Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 31, 2021 | Sep. 08, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-13490 | |
Entity Registrant Name | MIND TECHNOLOGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0210849 | |
Entity Address, Address Line One | 2002 Timberloch Place | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 353-4475 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,774,104 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000926423 | |
Current Fiscal Year End Date | --01-31 | |
Common Stock - $0.01 par value per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock - $0.01 par value per share | |
Trading Symbol | MIND | |
Security Exchange Name | NASDAQ | |
Series A Preferred Stock - $1.00 par value per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Preferred Stock - $1.00 par value per share | |
Trading Symbol | MINDP | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,056 | $ 4,611 |
Accounts receivable, net of allowance for doubtful accounts of $481 and $948 at July 31, 2021 and January 31, 2021, respectively | 5,100 | 4,747 |
Inventories, net | 11,928 | 11,453 |
Prepaid expenses and other current assets | 1,190 | 1,659 |
Assets held for sale | 3,312 | 4,321 |
Total current assets | 23,586 | 26,791 |
Property and equipment, net | 4,440 | 4,751 |
Operating lease right-of-use assets | 1,568 | 1,471 |
Intangible assets, net | 6,455 | 6,750 |
Total assets | 36,049 | 39,763 |
Current liabilities: | ||
Accounts payable | 2,148 | 1,704 |
Deferred revenue | 459 | 208 |
Accrued expenses and other current liabilities | 2,651 | 2,912 |
Income taxes payable | 1,002 | 1,041 |
Operating lease liabilities - current | 567 | 1,008 |
Liabilities held for sale | 705 | 963 |
Total current liabilities | 7,532 | 7,836 |
Operating lease liabilities - non-current | 1,001 | 463 |
Notes payable | 0 | 850 |
Deferred tax liability | 198 | 198 |
Total liabilities | 8,731 | 9,347 |
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,223 and 1,038 shares issued and outstanding at July 31, 2021 and January 31, 2021, respectively | 27,606 | 23,104 |
Common stock, $0.01 par value; 40,000 shares authorized; 15,704 and 15,681 shares issued at July 31, 2021 and January 31, 2021, respectively | 157 | 157 |
Additional paid-in capital | 128,519 | 128,241 |
Treasury stock, at cost (1,931 and 1,929 shares at July 31, 2021 and January 31, 2021, respectively) | (16,862) | (16,860) |
Accumulated deficit | (107,780) | (99,870) |
Accumulated other comprehensive loss | (4,322) | (4,356) |
Total stockholders’ equity | 27,318 | 30,416 |
Total liabilities and stockholders’ equity | $ 36,049 | $ 39,763 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
ASSETS | ||
Allowance for doubtful accounts, current | $ 481 | $ 948 |
Stockholders’ equity: | ||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 1,223,000 | 1,038,000 |
Preferred stock, shares outstanding (in shares) | 1,223,000 | 1,038,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 15,704,000 | 15,681,000 |
Treasury stock, shares (in shares) | 1,931,000 | 1,929,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Revenues: | ||||
Total revenues | $ 6,807 | $ 5,086 | $ 11,001 | $ 8,273 |
Cost of sales: | ||||
Total cost of sales | 4,583 | 3,069 | 8,234 | 5,772 |
Gross profit | 2,224 | 2,017 | 2,767 | 2,501 |
Operating expenses: | ||||
Selling, general and administrative | 3,378 | 2,988 | 7,195 | 5,942 |
Research and development | 888 | 755 | 1,741 | 1,165 |
Impairment of intangible assets | 0 | 0 | 0 | 2,531 |
Depreciation and amortization | 557 | 700 | 1,223 | 1,430 |
Total operating expenses | 4,823 | 4,443 | 10,159 | 11,068 |
Operating loss | (2,599) | (2,426) | (7,392) | (8,567) |
Other income: | ||||
Other, net | 57 | 0 | 1,004 | 56 |
Total other income | 57 | 0 | 1,004 | 56 |
Loss from continuing operations before income taxes | (2,542) | (2,426) | (6,388) | (8,511) |
(Provision) benefit for income taxes | (197) | 530 | (52) | 188 |
Loss from continuing operations | (2,739) | (1,896) | (6,440) | (8,323) |
Income (loss) from discontinued operations, net of income taxes | 79 | (4,708) | (204) | (4,923) |
Net loss | (2,660) | (6,604) | (6,644) | (13,246) |
Preferred stock dividends | (682) | (559) | (1,266) | (1,118) |
Net loss attributable to common stockholders | (3,342) | (7,163) | (7,910) | (14,364) |
Net loss attributable to common stockholders | $ (3,342) | $ (7,163) | $ (7,910) | $ (14,364) |
Net loss per common share - Basic | ||||
Continuing operations (in usd per share) | $ (0.25) | $ (0.20) | $ (0.56) | $ (0.78) |
Discontinued operations (in usd per share) | 0.01 | (0.39) | (0.01) | (0.40) |
Net loss (in usd per share) | (0.24) | (0.59) | (0.57) | (1.18) |
Net loss per common share - Diluted | ||||
Continuing operations (in usd per share) | (0.25) | (0.20) | (0.56) | (0.78) |
Discontinued operations (in usd per share) | 0.01 | (0.39) | (0.01) | (0.40) |
Net loss (in usd per share) | $ (0.24) | $ (0.59) | $ (0.57) | $ (1.18) |
Shares used in computing net loss per common share: | ||||
Basic (in shares) | 13,774 | 12,182 | 13,767 | 12,177 |
Diluted (in shares) | 13,774 | 12,182 | 13,767 | 12,177 |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss attributable to common stockholders | $ (3,342) | $ (7,163) | $ (7,910) | $ (14,364) |
Changes in cumulative translation adjustment | (23) | 82 | 34 | (49) |
Comprehensive loss | $ (3,365) | $ (7,081) | $ (7,876) | $ (14,413) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (6,644) | $ (13,246) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
PPP loan forgiveness | (850) | 0 |
Depreciation and amortization | 1,226 | 3,210 |
Stock-based compensation | 236 | 449 |
Impairment of intangible assets | 0 | 2,531 |
Loss on disposal of discontinued operations | 0 | 1,859 |
(Recovery) provision for doubtful accounts, net of charge offs | (453) | 470 |
Provision for inventory obsolescence | 350 | 234 |
Gross profit from sale of lease pool equipment | 0 | (1,326) |
Gross profit from sale of other equipment | (155) | 0 |
Deferred tax expense | 0 | 263 |
Changes in: | ||
Accounts receivable | (140) | 4,404 |
Unbilled revenue | 21 | (9) |
Inventories | (542) | (675) |
Prepaid expenses and other current and long-term assets | (260) | 766 |
Income taxes receivable and payable | (63) | 0 |
Accounts payable, accrued expenses and other current liabilities | 375 | (1,583) |
Deferred revenue | (292) | 87 |
Net cash used in operating activities | (7,191) | (2,566) |
Cash flows from investing activities: | ||
Purchases of seismic equipment held for lease | 0 | (110) |
Purchases of property and equipment | (14) | (302) |
Sale of used lease pool equipment | 0 | 2,010 |
Sale of assets held for sale | 484 | 0 |
Sale of a business | 761 | 0 |
Net cash provided by investing activities | 1,231 | 1,598 |
Cash flows from financing activities: | ||
Purchase of treasury stock | (2) | 0 |
Net proceeds from preferred stock offering | 4,502 | 0 |
Net proceeds from common stock offering | 43 | 0 |
Preferred stock dividends | (1,160) | (1,118) |
