Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 31, 2023 | Sep. 13, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000926423 | |
Entity Registrant Name | MIND TECHNOLOGY, INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-13490 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0210849 | |
Entity Address, Address Line One | 2002 Timberloch Place Suite 550 | |
Entity Address, City or Town | The Woodlands | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77380 | |
City Area Code | 281 | |
Local Phone Number | 353-4475 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,788,738 | |
Series A Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Preferred Stock - $1.00 par value per share | |
Trading Symbol | MINDP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock - $0.01 par value per share | |
Trading Symbol | MIND | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | |
Current assets: | |||||||
Cash and cash equivalents | $ 494 | [1] | $ 778 | ||||
Accounts receivable, net of allowance for doubtful accounts of $504 at each of July 31, 2023 and January 31, 2023 | 7,143 | [2] | 3,993 | ||||
Inventories, net | 15,651 | [1],[2] | 15,318 | ||||
Prepaid expenses and other current assets | 1,273 | [1],[2] | 2,144 | ||||
Total current assets | 24,561 | [1] | 22,233 | ||||
Property and equipment, net | 3,620 | [1],[2] | 3,945 | ||||
Operating lease right-of-use assets | 1,626 | [1] | 1,749 | ||||
Intangible assets, net | 4,418 | [1] | 4,931 | ||||
Total assets | 34,225 | [1] | 32,858 | ||||
Current liabilities: | |||||||
Accounts payable | 2,459 | [1],[2] | 4,101 | ||||
Deferred revenue | 309 | [1],[3] | 164 | ||||
Accrued expenses and other current liabilities | 3,386 | [1],[2] | 2,247 | ||||
Income taxes payable | 1,585 | [1] | 1,516 | ||||
Operating lease liabilities - current | 903 | [1] | 903 | ||||
Note payable, net | 3,343 | [1] | 0 | ||||
Total current liabilities | 11,985 | [1] | 8,931 | ||||
Operating lease liabilities - non-current | 723 | [1] | 846 | ||||
Deferred tax liability | 41 | [1] | 29 | ||||
Total liabilities | 12,749 | [1],[4],[5] | 9,806 | ||||
Stockholders’ equity: | |||||||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of July 31, 2023 and January 31, 2023 | 37,779 | 37,779 | |||||
Common stock, $0.01 par value; 40,000 shares authorized; 15,721 shares issued at each of July 31, 2023 and January 31, 2023 | 157 | 157 | |||||
Additional paid-in capital | 129,738 | [1] | 129,580 | ||||
Treasury stock, at cost (1,933 shares at each of July 31, 2023 and January 31, 2023 ) | (16,863) | [1] | (16,863) | ||||
Accumulated deficit | (129,369) | [1],[6] | (127,635) | ||||
Accumulated other comprehensive gain | 34 | [1] | 34 | ||||
Total stockholders’ equity | 21,476 | [1] | $ 22,862 | 23,052 | $ 25,661 | $ 27,129 | $ 30,263 |
Total liabilities and stockholders’ equity | $ 34,225 | [1] | $ 32,858 | ||||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q.[2]Adjustments represent the disposition of assets and liabilities of the Klein operations.[3]Reflects the consummation of the Sale of Klein in accordance with the terms of the SPA.[4]Adjustments to accumulated deficit reflect the estimated gain on Sale of Klein. The estimated gain has not been reflected in the accompanying statements of operations as it is not related to continuing operations. The actual gain or loss on Sale of Klein will be recorded in the Company's financial statements for the quarter ending October 31, 2023, and will differ from this estimate.[5]Reflects removal of interest expense that would not have been incurred if the Sale of Klein had been completed February 1, 2021.[6]Adjustments represent the elimination of income and expenses of the Klein operations. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Allowance for doubtful accounts | $ 504 | $ 504 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 1,683,000 | 1,683,000 |
Preferred stock, shares outstanding (in shares) | 1,683,000 | 1,683,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 15,721,000 | 15,721,000 |
Treasury stock, shares (in shares) | 1,933,000 | 1,933,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |||
Revenues: | ||||||
Revenue from Contract with Customer | $ 8,750,000 | [1] | $ 8,713,000 | $ 21,336,000 | [1] | $ 17,800,000 |
Total revenues | 8,750,000 | [1] | 8,713,000 | 21,336,000 | [1],[2],[3],[4] | 17,800,000 |
Cost of sales: | ||||||
Total cost of sales | 5,483,000 | [1] | 5,175,000 | 12,652,000 | [1] | 10,973,000 |
Gross profit | 3,267,000 | [1] | 3,538,000 | 8,684,000 | [1] | 6,827,000 |
Operating expenses: | ||||||
Selling, general and administrative | 3,514,000 | [1] | 3,789,000 | 7,388,000 | [1] | 8,061,000 |
Research and development | 842,000 | [1] | 833,000 | 1,615,000 | [1] | 1,847,000 |
Depreciation and amortization | 459,000 | [1] | 467,000 | 940,000 | [1] | 946,000 |
Total operating expenses | 4,815,000 | [1] | 5,089,000 | 9,943,000 | [1] | 10,854,000 |
Operating loss | (1,548,000) | [1] | (1,551,000) | (1,259,000) | [1] | (4,027,000) |
Other expense: | ||||||
Other, net | 131,000 | [1] | (76,000) | 20,000 | [1] | (194,000) |
Total other income (expense) | 131,000 | [1] | (76,000) | 20,000 | [1] | (194,000) |
Loss from continuing operations before income taxes | (1,417,000) | [1] | (1,627,000) | (1,239,000) | [1] | (4,221,000) |
Provision for income taxes | (77,000) | [1] | (131,000) | (495,000) | [1] | (342,000) |
Net loss from continuing operations | (1,494,000) | [1] | (1,758,000) | (1,734,000) | [1] | (4,563,000) |
(Loss) income from discontinued operations, net of income taxes | 0 | (162,000) | 0 | 224,000 | ||
Net loss | (1,494,000) | (1,920,000) | (1,734,000) | (4,339,000) | ||
Preferred stock dividends - declared | 0 | [1] | 0 | 0 | [1] | (947,000) |
Preferred stock dividends - undeclared | (947,000) | [1] | (947,000) | (1,894,000) | [1] | (947,000) |
Net loss attributable to common stockholders | $ (2,441,000) | [1] | $ (2,867,000) | $ (3,628,000) | [1] | $ (6,233,000) |
Net loss per common share - Basic and Diluted | ||||||
Continuing operations (in dollars per share) | $ (0.18) | $ (0.20) | $ (0.26) | $ (0.47) | ||
Discontinued operations (in dollars per share) | 0 | (0.01) | 0 | 0.02 | ||
Net loss (in dollars per share) | $ (0.18) | $ (0.21) | $ (0.26) | $ (0.45) | ||
Shares used in computing net loss per common share: | ||||||
Basic (in shares) | 13,792 | [1] | 13,782 | 13,791 | [1] | 13,779 |
Diluted (in shares) | 13,792 | [1] | 13,782 | 13,791 | [1] | 13,779 |
Marine Technology Products [Member] | ||||||
Revenues: | ||||||
Revenue from Contract with Customer | $ 8,750,000 | $ 8,713,000 | $ 21,336,000 | $ 17,800,000 | ||
Cost of sales: | ||||||
Total cost of sales | $ 5,483,000 | [1],[5] | $ 5,175,000 | $ 12,652,000 | [1] | $ 10,973,000 |
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q.[2]Adjustments represent the disposition of assets and liabilities of the Klein operations.[3]To record the net cash proceeds from the Sale of Klein paid on the Closing Date of $11.5 million, less estimated closing costs, estimated pay-off of the Note Payable, and estimated transaction costs, primarily legal expenses and investment broker fees, associated with the sale, all of which were incurred as part of the consummation of the Sale of Klein.[4]To record the pay-off of the Note Payable, net of prepaid interest and debt acquisition costs, due to Sachem Capital.[5]Adjustments to accumulated deficit reflect the estimated gain on Sale of Klein. The estimated gain has not been reflected in the accompanying statements of operations as it is not related to continuing operations. The actual gain or loss on Sale of Klein will be recorded in the Company's financial statements for the quarter ending October 31, 2023, and will differ from this estimate. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Net loss | $ (1,494) | $ (1,920) | $ (1,734) | $ (4,339) |
Change in cumulative translation adjustment | 0 | 300 | 0 | 297 |
Comprehensive loss | $ (1,494) | $ (1,620) | $ (1,734) | $ (4,042) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (1,734) | $ (4,339) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 940 | 946 |
Stock-based compensation | 158 | 388 |
Provision for inventory obsolescence | 0 | 45 |
Changes in: | ||
Accounts receivable | (3,238) | 1,998 |
Unbilled revenue | 31 | 15 |
Inventories | (333) | (461) |
Prepaid expenses and other current and long-term assets | 1,329 | 168 |
Income taxes receivable and payable | 63 | 19 |
Accounts payable, accrued expenses and other current liabilities | (1,556) | (1,126) |
Deferred revenue and customer deposits | 1,199 | 95 |
Net cash used in operating activities | (3,477) | (2,497) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (102) | (250) |
Sale of other equipment | 336 | 361 |
Net cash provided by investing activities | 234 | 111 |
Cash flows from financing activities: | ||
Purchase of treasury stock | 0 | (1) |
Net proceeds from short-term loan | 2,947 | 0 |
Preferred stock dividends | 0 | (1,894) |
Net cash provided by (used in) financing activities | 2,947 | (1,895) |
Effect of changes in foreign exchange rates on cash and cash equivalents | 12 | 0 |
Net decrease in cash and cash equivalents | (284) | (4,281) |
