Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 30, 2024 | Jun. 10, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2025 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2024 | |
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 | |
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 | 1,405,779 | |
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 - $0.01 par value per share | |
Trading Symbol | MIND | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Apr. 30, 2024 | Jan. 31, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 924,000 | $ 5,289,000 |
Accounts receivable, net of allowance for credit losses of $332 at each of April 30, 2024 and January 31, 2024 | 9,412,000 | 6,566,000 |
Inventories, net | 16,161,000 | 13,371,000 |
Prepaid expenses and other current assets | 3,014,000 | 3,113,000 |
Total current assets | 29,511,000 | 28,339,000 |
Property and equipment, net | 791,000 | 818,000 |
Operating lease right-of-use assets | 1,725,000 | 1,324,000 |
Intangible assets, net | 2,714,000 | 2,888,000 |
Deferred tax asset | 122,000 | 122,000 |
Total assets | 34,863,000 | 33,491,000 |
Current liabilities: | ||
Accounts payable | 1,703,000 | 1,623,000 |
Deferred revenue | 561,000 | 203,000 |
Accrued expenses and other current liabilities | 5,303,000 | 5,586,000 |
Income taxes payable | 1,928,000 | 2,114,000 |
Operating lease liabilities - current | 728,000 | 751,000 |
Total current liabilities | 10,223,000 | 10,277,000 |
Operating lease liabilities - non-current | 997,000 | 573,000 |
Total liabilities | 11,220,000 | 10,850,000 |
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of April 30, 2024 and January 31, 2024 | 37,779,000 | 37,779,000 |
Common stock, $0.01 par value; 40,000 shares authorized; 1,406 shares issued at April 30, 2024 and January 31, 2024 | 14,000 | 14,000 |
Additional paid-in capital | 113,169,000 | 113,121,000 |
Accumulated deficit | (127,353,000) | (128,307,000) |
Accumulated other comprehensive gain | 34,000 | 34,000 |
Total stockholders’ equity | 23,643,000 | 22,641,000 |
Total liabilities and stockholders’ equity | $ 34,863,000 | $ 33,491,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares | Apr. 30, 2024 | Sep. 28, 2023 | Sep. 27, 2023 |
Preferred stock, shares outstanding (in shares) | 1,683,000 | ||
Common stock, issued (in shares) | 1,405,779 | 13,788,738 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Revenues: | ||
Sales of marine technology products, revenues | $ 9,678,000 | $ 10,597,000 |
Cost of sales: | ||
Gross profit | 4,218,000 | 4,536,000 |
Operating expenses: | ||
Selling, general and administrative | 2,759,000 | 3,306,000 |
Research and development | 462,000 | 478,000 |
Depreciation and amortization | 267,000 | 333,000 |
Total operating expenses | 3,488,000 | 4,117,000 |
Operating income | 730,000 | 419,000 |
Other income (expense): | ||
Interest expense | 0 | (204,000) |
Other, net | 469,000 | 72,000 |
Total other income (expense) | 469,000 | (132,000) |
Income from continuing operations before income taxes | 1,199,000 | 287,000 |
Provision for income taxes | (245,000) | (411,000) |
Net income (loss) from continuing operations | 954,000 | (124,000) |
Loss from discontinued operations, net of income taxes | 0 | (116,000) |
Net income (loss) | 954,000 | (240,000) |
Preferred stock dividends - declared | 0 | 0 |
Preferred stock dividends - undeclared | (947,000) | (947,000) |
Net income (loss) attributable to common stockholders | $ 7,000 | $ (1,187,000) |
Net income (loss) per common share - Basic and Diluted | ||
Continuing operations (in dollars per share) | $ 0 | $ (0.76) |
Discontinued operations (in dollars per share) | 0 | (0.08) |
Net income (loss) (in dollars per share) | $ 0 | $ (0.84) |
Shares used in computing net income (loss) per common share: | ||
Basic and diluted (in shares) | 1,406 | 1,406 |
Marine Technology Products [Member] | ||
Cost of sales: | ||
