Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Apr. 13, 2021 | Jul. 31, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2021 | ||
Current Fiscal Year End Date | --01-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-13490 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 26,092,078 | ||
Entity Common Stock, Shares Outstanding | 13,766,680 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement of MIND Technology, Inc. for the 2021Annual Meeting of Stockholders, which will be filed within 120 days of January 31, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000926423 | ||
Common Stock - $0.01 par value per share | |||
Entity 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 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series A Preferred Stock - $1.00 par value per share | ||
Trading Symbol | MINDP | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 4,611 | $ 3,090 |
Restricted cash | 0 | 144 |
Accounts receivable, net of allowance for doubtful accounts of $948 and $2,378 at January 31, 2021 and 2020, respectively | 4,747 | 6,623 |
Inventories, net | 11,453 | 12,656 |
Prepaid expenses and other current assets | 1,659 | 1,987 |
Assets held for sale | 4,321 | 14,913 |
Total current assets | 26,791 | 39,413 |
Property and equipment, net | 4,751 | 5,419 |
Operating lease right-of-use assets | 1,471 | 2,300 |
Intangible assets, net | 6,750 | 8,136 |
Goodwill | 0 | 2,531 |
Other assets | 0 | 429 |
Total assets | 39,763 | 58,228 |
Current liabilities: | ||
Accounts payable | 1,704 | 1,767 |
Deferred revenue | 208 | 731 |
Accrued expenses and other current liabilities | 2,912 | 1,565 |
Income taxes payable | 562 | 316 |
Operating lease liabilities - current | 1,008 | 1,339 |
Liabilities held for sale | 1,442 | 2,730 |
Total current liabilities | 7,836 | 8,448 |
Operating lease liabilities - non-current | 463 | 961 |
Notes payable | 850 | 0 |
Other non-current liabilities | 0 | 967 |
Deferred tax liability | 198 | 200 |
Total liabilities | 9,347 | 10,576 |
Commitments and contingencies (Notes 10,17, and 21) | ||
Stockholders’ equity: | ||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,038 and 994 shares issued and outstanding at January 31, 2021, and 2020, respectively | 23,104 | 22,104 |
Common stock $0.01 par value; 40,000 shares authorized; 15,681 and 14,049 shares issued at January 31, 2021 and 2020, respectively | 157 | 141 |
Additional paid-in capital | 128,241 | 123,964 |
Treasury stock, at cost (1,929 shares at January 31, 2021 and 2020) | (16,860) | (16,860) |
Accumulated deficit | (99,870) | (77,310) |
Accumulated other comprehensive loss | (4,356) | (4,387) |
Total stockholders’ equity | 30,416 | 47,652 |
Total liabilities and stockholders’ equity | $ 39,763 | $ 58,228 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
ASSETS | ||
Allowance for doubtful accounts, current | $ 948 | $ 2,378 |
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) | 1,038,000 | 994,000 |
Preferred stock, shares outstanding (in shares) | 1,038,000 | 994,000 |
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) | 15,681,000 | 14,049,000 |
Treasury stock, shares (in shares) | 1,929,000 | 1,929,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Revenues: | ||
Total revenues | $ 21,215 | $ 29,919 |
Cost of sales: | ||
Total cost of sales | 13,906 | 16,965 |
Gross profit | 7,309 | 12,954 |
Operating expenses: | ||
Selling, general and administrative | 12,648 | 14,140 |
Research and development | 3,003 | 1,850 |
Provision for doubtful accounts | 659 | 0 |
Impairment of intangible assets | 2,531 | 760 |
Depreciation and amortization | 2,796 | 2,494 |
Total operating expenses | 21,637 | 19,244 |
Operating loss | (14,328) | (6,290) |
Other income: | ||
Other income, net | 862 | 100 |
Total other income | 862 | 100 |
Loss from continuing operations before income taxes | (13,466) | (6,190) |
Provision for income taxes | (536) | (353) |
Loss from continuing operations | (14,002) | (6,543) |
Loss from discontinued operations, net of income taxes | (6,304) | (4,744) |
Net loss | (20,306) | (11,287) |
Preferred stock dividends | (2,254) | (2,050) |
Net loss attributable to common stockholders | $ (22,560) | $ (13,337) |
Net loss per common share - Basic | ||
Continuing operations (in usd per share) | $ (1.30) | $ (0.71) |
Discontinued operations (in usd per share) | (0.50) | (0.39) |
Net loss (in usd per share) | (1.80) | (1.10) |
Net loss per common share - Diluted | ||
Continuing operations (in usd per share) | (1.30) | (0.71) |
Discontinued operations (in usd per share) | (0.50) | (0.39) |
Net loss (in usd per share) | $ (1.80) | $ (1.10) |
Shares used in computing loss per common share: | ||
Basic (in shares) | 12,519 | 12,143 |
Diluted (in shares) | 12,519 | 12,143 |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Cost, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss attributable to common stockholders | $ (22,560) | $ (13,337) |
Other changes in cumulative translation adjustment | 31 | (343) |
Comprehensive loss | $ (22,529) | $ (13,680) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Common Stock Including Additional Paid-In Capital |
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) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (11,287) | (11,287) | ||||||
Foreign currency translation | (343) | (343) | ||||||
Equity Compensation (in shares) | 9 | |||||||
Equity Compensation | 26 | $ 1 | 25 | |||||
Restricted stock issued (in shares) | 39 | |||||||
Restricted stock forfeited for taxes | 0 | |||||||
Stock offering (in shares) | 164 | |||||||
Stock offering | 3,774 | $ 3,774 | ||||||
Preferred stock dividends | (2,050) | (2,050) | ||||||
Stock-based compensation | 854 | 854 | ||||||
Ending balances (in shares) at Jan. 31, 2020 | 14,097 | 994 | ||||||
Ending 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 | (20,306) | (20,306) | ||||||
Foreign currency translation | 31 | 31 | ||||||
Equity Compensation | 0 | |||||||
Restricted stock issued (in shares) | 0 | |||||||
Stock offering (in shares) | 1,584 | 44 | ||||||
Stock offering | $ 16 | $ 1,000 | 3,569 | $ 3,585 | ||||
Preferred stock dividends | (2,254) | (2,254) | ||||||
Purchase of common stock | 0 | |||||||
Stock-based compensation | 708 | 708 | ||||||
Ending balances (in shares) at Jan. 31, 2021 | 15,681 | 1,038 | ||||||
Ending balances at Jan. 31, 2021 | $ 30,416 | $ 157 | $ 23,104 | $ 128,241 | $ (16,860) | $ (99,870) | $ (4,356) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (20,306) | $ (11,287) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
PPP loan forgiveness | (757) | 0 |
Depreciation and amortization | 4,627 | 7,768 |
Stock-based compensation | 708 | 854 |
Impairment of intangible assets | 2,531 | 760 |
Loss on disposal of discontinued operations | 1,859 | 0 |
Provision for doubtful accounts, net of charge offs | 1,129 | 2,000 |
Provision for inventory obsolescence | 321 | 298 |
Gross profit from sale of lease pool equipment | (1,326) | (1,197) |
Gross profit from sale of other equipment | (357) | 0 |
Deferred tax expense | 32 | 503 |
Non-current prepaid tax | 0 | 50 |
Changes in: | ||
Accounts receivable | 4,632 | (1,723) |
Unbilled revenue | 72 | (327) |
Inventories | 1,178 | (2,810) |
Income taxes receivable and payable | 767 | 0 |
Accounts payable, accrued expenses and other current liabilities | (2,510) | (178) |
Prepaid expenses and other current and long-term assets | 581 | (506) |
Deferred revenue | 459 | (335) |
Foreign exchange losses net of gains | 0 | 313 |
Net cash used in operating activities | (6,360) | (5,817) |
Cash flows from investing activities: | ||
Purchases of seismic equipment held for lease | (110) | (2,955) |
Purchase of technology | (366) | 0 |
Purchases of property and equipment | (90) | (1,036) |
Sale of used lease pool equipment | 2,010 | 1,664 |
Sale of assets held for sale | 1,506 | 0 |
Sale of business, net of cash sold | 257 | 239 |
Net cash provided by (used in) investing activities | 3,207 | (2,088) |
Cash flows from financing activities: | ||
Net proceeds from preferred stock offering | 1,000 | 3,773 |
Net proceeds from common stock offering | 3,584 | 0 |
Preferred stock dividends | (1,677) | (2,050) |
Proceeds from PPP loans | 1,607 | 0 |
Proceeds from exercise of stock options | 0 | 26 |
Net cash provided by financing activities | 4,514 | 1,749 |
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | 16 | (159) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,377 | (6,315) |
Cash, cash equivalents and restricted cash, beginning of period | 3,234 | 9,549 |
Cash, cash equivalents and restricted cash, end of period | $ 4,611 | $ 3,234 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies 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 20 – Corporate Restructuring. 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. Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 2 – “Assets Held for Sale and Discontinued Operations” for additional details). All intercompany transactions and balances have been eliminated in consolidation. During February 2019, the Company completed the sale of its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”) (see Note 23 - “Sale of Subsidiary” for additional details related to this transaction). Revenue Recognition of Marine Technology Product Sales —Revenues and cost of sales from the sale of marine technology products are recognized upon acceptance of terms and completion of our performance obligations, which is typically when delivery has occurred, barring any question as to collectability. Revenue Recognition of Long-term Projects —From time to time the Company enters into contracts whereby certain marine equipment is assembled or manufactured and sold, primarily to governmental entities. Performance under these contracts generally occurs over a period of three Revenue Recognition of Service Agreements —In some cases the Company provides on-going support services pursuant to contracts that generally have a term of 12 months. The Company recognizes revenue from these contracts ratably over the term of the contract. The Company may also provide support services on a time and material basis. Revenue from these arrangements is recognized as the services are provided. For certain new systems, the Company provides support services for up to 12 months at no additional charge. Any amounts attributable to these support obligations are immaterial. Revenues from service contracts for fiscal years ended 2021 and 2020 were not material and as a result are not presented separately in the financial statements. Revenue Recognition of Leasing Arrangements —The Company leases various types of seismic equipment to seismic data acquisition companies. All leases at January 31, 2021 and 2020 are for one year or less. Lease revenue is recognized ratably over the term of the lease. The Company does not enter into leases with embedded maintenance obligations. The standard lease provides that the lessee is responsible for maintenance and repairs to the equipment, excluding normal wear and tear. The Company occasionally provides technical advice to its customers without additional compensation as part of its customer service practices. Repairs or maintenance performed by the Company is charged to the lessee, generally on a time and materials basis. Repair and maintenance revenues are recognized as incurred. Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 2 – “Assets Held for Sale and Discontinued Operations” for additional details). Allowance for Doubtful Accounts —Trade receivables are uncollateralized customer obligations due under normal trade terms. The carrying amount of trade receivables and contracts receivable is reduced by a valuation allowance that reflects management’s estimate of the amounts that will not be collected, based on the age of the receivable, payment history of the customer, general industry conditions, general financial condition of the customer and any financial or operational leverage the Company may have in a particular situation. Amounts are written-off when collection is deemed unlikely. Past due amounts are determined based on contractual terms. The Company generally does not charge interest on past due accounts. Cash and Cash Equivalents —The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Short-term Investments— The Company considers all highly liquid investments with an original maturity greater than three months, but less than twelve months, to be short-term investments. Inventories —Inventories are stated at the lower of cost or market. An allowance for obsolescence is maintained to reduce the carrying value of any materials or parts that may become obsolete. Inventories are periodically monitored to ensure that the allowance for obsolescence covers any obsolete items. Property and Equipment —Property and equipment is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the related estimated useful lives. The estimated useful lives of equipment range from three Intangible Assets —Intangible assets are carried at cost, net of accumulated amortization. Amortization is computed on the straight-line method (for customer relationships, the straight-line method is not materially different from other methods that estimate run off of the underlying customer base) over the estimated life of the asset. Proprietary rights, developed technology and amortizable tradenames are amortized over a 10 to 15-year period. Customer relationships are amortized over an eight-year period. Patents are amortized over an eight Impairment —The Company reviews its long-lived assets, including its amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable . In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the long-lived asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived assets involves significant estimates on the part of management. The Company performs an impairment test on goodwill and indefinite lived assets on an annual basis. The Company performs a qualitative review to determine if it is more likely than not that the fair value of our reporting units is greater their carrying value. If the Company is unable to