0001437749-23-017412 | 10-Q | XBRL Viewer

Schedule of Intangible Assets and Goodwill [Table Text Block]

		*April 30, 2023*										*January 31, 2023*
	*Weighted*	*Gross*								*Net*		*Gross*								*Net*
	*Average Life at*	*Carrying*		*Accumulated*						*Carrying*		*Carrying*		*Accumulated*						*Carrying*
	*April 30, 2023*	*Amount*		*Amortization*			*Impairment*			*Amount*		*Amount*		*Amortization*			*Impairment*			*Amount*
		(in thousands)										(in thousands)
Proprietary rights	4.9		8,238		(4,722	)		—			3,516		8,238		(4,606	)		—			3,632
Customer relationships	0.1		5,024		(4,919	)		—			105		5,024		(4,894	)		—			130
Patents	1.8		2,540		(2,090	)		—			450		2,540		(2,027	)		—			513
Trade name	3.1		894		(99	)		(760	)		35		894		(97	)		(760	)		37
Developed technology	2.7		1,430		(1,049	)		—			381		1,430		(1,013	)		—			417
Other	1.1		714		(537	)		—			177		705		(503	)		—			202
Intangible assets		$	18,840	$	(13,416	)	$	(760	)	$	4,664	$	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	$	757
2025		728
2026		628
2027		349
2028		283
Thereafter		996
Total	$	3,741

Note 9 - Notes Payable	3 Months Ended
Apr. 30, 2023
Notes to Financial Statements
Long-Term Debt [Text Block]	9. Notes Payable On February 2, 2023, we entered into a $3.75 million Loan and Security Agreement (“the Loan”). The Loan is due February 1, 2024, and bears interest at 12.9% per annum, payable monthly. The Company has incurred approximately $814,000 of debt acquisition costs associated with the loan including approximately $254,000 in origination and other transaction fees and approximately $484,000 of prepaid interest, which is the interest due through maturity. These costs have been recorded as a reduction to the carrying value of our debt and are amortized to interest expense straight-line over the term of the Loan. Approximately $204,000 of amortization of debt acquisition costs have been recorded as interest expense for the three months ended April 30, 2023. The Loan may be repaid at any time without penalty. The Loan is secured by mortgages on certain real estate owned by the Company. The Loan contains terms customary with this type of transaction including representations, warranties, covenants, and reporting requirements.

Note 9 - Notes Payable

3 Months Ended

Apr. 30, 2023

Long-Term Debt [Text Block]

9. Notes Payable

On February 2, 2023, we entered into a $3.75 million Loan and Security Agreement (“the Loan”). The Loan is due February 1, 2024, and bears interest at 12.9% per annum, payable monthly. The Company has incurred approximately $814,000 of debt acquisition costs associated with the loan including approximately $254,000 in origination and other transaction fees and approximately $484,000 of prepaid interest, which is the interest due through maturity. These costs have been recorded as a reduction to the carrying value of our debt and are amortized to interest expense straight-line over the term of the Loan. Approximately $204,000 of amortization of debt acquisition costs have been recorded as interest expense for the three months ended April 30, 2023. The Loan may be repaid at any time without penalty. The Loan is secured by mortgages on certain real estate owned by the Company. The Loan contains terms customary with this type of transaction including representations, warranties, covenants, and reporting requirements.

Note 8 - Intangible Assets

3 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

8. Intangible Assets

		*April 30, 2023*										*January 31, 2023*
	*Weighted*	*Gross*								*Net*		*Gross*								*Net*
	*Average Life at*	*Carrying*		*Accumulated*						*Carrying*		*Carrying*		*Accumulated*						*Carrying*
	*April 30, 2023*	*Amount*		*Amortization*			*Impairment*			*Amount*		*Amount*		*Amortization*			*Impairment*			*Amount*
		(in thousands)										(in thousands)
Proprietary rights	4.9		8,238		(4,722	)		—			3,516		8,238		(4,606	)		—			3,632
Customer relationships	0.1		5,024		(4,919	)		—			105		5,024		(4,894	)		—			130
Patents	1.8		2,540		(2,090	)		—			450		2,540		(2,027	)		—			513
Trade name	3.1		894		(99	)		(760	)		35		894		(97	)		(760	)		37
Developed technology	2.7		1,430		(1,049	)		—			381		1,430		(1,013	)		—			417
Other	1.1		714		(537	)		—			177		705		(503	)		—			202
Intangible assets		$	18,840	$	(13,416	)	$	(760	)	$	4,664	$	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 yet been completed. As a result, these intangible assets are not currently being amortized.

On January 31, 2023, the Company completed an annual review of amortizable intangible assets. Based on a review of qualitative factors it was determined that there were no events or changes in circumstances indicating that the carrying value of amortizable intangible assets was not recoverable. During the three months ended April 30, 2023, there have been no substantive indicators of impairment.