Sales of marine technology products, costs | $ 5,460,000 | $ 6,061,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Net income (loss) | $ 954 | $ (240) |
Comprehensive income (loss) | $ 954 | $ (240) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 954 | $ (240) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 267 | 481 |
Stock-based compensation | 48 | 50 |
Provision for inventory obsolescence | 23 | 0 |
Changes in: | ||
Accounts receivable | (2,837) | (3,462) |
Unbilled revenue | (10) | 11 |
Inventories | (2,812) | 979 |
Prepaid expenses and other current and long-term assets | 100 | 1,308 |
Income taxes receivable and payable | (186) | 206 |
Accounts payable, accrued expenses and other current liabilities | 277 | (2,788) |
Deferred revenue and customer deposits | (120) | 606 |
Net cash used in operating activities | (4,753) | (2,987) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (66) | (57) |
Sale of other equipment | 457 | 138 |
Net cash provided by investing activities | 391 | 81 |
Cash flows from financing activities: | ||
Net proceeds from short-term loan | 0 | 2,945 |
Net cash provided by financing activities | 0 | 2,945 |
Effect of changes in foreign exchange rates on cash and cash equivalents | (3) | (2) |
Net change in cash and cash equivalents | (4,365) | 37 |
Cash and cash equivalents, beginning of period | 5,289 | 778 |
Cash and cash equivalents, end of period | 924 | 815 |
Supplemental cash flow information: | ||
Interest paid | 0 | 204 |
Income taxes paid | 430 | 189 |
Other Machinery and Equipment [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Gross profit from sale of equipment | $ (457) | $ (138) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 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 | (240) | 0 | (240) |
Stock-based compensation | $ 0 | $ 0 | 50 | 0 | 0 | 0 | 50 |
Balances (in shares) at Apr. 30, 2023 | 1,599 | 1,683 | |||||
Balances at Apr. 30, 2023 | $ 16 | $ 37,779 | 129,771 | (16,863) | (127,875) | 34 | 22,862 |
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 |
Net income (loss) | 0 | 0 | 0 | 0 | 954 | 0 | 954 |
Stock-based compensation | $ 0 | $ 0 | 48 | 0 | 0 | 0 | 48 |
Balances (in shares) at Apr. 30, 2024 | 1,406 | 1,683 | |||||
Balances at Apr. 30, 2024 | $ 14 | $ 37,779 | $ 113,169 | $ 0 | $ (127,353) | $ 34 | $ 23,643 |
Note 1 - Organization, Liquidit
Note 1 - Organization, Liquidity, and Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization 1987. August 21, 2023, August 21, 2023, 2 Liquidity April 30, 2024, January 31, 2024. not Summary of Significant Accounting Policies 1 10 January 31, 2024. three April 30, 2024 no F- 9 |
Note 2 - Sale of Subsidiary
Note 2 - Sale of Subsidiary | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Sale of Subsidiaries and Subsequent Events [Text Block] | 2. On August 21, 2023, On August 22, 2023, 10 |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 3. The condensed consolidated balance sheet as of January 31, 2024 not 10 January 31, 2024 2024” April 30, 2024 three April 30, 2024 2023, three April 30, 2024 2023, three April 30, 2024 2023, not January 31, 2025 2025” |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. On August 21, 2023, three April 30, 2023. The results of operations from discontinued operations for the three April 30, 2023 For the Three Months Ended April 30, 2024 2023 Revenues: (in thousands) Revenue from discontinued operations $ — $ 1,989 Cost of sales: Cost of discontinued operations — 1,108 Operating expenses: Selling, general and administrative — 568 Research and development — 295 Depreciation and amortization — 148 Total operating expenses — 1,011 Operating loss — (130 ) Other income — 21 Loss before income taxes from discontinued operations — (109 ) Provision for income taxes from discontinued operations — (7 ) Net loss from discontinued operations — (116 ) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: For the Three Months Ended April 30, 2024 2023 (in thousands) Depreciation and amortization $ — $ 148 |