conclude qualitatively that it is more likely than not that a reporting unit’s fair value exceeds its carrying value, then the Company performs a quantitative assessment of fair value of the reporting unit. The quantitative reviews involve significant estimates on the part of management. Product Warranties —Seamap provide its customers warranties against defects in materials and workmanship generally for a period of three months after delivery of the product. Klein also provides its customers with similar warranties against defects in material and workmanship for an approximate twelve months period subsequent to delivery of the product. The Company maintains an accrual for potential warranty costs based on historical warranty claims. For the fiscal years ended January 31, 2021 and 2020, warranty expense was not material. Income Taxes —The Company accounts for income taxes under the liability method, whereby the Company recognizes deferred tax assets and liabilities which represent differences between the financial and income tax reporting basis of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidence, the likelihood that the deferred tax assets will be recovered from future taxable income. The weight given to the potential effect of positive and negative evidence is commensurate with the extent to which it can be objectively verified. The preponderance of negative or positive evidence supports a conclusion regarding the need for a valuation allowance for some portion, or all, of the deferred tax asset. The more significant types of evidence considered include the following: • projected taxable income in future years; • our history of taxable income within a particular jurisdiction; • any history of deferred tax assets expiring prior realization; • whether the carry forward period is so brief that it would limit realization of tax benefits; • other limitations on the utilization of tax benefits; • future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; • our earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition; and • tax planning strategies that will create additional taxable income. Use of Estimates —The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, the allowance for doubtful accounts, lease pool valuations, valuation allowance on deferred tax assets, the evaluation of uncertain tax positions, estimated depreciable lives of fixed assets and intangible assets, impairment of fixed assets and intangible assets, valuation of assets acquired and liabilities assumed in business combinations and the valuation of stock options. Future events and their effects cannot be perceived with certainty. Accordingly, these accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results could differ from these estimates. Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for doubtful accounts because of the extended payment terms the Company offers to its customers on occasion and the limited financial wherewithal of certain of these customers. As a result, the Company’s allowance for doubtful accounts could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make substantial judgments regarding the valuation allowance on deferred tax assets and with respect to quantitative analysis prepared in conjunction with impairment analysis related to goodwill and other intangible assets. Fair Value of Financial Instruments — The Company’s financial instruments consist of accounts and contracts receivable and accounts payable. The Financial Accounting Standards Board (“FASB”) has issued guidance on the definition of fair value, the framework for using fair value to measure assets hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current and contractual prices for the underlying instruments, as well as other relevant economic measures. • Level 3: Defined as pricing inputs that are unobservable form objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company measures the fair values of goodwill, intangibles and other long-lived assets on a recurring basis if required by impairment tests applicable to these assets. The Company utilized Level 3 inputs to value intangibles and other long-lived assets as of January 31, 2021. See Notes 10 and 11 to our consolidated financial statements. Foreign Currency Translation —All balance sheet accounts of the Canadian resident subsidiary for fiscal 2021 and 2020, and for the United Kingdom resident subsidiaries for fiscal 2020, have been translated at the current exchange rate as of the end of the accounting period. Statements of operations items have been translated at average currency exchange rates. The resulting translation adjustment is recorded as a separate component of comprehensive income within stockholders’ equity. Stock-Based Compensation —Stock-based compensation expense is recorded based on the grant date fair value of share-based awards. Restricted stock awards are valued at the closing price on the date of grant. Determining the grant date fair value for options requires management to make estimates regarding the variables used in the calculation of the grant date fair value. Those variables are the future volatility of our common stock price, the length of time an optionee will hold their options until exercising them (the “expected term”), and the number of options that will be forfeited before they are exercised (the “forfeiture rate”). We utilize various mathematical models in calculating the variables. Share-based compensation expense could be different if we used different models to calculate the variables. Earnings Per Share —Net income (loss) per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income (loss) per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method, from unvested shares of restricted stock using the treasury stock method and from outstanding common stock warrants. For the fiscal years ended January 31, 2021 and 2020, the following table sets forth the number of potentially dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations. Year Ended 2021 2020 (in thousands) Stock options 48 79 Restricted stock 17 3 Total dilutive shares 65 82 For the fiscal years ended January 31, 2021 and 2020, respectively, 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. Reclassifications —Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on the results of operations or comprehensive income. |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Jan. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations On July 27, 2020, the Board determined to exit the Leasing Business. As a result, the assets, excluding cash, and liabilities of the Leasing Business are considered held for sale and it's results of operations are reported as discontinued operations as of January 31, 2021 and for all comparative periods presented in these condensed consolidated financial statements. The Company anticipates selling the discontinued operations within twelve months from July 27, 2020 in multiple transactions, which may involve the sale of legal entities or assets. The assets reported as held for sale consist of the following: As of January 31, 2021 2020 Current assets of discontinued operations: Accounts receivable, net 1,668 5,699 Inventories, net 352 605 Prepaid expenses and other current assets 150 227 Seismic equipment lease pool and property and equipment, net 2,151 8,382 Total assets of discontinued operations $ 4,321 $ 14,913 The liabilities reported as held for sale consist of the following: As of January 31, 2021 2020 Current liabilities of discontinued operations: Accounts payable $ 59 $ 884 Deferred revenue 73 34 Accrued expenses and other current liabilities 831 1,886 Income taxes payable 479 (74) Total liabilities of discontinued operations $ 1,442 $ 2,730 The results of operations from discontinued operations for the twelve months ended January 31, 2021 and 2020, consist of the following: Twelve Months Ended January 31, 2021 2020 Revenues: Revenue from discontinued operations $ 5,747 $ 12,756 Cost of sales: Cost of discontinued operations 4,537 9,089 Operating expenses: Selling, general and administrative 4,589 5,576 Provision for doubtful accounts 470 2,000 Depreciation and amortization 132 176 Total operating expenses 5,191 7,752 Operating loss (3,981) (4,085) Other income (expenses) 201 (134) Loss on disposal (including $2,745 of cumulative translation loss) (1,859) — Loss before income taxes (5,639) (4,219) Provision for income taxes (665) (525) Net loss (6,304) (4,744) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: As of January 31, 2021 2020 Depreciation and amortization $ 1,830 $ 4,818 Gross profit from sale of lease pool equipment $ (1,326) $ (1,145) Provisions for doubtful accounts $ 470 $ 2,000 Loss on disposal of discontinued operations $ 1,859 $ — Sale of used lease pool equipment $ 2,010 $ 1,415 Sale of assets held for sale $ 1,506 $ — Purchase of seismic equipment held for lease $ (110) $ (2,955) |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Qualitative and quantitative disclosures are required, and optional practical expedients may be elected. This ASU is effective for the annual period beginning after December 15, 2018, including interim periods within that annual period. Subsequent amendments to the initial guidance have been issued in January 2017, January 2018, and July 2018 within ASU No. 201703, ASU No. 2018-01, ASU No. 2018-10, and ASU No. 2018-11 regarding qualitative disclosures, optional practical expedients, codification improvements and an optional transition method to adopt with a cumulative-effect adjustment versus a modified retrospective approach. These updates do not change the core principle of the guidance under ASU No. 2016-02, but rather provide implementation guidance. The Company adopted the accounting standard as of February 1, 2019, using the cumulative-effect transition method, which applies the guidance at the beginning of the period of adoption. The Company elected the package of practical expedients permitted, which, among other things, allowed the Company to carry forward the historical lease classification. In addition, the Company made the accounting policy elections to not recognize lease assets and lease liabilities with an initial term of 12 months or less and to not separate lease and non-lease components. The impact of adoption on the Company’s consolidated balance sheet was the recognition of a ROU asset of $3.0 million and an operating lease liability of $3.0 million, primarily for office and shop space leases that are currently off-balance sheet. The adoption did not have a material impact on its results of operations nor any material impact on its cash flows. |
Liquidity
Liquidity | 12 Months Ended |
Jan. 31, 2021 | |
Liquidity Disclosure [Abstract] | |
Liquidity | Liquidity The global pandemic has created significant uncertainty in the global economy which could have a material adverse effect on the Company’s business, financial position, results of operations and liquidity. The time frame for which disruptions related to the pandemic will continue is uncertain as is the magnitude of any adverse impacts. We were required to temporarily shut-down our facilities in Malaysia and Singapore on March 17, 2020 and April 7, 2020, respectively. Both locations have now reopened and are operating at essentially full capacity. Our other facilities have been allowed to operate, although at reduced efficiencies, in some cases some employees have worked remotely. Management believes that any negative impacts will be temporary, but there can be no assurance of that. The Company has a history of operating losses and has had negative cash from operating activities. The above factors create substantial uncertainty regarding the Company’s future financial results and liquidity. Management has identified the following mitigating factors regarding adequate liquidity and capital resources to meet its obligations.: • The Company has no funded debt, excluding the PPP Loan granted to Klein which has been completely forgiven in February 2021, or other outstanding obligations, outside of normal trade obligations. • The Company has no obligations or agreements containing “maintenance type” financial covenants. • The Company has working capital of approximately $19.0 million as of January 31, 2021, including cash of approximately $4.6 million. • Should revenues be less than projected, the Company believes it is able, and has plans, to reduce costs proportionately in order to maintain positive cash flow. • The majority of the Company’s costs are variable in nature, such as raw materials and personnel related costs. The Company has already terminated or furloughed certain employees and contractors. • The Company has a backlog of orders of approximately $14.2 million (unaudited) as of January 31, 2021, as compared to approximately $8.9 million (unaudited) as of January 31, 2020. Production for certain of these orders was in process and included in inventory as of January 31, 2021, thereby reducing the liquidity needed to complete the orders. • Despite difficulties in world energy markets, the Company has been able to generate cash from the sale of lease pool equipment and collection of accounts receivable related to its discontinued operations. Management expects to generate additional liquidity from the sale of lease pool equipment in fiscal 2022. • The Company has declared the quarterly dividend on the its Series A Preferred Stock for the quarter ending April 30, 2021, but such quarterly dividends could be suspended in the future. • Despite the challenging economic environment in the year ended January 31, 2021, the Company was successful expanding its authorized capital stock (See Note 20 - Corporate Restructuring) and raising approximately $4.6 million in new capital through the sale of common and preferred stock pursuant to the 2 nd ATM offering program. Management expects to be able to raise further capital through the 2 nd ATM offering program should the need arise. • Based on publicized transactions and discussions with potential funding sources, Management believes that other sources of debt and equity financing are available should the need arise. For the factors discussed above, Management expects the Company to continue to meet its obligations as they arise over the next twelve months. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract 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: Twelve Months Ended January 31, 2021 2020 Revenue recognized at a point in time: (in thousands) Seamap $ 16,304 $ 21,617 Klein 4,145 7,468 SAP — 101 Total revenue recognized at a point in time $ 20,449 $ 29,186 Revenue recognized over time: Seamap $ 766 $ 733 Klein — — SAP — — Total revenue recognized over time 766 733 Total revenue from contracts with customers $ 21,215 $ 29,919 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 annual Software Maintenance Agreements (“SMA”) to customers who have an active license for software imbedded in Seamap products. The revenue from SMA is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract. The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Twelve Months Ended January 31, 2021 2020 Revenue from contracts with customers: (in thousands) United States $ 3,687 $ 3,920 Europe, Russia & CIS 8,512 15,262 Middle East & Africa 1,226 1,576 Asia-Pacific 6,523 5,377 Canada & Latin America 1,267 3,784 Total revenue from contracts with customers $ 21,215 $ 29,919 As of January 31, 2021, contract assets and liabilities consisted of the following: January 31, 2021 January 31, 2020 Contract Assets: (in thousands) Unbilled revenue-current $ 85 $ 13 Unbilled revenue - non-current — — Total unbilled revenue $ 85 $ 13 Contract Liabilities: Deferred revenue & customer deposits - current $ 691 $ 220 Deferred revenue & customer deposits - non-current — 12 Total deferred revenue & customer deposits $ 691 $ 232 Considering the products manufactured and sold by our Marine Technology Products business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not disclose the value of unsatisfied performance obligations for contacts with an original expected duration of one year or less. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses. A summary of the Company’s revenues, from continuing operations, from customers by geographic region, outside the U.S., is as follows (in thousands): Year Ended January 31, 2021 2020 UK/Europe $ 8,005 $ 14,975 Canada 1,267 3,519 Latin America — 262 Asia/South Pacific 6,523 5,377 Eurasia 507 290 Other 1,226 1,576 Total $ 17,528 $ 25,999 During each of the fiscal years ended 2021 and 2020, no individual customer exceeded 10% of total revenue. |
Supplemental Statements of Cash
Supplemental Statements of Cash Flows Information | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statements of Cash Flows Information | Supplemental Statements of Cash Flows Information Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2021 and 2020 were as follows (in thousands): Year Ended January 31, 2021 2020 Interest paid $ 40 $ 63 Income taxes paid, net 336 498 Seismic equipment purchases included in accounts payable at year-end — 812 |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Raw materials $ 6,905 $ 7,388 Finished goods 3,466 3,758 Work in progress 2,445 2,720 Cost of inventories 12,816 13,866 Less allowance for obsolescence (1,363) (1,210) Net inventories $ 11,453 $ 12,656 |
Accounts Receivables
Accounts Receivables | 12 Months Ended |
Jan. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivables | Accounts Receivables Accounts receivables from continuing operations consisted of the following (in thousands): As of January 31, 2021 As of January 31, 2020 Current Total Current Total Accounts receivable $ 5,695 $ 5,695 $ 9,001 $ 9,001 Less allowance for doubtful accounts (948) (948) (2,378) (2,378) Accounts receivable net of allowance for doubtful accounts $ 4,747 $ 4,747 $ 6,623 $ 6,623 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment from continuing operations consisted of the following (in thousands) As of January 31, 2021 2020 Marine seismic service equipment 5,969 8,341 Land and buildings 4,354 4,274 Furniture and fixtures 9,750 9,364 Autos and trucks 491 491 Cost of property and equipment 20,564 22,470 Less accumulated depreciation (15,813) (17,051) Net book value of property and equipment $ 4,751 $ 5,419 Location of property and equipment (in thousands): As of January 31, 2021 2020 United States $ 3,133 $ 3,379 Europe 87 78 Singapore 480 773 Malaysia 1,051 1,189 Net book value of property and equipment $ 4,751 $ 5,419 |
Leases
Leases | 12 Months Ended |
Jan. 31, 2021 | |
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, United Kingdom and Canada. Adoption of the New Lease Standard 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 twelve months ended January 31, 2021 and 2020 was approximately $828,000 and $1.2 million, respectively, and was recorded as a component of operating loss. Included in these costs was short-term lease expense of approximately $20,000 and $30,000 for the twelve months ended January 31, 2021 and 2020, respectively. Supplemental balance sheet information related to leases as of January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Assets Operating lease assets $ 1,471 $ 2,300 Liabilities Operating lease liabilities $ 1,471 $ 2,300 Classification of lease liabilities Current liabilities $ 1,008 $ 1,339 Non-current liabilities 463 961 Total Operating lease liabilities $ 1,471 $ 2,300 Lease-term and discount rate details as of January 31, 2021 and 2020 were as follows: As of January 31, Lease term and discount rate 2021 2020 Weighted average remaining lease term (years) Operating leases 1.09 1.76 Weighted average discount rate: Operating leases 10 % 9.27 % The incremental borrowing rate was calculated using the Company’s weighted average cost of capital. Supplemental cash flow information related to leases at January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,157) $ (1,182) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ — $ 635 Maturities of lease liabilities at January 31, 2021 and 2020 were as follows (in thousands): As of January 31, 2021 2020 2021 $ 1,007 $ 1,338 2022 421 838 2023 110 222 2024 58 98 2025 24 52 Thereafter — 21 Total payments under lease agreements $ 1,620 $ 2,569 Less: imputed interest (149) (269) Total lease liabilities $ 1,471 $ 2,300 Prior to July 31, 2020, the Company leased seismic equipment to customers under operating leases with non-cancelable terms of one year or less. These leases were generally renewable on a month-to-month basis. All taxes (other than income taxes) and assessments were the contractual responsibility of the lessee. To the extent that foreign taxes were not paid by the lessee, the relevant foreign taxing authorities might seek to collect such taxes from the Company. Under the terms of its lease agreements, any amounts paid by the Company to such foreign taxing authorities may be billed and collected from the lessee. The Company is not aware of any foreign tax obligations as of January 31, 2021 and 2020 that are not reflected in the accompanying consolidated financial statements. The Company leases its office and warehouse facilities in Canada, Texas, Singapore, United Kingdom, Hungary and Malaysia under operating leases. Facility lease expense for the fiscal years ended January 31, 2021 and 2020 was approximately $1.2 million and $1.2 million, respectively. |
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, United Kingdom and Canada. Adoption of the New Lease Standard 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 twelve months ended January 31, 2021 and 2020 was approximately $828,000 and $1.2 million, respectively, and was recorded as a component of operating loss. Included in these costs was short-term lease expense of approximately $20,000 and $30,000 for the twelve months ended January 31, 2021 and 2020, respectively. Supplemental balance sheet information related to leases as of January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Assets Operating lease assets $ 1,471 $ 2,300 Liabilities Operating lease liabilities $ 1,471 $ 2,300 Classification of lease liabilities Current liabilities $ 1,008 $ 1,339 Non-current liabilities 463 961 Total Operating lease liabilities $ 1,471 $ 2,300 Lease-term and discount rate details as of January 31, 2021 and 2020 were as follows: As of January 31, Lease term and discount rate 2021 2020 Weighted average remaining lease term (years) Operating leases 1.09 1.76 Weighted average discount rate: Operating leases 10 % 9.27 % The incremental borrowing rate was calculated using the Company’s weighted average cost of capital. Supplemental cash flow information related to leases at January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,157) $ (1,182) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ — $ 635 Maturities of lease liabilities at January 31, 2021 and 2020 were as follows (in thousands): As of January 31, 2021 2020 2021 $ 1,007 $ 1,338 2022 421 838 2023 110 222 2024 58 98 2025 24 52 Thereafter — 21 Total payments under lease agreements $ 1,620 $ 2,569 Less: imputed interest (149) (269) Total lease liabilities $ 1,471 $ 2,300 Prior to July 31, 2020, the Company leased seismic equipment to customers under operating leases with non-cancelable terms of one year or less. These leases were generally renewable on a month-to-month basis. All taxes (other than income taxes) and assessments were the contractual responsibility of the lessee. To the extent that foreign taxes were not paid by the lessee, the relevant foreign taxing authorities might seek to collect such taxes from the Company. Under the terms of its lease agreements, any amounts paid by the Company to such foreign taxing authorities may be billed and collected from the lessee. The Company is not aware of any foreign tax obligations as of January 31, 2021 and 2020 that are not reflected in the accompanying consolidated financial statements. The Company leases its office and warehouse facilities in Canada, Texas, Singapore, United Kingdom, Hungary and Malaysia under operating leases. Facility lease expense for the fiscal years ended January 31, 2021 and 2020 was approximately $1.2 million and $1.2 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets from continuing operations consisted of the following: Weighted January 31, 2021 January 31, 2020 Gross Accumulated Impairment Net Gross Accumulated Impairment Net (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (7,060) $ — $ 7,060 $ — $ (4,529) $ 2,531 Proprietary rights 7.2 $ 7,781 $ (3,688) — 4,093 $ 9,247 $ (4,950) — 4,297 Customer relationships 0.8 5,024 (4,513) — 511 5,024 (3,831) — 1,193 Patents 3.6 2,440 (1,528) — 912 2,440 (1,277) — 1,163 Trade name 5.3 894 (74) (760) 60 894 (63) (760) 71 Developed technology 4.9 1,430 (727) — 703 1,430 (584) — 846 Other 3.4 684 (213) — 471 653 (87) — 566 Amortizable intangible assets $ 18,253 $ (10,743) $ (760) $ 6,750 $ 19,688 $ (10,792) $ (760) $ 8,136 As of January 31, 2021, the Company completed its annual review of intangible assets. Based on a review of qualitative factors 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 it was determined it was more likely than not that the fair value of our Klein reporting unit was greater than its carrying value. Accordingly, we did not record an impairment charge related to intangible assets in the Seamap and Klein reporting units. Due to the economic impact of the global 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. As of January 31, 2020, the Company completed its annual review of goodwill and indefinite lived intangible assets. Based on a review of qualitative factors 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 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. Aggregate amortization expense was $1.8 million, and $1.8 million for the fiscal years ended January 31, 2021 and 2020, respectively. As of January 31, 2021, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal year ending January 31: 2022 $ 1,266 2023 1,125 2024 989 2025 828 2026 658 Thereafter 1,884 Total $ 6,750 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Contract settlement $ 968 $ 228 Wages and benefits 577 317 Customer deposits 484 239 Accrued inventory — 229 Other 883 552 Accrued Expenses and Other Liabilities $ 2,912 $ 1,565 |
Notes Payable
Notes Payable | 12 Months Ended |