Aggregate amortization expense was $276,000 and $271,000 for the three months ended April 30, 2023 and 2022, respectively. As of April 30, 2023, future estimated amortization expense related to amortizable intangible assets was estimated to be:

For fiscal years ending January 31,		(in thousands)
2024	$	757
2025		728
2026		628
2027		349
2028		283
Thereafter		996
Total	$	3,741

Note 7 - Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Weighted average remaining lease term, Operating leases (Year)	1 year 11 months 8 days		1 year 11 months 23 days
Weighted average discount rate, Operating leases	13.00%		13.00%
Operating cash flows from operating leases	$ (221)	$ (203)
Right-of-use assets obtained in exchange for lease liabilities, Operating leases	$ 223	$ 0

Note 14 - Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		21843 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2022	Jan. 31, 2023
22,516	$ 33,845			$ 32,858
Total revenues	12,586	$ 9,087
Total cost of sales	7,169	5,798
Depreciation and amortization	481	479
Interest Expense	(204)	(4)	$ (4)
Operating loss	289	(2,476)	(2,476)
Operating Segments [Member] \| Seamap Marine Products [Member]
22,516	22,516			21,302
Total revenues	10,597	8,079
Total cost of sales	6,061	5,057
Depreciation and amortization	313	323
Interest Expense	0	0
Operating loss	2,720	1,431	1,431
Operating Segments [Member] \| Klein Marine Products [Member]
22,516	10,680			10,708
Total revenues	2,330	1,122
Total cost of sales	1,449	855
Depreciation and amortization	149	132
Interest Expense	0	0
Operating loss	(131)	(1,180)	(1,180)
Operating Segments [Member] \| Equipment Leasing Discontinued [Member]
22,516	0			0
Corporate, Non-Segment [Member]
22,516	649			$ 848
Total revenues	0	0
Total cost of sales	0	0
Depreciation and amortization	19	24
Interest Expense	(204)	(4)
Operating loss	(2,300)	(2,727)	$ (2,727)
Intersegment Eliminations [Member]
Total revenues	(341)	(114)
Total cost of sales	(341)	(114)
Depreciation and amortization	0	0
Interest Expense	0	0
Operating loss	$ 0	$ 0

Note 1 - Organization and Liquidity (Details Textual) - USD ($)	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Working Capital (Deficit)	$ 13,700,000
Cash	815,000
Unbilled Contracts Receivable	22,600,000
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	$ (0)	$ 947,000

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Note 8 - Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Amortizable intangible assets, gross carrying amount	$ 18,840	$ 18,831
Amortizable intangible assets, accumulated amortization	(13,416)	(13,140)
Intangible assets, net	4,664	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	(4,722)	(4,606)
Intangible assets, net	$ 3,516	3,632
Proprietary Rights [Member] \| Weighted Average [Member]
Weighted average life (Year)	4 years 10 months 24 days
Customer Relationships [Member]
Amortizable intangible assets, gross carrying amount	$ 5,024	5,024
Amortizable intangible assets, accumulated amortization	(4,919)	(4,894)
Intangible assets, net	$ 105	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	(2,090)	(2,027)
Intangible assets, net	$ 450	513
Patents [Member] \| Weighted Average [Member]
Weighted average life (Year)	1 year 9 months 18 days
Trade Names [Member]
Amortizable intangible assets, gross carrying amount	$ 894	894
Amortizable intangible assets, accumulated amortization	(99)	(97)
Intangible assets, net	35	37
Amortizable intangible assets, impairment	$ (760)	(760)
Trade Names [Member] \| Weighted Average [Member]
Weighted average life (Year)	3 years 1 month 6 days
Developed Technology Rights [Member]
Amortizable intangible assets, gross carrying amount	$ 1,430	1,430
Amortizable intangible assets, accumulated amortization	(1,049)	(1,013)
Intangible assets, net	$ 381	417
Developed Technology Rights [Member] \| Weighted Average [Member]
Weighted average life (Year)	2 years 8 months 12 days
Other Intangible Assets [Member]
Amortizable intangible assets, gross carrying amount	$ 714	705
Amortizable intangible assets, accumulated amortization	(537)	(503)
Intangible assets, net	$ 177	$ 202
Other Intangible Assets [Member] \| Weighted Average [Member]
Weighted average life (Year)	1 year 1 month 6 days

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		21843 Months Ended
Note 10 - Income Taxes (Details Textual) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2022
Income Tax Expense (Benefit)	$ 418,000	$ 211,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	178,000	(2,594,000)	$ (2,594,000)
Deferred Tax Liabilities, Undistributed Foreign Earnings	0
Unrecognized Tax Benefits	$ 0	$ 0	$ 0

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 13 - Equity and Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	1,683,000		1,683,000
Preferred Stock, Liquidation Preference, Value	$ 43,900,000
Preferred Stock, Amount of Preferred Dividends in Arrears	$ 3,800,000
Preferred Stock, Liquidation Preference Per Share (in dollars per share)	$ 25.00
Share-Based Payment Arrangement, Expense	$ 50,000	$ 236,000
Preferred Stock [Member] \| Quarterly Dividends [Member]
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.5625	$ 0.5625

Note 5 - Revenue From Contracts With Customers (Tables)

3 Months Ended

Apr. 30, 2023

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended April 30,*
	*2023*		*2022*
Revenue recognized at a point in time:	(in thousands)
Seamap	$	10,405	$	7,994
Klein		1,472		1,008
Total revenue recognized at a point in time	$	11,877	$	9,002
Revenue recognized over time:
Seamap	$	192	$	85
Klein	$	517	$	—
Total revenue recognized over time		709		85
Total revenue from contracts with customers	$	12,586	$	9,087