Cash and cash equivalents, beginning of period | 778 | 5,114 |
Cash and cash equivalents, end of period | 494 | 833 |
Supplemental cash flow information: | ||
Interest paid | 407 | 4 |
Income taxes paid | 425 | 277 |
Other Machinery and Equipment [Member] | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gross profit from sale of equipment | $ (336) | $ (245) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common and Preferred [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balances (in shares) at Jan. 31, 2022 | 15,705 | 1,683 | ||||||
Balances at Jan. 31, 2022 | $ 157 | $ 37,779 | $ 128,926 | $ (16,862) | $ (117,856) | $ (1,881) | $ 30,263 | |
Net loss | 0 | 0 | 0 | 0 | (2,419) | 0 | (2,419) | |
Stock-based compensation | 0 | 0 | 236 | 0 | 0 | 0 | 236 | |
Foreign currency translation | $ 0 | 0 | 0 | 0 | 0 | (3) | (3) | |
Restricted stock issued (in shares) | 10 | |||||||
Restricted stock issued | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Restricted stock surrendered for tax withholding | 0 | 0 | 0 | (1) | 0 | 0 | (1) | |
Preferred stock dividends | $ 0 | $ 0 | 0 | 0 | (947) | 0 | (947) | |
Balances (in shares) at Apr. 30, 2022 | 15,715 | 1,683 | ||||||
Balances at Apr. 30, 2022 | $ 157 | $ 37,779 | 129,162 | (16,863) | (121,222) | (1,884) | 27,129 | |
Balances (in shares) at Jan. 31, 2022 | 15,705 | 1,683 | ||||||
Balances at Jan. 31, 2022 | $ 157 | $ 37,779 | 128,926 | (16,862) | (117,856) | (1,881) | 30,263 | |
Net loss | (4,339) | |||||||
Balances (in shares) at Jul. 31, 2022 | 15,720 | 1,683 | ||||||
Balances at Jul. 31, 2022 | $ 157 | $ 37,779 | 129,314 | (16,863) | (123,142) | (1,584) | 25,661 | |
Balances (in shares) at Apr. 30, 2022 | 15,715 | 1,683 | ||||||
Balances at Apr. 30, 2022 | $ 157 | $ 37,779 | 129,162 | (16,863) | (121,222) | (1,884) | 27,129 | |
Net loss | 0 | 0 | 0 | 0 | (1,920) | 0 | (1,920) | |
Stock-based compensation | 0 | 0 | 152 | 0 | 0 | 0 | 152 | |
Foreign currency translation | $ 0 | $ 0 | 0 | 0 | 0 | 300 | 300 | |
Restricted stock issued (in shares) | 5 | 0 | ||||||
Restricted stock issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |
Balances (in shares) at Jul. 31, 2022 | 15,720 | 1,683 | ||||||
Balances at Jul. 31, 2022 | $ 157 | $ 37,779 | 129,314 | (16,863) | (123,142) | (1,584) | 25,661 | |
Balances (in shares) at Jan. 31, 2023 | 15,721 | 1,683 | ||||||
Balances at Jan. 31, 2023 | $ 157 | $ 37,779 | 129,580 | (16,863) | (127,635) | 34 | 23,052 | |
Net loss | 0 | 0 | 0 | 0 | (240) | 0 | (240) | |
Stock-based compensation | $ 0 | $ 0 | 50 | 0 | 0 | 0 | 50 | |
Balances (in shares) at Apr. 30, 2023 | 15,721 | 1,683 | ||||||
Balances at Apr. 30, 2023 | $ 157 | $ 37,779 | 129,630 | (16,863) | (127,875) | 34 | 22,862 | |
Balances (in shares) at Jan. 31, 2023 | 15,721 | 1,683 | ||||||
Balances at Jan. 31, 2023 | $ 157 | $ 37,779 | 129,580 | (16,863) | (127,635) | 34 | 23,052 | |
Net loss | (1,734) | |||||||
Balances (in shares) at Jul. 31, 2023 | 15,721 | 1,683 | ||||||
Balances at Jul. 31, 2023 | $ 157 | $ 37,779 | 129,738 | (16,863) | (129,369) | 34 | 21,476 | [1] |
Balances (in shares) at Apr. 30, 2023 | 15,721 | 1,683 | ||||||
Balances at Apr. 30, 2023 | $ 157 | $ 37,779 | 129,630 | (16,863) | (127,875) | 34 | 22,862 | |
Net loss | 0 | 0 | 0 | 0 | (1,494) | 0 | (1,494) | |
Stock-based compensation | $ 0 | $ 0 | 108 | 0 | 0 | 0 | 108 | |
Balances (in shares) at Jul. 31, 2023 | 15,721 | 1,683 | ||||||
Balances at Jul. 31, 2023 | $ 157 | $ 37,779 | $ 129,738 | $ (16,863) | $ (129,369) | $ 34 | $ 21,476 | [1] |
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q. |
Note 1 - Organization and Liqui
Note 1 - Organization and Liquidity | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. MIND Technology, Inc., a Delaware corporation (the “Company”), through its wholly owned subsidiaries, Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), and 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, July 31, 2020, 4 August 21, 2023, 2 not July 31, 2023. These condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. The Company has a history of generating losses and negative cash from operating activities and may not not may not Management has identified the following mitigating factors regarding adequate liquidity and capital resources to meet its obligations: • The Company has no • The Company had working capital of approximately $12.6 million as of July 31, 2023, • Should revenues be less than projected, the Company believes it is able, and has plans in place, 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 recently eliminated two • The Company had a backlog of orders of approximately $17.0 million as of July 31, 2023. July 31, 2023, • There were no dividends declared or paid on the Company’s Preferred stock for the first second 2024.The first 2023, 2023. not six two • In recent years, the Company has raised capital through the sale of Common Stock and Preferred Stock pursuant to the ATM Offering Program (as defined herein) and underwritten offerings on Form S- 1. not 3 may 1 • Based on publicized transactions and preliminary discussions with potential funding sources, management believes that other sources of debt and equity financing are available. Such sources could include private or public issues of equity or debt securities, or a combination of such securities. Other sources could include secured debt financing, sale-leaseback transactions on owned real estate or investment from strategic industry participants. There can be no • On August 21, 2023, 10 Notwithstanding the mitigating factors identified by management, there remains substantial doubt regarding the Company's ability to meet its obligations as they arise over the next twelve |
Note 2 - Sale of Subsidiaries a
Note 2 - Sale of Subsidiaries and Subsequent Events | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Sale of Subsidiaries and Subsequent Events [Text Block] | 2. On August 21, 2023, October 31, 2023. On August 22, 2023, 10 The following unaudited pro forma condensed consolidated financial statements are intended to show how the Sale of Klein might have affected the historical financial statements of the Company if the Sale of Klein had been completed at an earlier time as indicated therein. The unaudited pro forma condensed consolidated balance sheet as of July 31, 2023, July 31, 2023. three six July 31, 2023, February 1, 2023.The three six July 31, 2023, MIND Technology, Inc Unaudited Pro Forma Condensed Consolidated Balance Sheet As of July 31, 2023 (in thousands, except per share data) ASSETS Historical MIND Technology (a) Operations of Klein (b) Pro Forma Adjustments Pro-forma MIND Technology Current assets: Cash and cash equivalents 494 - 7,304 (e) 7,798 Accounts receivable, net of allowance for doubtful accounts of $ 504 7,143 (944 ) (c) - 6,199 Inventories, net 15,651 (5,031 ) (c) - 10,620 Prepaid expenses and other current assets 1,273 (312 ) (c) 961 Total current assets 24,561 (6,287 ) 7,304 25,578 Property and equipment, net 3,620 (2,784 ) (c) - 836 Operating lease right-of-use assets 1,626 - - 1,626 Intangible assets, net 4,418 (1,193 ) (c) - 3,225 Total assets 34,225 (10,264 ) 7,304 31,265 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable 2,459 (866 ) (c) - 1,593 Deferred revenue 309 (10 ) (c) - 299 Accrued expenses and other current liabilities 3,386 (690 ) (c) - 2,696 Income taxes payable 1,585 - - 1,585 Operating lease liabilities - current 903 - - 903 Note payable, net 3,343 - (3,343 ) (f) - Total current liabilities 11,985 (1,566 ) (3,343 ) 7,076 Operating lease liabilities - non-current 723 - - 723 Deferred tax liability 41 - - 41 Total liabilities 12,749 (1,566 ) (3,343 ) 7,840 Stockholders’ equity: Preferred stock, $ 1.00 2,000 1,683 37,779 - - 37,779 Common stock, $ 0.01 40,000 15,721 157 - - 157 Additional paid-in capital 129,738 - - 129,738 Treasury stock, at cost ( 1,933 (16,863 ) - - (16,863 ) Accumulated deficit (129,369 ) (8,698 ) (g) 10,647 (g) (127,420 ) Accumulated other comprehensive gain 34 - - 34 Total stockholders equity 21,476 (8,698 ) 10,647 23,425 Total liabilities and stockholders equity 34,225 (10,264 ) 7,304 31,265 MIND Technology, Inc Unaudited Pro Forma Condensed Consolidated Statement of Operations For the Six Months Ended July 31, 2023 (in thousands, except per share data) Historical MIND Technology (a) Operations of Klein (b) Pro Forma Adjustments Pro-forma MIND Technology Revenues: Sale of marine technology products 21,336 (3,178 ) (d) 18,158 Total revenues 21,336 (3,178 ) - 18,158 Cost of sales: Sale of marine technology products 12,652 (1,972 ) (d) - 10,680 Total cost of sales 12,652 (1,972 ) 10,680 Gross profit 8,684 (1,206 ) - 7,478 Operating expenses: Selling, general and administrative 7,388 (1,199 ) (d) - 6,189 Research and development 1,615 (737 ) (d) - 878 Depreciation and amortization 940 (306 ) (d) 634 Total operating expenses 9,943 (2,242 ) - 7,701 Operating income (loss) (1,259 ) 1,036 - (223 ) Other expense: Other, net 20 (77 ) (d) 407 (h) 350 Total other income (expense) 20 (77 ) 407 350 Income (loss) from continuing operations before income taxes (1,239 ) 959 407 127 Provision for income taxes (495 ) (17 ) (d) (512 ) Net (loss) income