MIND Technology (MIND) 10-Q 11 Jun 20 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2020	Jun. 09, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	MITCHAM INDUSTRIES INC
Entity Central Index Key	0000926423
Current Fiscal Year End Date	--01-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		12,182,233
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Current assets:
Cash and cash equivalents	$ 4,705	$ 3,090
Restricted cash	0	144
Accounts receivable, net of allowance for doubtful accounts of $2,196 and $4,054 at April 30, 2020 and January 31, 2020, respectively	7,996	11,921
Inventories, net	13,783	13,261
Prepaid expenses and other current assets	2,515	2,211
Total current assets	28,999	30,627
Seismic equipment lease pool and property and equipment, net	12,002	13,777
Operating lease right-of-use assets	1,957	2,300
Intangible assets, net	7,703	8,161
Goodwill	0	2,531
Long-term receivables, net of allowance for doubtful accounts of $- and $- at April 30, 2020 and January 31, 2020, respectively	535	403
Other assets	7	429
Total assets	51,203	58,228
Current liabilities:
Accounts payable	3,292	2,650
Deferred revenue	602	765
Accrued expenses and other current liabilities	3,071	3,452
Income taxes payable	620	242
Operating lease liabilities - current	966	1,339
Total current liabilities	8,551	8,448
Operating lease liabilities - non-current	991	961
Other non-current liabilities	911	967
Deferred tax liability	200	200
Total liabilities	10,653	10,576
Shareholders’ equity:
Preferred stock, $1.00 par value; 1,000 shares authorized; 994 and 994 shares issued and outstanding at April 30, 2020 and January 31, 2020, respectively	22,104	22,104
Common stock, $0.01 par value; 20,000 shares authorized; 14,097 and 14,097 shares issued at April 30, 2020 and January 31, 2020, respectively	141	141
Additional paid-in capital	124,194	123,964
Treasury stock, at cost (1,929 shares at April 30, 2020 and January 31, 2020)	(16,860)	(16,860)
Accumulated deficit	(84,511)	(77,310)
Accumulated other comprehensive loss	(4,518)	(4,387)
Total shareholders’ equity	40,550	47,652
Total liabilities and shareholders’ equity	$ 51,203	$ 58,228

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts, current	$ 2,196	$ 4,054
Allowance for doubtful accounts, non-current	$ 0	$ 0
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	994,000	994,000
Preferred stock, shares outstanding (in shares)	994,000	994,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	14,097,000	14,097,000
Treasury stock, shares (in shares)	1,929,000	1,929,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Revenues:
Sale of marine technology products	$ 3,187	$ 5,977
Equipment leasing	2,575	3,323
Sale of lease pool and other equipment	1,613	557
Total revenues	7,375	9,857
Cost of sales:
Sale of marine technology products	2,703	3,455
Equipment leasing (including lease pool depreciation of $926 and $1,446 at April 30, 2020 and 2019, respectively	1,770	2,411
Equipment sales	713	250
Total cost of sales	5,186	6,116
Gross profit	2,189	3,741
Operating expenses:
Selling, general and administrative	4,654	5,232
Research and development	410	315
Impairment of intangible assets	2,531	0
Depreciation and amortization	774	650
Total operating expenses	8,369	6,197
Operating loss	(6,180)	(2,456)
Other income (expense):
Interest expense, net	(11)	(11)
Other, net	70	107
Total other income	59	96
Loss before income taxes	(6,121)	(2,360)
Provision for income taxes	(521)	(55)
Net loss	(6,642)	(2,415)
Preferred stock dividends	(559)	(471)
Net loss attributable to common shareholders	$ (7,201)	$ (2,886)
Net loss per common share:
Basic (in usd per share)	$ (0.59)	$ (0.24)
Diluted (in usd per share)	$ (0.59)	$ (0.24)
Shares used in computing net loss per common share:
Basic (in shares)	12,172	12,119
Diluted (in shares)	12,172	12,119

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Income Statement [Abstract]
Lease pool depreciation	$ 926	$ 1,446

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss attributable to common shareholders	$ (7,201)	$ (2,886)
Change in cumulative translation adjustment for sale of foreign entity	0	(331)
Other changes in cumulative translation adjustment	(131)	(119)
Comprehensive loss	$ (7,332)	$ (3,336)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Cash flows from operating activities:
Net loss	$ (6,642)	$ (2,415)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,701	2,131
Stock-based compensation	230	172
Impairment of intangible assets	2,531	0
Provision for inventory obsolescence	22	0
Gross profit from sale of lease pool equipment	(850)	(363)
Deferred tax expense	0	135
Changes in:
Accounts receivable	3,728	76
Unbilled revenue	(9)	5
Inventories	(554)	(501)
Prepaid expenses and other current assets	201	(672)
Income taxes receivable and payable	424	2
Accounts payable, accrued expenses and other current liabilities	300	(382)
Deferred revenue	(153)	(23)
Foreign exchange losses net of gains	0	(16)
Net cash provided by (used in) operating activities	929	(1,851)
Cash flows from investing activities:
Purchases of seismic equipment held for lease	(110)	0
Purchases of property and equipment	(65)	(366)
Sale of used lease pool equipment	1,414	730
Sale of business, net of cash sold	0	239
Net cash provided by investing activities	1,239	603
Cash flows from financing activities:
Net proceeds from preferred stock offering	0	409
Preferred stock dividends	(559)	(471)
Net cash used in financing activities	(559)	(62)
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash	(138)	(100)
Net decrease in cash, cash equivalents and restricted cash	1,471	(1,410)
Cash, cash equivalents and restricted cash, beginning of period	3,234	9,549
Cash, cash equivalents and restricted cash, end of period	4,705	8,139
Supplemental cash flow information:
Interest paid	11	14
Income taxes paid	149	97
Purchases of seismic equipment held for lease in accounts payable at end of period	$ 702	$ 0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balances (in shares) at Jan. 31, 2019		14,049	830
Beginning balances at Jan. 31, 2019	$ 56,678	$ 140	$ 18,330	$ 123,085	$ (16,860)	$ (63,973)	$ (4,044)
Net loss	(2,415)					(2,415)
Foreign currency translation	(450)						(450)
Preferred stock offering (in shares)			17
Preferred stock offering	409		$ 409
Preferred stock dividends	(471)					(471)
Stock-based compensation	172			172
Ending balances (in shares) at Apr. 30, 2019		14,049	847
Ending balances at Apr. 30, 2019	53,923	$ 140	$ 18,739	123,257	(16,860)	(66,859)	(4,494)
Beginning balances (in shares) at Jan. 31, 2020		14,097	994
Beginning balances at Jan. 31, 2020	47,652	$ 141	$ 22,104	123,964	(16,860)	(77,310)	(4,387)
Net loss	(6,642)					(6,642)
Foreign currency translation	(131)						(131)
Preferred stock dividends	(559)					(559)
Stock-based compensation	230			230
Ending balances (in shares) at Apr. 30, 2020		14,097	994
Ending balances at Apr. 30, 2020	$ 40,550	$ 141	$ 22,104	$ 124,194	$ (16,860)	$ (84,511)	$ (4,518)

