 1,406 and 1,599 shares issued at January 31, 2024 and 2023, respectively | 14,000 | 16,000 |
Additional paid-in capital | 113,121,000 | 129,721,000 |
Treasury stock, at cost (0 and 193 shares at January 31, 2024 and 2023, respectively) | 0 | (16,863,000) |
Accumulated deficit | (128,307,000) | (127,635,000) |
Accumulated other comprehensive gain | 34,000 | 34,000 |
Total stockholders’ equity | 22,641,000 | 23,052,000 |
Total liabilities and stockholders’ equity | $ 33,491,000 | $ 32,858,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Allowance for doubtful accounts | $ 332 | $ 332 |
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, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 1,405,779 | 1,599,053 |
Treasury stock, shares (in shares) | 0 | 193,274 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Revenues: | ||
Sale of marine technology products | $ 36,510 | $ 25,012 |
Cost of sales: | ||
Gross profit | 15,971 | 9,950 |
Operating expenses: | ||
Selling, general and administrative | 12,142 | 12,883 |
Research and development | 2,133 | 1,373 |
Depreciation and amortization | 1,178 | 1,344 |
Total operating expenses | 15,453 | 15,600 |
Operating income (loss) | 518 | (5,650) |
Other (expense) income | (280) | 256 |
Income (loss) from continuing operations before income taxes | 238 | (5,394) |
Provision for income taxes | (1,338) | (699) |
Loss from continuing operations | (1,100) | (6,093) |
Income (loss) from discontinued operations, net of income taxes | 1,374 | (2,739) |
Net income (loss) | 274 | (8,832) |
Preferred stock dividends - declared | (946) | (947) |
Preferred stock dividends - undeclared | (2,842) | (2,841) |
Net loss attributable to common stockholders | $ (3,514) | $ (12,620) |
Net (loss) income per common share - Basic and diluted | ||
Continuing operations (in dollars per share) | $ (3.48) | $ (7.03) |
Discontinued operations (in dollars per share) | 0.98 | (1.95) |
Net loss (in dollars per share) | $ (2.5) | $ (8.98) |
Basic (in shares) | 1,406 | 1,405 |
Diluted (in shares) | 1,406 | 1,405 |
Marine Technology Products [Member] | ||
Cost of sales: | ||
Total cost of sales | $ 20,539 | $ 15,062 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Net income (loss) | $ 274 | $ (8,832) |
Change in cumulative translation adjustment for liquidation of entities held for sale | 0 | 1,915 |
Comprehensive income (loss) | $ 274 | $ (6,917) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common and Preferred [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Jan. 31, 2022 | 1,597 | 1,683 | |||||
Balances at Jan. 31, 2022 | $ 16 | $ 37,779 | $ 129,067 | $ (16,862) | $ (117,856) | $ (1,881) | $ 30,263 |
Net income (loss) | 0 | 0 | 0 | (8,832) | 0 | (8,832) | |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 0 | 1,915 | 1,915 |
Restricted stock issued (in shares) | 2 | 0 | |||||
Restricted stock issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock forfeited for taxes | 0 | 0 | 0 | (1) | 0 | 0 | (1) |
Preferred stock dividends | 0 | 0 | 0 | 0 | (947) | 0 | (947) |
Stock-based compensation | $ 0 | $ 0 | 654 | 0 | 0 | 0 | 654 |
Balances (in shares) at Jan. 31, 2023 | 1,599 | 1,683 | |||||
Balances at Jan. 31, 2023 | $ 16 | $ 37,779 | 129,721 | (16,863) | (127,635) | 34 | 23,052 |
Net income (loss) | 0 | 0 | 0 | 0 | 274 | 0 | 274 |
Preferred stock dividends | 0 | 0 | 0 | 0 | (946) | 0 | (946) |
Stock-based compensation | $ 0 | $ 0 | 261 | 0 | 0 | 0 | 261 |
Retirement of treasury stock (in shares) | (193) | 0 | |||||
Retirement of treasury stock | $ (2) | $ 0 | 16,863 | 0 | 0 | ||
Retirement of treasury stock | (16,861) | 0 | |||||
Balances (in shares) at Jan. 31, 2024 | 1,406 | 1,683 | |||||
Balances at Jan. 31, 2024 | $ 14 | $ 37,779 | $ 113,121 | $ 0 | $ (128,307) | $ 34 | $ 22,641 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 274,000 | $ (8,832,000) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 1,516,000 | 1,887,000 |
Stock-based compensation | 261,000 | 654,000 |
Non-cash cumulative translation adjustment for discontinued operations | 0 | 1,626,000 |
Gain on sale of Klein | (2,343,000) | 0 |
Provision for inventory obsolescence | 341,000 | 445,000 |
Gross profit from sale of equipment | 0 | (939,000) |
Deferred tax benefit | (153,000) | (62,000) |
Changes in: | ||
Accounts receivable | (3,343,000) | 4,890,000 |
Unbilled revenue | 25,000 | (26,000) |
Inventories | (3,601,000) | (1,756,000) |
Income taxes receivable and payable | 635,000 | 441,000 |
Accounts payable, accrued expenses and other current liabilities | (334,000) | 775,000 |
Prepaid expenses and other current and long-term assets | (847,000) | (10,000) |
Deferred revenue | 3,078,000 | (1,998,000) |
Net cash used in operating activities | (4,967,000) | (2,905,000) |
Cash flows from investing activities: | ||
Cost incurred to develop technology | (49,000) | (12,000) |
Purchases of property and equipment | (241,000) | (570,000) |
Sale of other assets | 476,000 | 1,052,000 |
Proceeds from the sale of Klein, net | 10,832,000 | 0 |
Net cash provided by investing activities | 11,018,000 | 470,000 |
Cash flows from financing activities: | ||
Net proceeds from short-term loan | 2,947,000 | 0 |
Payment on short-term loan | (3,750,000) | 0 |
Refund of prepaid interest on short-term loan | 214,000 | |
Repurchase of common stock | 0 | (1,000) |
Preferred stock dividends | (946,000) | (1,894,000) |
Net cash used in financing activities | (1,535,000) | (1,895,000) |
Effect of changes in foreign exchange rates on cash and cash equivalents | (5,000) | (6,000) |
Net increase (decrease) in cash and cash equivalents | 4,511,000 | (4,336,000) |
Cash and cash equivalents, beginning of period | 778,000 | 5,114,000 |
Cash and cash equivalents, end of period | 5,289,000 | 778,000 |
Other Machinery and Equipment [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gross profit from sale of equipment | (476,000) | (939,000) |
Klein Marine Services, Inc. [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gain on sale of Klein | $ (2,343,000) | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Jan. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Organization 1987. August 21, 2023, August 21, 2023, 2 As of January 31, 2024, January 31, 2023. not Revenue Recognition of Marine Product Sales Revenue Recognition of Long-term Projects three twelve Revenue Recognition of Repair Services and Equipment Upgrades Revenue Recognition of Service Agreements 12 may 12 no 2024 2023 not not Allowance for Credit Losses not may not Cash and Cash Equivalents three Inventories may Property and Equipment three seven No Intangible Assets not eight eight ten Impairment may not . not not not Product Warranties three 2024 2023, not 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 to 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 not Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for credit losses 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 credit losses could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make judgments with respect to quantitative analysis prepared in conjunction with impairment analysis related to 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: • Level 2: 1, 2 • Level 3: may The Company measures the fair values of intangibles and other long-lived assets on a non-recurring basis if required by impairment tests applicable to these assets. Based on the results of our qualitative reviews, no 2024 2023. Foreign Currency Translation 2024 2023 Leases not Operating lease right-of-use assets represent a right to use an underlying asset for the lease term and operating lease right-of-use liabilities represent an obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term and use an implicit rate when readily available. Since most of the Company’s leases do not Stock-Based Compensation Earnings Per Share 2024 2023, may Year Ended January 31, 2024 2023 (in thousands) Stock options — — Restricted stock — — Total dilutive shares — — For fiscal 2024 2023 not |