from continuing operations (1,734 ) 942 407 (385 ) Preferred stock dividends - declared - - Preferred stock dividends - undeclared (1,894 ) - - (1,894 ) Net loss attributable to common stockholders (3,628 ) - - (2,279 ) Net loss per common share - Basic and Diluted (0.26 ) (0.17 ) Shares used in computing net loss per common share: Basic 13,791 13,791 Diluted 13,791 13,791 MIND Technology, Inc Unaudited Pro Forma Condensed Consolidated Statement of Operations For the Three Months Ended July 31, 2023 (in thousands, except per share data) Historical MIND Technology (a) Operations of Klein (b) Pro Forma Adjustments Pro-forma MIND Technology Revenues: Sale of marine technology products 8,750 (1,190 ) (d) - 7,560 Total revenues 8,750 (1,190 ) - 7,560 Cost of sales: Sale of marine technology products 5,483 (864 ) (d) - 4,619 Total cost of sales 5,483 (864 ) 4,619 Gross profit 3,267 (326 ) - 2,941 Operating expenses: Selling, general and administrative 3,514 (616 ) (d) - 2,898 Research and development 842 (395 ) (d) - 447 Depreciation and amortization 459 (157 ) (d) - 302 Total operating expenses 4,815 (1,168 ) - 3,647 Operating income (loss) (1,548 ) 842 - (706 ) Other expense: Other, net 131 (98 ) (d) 204 (h) 237 Total other income (expense) 131 (98 ) 204 237 Income (loss) from continuing operations before income taxes (1,417 ) 744 204 (469 ) Provision for income taxes (77 ) (24 ) (d) - (101 ) Net loss from continuing operations (1,494 ) 720 204 (570 ) Preferred stock dividends - declared - - Preferred stock dividends - undeclared (947 ) - - (947 ) Net loss attributable to common stockholders (2,441 ) - - (1,517 ) Net loss per common share - Basic and Diluted (0.18 ) (0.11 ) Shares used in computing net loss per common share: Basic 13,792 13,792 Diluted 13,792 13,792 The unaudited pro forma condensed consolidated financial statements reflect the following notes and adjustments: (a) July 31, 2023 three six July 31, 2023 10 (b) (c) (d) (e) (f) (g) not not October 31, 2023, (h) not February 1, 2023. |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 3. The condensed consolidated balance sheet as of January 31, 2023 not 10 January 31, 2023 2023” July 31, 2023 three six July 31, 2023 2022, six July 31, 2023 2022, three six July 31, 2023 2022, not January 31, 2024 2024” |
Note 4 - Assets Held for Sale a
Note 4 - Assets Held for Sale and Discontinued Operations | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 4. On July 27, 2020, January 31, 2023. February 1, 2023, The results of operations from discontinued operations for the three six July 31, 2023 2022 For the Three Months Ended July 31, For the Six Months Ended July 31, 2023 2022 2023 2022 Revenues: (in thousands) Revenue from discontinued operations $ — $ — $ — $ — Cost of sales: Cost of discontinued operations — 23 — 48 Operating expenses: Selling, general and administrative — 101 — 214 Total operating expenses — 101 — 214 Operating loss — (124 ) — (262 ) Other (expense) income — (38 ) — 486 (Loss) income before income taxes from discontinued operations — (162 ) — 224 Net (loss) income from discontinued operations — (162 ) — 224 The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below: For the Six Months Ended July 31, 2023 2022 (in thousands) Gross profit from sale of assets held-for-sale $ — $ (358 ) Sale of assets held for sale $ — $ 361 |
Note 5 - New Accounting Pronoun
Note 5 - New Accounting Pronouncements | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 5. In June 2016, No. 2016 13, 326 2016 13 February 1, 2023. not |
Note 6 - Revenue From Contracts
Note 6 - Revenue From Contracts With Customers | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. The following table presents revenue from contracts with customers disaggregated by reportable segment and timing of revenue recognition: Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Revenue recognized at a point in time: (in thousands) Seamap $ 7,103 $ 4,288 $ 17,508 $ 12,281 Klein 1,180 3,688 2,652 4,696 Total revenue recognized at a point in time $ 8,283 $ 7,976 $ 20,160 $ 16,977 Revenue recognized over time: Seamap $ 458 $ 737 $ 650 $ 823 Klein $ 9 $ — $ 526 $ — Total revenue recognized over time 467 737 1,176 823 Total revenue from contracts with customers $ 8,750 $ 8,713 $ 21,336 $ 17,800 The revenue from products manufactured and sold by our Seamap and Klein businesses, is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. However, from time to time our Seamap and Klein businesses provide repair and maintenance services, or perform upgrades, on customer owned equipment in which case revenue is recognized over time. In addition, our Seamap business provides annual Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from SMA is recognized over time, with the total value of the SMA recognized in equal monthly amounts over the life of the contract. The following table presents revenue from contracts with customers disaggregated by geography, based on the shipping location of our customers: Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 (in thousands) United States $ 378 $ 2,333 $ 1,720 $ 4,586 Europe 2,965 4,082 10,000 8,694 Asia-Pacific 4,700 2,042 8,653 4,226 Other 707 256 963 294 Total revenue from contracts with customers $ 8,750 $ 8,713 $ 21,336 $ 17,800 As of July 31, 2023 January 31, 2023 July 31, 2023 January 31, 2023 Contract Assets: (in thousands) Unbilled revenue - current $ 33 $ 2 Total unbilled revenue $ 33 $ 2 Contract Liabilities: Deferred revenue & customer deposits - current $ 1,670 $ 571 Total deferred revenue & customer deposits $ 1,670 $ 571 Considering the products manufactured and sold by our Seamap and Klein businesses and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a period of three nine With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not one one |
Note 7 - Balance Sheet
Note 7 - Balance Sheet | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 7. July 31, 2023 January 31, 2023 (in thousands) Inventories: Raw materials $ 8,730 $ 8,480 Finished goods 3,936 4,156 Work in progress 4,876 4,422 Cost of inventories 17,542 17,058 Less allowance for obsolescence (1,891 ) (1,740 ) Total inventories, net $ 15,651 $ 15,318 July 31, 2023 January 31, 2023 (in thousands) Property and equipment: Furniture and fixtures $ 10,048 $ 9,896 Autos and trucks 399 358 Land and buildings 4,547 4,880 Cost of property and equipment 14,994 15,134 Accumulated depreciation and amortization (11,374 ) (11,189 ) Total property and equipment, net $ 3,620 $ 3,945 As of January 31, 2023 may not 2023. January 31, 2023 no six July 31, 2023, July 31, 2023. |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Singapore, Malaysia, and the United Kingdom. Our lease obligation in Canada was terminated as of March 31, 2022, November 30, 2022. Lease expense for the three six July 31, 2023 three six July 31, 2022 approximately$2,000 three six July 31, 2023 three six July 31, 2022 approximately$9,000 Supplemental balance sheet information related to leases as of July 31, 2023 January 31, 2023 Lease July 31, 2023 January 31, 2023 Assets (in thousands) Operating lease assets $ 1,626 $ 1,749 Liabilities Operating lease liabilities $ 1,626 $ 1,749 Classification of lease liabilities Current liabilities $ 903 $ 903 Non-current liabilities 723 846 Total Operating lease liabilities $ 1,626 $ 1,749 Lease-term and discount rate details as of July 31, 2023 January 31, 2023 Lease term and discount rate July 31, 2023 January 31, 2023 Weighted average remaining lease term (years) Operating leases 1.84 1.98 Weighted average discount rate: Operating leases 13 % 13 % The incremental borrowing rate was calculated using the Company's weighted average cost of capital. Supplemental cash flow information related to leases was as follows: Lease Six Months Ended July 31, 2023 Six Months Ended July 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating leases $ (422 ) $ (421 ) Changes in lease balances resulting from new and modified leases: Operating leases $ 294 $ 638 Maturities of lease liabilities at July 31, 2023 July 31, 2023 (in thousands) 2024 $ 506 2025 711 2026 309 2027 208 2028 208 Thereafter 21 Total payments under lease agreements $ 1,963 Less: imputed interest (337 ) Total lease liabilities $ 1,626 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. July 31, 2023 January 31, 2023 Weighted Average Life at Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying July 31, 2023 Amount Amortization Impairment Amount Amount Amortization Impairment Amount (in thousands) (in thousands) Proprietary rights 4.7 8,238 (4,835 ) — 3,403 8,238 (4,606 ) — 3,632 Customer relationships 0.1 5,024 (4,943 ) — 81 5,024 (4,894 ) — 130 Patents 1.6 2,540 (2,123 ) — 417 2,540 (2,027 ) — 513 Trade name 2.8 894 (102 ) (760 ) 32 894 (97 ) (760 ) 37 Developed technology 2.4 1,430 (1,084 ) — 346 1,430 (1,013 ) — 417 Other 0.9 714 (575 ) — 139 705 (503 ) — 202 Intangible assets $ 18,840 $ (13,662 ) $ (760 ) $ 4,418 $ 18,831 $ (13,140 ) $ (760 ) $ 4,931 Approximately $923,000 of the gross carrying amount of intangible assets, primarily in proprietary rights, are related to technology development projects that have not not On January 31, 2023 no not six July 31, 2023, no Aggregate amortization expense was $522,000 and $427,000 for the six July 31, 2023 2022 July 31, 2023 For fiscal years ending January 31, (in thousands) 2024 $ 468 2025 743 2026 617 2027 330 2028 283 Thereafter 1,054 Total $ 3,495 |