Note 5 - New Accounting Pronoun
Note 5 - New Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 5. In November 2023, No. 2023 07, 280 2023 7" 2023 07 four February 1, 2024 February 1, 2025. In December 2023, 2023 09, 740 2023 09” 2023 09 February 1, 2025. |
Note 6 - Revenue From Contracts
Note 6 - Revenue From Contracts With Customers | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. The following table presents revenue from contracts with customers disaggregated by timing of revenue recognition: Three Months Ended April 30, 2024 2023 Revenue recognized at a point in time: (in thousands) Total revenue recognized at a point in time $ 9,377 $ 10,512 Revenue recognized over time: Total revenue recognized over time 301 85 Total revenue from contracts with customers $ 9,678 $ 10,597 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 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 the shipping location of our customers: Three Months Ended April 30, 2024 2023 (in thousands) United States $ 345 $ 392 Europe 2,785 6,500 Asia-Pacific 5,843 3,582 Other 705 123 Total revenue from contracts with customers $ 9,678 $ 10,597 As of April 30, 2024 January 31, 2024 April 30, 2024 January 31, 2024 Contract Assets: (in thousands) Unbilled revenue - current $ 16 $ 26 Total unbilled revenue $ 16 $ 26 Contract Liabilities: Deferred revenue & customer deposits - current $ 3,529 $ 3,649 Total deferred revenue & customer deposits $ 3,529 $ 3,649 Considering the products manufactured and sold by our Seamap business and the Company’s standard contract terms and conditions, we expect the Company's 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 7 - Balance Sheet
Note 7 - Balance Sheet | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 7. April 30, 2024 January 31, 2024 (in thousands) Inventories: Raw materials $ 9,949 $ 8,730 Finished goods 2,657 2,463 Work in progress 5,089 3,709 Cost of inventories 17,695 14,902 Less allowance for obsolescence (1,534 ) (1,531 ) Total inventories, net $ 16,161 $ 13,371 April 30, 2024 January 31, 2024 (in thousands) Property and equipment: Furniture and fixtures $ 8,923 $ 8,868 Autos and trucks 286 287 Land and buildings 997 997 Cost of property and equipment 10,206 10,152 Accumulated depreciation and amortization (9,415 ) (9,334 ) Total property and equipment, net $ 791 $ 818 As of January 31, 2024 may not 2024. January 31, 2024 no April 30, 2024. |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Apr. 30, 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 the United Kingdom. Lease expense for the three April 30, 2024 three April 30, 2023 three April 30, 2024 three April 30, 2023 approximately$2,000. Supplemental balance sheet information related to leases as of April 30, 2024 January 31, 2024 Lease April 30, 2024 January 31, 2024 Assets (in thousands) Operating lease assets $ 1,725 $ 1,324 Liabilities Operating lease liabilities $ 1,725 $ 1,324 Classification of lease liabilities Current liabilities $ 728 $ 751 Non-current liabilities 997 573 Total Operating lease liabilities $ 1,725 $ 1,324 Lease-term and discount rate details as of April 30, 2024 January 31, 2024 Lease term and discount rate April 30, 2024 January 31, 2024 Weighted average remaining lease term (years) Operating leases 1.83 1.40 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: For the Three Months Ended April 30, Lease 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating leases $ (207 ) $ (221 ) Changes in lease balances resulting from new and modified leases: Operating leases $ 612 $ 223 Maturities of lease liabilities at April 30, 2024 April 30, 2024 (in thousands) 2025 $ 705 2026 595 2027 487 2028 275 2029 35 Thereafter — Total payments under lease agreements $ 2,097 Less: imputed interest (372 ) Total lease liabilities $ 1,725 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. April 30, 2024 January 31, 2024 Weighted Average Life at Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying April 