	*Three Months Ended April 30,*
	*2023*		*2022*
	(in thousands)
United States	$	1,342	$	2,253
Europe		7,035		4,612
Asia-Pacific		3,953		2,184
Other		256		38
Total revenue from contracts with customers	$	12,586	$	9,087

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	*April 30, 2023*		*January 31, 2023*
Contract Assets:	(in thousands)
Unbilled revenue - current	$	13	$	2
Total unbilled revenue	$	13	$	2
Contract Liabilities:
Deferred revenue & customer deposits - current	$	1,178	$	571
Total deferred revenue & customer deposits	$	1,178	$	571

Note 3 - Assets Held for Sale and Discontinued Operations - Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Net income from discontinued operations	$ 0	$ 386
Discontinued Operations, Held-for-Sale [Member]
Revenue from discontinued operations	0	0
Cost of discontinued operations	0	25
Selling, general and administrative	0	113
Total operating expenses	0	113
Operating loss	0	(138)
Other income	0	524
Income before income taxes from discontinued operations	0	386
Net income from discontinued operations	0	386
Gross profit from sale of assets held-for-sale	0	(280)
Sale of assets held for sale	$ 0	$ 283

Note 7 - Leases (Tables)

3 Months Ended

Apr. 30, 2023

Assets and Liabilities, Lessee [Table Text Block]

Lease	*April 30, 2023*		*January 31, 2023*
Assets	(in thousands)
Operating lease assets	$	1,762	$	1,749

Liabilities
Operating lease liabilities	$	1,762	$	1,749

Classification of lease liabilities
Current liabilities	$	753	$	903
Non-current liabilities		1,009		846
Total Operating lease liabilities	$	1,762	$	1,749

Lease, Cost [Table Text Block]

Lease term and discount rate	*April 30, 2023*			*January 31, 2023*
Weighted average remaining lease term (years)
Operating leases		1.94			1.98

Weighted average discount rate:
Operating leases		13	%		13	%

Lease	*Three Months Ended April 30, 2023*			*Three Months Ended April 30, 2022*
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating leases	$	(221	)	$	(203	)

Changes in lease balances resulting from new and modified leases:
Operating leases	$	223		$	—

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

	*April 30, 2023*
	(in thousands)
2024	$	753
2025		691
2026		294
2027		188
2028		188
Thereafter		15
Total payments under lease agreements	$	2,129

Less: imputed interest		(367	)
Total lease liabilities	$	1,762

Note 7 - Leases (Details Textual) - USD ($)	3 Months Ended
Note 7 - Leases (Details Textual) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Lease, Cost	$ 221,000	$ 203,000
Short-Term Lease, Cost	$ 2,000	$ 9,000

Note 7 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Operating lease assets	$ 1,762	$ 1,749
Operating lease liabilities	1,762	1,749
Current liabilities	753	903
Non-current liabilities	1,009	846
Total Operating lease liabilities	$ 1,762	$ 1,749

Note 8 - Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Total	$ 4,664	$ 4,931
Intangibles Excluding Technology Development Projects Not Yet Completed [Member]
2024	757
2025	728
2026	628
2027	349
2028	283
Thereafter	996
Total	$ 3,741

Note 3 - Assets Held for Sale and Discontinued Operations (Tables)

3 Months Ended

Apr. 30, 2023

Disposal Groups, Including Discontinued Operations [Table Text Block]

	*For the Three Months Ended April 30,*
	*2023*		*2022*
Revenues:	(in thousands)
Revenue from discontinued operations	$	—	$	—
Cost of sales:
Cost of discontinued operations		—		25
Operating expenses:
Selling, general and administrative		—		113
Total operating expenses		—		113
Operating loss		—		(138	)
Other income		—		524
Income before income taxes from discontinued operations		—		386
Net income from discontinued operations		—		386

	*For the Three Months Ended April 30,*
	*2023*		*2022*
	(in thousands)
Gross profit from sale of assets held-for-sale	$	—	$	(280	)
Sale of assets held for sale	$	—	$	283

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Note 9 - Notes Payable (Details Textual) - The Loan [Member] - USD ($)		3 Months Ended
	Feb. 02, 2023	Apr. 30, 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

Note 4 - New Accounting Pronouncements

3 Months Ended

Apr. 30, 2023

Accounting Standards Update and Change in Accounting Principle [Text Block]

4. New Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, to address timing on recognition of credit losses on loans and other financial instruments. This update requires all organizations to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 was effective during the three months ended April 30, 2023. The adoption of this standard did not have a material effect on the Company’s financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Current assets:
Cash and cash equivalents	$ 815	$ 778
Accounts receivable, net of allowance for doubtful accounts of $504 at each of April 30, 2023 and January 31, 2023	7,390	3,993
Inventories, net	14,339	15,318
Prepaid expenses and other current assets	1,088	2,144
Total current assets	23,632	22,233
Property and equipment, net	3,787	3,945
Operating lease right-of-use assets	1,762	1,749
Intangible assets, net	4,664	4,931
Total assets	33,845	32,858
Current liabilities:
Accounts payable	1,206	4,101
Deferred revenue	486	164
Accrued expenses and other current liabilities	2,638	2,247
Income taxes payable	1,723	1,516
Operating lease liabilities - current	753	903
Note payable, net	3,139	0
Total current liabilities	9,945	8,931
Operating lease liabilities - non-current	1,009	846
Deferred tax liability	29	29
Total liabilities	10,983	9,806
Stockholders’ equity:
Preferred stock, $1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding at each of April 30, 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 April 30, 2023 and January 31, 2023	157	157
Additional paid-in capital	129,630	129,580
Treasury stock, at cost (1,933 shares at each of April 30, 2023 and January 31, 2023 )	(16,863)	(16,863)
Accumulated deficit	(127,875)	(127,635)
Accumulated other comprehensive gain	34	34
Total stockholders’ equity	22,862	23,052
Total liabilities and stockholders’ equity	$ 33,845	$ 32,858