Note 2 - Sale of a Subsidiary a
Note 2 - Sale of a Subsidiary and Discontinued Operations | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Sale of Subsidiaries and Subsequent Events [Text Block] | 2. On July 27, 2020, January 31, 2023 twelve July 31, 2021. January 31, 2023, On August 21, 2023, August 22, 2023, 11 January 31, 2024 2023. The assets reported as discontinued operations consist of the following: As of January 31, 2024 2023 Assets of discontinued operations: (in thousands) Accounts receivable, net $ — $ 746 Inventories, net — 4,292 Prepaid expenses and other current assets — 745 Total current assets of discontinued operations — 5,783 Property, plant and equipment, net — 2,992 Intangible and other assets, net — 1,297 Total assets of discontinued operations $ — $ 10,072 The liabilities of discontinued operations consist of the following: As of January 31, 2024 2023 Current liabilities of discontinued operations: (in thousands) Accounts payable $ — $ 1,607 Deferred revenue — 20 Accrued expenses and other current liabilities — 769 Income taxes payable — 24 Total current liabilities of discontinued operations $ — $ 2,420 The results of operations from discontinued operations for the twelve January 31, 2024 2023 Twelve Months Ended January 31, 2024 2023 Revenues: (in thousands) Revenue from discontinued operations $ 3,315 $ 10,079 Cost of sales: Cost of discontinued operations 1,979 7,145 Operating expenses: Selling, general and administrative 2,022 5,185 Depreciation and amortization 338 543 Total operating expenses 2,360 5,728 Operating loss (1,024 ) (2,794 ) Other income, including $ 2.3 2,415 81 Income (loss) before income taxes from discontinued operations 1,391 (2,713 ) Provision for income taxes from discontinued operations (17 ) (26 ) Net income (loss) from discontinued operations 1,374 (2,739 ) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: Twelve Months Ended January 31, 2024 2023 (in thousands) Depreciation and amortization $ 338 $ 543 Gross profit from sale of other equipment $ — $ 939 Gain on sale of Klein $ 2,343 $ — Non-cash cumulative translation loss for discontinued operations $ — $ 1,626 In fiscal 2023, 2023. |
Note 3 - New Accounting Pronoun
Note 3 - New Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. In June 2016, 2016 13, 326 2016 13 December 15, 2022, 2016 13 February 1, 2023, not In November 2023, No. 2023 07, 280 2023 07 February 1, 2024. In December 2023, 2023 09, 740 2023 09” 2023 09 February 1, 2025. |
Note 4 - Revenue From Contracts
Note 4 - Revenue From Contracts With Customers | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition: Twelve Months Ended January 31, 2024 2023 (in thousands) Total revenue recognized at a point in time $ 35,556 $ 22,544 Total revenue recognized over time 954 2,468 Total revenue from contracts with customers $ 36,510 $ 25,012 The revenue from products manufactured and sold by our Seamap 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. However, from time to time our Seamap business provides repair and maintenance services, or performs 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 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 January 31, 2024 2023 Revenue from contracts with customers: (in thousands) United States $ 1,250 $ 1,986 Europe 20,248 11,836 Asia-Pacific 12,399 10,755 Other 2,613 435 Total revenue from contracts with customers $ 36,510 $ 25,012 As of January 31, 2024 2023 January 31, 2024 January 31, 2023 Contract Assets: (in thousands) Unbilled revenue-current $ 26 $ 2 Total unbilled revenue $ 26 $ 2 Contract Liabilities: Deferred revenue & customer deposits - current $ 3,649 $ 571 Total deferred revenue & customer deposits $ 3,649 $ 571 Considering the products manufactured and sold by our Seamap 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 With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not one one |
Note 5 - Supplemental Statement
Note 5 - Supplemental Statements of Cash Flows Information | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 5. Supplemental disclosures of cash flows information for fiscal 2024 2023 Year Ended January 31, 2024 2023 Interest paid $ 634 $ 4 Income taxes paid, net 847 371 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories from continuing operations consisted of the following (in thousands): As of January 31, 2024 2023 Raw materials $ 8,730 $ 6,798 Finished goods 2,463 2,744 Work in progress 3,709 2,699 Cost of inventories 14,902 12,241 Less allowance for obsolescence (1,531 ) (1,215 ) Net inventories $ 13,371 $ 11,026 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and equipment from continuing operations consisted of the following (in thousands) As of January 31, 2024 2023 Furniture and fixtures 8,868 8,739 Autos and trucks 287 341 Land and buildings 997 997 Cost of property and equipment 10,152 10,077 Less accumulated depreciation (9,334 ) (9,124 ) Net book value of property and equipment $ 818 $ 953 Depreciation expense on property, plant and equipment was approximately $383,000 for fiscal 2024 2023 Location of property and equipment (in thousands): As of January 31, 2024 2023 United States $ 199 $ 174 Europe 60 44 Singapore 147 154 Malaysia 412 581 Net book value of property and equipment $ 818 $ 953 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Singapore, Malaysia and United Kingdom. Our lease obligation in Canada was terminated as of March 31, 2022 October 31, 2022. Lease expense for the twelve January 31, 2024 2023 twelve January 31, 2024 2023 Supplemental balance sheet information related to leases as of January 31, 2024 2023 As of January 31, Lease 2024 2023 Assets Operating lease right-of-use assets $ 1,324 $ 1,749 Liabilities Operating lease liabilities $ 1,324 $ 1,749 Classification of lease liabilities Current liabilities $ 751 $ 903 Non-current liabilities 573 846 Total Operating lease liabilities $ 1,324 $ 1,749 Lease-term and discount rate details as of January 31, 2024 2023 As of January 31, Lease term and discount rate 2024 2023 Weighted average remaining lease term (years) Operating leases 1.40 1.98 Weighted average discount rate: Operating leases 13 % 13 % Supplemental cash flow information related to leases on January 31, 2024 2023 As of January 31, Lease 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (831 ) $ (858 ) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 