Proceeds from PPP loans | 0 | 1,607 |
Net cash provided by financing activities | 3,383 | 489 |
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | 22 | (117) |
Net decrease in cash, cash equivalents and restricted cash | (2,555) | (596) |
Cash, cash equivalents and restricted cash, beginning of period | 4,611 | 3,234 |
Cash, cash equivalents and restricted cash, end of period | 2,056 | 2,638 |
Supplemental cash flow information: | ||
Interest paid | 18 | 23 |
Income taxes paid | $ 147 | $ 246 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Common Stock Including Additional Paid-In Capital |
Beginning balances (in shares) at Jan. 31, 2020 | 14,097 | 994 | ||||||
Beginning balances at Jan. 31, 2020 | $ 47,652 | $ 141 | $ 22,104 | $ 123,964 | $ (16,860) | $ (77,310) | $ (4,387) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (6,642) | (6,642) | ||||||
Foreign currency translation | (131) | (131) | ||||||
Preferred stock dividends | (559) | (559) | ||||||
Stock-based compensation | 230 | 230 | ||||||
Ending balances (in shares) at Apr. 30, 2020 | 14,097 | 994 | ||||||
Ending balances at Apr. 30, 2020 | 40,550 | $ 141 | $ 22,104 | 124,194 | (16,860) | (84,511) | (4,518) | |
Beginning balances (in shares) at Jan. 31, 2020 | 14,097 | 994 | ||||||
Beginning balances at Jan. 31, 2020 | 47,652 | $ 141 | $ 22,104 | 123,964 | (16,860) | (77,310) | (4,387) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (13,246) | |||||||
Ending balances (in shares) at Jul. 31, 2020 | 14,097 | 994 | ||||||
Ending balances at Jul. 31, 2020 | 33,688 | $ 141 | $ 22,104 | 124,413 | (16,860) | (91,674) | (4,436) | |
Beginning balances (in shares) at Apr. 30, 2020 | 14,097 | 994 | ||||||
Beginning balances at Apr. 30, 2020 | 40,550 | $ 141 | $ 22,104 | 124,194 | (16,860) | (84,511) | (4,518) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (6,604) | (6,604) | ||||||
Foreign currency translation | 82 | 82 | ||||||
Preferred stock dividends | (559) | (559) | ||||||
Stock-based compensation | 219 | 219 | ||||||
Ending balances (in shares) at Jul. 31, 2020 | 14,097 | 994 | ||||||
Ending balances at Jul. 31, 2020 | 33,688 | $ 141 | $ 22,104 | 124,413 | (16,860) | (91,674) | (4,436) | |
Beginning balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | ||||||
Beginning balances at Jan. 31, 2021 | 30,416 | $ 157 | $ 23,104 | 128,241 | (16,860) | (99,870) | (4,356) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (3,984) | (3,984) | ||||||
Foreign currency translation | 57 | 57 | ||||||
Restricted stock issued (in shares) | 5 | |||||||
Restricted stock issued | 11 | 11 | ||||||
Restricted stock forfeited for taxes | (2) | (2) | ||||||
Stock offering (in shares) | 18 | 21 | ||||||
Stock offering | $ 503 | 42 | $ 42 | |||||
Preferred stock dividends | (584) | (584) | ||||||
Stock-based compensation | 109 | 109 | ||||||
Ending balances (in shares) at Apr. 30, 2021 | 15,704 | 1,059 | ||||||
Ending balances at Apr. 30, 2021 | 26,568 | $ 157 | $ 23,607 | 128,403 | (16,862) | (104,438) | (4,299) | |
Beginning balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | ||||||
Beginning balances at Jan. 31, 2021 | 30,416 | $ 157 | $ 23,104 | 128,241 | (16,860) | (99,870) | (4,356) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (6,644) | |||||||
Ending balances (in shares) at Jul. 31, 2021 | 15,704 | 1,223 | ||||||
Ending balances at Jul. 31, 2021 | 27,318 | $ 157 | $ 27,606 | 128,519 | (16,862) | (107,780) | (4,322) | |
Beginning balances (in shares) at Apr. 30, 2021 | 15,704 | 1,059 | ||||||
Beginning balances at Apr. 30, 2021 | 26,568 | $ 157 | $ 23,607 | 128,403 | (16,862) | (104,438) | (4,299) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (2,660) | (2,660) | ||||||
Foreign currency translation | (23) | (23) | ||||||
Stock offering (in shares) | 164 | |||||||
Stock offering | $ 3,999 | 1 | $ 1 | |||||
Preferred stock dividends | (682) | (682) | ||||||
Stock-based compensation | 115 | 115 | ||||||
Ending balances (in shares) at Jul. 31, 2021 | 15,704 | 1,223 | ||||||
Ending balances at Jul. 31, 2021 | $ 27,318 | $ 157 | $ 27,606 | $ 128,519 | $ (16,862) | $ (107,780) | $ (4,322) |
Organization
Organization | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization MIND Technology, Inc., a Delaware corporation (the “Company”), formerly Mitcham Industries, Inc., a Texas corporation, was incorporated in 1987. Effective August 3, 2020 the Company effectuated a reincorporation to the state of Delaware. Concurrent with the reincorporation the name of the Company was changed to MIND Technology, Inc. and the number of shares of common stock and preferred stock authorized for issuance was increased. See Note 15 - “Corporate Restructuring”, to the condensed consolidated financial statements. The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC (formerly Seamap USA, LLC), Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the states of New Hampshire and Texas. Prior to July 31, 2020, the Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), and its branch operations in Colombia, provided full-service equipment leasing, sales and service to the seismic industry worldwide (the “Leasing Business”). Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 3 – “Assets Held for Sale and Discontinued Operations” for additional details). All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated balance sheet as of January 31, 2021 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 (“fiscal 2021”). 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 July 31, 2021, the results of operations for the three and six months ended July 31, 2021 and 2020, the cash flows for the six months ended July 31, 2021 and 2020, and the statement of stockholders’ equity for the three and six months ended July 31, 2021 and 2020, 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, 2022 (“fiscal 2022”). We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation. On the consolidated balance sheets, income taxes payable, not related to discontinued operations has been reclassified from “Current liabilities held for sale” to “Current income taxes payable.” |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 6 Months Ended |