Note 6 - Balance Sheet - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Property and equipment, gross	$ 15,146	$ 15,134
Accumulated depreciation and amortization	(11,359)	(11,189)
Total property and equipment, net	3,787	3,945
Furniture and Fixtures [Member]
Property and equipment, gross	10,021	9,896
Vehicles [Member]
Property and equipment, gross	358	358
Land and Building [Member]
Property and equipment, gross	$ 4,767	$ 4,880

Note 14 - Segment Reporting (Details Textual)	3 Months Ended
Note 14 - Segment Reporting (Details Textual)	Apr. 30, 2023
Number of Operating Segments	2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Allowance for doubtful accounts	$ 504	$ 504
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
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

Note 6 - Balance Sheet (Tables)

3 Months Ended

Apr. 30, 2023

Schedule of Inventory, Current [Table Text Block]

	*April 30, 2023*			*January 31, 2023*
	(in thousands)
Inventories:
Raw materials	$	8,341		$	8,480
Finished goods		3,657			4,156
Work in progress		4,079			4,422
Cost of inventories		16,077			17,058
Less allowance for obsolescence		(1,738	)		(1,740	)
Total inventories, net	$	14,339		$	15,318

Property, Plant and Equipment [Table Text Block]

	*April 30, 2023*			*January 31, 2023*
	(in thousands)
Property and equipment:
Furniture and fixtures	$	10,021		$	9,896
Autos and trucks		358			358
Land and buildings		4,767			4,880
Cost of property and equipment		15,146			15,134
Accumulated depreciation and amortization		(11,359	)		(11,189	)
Total property and equipment, net	$	3,787		$	3,945

Note 6 - Balance Sheet

3 Months Ended

Apr. 30, 2023

Supplemental Balance Sheet Disclosures [Text Block]

6. Balance Sheet

	*April 30, 2023*			*January 31, 2023*
	(in thousands)
Inventories:
Raw materials	$	8,341		$	8,480
Finished goods		3,657			4,156
Work in progress		4,079			4,422
Cost of inventories		16,077			17,058
Less allowance for obsolescence		(1,738	)		(1,740	)
Total inventories, net	$	14,339		$	15,318

	*April 30, 2023*			*January 31, 2023*
	(in thousands)
Property and equipment:
Furniture and fixtures	$	10,021		$	9,896
Autos and trucks		358			358
Land and buildings		4,767			4,880
Cost of property and equipment		15,146			15,134
Accumulated depreciation and amortization		(11,359	)		(11,189	)
Total property and equipment, net	$	3,787		$	3,945

As of January 31, 2023, the Company completed an annual review of property and equipment noting no indications that the recorded value of assets may not be recoverable and no impairment was recorded for fiscal 2023. Since January 31, 2023, there have been no changes to the market, economic or legal environment in which the Company operates or overall performance of the Company in the three months ended April 30, 2023, that would, in the aggregate, indicate additional impairment analysis is necessary as of April 30, 2023.

Note 12 - Related Party Transaction

3 Months Ended

Apr. 30, 2023

12. Related Party Transaction

In September 2020 we entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (the “Agent”). The Co-Chief Executive Officer and Co-President of the Agent is the Non-Executive Chairman of our Board. Pursuant to the Equity Distribution Agreement, the Company may sell up to 500,000 shares of 9.00% Series A Cumulative Preferred Stock, par value $1.00 per share (the “Preferred Stock”) and 5,000,000 shares of $0.01 par value common stock (“Common Stock”) through an at-the-market offering program (the “ATM Offering Program”) administered by the Agent. Under the Equity Distribution Agreement, the Agent is entitled to compensation of up to 2.0% of the gross proceeds from the sale of Preferred Stock and Common Stock under the ATM Offering Program.

During the three-month period ended April 30, 2023, and 2022 the Company sold no shares of Preferred Stock under the ATM Offering Program.

During the three-month period ended April 30, 2023, and 2022 the Company sold no shares of Common Stock under the ATM Offering Program.