409 $ 819 Maturities of lease liabilities on January 31, 2024 2023 As of January 31, 2024 2023 2025 $ 753 $ 903 2026 343 574 2027 235 274 2028 232 188 2029 34 188 Thereafter — 16 Total payments under lease agreements $ 1,597 $ 2,143 Less: imputed interest (273 ) (394 ) Total lease liabilities $ 1,324 $ 1,749 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. Intangible assets from continuing operations consisted of the following: January 31, 2024 January 31, 2023 Weighted Average Gross Net Gross Net Life at Carrying Accumulated Carrying Carrying Accumulated Carrying 1/31/2024 Amount Amortization Amount Amount Amortization Amount (in thousands) (in thousands) Proprietary rights 4.8 $ 7,473 $ (5,053 ) 2,420 $ 7,473 $ (4,612 ) 2,861 Customer relationships 0.1 4,884 (4,852 ) 32 4,884 (4,754 ) 130 Patents 1.3 2,540 (2,190 ) 350 2,540 (2,027 ) 513 Trade name 2.3 134 (108 ) 26 134 (97 ) 37 Other 0.3 426 (366 ) 60 375 (283 ) 92 Amortizable intangible assets $ 15,457 $ (12,569 ) $ 2,888 $ 15,406 $ (11,773 ) $ 3,633 The Company did not 2024 2023 Aggregate amortization expense was approximately $795,000 and $873,000 for fiscal 2024 2023 January 31, 2024 For fiscal year ending January 31: 2025 $ 614 2026 520 2027 381 2028 315 2029 213 Thereafter 845 Total $ 2,888 |
Note 10 - Accrued Expenses and
Note 10 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 10. Accrued expenses and other current liabilities from continuing operations consisted of the following (in thousands): As of January 31, 2024 2023 Wages and benefits 686 621 Customer deposits 3,447 215 Accrued inventory 621 69 Other 832 572 Accrued Expenses and Other Liabilities $ 5,586 $ 1,477 |
Note 11 - Notes Payable
Note 11 - Notes Payable | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 11. On February 2, 2023, twelve January 31, 2024. August 22, 2023, 2 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 12. Equity The Company has 2,000,000 shares of Preferred Stock authorized. The Preferred Stock may January 31, 2024 2023, January, April, July October may not not January 31, 2024, no not no six January 31, 2024, not six On September 28, 2023, one October 12, 2023, October 13, 2023. As a result of the Charter Amendment and Reverse Stock Split, every ten one not one not The Company has 40,000,000 shares of Common Stock authorized, of which 1,405,779 and 1,599,053 were issued as of January 31, 2024 2023 January 31, 2023 During fiscal 2023, |
Note 13 - Related Party Transac
Note 13 - Related Party Transaction | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Ladenburg Thalmann & Co. Inc. (“Ladenburg”) provided advisor and arrangement services for the Loan (See Note 11 no |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Year Ended January 31, 2024 2023 (in thousands) Income (loss) from continuing operations before income taxes is attributable to the following jurisdictions: Domestic $ (8,075 ) $ (9,108 ) Foreign 8,313 3,714 Total $ 238 $ (5,394 ) The components of income tax expense (benefit) for continuing operations were as follows: Current: Domestic $ — $ 19 Foreign 1,489 743 1,489 762 Deferred: Domestic — — Foreign (151 ) (63 ) (151 ) (63 ) Income tax (benefit) expense $ 1,338 $ 699 The following is a reconciliation of expected to actual income tax expense (benefit) for continuing operations: Year Ended January 31, 2024 2023 (in thousands) Federal income tax at 21 $ 50 $ (1,133 ) Taxes created by return to provision adjustments to prior year temporary differences 146 — Global intangible low tax income ("GILTI") inclusion 1,653 — Permanent differences 90 329 Foreign effective tax rate differential (218 ) (43 ) Valuation allowance on deferred tax assets (528 ) 1,400 Excess tax deficiency for share-based payments under ASU 2016-09 150 121 Other (5 ) 25 $ 1,338 $ 699 The components of the Company’s deferred taxes for continuing operations consisted of the following: As of January 31, 2024 2023 (in thousands) Deferred tax assets: Net operating losses $ 26,895 $ 22,425 Tax credit carry forwards 944 165 Stock option book expense 766 825 Allowance for credit losses 107 141 Inventory 594 1,262 Accruals not yet deductible for tax purposes 130 250 Fixed assets 80 236 Intangible assets 523 416 Disallowed interest expense 227 — Other 1,033 527 Gross deferred tax assets 31,299 26,247 Valuation allowance (31,177 ) (26,247 ) Deferred tax assets 122 — Deferred tax liabilities: Other — (29 ) Deferred tax liabilities — (29 ) Unrecognized tax benefits — — Total deferred tax liabilities, net — $ (29 ) On August 16, 2022, 2% not 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, 2024 not not January 31, 2024 Included in deferred tax assets is approximately $766,000 related to stock-based compensation, including non-qualified stock options. Recent market prices for the Company’s Common Stock remain below the exercise price of a number of options outstanding as of January 31, 2024 718 740 10, not As of January 31, 2024 not On January 31, 2024 2027. As of January 31, 2024 2023 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, 2019, 2024 may January 31, 2017, 2024 January 31, 2017, 2024 January 31, 2018 January 31, 2024 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Purchase Obligations January 31, 2024 |
Note 16 - Stock Option Plans
Note 16 - Stock Option Plans | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 16. At January 31, 2024 2024 2023 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 not not no 2024. 2023 Weighted average Black-Scholes-Merton fair value assumptions Year Ended January 31, 2023 Risk free interest rate 2.69% - 3.03% Expected life (in years) 5.50 - 6.50 Expected volatility 68% -70% Expected dividend yield 0.00 % 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 and operating in-flows. The Company had no excess tax benefits during fiscal 2024 2023 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 January 31, 2024 Stock Based Compensation Activity The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2024 Weighted Average Weighted Remaining Aggregate Number of Average Contractual Intrinsic Shares Exercise Term Value (in thousands) Price (in years) (in thousands) Outstanding, January 31, 2023 410 $ 28.41 5.91 $ — Granted — — Exercised — — Forfeited (35 ) 39.67 Expired (16 ) 13.23 Outstanding, January 31, 2024 359 $ 27.98 5.07 $ — Exercisable at January 31, 2024 284 $ 32.35 4.25 $ — Nonvested at January 31, 2024 75 $ 11.32 8.21 $ — The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the fourth 2024 January 31, 2024 2024 2023 January 31, 2024 2023 2024 2023 As of January 31, 2024 Restricted stock as of January 31, 2024 2024 Year Ended January 31, 2024 Number of Weighted Average Shares Grant Date Fair (in thousands) Value Unvested, beginning of period 1 $ 10.00 Granted — — Vested (1 ) 10.00 Canceled — — Unvested, end of period — $ — As of January 31, 2024 |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. Prior to August 22, 2023, two August 21, 2023, 2 January 31, 2024, |
Note 18 - Concentrations