Organization

Organization	3 Months Ended
	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Mitcham Industries, Inc., a Texas corporation (the “Company”), was incorporated in 1987. The Company, through its wholly owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore, Malaysia, the United Kingdom and Texas. The Company, together with its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”); its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”); and its branch operations in Colombia, provides full-service equipment leasing, sales and service to the seismic industry worldwide. In February 2019 the Company sold its wholly owned Australian subsidiary Seismic Asia Pacific Pty Ltd (“SAP”) and in August 2018 the Company sold its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”). See Note 12 to our condensed consolidated financial statements for more information. All intercompany transactions and balances have been eliminated in consolidation. These consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. The Company has a history of losses, has had negative cash from operating activities in the last two years and may not have access to sources of capital that were available in prior periods. In addition, the COVID-19 pandemic and the decline in oil prices during the quarter ended April 30, 2020 have created significant uncertainty and could have a material adverse effect on the Company’s business, financial position, results of operations and liquidity. Accordingly, substantial uncertainty has arisen regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company not be able to continue as a going concern.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated balance sheet as of January 31, 2020 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2020 . In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2020 , the results of operations for the three months ended April 30, 2020 and 2019 , the cash flows for the three months ended April 30, 2020 and 2019 , and the statement of shareholders’ equity for the three months ended April 30, 2020 and 2019 , have been included in these condensed consolidated financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2021.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Apr. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period. Certain amendments within this ASU are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the ASU should be applied on a prospective basis. Early adoption is permitted. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In August 2018, the SEC adopted amendments to simplify certain disclosure requirements, as set forth in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which includes a requirement for entities to present the changes in shareholders’ equity in the interim financial statements in quarterly reports on Form 10-Q. This amendment is effective for all filings made on or after November 5, 2018. Considering the timing of effectiveness of the amendment and proximity to the filing date for most filers’ quarterly reports, the SEC has allowed for a filer’s first presentation of the changes in shareholders’ equity to be included in its Form 10-Q for the quarter that begins after the effective date. The Company adopted the SEC’s amendment to interim disclosures in the first quarter of fiscal 2020 and has presented the changes in shareholders’ equity on an interim basis. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) as modified by subsequently issued ASUs 2018-01, 2018-10, 2018-11 and 2018-20. The Company adopted the standard effective February 1, 2019. We have elected to apply the current period transition approach as introduced by ASU 2018-11 for our transition at February 1, 2019 and we have elected to apply several of the practical expedients in conjunction with accounting policy elections. See Note 6 to our condensed consolidated financial statements for additional details. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurement by removing, modifying and adding certain disclosures. This ASU is effective for the annual period beginning after December 15, 2019, including interim periods within that annual period. The Company adopted this guidance effective February 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (“Topic 718”): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees except for certain circumstances. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Apr. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Effective February 1, 2018 the Company adopted ASU 2014-09 as amended (the “New Revenue Standard” or “Topic 606”), using the modified retrospective method applied to those contracts that were not completed as of February 1, 2018. Results for reporting periods beginning after January 31, 2018 are presented under Topic 606 and pertain only to our Marine Technology Products segment. Revenues related to our Equipment Leasing segment are not included in the scope of Topic 606. The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended April 30, 2020 2019 Revenue recognized at a point in time: (in thousands) Seamap $ 2,014 $ 4,118 Klein 998 1,557 SAP — 101 Total revenue recognized at a point in time $ 3,012 $ 5,776 Revenue recognized over time: Seamap $ 200 $ 206 Total revenue recognized over time 200 206 Total revenue from contracts with customers $ 3,212 $ 5,982 The revenue from products manufactured and sold by our Seamap and Klein businesses, as well as the revenue from products marketed and sold by our SAP business, is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. Our Seamap business also provides Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from SMA’s is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract, which is typically twelve months. The Company sold SAP during the first quarter of fiscal 2020. See Note 12 to our condensed consolidated financial statements for more information. The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Three Months Ended April 30, 2020 2019 (in thousands) United States $ 1,100 $ 756 Europe, Russia & CIS 1,376 2,604 Middle East & Africa 76 191 Asia-Pacific 302 1,274 Canada & Latin America 358 1,157 Total revenue from contracts with customers $ 3,212 $ 5,982 As of April 30, 2020, and January 31, 2020, contract assets and liabilities consisted of the following: April 30, 2020 January 31, 2020 Contract Assets: (in thousands) Unbilled revenue - current $ 4 $ 13 Total unbilled revenue $ 4 $ 13 Contract Liabilities: Deferred revenue & customer deposits - current $ 79 $ 220 Deferred revenue & customer deposits - non-current — 12 Total deferred revenue & customer deposits $ 79 $ 232 Considering the products manufactured and sold by the businesses in our Marine Technology Products segment and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a period of three to six months. Pursuant to practical expedients and exemptions included in the New Revenue Standard, sales and transaction-based taxes are excluded from revenue. Also, we do not disclose the value of unsatisfied performance obligations for contacts with an original expected duration of one year or less. Additionally, we expense costs incurred to obtain contracts when incurred because the amortization period would have been one year or less. These costs are recorded in selling, general and administrative expenses.