30, 2024 Amount Amortization Amount Amount Amortization Amount (in thousands) (in thousands) Proprietary rights 4.6 7,473 (5,168 ) 2,305 7,473 (5,053 ) 2,420 Customer relationships 0.1 4,884 (4,876 ) 8 4,884 (4,852 ) 32 Patents 1.2 2,540 (2,216 ) 324 2,540 (2,190 ) 350 Trade name 2.1 134 (111 ) 23 134 (108 ) 26 Other 0.2 416 (362 ) 54 426 (366 ) 60 Intangible assets $ 15,447 $ (12,733 ) $ 2,714 $ 15,457 $ (12,569 ) $ 2,888 On January 31, 2024 no not three April 30, 2024, no Aggregate amortization expense was $185,000 and $224,000 for the three April 30, 2024 2023 April 30, 2024 For fiscal years ending January 31, (in thousands) 2025 $ 442 2026 520 2027 381 2028 315 2029 213 Thereafter 843 Total $ 2,714 |
Note 10 - Notes Payable
Note 10 - Notes Payable | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 10. On February 2, 2023, three April 30, 2023. August 22, 2023, 2 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. For the three April 30, 2024 three April 30, 2023, 21% not 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 2024. may January 31, 2017 2024. January 31, 2017, 2024. January 31, 2018 2024. The Company has determined that the undistributed earnings of foreign subsidiaries are not April 30, 2024 not April 30, 2024 For the three April 30, 2024 2023 not |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. 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. For the three April 30, 2024 April 30, 2023, no three April 30, 2024 April 30,2023, On October 12, 2023, one ten 14 |
Note 13 - Related Party Transac
Note 13 - Related Party Transaction | 3 Months Ended |
Apr. 30, 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 10 no |
Note 14 - Equity and Stock-base
Note 14 - Equity and Stock-based Compensation | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 14. As of April 30, 2024 April 30, July 31, October 31, January 31, On September 28, 2023, one October 12, 2023, October 13, 2023. As a result of the Charter Amendment and Reverse Stock Split, every ten shares of issued and outstanding Common Stock were combined into one not one not Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three April 30, 2024 three April 30, 2023, |
Note 15 - Segment Reporting
Note 15 - Segment Reporting | 3 Months Ended |
Apr. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Prior to August 22, 2023, two August 21, 2023, 2 April 30, 2024, sole |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Apr. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information Not |
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 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Klein [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Three Months Ended April 30, 2024 2023 Revenues: (in thousands) Revenue from discontinued operations $ — $ 1,989 Cost of sales: Cost of discontinued operations — 1,108 Operating expenses: Selling, general and administrative — 568 Research and development — 295 Depreciation and amortization — 148 Total operating expenses — 1,011 Operating loss — (130 ) Other income — 21 Loss before income taxes from discontinued operations — (109 ) Provision for income taxes from discontinued operations — (7 ) Net loss from discontinued operations — (116 ) For the Three Months Ended April 30, 2024 2023 (in thousands) Depreciation and amortization $ — $ 148 |
Note 6 - Revenue From Contrac_2
Note 6 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended April 30, 2024 2023 Revenue recognized at a point in time: (in thousands) Total revenue recognized at a point in time $ 9,377 $ 10,512 Revenue recognized over time: Total revenue recognized over time 301 85 Total revenue from contracts with customers $ 9,678 $ 10,597 Three Months Ended April 30, 2024 2023 (in thousands) United States $ 345 $ 392 Europe 2,785 6,500 Asia-Pacific 5,843 3,582 Other 705 123 Total revenue from contracts with customers $ 9,678 $ 10,597 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | April 30, 2024 January 31, 2024 Contract Assets: (in thousands) Unbilled revenue - current $ 16 $ 26 Total unbilled revenue $ 16 $ 26 Contract Liabilities: Deferred revenue & customer deposits - current $ 3,529 $ 3,649 Total deferred revenue & customer deposits $ 3,529 $ 3,649 |