Jan. 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, mature on May 1, 2022 and bear interest at a rate of 1% per annum, payable monthly commencing on November 1, 2020. The Notes stipulate 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 may become obligated to repay all amounts outstanding under the Notes. The Borrowers may prepay the Notes at any time prior to maturity with no prepayment penalties. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company has 2,000,000 shares of preferred stock authorized. The preferred stock may be issued in multiple series with various terms, as authorized by the Company’s Board of Directors. As of January 31, 2021, 1,038,232 shares of the Series A Preferred Stock were outstanding, and 994,046 shares were outstanding as of January 31, 2020. Dividends on the Series A Preferred Stock are cumulative from the date of original issue and payable quarterly on or about the last day of January, April, July and October of each year when, as and if, declared by the Company’s board of directors. Dividends are payable out of amounts legally available therefor at a rate equal to 9.00% per annum per $25.00 of stated liquidation preference per share, or $2.25 per share of Series A Preferred Stock per year. The Company may not redeem the Series A Preferred Stock before June 8, 2021, except as described below. On or after June 8, 2021, the Company may redeem, at the Company’s option, the Series A Preferred Stock, in whole or in part, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends to, but not including, the redemption date. If at any time a change of control occurs, the Company will have the option to redeem the Series A Preferred Stock, in whole or in part, within 120 days after the date on which the change of control occurred by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or other mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into our common stock in connection with a change of control. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series A Preferred Stock are in arrears for six or more consecutive or non-consecutive quarterly dividend periods, or if the Company fails to maintain the listing of the Series A Preferred Stock on a national securities exchange for a period continuing for more than 180 days. The Company has 40,000,000 shares of common stock authorized, of which 15,681,000 and 14,049,000 were issued as of January 31, 2021 and 2020, respectively, including 1,929,000 treasury shares. During the fiscal years ended January 31, 2021, and 2020 there were no shares surrendered in exchange for payment of taxes due upon vesting of restricted shares. |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Jan. 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 “1 st Equity Distribution Agreement”). Pursuant to the 1 st Equity Distribution Agreement, the Company may sell up to 500,000 shares of the Series A Preferred Stock through the Agent through the 1 st ATM offering program. The Co-Chief Executive Officer and Co-President of the Agent is the Non-Executive Chairman of the Board. Under the Equity Distribution Agreement, the Agent was entitled to compensation of up to 2.0% of the gross proceeds from the sale of Series A Preferred Stock under the 1 st ATM offering program. As of January 31, 2021, we had issued 994,046 shares which represent 100% of the Series A Preferred Stock available for sale through the 1 st 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 the 2 nd ATM offering program. For the twelve months ended January 31, 2021, the Company issued 44,186 shares of Series A Preferred Stock under the 2 nd ATM offering program. Gross proceeds from these sales were approximately $1.0 million and the Agent received compensation of approximately $20,408, resulting in net proceeds to the Company of $1.0 million for the twelve months ended January 31, 2021. The Non-Executive Chairman of the Company received no portion of this compensation. For the twelve months ended January 31, 2021, the Company issued 1,584,556 shares of Common Stock under the 2 nd ATM offering program. Gross proceeds from these sales were approximately $4.0 million, the Agent received compensation of approximately $79,307 resulting in net proceeds to the Company, after deducting underwriting discounts and offering costs, of approximately $3.6 million for the twelve months ended January 31, 2021. The Non-Executive Chairman of the Company received no portion of this compensation. At January 31, 2021, the Company has an outstanding obligation payable to the beneficiary of the estate of our former CEO. The obligation, which bears interest at 4% per annum, totals approximately $968,000 and is included in accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheet as of January 31, 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Year Ended January 31, 2021 2020 (in thousands) (Loss) income from continuing operations before income taxes is attributable to the following jurisdictions: Domestic $ (8,851) $ (7,550) Foreign (4,615) 1,360 Total $ (13,466) $ (6,190) The components of income tax expense (benefit) for continuing operations were as follows: Current: Domestic $ 22 $ 27 Foreign 515 58 537 85 Deferred: Domestic — — Foreign (1) 268 (1) 268 Income tax expense $ 536 $ 353 The following is a reconciliation of expected to actual income tax expense (benefit) for continuing operations: Year Ended January 31, 2021 2020 (in thousands) Federal income tax at 21% $ (2,828) $ (1,300) Changes in tax rates (50) 50 Permanent differences 413 52 Foreign effective tax rate differential 66 (80) Foreign withholding taxes, including penalties and interest 29 34 Tax effect of book loss on disposition of subsidiaries — 79 Valuation allowance on deferred tax assets 2,682 1,205 Excess tax deficiency for share-based payments under ASU 2016-09 66 284 Other 158 29 $ 536 $ 353 The components of the Company’s deferred taxes for continuing operations consisted of the following: As of January 31, 2021 2020 (in thousands) Deferred tax assets: Net operating losses $ 17,177 $ 13,716 Tax credit carry forwards 139 117 Stock option book expense 718 650 Allowance for doubtful accounts — 229 Inventory 565 525 Accruals not yet deductible for tax purposes 281 357 Fixed assets 232 105 Intangible assets 445 337 Other 599 561 Gross deferred tax assets 20,156 16,597 Valuation allowance (20,156) (16,597) Deferred tax assets — — Deferred tax liabilities: Other (198) (200) Deferred tax liabilities (198) (200) Unrecognized tax benefits — — Total deferred tax (liabilities) assets, net (198) $ (200) On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the global pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company does not believe the CARES Act will have a material impact on the Company’s future income tax expense or the related tax assets and liabilities. The Company has determined that, due to the potential requirement for additional investment and working capital to achieve its objectives, the undistributed earnings of foreign subsidiaries as of January 31, 2021, are not deemed indefinitely reinvested outside of the United States. Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial, particularly in light of the one-time repatriation of foreign earnings imposed by the TCJA and recorded in fiscal 2019. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of January 31, 2021. Included in deferred tax assets is approximately $700,000 related to stock-based compensation, including non-qualified stock options. A significant number of stock options expired during fiscal 2021 because the market price of the Company’s common stock remained below the exercise price of these options. Recent market prices for the Company’s common stock remain below the exercise price of a number of options outstanding as of January 31, 2021. Should the market price of the Company’s common stock remain below the exercise price of the options, these stock options will expire without exercise. In accordance with the provisions of ASC 718-740-10, a valuation allowance has not been computed based on the decline in stock price. As of January 31, 2021, the Company has recorded valuation allowances of approximately $20.2 million related to deferred tax assets for continuing operations. These deferred tax assets relate primarily to net operating loss carryforwards in the United States and other jurisdictions. The valuation allowances were determined based on management’s judgment as to the likelihood that the deferred tax assets would not be realized. The judgment was based on an evaluation of available evidence, both positive and negative. At January 31, 2021, the Company had tax credit carry forwards for continuing operations of approximately $139,000, which amounts can be carried forward through at least 2026. As of January 31, 2021, and 2020 the company had no unrecognized tax benefits attributable to uncertain tax positions. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. The Company files U.S. federal income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company’s U.S. federal tax returns are subject to examination by the IRS for fiscal years ended January 31, 2017 through 2021. The Company’s tax returns may also be subject to examination by state and local revenue authorities for fiscal years ended January 31, 2015 through 2021. The Company’s Singapore income tax returns are subject to examination by the Singapore tax authorities for fiscal years ended January 31, 2015 through 2021. The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2015 through January 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesDuring fiscal 2021 we entered into an agreement (the “Agreement”) with a major European defense contractor (the “Co-developer”) for the joint development and marketing of synthetic aperture sonar (“SAS”) systems. Under the terms of the Agreement, we are obligated to make payments upon completion of certain developmental milestones related to a license for use of the Co-developer’s underlying technology. Our total potential commitment, assuming achievement of all milestones contemplated in the Agreement, is approximately $1.6 million, of which approximately $300,000 was paid in January 2021. Purchase Obligations—At January 31, 2021, the Company had approximately $3.9 million in purchase orders outstanding. |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Plans | Stock Option Plans At January 31, 2021, the Company had stock-based compensation plans as described in more detail below. The total compensation expense related to stock-based awards granted under these plans during the fiscal years ended January 31, 2021 and 2020 was approximately $708,000 and $854,000, respectively. The Company recognizes stock-based compensation costs net of a forfeiture rate for only those awards expected to vest over the requisite service period of the award. The Company estimates the forfeiture rate based on its historical experience regarding employee terminations and forfeitures. The fair value of each option award is estimated as of the date of grant using a Black-Scholes-Merton option pricing formula. Expected volatility is based on historical volatility of the Company’s stock over a preceding period commensurate with the expected term of the option. The expected term is based upon historical exercise patterns. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield was not considered in the option pricing formula since the Company does not pay dividends and has not paid any dividends since its incorporation. The weighted average grant-date fair value of options granted during the fiscal years ended January 31, 2021 and 2020 were $0.70 and $1.77, respectively. The assumptions for the periods indicated are noted in the following table. Weighted average Black-Scholes-Merton fair value assumptions Year Ending January 31, 2021 2020 Risk free interest rate 0.34% - 0.37% 1.47% - 2.53% Expected life 3.97 years - 5.97 years 3.98 years - 6.00 years Expected volatility 53% - 64% 49% - 51% Expected dividend yield 0.0% 0.0% Cash flows resulting from tax benefits attributable to tax deductions in excess of the compensation expense recognized for those options (excess tax benefits) are classified as financing out-flows and operating in-flows. The Company had no excess tax benefits during the fiscal years ended January 31, 2021 and 2020. The Company has share-based awards outstanding under, the MIND Technology, Inc. Stock Awards Plan (“the Plan”). Stock options granted and outstanding under the Plan generally vest evenly over three years and have a 10-year contractual term. The exercise price of a stock option generally is equal to the fair market value of the Company’s common stock on the option grant date. As of January 31, 2021, there were approximately 615,000 shares available for grant under the Plan. The Plan provides for awards of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units and phantom stock. New shares are issued upon vesting for restricted stock and upon exercise for options. Stock Based Compensation Activity The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2021: Number of Weighted Weighted Aggregate Outstanding, January 31, 2020 2,440 $ 4.51 7.08 $ 20 Granted 320 1.47 Exercised — — Forfeited (41) 4.63 Expired (133) 5.31 Outstanding, January 31, 2021 2,586 $ 4.09 6.58 $ 223 Exercisable at January 31, 2021 1,778 $ 4.63 5.71 $ — Vested and expected to vest at January 31, 2021 2,562 $ 4.12 6.55 $ 213 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the fourth quarter of fiscal 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on January 31, 2021. This amount changes based upon the market value of the Company’s common stock. No options were exercised during fiscal year ended January 31, 2021. There was no intrinsic value of the 9,000 options exercised during the fiscal year ended January 31, 2020. The fair value of options that vested during the fiscal years ended January 31, 2021 and 2020 was approximately $950,000 and $650,000, respectively. For the fiscal year ended January 31, 2021, approximately 500,000 options vested. As of January 31, 2021, there was approximately $482,228 of total unrecognized compensation expense related to unvested stock options granted under the Company’s share-based compensation plans. That expense is expected to be recognized over a weighted average period of 1.3 years. Restricted stock as of January 31, 2021 and changes during the fiscal year ended January 31, 2021 were as follows: Year Ended January 31, 2021 Number of Weighted Average Unvested, beginning of period 37 $ 3.98 Granted 15 1.25 Vested (12) 3.98 Canceled — — Unvested, end of period 40 $ 2.94 As of January 31, 2021, there was approximately no unrecognized stock-based compensation expense related to unvested restricted stock awards. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 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. 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 | 12 Months Ended |
Jan. 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 have been 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. |
Concentrations
Concentrations | 12 Months Ended |
Jan. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations Credit Risk — As of January 31, 2021, we had three customers that exceeded 10% of consolidated accounts receivable. During our fiscal year ended 2020, no customer exceeded 10% of consolidated accounts receivable. The Company maintains deposits and certificates of deposit with banks which may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and money market accounts which are not FDIC insured. In addition, deposits aggregating approximately $2.8 million at January 31, 2021 are held in foreign banks. Management believes the risk of loss in connection with these accounts is minimal. Supplier Concentration —The Company has satisfactory relationships with its suppliers. However, should those relationships deteriorate, the Company may have difficulty in obtaining new technology requested by its customers and maintaining the existing equipment in accordance with manufacturers’ specifications. |