Note 18 - Concentrations | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 18. Credit Risk January 31, 2024 four 2023 two Revenue Risk 2024 2023 five 2024 2023 The Company maintains deposits and certificates of deposit with banks which may not January 31, 2024 Supplier Concentration may |
Note 19 - Sales and Major Custo
Note 19 - Sales and Major Customers | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition: Twelve Months Ended January 31, 2024 2023 (in thousands) Total revenue recognized at a point in time $ 35,556 $ 22,544 Total revenue recognized over time 954 2,468 Total revenue from contracts with customers $ 36,510 $ 25,012 The revenue from products manufactured and sold by our Seamap 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. However, from time to time our Seamap business provides repair and maintenance services, or performs 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 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 January 31, 2024 2023 Revenue from contracts with customers: (in thousands) United States $ 1,250 $ 1,986 Europe 20,248 11,836 Asia-Pacific 12,399 10,755 Other 2,613 435 Total revenue from contracts with customers $ 36,510 $ 25,012 As of January 31, 2024 2023 January 31, 2024 January 31, 2023 Contract Assets: (in thousands) Unbilled revenue-current $ 26 $ 2 Total unbilled revenue $ 26 $ 2 Contract Liabilities: Deferred revenue & customer deposits - current $ 3,649 $ 571 Total deferred revenue & customer deposits $ 3,649 $ 571 Considering the products manufactured and sold by our Seamap 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 With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not one one |
Non-US [Member] | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 19. 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, 2024 2023 Europe $ 20,248 $ 11,836 Asia/South Pacific 12,399 10,755 Other 2,613 435 Total $ 35,260 $ 23,026 During the fiscal year ended January 31, 2024 January 31, 2023 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2024 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 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 Balance at Charged to Charged Beginning Costs and to Other Deductions Balance at End Description of Period Expenses Accounts Describe of Period Allowance for credit losses January 31, 2024 $ 332 — — (a) — (b) $ 332 January 31, 2023 $ 332 — — (a) — (b) $ 332 Allowance for obsolete inventory January 31, 2024 $ 1,215 341 — (a) (25 ) (c) $ 1,531 January 31, 2023 $ 2,070 268 — (a) (1,123 ) (c) $ 1,215 (a) Represents translation differences. (b) Represents recoveries and uncollectible accounts written off. (c) Represents sale or scrap of inventory and obsolete equipment. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization 1987. August 21, 2023, August 21, 2023, 2 As of January 31, 2024, January 31, 2023. not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition of Marine Product Sales Revenue Recognition of Long-term Projects three twelve Revenue Recognition of Repair Services and Equipment Upgrades Revenue Recognition of Service Agreements 12 may 12 no 2024 2023 not not |
Credit Loss, Financial Instrument [Policy Text Block] | Allowance for Credit Losses not may not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Inventory, Policy [Policy Text Block] | Inventories may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment three seven No |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets not eight eight ten |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment may not . not not not |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties three 2024 2023, not |
Income Tax, Policy [Policy Text Block] | 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 to 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, Policy [Policy Text Block] | Use of Estimates not Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for credit losses 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 credit losses could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make judgments with respect to quantitative analysis prepared in conjunction with impairment analysis related to intangible assets. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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: • Level 2: 1, 2 • Level 3: may The Company measures the fair values of intangibles and other long-lived assets on a non-recurring basis if required by impairment tests applicable to these assets. Based on the results of our qualitative reviews, no 2024 2023. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation 2024 2023 |
Lessee, Leases [Policy Text Block] | Leases not Operating lease right-of-use assets represent a right to use an underlying asset for the lease term and operating lease right-of-use liabilities represent an obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term and use an implicit rate when readily available. Since most of the Company’s leases do not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 2024 2023, may Year Ended January 31, 2024 2023 (in thousands) Stock options — — Restricted stock — — Total dilutive shares — — For fiscal 2024 2023 not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended January 31, 2024 2023 (in thousands) Stock options — — Restricted stock — — Total dilutive shares — — |
Note 2 - Sale of a Subsidiary_2
Note 2 - Sale of a Subsidiary and Discontinued Operations (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | As of January 31, 2024 2023 Assets of discontinued operations: (in thousands) Accounts receivable, net $ — $ 746 Inventories, net — 4,292 Prepaid expenses and other current assets — 745 Total current assets of discontinued operations — 5,783 Property, plant and equipment, net — 2,992 Intangible and other assets, net — 1,297 Total assets of discontinued operations $ — $ 10,072 As of January 31, 2024 2023 Current liabilities of discontinued operations: (in thousands) Accounts payable $ — $ 1,607 Deferred revenue — 20 Accrued expenses and other current liabilities — 769 Income taxes payable — 24 Total current liabilities of discontinued operations $ — $ 2,420 Twelve Months Ended January 31, 2024 2023 Revenues: (in thousands) Revenue from discontinued operations $ 3,315 $ 10,079 Cost of sales: Cost of discontinued operations 1,979 7,145 Operating expenses: Selling, general and administrative 2,022 5,185 Depreciation and amortization 338 543 Total operating expenses 2,360 5,728 Operating loss (1,024 ) (2,794 ) Other income, including $ 2.3 2,415 81 Income (loss) before income taxes from discontinued operations 1,391 (2,713 ) Provision for income taxes from discontinued operations (17 ) (26 ) Net income (loss) from discontinued operations 1,374 (2,739 ) Twelve Months Ended January 31, 2024 2023 (in thousands) Depreciation and amortization $ 338 $ 543 Gross profit from sale of other equipment $ — $ 939 Gain on sale of Klein $ 2,343 $ — Non-cash cumulative translation loss for discontinued operations $ — $ 1,626 |
Note 4 - Revenue From Contrac_2