With respect to the Loan (see Note-9 "Notes Payable" for additional details). the Agent acted as the broker and received approximately $50,000 in related fees. Our Non-Executive Chairman of the Board received no portion of this compensation.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Note 14 - Segment Reporting - Reconciliation of Operating Income Loss to Loss From Continuing Operations Before Income Taxes (Details) - USD ($)	3 Months Ended		21843 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2022
Operating loss	$ 289,000	$ (2,476,000)	$ (2,476,000)
Interest Expense	(204,000)	(4,000)	(4,000)
Other	93,000		(114,000)
Income (loss) from continuing operations before income taxes	178,000	(2,594,000)	(2,594,000)
Corporate, Non-Segment [Member]
Operating loss	(2,300,000)	(2,727,000)	(2,727,000)
Interest Expense	(204,000)	(4,000)
Seamap Marine Products [Member] \| Operating Segments [Member]
Operating loss	2,720,000	1,431,000	1,431,000
Interest Expense	0	0
Klein Marine Products [Member] \| Operating Segments [Member]
Operating loss	(131,000)	(1,180,000)	$ (1,180,000)
Interest Expense	$ 0	$ 0

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Note 12 - Related Party Transaction (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2020	Apr. 30, 2023	Apr. 30, 2022	Feb. 02, 2023	Jan. 31, 2023
Preferred Stock, Par or Stated Value Per Share (in dollars per share)		$ 1.00			$ 1.00
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.01			$ 0.01
The Loan [Member]
Debt Instrument, Fee Amount				$ 50,000
Second ATM Offering Program [Member] \| Common Stock [Member] \| Non-executive Chairman [Member]
Stock Issued During Period, Shares, New Issues (in shares)		0	0
Ladenburg Thalmann and Co. Inc. [Member] \| First ATM Offering Program [Member] \| Common Stock [Member]
Equity Offering, Maximum Shares to be Issued (in shares)	5,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Ladenburg Thalmann and Co. Inc. [Member] \| Series A Preferred Stock [Member] \| First ATM Offering Program [Member]
Equity Offering, Maximum Shares to be Issued (in shares)	500,000
Preferred Stock, Dividend Rate, Percentage	9.00%
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 1.00
Equity Offering, Distribution Compensation, Percentage of Gross Proceeds	2.00%
Ladenburg Thalmann and Co. Inc. [Member] \| Series A Preferred Stock [Member] \| Second ATM Offering Program [Member]
Stock Issued During Period, Shares, New Issues (in shares)		0	0

Note 14 - Segment Reporting

3 Months Ended

Apr. 30, 2023

Segment Reporting Disclosure [Text Block]

14. Segment Reporting

The Company operates in two segments, Seamap and Klein. Seamap operates from facilities in Singapore, Malaysia the United Kingdom and Texas. Klein operates from a location in New Hampshire.

Prior to the year ended January 31, 2023, Seamap Marine Products and Klein Marine Products operating segments had been reported on an aggregated basis under our Marine Technology Products segment. We subsequently determined that we misapplied the provisions of ASC 280, Segment Reporting, regarding aggregation of operating segments. For the three months ended April 30, 2023, we correctly reported segment activity pursuant to the provisions of ASC 280, and we have restated segment information for the three months ended April 30, 2022, to correct our error and conform to our current presentation. As a matter of Company policy, corporate overhead is not allocated on a quarterly basis.

As of April 30, 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
$	22,516	$	10,680	$	—	$	649	$	33,845	$	21,302	$	10,708	$	—	$	848	$	32,858

	*For the Three Months Ended April 30, 2023*														*For the Three Months Ended April 30, 2022*
	*Seamap Marine Products*		*Klein Marine Products*			*Corporate expenses*			*Eliminations*			*Consolidated*			*Seamap Marine Products*		*Klein Marine Products*			*Corporate expenses*			*Eliminations*			*Consolidated*

Revenues	$	10,597	$	2,330		$	-		$	(341	)	$	12,586		$	8,079	$	1,122		$	-		$	(114	)	$	9,087
Cost of sales		6,061		1,449			-			(341	)		7,169			5,057		855			-			(114	)		5,798
Depreciation and amortization expense		313		149			19			-			481			323		132			24			-			479
Interest expense		-		-			(204	)		-			(204	)		-		-			(4	)		-			(4	)
Operating income (loss)		2,720		(131	)		(2,300	)		-			289			1,431		(1,180	)		(2,727	)		-			(2,476	)

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 income (loss) to loss from continuing operations before income taxes (in thousands):

	Three Months Ended April 30
	2023			2022
Seamap Marine Products	$	2,720		$	1,431
Klein Marine Products		(131	)		(1,180	)
Corporate Expenses		(2,300	)		(2,727	)
Operating income (loss)		289			(2,476	)
Interest Expense		(204	)		(4	)
Other		93			(114	)
Income (loss) from continuing operations before income taxes	$	178		$	(2,594	)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note 2 - Basis of Presentation

3 Months Ended

Apr. 30, 2023

Basis of Accounting [Text Block]

2. Basis of Presentation

The condensed consolidated balance sheet as of January 31, 2023, for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2023 (“fiscal 2023”). In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2023, the results of operations for the three-months ended April 30, 2023 and 2022, the cash flows for the three months ended April 30, 2023 and 2022, and the statement of stockholders’ equity for the three-months ended April 30, 2023 and 2022, have been included in these condensed consolidated financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2024 (“fiscal 2024”).

Note 8 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended
Note 8 - Intangible Assets (Details Textual) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Finite-Lived Intangible Assets, Gross, Total	$ 18,840,000		$ 18,831,000
Amortization of Intangible Assets	276,000	$ 271,000
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 6 - Balance Sheet (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Jan. 31, 2022	Apr. 30, 2023
Impairment, Long-Lived Asset, Held-for-Use	$ 0	$ 0

Note 10 - Income Taxes

3 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Text Block]

10. Income Taxes

For the three-month period ended April 30, 2023, the income tax expense from continuing operations was approximately $ 418,000 on a pre-tax income from continuing operations of approximately $ 178,000. For the three-month period ended April 30, 2022, the income tax expense from continuing operations was approximately$ 211,000 on a pre-tax loss from continuing operations of $2.6 million. The variance between our actual provision and the expected provision based on the U.S. statutory rate is due primarily to recording valuation allowances against the increase in our deferred tax assets in the respective periods, permanent differences between book income and taxable income.