Sales and Major Customers
Sales and Major Customers | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Sales and Major Customers | Revenue from Contracts with Customers The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Twelve Months Ended January 31, 2021 2020 Revenue recognized at a point in time: (in thousands) Seamap $ 16,304 $ 21,617 Klein 4,145 7,468 SAP — 101 Total revenue recognized at a point in time $ 20,449 $ 29,186 Revenue recognized over time: Seamap $ 766 $ 733 Klein — — SAP — — Total revenue recognized over time 766 733 Total revenue from contracts with customers $ 21,215 $ 29,919 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 annual Software Maintenance Agreements (“SMA”) to customers who have an active license for software imbedded in Seamap products. The revenue from SMA is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract. The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Twelve Months Ended January 31, 2021 2020 Revenue from contracts with customers: (in thousands) United States $ 3,687 $ 3,920 Europe, Russia & CIS 8,512 15,262 Middle East & Africa 1,226 1,576 Asia-Pacific 6,523 5,377 Canada & Latin America 1,267 3,784 Total revenue from contracts with customers $ 21,215 $ 29,919 As of January 31, 2021, contract assets and liabilities consisted of the following: January 31, 2021 January 31, 2020 Contract Assets: (in thousands) Unbilled revenue-current $ 85 $ 13 Unbilled revenue - non-current — — Total unbilled revenue $ 85 $ 13 Contract Liabilities: Deferred revenue & customer deposits - current $ 691 $ 220 Deferred revenue & customer deposits - non-current — 12 Total deferred revenue & customer deposits $ 691 $ 232 Considering the products manufactured and sold by our Marine Technology Products business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not disclose the value of unsatisfied performance obligations for contacts with an original expected duration of one year or less. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses. A summary of the Company’s revenues, from continuing operations, from customers by geographic region, outside the U.S., is as follows (in thousands): Year Ended January 31, 2021 2020 UK/Europe $ 8,005 $ 14,975 Canada 1,267 3,519 Latin America — 262 Asia/South Pacific 6,523 5,377 Eurasia 507 290 Other 1,226 1,576 Total $ 17,528 $ 25,999 During each of the fiscal years ended 2021 and 2020, no individual customer exceeded 10% of total revenue. |
Sale of Subsidiary
Sale of Subsidiary | 12 Months Ended |
Jan. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Subsidiary | Assets Held for Sale and Discontinued Operations On July 27, 2020, the Board determined to exit the Leasing Business. As a result, the assets, excluding cash, and liabilities of the Leasing Business are considered held for sale and it's results of operations are reported as discontinued operations as of January 31, 2021 and for all comparative periods presented in these condensed consolidated financial statements. The Company anticipates selling the discontinued operations within twelve months from July 27, 2020 in multiple transactions, which may involve the sale of legal entities or assets. The assets reported as held for sale consist of the following: As of January 31, 2021 2020 Current assets of discontinued operations: Accounts receivable, net 1,668 5,699 Inventories, net 352 605 Prepaid expenses and other current assets 150 227 Seismic equipment lease pool and property and equipment, net 2,151 8,382 Total assets of discontinued operations $ 4,321 $ 14,913 The liabilities reported as held for sale consist of the following: As of January 31, 2021 2020 Current liabilities of discontinued operations: Accounts payable $ 59 $ 884 Deferred revenue 73 34 Accrued expenses and other current liabilities 831 1,886 Income taxes payable 479 (74) Total liabilities of discontinued operations $ 1,442 $ 2,730 The results of operations from discontinued operations for the twelve months ended January 31, 2021 and 2020, consist of the following: Twelve Months Ended January 31, 2021 2020 Revenues: Revenue from discontinued operations $ 5,747 $ 12,756 Cost of sales: Cost of discontinued operations 4,537 9,089 Operating expenses: Selling, general and administrative 4,589 5,576 Provision for doubtful accounts 470 2,000 Depreciation and amortization 132 176 Total operating expenses 5,191 7,752 Operating loss (3,981) (4,085) Other income (expenses) 201 (134) Loss on disposal (including $2,745 of cumulative translation loss) (1,859) — Loss before income taxes (5,639) (4,219) Provision for income taxes (665) (525) Net loss (6,304) (4,744) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: As of January 31, 2021 2020 Depreciation and amortization $ 1,830 $ 4,818 Gross profit from sale of lease pool equipment $ (1,326) $ (1,145) Provisions for doubtful accounts $ 470 $ 2,000 Loss on disposal of discontinued operations $ 1,859 $ — Sale of used lease pool equipment $ 2,010 $ 1,415 Sale of assets held for sale $ 1,506 $ — Purchase of seismic equipment held for lease $ (110) $ (2,955) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II MIND TECHNOLOGY, INC. VALUATION AND QUALIFYING ACCOUNTS (in thousands) Col. A Col. B Col. C(1) Col. C(2) Col. D Col. E Description Balance at Charged to Charged Deductions Balance at End Allowance for doubtful accounts January 31, 2021 $ 4,054 1,129 (43) (a) (3,364) (b) $ 1,776 January 31, 2020 $ 2,113 2,000 — (a) (59) (b) $ 4,054 Allowance for obsolete equipment and inventory January 31, 2021 $ 1,404 321 1 (a) (66) (c) $ 1,660 January 31, 2020 $ 1,222 298 1 (a) (117) (c) $ 1,404 (a) Represents translation differences. (b) Represents recoveries and uncollectible accounts written off. (c) Represents sale or scrap of inventory and obsolete equipment. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 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 20 – Corporate Restructuring. 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. Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 2 – “Assets Held for Sale and Discontinued Operations” for additional details). All intercompany transactions and balances have been eliminated in consolidation. During February 2019, the Company completed the sale of its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”) (see Note 23 - “Sale of Subsidiary” for additional details related to this transaction). |
Revenue Recognition of Marine Technology Product Sales, Long-term Projects, and Service Agreements | Revenue Recognition of Marine Technology Product Sales —Revenues and cost of sales from the sale of marine technology products are recognized upon acceptance of terms and completion of our performance obligations, which is typically when delivery has occurred, barring any question as to collectability. Revenue Recognition of Long-term Projects —From time to time the Company enters into contracts whereby certain marine equipment is assembled or manufactured and sold, primarily to governmental entities. Performance under these contracts generally occurs over a period of three Revenue Recognition of Service Agreements —In some cases the Company provides on-going support services pursuant to contracts that generally have a term of 12 months. The Company recognizes revenue from these contracts ratably over the term of the contract. The Company may also provide support services on a time and material basis. Revenue from these arrangements is recognized as the services are provided. For certain new systems, the Company provides support services for up to 12 months at no additional charge. Any amounts attributable to these support obligations are immaterial. Revenues from service contracts for fiscal years ended 2021 and 2020 were not material and as a result are not presented separately in the financial statements. |
Revenue Recognition of Leasing Arrangements | Revenue Recognition of Leasing Arrangements —The Company leases various types of seismic equipment to seismic data acquisition companies. All leases at January 31, 2021 and 2020 are for one year or less. Lease revenue is recognized ratably over the term of the lease. The Company does not enter into leases with embedded maintenance obligations. The standard lease provides that the lessee is responsible for maintenance and repairs to the equipment, excluding normal wear and tear. The Company occasionally provides technical advice to its customers without additional compensation as part of its customer service practices. Repairs or maintenance performed by the Company is charged to the lessee, generally on a time and materials basis. Repair and maintenance revenues are recognized as incurred. Effective July 31, 2020, the Leasing Business has been classified as held for sale on the financial results reported as discontinued operations (see Note 2 – “Assets Held for Sale and Discontinued Operations” for additional details). |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts —Trade receivables are uncollateralized customer obligations due under normal trade terms. The carrying amount of trade receivables and contracts receivable is reduced by a valuation allowance that reflects management’s estimate of the amounts that will not be collected, based on the age of the receivable, payment history of the customer, general industry conditions, general financial condition of the customer and any financial or operational leverage the Company may have in a particular situation. Amounts are written-off when collection is deemed unlikely. Past due amounts are determined based on contractual terms. The Company generally does not charge interest on past due accounts. |
Cash and Cash Equivalents | Cash and Cash Equivalents —The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. |
Short-term Investments | Short-term Investments— The Company considers all highly liquid investments with an original maturity greater than three months, but less than twelve months, to be short-term investments. |
Inventories | Inventories —Inventories are stated at the lower of cost or market. An allowance for obsolescence is maintained to reduce the carrying value of any materials or parts that may become obsolete. Inventories are periodically monitored to ensure that the allowance for obsolescence covers any obsolete items. |
Property and Equipment | Property and Equipment —Property and equipment is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the related estimated useful lives. The estimated useful lives of equipment range from three |
Intangible Assets | Intangible Assets —Intangible assets are carried at cost, net of accumulated amortization. Amortization is computed on the straight-line method (for customer relationships, the straight-line method is not materially different from other methods that estimate run off of the underlying customer base) over the estimated life of the asset. Proprietary rights, developed technology and amortizable tradenames are amortized over a 10 to 15-year period. Customer relationships are amortized over an eight-year period. Patents are amortized over an eight |
Impairment | Impairment —The Company reviews its long-lived assets, including its amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable . |
Product Warranties | Product Warranties—Seamap provide its customers warranties against defects in materials and workmanship generally for a period of three months after delivery of the product. Klein also provides its customers with similar warranties against defects in material and workmanship for an approximate twelve months period subsequent to delivery of the product. The Company maintains an accrual for potential warranty costs based on historical warranty claims. |
Income Taxes | Income Taxes —The Company accounts for income taxes under the liability method, whereby the Company recognizes deferred tax assets and liabilities which represent differences between the financial and income tax reporting basis of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidence, the likelihood that the deferred tax assets will be recovered from future taxable income. The weight given to the potential effect of positive and negative evidence is commensurate with the extent to which it can be objectively verified. The preponderance of negative or positive evidence supports a conclusion regarding the need for a valuation allowance for some portion, or all, of the deferred tax asset. The more significant types of evidence considered include the following: • projected taxable income in future years; • our history of taxable income within a particular jurisdiction; • any history of deferred tax assets expiring prior realization; • whether the carry forward period is so brief that it would limit realization of tax benefits; • other limitations on the utilization of tax benefits; • future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; • our earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition; and • tax planning strategies that will create additional taxable income. |
Use of Estimates | Use of Estimates —The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, the allowance for doubtful accounts, lease pool valuations, valuation allowance on deferred tax assets, the evaluation of uncertain tax positions, estimated depreciable lives of fixed assets and intangible assets, impairment of fixed assets and intangible assets, valuation of assets acquired and liabilities assumed in business combinations and the valuation of stock options. Future events and their effects cannot be perceived with certainty. Accordingly, these accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results could differ from these estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The Company’s financial instruments consist of accounts and contracts receivable and accounts payable. The Financial Accounting Standards Board (“FASB”) has issued guidance on the definition of fair value, the framework for using fair value to measure assets hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current and contractual prices for the underlying instruments, as well as other relevant economic measures. • Level 3: Defined as pricing inputs that are unobservable form objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. |