Note 4 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended January 31, 2024 2023 (in thousands) Total revenue recognized at a point in time $ 35,556 $ 22,544 Total revenue recognized over time 954 2,468 Total revenue from contracts with customers $ 36,510 $ 25,012 Twelve Months Ended January 31, 2024 2023 Revenue from contracts with customers: (in thousands) United States $ 1,250 $ 1,986 Europe 20,248 11,836 Asia-Pacific 12,399 10,755 Other 2,613 435 Total revenue from contracts with customers $ 36,510 $ 25,012 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | January 31, 2024 January 31, 2023 Contract Assets: (in thousands) Unbilled revenue-current $ 26 $ 2 Total unbilled revenue $ 26 $ 2 Contract Liabilities: Deferred revenue & customer deposits - current $ 3,649 $ 571 Total deferred revenue & customer deposits $ 3,649 $ 571 |
Note 5 - Supplemental Stateme_2
Note 5 - Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended January 31, 2024 2023 Interest paid $ 634 $ 4 Income taxes paid, net 847 371 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of January 31, 2024 2023 Raw materials $ 8,730 $ 6,798 Finished goods 2,463 2,744 Work in progress 3,709 2,699 Cost of inventories 14,902 12,241 Less allowance for obsolescence (1,531 ) (1,215 ) Net inventories $ 13,371 $ 11,026 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of January 31, 2024 2023 Furniture and fixtures 8,868 8,739 Autos and trucks 287 341 Land and buildings 997 997 Cost of property and equipment 10,152 10,077 Less accumulated depreciation (9,334 ) (9,124 ) Net book value of property and equipment $ 818 $ 953 |
Schedule Of Property Plant And Equipment By Geographic Area [Table Text Block] | As of January 31, 2024 2023 United States $ 199 $ 174 Europe 60 44 Singapore 147 154 Malaysia 412 581 Net book value of property and equipment $ 818 $ 953 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | As of January 31, Lease 2024 2023 Assets Operating lease right-of-use assets $ 1,324 $ 1,749 Liabilities Operating lease liabilities $ 1,324 $ 1,749 Classification of lease liabilities Current liabilities $ 751 $ 903 Non-current liabilities 573 846 Total Operating lease liabilities $ 1,324 $ 1,749 |
Lease, Cost [Table Text Block] | As of January 31, Lease term and discount rate 2024 2023 Weighted average remaining lease term (years) Operating leases 1.40 1.98 Weighted average discount rate: Operating leases 13 % 13 % As of January 31, Lease 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (831 ) $ (858 ) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 409 $ 819 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | As of January 31, 2024 2023 2025 $ 753 $ 903 2026 343 574 2027 235 274 2028 232 188 2029 34 188 Thereafter — 16 Total payments under lease agreements $ 1,597 $ 2,143 Less: imputed interest (273 ) (394 ) Total lease liabilities $ 1,324 $ 1,749 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | January 31, 2024 January 31, 2023 Weighted Average Gross Net Gross Net Life at Carrying Accumulated Carrying Carrying Accumulated Carrying 1/31/2024 Amount Amortization Amount Amount Amortization Amount (in thousands) (in thousands) Proprietary rights 4.8 $ 7,473 $ (5,053 ) 2,420 $ 7,473 $ (4,612 ) 2,861 Customer relationships 0.1 4,884 (4,852 ) 32 4,884 (4,754 ) 130 Patents 1.3 2,540 (2,190 ) 350 2,540 (2,027 ) 513 Trade name 2.3 134 (108 ) 26 134 (97 ) 37 Other 0.3 426 (366 ) 60 375 (283 ) 92 Amortizable intangible assets $ 15,457 $ (12,569 ) $ 2,888 $ 15,406 $ (11,773 ) $ 3,633 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For fiscal year ending January 31: 2025 $ 614 2026 520 2027 381 2028 315 2029 213 Thereafter 845 Total $ 2,888 |
Note 10 - Accrued Expenses an_2
Note 10 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | As of January 31, 2024 2023 Wages and benefits 686 621 Customer deposits 3,447 215 Accrued inventory 621 69 Other 832 572 Accrued Expenses and Other Liabilities $ 5,586 $ 1,477 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended January 31, 2024 2023 (in thousands) Income (loss) from continuing operations before income taxes is attributable to the following jurisdictions: Domestic $ (8,075 ) $ (9,108 ) Foreign 8,313 3,714 Total $ 238 $ (5,394 ) The components of income tax expense (benefit) for continuing operations were as follows: Current: Domestic $ — $ 19 Foreign 1,489 743 1,489 762 Deferred: Domestic — — Foreign (151 ) (63 ) (151 ) (63 ) Income tax (benefit) expense $ 1,338 $ 699 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended January 31, 2024 2023 (in thousands) Federal income tax at 21 $ 50 $ (1,133 ) Taxes created by return to provision adjustments to prior year temporary differences 146 — Global intangible low tax income ("GILTI") inclusion 1,653 — Permanent differences 90 329 Foreign effective tax rate differential (218 ) (43 ) Valuation allowance on deferred tax assets (528 ) 1,400 Excess tax deficiency for share-based payments under ASU 2016-09 150 121 Other (5 ) 25 $ 1,338 $ 699 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of January 31, 2024 2023 (in thousands) Deferred tax assets: Net operating losses $ 26,895 $ 22,425 Tax credit carry forwards 944 165 Stock option book expense 766 825 Allowance for credit losses 107 141 Inventory 594 1,262 Accruals not yet deductible for tax purposes 130 250 Fixed assets 80 236 Intangible assets 523 416 Disallowed interest expense 227 — Other 1,033 527 Gross deferred tax assets 31,299 26,247 Valuation allowance (31,177 ) (26,247 ) Deferred tax assets 122 — Deferred tax liabilities: Other — (29 ) Deferred tax liabilities — (29 ) Unrecognized tax benefits — — Total deferred tax liabilities, net — $ (29 ) |
Note 16 - Stock Option Plans (T
Note 16 - Stock Option Plans (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year Ended January 31, 2023 Risk free interest rate 2.69% - 3.03% Expected life (in years) 5.50 - 6.50 Expected volatility 68% -70% Expected dividend yield 0.00 % |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Remaining Aggregate Number of Average Contractual Intrinsic Shares Exercise Term Value (in thousands) Price (in years) (in thousands) Outstanding, January 31, 2023 410 $ 28.41 5.91 $ — Granted — — Exercised — — Forfeited (35 ) 39.67 Expired (16 ) 13.23 Outstanding, January 31, 2024 359 $ 27.98 5.07 $ — Exercisable at January 31, 2024 284 $ 32.35 4.25 $ — Nonvested at January 31, 2024 75 $ 11.32 8.21 $ — |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Year Ended January 31, 2024 Number of Weighted Average Shares Grant Date Fair (in thousands) Value Unvested, beginning of period 1 $ 10.00 Granted — — Vested (1 ) 10.00 Canceled — — Unvested, end of period — $ — |
Note 19 - Sales and Major Cus_2
Note 19 - Sales and Major Customers (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended January 31, 2024 2023 Europe $ 20,248 $ 11,836 Asia/South Pacific 12,399 10,755 Other 2,613 435 Total $ 35,260 $ 23,026 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jan. 31, 2024 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Col. A Col. B Col. C(1) Col. C(2) Col. D Col. E Balance at Charged to Charged Beginning Costs and to Other Deductions Balance at End Description of Period Expenses Accounts Describe of Period Allowance for credit losses January 31, 2024 $ 332 — — (a) — (b) $ 332 January 31, 2023 $ 332 — — (a) — (b) $ 332 Allowance for obsolete inventory January 31, 2024 $ 1,215 341 — (a) (25 ) (c) $ 1,531 January 31, 2023 $ 2,070 268 — (a) (1,123 ) (c) $ 1,215 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Working Capital (Deficit) | $ 18,100,000 | $ 13,300,000 |