Balance Sheet

Balance Sheet	3 Months Ended
	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet	Balance Sheet As of April 30, 2020 As of January 31, 2020 Current Long-term Total Current Long-term Total Accounts receivable $ 10,192 $ 535 $ 10,727 $ 15,975 $ 403 $ 16,378 Less allowance for doubtful accounts (2,196 ) — (2,196 ) (4,054 ) — (4,054 ) Accounts receivable net of allowance for doubtful accounts $ 7,996 $ 535 $ 8,531 $ 11,921 $ 403 $ 12,324 As of April 30, 2020 , the Company has structured payment agreements with two customers totaling $1.8 million . As of January 31, 2020 , the Company had structured payment agreements with two customers totaling $1.9 million . Payments expected to be received in more than one year have been classified as long-term receivables and total approximately $535,000 and $403,000 as of April 30, 2020 and January 31, 2020 , respectively. The structured payment agreements bear interest at an average rate of approximately 2.8% and 2.5% as of April 30, 2020 and January 31, 2020 , respectively. April 30, 2020 January 31, 2020 (in thousands) Inventories: Raw materials $ 7,452 $ 7,388 Finished goods 4,017 4,557 Work in progress 3,736 2,720 15,205 14,665 Less allowance for obsolescence (1,422 ) (1,404 ) Total inventories, net $ 13,783 $ 13,261 April 30, 2020 January 31, 2020 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 128,418 $ 145,134 Land and buildings 4,301 4,274 Furniture and fixtures 10,547 10,530 Autos and trucks 557 561 143,823 160,499 Accumulated depreciation and amortization (131,821 ) (146,722 ) Total seismic equipment lease pool and property and equipment, net $ 12,002 $ 13,777 As of January 31, 2020 , the Company completed an annual review of long-lived assets noting that the undiscounted future cash flows exceeded their carrying value and no impairment has been recorded. Subsequent to January 31, 2020 , there was a significant deterioration in macroeconomic factors and a decline in the market value of the Company’s equity securities which indicated possible impairment of long-lived assets. Accordingly, the Company completed a quantitative analysis of the long-lived assets noting that the undiscounted future cash flows exceeded their carrying value and no related impairment has been recorded.

Leases

Leases	3 Months Ended
	Apr. 30, 2020
Leases [Abstract]
Leases	Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) which was modified by subsequently issued ASUs 2018-01, 2018-10, 2018-11 and 2018-20 (collectively, the “New Lease Standard”). The New Lease Standard requires organizations that lease assets ("lessees") to recognize the assets and liabilities of the rights and obligations created by leases with terms of more than 12 months. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee remains dependent on its classification as a finance or operating lease. The New Lease Standard also requires additional disclosure of the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The New Lease Standard was effective for financial statements issued for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). ASU 2018-11 provided additional relief in the comparative reporting requirements for initial adoption of the New Lease Standard. Prior to ASU 2018-11, a modified retrospective transition was required for financing or operating leases existing at or entered after the beginning of the earliest comparative period presented in the financial statements. ASU 2018-11 provided an additional transition method allowing entities to initially apply the New Lease Standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without adjustment to the financial statements for periods prior to adoption. The Company adopted the New Lease Standard effective February 1, 2019. We elected to apply the current period transition approach as introduced by ASU 2018-11 and we elected to apply the following practical expedients and accounting policy decisions. We elected a package of transition expedients, which must be elected together, that allowed us to forgo reassessing certain conclusions reached under ASC 840. All expedients in this package were applied together for all leases that commenced before the effective date, February 1, 2019, of the adoption of the New Lease Standard. As a result, in transitioning to the New Lease Standard, for existing leases as of February 1, 2019, we continued to use judgments made under ASC 840 related to embedded leases, lease classification and accounting for initial direct costs. In addition, we have chosen, as an accounting policy election by class of underlying asset, not to separate non-lease components from the associated lease for all our leased asset classes, excluding for Real Estate related leases. As a result, for classes of Automobiles, Office Equipment and Manufacturing Equipment, we account for each separate lease component and the non-lease components associated with that lease as a single lease component. The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Hungary, Singapore, Malaysia, Colombia, United Kingdom and Canada. Adoption of the New Lease Standard during first quarter of fiscal 2020 did have a material impact on our consolidated balance sheet as we recorded right-of-use assets and the corresponding lease liabilities related to our operating leases of approximately $3.0 million , each. The Company determined to treat lease costs with an original maturity of less than one year as short-term lease costs and did not record a right-of-use asset or related lease liability for these leases. The new standard did not have a material impact on our consolidated statements of operations or our statements of cash flows. Lease expense for the three months ended April 30, 2020 was approximately $293,000 and was recorded as a component of operating loss. Included in these costs was short-term lease expense of approximately $10,000 for the three months ended April 30, 2020. Supplemental balance sheet information related to leases as of April 30, 2020 was as follows (in thousands): Lease April 30, 2020 January 31, 2020 Assets Operating lease assets $ 1,957 $ 2,300 Liabilities Operating lease liabilities $ 1,957 $ 2,300 Classification of lease liabilities Current liabilities $ 966 $ 1,339 Non-current liabilities 991 961 Total Operating lease liabilities $ 1,957 $ 2,300 Lease-term and discount rate details as of April 30, 2020 were as follows: Lease term and discount rate April 30, 2020 January 31, 2020 Weighted average remaining lease term (years) Operating leases 1.77 1.76 Weighted average discount rate: Operating leases 9.27 % 9.27 % The incremental borrowing rate was calculated using the Company's weighted average cost of capital. Supplemental cash flow information related to leases was as follows (in thousands): Lease Three Months Ended April 30, 2020 Three Months Ended April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (293 ) $ (288 ) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 293 $ 592 Maturities of lease liabilities at April 30, 2020 were as follows (in thousands): April 30, 2020 2020 $ 966 2021 819 2022 220 2023 96 2024 50 Thereafter 20 Total payments under lease agreements $ 2,171 Less: imputed interest (214 ) Total lease liabilities $ 1,957