Foreign Currency Translation | Foreign Currency Translation —All balance sheet accounts of the Canadian resident subsidiary for fiscal 2021 and 2020, and for the United Kingdom resident subsidiaries for fiscal 2020, have been translated at the current exchange rate as of the end of the accounting period. Statements of operations items have been translated at average currency exchange rates. The resulting translation adjustment is recorded as a separate component of comprehensive income within stockholders’ equity. |
Stock-Based Compensation | Stock-Based Compensation —Stock-based compensation expense is recorded based on the grant date fair value of share-based awards. Restricted stock awards are valued at the closing price on the date of grant. Determining the grant date fair value for options requires management to make estimates regarding the variables used in the calculation of the grant date fair value. Those variables are the future volatility of our common stock price, the length of time an optionee will hold their options until exercising them (the “expected term”), and the number of options that will be forfeited before they are exercised (the “forfeiture rate”). We utilize various mathematical models in calculating the variables. Share-based compensation expense could be different if we used different models to calculate the variables. |
Earnings Per Share | Earnings Per Share—Net income (loss) per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income (loss) per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method, from unvested shares of restricted stock using the treasury stock method and from outstanding common stock warrants. |
Reclassifications | Reclassifications —Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on the results of operations or comprehensive income. |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Qualitative and quantitative disclosures are required, and optional practical expedients may be elected. This ASU is effective for the annual period beginning after December 15, 2018, including interim periods within that annual period. Subsequent amendments to the initial guidance have been issued in January 2017, January 2018, and July 2018 within ASU No. 201703, ASU No. 2018-01, ASU No. 2018-10, and ASU No. 2018-11 regarding qualitative disclosures, optional practical expedients, codification improvements and an optional transition method to adopt with a cumulative-effect adjustment versus a modified retrospective approach. These updates do not change the core principle of the guidance under ASU No. 2016-02, but rather provide implementation guidance. The Company adopted the accounting standard as of February 1, 2019, using the cumulative-effect transition method, which applies the guidance at the beginning of the period of adoption. The Company elected the package of practical expedients permitted, which, among other things, allowed the Company to carry forward the historical lease classification. In addition, the Company made the accounting policy elections to not recognize lease assets and lease liabilities with an initial term of 12 months or less and to not separate lease and non-lease components. The impact of adoption on the Company’s consolidated balance sheet was the recognition of a ROU asset of $3.0 million and an operating lease liability of $3.0 million, primarily for office and shop space leases that are currently off-balance sheet. The adoption did not have a material impact on its results of operations nor any material impact on its cash flows. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restricted Stock and Options Outstanding Used in Per Share Calculations | For the fiscal years ended January 31, 2021 and 2020, the following table sets forth the number of potentially dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations. Year Ended 2021 2020 (in thousands) Stock options 48 79 Restricted stock 17 3 Total dilutive shares 65 82 |
Assets Held for Sale and Disc_2
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Jan. 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: As of January 31, 2021 2020 Current assets of discontinued operations: Accounts receivable, net 1,668 5,699 Inventories, net 352 605 Prepaid expenses and other current assets 150 227 Seismic equipment lease pool and property and equipment, net 2,151 8,382 Total assets of discontinued operations $ 4,321 $ 14,913 The liabilities reported as held for sale consist of the following: As of January 31, 2021 2020 Current liabilities of discontinued operations: Accounts payable $ 59 $ 884 Deferred revenue 73 34 Accrued expenses and other current liabilities 831 1,886 Income taxes payable 479 (74) Total liabilities of discontinued operations $ 1,442 $ 2,730 The results of operations from discontinued operations for the twelve months ended January 31, 2021 and 2020, consist of the following: Twelve Months Ended January 31, 2021 2020 Revenues: Revenue from discontinued operations $ 5,747 $ 12,756 Cost of sales: Cost of discontinued operations 4,537 9,089 Operating expenses: Selling, general and administrative 4,589 5,576 Provision for doubtful accounts 470 2,000 Depreciation and amortization 132 176 Total operating expenses 5,191 7,752 Operating loss (3,981) (4,085) Other income (expenses) 201 (134) Loss on disposal (including $2,745 of cumulative translation loss) (1,859) — Loss before income taxes (5,639) (4,219) Provision for income taxes (665) (525) Net loss (6,304) (4,744) The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: As of January 31, 2021 2020 Depreciation and amortization $ 1,830 $ 4,818 Gross profit from sale of lease pool equipment $ (1,326) $ (1,145) Provisions for doubtful accounts $ 470 $ 2,000 Loss on disposal of discontinued operations $ 1,859 $ — Sale of used lease pool equipment $ 2,010 $ 1,415 Sale of assets held for sale $ 1,506 $ — Purchase of seismic equipment held for lease $ (110) $ (2,955) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Jan. 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: Twelve Months Ended January 31, 2021 2020 Revenue recognized at a point in time: (in thousands) Seamap $ 16,304 $ 21,617 Klein 4,145 7,468 SAP — 101 Total revenue recognized at a point in time $ 20,449 $ 29,186 Revenue recognized over time: Seamap $ 766 $ 733 Klein — — SAP — — Total revenue recognized over time 766 733 Total revenue from contracts with customers $ 21,215 $ 29,919 The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Twelve Months Ended January 31, 2021 2020 Revenue from contracts with customers: (in thousands) United States $ 3,687 $ 3,920 Europe, Russia & CIS 8,512 15,262 Middle East & Africa 1,226 1,576 Asia-Pacific 6,523 5,377 Canada & Latin America 1,267 3,784 Total revenue from contracts with customers $ 21,215 $ 29,919 |
Contract with Customer, Asset and Liability | As of January 31, 2021, contract assets and liabilities consisted of the following: January 31, 2021 January 31, 2020 Contract Assets: (in thousands) Unbilled revenue-current $ 85 $ 13 Unbilled revenue - non-current — — Total unbilled revenue $ 85 $ 13 Contract Liabilities: Deferred revenue & customer deposits - current $ 691 $ 220 Deferred revenue & customer deposits - non-current — 12 Total deferred revenue & customer deposits $ 691 $ 232 |
Supplemental Statements of Ca_2
Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flows Information | Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2021 and 2020 were as follows (in thousands): Year Ended January 31, 2021 2020 Interest paid $ 40 $ 63 Income taxes paid, net 336 498 Seismic equipment purchases included in accounts payable at year-end — 812 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Raw materials $ 6,905 $ 7,388 Finished goods 3,466 3,758 Work in progress 2,445 2,720 Cost of inventories 12,816 13,866 Less allowance for obsolescence (1,363) (1,210) Net inventories $ 11,453 $ 12,656 |
Accounts Receivables (Tables)
Accounts Receivables (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Accounts receivables from continuing operations consisted of the following (in thousands): As of January 31, 2021 As of January 31, 2020 Current Total Current Total Accounts receivable $ 5,695 $ 5,695 $ 9,001 $ 9,001 Less allowance for doubtful accounts (948) (948) (2,378) (2,378) Accounts receivable net of allowance for doubtful accounts $ 4,747 $ 4,747 $ 6,623 $ 6,623 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment from continuing operations consisted of the following (in thousands) As of January 31, 2021 2020 Marine seismic service equipment 5,969 8,341 Land and buildings 4,354 4,274 Furniture and fixtures 9,750 9,364 Autos and trucks 491 491 Cost of property and equipment 20,564 22,470 Less accumulated depreciation (15,813) (17,051) Net book value of property and equipment $ 4,751 $ 5,419 |
Location of Property and Equipment | Location of property and equipment (in thousands): As of January 31, 2021 2020 United States $ 3,133 $ 3,379 Europe 87 78 Singapore 480 773 Malaysia 1,051 1,189 Net book value of property and equipment $ 4,751 $ 5,419 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases as of January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Assets Operating lease assets $ 1,471 $ 2,300 Liabilities Operating lease liabilities $ 1,471 $ 2,300 Classification of lease liabilities Current liabilities $ 1,008 $ 1,339 Non-current liabilities 463 961 Total Operating lease liabilities $ 1,471 $ 2,300 Lease-term and discount rate details as of January 31, 2021 and 2020 were as follows: As of January 31, Lease term and discount rate 2021 2020 Weighted average remaining lease term (years) Operating leases 1.09 1.76 Weighted average discount rate: Operating leases 10 % 9.27 % |
Supplemental Cash Flow Information | Supplemental cash flow information related to leases at January 31, 2021 and 2020 was as follows (in thousands): As of January 31, Lease 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (1,157) $ (1,182) Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ — $ 635 |
Maturities of Lease Liabilities | Maturities of lease liabilities at January 31, 2021 and 2020 were as follows (in thousands): As of January 31, 2021 2020 2021 $ 1,007 $ 1,338 2022 421 838 2023 110 222 2024 58 98 2025 24 52 Thereafter — 21 Total payments under lease agreements $ 1,620 $ 2,569 Less: imputed interest (149) (269) Total lease liabilities $ 1,471 $ 2,300 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets from continuing operations consisted of the following: Weighted January 31, 2021 January 31, 2020 Gross Accumulated Impairment Net Gross Accumulated Impairment Net (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (7,060) $ — $ 7,060 $ — $ (4,529) $ 2,531 Proprietary rights 7.2 $ 7,781 $ (3,688) — 4,093 $ 9,247 $ (4,950) — 4,297 Customer relationships 0.8 5,024 (4,513) — 511 5,024 (3,831) — 1,193 Patents 3.6 2,440 (1,528) — 912 2,440 (1,277) — 1,163 Trade name 5.3 894 (74) (760) 60 894 (63) (760) 71 Developed technology 4.9 1,430 (727) — 703 1,430 (584) — 846 Other 3.4 684 (213) — 471 653 (87) — 566 Amortizable intangible assets $ 18,253 $ (10,743) $ (760) $ 6,750 $ 19,688 $ (10,792) $ (760) $ 8,136 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of January 31, 2021, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal year ending January 31: 2022 $ 1,266 2023 1,125 2024 989 2025 828 2026 658 Thereafter 1,884 Total $ 6,750 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities from continuing operations consisted of the following (in thousands): As of January 31, 2021 2020 Contract settlement $ 968 $ 228 Wages and benefits 577 317 Customer deposits 484 239 Accrued inventory — 229 Other 883 552 Accrued Expenses and Other Liabilities $ 2,912 $ 1,565 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes by Jurisdiction | Year Ended January 31, 2021 2020 (in thousands) (Loss) income from continuing operations before income taxes is attributable to the following jurisdictions: Domestic $ (8,851) $ (7,550) Foreign (4,615) 1,360 Total $ (13,466) $ (6,190) The components of income tax expense (benefit) for continuing operations were as follows: Current: Domestic $ 22 $ 27 Foreign 515 58 537 85 Deferred: Domestic — — Foreign (1) 268 (1) 268 Income tax expense $ 536 $ 353 |
Reconciliation of Expected to Actual Income Tax Expense | The following is a reconciliation of expected to actual income tax expense (benefit) for continuing operations: Year Ended January 31, 2021 2020 (in thousands) Federal income tax at 21% $ (2,828) $ (1,300) Changes in tax rates (50) 50 Permanent differences 413 52 Foreign effective tax rate differential 66 (80) Foreign withholding taxes, including penalties and interest 29 34 Tax effect of book loss on disposition of subsidiaries — 79 Valuation allowance on deferred tax assets 2,682 1,205 Excess tax deficiency for share-based payments under ASU 2016-09 66 284 Other 158 29 $ 536 $ 353 |
Company's Deferred Taxes | The components of the Company’s deferred taxes for continuing operations consisted of the following: As of January 31, 2021 2020 (in thousands) Deferred tax assets: Net operating losses $ 17,177 $ 13,716 Tax credit carry forwards 139 117 Stock option book expense 718 650 Allowance for doubtful accounts — 229 Inventory 565 525 Accruals not yet deductible for tax purposes 281 357 Fixed assets 232 105 Intangible assets 445 337 Other 599 561 Gross deferred tax assets 20,156 16,597 Valuation allowance (20,156) (16,597) Deferred tax assets — — Deferred tax liabilities: Other (198) (200) Deferred tax liabilities (198) (200) Unrecognized tax benefits — — Total deferred tax (liabilities) assets, net (198) $ (200) |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Fair Value Option Award | The assumptions for the periods indicated are noted in the following table. Weighted average Black-Scholes-Merton fair value assumptions Year Ending January 31, 2021 2020 Risk free interest rate 0.34% - 0.37% 1.47% - 2.53% Expected life 3.97 years - 5.97 years 3.98 years - 6.00 years Expected volatility 53% - 64% 49% - 51% Expected dividend yield 0.0% 0.0% |