Jul. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued OperationsOn July 27, 2020, the Board determined to exit the Leasing Business, which comprises essentially all operations of the Equipment Leasing segment. As a result, the assets, excluding cash, and liabilities of the Leasing Business are considered held for sale and the operations of the business are reported as discontinued operations as of July 31, 2021 and for all comparative periods presented in these condensed consolidated financial statements. The Company originally anticipated selling the discontinued operations in multiple transactions, which may involve the sale of legal entities, assets, or a combination of both, within the twelve months ending July 31, 2021. The assets reported as held for sale consist of the following: July 31, 2021 January 31, 2021 Current assets of discontinued operations: Accounts receivable, net 1,151 1,668 Inventories, net 68 352 Prepaid expenses and other current assets 120 150 Seismic equipment lease pool and property and equipment, net 1,973 2,151 Total assets of discontinued operations $ 3,312 $ 4,321 The liabilities reported as held for sale consist of the following: July 31, 2021 January 31, 2021 Current liabilities of discontinued operations: Accounts payable $ 21 $ 59 Deferred revenue 73 73 Accrued expenses and other current liabilities 611 831 Total liabilities of discontinued operations 705 963 The results of operations from discontinued operations for the three and six months ended July 31, 2021 and 2020, consist of the following: For the Three Months Ended July 31, For the Six Months Ended July 31, 2021 2020 2021 2020 Revenues: Revenue from discontinued operations $ 757 $ 1,230 $ 787 $ 5,418 Cost of sales: Cost of discontinued operations 332 1,642 705 4,126 Operating expenses: Selling, general and administrative 378 1,476 720 3,176 Provision for doubtful accounts (2) 470 (445) 470 Depreciation and amortization 2 41 3 85 Total operating expenses 378 1,987 278 3,731 Operating income (loss) 47 (2,399) (196) (2,439) Other income (expenses) 35 72 (4) 75 Loss on disposal (including $2,745 of cumulative translation loss) — (1,859) — (1,859) Income (loss) before income taxes 82 (4,186) (200) (4,223) Provision for income taxes (3) (522) (4) (700) Net income (loss) 79 (4,708) (204) (4,923) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: For the Six Months Ended July 31, 2021 2020 Depreciation and amortization $ — $ 1,771 Gross profit from sale of lease pool equipment $ — $ (1,324) (Recovery) provisions for doubtful accounts $ (445) $ 470 Loss on disposal of discontinued operations $ — $ 1,859 Sale of used lease pool equipment $ — $ 1,988 Sale of assets held for sale $ 1,245 $ — |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted this ASU effective February 1, 2021, and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. 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 condensed consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Revenue recognized at a point in time: (in thousands) Seamap $ 5,256 $ 3,881 $ 8,169 $ 5,870 Klein 1,406 1,004 2,556 2,002 Total revenue recognized at a point in time $ 6,662 $ 4,885 $ 10,725 $ 7,872 Revenue recognized over time: Seamap $ 145 $ 201 $ 276 $ 401 Total revenue recognized over time 145 201 276 401 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 The revenue from products manufactured and sold by our Seamap and Klein businesses is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. Our Seamap business also provides Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from SMA’s is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract, which is typically twelve months. The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 (in thousands) United States $ 219 $ 686 $ 578 $ 1,786 Europe 3,520 1,604 6,102 2,980 Middle East & Africa 675 221 689 297 Asia-Pacific 2,188 2,222 2,893 2,499 Canada & Latin America 205 353 739 711 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 As of July 31, 2021, and January 31, 2021, contract assets and liabilities consisted of the following: July 31, 2021 January 31, 2021 Contract Assets: (in thousands) Unbilled revenue - current $ 106 $ 85 Total unbilled revenue $ 106 $ 85 Contract Liabilities: Deferred revenue & customer deposits - current $ 399 $ 691 Total deferred revenue & customer deposits $ 399 $ 691 Considering the products manufactured and sold by our Seamap and Klein businesses and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a period of three Pursuant to our accounting policies and procedures related to revenue from contracts with customers, sales and transaction-based taxes are excluded from revenue. Also, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Additionally, we expense costs incurred to obtain contracts when incurred because the amortization period would have been one year or less. These costs are recorded in selling, general and administrative expenses. |
Balance Sheet - Continuing Oper
Balance Sheet - Continuing Operations | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet - Continuing Operations | Balance Sheet - Continuing Operations As of July 31, 2021 As of January 31, 2021 (in thousands) Accounts receivable $ 5,581 $ 5,695 Less allowance for doubtful accounts (481) (948) Accounts receivable net of allowance for doubtful accounts $ 5,100 $ 4,747 July 31, 2021 January 31, 2021 (in thousands) Inventories: Raw materials $ 7,468 $ 6,905 Finished goods 3,455 3,466 Work in progress 2,404 2,445 13,327 12,816 Less allowance for obsolescence (1,399) (1,363) Total inventories, net $ 11,928 $ 11,453 July 31, 2021 January 31, 2021 (in thousands) Property and equipment: Marine seismic service equipment $ 4,157 $ 5,969 Land and buildings 4,422 4,354 Furniture and fixtures 9,899 9,750 Autos and trucks 491 491 18,969 20,564 Accumulated depreciation and amortization (14,529) (15,813) Total property and equipment, net $ 4,440 $ 4,751 As of January 31, 2021, the Company completed an annual review of long-lived assets noting that the undiscounted future cash flows exceeded their carrying value and no impairment was recorded. Since January 31, 2021, there have been no significant changes to the market, economic or legal environment in which the Company operates that would indicate additional impairment analysis is necessary as of July 31, 2021. |
Leases
Leases | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases 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. We negotiated the termination of our Colombia lease obligation during the current period. Lease expense for the three and six months ended July 31, 2021 was approximately $291,000 and $600,000, respectively, and was recorded as a component of operating loss. Included in these costs was short-term lease expense of approximately $10,000 and $10,000, respectively, for the three and six months ended July 31, 2021. Supplemental balance sheet information related to leases as of July 31, 2021 and January 31, 2021 were as follows (in thousands): Lease July 31, 2021 January 31, 2021 Assets Operating lease assets $ 1,568 $ 1,471 Liabilities Operating lease liabilities $ 1,568 $ 1,471 Classification of lease liabilities Current liabilities $ 567 $ 1,008 Non-current liabilities 1,001 463 Total Operating lease liabilities $ 1,568 $ 1,471 Lease-term and discount rate details as of July 31, 2021 and January 31, 2021 were as follows: Lease term and discount rate July 31, 2021 January 31, 2021 Weighted average remaining lease term (years) Operating leases 1.26 1.09 Weighted average discount rate: Operating leases 9.36 % 10 % The incremental borrowing rate was calculated using the Company's weighted average cost of capital. Supplemental cash flow information related to leases was as follows (in thousands): Lease Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (600) $ (514) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 600 $ 514 Maturities