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Apr. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Weighted Average Life at 4/30/2020 April 30, 2020 January 31, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (7,060 ) $ — $ 7,060 $ — $ (4,529 ) $ 2,531 Proprietary rights 6.8 $ 9,299 $ (5,152 ) $ — $ 4,147 $ 9,293 $ (4,971 ) $ — $ 4,322 Customer relationships 1.6 5,024 (4,002 ) — 1,022 5,024 (3,831 ) — 1,193 Patents 4.3 2,440 (1,339 ) — 1,101 2,440 (1,277 ) — 1,163 Trade name 6.1 894 (66 ) (760 ) 68 894 (63 ) (760 ) 71 Developed technology 5.7 1,430 (620 ) — 810 1,430 (584 ) — 846 Other 4.2 654 (99 ) — 555 653 (87 ) — 566 Amortizable intangible assets $ 19,741 $ (11,278 ) $ (760 ) $ 7,703 $ 19,734 $ (10,813 ) $ (760 ) $ 8,161 Due to the economic impact of the COVID-19 pandemic, the decline in oil prices during the three months ended April 30, 2020 and a decline in the market value of the Company’s equity securities, the Company performed a quantitative review of the Seamap reporting unit and concluded that goodwill had been impaired. As a result, the Company recorded an impairment expense of approximately $2.5 million related to goodwill in the Seamap reporting unit during the quarter ended April 30, 2020 . The impairment of goodwill indicated a possible impairment of other intangible assets. Accordingly, the Company completed a quantitative analysis of the other intangible assets noting that the undiscounted future cash flows exceeded their carrying value and no related impairment has been recorded. On January 31, 2020 , the Company completed an annual review of goodwill and other intangible assets. Based on a review of qualitative factors at that time, it was determined it was more likely than not that the fair value of our Seamap reporting unit was greater than its carrying value. Based on a review of qualitative and quantitative factors at that time, it was determined it was more likely than not that the fair value of our Klein reporting unit was not greater than its carrying value. Accordingly, we recorded an impairment of approximately $760,000 related to indefinite lived intangible assets in the Klein reporting unit as of January 31, 2020. Aggregate amortization expense was $460,000 and $454,000 for the three months ended April 30, 2020 and 2019 , respectively. As of April 30, 2020 , future estimated amortization expense related to amortizable intangible assets was estimated to be (in thousands): For fiscal years ending January 31 2020 $ 1,312 2021 1,201 2022 1,051 2023 949 2024 710 Thereafter 2,480 Total $ 7,703

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended April 30, 2020 , the provision for income taxes was approximately $521,000 on a pre-tax net loss of $6.1 million . For the three months ended April 30, 2019 , the provision for income taxes was approximately $55,000 on a pre-tax net loss of $2.4 million . The variance between our actual provision and the expected provision based on the U.S. statutory rate is due primarily to recording valuation allowances against the increase in our deferred tax assets in the respective periods, plus the effect of foreign withholding taxes. 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 and state income tax returns are subject to examination by the Internal Revenue Service and state tax authorities for fiscal years ended January 31, 2017 through 2020. In addition, the Company's tax returns filed in foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2015 through 2020. The Company has determined that the undistributed earnings of foreign subsidiaries are not deemed to be indefinitely reinvested outside of the United States as of April 30, 2020 . Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of April 30, 2020 . For the three months ended April 30, 2020 and 2019 , the Company did not recognize any tax expense or benefit related to uncertain tax positions.

Earnings per Share

Earnings per Share	3 Months Ended
	Apr. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended April 30, 2020 2019 (in thousands) Basic weighted average common shares outstanding 12,172 12,119 Stock options — 98 Unvested restricted stock 4 3 Total weighted average common share equivalents 4 101 Diluted weighted average common shares outstanding 12,176 12,220 For the three months ended April 30, 2020 and 2019 , potentially dilutive common shares, underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods.