Cash and Cash Equivalents, at Carrying Value | $ 5,289,000 | $ 778,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 8 years | |
Building [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |
Property Improvements [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Minimum [Member] | ||
Contract With Customer Performance Period (Year) | 3 years | |
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Minimum [Member] | Proprietary Rights, Developed Technology [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Minimum [Member] | Patents [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 8 years | |
Maximum [Member] | ||
Contract With Customer Performance Period (Year) | 12 years | |
Property, Plant and Equipment, Useful Life (Year) | 7 years | |
Maximum [Member] | Proprietary Rights, Developed Technology [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Maximum [Member] | Patents [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Total dilutive shares (in shares) | 0 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Stock options (in shares) | 0 | 0 |
Restricted Stock [Member] | ||
Stock options (in shares) | 0 | 0 |
Note 2 - Sale of a Subsidiary_3
Note 2 - Sale of a Subsidiary and Discontinued Operations (Details Textual) - USD ($) | 12 Months Ended | |||
Aug. 21, 2023 | Jan. 31, 2024 | Dec. 31, 2023 | Jan. 31, 2023 | |
Gain (Loss) on Disposition of Business | $ 2,343,000 | $ 0 | ||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | $ 1,600,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | $ 939,000 | 939,000 | |
Klein Marine Services, Inc. [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,800,000 | |||
Gain (Loss) on Disposition of Business | $ 2,400,000 | $ 2,343,000 | $ 0 |
Note 2 - Sale of a Subsidiary_4
Note 2 - Sale of a Subsidiary and Discontinued Operations - Held for Sale and Discontinued Operations (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2024 | Dec. 31, 2023 | Jan. 31, 2023 | |
Accounts receivable, net | $ 0 | $ 746,000 | |
Inventories, net | 0 | 4,292,000 | |
Prepaid expenses and other current assets | 0 | 745,000 | |
Total current assets of discontinued operations | 0 | 5,783,000 | |
Property, plant and equipment, net | 0 | 2,992,000 | |
Intangible and other assets, net | 0 | 1,297,000 | |
Total assets of discontinued operations | 0 | 10,072,000 | |
Accounts payable | 0 | 1,607,000 | |
Deferred revenue | 0 | 20,000 | |
Accrued expenses and other current liabilities | 0 | 769,000 | |
Income taxes payable | 0 | 24,000 | |
Total current liabilities of discontinued operations | 0 | 2,420,000 | |
Revenue from discontinued operations | 3,315,000 | 10,079,000 | |
Cost of discontinued operations | 1,979,000 | 7,145,000 | |
Selling, general and administrative | 2,022,000 | 5,185,000 | |
Depreciation and amortization | 338,000 | 543,000 | |
Total operating expenses | 2,360,000 | 5,728,000 | |
Operating loss | (1,024,000) | (2,794,000) | |
Other income, including $2.3 million gain on sale of Klein | 2,415,000 | 81,000 | |
Income (loss) before income taxes from discontinued operations | 1,391,000 | (2,713,000) | |
Provision for income taxes from discontinued operations | (17,000) | (26,000) | |
Net income (loss) from discontinued operations | 1,374,000 | (2,739,000) | |
Depreciation and amortization | 338,000 | 543,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | 0 | $ 939,000 | 939,000 |
Gain (Loss) on Disposition of Business | 2,343,000 | 0 | |
Non-cash cumulative translation loss for discontinued operations | $ 0 | $ 1,626,000 |
Note 2 - Sale of a Subsidiary_5
Note 2 - Sale of a Subsidiary and Discontinued Operations - Held for Sale and Discontinued Operations (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 21, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Gain on sale of Klein | $ 2,343 | $ 0 | |
Klein Marine Services, Inc. [Member] | |||
Gain on sale of Klein | $ 2,400 | $ 2,343 | $ 0 |
Note 4 - Revenue From Contrac_3
Note 4 - Revenue From Contracts With Customers (Details Textual) | 12 Months Ended |
Jan. 31, 2024 | |
Minimum [Member] | |
Contract with Customers, Turn Over Period (Month) | 3 months |
Maximum [Member] | |
Contract with Customers, Turn Over Period (Month) | 6 years |
Note 4 - Revenue From Contrac_4
Note 4 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Total revenue from contracts with customers | $ 36,510 | $ 25,012 |
UNITED STATES | ||
Total revenue from contracts with customers | 1,250 | 1,986 |
Europe [Member] | ||
Total revenue from contracts with customers | 20,248 | 11,836 |
Asia Pacific [Member] | ||
Total revenue from contracts with customers | 12,399 | 10,755 |
Other Countries [Member] | ||
Total revenue from contracts with customers | 2,613 | 435 |
Transferred at Point in Time [Member] | ||
Total revenue from contracts with customers | 35,556 | 22,544 |
Transferred over Time [Member] | ||
Total revenue from contracts with customers | $ 954 | $ 2,468 |
Note 4 - Revenue From Contrac_5
Note 4 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Unbilled revenue-current | $ 26 | $ 2 |
Total unbilled revenue | 26 | 2 |
Deferred revenue & customer deposits - current | 3,649 | 571 |
Total deferred revenue & customer deposits | $ 3,649 | $ 571 |
Note 5 - Supplemental Stateme_3
Note 5 - Supplemental Statements of Cash Flows Information - Supplemental Statements of Cash Flows Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Interest paid | $ 634 | $ 4 |
Income taxes paid, net | $ 847 | $ 371 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories From Continuing Operations (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Raw materials | $ 8,730 | $ 6,798 |
Finished goods | 2,463 | 2,744 |
Work in progress | 3,709 | 2,699 |
Cost of inventories | 14,902 | 12,241 |
Less allowance for obsolescence | (1,531) | (1,215) |
Net inventories | $ 13,371 | $ 11,026 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Depreciation | $ 383,000 | $ 471,000 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Cost of property and equipment | $ 10,152 | $ 10,077 |
Less accumulated depreciation | (9,334) | (9,124) |
Net book value of property and equipment | 818 | 953 |
Furniture and Fixtures [Member] | ||
Cost of property and equipment | 8,868 | 8,739 |
Vehicles [Member] | ||
Cost of property and equipment | 287 | 341 |
Land and Building [Member] | ||
Cost of property and equipment | $ 997 | $ 997 |
Note 7 - Property and Equipme_5
Note 7 - Property and Equipment - Location of Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Net book value of property and equipment | $ 818 | $ 953 |
UNITED STATES | ||
Net book value of property and equipment | 199 | 174 |
Europe [Member] | ||
Net book value of property and equipment | 60 | 44 |
SINGAPORE | ||
Net book value of property and equipment | 147 | 154 |
MALAYSIA | ||
Net book value of property and equipment | $ 412 | $ 581 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Lease, Cost | $ 831,000 | $ 858,000 |