of lease liabilities at July 31, 2021 were as follows (in thousands): July 31, 2021 2022 $ 567 2023 667 2024 346 2025 134 2026 24 Thereafter — Total payments under lease agreements $ 1,738 Less: imputed interest (170) Total lease liabilities $ 1,568 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Weighted Average Life at 7/31/2021 July 31, 2021 January 31, 2021 Gross Accumulated Accumulated Impairment Net Gross Accumulated Impairment Net Goodwill $ 7,060 $ — $ (7,060) $ — $ 7,060 $ — $ (7,060) $ — Proprietary rights 6.4 $ 8,220 $ (3,920) $ — $ 4,300 $ 7,781 $ (3,688) $ — $ 4,093 Customer relationships 0.4 5,024 (4,748) — 276 5,024 (4,513) — 511 Patents 3.1 2,440 (1,653) — 787 2,440 (1,528) — 912 Trade name 4.8 894 (80) (760) 54 894 (74) (760) 60 Developed technology 4.4 1,430 (798) — 632 1,430 (727) — 703 Other 2.8 684 (278) — 406 684 (213) — 471 Amortizable intangible assets $ 18,692 $ (11,477) $ (760) $ 6,455 $ 18,253 $ (10,743) $ (760) $ 6,750 As of January 31, 2021, the Company has recorded impairment expense equal to 100% of the gross carrying amount of goodwill. As a result, no further review of goodwill is required. On January 31, 2021, the Company completed an annual review of amortizable intangible assets. Based on a review of qualitative factors it was determined it was more likely than not that the fair market value of intangible assets was greater than its carrying value. During the six months ended July 31, 2021, there have been no substantive indicators of impairment. Aggregate amortization expense was $618,000 and $794,000 for the six months ended July 31, 2021 and 2020, respectively. As of July 31, 2021, future estimated amortization expense related to amortizable intangible assets was estimated to be (in thousands): For fiscal years ending January 31 2022 $ 588 2023 1,167 2024 1,032 2025 837 2026 700 Thereafter 2,131 Total $ 6,455 |
Notes Payable
Notes Payable | 6 Months Ended |
Jul. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable On May 5, 2020, the Company, and its wholly owned subsidiary, Klein (collectively, the “Borrowers”), were granted loans (the “Loans”) from Bank of America, N.A. in the aggregate amount of approximately $1.6 million, pursuant to the Small Business Association's Paycheck Protection Program (the “PPP”), a component of the Coronavirus Aid, Relief, and Economic Security Act which was enacted on March 27, 2020. The Loans, in the form of promissory notes (the “Notes”) dated May 1, 2020 issued by the Borrowers, were set to mature on May 1, 2022 and bore interest at a rate of 1% per annum, payable monthly commencing on November 1, 2020. The Notes stipulated various restrictions customary with this type of transaction including representations, warranties, and covenants, in addition to events of default, breaches of representation and warranties or other provisions of the Notes. In the event of default, the Borrowers would have become obligated to repay all amounts outstanding under the Notes. The Borrowers were permitted to prepay the Notes at any time prior to maturity with no prepayment penalties. Under the terms of the PPP, funds from the Loans could only be used for payroll costs, rent, utilities and interest on other debt obligations incurred prior to February 15, 2020. In addition, certain amounts of the Loans could be forgiven if the funds were used to pay qualifying expenses. In January 2021, the Loan granted to the Company in the amount of approximately $757,000 was forgiven resulting in other income of that amount. In February 2021, the Loan granted to Klein in the amount of approximately $850,000 was also forgiven, resulting in other income of that amount. As of July 31, 2021, the Company had no outstanding balance under the Loans. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the six months ended July 31, 2021, the income tax expense from continuing operations was approximately $52,000 on a pre-tax net loss from continuing operations of $6.4 million. For the six months ended July 31, 2020, the benefit for income taxes from continuing operations was approximately $188,000 on a pre-tax net loss from continuing operations of $8.5 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, permanent differences between book income and taxable income, and 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 tax returns are subject to examination by the Internal Revenue Service for fiscal years ended January 31, 2018 through 2021. The Company’s tax returns may also be subject to examination by state and local tax authorities for fiscal years ended January 31, 2016 through 2021. In addition, the Company's tax returns filed in foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2016 through 2021. The Company has determined that the undistributed earnings of foreign subsidiaries are not deemed to be indefinitely reinvested outside of the United States as of July 31, 2021. Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of July 31, 2021. For the six months ended July 31, 2021 and 2020, the Company did not recognize any tax expense or benefit related to uncertain tax positions. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jul. 31, 2021 | |
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 July 31, Six Months Ended July 31, 2021 2020 2021 2020 (in thousands) (in thousands) Basic weighted average common shares outstanding 13,774 12,182 13,767 12,177 Stock options 79 3 58 1 Unvested restricted stock 29 10 18 5 Total weighted average common share equivalents 108 13 76 6 Diluted weighted average common shares outstanding 13,882 12,195 13,843 12,183 For the three and six months ended July 31, 2021 and 2020, potentially dilutive common shares underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for those periods. |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Related Party Transaction On October 7, 2016, the Company entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc. (the “Agent”). On December 18, 2019, the Company and Agent entered into an Amended and Restated equity distribution agreement (the “1st Equity Distribution Agreement”). Pursuant to the 1st Equity Distribution Agreement, the Company may sell up to 500,000 shares of 9.00% Series A Cumulative Preferred Stock, par value $1.00 per share (the “Preferred Stock”), through an at-the-market offering program (the “1st ATM Offering Program”) administered by the Agent. The Co-Chief Executive Officer and Co-President of the Agent is the Non-Executive Chairman of our Board. Under the 1st Equity Distribution Agreement, the Agent was entitled to compensation of up to 2.0% of the gross proceeds from the sale of Preferred Stock under the 1st ATM Offering Program. As of January 31, 2020, we had issued 994,046 shares of Series A Preferred for which the Agent was entitled to compensation, including 100% of the Preferred Stock available for sale through the 1st Equity Distribution Agreement. In September 2020 we entered into a new equity distribution agreement (the “2 nd Equity Distribution Agreement”) with the Agent with economic terms essentially identical to the initial agreement. Pursuant to the 2 nd Equity Distribution Agreement, the Company may sell up to 500,000 shares of Preferred Stock and 5,000,000 shares of $0.01 par value common stock (“Common Stock”) through a new at-the-market offering program (the “2 nd ATM Offering Program”). During the three- and six-month periods ended July 31, 2021, the Company sold 163,780 and 184,740 shares of Preferred Stock under the 2 nd ATM Offering Program, respectively. Net proceeds from these sales for the three and six months ended July 31, 2021, were approximately $4.0 million and $4.5 million, respectively, and the Agent received compensation of approximately $82,000 and 92,000,respectively. The Non-Executive Chairman of the Board received no portion of this compensation. During the three- and six-month periods ended July 31, 2021, the Company sold 362 and 18,415 shares of Common Stock under the 2 nd |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 6 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