Related Party Transaction

Related Party Transaction	3 Months Ended
	Apr. 30, 2020
Related Party Transactions [Abstract]
Related Party Transaction	Related Party Transaction On October 7, 2016 the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (the “Agent”), pursuant to which the Company may sell up to 500,000 shares of 9.00% Series A Cumulative Preferred Stock (the "Preferred Stock"), par value $1.00 per share through an at-the-market ("ATM") offering program administered by the Agent. The Co-Chief Executive Officer and Co-President of the Agent is the Non-Executive Chairman of the Company’s board of directors (the "Board"). Under the Equity Distribution Agreement, the Agent will be entitled to compensation of up to 2.0% of the gross proceeds from the sale of Preferred Stock under the ATM offering program. As of January 31, 2020, we have issued 994,046 shares of our Series A Preferred Stock. The 994,046 shares represent 100% of the Series A Preferred Stock available for sale through our ATM offering program and therefore no shares were available for issuance in the three months ended April 30, 2020. For the three months ended April 30, 2019 , the Company issued 16,656 , of Preferred Stock under the ATM offering program. Gross proceeds from these sales for the three months ended April 30, 2019 were approximately $417,000 , and the Agent received compensation of approximately $8,000 . The Non-Executive Chairman of the Board received no portion of this compensation.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	3 Months Ended
	Apr. 30, 2020
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation During the three months ended April 30, 2020 , the Board declared quarterly dividends of $0.5625 per share for our Preferred Stock. The Board also approved the grant of 250,000 non-qualified stock options and 15,000 shares of restricted stock during the first quarter of fiscal 2021. The non-qualified stock options had an average option price of $1.25 while the restricted stock was granted at an average price of $1.25 per share. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three months ended April 30, 2020 was approximately $230,000 and during the three months ended April 30, 2019 was approximately $172,000 . Refer to Note 10 for additional details related to the issuance of Preferred Stock under the Company's ATM offering program.

Sale of Subsidiaries

Sale of Subsidiaries	3 Months Ended
	Apr. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Sale of Subsidiaries	Sale of Subsidiaries In February 2019, the Company completed the sale of its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. for total contractual proceeds of approximately $660,000 U.S. dollars of which the Company received approximately $240,000 in cash at closing and an unsecured, non-interest bearing two year note receivable in the amount of $420,000 . The agreement also included a working capital adjustment of approximately $114,000 payable to the Company. We received payment of the working capital adjustment in August of 2019. The note receivable was recorded as other non-current assets as of April 30, 2020 and January 31, 2020. In August 2018, the Company completed the sale of its wholly owned Russian subsidiary, MSE, to an unrelated third party (the “Buyer”) for total contractual proceeds of approximately $1.2 million U.S. dollars. Our agreement with the Buyer stipulated a series of eight ( 8 ) payments totaling the contractual proceeds, plus interest accruing at a rate of 9% per annum, with the final payment to be received on or before August 31, 2019. Through April 30, 2020, the Buyer has made payments totaling approximately $705,000 . Although we did not receive all the stipulated payments before August 31, 2019, we are working with the Buyer and expect the remaining balance of contractual proceeds due, together with applicable interest, to be paid in full. The amounts due from Buyer were recorded in accounts receivable at April 30, 2020 and January 31, 2020.

Segment Reporting

Segment Reporting	3 Months Ended
	Apr. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Marine Technology Products segment is engaged in the design, manufacture and sale of state-of-the-art seismic and offshore telemetry systems. Manufacturing, support and sales facilities are maintained in the United Kingdom, Singapore, Malaysia, the states of New Hampshire and Texas. Prior to the sale of SAP in February 2019, we had a facility in Australia. See Note 12 to our condensed consolidated financial statements. The Equipment Leasing segment offers for lease or sale, new and used seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The Equipment Leasing segment is headquartered in Texas, with sales and services offices in Canada, Hungary, Singapore and, prior to the sale of MSE in August 2018, Russia. See Note 12 to our condensed consolidated financial statements. Financial information by business segment is set forth below (net of any allocations): Total Assets As of April 30, 2020 As of January 31, 2020 (in thousands) Marine technology products $ 44,358 $ 47,211 Equipment leasing 6,845 11,017 Consolidated $ 51,203 $ 58,228 Results for the three months ended April 30, 2020 and 2019 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2020 2019 2020 2019 2020 2019 Marine technology products $ 3,212 $ 5,982 $ (5,261 ) $ (1,161 ) $ (5,230 ) $ (1,161 ) Equipment leasing 4,188 3,935 (26 ) (389 ) 15 (293 ) Corporate expenses — — (880 ) (906 ) (880 ) (906 ) Eliminations (25 ) (60 ) (13 ) — (26 ) — Consolidated $ 7,375 $ 9,857 $ (6,180 ) $ (2,456 ) $ (6,121 ) $ (2,360 ) Sales from the Marine Technology Products segment to the Equipment Leasing segment are eliminated in consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and depreciation expense on the difference between the sales price and the cost to manufacture the equipment. Fixed assets are reduced by the difference between the sales price and the cost to manufacture the equipment, less the accumulated depreciation related to the difference.

Organization (Policies)