Note 7 - Balance Sheet (Tables)
Note 7 - Balance Sheet (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 30, 2024 January 31, 2024 (in thousands) Inventories: Raw materials $ 9,949 $ 8,730 Finished goods 2,657 2,463 Work in progress 5,089 3,709 Cost of inventories 17,695 14,902 Less allowance for obsolescence (1,534 ) (1,531 ) Total inventories, net $ 16,161 $ 13,371 |
Property, Plant and Equipment [Table Text Block] | April 30, 2024 January 31, 2024 (in thousands) Property and equipment: Furniture and fixtures $ 8,923 $ 8,868 Autos and trucks 286 287 Land and buildings 997 997 Cost of property and equipment 10,206 10,152 Accumulated depreciation and amortization (9,415 ) (9,334 ) Total property and equipment, net $ 791 $ 818 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Lease April 30, 2024 January 31, 2024 Assets (in thousands) Operating lease assets $ 1,725 $ 1,324 Liabilities Operating lease liabilities $ 1,725 $ 1,324 Classification of lease liabilities Current liabilities $ 728 $ 751 Non-current liabilities 997 573 Total Operating lease liabilities $ 1,725 $ 1,324 |
Lease, Cost [Table Text Block] | Lease term and discount rate April 30, 2024 January 31, 2024 Weighted average remaining lease term (years) Operating leases 1.83 1.40 Weighted average discount rate: Operating leases 13 % 13 % For the Three Months Ended April 30, Lease 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating leases $ (207 ) $ (221 ) Changes in lease balances resulting from new and modified leases: Operating leases $ 612 $ 223 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | April 30, 2024 (in thousands) 2025 $ 705 2026 595 2027 487 2028 275 2029 35 Thereafter — Total payments under lease agreements $ 2,097 Less: imputed interest (372 ) Total lease liabilities $ 1,725 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | April 30, 2024 January 31, 2024 Weighted Average Life at Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying April 30, 2024 Amount Amortization Amount Amount Amortization Amount (in thousands) (in thousands) Proprietary rights 4.6 7,473 (5,168 ) 2,305 7,473 (5,053 ) 2,420 Customer relationships 0.1 4,884 (4,876 ) 8 4,884 (4,852 ) 32 Patents 1.2 2,540 (2,216 ) 324 2,540 (2,190 ) 350 Trade name 2.1 134 (111 ) 23 134 (108 ) 26 Other 0.2 416 (362 ) 54 426 (366 ) 60 Intangible assets $ 15,447 $ (12,733 ) $ 2,714 $ 15,457 $ (12,569 ) $ 2,888 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For fiscal years ending January 31, (in thousands) 2025 $ 442 2026 520 2027 381 2028 315 2029 213 Thereafter 843 Total $ 2,714 |
Note 1 - Organization, Liquid_2
Note 1 - Organization, Liquidity, and Summary of Significant Accounting Policies (Details Textual) - USD ($) | Apr. 30, 2024 | Jan. 31, 2024 |
Working Capital (Deficit) | $ 19,300,000 | $ 18,100,000 |
Cash and Cash Equivalents, at Carrying Value | $ 924,000 | $ 5,289,000 |
Note 2 - Sale of Subsidiary (De
Note 2 - Sale of Subsidiary (Details Textual) - Klein Marine Services, Inc. [Member] $ in Millions | Aug. 21, 2023 USD ($) |
Disposal Group, Including Discontinued Operation, Consideration | $ 11.5 |
Gain (Loss) on Disposition of Business | $ 2.3 |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations - Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Net loss from discontinued operations | $ 0 | $ (116) |
Discontinued Operations, Disposed of by Sale [Member] | ||
Revenue from discontinued operations | 0 | 1,989 |
Cost of discontinued operations | 0 | 1,108 |
Selling, general and administrative | 0 | 568 |
Research and development | 0 | 295 |
Depreciation and amortization | 0 | 148 |
Total operating expenses | 0 | 1,011 |
Operating loss | 0 | (130) |
Other income | 0 | 21 |