Equity and Stock-Based Compensation | Equity and Stock-Based CompensationDuring the three months ended July 31, 2021, the Board declared quarterly dividends of $0.5625 per share for our Preferred Stock. As of July 31, 2021, there are 1,223,000 shares of Preferred Stock outstanding with an aggregate liquidation preference of approximately $30.6 million. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three and six months ended July 31, 2021 was approximately $115,000 and $224,000, respectively, and during the three and six months ended July 31, 2020 was approximately $219,000 and $449,000, respectively. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingWith the designation of the Equipment Leasing segment as discontinued operations as of July 31, 2020, the Company operates in one segment, Marine Technology Products. As a result, no segment reporting is required. The Marine Technology Products business is engaged in the design, manufacture and sale of state-of-the-art seismic and offshore telemetry systems. Manufacturing, support and sales facilities are maintained in the United Kingdom, Singapore, Malaysia and the states of New Hampshire and Texas. |
Corporate Restructuring
Corporate Restructuring | 6 Months Ended |
Jul. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Corporate Restructuring | Corporate Restructuring On August 3, 2020, the Company, formerly Mitcham Industries, Inc., completed the reincorporation from the State of Texas to the State of Delaware, including a name change to MIND Technology, Inc. The change in legal domicile and company name were approved by the affirmative vote of the holders of more than two-thirds of the votes of the Company’s Common Stock and Preferred Stock, voting separately, at the Annual Meeting of Stockholders held on July 27, 2020. As part of the reincorporation merger, the stockholders approved an increase in the number of authorized shares of capital stock from 21,000,000 shares to 42,000,000 shares, consisting of (i) 40,000,000 shares of Common Stock (up from 20,000,000 shares), and (ii) 2,000,000 shares of Preferred Stock (up from 1,000,000 shares). Pursuant to the terms of the reincorporation merger, each outstanding share of Common Stock and each share of Preferred Stock of Mitcham Industries, Inc., the Texas corporation, automatically converted into one share of Common Stock and one share of Series A Preferred Stock, respectively, of MIND Technology, Inc., the Delaware corporation. Stockholders who hold physical stock certificates are not required to, but may, exchange stock certificates as a result of the reincorporation. The Company’s Common Stock and Preferred Stock continued to trade on the NASDAQ Global Select Market under their ticker symbols, “MIND” and “MINDP”, respectively. The Company’s Common Stock was assigned a new CUSIP number of 602566 101 and the Company’s Preferred Stock was assigned a new CUSIP number of 602566 200. No changes were made to the Board, management, business or operations of the Company as a result of the reincorporation. The Company’s corporate headquarters remains in Texas. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Subsequent to July 31,2021, we completed an agreement for the sale of lease pool equipment reported as Assets Held for Sale (see Note 3 – “Assets Held for Sale and Discontinued Operations” for additional details) in our condensed consolidated financial statements. |
Organization (Policies)
Organization (Policies) | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | MIND Technology, Inc., a Delaware corporation (the “Company”), formerly Mitcham Industries, Inc., a Texas corporation, was incorporated in 1987. Effective August 3, 2020 the Company effectuated a reincorporation to the state of Delaware. Concurrent with the reincorporation the name of the Company was changed to MIND Technology, Inc. and the number of shares of common stock and preferred stock authorized for issuance was increased. See Note 15 - “Corporate Restructuring”, to the condensed consolidated financial statements. The Company, through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC (formerly Seamap USA, LLC), Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Singapore, Malaysia, the United Kingdom and the states of New Hampshire and Texas. Prior to July 31, 2020, the Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), and its branch operations in Colombia, provided full-service equipment leasing, sales and service to the seismic industry worldwide (the “Leasing Business”). Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 3 – “Assets Held for Sale and Discontinued Operations” for additional details). All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation | Basis of PresentationThe condensed consolidated balance sheet as of January 31, 2021 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2021 (“fiscal 2021”). 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 July 31, 2021, the results of operations for the three and six months ended July 31, 2021 and 2020, the cash flows for the six months ended July 31, 2021 and 2020, and the statement of stockholders’ equity for the three and six months ended July 31, 2021 and 2020, 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, 2022 (“fiscal 2022”). |
Reclassification | We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation. On the consolidated balance sheets, income taxes payable, not related to discontinued operations has been reclassified from “Current liabilities held for sale” to “Current income taxes payable.” |
New Accounting Pronouncements | New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted this ASU effective February 1, 2021, and the adoption did not have a material impact on the Company’s condensed consolidated financial statements. 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 condensed consolidated financial statements. |
Assets Held for Sale and Disc_2