Organization (Policies)	3 Months Ended
	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization
Basis of Presentation	Basis of Presentation The condensed consolidated balance sheet as of January 31, 2020 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2020 . In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2020 , the results of operations for the three months ended April 30, 2020 and 2019 , the cash flows for the three months ended April 30, 2020 and 2019 , and the statement of shareholders’ equity for the three months ended April 30, 2020 and 2019 , have been included in these condensed consolidated financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2021.
New Accounting Pronouncements	New Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740 and by clarifying and amending existing guidance to improve consistent application. This ASU is effective for the annual period beginning after December 15, 2020, including interim periods within that annual period. Certain amendments within this ASU are required to be applied on a retrospective basis for all periods presented; others are to be applied using a modified retrospective approach with a cumulative-effect adjustment to retained earnings, if any, as of the beginning of the first reporting period in which the guidance is adopted; and yet others are to be applied using either basis. All other amendments not specified in the ASU should be applied on a prospective basis. Early adoption is permitted. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In August 2018, the SEC adopted amendments to simplify certain disclosure requirements, as set forth in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which includes a requirement for entities to present the changes in shareholders’ equity in the interim financial statements in quarterly reports on Form 10-Q. This amendment is effective for all filings made on or after November 5, 2018. Considering the timing of effectiveness of the amendment and proximity to the filing date for most filers’ quarterly reports, the SEC has allowed for a filer’s first presentation of the changes in shareholders’ equity to be included in its Form 10-Q for the quarter that begins after the effective date. The Company adopted the SEC’s amendment to interim disclosures in the first quarter of fiscal 2020 and has presented the changes in shareholders’ equity on an interim basis. In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) as modified by subsequently issued ASUs 2018-01, 2018-10, 2018-11 and 2018-20. The Company adopted the standard effective February 1, 2019. We have elected to apply the current period transition approach as introduced by ASU 2018-11 for our transition at February 1, 2019 and we have elected to apply several of the practical expedients in conjunction with accounting policy elections. See Note 6 to our condensed consolidated financial statements for additional details. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurement by removing, modifying and adding certain disclosures. This ASU is effective for the annual period beginning after December 15, 2019, including interim periods within that annual period. The Company adopted this guidance effective February 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (“Topic 718”): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees except for certain circumstances. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Apr. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended April 30, 2020 2019 Revenue recognized at a point in time: (in thousands) Seamap $ 2,014 $ 4,118 Klein 998 1,557 SAP — 101 Total revenue recognized at a point in time $ 3,012 $ 5,776 Revenue recognized over time: Seamap $ 200 $ 206 Total revenue recognized over time 200 206 Total revenue from contracts with customers $ 3,212 $ 5,982 The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Three Months Ended April 30, 2020 2019 (in thousands) United States $ 1,100 $ 756 Europe, Russia & CIS 1,376 2,604 Middle East & Africa 76 191 Asia-Pacific 302 1,274 Canada & Latin America 358 1,157 Total revenue from contracts with customers $ 3,212 $ 5,982
Contract with Customer, Asset and Liability	As of April 30, 2020, and January 31, 2020, contract assets and liabilities consisted of the following: April 30, 2020 January 31, 2020 Contract Assets: (in thousands) Unbilled revenue - current $ 4 $ 13 Total unbilled revenue $ 4 $ 13 Contract Liabilities: Deferred revenue & customer deposits - current $ 79 $ 220 Deferred revenue & customer deposits - non-current — 12 Total deferred revenue & customer deposits $ 79 $ 232

Balance Sheet (Tables)

Balance Sheet (Tables)	3 Months Ended
	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts and Contracts Receivables	As of April 30, 2020 As of January 31, 2020 Current Long-term Total Current Long-term Total Accounts receivable $ 10,192 $ 535 $ 10,727 $ 15,975 $ 403 $ 16,378 Less allowance for doubtful accounts (2,196 ) — (2,196 ) (4,054 ) — (4,054 ) Accounts receivable net of allowance for doubtful accounts $ 7,996 $ 535 $ 8,531 $ 11,921 $ 403 $ 12,324
Schedule of Inventories	April 30, 2020 January 31, 2020 (in thousands) Inventories: Raw materials $ 7,452 $ 7,388 Finished goods 4,017 4,557 Work in progress 3,736 2,720 15,205 14,665 Less allowance for obsolescence (1,422 ) (1,404 ) Total inventories, net $ 13,783 $ 13,261
Schedule of Seismic Equipment Lease Pool and Property and Equipment	April 30, 2020 January 31, 2020 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 128,418 $ 145,134 Land and buildings 4,301 4,274 Furniture and fixtures 10,547 10,530 Autos and trucks 557 561 143,823 160,499 Accumulated depreciation and amortization (131,821 ) (146,722 ) Total seismic equipment lease pool and property and equipment, net $ 12,002 $ 13,777

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 30, 2020
Leases [Abstract]
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases as of April 30, 2020 was as follows (in thousands): Lease April 30, 2020 January 31, 2020 Assets Operating lease assets $ 1,957 $ 2,300 Liabilities Operating lease liabilities $ 1,957 $ 2,300 Classification of lease liabilities Current liabilities $ 966 $ 1,339 Non-current liabilities 991 961 Total Operating lease liabilities $ 1,957 $ 2,300 Lease-term and discount rate details as of April 30, 2020 were as follows: Lease term and discount rate April 30, 2020 January 31, 2020 Weighted average remaining lease term (years) Operating leases 1.77 1.76 Weighted average discount rate: Operating leases 9.27 % 9.27 %
Supplemental Cash Flow Information	Supplemental cash flow information related to leases was as follows (in thousands): Lease Three Months Ended April 30, 2020 Three Months Ended April 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (293 ) $ (288 ) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 293 $ 592
Maturities of Lease Liabilities	Maturities of lease liabilities at April 30, 2020 were as follows (in thousands): April 30, 2020 2020 $ 966 2021 819 2022 220 2023 96 2024 50 Thereafter 20 Total payments under lease agreements $ 2,171 Less: imputed interest (214 ) Total lease liabilities $ 1,957

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Apr. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Weighted Average Life at 4/30/2020 April 30, 2020 January 31, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (7,060 ) $ — $ 7,060 $ — $ (4,529 ) $ 2,531 Proprietary rights 6.8 $ 9,299 $ (5,152 ) $ — $ 4,147 $ 9,293 $ (4,971 ) $ — $ 4,322 Customer relationships 1.6 5,024 (4,002 ) — 1,022 5,024 (3,831 ) — 1,193 Patents 4.3 2,440 (1,339 ) — 1,101 2,440 (1,277 ) — 1,163 Trade name 6.1 894 (66 ) (760 ) 68 894 (63 ) (760 ) 71 Developed technology 5.7 1,430 (620 ) — 810 1,430 (584 ) — 846 Other 4.2 654 (99 ) — 555 653 (87 ) — 566 Amortizable intangible assets $ 19,741 $ (11,278 ) $ (760 ) $ 7,703 $ 19,734 $ (10,813 ) $ (760 ) $ 8,161
Future Estimated Amortization Expense Related to Amortizable Intangible Assets	As of April 30, 2020 , future estimated amortization expense related to amortizable intangible assets was estimated to be (in thousands): For fiscal years ending January 31 2020 $ 1,312 2021 1,201 2022 1,051 2023 949 2024 710 Thereafter 2,480 Total $ 7,703