Note 10 - Notes Payable
Note 10 - Notes Payable | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 10. On February 2, 2023, February 1, 2024, three six July 31, 2023. may August 22, 2023, 2 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. For the three six July 31, 2023 approximately$1.4 three six July 31, 2022, The Company files U.S. federal and state income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company's U.S. federal tax returns are subject to examination by the Internal Revenue Service for fiscal years ended January 31, 2019 2023. may January 31, 2017 2023. January 31, 2017 2023. The Company has determined that the undistributed earnings of foreign subsidiaries are not July 31, 2023 not July 31, 2023 For the three six July 31, 2023 2022 not |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. For the three six July 31, 2023 July 31, 2022, no three six July 31, 2023 July 31,2022, |
Note 13 - Related Party Transac
Note 13 - Related Party Transaction | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Ladenburg Thalmann & Co. Inc. (the “Agent”) acted as the broker for the Loan (See Note 10 - "Notes Payable" for additional details). The Co-Chief Executive Officer and Co-President of the Agent is the Non-Executive Chairman of our Board. The Agent received approximately $50,000 in related fees. Our Non-Executive Chairman of the Board received no |
Note 14 - Equity and Stock-base
Note 14 - Equity and Stock-based Compensation | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 14. As of July 31, 2023 April 30, July 31, October 31, January 31, three July 31, 2023 not not July 31, 2023. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three six July 31, 2023 three six July 31, 2022, |
Note 15 - Segment Reporting
Note 15 - Segment Reporting | 6 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. The Company operates in two August 21, 2023, 2 Prior to the year ended January 31, 2023, 280, 2024, 280, three six July 31, 2022, not As of July 31, 2023 As of January 31, 2023 Total Assets Total Assets Seamap Marine Products Klein Marine Products Equipment Leasing -discontinued Corporate Consolidated Seamap Marine Products Klein Marine Products Equipment Leasing -discontinued Corporate Consolidated $ 23,139 $ 10,537 $ — $ 549 $ 34,225 $ 21,302 $ 10,708 $ — $ 848 $ 32,858 For the Three Months Ended July 31, 2023 For the Three Months Ended July 31, 2022 Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Revenues $ 7,618 $ 1,238 $ - $ (106) $ 8,750 $ 5,025 $ 3,689 $ - $ (1) $ 8,713 Cost of sales 4,677 912 - (106) 5,483 3,213 1,963 - (1) 5,175 Depreciation and amortization expense 284 157 18 - 459 309 135 23 - 467 Interest expense 40 - (204) - (164) - - - - - Operating income (loss) 1,026 (780) (1,794) - (1,548) 292 494 (2,337) - (1,551) For the Six Months Ended July 31, 2023 For the Six Months Ended July 31, 2022 Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Revenues $ 18,215 $ 3,569 $ - $ (448 ) $ 21,336 $ 13,104 $ 4,810 $ - $ (114 ) $ 17,800 Cost of sales 10,738 2,362 - (448 ) 12,652 8,270 2,817 - (114 ) 10,973 Depreciation and amortization expense 597 306 37 - 940 632 267 47 - 946 Interest expense 40 - (408 ) - (368 ) - - (4 ) - (4 ) Operating income (loss) 3,746 (911 ) (4,094 ) - (1,259 ) 1,723 (686 ) (5,064 ) - (4,027 ) Sales from the Klein Marine Products to the Seamap Marine Products segment are eliminated in consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and the cost to manufacture the equipment. The following table presents a reconciliation of operating loss to loss from continuing operations before income taxes (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Seamap Marine Products $ 1,026 $ 292 $ 3,746 $ 1,723 Klein Marine Products (780 ) 494 (911 ) (686 ) Corporate Expenses (1,794 ) (2,337 ) (4,094 ) (5,064 ) Operating loss (1,548 ) (1,551 ) (1,259 ) (4,027 ) Interest Expense (164 ) — (368 ) (4 ) Other 295 (76 ) 388 (190 ) Loss from continuing operations before income taxes $ (1,417 ) $ (1,627 ) $ (1,239 ) $ (4,221 ) |
Note 2 - Sale of Subsidiaries_2
Note 2 - Sale of Subsidiaries and Subsequent Events (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | ASSETS Historical MIND Technology (a) Operations of Klein (b) Pro Forma Adjustments Pro-forma MIND Technology Current assets: Cash and cash equivalents 494 - 7,304 (e) 7,798 Accounts receivable, net of allowance for doubtful accounts of $ 504 7,143 (944 ) (c) - 6,199 Inventories, net 15,651 (5,031 ) (c) - 10,620 Prepaid expenses and other current assets 1,273 (312 ) (c) 961 Total current assets 24,561 (6,287 ) 7,304 25,578 Property and equipment, net 3,620 (2,784 ) (c) - 836 Operating lease right-of-use assets 1,626 - - 1,626 Intangible assets, net 4,418 (1,193 ) (c) - 3,225 Total assets 34,225 (10,264 ) 7,304 31,265 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable 2,459 (866 ) (c) - 1,593 Deferred revenue 309 (10 ) (c) - 299 Accrued expenses and other current liabilities 3,386 (690 ) (c) - 2,696 Income taxes payable 1,585 - - 1,585 Operating lease liabilities - current 903 - - 903 Note payable, net 3,343 - (3,343 ) (f) - Total current liabilities 11,985 (1,566 ) (3,343 ) 7,076 Operating lease liabilities - non-current 723 - - 723 Deferred tax liability 41 - - 41 Total liabilities 12,749 (1,566 ) (3,343 ) 7,840 Stockholders’ equity: Preferred stock, $ 1.00 2,000 1,683 37,779 - - 37,779 Common stock, $ 0.01 40,000 15,721 157 - - 157 Additional paid-in capital 129,738 - - 129,738 Treasury stock, at cost ( 1,933 (16,863 ) - - (16,863 ) Accumulated deficit (129,369 ) (8,698 ) (g) 10,647 (g) (127,420 ) Accumulated other comprehensive gain 34 - - 34 Total stockholders equity 21,476 (8,698 ) 10,647 23,425 Total liabilities and stockholders equity 34,225 (10,264 ) 7,304 31,265 |
Condensed Income Statement [Table Text Block] | Historical MIND Technology (a) Operations of Klein (b) Pro Forma Adjustments Pro-forma MIND Technology Revenues: Sale of marine technology products 21,336 (3,178 ) (d) 18,158 Total revenues 21,336 (3,178 ) - 18,158 Cost of sales: Sale of marine technology products 12,652 (1,972 ) (d) - 10,680 Total cost of sales 12,652 (1,972 ) 10,680 Gross profit 8,684 (1,206 ) - 7,478 Operating expenses: Selling, general and administrative 7,388 (1,199 ) (d) - 6,189 Research and development 1,615 (737 ) (d) - 878 Depreciation and amortization 940 (306 ) (d) 634 Total operating expenses 9,943 (2,242 ) - 7,701 Operating income (loss) (1,259 ) 1,036 - (223 ) Other expense: Other, net 20 (77 ) (d) 407 (h) 350 Total other income (expense) 20 (77 ) 407 350 Income (loss) from continuing operations before income taxes (1,239 ) 959 407 127 Provision for income taxes (495 ) (17 ) (d) (512 ) Net (loss) income from continuing operations (1,734 ) 942 407 (385 ) Preferred stock dividends - declared - - Preferred stock dividends - undeclared (1,894 ) - - (1,894 ) Net loss attributable to common stockholders (3,628 ) - - (2,279 ) Net loss per common share - Basic and Diluted (0.26 ) (0.17 ) Shares used in computing net loss per common share: Basic 13,791 13,791 Diluted 13,791 13,791 Historical MIND Technology (a) Operations of Klein (b) Pro Forma Adjustments Pro-forma MIND Technology Revenues: Sale of marine technology products 8,750 (1,190 ) (d) - 7,560 Total revenues 8,750 (1,190 ) - 7,560 Cost of sales: Sale of marine technology products 5,483 (864 ) (d) - 4,619 Total cost of sales 5,483 (864 ) 4,619 Gross profit 3,267 (326 ) - 2,941 Operating expenses: Selling, general and administrative 3,514 (616 ) (d) - 2,898 Research and development 842 (395 ) (d) - 447 Depreciation and amortization 459 (157 ) (d) - 302 Total operating expenses 4,815 (1,168 ) - 3,647 Operating income (loss) (1,548 ) 842 - (706 ) Other expense: Other, net 131 (98 ) (d) 204 (h) 237 Total other income (expense) 131 (98 ) 204 237 Income (loss) from continuing operations before income taxes (1,417 ) 744 204 (469 ) Provision for income taxes (77 ) (24 ) (d) - (101 ) Net loss from continuing operations (1,494 ) 720 204 (570 ) Preferred stock dividends - declared - - Preferred stock dividends - undeclared (947 ) - - (947 ) Net loss attributable to common stockholders (2,441 ) - - (1,517 ) Net loss per common share - Basic and Diluted (0.18 ) (0.11 ) Shares used in computing net loss per common share: Basic 13,792 13,792 Diluted 13,792 13,792 |
Note 4 - Assets Held for Sale_2
Note 4 - Assets Held for Sale and Discontinued Operations (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Three Months Ended July 31, For the Six Months Ended July 31, 2023 2022 2023 2022 Revenues: (in thousands) Revenue from discontinued operations $ — $ — $ — $ — Cost of sales: Cost of discontinued operations — 23 — 48 Operating expenses: Selling, general and administrative — 101 — 214 Total operating expenses — 101 — 214 Operating loss — (124 ) — (262 ) Other (expense) income — (38 ) — 486 (Loss) income before income taxes from discontinued operations — (162 ) — 224 Net (loss) income from discontinued operations — (162 ) — 224 For the Six Months Ended July 31, 2023 2022 (in thousands) Gross profit from sale of assets held-for-sale $ — $ (358 ) Sale of assets held for sale $ — $ 361 |