Assets Held for Sale and Discontinued Operations (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations, Including Balance Sheet, Income Statement, Cash Flow, and Additional Disclosures | The assets reported as held for sale consist of the following: July 31, 2021 January 31, 2021 Current assets of discontinued operations: Accounts receivable, net 1,151 1,668 Inventories, net 68 352 Prepaid expenses and other current assets 120 150 Seismic equipment lease pool and property and equipment, net 1,973 2,151 Total assets of discontinued operations $ 3,312 $ 4,321 The liabilities reported as held for sale consist of the following: July 31, 2021 January 31, 2021 Current liabilities of discontinued operations: Accounts payable $ 21 $ 59 Deferred revenue 73 73 Accrued expenses and other current liabilities 611 831 Total liabilities of discontinued operations 705 963 The results of operations from discontinued operations for the three and six months ended July 31, 2021 and 2020, consist of the following: For the Three Months Ended July 31, For the Six Months Ended July 31, 2021 2020 2021 2020 Revenues: Revenue from discontinued operations $ 757 $ 1,230 $ 787 $ 5,418 Cost of sales: Cost of discontinued operations 332 1,642 705 4,126 Operating expenses: Selling, general and administrative 378 1,476 720 3,176 Provision for doubtful accounts (2) 470 (445) 470 Depreciation and amortization 2 41 3 85 Total operating expenses 378 1,987 278 3,731 Operating income (loss) 47 (2,399) (196) (2,439) Other income (expenses) 35 72 (4) 75 Loss on disposal (including $2,745 of cumulative translation loss) — (1,859) — (1,859) Income (loss) before income taxes 82 (4,186) (200) (4,223) Provision for income taxes (3) (522) (4) (700) Net income (loss) 79 (4,708) (204) (4,923) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: For the Six Months Ended July 31, 2021 2020 Depreciation and amortization $ — $ 1,771 Gross profit from sale of lease pool equipment $ — $ (1,324) (Recovery) provisions for doubtful accounts $ (445) $ 470 Loss on disposal of discontinued operations $ — $ 1,859 Sale of used lease pool equipment $ — $ 1,988 Sale of assets held for sale $ 1,245 $ — |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Revenue recognized at a point in time: (in thousands) Seamap $ 5,256 $ 3,881 $ 8,169 $ 5,870 Klein 1,406 1,004 2,556 2,002 Total revenue recognized at a point in time $ 6,662 $ 4,885 $ 10,725 $ 7,872 Revenue recognized over time: Seamap $ 145 $ 201 $ 276 $ 401 Total revenue recognized over time 145 201 276 401 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 (in thousands) United States $ 219 $ 686 $ 578 $ 1,786 Europe 3,520 1,604 6,102 2,980 Middle East & Africa 675 221 689 297 Asia-Pacific 2,188 2,222 2,893 2,499 Canada & Latin America 205 353 739 711 Total revenue from contracts with customers $ 6,807 $ 5,086 $ 11,001 $ 8,273 |
Contract with Customer, Asset and Liability | As of July 31, 2021, and January 31, 2021, contract assets and liabilities consisted of the following: July 31, 2021 January 31, 2021 Contract Assets: (in thousands) Unbilled revenue - current $ 106 $ 85 Total unbilled revenue $ 106 $ 85 Contract Liabilities: Deferred revenue & customer deposits - current $ 399 $ 691 Total deferred revenue & customer deposits $ 399 $ 691 |
Balance Sheet - Continuing Op_2
Balance Sheet - Continuing Operations (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable | As of July 31, 2021 As of January 31, 2021 (in thousands) Accounts receivable $ 5,581 $ 5,695 Less allowance for doubtful accounts (481) (948) Accounts receivable net of allowance for doubtful accounts $ 5,100 $ 4,747 |
Schedule of Inventories | July 31, 2021 January 31, 2021 (in thousands) Inventories: Raw materials $ 7,468 $ 6,905 Finished goods 3,455 3,466 Work in progress 2,404 2,445 13,327 12,816 Less allowance for obsolescence (1,399) (1,363) Total inventories, net $ 11,928 $ 11,453 |
Schedule of Seismic Equipment Lease Pool and Property and Equipment | July 31, 2021 January 31, 2021 (in thousands) Property and equipment: Marine seismic service equipment $ 4,157 $ 5,969 Land and buildings 4,422 4,354 Furniture and fixtures 9,899 9,750 Autos and trucks 491 491 18,969 20,564 Accumulated depreciation and amortization (14,529) (15,813) Total property and equipment, net $ 4,440 $ 4,751 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases as of July 31, 2021 and January 31, 2021 were as follows (in thousands): Lease July 31, 2021 January 31, 2021 Assets Operating lease assets $ 1,568 $ 1,471 Liabilities Operating lease liabilities $ 1,568 $ 1,471 Classification of lease liabilities Current liabilities $ 567 $ 1,008 Non-current liabilities 1,001 463 Total Operating lease liabilities $ 1,568 $ 1,471 |
Supplemental Cash Flow Information | Lease-term and discount rate details as of July 31, 2021 and January 31, 2021 were as follows: Lease term and discount rate July 31, 2021 January 31, 2021 Weighted average remaining lease term (years) Operating leases 1.26 1.09 Weighted average discount rate: Operating leases 9.36 % 10 % Supplemental cash flow information related to leases was as follows (in thousands): Lease Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (600) $ (514) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 600 $ 514 |
Maturities of Lease Liabilities | Maturities of lease liabilities at July 31, 2021 were as follows (in thousands): July 31, 2021 2022 $ 567 2023 667 2024 346 2025 134 2026 24 Thereafter — Total payments under lease agreements $ 1,738 Less: imputed interest (170) Total lease liabilities $ 1,568 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Weighted Average Life at 7/31/2021 July 31, 2021 January 31, 2021 Gross Accumulated Accumulated Impairment Net Gross Accumulated Impairment Net Goodwill $ 7,060 $ — $ (7,060) $ — $ 7,060 $ — $ (7,060) $ — Proprietary rights 6.4 $ 8,220 $ (3,920) $ — $ 4,300 $ 7,781 $ (3,688) $ — $ 4,093 Customer relationships 0.4 5,024 (4,748) — 276 5,024 (4,513) — 511 Patents 3.1 2,440 (1,653) — 787 2,440 (1,528) — 912 Trade name 4.8 894 (80) (760) 54 894 (74) (760) 60 Developed technology 4.4 1,430 (798) — 632 1,430 (727) — 703 Other 2.8 684 (278) — 406 684 (213) — 471 Amortizable intangible assets $ 18,692 $ (11,477) $ (760) $ 6,455 $ 18,253 $ (10,743) $ (760) $ 6,750 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of July 31, 2021, future estimated amortization expense related to amortizable intangible assets was estimated to be (in thousands): For fiscal years ending January 31 2022 $ 588 2023 1,167 2024 1,032 2025 837 2026 700 Thereafter 2,131 Total $ 6,455 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation | The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 (in thousands) (in thousands) Basic weighted average common shares outstanding 13,774 12,182 13,767 12,177 Stock options 79 3 58 1 Unvested restricted stock 29 10 18 5 Total weighted average common share equivalents 108 13 76 6 Diluted weighted average common shares outstanding 13,882 12,195 13,843 12,183 |
Organization (Details)
Organization (Details) $ in Millions | Jul. 31, 2021USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital | $ 16.1 |