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Apr. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation	The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended April 30, 2020 2019 (in thousands) Basic weighted average common shares outstanding 12,172 12,119 Stock options — 98 Unvested restricted stock 4 3 Total weighted average common share equivalents 4 101 Diluted weighted average common shares outstanding 12,176 12,220

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Apr. 30, 2020
Segment Reporting [Abstract]
Reconciliation of Assets from Segment to Consolidated	Financial information by business segment is set forth below (net of any allocations): Total Assets As of April 30, 2020 As of January 31, 2020 (in thousands) Marine technology products $ 44,358 $ 47,211 Equipment leasing 6,845 11,017 Consolidated $ 51,203 $ 58,228
Reconciliation of Revenue from Segment to Consolidated	Results for the three months ended April 30, 2020 and 2019 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2020 2019 2020 2019 2020 2019 Marine technology products $ 3,212 $ 5,982 $ (5,261 ) $ (1,161 ) $ (5,230 ) $ (1,161 ) Equipment leasing 4,188 3,935 (26 ) (389 ) 15 (293 ) Corporate expenses — — (880 ) (906 ) (880 ) (906 ) Eliminations (25 ) (60 ) (13 ) — (26 ) — Consolidated $ 7,375 $ 9,857 $ (6,180 ) $ (2,456 ) $ (6,121 ) $ (2,360 )

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Revenue Disaggregation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 3,212	$ 5,982
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	3,012	5,776
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	200	206
Seamap | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,014	4,118
Seamap | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	200	206
Klein | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	998	1,557
SAP | Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0	$ 101

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Revenue Disaggregated by Geography (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 3,212	$ 5,982
United States
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,100	756
Europe, Russia & CIS
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,376	2,604
Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	76	191
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	302	1,274
Canada & Latin America
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 358	$ 1,157

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Contract Assets And Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Jan. 31, 2020
Contract Assets:
Unbilled revenue - current	$ 4	$ 13
Total unbilled revenue	4	13
Contract Liabilities:
Deferred revenue & customer deposits - current	79	220
Deferred revenue & customer deposits - non-current	0	12
Total deferred revenue & customer deposits	$ 79	$ 232
Minimum
Contract With Customers [Line Items]
Contract with customers, turn over period	3 months
Maximum
Contract With Customers [Line Items]
Contract with customers, turn over period	6 months

Balance Sheet - Accounts Receiv

Balance Sheet - Accounts Receivable (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current accounts receivable	$ 10,192	$ 15,975
Long-term accounts receivable	535	403
Accounts receivable	10,727	16,378
Less current portion of allowance for doubtful accounts	(2,196)	(4,054)
Less long-term portion of allowance for doubtful accounts	0	0
Less total allowance for doubtful accounts	(2,196)	(4,054)
Current accounts receivable, net of allowance for doubtful accounts	7,996	11,921
Long-term accounts receivable, net of allowance for doubtful accounts	535	403
Total accounts receivable, net of allowance for doubtful accounts	$ 8,531	$ 12,324

Balance Sheet - Additional Info

Balance Sheet - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Apr. 30, 2020USD ($)customer	Jan. 31, 2020USD ($)customer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of customers due | customer	2	2
Contracts receivable	$ 1,800,000	$ 1,900,000
Contracts receivable, noncurrent	$ 535,000	$ 403,000
Contracts receivable, interest rate	2.80%	2.50%
Impairment of long-lived assets	$ 0	$ 0

Balance Sheet - Schedule of Inv

Balance Sheet - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Inventories:
Raw materials	$ 7,452	$ 7,388
Finished goods	4,017	4,557
Work in progress	3,736	2,720
Cost of inventories	15,205	14,665
Less allowance for obsolescence	(1,422)	(1,404)
Total inventories, net	$ 13,783	$ 13,261

Balance Sheet - Schedule of Sei

Balance Sheet - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool and property and equipment	$ 143,823	$ 160,499
Accumulated depreciation and amortization	(131,821)	(146,722)
Total seismic equipment lease pool and property and equipment, net	12,002	13,777
Seismic equipment lease pool
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool and property and equipment	128,418	145,134
Land and buildings
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool and property and equipment	4,301	4,274
Furniture and fixtures
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool and property and equipment	10,547	10,530
Autos and trucks
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool and property and equipment	$ 557	$ 561

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Jan. 31, 2020	Apr. 30, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 1,957	$ 2,300	$ 3,000
Total operating lease liabilities	1,957	$ 2,300	$ 3,000
Lease expense	293
Short-term lease expense	$ 10

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020	Apr. 30, 2019
Assets
Operating lease right-of-use assets	$ 1,957	$ 2,300	$ 3,000
Liabilities
Total operating lease liabilities	1,957	2,300	3,000
Current liabilities	966	1,339
Non-current liabilities	991	961
Total Operating lease liabilities	$ 1,957	$ 2,300	$ 3,000
Weighted average remaining lease term (years)
Operating leases	1 year 9 months 7 days	1 year 9 months 5 days
Weighted average discount rate:
Operating leases	9.27%	9.27%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (293)	$ (288)
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$ 293	$ 592