Note 6 - Revenue From Contrac_2
Note 6 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Revenue recognized at a point in time: (in thousands) Seamap $ 7,103 $ 4,288 $ 17,508 $ 12,281 Klein 1,180 3,688 2,652 4,696 Total revenue recognized at a point in time $ 8,283 $ 7,976 $ 20,160 $ 16,977 Revenue recognized over time: Seamap $ 458 $ 737 $ 650 $ 823 Klein $ 9 $ — $ 526 $ — Total revenue recognized over time 467 737 1,176 823 Total revenue from contracts with customers $ 8,750 $ 8,713 $ 21,336 $ 17,800 Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 (in thousands) United States $ 378 $ 2,333 $ 1,720 $ 4,586 Europe 2,965 4,082 10,000 8,694 Asia-Pacific 4,700 2,042 8,653 4,226 Other 707 256 963 294 Total revenue from contracts with customers $ 8,750 $ 8,713 $ 21,336 $ 17,800 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | July 31, 2023 January 31, 2023 Contract Assets: (in thousands) Unbilled revenue - current $ 33 $ 2 Total unbilled revenue $ 33 $ 2 Contract Liabilities: Deferred revenue & customer deposits - current $ 1,670 $ 571 Total deferred revenue & customer deposits $ 1,670 $ 571 |
Note 7 - Balance Sheet (Tables)
Note 7 - Balance Sheet (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | July 31, 2023 January 31, 2023 (in thousands) Inventories: Raw materials $ 8,730 $ 8,480 Finished goods 3,936 4,156 Work in progress 4,876 4,422 Cost of inventories 17,542 17,058 Less allowance for obsolescence (1,891 ) (1,740 ) Total inventories, net $ 15,651 $ 15,318 |
Property, Plant and Equipment [Table Text Block] | July 31, 2023 January 31, 2023 (in thousands) Property and equipment: Furniture and fixtures $ 10,048 $ 9,896 Autos and trucks 399 358 Land and buildings 4,547 4,880 Cost of property and equipment 14,994 15,134 Accumulated depreciation and amortization (11,374 ) (11,189 ) Total property and equipment, net $ 3,620 $ 3,945 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Lease July 31, 2023 January 31, 2023 Assets (in thousands) Operating lease assets $ 1,626 $ 1,749 Liabilities Operating lease liabilities $ 1,626 $ 1,749 Classification of lease liabilities Current liabilities $ 903 $ 903 Non-current liabilities 723 846 Total Operating lease liabilities $ 1,626 $ 1,749 |
Lease, Cost [Table Text Block] | Lease term and discount rate July 31, 2023 January 31, 2023 Weighted average remaining lease term (years) Operating leases 1.84 1.98 Weighted average discount rate: Operating leases 13 % 13 % Lease Six Months Ended July 31, 2023 Six Months Ended July 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating leases $ (422 ) $ (421 ) Changes in lease balances resulting from new and modified leases: Operating leases $ 294 $ 638 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | July 31, 2023 (in thousands) 2024 $ 506 2025 711 2026 309 2027 208 2028 208 Thereafter 21 Total payments under lease agreements $ 1,963 Less: imputed interest (337 ) Total lease liabilities $ 1,626 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | July 31, 2023 January 31, 2023 Weighted Average Life at Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying July 31, 2023 Amount Amortization Impairment Amount Amount Amortization Impairment Amount (in thousands) (in thousands) Proprietary rights 4.7 8,238 (4,835 ) — 3,403 8,238 (4,606 ) — 3,632 Customer relationships 0.1 5,024 (4,943 ) — 81 5,024 (4,894 ) — 130 Patents 1.6 2,540 (2,123 ) — 417 2,540 (2,027 ) — 513 Trade name 2.8 894 (102 ) (760 ) 32 894 (97 ) (760 ) 37 Developed technology 2.4 1,430 (1,084 ) — 346 1,430 (1,013 ) — 417 Other 0.9 714 (575 ) — 139 705 (503 ) — 202 Intangible assets $ 18,840 $ (13,662 ) $ (760 ) $ 4,418 $ 18,831 $ (13,140 ) $ (760 ) $ 4,931 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For fiscal years ending January 31, (in thousands) 2024 $ 468 2025 743 2026 617 2027 330 2028 283 Thereafter 1,054 Total $ 3,495 |
Note 15 - Segment Reporting (Ta
Note 15 - Segment Reporting (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of July 31, 2023 As of January 31, 2023 Total Assets Total Assets Seamap Marine Products Klein Marine Products Equipment Leasing -discontinued Corporate Consolidated Seamap Marine Products Klein Marine Products Equipment Leasing -discontinued Corporate Consolidated $ 23,139 $ 10,537 $ — $ 549 $ 34,225 $ 21,302 $ 10,708 $ — $ 848 $ 32,858 For the Three Months Ended July 31, 2023 For the Three Months Ended July 31, 2022 Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Revenues $ 7,618 $ 1,238 $ - $ (106) $ 8,750 $ 5,025 $ 3,689 $ - $ (1) $ 8,713 Cost of sales 4,677 912 - (106) 5,483 3,213 1,963 - (1) 5,175 Depreciation and amortization expense 284 157 18 - 459 309 135 23 - 467 Interest expense 40 - (204) - (164) - - - - - Operating income (loss) 1,026 (780) (1,794) - (1,548) 292 494 (2,337) - (1,551) For the Six Months Ended July 31, 2023 For the Six Months Ended July 31, 2022 Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Seamap Marine Products Klein Marine Products Corporate expenses Eliminations Consolidated Revenues $ 18,215 $ 3,569 $ - $ (448 ) $ 21,336 $ 13,104 $ 4,810 $ - $ (114 ) $ 17,800 Cost of sales 10,738 2,362 - (448 ) 12,652 8,270 2,817 - (114 ) 10,973 Depreciation and amortization expense 597 306 37 - 940 632 267 47 - 946 Interest expense 40 - (408 ) - (368 ) - - (4 ) - (4 ) Operating income (loss) 3,746 (911 ) (4,094 ) - (1,259 ) 1,723 (686 ) (5,064 ) - (4,027 ) |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Seamap Marine Products $ 1,026 $ 292 $ 3,746 $ 1,723 Klein Marine Products (780 ) 494 (911 ) (686 ) Corporate Expenses (1,794 ) (2,337 ) (4,094 ) (5,064 ) Operating loss (1,548 ) (1,551 ) (1,259 ) (4,027 ) Interest Expense (164 ) — (368 ) (4 ) Other 295 (76 ) 388 (190 ) Loss from continuing operations before income taxes $ (1,417 ) $ (1,627 ) $ (1,239 ) $ (4,221 ) |
Note 1 - Organization and Liq_2
Note 1 - Organization and Liquidity (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 21, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | |
Working Capital (Deficit) | $ 12,600,000 | $ 12,600,000 | |||
Cash | 494,000 | 494,000 | |||
Unbilled Contracts Receivable | 17,000,000 | 17,000,000 | |||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 0 | $ 0 | $ 0 | $ 1,894,000 | |
Klein Marine Services, Inc. [Member] | Subsequent Event [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 11,500,000 | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 7,300,000 |
Note 2 - Sale of Subsidiaries_3
Note 2 - Sale of Subsidiaries and Subsequent Events (Details Textual) - Klein Marine Services, Inc. [Member] - Subsequent Event [Member] $ in Millions | Aug. 21, 2023 USD ($) |
Disposal Group, Including Discontinued Operation, Consideration | $ 11.5 |
Gain (Loss) on Disposition of Business | $ 2 |
Note 2 - Sale of Subsidiaries_4
Note 2 - Sale of Subsidiaries and Subsequent Events - Summary of Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | ||
Cash and cash equivalents | $ 494 | [1] | $ 778 | |||||
Accounts receivable, net of allowance for doubtful accounts of $504 at each of July 31, 2023 and January 31, 2023 | 7,143 | [2] | 3,993 | |||||
Inventories, net | 15,651 | [1],[2] | 15,318 | |||||
Prepaid expenses and other current assets | 1,273 | [1],[2] | 2,144 | |||||
Total current assets | 24,561 | [1] | 22,233 | |||||
Property and equipment, net | 3,620 | [1],[2] | 3,945 | |||||
Operating lease right-of-use assets | 1,626 | [1] | 1,749 | |||||
Intangible assets, net | 4,418 | [1] | 4,931 | |||||
Total assets | 34,225 | [1] | 32,858 | |||||
Accounts payable | 2,459 | [1],[2] | 4,101 | |||||
Deferred revenue | 309 | [1],[3] | 164 | |||||
Accrued expenses and other current liabilities | 3,386 | [1],[2] | 2,247 | |||||
Income taxes payable | 1,585 | [1] | 1,516 | |||||
Operating lease liabilities - current | 903 | [1] | 903 | |||||
Note payable, net | 3,343 | [1] | 0 | |||||
Total current liabilities | 11,985 | [1] | 8,931 | |||||
Operating lease liabilities - non-current | 723 | [1] | 846 | |||||
Deferred tax liability | 41 | [1] | 29 | |||||
Total liabilities | 12,749 | [1],[4],[5] | 9,806 | |||||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of July 31, 2023 and January 31, 2023 | 37,779 | 37,779 | ||||||
Common stock, $0.01 par value; 40,000 shares authorized; 15,721 shares issued at each of July 31, 2023 and January 31, 2023 | 157 | 157 | ||||||
Additional paid-in capital | 129,738 | [1] | 129,580 | |||||
Treasury stock, at cost (1,933 shares at each of July 31, 2023 and January 31, 2023 ) | (16,863) | [1] | (16,863) | |||||
Accumulated deficit | (129,369) | [1],[6] | (127,635) | |||||
Accumulated other comprehensive gain | 34 | [1] | 34 | |||||
Total stockholders’ equity | 21,476 | [1] | $ 22,862 | 23,052 | $ 25,661 | $ 27,129 | $ 30,263 | |
Total liabilities and stockholders’ equity | 34,225 | [1] | $ 32,858 | |||||
Pro Forma Adjustments [Member] | ||||||||
Cash and cash equivalents | 7,304 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $504 at each of July 31, 2023 and January 31, 2023 | [2] | 0 | ||||||