Cash included in working capital | 2.1 |
Backlog of firm orders | $ 11.7 |
Assets Held for Sale and Disc_3
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets of discontinued operations: | ||
Total assets of discontinued operations | $ 3,312 | $ 4,321 |
Current liabilities of discontinued operations: | ||
Total liabilities of discontinued operations | 705 | 963 |
Discontinued Operations, Held-for-sale | ||
Current assets of discontinued operations: | ||
Accounts receivable, net | 1,151 | 1,668 |
Inventories, net | 68 | 352 |
Prepaid expenses and other current assets | 120 | 150 |
Seismic equipment lease pool and property and equipment, net | 1,973 | 2,151 |
Total assets of discontinued operations | 3,312 | 4,321 |
Current liabilities of discontinued operations: | ||
Accounts payable | 21 | 59 |
Deferred revenue | 73 | 73 |
Accrued expenses and other current liabilities | 611 | 831 |
Total liabilities of discontinued operations | $ 705 | $ 963 |
Assets Held for Sale and Disc_4
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Operating expenses: | ||||
Loss on disposal (including $2,745 of cumulative translation loss) | $ 0 | $ (1,859) | ||
Net income (loss) | $ 79 | $ (4,708) | (204) | (4,923) |
Discontinued Operations, Held-for-sale | ||||
Revenues: | ||||
Revenue from discontinued operations | 757 | 1,230 | 787 | 5,418 |
Cost of sales: | ||||
Cost of discontinued operations | 332 | 1,642 | 705 | 4,126 |
Operating expenses: | ||||
Selling, general and administrative | 378 | 1,476 | 720 | 3,176 |
Recovery of doubtful accounts | (2) | (445) | ||
Provision for doubtful accounts | 470 | 470 | ||
Depreciation and amortization | 2 | 41 | 3 | 85 |
Total operating expenses | 378 | 1,987 | 278 | 3,731 |
Operating income (loss) | 47 | (2,399) | (196) | (2,439) |
Other income (expenses) | 35 | 72 | 75 | |
Other income (expenses) | (4) | |||
Loss on disposal (including $2,745 of cumulative translation loss) | 0 | (1,859) | 0 | (1,859) |
Cumulative translation loss | 2,745 | 2,745 | ||
Income (loss) before income taxes | 82 | (4,186) | (200) | (4,223) |
Provision for income taxes | (3) | (522) | (4) | (700) |
Net income (loss) | $ 79 | $ (4,708) | $ (204) | $ (4,923) |
Assets Held for Sale and Disc_5
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on disposal of discontinued operations | $ 0 | $ 1,859 | ||
Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation and amortization | 0 | 1,771 | ||
Gross profit from sale of lease pool equipment | 0 | (1,324) | ||
(Recovery) provisions for doubtful accounts | $ (2) | (445) | ||
(Recovery) provisions for doubtful accounts | $ 470 | 470 | ||
Loss on disposal of discontinued operations | $ 0 | $ 1,859 | 0 | 1,859 |
Sale of used lease pool equipment | 0 | 1,988 | ||
Sale of assets held for sale | $ 1,245 | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue Disaggregation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 6,807 | $ 5,086 | $ 11,001 | $ 8,273 |
Revenue recognized at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 6,662 | 4,885 | 10,725 | 7,872 |
Revenue recognized over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 145 | 201 | 276 | 401 |
Seamap | Revenue recognized at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 5,256 | 3,881 | 8,169 | 5,870 |
Seamap | Revenue recognized over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 145 | 201 | 276 | 401 |
Klein | Revenue recognized at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 1,406 | $ 1,004 | $ 2,556 | $ 2,002 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Revenue Disaggregated by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 6,807 | $ 5,086 | $ 11,001 | $ 8,273 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 219 | 686 | 578 | 1,786 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,520 | 1,604 | 6,102 | 2,980 |
Middle East & Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 675 | 221 | 689 | 297 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2,188 | 2,222 | 2,893 | 2,499 |
Canada & Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 205 | $ 353 | $ 739 | $ 711 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Assets And Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jan. 31, 2021 | |
Contract Assets: | ||
Unbilled revenue - current | $ 106 | $ 85 |
Total unbilled revenue | 106 | 85 |
Contract Liabilities: | ||
Deferred revenue & customer deposits - current | 399 | 691 |
Total deferred revenue & customer deposits | $ 399 | $ 691 |
Minimum | ||
Contract With Customers [Line Items] | ||
Contract with customers, turn over period (in months) | 3 months | |
Maximum | ||
Contract With Customers [Line Items] | ||
Contract with customers, turn over period (in months) | 9 months |
Balance Sheet - Continuing Op_3
Balance Sheet - Continuing Operations - Accounts Receivable (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ 5,581 | $ 5,695 |
Less allowance for doubtful accounts | (481) | (948) |
Accounts receivable net of allowance for doubtful accounts | $ 5,100 | $ 4,747 |
Balance Sheet - Continuing Op_4
Balance Sheet - Continuing Operations - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Inventories: | ||
Raw materials | $ 7,468 | $ 6,905 |
Finished goods | 3,455 | 3,466 |
Work in progress | 2,404 | 2,445 |
Cost of inventories | 13,327 | 12,816 |
Less allowance for obsolescence | (1,399) | (1,363) |
Total inventories, net | $ 11,928 | $ 11,453 |
Balance Sheet - Continuing Op_5
Balance Sheet - Continuing Operations - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Property and equipment: | ||
Property and equipment | $ 18,969 | $ 20,564 |
Accumulated depreciation and amortization | (14,529) | (15,813) |
Total property and equipment, net | 4,440 | 4,751 |
Marine seismic service equipment | ||
Property and equipment: | ||
Property and equipment | 4,157 | 5,969 |
Land and buildings | ||
Property and equipment: | ||
Property and equipment | 4,422 | 4,354 |
Furniture and fixtures | ||
Property and equipment: | ||
Property and equipment | 9,899 | 9,750 |
Autos and trucks | ||
Property and equipment: | ||
Property and equipment | $ 491 | $ 491 |
Balance Sheet - Continuing Op_6
Balance Sheet - Continuing Operations - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Impairment of long-lived assets | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 31, 2021 | Jul. 31, 2021 | |
Leases [Abstract] | ||
Lease expense | $ 291 | $ 600 |
Short-term lease expense | $ 10 | $ 10 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Assets | ||
Operating lease right-of-use assets | $ 1,568 | $ 1,471 |
Liabilities | ||
Operating lease liabilities | 1,568 | 1,471 |
Current liabilities | 567 | 1,008 |
Non-current liabilities | 1,001 | 463 |
Total Operating lease liabilities | $ 1,568 | $ 1,471 |
Weighted average remaining lease term (years) | ||
Operating leases | 1 year 3 months 3 days | 1 year 1 month 2 days |
Weighted average discount rate: | ||
Operating leases | 9.36% | 10.00% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ (600) | $ (514) |