Short-Term Lease, Cost | $ 8,000 | $ 6,000 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Operating lease right-of-use assets | $ 1,324 | $ 1,749 |
Operating lease liabilities | 1,324 | 1,749 |
Current liabilities | 751 | 903 |
Non-current liabilities | 573 | 846 |
Total Operating lease liabilities | $ 1,324 | $ 1,749 |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Weighted average remaining lease term, Operating leases (Year) | 1 year 4 months 24 days | 1 year 11 months 23 days |
Weighted average discount rate, Operating leases | 13% | 13% |
Operating cash flows from operating leases | $ (831) | $ (858) |
Right-of-use assets obtained in exchange for lease liabilities, Operating leases | $ 409 | $ 819 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
2025 | $ 753 | $ 903 |
2026 | 343 | 574 |
2027 | 235 | 274 |
2028 | 232 | 188 |
2029 | 34 | 188 |
Thereafter | 0 | 16 |
Total payments under lease agreements | 1,597 | 2,143 |
Less: imputed interest | (273) | (394) |
Total lease liabilities | $ 1,324 | $ 1,749 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Amortization of Intangible Assets | $ 795,000 | $ 873,000 |
Note 9 - Intangible Assets - Sc
Note 9 - Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) | Jan. 31, 2024 | Jan. 31, 2023 |
Amortizable intangible assets, gross carrying amount | $ 15,457,000 | $ 15,406,000 |
Amortizable intangible assets, accumulated amortization | (12,569,000) | (11,773,000) |
Amortizable intangible assets, net carrying amount | (2,888,000) | (3,633,000) |
Intangible assets, net | 2,888,000 | 3,633,000 |
Proprietary Rights [Member] | ||
Amortizable intangible assets, gross carrying amount | 7,473,000 | 7,473,000 |
Amortizable intangible assets, accumulated amortization | (5,053,000) | (4,612,000) |
Amortizable intangible assets, net carrying amount | (2,420) | (2,861,000) |
Intangible assets, net | $ 2,420 | 2,861,000 |
Proprietary Rights [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 4 years 9 months 18 days | |
Customer Relationships [Member] | ||
Weighted average life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 4,884,000 | 4,884,000 |
Amortizable intangible assets, accumulated amortization | (4,852,000) | (4,754,000) |
Amortizable intangible assets, net carrying amount | (32) | (130,000) |
Intangible assets, net | $ 32 | 130,000 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 1 month 6 days | |
Patents [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 2,540,000 | 2,540,000 |
Amortizable intangible assets, accumulated amortization | (2,190,000) | (2,027,000) |
Amortizable intangible assets, net carrying amount | (350) | (513,000) |
Intangible assets, net | $ 350 | 513,000 |
Patents [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 1 year 3 months 18 days | |
Trade Names [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 134,000 | 134,000 |
Amortizable intangible assets, accumulated amortization | (108,000) | (97,000) |
Amortizable intangible assets, net carrying amount | (26,000) | (37,000) |
Intangible assets, net | $ 26,000 | 37,000 |
Trade Names [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 2 years 3 months 18 days | |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 426,000 | 375,000 |
Amortizable intangible assets, accumulated amortization | (366,000) | (283,000) |
Amortizable intangible assets, net carrying amount | (60) | (92,000) |
Intangible assets, net | $ 60 | $ 92,000 |
Other Intangible Assets [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 3 months 18 days |
Note 9 - Intangible Assets - Fu
Note 9 - Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Total | $ 2,888 | $ 3,633 |
Intangibles Excluding Technology Development Projects Not Yet Completed [Member] | ||
2025 | 614 | |
2026 | 520 | |
2027 | 381 | |
2028 | 315 | |
2029 | 213 | |
Thereafter | 845 | |
Total | $ 2,888 |
Note 10 - Accrued Expenses an_3
Note 10 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Wages and benefits | $ 686 | $ 621 |
Customer deposits | 3,447 | 215 |
Accrued inventory | 621 | 69 |
Other | 832 | 572 |
Accrued Expenses and Other Liabilities | $ 5,586 | $ 1,477 |
Note 11 - Notes Payable (Detail
Note 11 - Notes Payable (Details Textual) - The Loan [Member] - USD ($) | 12 Months Ended | |
Feb. 02, 2023 | Jan. 31, 2024 | |
Proceeds from Notes Payable | $ 3,750,000 | |
Amortization of Debt Issuance Costs | 814,000 | |
Loan Processing Fee | 254,000 | |
Prepaid Interest | $ 484,000 | |
Interest Expense, Debt | $ 601,000 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Sep. 28, 2023 shares | Jan. 31, 2024 USD ($) $ / shares shares | Jan. 31, 2023 $ / shares shares | Jan. 31, 2022 $ / shares | Sep. 27, 2023 shares | |
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 | |||
Preferred Stock, Shares Outstanding (in shares) | 1,683,000 | 1,683,000 | |||
Common Stock, Shares, Issued (in shares) | 1,405,779 | 1,405,779 | 1,599,053 | 13,788,738 | |
Common Stock, Shares Authorized (in shares) | 40,000,000 | 40,000,000 | |||
Treasury Stock, Common and Preferred, Shares (in shares) | 0 | 193,274 | |||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 220 | ||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation, Average Fair Value (in dollars per share) | $ / shares | $ 12.5 | ||||
Common Stock, Shares, Outstanding (in shares) | 1,405,779 | 13,788,738 | |||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | ||||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Outstanding (in shares) | 1,682,985 | 1,682,985 | |||
Preferred Stock, Dividend Rate, Percentage | 9% | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 25 | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount (in dollars per share) | $ / shares | 2.25 | ||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||
Preferred Stock Redemption Period (Day) | 120 days | ||||
Preferred Stock, Liquidation Preference, Value | $ | $ 47.7 | ||||
Cumulative Dividends | $ | $ 5.7 | ||||
Preferred Stock, Voting Rights, Number of Quarterly Dividends Periods, Threshold | 6 | ||||
Minimum Period Of Time For Listing (Year) | 180 years |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transaction (Details Textual) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Feb. 02, 2023 | |
Ladenburg Thalmann and Co. Inc. [Member] | Advisory Services Related to Sale of Klein [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 405,000 | |
The Loan [Member] | ||
Debt Instrument, Fee Amount | $ 75,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | Jan. 31, 2024 | Oct. 31, 2023 | Jan. 31, 2023 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 0 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost | 766,000 | $ 825,000 | |
Deferred Tax Assets, Valuation Allowance | 31,177,000 | 26,247,000 | |
Tax Credit Carryforward, Amount | 944,000 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Taxes Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Domestic | $ (8,075) | $ (9,108) |
Foreign | 8,313 | 3,714 |
Income (loss) from continuing operations before income taxes | 238 | (5,394) |
Domestic | 0 | 19 |
Foreign | 1,489 | 743 |
Total | 1,489 | 762 |
Domestic | 0 | 0 |
Foreign | (151) | (63) |
Total | (151) | (63) |