Inventories, net | [2] | 0 | ||||||
Prepaid expenses and other current assets | [2] | |||||||
Total current assets | 7,304 | |||||||
Property and equipment, net | [2] | 0 | ||||||
Operating lease right-of-use assets | 0 | |||||||
Intangible assets, net | 0 | |||||||
Total assets | 7,304 | |||||||
Accounts payable | [2] | 0 | ||||||
Deferred revenue | [3] | 0 | ||||||
Accrued expenses and other current liabilities | [2] | 0 | ||||||
Income taxes payable | 0 | |||||||
Operating lease liabilities - current | 0 | |||||||
Note payable, net | (3,343) | |||||||
Total current liabilities | (3,343) | |||||||
Operating lease liabilities - non-current | 0 | |||||||
Deferred tax liability | 0 | |||||||
Total liabilities | (3,343) | |||||||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of July 31, 2023 and January 31, 2023 | 0 | |||||||
Common stock, $0.01 par value; 40,000 shares authorized; 15,721 shares issued at each of July 31, 2023 and January 31, 2023 | 0 | |||||||
Additional paid-in capital | 0 | |||||||
Treasury stock, at cost (1,933 shares at each of July 31, 2023 and January 31, 2023 ) | 0 | |||||||
Accumulated deficit | [6] | 10,647 | ||||||
Accumulated other comprehensive gain | 0 | |||||||
Total stockholders’ equity | 10,647 | |||||||
Total liabilities and stockholders’ equity | 7,304 | |||||||
Pro Forma [Member] | ||||||||
Cash and cash equivalents | 7,798 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $504 at each of July 31, 2023 and January 31, 2023 | [2] | 6,199 | ||||||
Inventories, net | [2] | 10,620 | ||||||
Prepaid expenses and other current assets | [2] | 961 | ||||||
Total current assets | 25,578 | |||||||
Property and equipment, net | [2] | 836 | ||||||
Operating lease right-of-use assets | 1,626 | |||||||
Intangible assets, net | 3,225 | |||||||
Total assets | 31,265 | |||||||
Accounts payable | [2] | 1,593 | ||||||
Deferred revenue | [3] | 299 | ||||||
Accrued expenses and other current liabilities | [2] | 2,696 | ||||||
Income taxes payable | 1,585 | |||||||
Operating lease liabilities - current | 903 | |||||||
Note payable, net | 0 | |||||||
Total current liabilities | 7,076 | |||||||
Operating lease liabilities - non-current | 723 | |||||||
Deferred tax liability | 41 | |||||||
Total liabilities | 7,840 | |||||||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of July 31, 2023 and January 31, 2023 | 37,779 | |||||||
Common stock, $0.01 par value; 40,000 shares authorized; 15,721 shares issued at each of July 31, 2023 and January 31, 2023 | 157 | |||||||
Additional paid-in capital | 129,738 | |||||||
Treasury stock, at cost (1,933 shares at each of July 31, 2023 and January 31, 2023 ) | (16,863) | |||||||
Accumulated deficit | [6] | (127,420) | ||||||
Accumulated other comprehensive gain | 34 | |||||||
Total stockholders’ equity | 23,425 | |||||||
Total liabilities and stockholders’ equity | 31,265 | |||||||
Subsidiaries [Member] | ||||||||
Cash and cash equivalents | 0 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $504 at each of July 31, 2023 and January 31, 2023 | [2] | (944) | ||||||
Inventories, net | [2] | (5,031) | ||||||
Prepaid expenses and other current assets | [2] | (312) | ||||||
Total current assets | (6,287) | |||||||
Property and equipment, net | [2] | (2,784) | ||||||
Operating lease right-of-use assets | 0 | |||||||
Intangible assets, net | (1,193) | |||||||
Total assets | (10,264) | |||||||
Accounts payable | [2] | (866) | ||||||
Deferred revenue | [3] | (10) | ||||||
Accrued expenses and other current liabilities | [2] | (690) | ||||||
Income taxes payable | 0 | |||||||
Operating lease liabilities - current | 0 | |||||||
Note payable, net | 0 | |||||||
Total current liabilities | (1,566) | |||||||
Operating lease liabilities - non-current | 0 | |||||||
Deferred tax liability | 0 | |||||||
Total liabilities | (1,566) | |||||||
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of July 31, 2023 and January 31, 2023 | 0 | |||||||
Common stock, $0.01 par value; 40,000 shares authorized; 15,721 shares issued at each of July 31, 2023 and January 31, 2023 | 0 | |||||||
Additional paid-in capital | 0 | |||||||
Treasury stock, at cost (1,933 shares at each of July 31, 2023 and January 31, 2023 ) | 0 | |||||||
Accumulated deficit | [6] | (8,698) | ||||||
Accumulated other comprehensive gain | 0 | |||||||
Total stockholders’ equity | (8,698) | |||||||
Total liabilities and stockholders’ equity | $ (10,264) | |||||||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q.[2]Adjustments represent the disposition of assets and liabilities of the Klein operations.[3]Reflects the consummation of the Sale of Klein in accordance with the terms of the SPA.[4]Adjustments to accumulated deficit reflect the estimated gain on Sale of Klein. The estimated gain has not been reflected in the accompanying statements of operations as it is not related to continuing operations. The actual gain or loss on Sale of Klein will be recorded in the Company's financial statements for the quarter ending October 31, 2023, and will differ from this estimate.[5]Reflects removal of interest expense that would not have been incurred if the Sale of Klein had been completed February 1, 2021.[6]Adjustments represent the elimination of income and expenses of the Klein operations. |
Note 2 - Sale of Subsidiaries_5
Note 2 - Sale of Subsidiaries and Subsequent Events - Summary of Condensed Balance Sheet (Details) (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Allowance for doubtful accounts | $ 504 | $ 504 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 1,683,000 | 1,683,000 |
Preferred stock, shares outstanding (in shares) | 1,683,000 | 1,683,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 15,721,000 | 15,721,000 |
Treasury stock, shares (in shares) | 1,933,000 | 1,933,000 |
Pro Forma [Member] | ||
Allowance for doubtful accounts | $ 504 | |
Preferred stock, par value (in dollars per share) | $ 1 | |
Preferred stock, shares authorized (in shares) | 2,000,000 | |
Preferred stock, shares issued (in shares) | 1,683,000 | |
Preferred stock, shares outstanding (in shares) | 1,683,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 40,000,000 | |
Common stock, shares issued (in shares) | 15,721,000 | |
Treasury stock, shares (in shares) | 1,933,000 |
Note 2 - Sale of Subsidiaries_6
Note 2 - Sale of Subsidiaries and Subsequent Events - Summary of Condensed Statements of Operations (Details) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | ||||
Sale of marine technology products | $ 8,750,000 | [1] | $ 8,713,000 | $ 21,336,000 | [1] | $ 17,800,000 | |
Total revenues | 8,750,000 | [1] | 8,713,000 | 21,336,000 | [1],[2],[3],[4] | 17,800,000 | |
Total cost of sales | 5,483,000 | [1] | 5,175,000 | 12,652,000 | [1] | 10,973,000 | |
Gross profit | 3,267,000 | [1] | 3,538,000 | 8,684,000 | [1] | 6,827,000 | |
Selling, general and administrative | 3,514,000 | [1] | 3,789,000 | 7,388,000 | [1] | 8,061,000 | |
Research and development | 842,000 | [1] | 833,000 | 1,615,000 | [1] | 1,847,000 | |
Depreciation and amortization | 459,000 | [1] | 467,000 | 940,000 | [1] | 946,000 | |
Total operating expenses | 4,815,000 | [1] | 5,089,000 | 9,943,000 | [1] | 10,854,000 | |
Operating income (loss) | (1,548,000) | [1] | (1,551,000) | (1,259,000) | [1] | (4,027,000) | |
Other, net | 131,000 | [1] | (76,000) | 20,000 | [1] | (194,000) | |
Total other income (expense) | 131,000 | [1] | (76,000) | 20,000 | [1] | (194,000) | |
Income (loss) from continuing operations before income taxes | (1,417,000) | [1] | (1,627,000) | (1,239,000) | [1] | (4,221,000) | |
Provision for income taxes | (77,000) | [1] | (131,000) | (495,000) | [1] | (342,000) | |
Net (loss) income from continuing operations | (1,494,000) | [1] | (1,758,000) | (1,734,000) | [1] | (4,563,000) | |
Preferred stock dividends - declared | 0 | [1] | 0 | 0 | [1] | (947,000) | |
Preferred stock dividends - undeclared | (947,000) | [1] | (947,000) | (1,894,000) | [1] | (947,000) | |
Net loss attributable to common stockholders | $ (2,441,000) | [1] | $ (2,867,000) | $ (3,628,000) | [1] | $ (6,233,000) | |
Basic (in shares) | 13,792 | [1] | 13,782 | 13,791 | [1] | 13,779 | |
Diluted (in shares) | 13,792 | [1] | 13,782 | 13,791 | [1] | 13,779 | |
Marine Technology Products [Member] | |||||||
Sale of marine technology products | $ 8,750,000 | $ 8,713,000 | $ 21,336,000 | $ 17,800,000 | |||
Total cost of sales | 5,483,000 | [1],[5] | $ 5,175,000 | 12,652,000 | [1] | $ 10,973,000 | |
Pro Forma Adjustments [Member] | |||||||
Sale of marine technology products | 0 | ||||||
Total revenues | 0 | 0 | |||||
Total cost of sales | |||||||
Gross profit | 0 | 0 | |||||
Selling, general and administrative | 0 | 0 | |||||
Research and development | 0 | 0 | |||||
Depreciation and amortization | 0 | ||||||
Total operating expenses | 0 | 0 | |||||
Operating income (loss) | 0 | 0 | |||||
Other, net | 204,000 | 407,000 | |||||
Total other income (expense) | 204,000 | [6] | 407,000 | ||||
Income (loss) from continuing operations before income taxes | 204,000 | 407,000 | |||||
Provision for income taxes | 0 | ||||||
Net (loss) income from continuing operations | 204,000 | 407,000 | |||||
Preferred stock dividends - declared | |||||||