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 through 2023. The Company’s tax returns may also be subject to examination by state and local tax authorities for fiscal years ended January 31, 2017 through 2023. In addition, the Company's tax returns filed in foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2017 through 2023.

The Company has determined that the undistributed earnings of foreign subsidiaries are not deemed to be indefinitely reinvested outside of the United States as of April 30, 2023. Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of April 30, 2023.

For the three-month period ended April 30, 2023 and 2022, the Company did not recognize any tax expense or benefit related to uncertain tax positions.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Cash flows from operating activities:
Net loss	$ (240)	$ (2,419)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	481	479
Stock-based compensation	50	236
Provision for inventory obsolescence	0	23
Changes in:
Accounts receivable	(3,462)	(871)
Unbilled revenue	11	(26)
Inventories	979	(260)
Prepaid expenses and other current and long-term assets	1,308	286
Income taxes receivable and payable	206	(66)
Accounts payable, accrued expenses and other current liabilities	(2,788)	(622)
Deferred revenue and customer deposits	606	(115)
Net cash used in operating activities	(2,987)	(3,522)
Cash flows from investing activities:
Purchases of property and equipment	(57)	(107)
Sale of other equipment	138	283
Net cash provided by investing activities	81	176
Cash flows from financing activities:
Purchase of treasury stock	0	(1)
Net proceeds from short-term loan	2,945	0
Preferred stock dividends	0	(947)
Net cash provided by (used in) financing activities	2,945	(948)
Effect of changes in foreign exchange rates on cash and cash equivalents	(2)	(3)
Net increase (decrease) in cash and cash equivalents	37	(4,297)
Cash and cash equivalents, beginning of period	778	5,114
Cash and cash equivalents, end of period	815	817
Supplemental cash flow information:
Interest paid	204	4
Income taxes paid	189	277
Other Machinery and Equipment [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Gross profit from sale of equipment	$ (138)	$ (167)

Note 11 - Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Weighted Average Number of Shares Outstanding, Basic (in shares)	13,789	13,775

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Total revenue from contracts with customers	$ 12,586	$ 9,087
Transferred at Point in Time [Member]
Total revenue from contracts with customers	11,877	9,002
Transferred over Time [Member]
Total revenue from contracts with customers	709	85
Seamap [Member] \| Transferred at Point in Time [Member]
Total revenue from contracts with customers	10,405	7,994
Seamap [Member] \| Transferred over Time [Member]
Total revenue from contracts with customers	192	85
Klein [Member] \| Transferred at Point in Time [Member]
Total revenue from contracts with customers	1,472	1,008
Klein [Member] \| Transferred over Time [Member]
Total revenue from contracts with customers	517	0
UNITED STATES
Total revenue from contracts with customers	1,342	2,253
Europe, Russia and CIS [Member]
Total revenue from contracts with customers	7,035	4,612
Middle East and Africa [Member]
Total revenue from contracts with customers	3,953	2,184
Asia Pacific [Member]
Total revenue from contracts with customers	$ 256	$ 38

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares 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	$ 157,000	$ 37,779,000	$ 128,926,000	$ (16,862,000)	$ (117,856,000)	$ (1,881,000)	$ 30,263,000
Net loss	0	0	0	0	(2,419,000)	0	(2,419,000)
Stock-based compensation	0	0	236,000	0	0	0	236,000
Foreign currency translation	$ 0	0	0	0	0	(3,000)	(3,000)
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	(947,000)	0	(947,000)
Balances (in shares) at Apr. 30, 2022	15,715	1,683
Balances at Apr. 30, 2022	$ 157,000	$ 37,779,000	129,162,000	(16,863,000)	(121,222,000)	(1,884,000)	27,129,000
Balances (in shares) at Jan. 31, 2023	15,721	1,683
Balances at Jan. 31, 2023	$ 157,000	$ 37,779,000	129,580,000	(16,863,000)	(127,635,000)	34,000	23,052,000
Net loss	0	0	0	0	(240,000)	0	(240,000)
Stock-based compensation	$ 0	$ 0	50,000	0	0	0	50,000
Balances (in shares) at Apr. 30, 2023	15,721	1,683
Balances at Apr. 30, 2023	$ 157,000	$ 37,779,000	$ 129,630,000	$ (16,863,000)	$ (127,875,000)	$ 34,000	$ 22,862,000

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 3 - Assets Held for Sale and Discontinued Operations

3 Months Ended

Apr. 30, 2023

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. 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 were considered held for sale and its results of operations were reported as discontinued operations through the fiscal year ended January 31, 2023. As of February 1, 2023, discontinued operations were considered materially completed.