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020	Apr. 30, 2019
Leases [Abstract]
2020	$ 966
2021	819
2022	220
2023	96
2024	50
Thereafter	20
Total payments under lease agreements	2,171
Less: imputed interest	(214)
Total lease liabilities	$ 1,957	$ 2,300	$ 3,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Net Carrying Amount (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Gross Carrying Amount	$ 7,060	$ 7,060
Goodwill, Impairment	(7,060)	(4,529)
Goodwill, Net Carrying Amount	0	2,531
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,741	19,734
Accumulated Amortization	(11,278)	(10,813)
Impairment	(760)	(760)
Net Carrying Amount	$ 7,703	8,161
Proprietary rights
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	6 years 9 months 28 days
Gross Carrying Amount	$ 9,299	9,293
Accumulated Amortization	(5,152)	(4,971)
Net Carrying Amount	$ 4,147	4,322
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	1 year 7 months 2 days
Gross Carrying Amount	$ 5,024	5,024
Accumulated Amortization	(4,002)	(3,831)
Net Carrying Amount	$ 1,022	1,193
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	4 years 4 months
Gross Carrying Amount	$ 2,440	2,440
Accumulated Amortization	(1,339)	(1,277)
Net Carrying Amount	$ 1,101	1,163
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	6 years 1 month
Gross Carrying Amount	$ 894	894
Accumulated Amortization	(66)	(63)
Impairment	(760)	(760)
Net Carrying Amount	$ 68	71
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	5 years 8 months
Gross Carrying Amount	$ 1,430	1,430
Accumulated Amortization	(620)	(584)
Net Carrying Amount	$ 810	846
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life	4 years 2 months 2 days
Gross Carrying Amount	$ 654	653
Accumulated Amortization	(99)	(87)
Net Carrying Amount	$ 555	$ 566

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020
Segment Reporting Information [Line Items]
Impairment of intangible assets	$ 0
Aggregate amortization expense	460,000	$ 454,000
Seamap
Segment Reporting Information [Line Items]
Goodwill, impairment	$ 2,500,000
Klein Associates Inc.
Segment Reporting Information [Line Items]
Impairment of indefinite lived intangible assets			$ 760,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
For fiscal years ending January 31
2020	$ 1,312
2021	1,201
2022	1,051
2023	949
2024	710
Thereafter	2,480
Net Carrying Amount	$ 7,703	$ 8,161

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 521	$ 55
Pre-tax net loss	$ 6,121	$ 2,360

Earnings per Share - Basic and

Earnings per Share - Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Detail) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	12,172	12,119
Stock options	0	98
Unvested restricted stock	4	3
Total weighted average common share equivalents	4	101
Diluted weighted average common shares outstanding	12,176	12,220

Related Party Transaction - Add

Related Party Transaction - Additional Information (Detail) - USD ($)	3 Months Ended	40 Months Ended
	Apr. 30, 2020	Jan. 31, 2020	Oct. 07, 2016
Related Party Transaction [Line Items]
Maximum number of preferred stock to be issued (in shares)	1,000,000	1,000,000
Preferred stock, par value (in usd per share)	$ 1	$ 1
Series A Preferred Stock | Non-Executive Chairman
Related Party Transaction [Line Items]
Equity distribution compensation expenses	$ 0
Series A Preferred Stock | Ladenburg Thalmann & Co. Inc.
Related Party Transaction [Line Items]
Maximum number of preferred stock to be issued (in shares)	0		500,000
Preferred stock dividend rate		9.00%
Preferred stock, par value (in usd per share)			$ 1
Percentage of compensation fees to be paid		2.00%
Stock issued during period (in shares)	16,656	994,046
Preferred stock issued from at the market sale of stock program (as a percent)	100.00%
Gross proceeds from preferred stock	$ 417,000
Equity distribution compensation expenses	$ 8,000

Equity and Stock-Based Compen_2

Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly dividends declared (in usd per share)	$ 0.5625
Average option price (in dollars per share)	$ 1.25
Compensation expense related to stock-based awards granted	$ 230	$ 172
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	250,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	15,000
Grant price (in dollars per share)	$ 1.25

Sale of Subsidiaries (Details)

Sale of Subsidiaries (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	1 Months Ended		21 Months Ended
	Feb. 28, 2019USD ($)	Aug. 31, 2018USD ($)payment	Apr. 30, 2020USD ($)
Seismic Asia Pacific Pty Ltd
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of subsidiary	$ 660
Proceeds in cash from sale of subsidiary	$ 240
Note receivable term (in years)	2 years
Proceeds in note receivable from sale of subsidiary	$ 420
Working capital adjustment	$ 114
Mitcham Seismic Eurasia LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of subsidiary		$ 1,200
Proceeds in cash from sale of subsidiary			$ 705
Number of payments | payment		8
Interest rate on payments due from sale of subsidiary		9.00%

Segment Reporting - Financial I

Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 51,203	$ 58,228
Operating Segments | Marine technology products
Segment Reporting Information [Line Items]
Total Assets	44,358	47,211
Operating Segments | Equipment leasing
Segment Reporting Information [Line Items]
Total Assets	$ 6,845	$ 11,017

Segment Reporting - Financial_2

Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 7,375	$ 9,857
Operating (loss) income	(6,180)	(2,456)
(Loss) income before taxes	(6,121)	(2,360)
Operating Segments | Marine technology products
Segment Reporting Information [Line Items]
Revenues	3,212	5,982
Operating (loss) income	(5,261)	(1,161)
(Loss) income before taxes	(5,230)	(1,161)
Operating Segments | Equipment leasing
Segment Reporting Information [Line Items]
Revenues	4,188	3,935
Operating (loss) income	(26)	(389)
(Loss) income before taxes	15	(293)
Corporate expenses
Segment Reporting Information [Line Items]
Revenues	0	0
Operating (loss) income	(880)	(906)
(Loss) income before taxes	(880)	(906)
Eliminations
Segment Reporting Information [Line Items]
Revenues	(25)	(60)
Operating (loss) income	(13)	0
(Loss) income before taxes	$ (26)	$ 0