Summary of Company's Stock Option Activity | The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2021: Number of Weighted Weighted Aggregate Outstanding, January 31, 2020 2,440 $ 4.51 7.08 $ 20 Granted 320 1.47 Exercised — — Forfeited (41) 4.63 Expired (133) 5.31 Outstanding, January 31, 2021 2,586 $ 4.09 6.58 $ 223 Exercisable at January 31, 2021 1,778 $ 4.63 5.71 $ — Vested and expected to vest at January 31, 2021 2,562 $ 4.12 6.55 $ 213 |
Restricted Stock and Changes During Period | Restricted stock as of January 31, 2021 and changes during the fiscal year ended January 31, 2021 were as follows: Year Ended January 31, 2021 Number of Weighted Average Unvested, beginning of period 37 $ 3.98 Granted 15 1.25 Vested (12) 3.98 Canceled — — Unvested, end of period 40 $ 2.94 |
Sales and Major Customers (Tabl
Sales and Major Customers (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Company's Revenues from Customers by Geographic Region, Outside the U.S. | A summary of the Company’s revenues, from continuing operations, from customers by geographic region, outside the U.S., is as follows (in thousands): Year Ended January 31, 2021 2020 UK/Europe $ 8,005 $ 14,975 Canada 1,267 3,519 Latin America — 262 Asia/South Pacific 6,523 5,377 Eurasia 507 290 Other 1,226 1,576 Total $ 17,528 $ 25,999 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 31, 2021 | Jul. 30, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | |
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Services pursuant to contracts term (in months) | 12 months | |||
Support services term (in months) | 12 months | |||
Additional charges | $ 0 | |||
Salvage value assigned to property and equipment | $ 0 | |||
Customer relationships | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period (in years) | 8 years | |||
Building | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives (in years) | 30 years | |||
Property Improvements | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives (in years) | 10 years | |||
Minimum | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Performance period of long-term projects (in months) | 3 months | |||
Estimated useful lives (in years) | 3 years | |||
Minimum | Proprietary rights developed technology and amortizable trade names | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period (in years) | 10 years | |||
Minimum | Patents | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period (in years) | 8 years | |||
Maximum | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Performance period of long-term projects (in months) | 12 months | |||
Lease term (in years) | 1 year | 1 year | 1 year | 1 year |
Estimated useful lives (in years) | 7 years | |||
Maximum | Proprietary rights developed technology and amortizable trade names | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period (in years) | 15 years | |||
Maximum | Patents | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period (in years) | 10 years | |||
Seamap | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Customers warranty against defects (in months) | 3 months | |||
Klein | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Customers warranty against defects (in months) | 12 months |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Restricted Stock and Options Outstanding Used in Per Share Calculations (Detail) - shares shares in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Stock options (in shares) | 48 | 79 |
Restricted stock (in shares) | 17 | 3 |
Total dilutive shares | 65 | 82 |
Assets Held for Sale and Disc_3
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Balance Sheet (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets of discontinued operations: | ||
Total assets of discontinued operations | $ 4,321 | $ 14,913 |
Current liabilities of discontinued operations: | ||
Total liabilities of discontinued operations | 1,442 | 2,730 |
Discontinued Operations, Held-for-sale | ||
Current assets of discontinued operations: | ||
Accounts receivable, net | 1,668 | 5,699 |
Inventories, net | 352 | 605 |
Prepaid expenses and other current assets | 150 | 227 |
Seismic equipment lease pool and property and equipment, net | 2,151 | 8,382 |
Total assets of discontinued operations | 4,321 | 14,913 |
Current liabilities of discontinued operations: | ||
Accounts payable | 59 | 884 |
Deferred revenue | 73 | 34 |
Accrued expenses and other current liabilities | 831 | 1,886 |
Income taxes payable | 479 | (74) |
Total liabilities of discontinued operations | $ 1,442 | $ 2,730 |
Assets Held for Sale and Disc_4
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Operating expenses: | ||
Loss on disposal (including $2,745 of cumulative translation loss) | $ (1,859) | $ 0 |
Net loss | (6,304) | (4,744) |
Discontinued Operations, Held-for-sale | ||
Revenues: | ||
Revenue from discontinued operations | 5,747 | 12,756 |
Cost of sales: | ||
Cost of discontinued operations | 4,537 | 9,089 |
Operating expenses: | ||
Selling, general and administrative | 4,589 | 5,576 |
Provision for doubtful accounts | 470 | 2,000 |
Depreciation and amortization | 132 | 176 |
Total operating expenses | 5,191 | 7,752 |
Operating loss | (3,981) | (4,085) |
Other income (expenses) | 201 | |
Other income (expenses) | (134) | |
Loss on disposal (including $2,745 of cumulative translation loss) | (1,859) | 0 |
Cumulative translation loss | 2,745 | |
Loss before income taxes | (5,639) | (4,219) |
Provision for income taxes | (665) | (525) |
Net loss | $ (6,304) | $ (4,744) |
Assets Held for Sale and Disc_5
Assets Held for Sale and Discontinued Operations - Schedule of Discontinued Operations, Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss on disposal of discontinued operations | $ 1,859 | $ 0 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization | 1,830 | 4,818 |
Gross profit from sale of lease pool equipment | (1,326) | (1,145) |
Provision for doubtful accounts | 470 | 2,000 |
Loss on disposal of discontinued operations | 1,859 | 0 |
Sale of used lease pool equipment | 2,010 | 1,415 |
Sale of assets held for sale | 1,506 | 0 |
Purchase of seismic equipment held for lease | $ (110) | $ (2,955) |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Feb. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 1,471 | $ 2,300 | |
Operating lease liability | $ 1,471 | $ 2,300 | |
ASU 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 3,000 | ||
Operating lease liability | $ 3,000 |
Liquidity - Additional Informat
Liquidity - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Liquidity Disclosure [Abstract] | ||
Working capital | $ 19 | |
Cash included in working capital | 4.6 | |
Backlog of orders | 14.2 | $ 8.9 |
Proceeds from sale of common and preferred stock | $ 4.6 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue Disaggregation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 21,215 | $ 29,919 |
Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 20,449 | 29,186 |
Revenue recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 766 | 733 |
Seamap | Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 16,304 | 21,617 |
Seamap | Revenue recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 766 | 733 |
Klein | Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 4,145 | 7,468 |
Klein | Revenue recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 0 |
SAP | Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 0 | 101 |
SAP | Revenue recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 21,215 | $ 29,919 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 3,687 | 3,920 |
Europe, Russia & CIS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 8,512 | 15,262 |
Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,226 | 1,576 |
Asia-Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 6,523 | 5,377 |
Canada & Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 1,267 | $ 3,784 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Assets And Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Contract Assets: | ||
Unbilled revenue-current | $ 85 | $ 13 |
Unbilled revenue - non-current | 0 | 0 |
Total unbilled revenue | 85 | 13 |
Contract Liabilities: | ||
Deferred revenue & customer deposits - current | 691 | 220 |
Deferred revenue & customer deposits - non-current | 0 | 12 |
Total deferred revenue & customer deposits | $ 691 | $ 232 |
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) | 6 months |
Supplemental Statements of Ca_3
Supplemental Statements of Cash Flows Information - Supplemental Disclosures of Cash Flows Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 40 | $ 63 |
Income taxes paid, net | 336 | 498 |
Seismic equipment purchases included in accounts payable at year-end | $ 0 | $ 812 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 6,905 | $ 7,388 |
Finished goods | 3,466 | 3,758 |
Work in progress | 2,445 | 2,720 |
Cost of inventories | 12,816 | 13,866 |
Less allowance for obsolescence | (1,363) | (1,210) |
Net inventories | $ 11,453 | $ 12,656 |
Accounts Receivables - Schedule
Accounts Receivables - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Receivables [Abstract] | ||
Current accounts receivable | $ 5,695 | $ 9,001 |
Accounts receivable | 5,695 | 9,001 |
Less current portion of allowance for doubtful accounts | (948) | (2,378) |
Less total allowance for doubtful accounts | (948) | (2,378) |
Current accounts receivable, net of allowance for doubtful accounts | 4,747 | 6,623 |
Total accounts receivable, net of allowance for doubtful accounts | $ 4,747 | $ 6,623 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Cost of property and equipment | $ 20,564 | $ 22,470 |
Less accumulated depreciation | (15,813) | (17,051) |
Net book value of property and equipment | 4,751 | 5,419 |
Marine seismic service equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost of property and equipment | 5,969 | 8,341 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Cost of property and equipment | 4,354 | 4,274 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Cost of property and equipment | 9,750 | 9,364 |
Autos and trucks | ||
Property, Plant and Equipment [Line Items] | ||
Cost of property and equipment | $ 491 | $ 491 |
Property and Equipment - Locati
Property and Equipment - Location of Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Geographic Information For Property Plant And Equipment [Line Items] | ||
Net book value of property and equipment | $ 4,751 | $ 5,419 |
United States | ||
Geographic Information For Property Plant And Equipment [Line Items] | ||
Net book value of property and equipment | 3,133 | 3,379 |
Europe | ||
Geographic Information For Property Plant And Equipment [Line Items] | ||
Net book value of property and equipment | 87 | 78 |
Singapore | ||
Geographic Information For Property Plant And Equipment [Line Items] | ||
Net book value of property and equipment | 480 | 773 |
Malaysia | ||
Geographic Information For Property Plant And Equipment [Line Items] | ||
Net book value of property and equipment | $ 1,051 | $ 1,189 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 30, 2020 | Feb. 01, 2019 | Jan. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease right-of-use assets | $ 1,471 | $ 2,300 | |||
Total operating lease liabilities | 1,471 | 2,300 | |||
Lease expense | 828 | 1,200 | |||
Short-term lease expense | 20 | 30 | |||
ASU 2016-02 | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease right-of-use assets | $ 3,000 | ||||
Total operating lease liabilities | $ 3,000 | ||||
Office | |||||
Lessee, Lease, Description [Line Items] | |||||
Facility lease expense | $ 1,200 | $ 1,200 | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating leases, non-cancelable term (in years) | 1 year | 1 year | 1 year | 1 year |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Assets | ||
Operating lease right-of-use assets | $ 1,471 | $ 2,300 |
Liabilities | ||
Total operating lease liabilities | 1,471 | 2,300 |
Current liabilities | 1,008 | 1,339 |
Non-current liabilities | 463 | 961 |
Total Operating lease liabilities | $ 1,471 | $ 2,300 |
Weighted average remaining lease term (years) | ||
Operating leases | 1 year 1 month 2 days | 1 year 9 months 3 days |
Weighted average discount rate: | ||
Operating leases | 10.00% | 9.27% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ (1,157) | $ (1,182) |
Right-of-use assets obtained in exchange for lease liabilities: | ||
Operating leases | $ 0 | $ 635 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 1,007 | $ 1,338 |
2022 | 421 | 838 |
2023 | 110 | 222 |
2024 | 58 | 98 |
2025 | 24 | 52 |
Thereafter | 0 | 21 |
Total payments under lease agreements | 1,620 | 2,569 |
Less: imputed interest | (149) | (269) |
Total operating lease liabilities | $ 1,471 | $ 2,300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | 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 | 18,253 | 19,688 |
Accumulated Amortization | (10,743) | (10,792) |
Impairment | (760) | (760) |
Net Carrying Amount | $ 6,750 | 8,136 |
Proprietary rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 7 years 2 months 12 days | |
Gross Carrying Amount | $ 7,781 | 9,247 |
Accumulated Amortization | (3,688) | (4,950) |
Net Carrying Amount | $ 4,093 | 4,297 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 9 months 18 days | |
Gross Carrying Amount | $ 5,024 | 5,024 |
Accumulated Amortization | (4,513) | (3,831) |
Net Carrying Amount | $ 511 | 1,193 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 3 years 7 months 6 days | |
Gross Carrying Amount | $ 2,440 | 2,440 |
Accumulated Amortization | (1,528) | (1,277) |
Net Carrying Amount | $ 912 | 1,163 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 5 years 3 months 18 days | |
Gross Carrying Amount | $ 894 | 894 |
Accumulated Amortization | (74) | (63) |
Impairment | (760) | (760) |
Net Carrying Amount | $ 60 | 71 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 4 years 10 months 24 days | |