The results of operations from discontinued operations for the three-months ended April 30, 2023 and 2022 consist of the following:

	*For the Three Months Ended April 30,*
	*2023*		*2022*
Revenues:	(in thousands)
Revenue from discontinued operations	$	—	$	—
Cost of sales:
Cost of discontinued operations		—		25
Operating expenses:
Selling, general and administrative		—		113
Total operating expenses		—		113
Operating loss		—		(138	)
Other income		—		524
Income before income taxes from discontinued operations		—		386
Net income from discontinued operations		—		386

The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below:

	*For the Three Months Ended April 30,*
	*2023*		*2022*
	(in thousands)
Gross profit from sale of assets held-for-sale	$	—	$	(280	)
Sale of assets held for sale	$	—	$	283

Note 5 - Revenue From Contracts With Customers (Details Textual)	3 Months Ended
	Apr. 30, 2023
Minimum [Member]
Contract with Customers, Turn Over Period (Month)	3 months
Maximum [Member]
Contract with Customers, Turn Over Period (Month)	9 years

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Net loss	$ (240)	$ (2,419)
Change in cumulative translation adjustment	0	(3)
Comprehensive loss	$ (240)	$ (2,422)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Apr. 30, 2023	Jun. 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	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 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
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

Note 11 - Earnings Per Share

3 Months Ended

Apr. 30, 2023

Earnings Per Share [Text Block]

11. Earnings per Share

Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. For the three months ended April 30, 2023 and April 30, 2022, dilutive potential common shares outstanding were immaterial and had no effect on the calculation of earnings per share because shares were anti-dilutive. The total basic weighted average common shares outstanding for the three months ended April 30, 2023 and April 30,2022, was approximately 13.8 million shares.

Note 1 - Organization and Liquidity

3 Months Ended

Apr. 30, 2023

Nature of Operations [Text Block]

1. Organization and Liquidity

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.

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, the Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), and its branch operations in Colombia, provided full-service equipment leasing, sales and service to the seismic industry worldwide (the “Leasing Business”). Effective July 31, 2020, the Leasing Business has been classified as held for sale and the financial results reported as discontinued operations (see Note 3 – “Assets Held for Sale and Discontinued Operations” for additional details). All intercompany transactions and balances have been eliminated in consolidation.

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 have access to sources of capital that were available in prior periods. In addition, emerging supply chain disruptions and recent volatility in oil prices have 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. Accordingly, substantial doubt has arisen regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company not be able to continue as a going concern.

Management has identified the following mitigating factors regarding adequate liquidity and capital resources to meet its obligations:

•

The Company has no obligations or agreements containing “maintenance type” financial covenants.

•

The Company had working capital of approximately $13.7 million as of April 30, 2023, including cash of approximately $815,000.

•

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 executive level positions and other administrative positions, and additional reductions in operations, sales, and general and administrative headcount could be made, if deemed necessary by management.

•

The Company had a backlog of orders of approximately $22.6 million as of April 30, 2023. Production for certain of these orders was in process and included in inventory as of April 30, 2023, thereby reducing the liquidity needed to complete the orders.

•

There were no dividends declared or paid on the Company’s Preferred stock for the first quarter of fiscal 2024.The Company declared and paid the quarterly dividend on its Preferred Stock for the first quarter of fiscal 2023, but deferred all dividend payments for the subsequent quarters of fiscal 2023. The Company also has the option to defer future quarterly dividend payments if deemed necessary. The dividends are a cumulative dividend that accrue for payment in the future. During a deferral period, the Company is prohibited from paying dividends or distributions on its common stock or redeeming any of those shares. Further, if the Company does not pay dividends on its Series A Preferred Stock for six or more quarters, the holders of Series A Preferred Stock will have the right to appoint two directors to the Company's board.

•

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. Currently, the Company is not eligible to issue securities pursuant to Form S-3 and accordingly cannot sell securities pursuant to the ATM Offering Program. However, the Company may sell securities pursuant to Form S-1 or in private transactions. Management expects to be able to raise further capital through these available means should the need arise.

•

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 assurance that any of these sources will be available to the Company, available in adequate amounts, or available under acceptable terms should the need arise.

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 months.

Note 6 - Balance Sheet - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Raw materials	$ 8,341	$ 8,480
Finished goods	3,657	4,156
Work in progress	4,079	4,422
Cost of inventories	16,077	17,058
Less allowance for obsolescence	(1,738)	(1,740)
Total inventories, net	$ 14,339	$ 15,318

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Revenues:
Total revenues	$ 12,586,000	$ 9,087,000
Cost of sales:
Total cost of sales	7,169,000	5,798,000
Gross profit	5,417,000	3,289,000
Operating expenses:
Selling, general and administrative	3,874,000	4,272,000
Research and development	773,000	1,014,000
Depreciation and amortization	481,000	479,000
Total operating expenses	5,128,000	5,765,000
Operating income (loss)	289,000	(2,476,000)
Other expense:
Other, net	(111,000)	(118,000)
Total other expense	(111,000)	(118,000)
Income (loss) from continuing operations before income taxes	178,000	(2,594,000)
Provision for income taxes	(418,000)	(211,000)
Net loss from continuing operations	(240,000)	(2,805,000)
Income from discontinued operations, net of income taxes	0	386,000
Net loss	(240,000)	(2,419,000)
Preferred stock dividends - declared	0	(947,000)
Preferred stock dividends - undeclared	(947,000)	0
Net loss attributable to common stockholders	$ (1,187,000)	$ (3,366,000)
Net loss per common share - Basic and Diluted
Continuing operations (in dollars per share)	$ (0.09)	$ (0.27)
Discontinued operations (in dollars per share)	0	0.03
Net loss (in dollars per share)	$ (0.09)	$ (0.24)
Shares used in computing net loss per common share:
Basic (in shares)	13,789	13,775
Diluted (in shares)	13,789	13,775
Marine Technology Products [Member]
Revenues:
Total revenues	$ 12,586,000	$ 9,087,000
Cost of sales:
Total cost of sales	$ 7,169,000	$ 5,798,000