Income Tax Expense (Benefit) | $ 1,338 | $ 699 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Federal income tax at 21% | $ 50 | $ (1,133) |
Taxes created by return to provision adjustments to prior year temporary differences | 146 | 0 |
Global intangible low tax income ("GILTI") inclusion | 1,653 | 0 |
Permanent differences | 90 | 329 |
Foreign effective tax rate differential | (218) | (43) |
Valuation allowance on deferred tax assets | (528) | 1,400 |
Excess tax deficiency for share-based payments under ASU 2016-09 | 150 | 121 |
Other | (5) | 25 |
Income Tax Expense (Benefit) | $ 1,338 | $ 699 |
Note 14 - Income Taxes - Reco_2
Note 14 - Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) (Parentheticals) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Federal income rate | 21% | 21% |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Taxes (Details) - USD ($) | Jan. 31, 2024 | Oct. 31, 2023 | Jan. 31, 2023 |
Net operating losses | $ 26,895,000 | $ 22,425,000 | |
Tax credit carry forwards | 944,000 | 165,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost | 766,000 | 825,000 | |
Allowance for credit losses | 107,000 | 141,000 | |
Inventory | 594,000 | 1,262,000 | |
Accruals not yet deductible for tax purposes | 130,000 | 250,000 | |
Fixed assets | 80,000 | 236,000 | |
Intangible assets | 523,000 | 416,000 | |
Disallowed interest expense | 227,000 | 0 | |
Other | 1,033,000 | 527,000 | |
Gross deferred tax assets | 31,299,000 | 26,247,000 | |
Valuation allowance | (31,177,000) | (26,247,000) | |
Deferred tax assets | 122,000 | 0 | |
Other | 0 | 29,000 | |
Deferred tax liabilities | 0 | 29,000 | |
Deferred tax liabilities | 0 | (29,000) | |
Unrecognized tax benefits | 0 | $ 0 | 0 |
Total deferred tax liabilities, net | 0 | 29,000 | |
Total deferred tax liabilities, net | $ 0 | $ (29,000) |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) $ in Millions | Jan. 31, 2024 USD ($) |
Purchase Obligation | $ 11.7 |
Note 16 - Stock Option Plans (D
Note 16 - Stock Option Plans (Details Textual) - USD ($) | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 261,000 | $ 654,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.01 | |
Excess Tax Benefit from Share-Based Compensation | $ 0 | $ 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 68,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 517,000 | $ 1,400,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 75,000 | 110,000 |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 243,000 | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 0 |
Note 16 - Stock Option Plans -
Note 16 - Stock Option Plans - Fair Value Assumptions (Details) | 12 Months Ended |
Jan. 31, 2024 | |
Risk free interest rate | 2.69% |
Risk free interest rate | 3.03% |
Expected dividend yield | 0% |
Minimum [Member] | |
Expected life (in years) (Year) | 5 years 6 months |
Maximum [Member] | |
Expected life (in years) (Year) | 6 years 6 months |
Note 16 - Stock Option Plans _2
Note 16 - Stock Option Plans - Stock Option Activiy (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Outstanding, number of shares (in shares) | 410 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 28.41 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 25 days | 5 years 10 months 28 days |
Outstanding, intrinsic value | $ 0 | $ 0 |
Granted, number of shares (in shares) | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, number of shares (in shares) | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Forfeited, number of shares (in shares) | (35) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 39.67 | |
Expired, number of shares (in shares) | (16) | |
Expired, weighted average exercise price (in dollars per share) | $ 13.23 | |
Outstanding, number of shares (in shares) | 359 | 410 |
Outstanding, weighted average exercise price (in dollars per share) | $ 27.98 | $ 28.41 |
Exercisable, number of shares (in shares) | 284 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 32.35 | |
Exercisable, weighted average remaining contractual term (Year) | 4 years 3 months | |
Exercisable, intrinsic value | $ 0 | |
Nonvested, number of shares (in shares) | 75 | |
Nonvested, weighted average exercise price (in dollars per share) | $ 11.32 | |
Nonvested, weighted average remaining contractual term (Year) | 8 years 2 months 15 days | |
Nonvested, intrinsic value | $ 0 |
Note 16 - Stock Option Plans _3
Note 16 - Stock Option Plans - Restricted Stock (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Jan. 31, 2024 $ / shares shares | |
Unvested, shares (in shares) | shares | 1 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10 |
Granted, shares (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested, shares (in shares) | shares | (1) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10 |
Canceled, shares (in shares) | shares | 0 |
Canceled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Unvested, shares (in shares) | shares | 0 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 12 Months Ended |
Jan. 31, 2024 | |
Number of Operating Segments | 2 |
Note 18 - Concentrations (Detai
Note 18 - Concentrations (Details Textual) $ in Millions | 12 Months Ended | |
Jan. 31, 2024 USD ($) | Jan. 31, 2023 | |
Deposits, Foreign | $ 4.9 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 4 | 2 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||
Concentration Risk, Percentage | 10% | 10% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||
Concentration Risk, Percentage | 10% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | ||
Concentration Risk, Percentage | 21% | 17% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Five Largest Customers [Member] | ||
Number of Major Customers | 5 | |
Concentration Risk, Percentage | 67% | 47% |
Note 19 - Sales and Major Cus_3
Note 19 - Sales and Major Customers (Details Textual) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Two Customers [Member] | ||
Concentration Risk, Percentage | 10% | |
One Customer [Member] | ||
Concentration Risk, Percentage | 10% |
Note 19 - Sales and Major Cus_4
Note 19 - Sales and Major Customers - Summary of Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Sale of marine technology products | $ 36,510 | $ 25,012 |
UK and Europe [Member] | ||
Sale of marine technology products | 20,248 | 11,836 |
CANADA | ||
Sale of marine technology products | 12,399 | 10,755 |
Latin America [Member] | ||
Sale of marine technology products | 2,613 | 435 |
Non-US [Member] | ||
Sale of marine technology products | $ 35,260 | $ 23,026 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance of the period | $ 332 | $ 332 | |
Charges to costs and expenses | 0 | 0 | |
Charges to other accounts | [1] | 0 | 0 |
Deductions describe | [2] | 0 | 0 |
Balance of the period | 332 | 332 | |
Allowance for Obsolete Equipment and Inventory [Member] | |||
Balance of the period | 1,215 | 2,070 | |
Charges to costs and expenses | 341 | 268 | |
Charges to other accounts | [1] | 0 | 0 |
Deductions describe | [3] | (25) | (1,123) |
Balance of the period | $ 1,531 | $ 1,215 | |
[1]Represents translation differences.[2]Represents recoveries and uncollectible accounts written off.[3]Represents sale or scrap of inventory and obsolete equipment. |