Gross Carrying Amount | $ 1,430 | 1,430 |
Accumulated Amortization | (727) | (584) |
Net Carrying Amount | $ 703 | 846 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life (in years) | 3 years 4 months 24 days | |
Gross Carrying Amount | $ 684 | 653 |
Accumulated Amortization | (213) | (87) |
Net Carrying Amount | $ 471 | $ 566 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Aggregate amortization expense | $ 1,800,000 | $ 1,800,000 | |
Seamap | |||
Segment Reporting Information [Line Items] | |||
Impairment of intangible assets | 0 | ||
Goodwill, impairment | $ 2,500,000 | ||
Klein Associates Inc. | |||
Segment Reporting Information [Line Items] | |||
Impairment of intangible assets | 0 | ||
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 | Jan. 31, 2021 | Jan. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 1,266 | |
2023 | 1,125 | |
2024 | 989 | |
2025 | 828 | |
2026 | 658 | |
Thereafter | 1,884 | |
Net Carrying Amount | $ 6,750 | $ 8,136 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Payables and Accruals [Abstract] | ||
Contract settlement | $ 968 | $ 228 |
Wages and benefits | 577 | 317 |
Customer deposits | 484 | 239 |
Accrued inventory | 0 | 229 |
Other | 883 | 552 |
Accrued Expenses and Other Liabilities | $ 2,912 | $ 1,565 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) $ in Thousands | May 05, 2020 | Feb. 28, 2021 | Jan. 31, 2021 | Jan. 31, 2021 | Jan. 31, 2020 |
Debt Instrument [Line Items] | |||||
Proceeds from PPP loans | $ 1,607 | $ 0 | |||
Paycheck Protection Program, CARES Act | |||||
Debt Instrument [Line Items] | |||||
Proceeds from PPP loans | $ 1,600 | ||||
Interest rate (as a percent) | 1.00% | ||||
Loan forgiveness | $ 757 | ||||
Paycheck Protection Program, CARES Act | Klein Associates Inc. | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Loan forgiveness | $ 850 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | |||
Jan. 31, 2021quarterlyPeriod$ / sharesshares | Jan. 31, 2020shares | Aug. 03, 2020shares | Aug. 02, 2020shares | |
Statement Of Shareholders Equity [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 1,038,000 | 994,000 | ||
Number of quarterly periods to obtain voting rights | quarterlyPeriod | 6 | |||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 15,681,000 | 14,049,000 | ||
Treasury stock, shares (in shares) | 1,929,000 | 1,929,000 | ||
Shares surrendered in exchange for payment of taxes (in shares) | 0 | 0 | ||
Series A Preferred Stock - $1.00 par value per share | ||||
Statement Of Shareholders Equity [Line Items] | ||||
Preferred stock, shares outstanding (in shares) | 1,038,232 | 994,046 | ||
Preferred stock, dividend rate | 9.00% | |||
Preferred stock, liquidation preference per share (in usd per share) | $ / shares | $ 25 | |||
Preferred stock, dividend rate (in usd per share) | $ / shares | 2.25 | |||
Preferred stock, redemption price (in usd per share) | $ / shares | $ 25 | |||
Preferred stock, redemption period (in days) | 120 days | |||
Period of time for listing (in days) | 180 days |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) | Oct. 07, 2016 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Sep. 30, 2020 | Aug. 03, 2020 | Aug. 02, 2020 |
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 | ||
Common stock, shares authorized (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 | $ 3,584,000 | $ 0 | |||||
Ladenburg Thalmann & Co. Inc. | |||||||
Related Party Transaction [Line Items] | |||||||
Common stock, shares authorized (in shares) | 5,000,000 | ||||||
Common stock, par value (in usd per share) | $ 0.01 | ||||||
Former CEO | |||||||
Related Party Transaction [Line Items] | |||||||
Interest rate on obligation payable to related party | 4.00% | ||||||
Outstanding obligation payable to related party, current | $ 968,000 | $ 968,000 | |||||
Series A Preferred Stock - $1.00 par value per share | Ladenburg Thalmann & Co. Inc. | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum number of preferred stock to be issued (in shares) | 500,000 | 500,000 | |||||
Percentage of compensation fees to be paid | 2.00% | ||||||
Stock issued during period (in shares) | 44,186 | 994,046 | |||||
Preferred stock issued from at the market sale of stock program (as a percent) | 100.00% | ||||||
Gross proceeds from preferred stock | $ 1,000,000 | ||||||
Equity distribution compensation expenses | 20,408 | ||||||
Net proceeds from preferred stock | 1,000,000 | ||||||
Series A Preferred Stock - $1.00 par value per share | Non-Executive Chairman | |||||||
Related Party Transaction [Line Items] | |||||||
Equity distribution compensation expenses | $ 0 | ||||||
Common Stock | Ladenburg Thalmann & Co. Inc. | |||||||
Related Party Transaction [Line Items] | |||||||
Stock issued during period (in shares) | 1,584,556 | ||||||
Equity distribution compensation expenses | $ 79,307 | ||||||
Gross proceeds from common stock | 4,000,000 | ||||||
Net proceeds from common stock offering | 3,600,000 | ||||||
Common Stock | Non-Executive Chairman | |||||||
Related Party Transaction [Line Items] | |||||||
Equity distribution compensation expenses | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes by Jurisdiction (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
(Loss) income from continuing operations before income taxes is attributable to the following jurisdictions: | ||
Domestic | $ (8,851) | $ (7,550) |
Foreign | (4,615) | 1,360 |
Loss from continuing operations before income taxes | (13,466) | (6,190) |
Current: | ||
Domestic | 22 | 27 |
Foreign | 515 | 58 |
Total | 537 | 85 |
Deferred: | ||
Domestic | 0 | 0 |
Foreign | (1) | 268 |
Total | (1) | 268 |
Income tax expense | $ 536 | $ 353 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Reconciliation of expected to actual income tax expense | ||
Federal income tax at 21% | $ (2,828) | $ (1,300) |
Federal income tax rate (as a percent) | 21.00% | 21.00% |
Changes in tax rates | $ (50) | $ 50 |
Permanent differences | 413 | 52 |
Foreign effective tax rate differential | 66 | (80) |
Foreign withholding taxes, including penalties and interest | 29 | 34 |
Tax effect of book loss on disposition of subsidiaries | 0 | 79 |
Valuation allowance on deferred tax assets | 2,682 | 1,205 |
Excess tax deficiency for share-based payments under ASU 2016-09 | 66 | 284 |
Other | 158 | 29 |
Income tax expense | $ 536 | $ 353 |
Income Taxes - Company's Deferr
Income Taxes - Company's Deferred Taxes (Detail) - USD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Deferred tax assets: | ||
Net operating losses | $ 17,177,000 | $ 13,716,000 |
Tax credit carry forwards | 139,000 | 117,000 |
Stock option book expense | 718,000 | 650,000 |
Allowance for doubtful accounts | 0 | 229,000 |
Inventory | 565,000 | 525,000 |
Accruals not yet deductible for tax purposes | 281,000 | 357,000 |
Fixed assets | 232,000 | 105,000 |
Intangible assets | 445,000 | 337,000 |
Other | 599,000 | 561,000 |
Gross deferred tax assets | 20,156,000 | 16,597,000 |
Valuation allowance | (20,156,000) | (16,597,000) |
Deferred tax assets | 0 | 0 |
Deferred tax liabilities: | ||
Other | (198,000) | (200,000) |
Deferred tax liabilities | (198,000) | (200,000) |
Unrecognized tax benefits | 0 | 0 |
Total deferred tax liabilities, net | $ (198,000) | $ (200,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred tax liability associated with the undistributed foreign earnings | $ 0 | |
Deferred tax assets, stock based compensation | 718,000 | $ 650,000 |
Valuation allowance, deferred tax assets | 20,156,000 | 16,597,000 |
Tax credit carry forwards | 139,000 | |
Unrecognized tax benefits | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended |
Jan. 31, 2021USD ($) | Jan. 31, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Total potential commitment | $ 1,600 | |
Payment of commitment | $ 300 | |
Purchase orders outstanding | $ 3,900 | $ 3,900 |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Stock Based Compensation [Line Items] | ||
Compensation expense related to stock-based awards granted | $ 708,000 | $ 854,000 |
Weighted average grant-date fair value of options granted (in usd per share) | $ 0.70 | $ 1.77 |
Excess tax benefit from share-based compensation | $ 0 | $ 0 |
Vesting period of stock options granted and outstanding (in years) | 3 years | |
Contractual term of stock options granted and outstanding (in years) | 10 years | |
Shares available for grant (in shares) | 615,000 | |
Options exercised (in shares) | 0 | 9,000 |
Intrinsic value of options exercised | $ 0 | |
Fair value of options vested | $ 950,000 | $ 650,000 |
Options vested (in shares) | 500,000 | |
Total unrecognized compensation expense related to unvested stock options | $ 482,228 | |
Expense expected to be recognized over weighted average period (in years) | 1 year 3 months 18 days | |
Restricted Stock | ||
Stock Based Compensation [Line Items] | ||
Total unrecognized compensation expense related to unvested restricted stock awards | $ 0 |
Stock Option Plans - Schedule o
Stock Option Plans - Schedule of Fair Value Option Award (Detail) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate, minimum | 0.34% | 1.47% |
Risk free interest rate, maximum | 0.37% | 2.53% |
Expected life (in years) | 10 years | |
Expected volatility, minimum | 53.00% | 49.00% |
Expected volatility, maximum | 64.00% | 51.00% |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 3 years 11 months 19 days | 3 years 11 months 23 days |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 11 months 19 days | 6 years |
Stock Option Plans - Summary of
Stock Option Plans - Summary of Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Number of Shares (in thousands) | ||
Outstanding, beginning (in shares) | 2,440,000 | |
Granted (in shares) | 320,000 | |
Exercised (in shares) | 0 | (9,000) |
Forfeited (in shares) | (41,000) | |
Expired (in shares) | (133,000) | |
Outstanding, ending (in shares) | 2,586,000 | 2,440,000 |
Exercisable (in shares) | 1,778,000 | |
Vested and expected to vest (in shares) | 2,562,000 | |
Weighted Average Exercise Price | ||
Outstanding beginning (in usd per share) | $ 4.51 | |
Granted (in usd per share) | 1.47 | |
Exercised (in usd per share) | 0 | |
Forfeited (in usd per share) | 4.63 | |
Expired (in usd per share) | 5.31 | |
Outstanding ending (in usd per share) | 4.09 | $ 4.51 |
Exercisable (in usd per share) | 4.63 | |
Vested and expected to vest (in usd per share) | $ 4.12 | |
Weighted Average Remaining Contractual Term (in years) | ||
Outstanding (in years) | 6 years 6 months 29 days | 7 years 29 days |
Exercisable (in years) | 5 years 8 months 15 days | |
Vested and expected to vest (in years) | 6 years 6 months 18 days | |
Aggregate Intrinsic Value (in thousands) | ||
Outstanding | $ 223 | $ 20 |
Exercisable | 0 | |
Vested and expected to vest | $ 213 |
Stock Option Plans - Restricted
Stock Option Plans - Restricted Stock and Changes During Period (Detail) - Restricted Stock shares in Thousands | 12 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Number of Shares (in thousands) | |
Unvested, beginning of period (in shares) | shares | 37 |
Granted (in shares) | shares | 15 |
Vested (in shares) | shares | (12) |
Canceled (in shares) | shares | 0 |
Unvested, end of period (in shares) | shares | 40 |
Weighted Average Grant Date Fair Value | |
Unvested, beginning of period (in usd per share) | $ / shares | $ 3.98 |
Granted (in usd per share) | $ / shares | 1.25 |
Vested (in usd per share) | $ / shares | 3.98 |
Canceled (in usd per share) | $ / shares | 0 |
Unvested, end of period (in usd per share) | $ / shares | $ 2.94 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Corporate Restructuring (Detail
Corporate Restructuring (Details) - shares | Jan. 31, 2021 | Aug. 03, 2020 | Aug. 02, 2020 | Jan. 31, 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 | 20,000,000 | 40,000,000 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 | 1,000,000 | 2,000,000 |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) $ in Millions | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |
Foreign bank deposits | $ 2.8 |
Top three customers exceeding 10% of consolidated accounts receivable | Accounts Receivable | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 10.00% |
Sales and Major Customers - Sum
Sales and Major Customers - Summary of Company's Revenues from Customers by Geographic Region, Outside the U.S. (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Revenue, Major Customer [Line Items] | ||
Total revenues | $ 21,215 | $ 29,919 |
Total | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 17,528 | 25,999 |
UK/Europe | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 8,005 | 14,975 |
Canada | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 1,267 | 3,519 |
Latin America | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 0 | 262 |
Asia/South Pacific | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 6,523 | 5,377 |
Eurasia | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 507 | 290 |
Other | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | $ 1,226 | $ 1,576 |
Sale of Subsidiary (Details)
Sale of Subsidiary (Details) - Seismic Asia Pacific Pty Ltd - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2019 | Jan. 31, 2021 | Aug. 31, 2019 | |
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 | ||
Proceeds from note receivable | $ 124 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Allowance for doubtful accounts | ||
Allowance for Doubtful Accounts and Allowance for Obsolete Equipment and Inventory [Roll Forward] | ||
Balance at Beginning of Period | $ 4,054 | $ 2,113 |
Charged to Costs and Expenses | 1,129 | 2,000 |
Charged to Other Accounts | (43) | 0 |
Deductions Describe | (3,364) | (59) |
Balance at End of Period | 1,776 | 4,054 |
Allowance for obsolete equipment and inventory | ||
Allowance for Doubtful Accounts and Allowance for Obsolete Equipment and Inventory [Roll Forward] | ||
Balance at Beginning of Period | 1,404 | 1,222 |
Charged to Costs and Expenses | 321 | 298 |
Charged to Other Accounts | 1 | 1 |
Deductions Describe | (66) | (117) |
Balance at End of Period | $ 1,660 | $ 1,404 |