Note 5 - Revenue From Contracts With Customers

3 Months Ended

Apr. 30, 2023

Revenue from Contract with Customer [Text Block]

5. Revenue from Contracts with Customers

The following table presents revenue from contracts with customers disaggregated by reportable segment and timing of revenue recognition:

	*Three Months Ended April 30,*
	*2023*		*2022*
Revenue recognized at a point in time:	(in thousands)
Seamap	$	10,405	$	7,994
Klein		1,472		1,008
Total revenue recognized at a point in time	$	11,877	$	9,002
Revenue recognized over time:
Seamap	$	192	$	85
Klein	$	517	$	—
Total revenue recognized over time		709		85
Total revenue from contracts with customers	$	12,586	$	9,087

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 April 30,*
	*2023*		*2022*
	(in thousands)
United States	$	1,342	$	2,253
Europe		7,035		4,612
Asia-Pacific		3,953		2,184
Other		256		38
Total revenue from contracts with customers	$	12,586	$	9,087

As of April 30, 2023, and January 31, 2023, contract assets and liabilities consisted of the following:

	*April 30, 2023*		*January 31, 2023*
Contract Assets:	(in thousands)
Unbilled revenue - current	$	13	$	2
Total unbilled revenue	$	13	$	2
Contract Liabilities:
Deferred revenue & customer deposits - current	$	1,178	$	571
Total deferred revenue & customer deposits	$	1,178	$	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 to nine months.

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 contracts 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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Note 5 - Revenue From Contracts With Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Unbilled revenue - current	$ 13	$ 2
Total unbilled revenue	13	2
Deferred revenue & customer deposits - current	1,178	571
Total deferred revenue & customer deposits	$ 1,178	$ 571

Note 13 - Equity and Stock-based Compensation

3 Months Ended

Apr. 30, 2023

Shareholders' Equity and Share-Based Payments [Text Block]

13. Equity and Stock-Based Compensation

As of April 30, 2023, there are approximately 1,683,000 shares of Preferred Stock outstanding with an aggregate liquidation preference of approximately $43.9 million, which amount includes approximately $3.8 million in undeclared cumulative dividends. Holders of our Preferred Stock are entitled to receive, when and as declared by the Board out of funds of the Company available for the payment of distributions, quarterly cumulative preferential cash dividends of $0.5625 per share of the $25.00 per share stated liquidation preference on our Preferred Stock. Dividends on the Preferred Stock are payable quarterly in arrears, on April 30, July 31, October 31, and January 31, of each year. During the three months ended April 30, 2023, the Board did not declare, and the Company did not pay a quarterly dividend on our Preferred Stock. As a result, the Company has approximately $3.8 million of cumulative undeclared preferred dividends as of April 30, 2023. During the three months ended April 30, 2022, the Board declared a quarterly dividend of $0.5625 per share on our Preferred Stock.

Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three-month period ended April 30, 2023 was approximately $ 50,000, and during the three-month period ended April 30, 2022, was approximately $ 236,000.

Note 7 - Leases

3 Months Ended

Apr. 30, 2023

Lessee, Operating Leases [Text Block]

7. Leases

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, and our lease obligation in Hungary was terminated November 30, 2022.

Lease expense for the three months ended April 30, 2023 was approximately $221,000, and during the three months ended April 30, 2022 was approximately $203,000, and were recorded as a component of operating income (loss). Included in these costs was short-term lease expense of approximately $2,000 for the three months ended April 30, 2023, and during the three months ended April 30, 2022 was approximately $9,000.

Supplemental balance sheet information related to leases as of April 30, 2023 and January 31, 2023 were as follows:

Lease	*April 30, 2023*		*January 31, 2023*
Assets	(in thousands)
Operating lease assets	$	1,762	$	1,749

Liabilities
Operating lease liabilities	$	1,762	$	1,749

Classification of lease liabilities
Current liabilities	$	753	$	903
Non-current liabilities		1,009		846
Total Operating lease liabilities	$	1,762	$	1,749

Lease-term and discount rate details as of April 30, 2023 and January 31, 2023 were as follows:

Lease term and discount rate	*April 30, 2023*			*January 31, 2023*
Weighted average remaining lease term (years)
Operating leases		1.94			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	*Three Months Ended April 30, 2023*			*Three Months Ended April 30, 2022*
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating leases	$	(221	)	$	(203	)

Changes in lease balances resulting from new and modified leases:
Operating leases	$	223		$	—

Maturities of lease liabilities at April 30, 2023 were as follows:

	*April 30, 2023*
	(in thousands)
2024	$	753
2025		691
2026		294
2027		188
2028		188
Thereafter		15
Total payments under lease agreements	$	2,129

Less: imputed interest		(367	)
Total lease liabilities	$	1,762

Note 14 - Segment Reporting (Tables)

3 Months Ended

Apr. 30, 2023