Preferred stock dividends - undeclared | 0 | ||||||
Net loss attributable to common stockholders | $ 0 | ||||||
Basic (in shares) | |||||||
Diluted (in shares) | |||||||
Pro Forma Adjustments [Member] | Marine Technology Products [Member] | |||||||
Total cost of sales | 0 | $ 0 | |||||
Pro Forma [Member] | |||||||
Sale of marine technology products | 7,560,000 | [2],[3],[4] | 18,158,000 | ||||
Total revenues | 7,560,000 | 18,158,000 | |||||
Total cost of sales | 4,619,000 | 10,680,000 | |||||
Gross profit | 2,941,000 | 7,478,000 | |||||
Selling, general and administrative | 2,898,000 | 6,189,000 | |||||
Research and development | 447,000 | 878,000 | |||||
Depreciation and amortization | 302,000 | 634,000 | |||||
Total operating expenses | 3,647,000 | 7,701,000 | |||||
Operating income (loss) | (706,000) | (223,000) | |||||
Other, net | 237,000 | 350,000 | |||||
Total other income (expense) | 237,000 | 350,000 | |||||
Income (loss) from continuing operations before income taxes | (469,000) | 127,000 | |||||
Provision for income taxes | (101,000) | (512,000) | |||||
Net (loss) income from continuing operations | (570,000) | (385,000) | |||||
Preferred stock dividends - declared | 0 | ||||||
Preferred stock dividends - undeclared | (947,000) | (1,894,000) | |||||
Net loss attributable to common stockholders | $ (1,517,000) | $ (2,279,000) | |||||
Basic (in shares) | 13,792 | 13,791 | |||||
Diluted (in shares) | 13,792 | 13,791 | |||||
Pro Forma [Member] | Marine Technology Products [Member] | |||||||
Total cost of sales | $ 4,619,000 | $ 10,680,000 | |||||
Subsidiaries [Member] | |||||||
Sale of marine technology products | [8] | (1,190,000) | [7] | (3,178,000) | |||
Total revenues | [8] | (1,190,000) | (3,178,000) | ||||
Total cost of sales | [8] | (864,000) | (1,972,000) | ||||
Gross profit | [8] | (326,000) | (1,206,000) | ||||
Selling, general and administrative | [8] | (616,000) | (1,199,000) | ||||
Research and development | [8] | (395,000) | (737,000) | ||||
Depreciation and amortization | [8] | (157,000) | (306,000) | ||||
Total operating expenses | [8] | (1,168,000) | (2,242,000) | ||||
Operating income (loss) | [8] | 842,000 | 1,036,000 | ||||
Other, net | [8] | (98,000) | (77,000) | ||||
Total other income (expense) | [8] | (98,000) | (77,000) | ||||
Income (loss) from continuing operations before income taxes | [8] | 744,000 | 959,000 | ||||
Provision for income taxes | [8] | (24,000) | (17,000) | ||||
Net (loss) income from continuing operations | [8] | 720,000 | 942,000 | ||||
Preferred stock dividends - declared | [8] | ||||||
Preferred stock dividends - undeclared | [8] | 0 | |||||
Net loss attributable to common stockholders | [8] | $ 0 | |||||
Basic (in shares) | [8] | ||||||
Diluted (in shares) | [8] | ||||||
Subsidiaries [Member] | Marine Technology Products [Member] | |||||||
Total cost of sales | [8] | $ (864,000) | $ (1,972,000) | [5] | |||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q.[2]Adjustments represent the disposition of assets and liabilities of the Klein operations.[3]To record the net cash proceeds from the Sale of Klein paid on the Closing Date of $11.5 million, less estimated closing costs, estimated pay-off of the Note Payable, and estimated transaction costs, primarily legal expenses and investment broker fees, associated with the sale, all of which were incurred as part of the consummation of the Sale of Klein.[4]To record the pay-off of the Note Payable, net of prepaid interest and debt acquisition costs, due to Sachem Capital.[5]Adjustments to accumulated deficit reflect the estimated gain on Sale of Klein. The estimated gain has not been reflected in the accompanying statements of operations as it is not related to continuing operations. The actual gain or loss on Sale of Klein will be recorded in the Company's financial statements for the quarter ending October 31, 2023, and will differ from this estimate.[6]Reflects removal of interest expense that would not have been incurred if the Sale of Klein had been completed February 1, 2021.[7]Adjustments represent the elimination of income and expenses of the Klein operations.[8]Reflects the consummation of the Sale of Klein in accordance with the terms of the SPA. |
Note 4 - Assets Held for Sale_3
Note 4 - Assets Held for Sale and Discontinued Operations - Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Net (loss) income from discontinued operations | $ 0 | $ (162) | $ 0 | $ 224 |
Discontinued Operations, Held-for-Sale [Member] | ||||
Revenue from discontinued operations | 0 | 0 | 0 | 0 |
Cost of discontinued operations | 0 | 23 | 0 | 48 |
Selling, general and administrative | 0 | 101 | 0 | 214 |
Total operating expenses | 0 | 101 | 0 | 214 |
Operating loss | 0 | (124) | 0 | (262) |
Other (expense) income | 0 | (38) | 0 | 486 |
(Loss) income before income taxes from discontinued operations | 0 | (162) | 0 | 224 |
Net (loss) income from discontinued operations | $ 0 | $ (162) | 0 | 224 |
Gross profit from sale of assets held-for-sale | 0 | (358) | ||
Sale of assets held for sale | $ 0 | $ 361 |
Note 6 - Revenue From Contrac_3
Note 6 - Revenue From Contracts With Customers (Details Textual) | 6 Months Ended |
Jul. 31, 2023 | |
Minimum [Member] | |
Contract with Customers, Turn Over Period (Month) | 3 months |
Maximum [Member] | |
Contract with Customers, Turn Over Period (Month) | 9 years |
Note 6 - Revenue From Contrac_4
Note 6 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |||
Sale of marine technology products | $ 8,750 | [1] | $ 8,713 | $ 21,336 | [1] | $ 17,800 |
Transferred at Point in Time [Member] | ||||||
Sale of marine technology products | 8,283 | 7,976 | 20,160 | 16,977 | ||
Transferred over Time [Member] | ||||||
Sale of marine technology products | 467 | 737 | 1,176 | 823 | ||
Seamap [Member] | Transferred at Point in Time [Member] | ||||||
Sale of marine technology products | 7,103 | 4,288 | 17,508 | 12,281 | ||
Seamap [Member] | Transferred over Time [Member] | ||||||
Sale of marine technology products | 458 | 737 | 650 | 823 | ||
Klein [Member] | Transferred at Point in Time [Member] | ||||||
Sale of marine technology products | 1,180 | 3,688 | 2,652 | 4,696 | ||
Klein [Member] | Transferred over Time [Member] | ||||||
Sale of marine technology products | 9 | 0 | 526 | 0 | ||
UNITED STATES | ||||||
Sale of marine technology products | 378 | 2,333 | 1,720 | 4,586 | ||
Europe, Russia and CIS [Member] | ||||||
Sale of marine technology products | 2,965 | 4,082 | 10,000 | 8,694 | ||
Middle East and Africa [Member] | ||||||
Sale of marine technology products | 4,700 | 2,042 | 8,653 | 4,226 | ||
Asia Pacific [Member] | ||||||
Sale of marine technology products | $ 707 | $ 256 | $ 963 | $ 294 | ||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q. |
Note 6 - Revenue From Contrac_5
Note 6 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Unbilled revenue - current | $ 33 | $ 2 |
Total unbilled revenue | 33 | 2 |
Deferred revenue & customer deposits - current | 1,670 | 571 |
Total deferred revenue & customer deposits | $ 1,670 | $ 571 |
Note 7 - Balance Sheet (Details
Note 7 - Balance Sheet (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2022 | Jul. 31, 2023 | |
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 |
Note 7 - Balance Sheet - Schedu
Note 7 - Balance Sheet - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Raw materials | $ 8,730 | $ 8,480 | |
Finished goods | 3,936 | 4,156 | |
Work in progress | 4,876 | 4,422 | |
Cost of inventories | 17,542 | 17,058 | |
Less allowance for obsolescence | (1,891) | (1,740) | |
Total inventories, net | $ 15,651 | [1],[2] | $ 15,318 |
[1]Adjustments represent the disposition of assets and liabilities of the Klein operations.[2]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q. |
Note 7 - Balance Sheet - Sche_2
Note 7 - Balance Sheet - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Property and equipment, gross | $ 14,994 | $ 15,134 | |
Accumulated depreciation and amortization | (11,374) | (11,189) | |
Total property and equipment, net | 3,620 | [1],[2] | 3,945 |
Furniture and Fixtures [Member] | |||
Property and equipment, gross | 10,048 | 9,896 | |
Vehicles [Member] | |||
Property and equipment, gross | 399 | 358 | |
Land and Building [Member] | |||
Property and equipment, gross | $ 4,547 | $ 4,880 | |
[1]Adjustments represent the disposition of assets and liabilities of the Klein operations.[2]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q. |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Lease, Cost | $ 201,000 | $ 218,000 | $ 422,000 | $ 421,000 |
Short-Term Lease, Cost | $ 2,000 | $ 9,000 | $ 4,000 | $ 18,000 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Operating lease assets | $ 1,626 | [1] | $ 1,749 |
Operating lease liabilities | 1,626 | 1,749 | |
Current liabilities | 903 | [1] | 903 |
Non-current liabilities | 723 | [1] | 846 |
Total Operating lease liabilities | $ 1,626 | $ 1,749 | |
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q. |
Note 8 - Leases - Supplementa_2
Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Weighted average remaining lease term, Operating leases (Year) | 1 year 10 months 2 days | 1 year 11 months 23 days | |