Loss before income taxes from discontinued operations | 0 | (109) |
Provision for income taxes from discontinued operations | 0 | (7) |
Net loss from discontinued operations | 0 | (116) |
Depreciation and amortization | $ 0 | $ 148 |
Note 6 - Revenue From Contrac_3
Note 6 - Revenue From Contracts With Customers (Details Textual) | 3 Months Ended |
Apr. 30, 2024 | |
Minimum [Member] | |
Contract with Customers, Turn Over Period (Month) | 3 months |
Maximum [Member] | |
Contract with Customers, Turn Over Period (Month) | 9 months |
Note 6 - Revenue From Contrac_4
Note 6 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Total revenue from contracts with customers | $ 9,678 | $ 10,597 |
Transferred at Point in Time [Member] | ||
Total revenue from contracts with customers | 9,377 | 10,512 |
Transferred over Time [Member] | ||
Total revenue from contracts with customers | 301 | 85 |
UNITED STATES | ||
Total revenue from contracts with customers | 345 | 392 |
Europe [Member] | ||
Total revenue from contracts with customers | 2,785 | 6,500 |
Asia Pacific [Member] | ||
Total revenue from contracts with customers | 5,843 | 3,582 |
Other Countries [Member] | ||
Total revenue from contracts with customers | $ 705 | $ 123 |
Note 6 - Revenue From Contrac_5
Note 6 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Unbilled revenue - current | $ 16 | $ 26 |
Total unbilled revenue | 16 | 26 |
Deferred revenue & customer deposits - current | 3,529 | 3,649 |
Total deferred revenue & customer deposits | $ 3,529 | $ 3,649 |
Note 7 - Balance Sheet (Details
Note 7 - Balance Sheet (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2024 | |
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 |
Note 7 - Balance Sheet - Schedu
Note 7 - Balance Sheet - Schedule of Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Raw materials | $ 9,949 | $ 8,730 |
Finished goods | 2,657 | 2,463 |
Work in progress | 5,089 | 3,709 |
Cost of inventories | 17,695 | 14,902 |
Less allowance for obsolescence | (1,534) | (1,531) |
Total inventories, net | $ 16,161 | $ 13,371 |
Note 7 - Balance Sheet - Sche_2
Note 7 - Balance Sheet - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Property and equipment, gross | $ 10,206 | $ 10,152 |
Accumulated depreciation and amortization | (9,415) | (9,334) |
Total property and equipment, net | 791 | 818 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 8,923 | 8,868 |
Vehicles [Member] | ||
Property and equipment, gross | 286 | 287 |
Land and Building [Member] | ||
Property and equipment, gross | $ 997 | $ 997 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Lease, Cost | $ 207,000 | $ 221,000 |
Short-Term Lease, Cost | $ 1,000 | $ 2,000 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Operating lease assets | $ 1,725 | $ 1,324 |
Operating lease liabilities | 1,725 | 1,324 |
Current liabilities | 728 | 751 |
Non-current liabilities | 997 | 573 |
Total Operating lease liabilities | $ 1,725 | $ 1,324 |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Weighted average remaining lease term, Operating leases (Year) | 1 year 9 months 29 days | 1 year 4 months 24 days | |
Weighted average discount rate, Operating leases | 13% | 13% | |
Operating cash flows from operating leases | $ (207) | $ (221) | |
Right-of-use assets obtained in exchange for lease liabilities, Operating leases | $ 612 | $ 223 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
2025 | $ 705 | |
2026 | 595 | |
2027 | 487 | |
2028 | 275 | |
2029 | 35 | |
Thereafter | 0 | |
Total payments under lease agreements | 2,097 | |
Less: imputed interest | (372) | |
Total lease liabilities | $ 1,725 | $ 1,324 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Amortization of Intangible Assets | $ 185,000 | $ 224,000 |
Note 9 - Intangible Assets - Sc
Note 9 - Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Amortizable intangible assets, gross carrying amount | $ 15,447 | $ 15,457 |
Amortizable intangible assets, accumulated amortization | (12,733) | (12,569) |