Right-of-use assets obtained in exchange for lease liabilities: | ||
Operating leases | $ 600 | $ 514 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 567 | |
2023 | 667 | |
2024 | 346 | |
2025 | 134 | |
2026 | 24 | |
Thereafter | 0 | |
Total payments under lease agreements | 1,738 | |
Less: imputed interest | (170) | |
Total lease liabilities | $ 1,568 | $ 1,471 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Net Carrying Amount (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Gross Carrying Amount | $ 7,060 | $ 7,060 |
Goodwill, Accumulated Impairment | (7,060) | (7,060) |
Goodwill, Net Carrying Amount | 0 | 0 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,692 | 18,253 |
Accumulated Amortization | (11,477) | (10,743) |
Accumulated Impairment | (760) | (760) |
Net Carrying Amount | $ 6,455 | 6,750 |
Proprietary rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 6 years 4 months 24 days | |
Gross Carrying Amount | $ 8,220 | 7,781 |
Accumulated Amortization | (3,920) | (3,688) |
Net Carrying Amount | $ 4,300 | 4,093 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 4 months 24 days | |
Gross Carrying Amount | $ 5,024 | 5,024 |
Accumulated Amortization | (4,748) | (4,513) |
Net Carrying Amount | $ 276 | 511 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 3 years 1 month 6 days | |
Gross Carrying Amount | $ 2,440 | 2,440 |
Accumulated Amortization | (1,653) | (1,528) |
Net Carrying Amount | $ 787 | 912 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 4 years 9 months 18 days | |
Gross Carrying Amount | $ 894 | 894 |
Accumulated Amortization | (80) | (74) |
Accumulated Impairment | (760) | (760) |
Net Carrying Amount | $ 54 | 60 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 4 years 4 months 24 days | |
Gross Carrying Amount | $ 1,430 | 1,430 |
Accumulated Amortization | (798) | (727) |
Net Carrying Amount | $ 632 | 703 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 2 years 9 months 18 days | |
Gross Carrying Amount | $ 684 | 684 |
Accumulated Amortization | (278) | (213) |
Net Carrying Amount | $ 406 | $ 471 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment expense, percentage of gross carrying amount of goodwill | 100.00% | ||
Aggregate amortization expense | $ 618 | $ 794 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
For fiscal years ending January 31 | ||
2022 | $ 588 | |
2023 | 1,167 | |
2024 | 1,032 | |
2025 | 837 | |
2026 | 700 | |
Thereafter | 2,131 | |
Net Carrying Amount | $ 6,455 | $ 6,750 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | May 05, 2020 | Feb. 28, 2021 | Jan. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 |
Debt Instrument [Line Items] | |||||
Proceeds from PPP loans | $ 0 | $ 1,607,000 | |||
Paycheck Protection Program, CARES Act | |||||
Debt Instrument [Line Items] | |||||
Proceeds from PPP loans | $ 1,600,000 | ||||
Interest rate (as a percent) | 1.00% | ||||
Loan forgiveness | $ 757,000 | ||||
Outstanding balance under the Loans | $ 0 | ||||
Paycheck Protection Program, CARES Act | Klein Associates Inc. | |||||
Debt Instrument [Line Items] | |||||
Loan forgiveness | $ 850,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 197,000 | $ (530,000) | $ 52,000 | $ (188,000) |
Pre-tax net loss | 2,542,000 | $ 2,426,000 | 6,388,000 | 8,511,000 |
Deferred tax liability associated with the undistributed foreign earnings | $ 0 | 0 | ||
Tax expense or benefit related to uncertain tax positions | $ 0 | $ 0 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 13,774 | 12,182 | 13,767 | 12,177 |
Stock options | 79 | 3 | 58 | 1 |
Unvested restricted stock | 29 | 10 | 18 | 5 |
Total weighted average common share equivalents | 108 | 13 | 76 | 6 |
Diluted weighted average common shares outstanding | 13,882 | 12,195 | 13,843 | 12,183 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2021 | Sep. 30, 2020 | Aug. 03, 2020 | Aug. 02, 2020 | Dec. 18, 2019 | |
Related Party Transaction [Line Items] | ||||||||||
Maximum number of preferred stock to be issued (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | |||||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | |||||||
Maximum number of common stock to be issued (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 20,000,000 | |||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Net proceeds from common stock offering | $ 43,000 | $ 0 | ||||||||
Ladenburg Thalmann & Co. Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Maximum number of common stock to be issued (in shares) | 5,000,000 | |||||||||
Common stock, par value (in usd per share) | $ 0.01 | |||||||||
Series A Preferred Stock | Non-Executive Chairman | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity distribution compensation expenses | $ 0 | $ 0 | ||||||||
Series A Preferred Stock | Ladenburg Thalmann & Co. Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Maximum number of preferred stock to be issued (in shares) | 500,000 | 500,000 | ||||||||
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) | 994,046 | 163,780 | 184,740 | |||||||
Preferred stock issued from at the market sale of stock program (as a percent) | 100.00% | |||||||||
Net proceeds from preferred stock | $ 4,000,000 | $ 4,500,000 | ||||||||
Equity distribution compensation expenses | 82,000 | 92,000 | ||||||||
Common Stock | Non-Executive Chairman | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity distribution compensation expenses | $ 0 | $ 0 | ||||||||
Common Stock | Ladenburg Thalmann & Co. Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued during period (in shares) | 362 | 18,415 | ||||||||
Equity distribution compensation expenses | $ 1,000 | $ 1,000 | ||||||||
Net proceeds from common stock offering | $ 1,000 | $ 43,000 |
Equity and Stock-Based Compen_2
Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Equity [Abstract] | |||||
Quarterly dividends declared (in usd per share) | $ 0.5625 | ||||
Preferred stock, shares outstanding (in shares) | 1,223,000 | 1,223,000 | 1,038,000 | ||
Preferred stock, liquidation preference | $ 30,600 | $ 30,600 | |||
Compensation expense related to stock-based awards granted | $ 115 | $ 219 | $ 224 | $ 449 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 6 Months Ended |
Jul. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Corporate Restructuring (Detail
Corporate Restructuring (Details) - shares | Jul. 31, 2021 | Jan. 31, 2021 | Aug. 03, 2020 | Aug. 02, 2020 |
Restructuring and Related Activities [Abstract] | ||||
Capital stock, shares authorized (in shares) | 42,000,000 | 21,000,000 | ||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 20,000,000 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event - Discontinued Operations, Held-for-sale - Lease Pool Equipment - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Sep. 09, 2021 | Jan. 31, 2022 | |
Subsequent Event [Line Items] | ||
Proceeds from sale of lease pool equipment | $ 4.5 | |
Proceeds from sale of lease pool equipment, paid | $ 2.5 | |
Forecast | ||
Subsequent Event [Line Items] | ||
Proceeds from sale of lease pool equipment, paid | $ 2 |