Weighted average discount rate, Operating leases | 13% | 13% | |
Operating cash flows from operating leases | $ (422) | $ (421) | |
Right-of-use assets obtained in exchange for lease liabilities, Operating leases | $ 294 | $ 638 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
2024 | $ 506 | |
2025 | 711 | |
2026 | 309 | |
2027 | 208 | |
2028 | 208 | |
Thereafter | 21 | |
Total payments under lease agreements | 1,963 | |
Less: imputed interest | (337) | |
Total lease liabilities | $ 1,626 | $ 1,749 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Finite-Lived Intangible Assets, Gross, Total | $ 18,840,000 | $ 18,831,000 | |
Amortization of Intangible Assets | 522,000 | $ 427,000 | |
Klein Associates Incorporation [Member] | |||
Impairment of Intangible Assets (Excluding Goodwill), Total | 0 | ||
Technology Development Projects That Have Not Been Completed [Member] | |||
Finite-Lived Intangible Assets, Gross, Total | $ 923,000 |
Note 9 - Intangible Assets - Sc
Note 9 - Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Amortizable intangible assets, gross carrying amount | $ 18,840 | $ 18,831 | |
Amortizable intangible assets, accumulated amortization | (13,662) | (13,140) | |
Intangible assets, net | 4,418 | [1] | 4,931 |
Amortizable intangible assets, impairment | (760) | (760) | |
Proprietary Rights [Member] | |||
Amortizable intangible assets, gross carrying amount | 8,238 | 8,238 | |
Amortizable intangible assets, accumulated amortization | (4,835) | (4,606) | |
Intangible assets, net | $ 3,403 | 3,632 | |
Proprietary Rights [Member] | Weighted Average [Member] | |||
Weighted average life (Year) | 4 years 8 months 12 days | ||
Customer Relationships [Member] | |||
Amortizable intangible assets, gross carrying amount | $ 5,024 | 5,024 | |
Amortizable intangible assets, accumulated amortization | (4,943) | (4,894) | |
Intangible assets, net | $ 81 | 130 | |
Customer Relationships [Member] | Weighted Average [Member] | |||
Weighted average life (Year) | 1 month 6 days | ||
Patents [Member] | |||
Amortizable intangible assets, gross carrying amount | $ 2,540 | 2,540 | |
Amortizable intangible assets, accumulated amortization | (2,123) | (2,027) | |
Intangible assets, net | $ 417 | 513 | |
Patents [Member] | Weighted Average [Member] | |||
Weighted average life (Year) | 1 year 7 months 6 days | ||
Trade Names [Member] | |||
Amortizable intangible assets, gross carrying amount | $ 894 | 894 | |
Amortizable intangible assets, accumulated amortization | (102) | (97) | |
Intangible assets, net | 32 | 37 | |
Amortizable intangible assets, impairment | $ (760) | (760) | |
Trade Names [Member] | Weighted Average [Member] | |||
Weighted average life (Year) | 2 years 9 months 18 days | ||
Developed Technology Rights [Member] | |||
Amortizable intangible assets, gross carrying amount | $ 1,430 | 1,430 | |
Amortizable intangible assets, accumulated amortization | (1,084) | (1,013) | |
Intangible assets, net | $ 346 | 417 | |
Developed Technology Rights [Member] | Weighted Average [Member] | |||
Weighted average life (Year) | 2 years 4 months 24 days | ||
Other Intangible Assets [Member] | |||
Amortizable intangible assets, gross carrying amount | $ 714 | 705 | |
Amortizable intangible assets, accumulated amortization | (575) | (503) | |
Intangible assets, net | $ 139 | $ 202 | |
Other Intangible Assets [Member] | Weighted Average [Member] | |||
Weighted average life (Year) | 10 months 24 days | ||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q. |
Note 9 - Intangible Assets - Fu
Note 9 - Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Total | $ 4,418 | [1] | $ 4,931 |
Intangibles Excluding Technology Development Projects Not Yet Completed [Member] | |||
2024 | 468 | ||
2025 | 743 | ||
2026 | 617 | ||
2027 | 330 | ||
2028 | 283 | ||
Thereafter | 1,054 | ||
Total | $ 3,495 | ||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q. |
Note 10 - Notes Payable (Detail
Note 10 - Notes Payable (Details Textual) - The Loan [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |
Feb. 02, 2023 | Jul. 31, 2023 | Jul. 31, 2023 | |
Proceeds from Notes Payable | $ 3,750,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.90% | ||
Amortization of Debt Issuance Costs | $ 814,000 | ||
Loan Processing Fee | 254,000 | ||
Prepaid Interest | $ 484,000 | ||
Interest Expense, Debt | $ 204,000 | $ 407,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |||
Income Tax Expense (Benefit) | $ 77,000 | [1] | $ 131,000 | $ 495,000 | [1] | $ 342,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (1,417,000) | [1] | (1,627,000) | (1,239,000) | [1] | (4,221,000) |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 0 | 0 | ||||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q. |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 13,792 | [1] | 13,782 | 13,791 | [1] | 13,779 |
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q. |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transaction (Details Textual) - USD ($) | 1 Months Ended | |
Sep. 30, 2020 | Feb. 02, 2023 | |
The Loan [Member] | ||
Debt Instrument, Fee Amount | $ 50,000 | |
Ladenburg Thalmann and Co. Inc. [Member] | Series A Preferred Stock [Member] | First ATM Offering Program [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 10% |
Note 14 - Equity and Stock-ba_2
Note 14 - Equity and Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 1,683,000 | 1,683,000 | 1,683,000 | ||
Preferred Stock, Liquidation Preference, Value | $ 46,800,000 | $ 46,800,000 | |||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 4,700,000 | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | $ 25 | |||
Share-Based Payment Arrangement, Expense | $ 108,000 | $ 152,000 | $ 158,000 | $ 388,000 | |
Preferred Stock [Member] | Quarterly Dividends [Member] | |||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.5625 | $ 0.5625 |
Note 15 - Segment Reporting (De
Note 15 - Segment Reporting (Details Textual) | 6 Months Ended |
Jul. 31, 2023 | |
Number of Operating Segments | 2 |
Note 15 - Segment Reporting - S
Note 15 - Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |||
Total assets | $ 34,225 | [1] | $ 34,225 | [1] | $ 32,858 | ||
Revenue from Contract with Customer | 8,750 | [2] | $ 8,713 | 21,336 | [2] | $ 17,800 | |
Total cost of sales | 5,483 | [2] | 5,175 | 12,652 | [2] | 10,973 | |
Depreciation and amortization | 459 | [2] | 467 | 940 | [2] | 946 | |
Interest Expense | (164) | (368) | (4) | ||||
Operating income (loss) | (1,548) | [2] | (1,551) | (1,259) | [2] | (4,027) | |
Operating Segments [Member] | Seamap Marine Products [Member] | |||||||
Total assets | 23,139 | 23,139 | 21,302 | ||||
Revenue from Contract with Customer | 7,618 | 5,025 | 18,215 | 13,104 | |||
Total cost of sales | 4,677 | 3,213 | 10,738 | 8,270 | |||
Depreciation and amortization | 284 | 309 | 597 | 632 | |||
Interest Expense | 40 | 40 | 0 | ||||
Operating income (loss) | 1,026 | 292 | 3,746 | 1,723 | |||
Operating Segments [Member] | Klein Marine Products [Member] | |||||||
Total assets | 10,537 | 10,537 | 10,708 | ||||
Revenue from Contract with Customer | 1,238 | 3,689 | 3,569 | 4,810 | |||
Total cost of sales | 912 | 1,963 | 2,362 | 2,817 | |||
Depreciation and amortization | 157 | 135 | 306 | 267 | |||
Interest Expense | 0 | 0 | |||||
Operating income (loss) | (780) | 494 | (911) | (686) | |||
Operating Segments [Member] | Equipment Leasing Discontinued [Member] | |||||||
Total assets | |||||||
Corporate, Non-Segment [Member] | |||||||
Total assets | 549 | 549 | $ 848 | ||||
Revenue from Contract with Customer | 0 | 0 | |||||
Total cost of sales | 0 | 0 | |||||
Depreciation and amortization | 18 | 23 | 37 | 47 | |||
Interest Expense | (204) | (408) | (4) | ||||
Operating income (loss) | (1,794) | (2,337) | (4,094) | (5,064) | |||
Intersegment Eliminations [Member] | |||||||
Revenue from Contract with Customer | (106) | (1) | (448) | (114) | |||
Total cost of sales | (106) | (1) | (448) | (114) | |||
Depreciation and amortization | 0 | 0 | |||||
Interest Expense | 0 | 0 | |||||
Operating income (loss) | $ 0 | $ 0 | |||||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 in the Form 10-Q.[2]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q. |
Note 15 - Segment Reporting - R
Note 15 - Segment Reporting - Reconciliation of Operating Income Loss to Loss From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |||
Operating income (loss) | $ (1,548) | [1] | $ (1,551) | $ (1,259) | [1] | $ (4,027) |
Interest Expense | (164) | (368) | (4) | |||
Other | 295 | (76) | 388 | (190) | ||
Income (loss) from continuing operations before income taxes | (1,417) | [1] | (1,627) | (1,239) | [1] | (4,221) |
Corporate, Non-Segment [Member] | ||||||
Operating income (loss) | (1,794) | (2,337) | (4,094) | (5,064) | ||
Interest Expense | (204) | (408) | (4) | |||
Seamap Marine Products [Member] | Operating Segments [Member] | ||||||
Operating income (loss) | 1,026 | 292 | 3,746 | 1,723 | ||
Interest Expense | 40 | 40 | 0 | |||
Klein Marine Products [Member] | Operating Segments [Member] | ||||||
Operating income (loss) | $ (780) | $ 494 | (911) | (686) | ||
Interest Expense | $ 0 | $ 0 | ||||
[1]Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q. |