Intangible assets, net | 2,714 | 2,888 |
Proprietary Rights [Member] | ||
Amortizable intangible assets, gross carrying amount | 7,473 | 7,473 |
Amortizable intangible assets, accumulated amortization | (5,168) | (5,053) |
Intangible assets, net | $ 2,305 | 2,420 |
Proprietary Rights [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 4 years 7 months 6 days | |
Customer Relationships [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 4,884 | 4,884 |
Amortizable intangible assets, accumulated amortization | (4,876) | (4,852) |
Intangible assets, net | $ 8 | 32 |
Customer Relationships [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 1 month 6 days | |
Patents [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 2,540 | 2,540 |
Amortizable intangible assets, accumulated amortization | (2,216) | (2,190) |
Intangible assets, net | $ 324 | 350 |
Patents [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 1 year 2 months 12 days | |
Trade Names [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 134 | 134 |
Amortizable intangible assets, accumulated amortization | (111) | (108) |
Intangible assets, net | $ 23 | 26 |
Trade Names [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 2 years 1 month 6 days | |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, gross carrying amount | $ 416 | 426 |
Amortizable intangible assets, accumulated amortization | (362) | (366) |
Intangible assets, net | $ 54 | $ 60 |
Other Intangible Assets [Member] | Weighted Average [Member] | ||
Weighted average life (Year) | 2 months 12 days |
Note 9 - Intangible Assets - Fu
Note 9 - Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Total | $ 2,714 | $ 2,888 |
Intangibles Excluding Technology Development Projects Not Yet Completed [Member] | ||
2025 | 442 | |
2026 | 520 | |
2027 | 381 | |
2028 | 315 | |
2029 | 213 | |
Thereafter | 843 | |
Total | $ 2,714 |
Note 10 - Notes Payable (Detail
Note 10 - Notes Payable (Details Textual) - The Loan [Member] - USD ($) | 3 Months Ended | |
Feb. 02, 2023 | Apr. 30, 2023 | |
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 | $ 204,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Income Tax Expense (Benefit) | $ 245,000 | $ 411,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,199,000 | 287,000 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 0 | |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) shares in Thousands | 3 Months Ended | 15 Months Ended | |||
Oct. 12, 2023 | Sep. 28, 2023 | Apr. 30, 2024 shares | Apr. 30, 2023 shares | Apr. 30, 2024 shares | |
Weighted Average Number of Shares Outstanding, Basic (in shares) | 1,406 | 1,406 | 1,400 | ||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | 10 |
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 - Equity and Stock-ba_2
Note 14 - Equity and Stock-based Compensation (Details Textual) | 3 Months Ended | ||||
Oct. 12, 2023 | Sep. 28, 2023 shares | Apr. 30, 2024 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) | Sep. 27, 2023 shares | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | shares | 1,683,000 | ||||
Preferred Stock, Liquidation Preference, Value | $ | $ 48,700,000 | ||||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ | $ 6,600,000 | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 25 | ||||
Common Stock, Shares, Issued (in shares) | shares | 1,405,779 | 13,788,738 | |||
Share-Based Payment Arrangement, Expense | $ | $ 48,000 | $ 50,000 | |||
Common Stock, Shares, Outstanding (in shares) | shares | 1,405,779 | 13,788,738 | |||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | 10 | |||
Preferred Stock [Member] | Quarterly Dividends [Member] | |||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.5625 |
Note 15 - Segment Reporting (De
Note 15 - Segment Reporting (Details Textual) | 3 Months Ended | |
Aug. 21, 2023 | Apr. 30, 2024 | |
Number of Operating Segments | 2 | |
Seamap Marine Products [Member] | ||
Number of Operating Segments | 1 |