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CUSTOMER CONCENTRATIONS | 9 Months Ended
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Oct. 31, 2023
CUSTOMER CONCENTRATIONS |
CUSTOMER CONCENTRATIONS | NOTE 13 – CUSTOMER CONCENTRATIONS The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 74% and 77% of consolidated revenues for the three months ended October 31, 2023 and 2022, respectively, and 73% and 76% of consolidated revenues for the nine months ended October 31, 2023 and 2022, respectively. The industrial construction services segment represented 23% and 19% of consolidated revenues for the three months ended October 31, 2023 and 2022, respectively, and 25% and 20% of consolidated revenues for the nine months ended October 31, 2023 and 2022, respectively. The Company’s most significant customer relationships for the three months ended October 31, 2023 included three power industry service customers, which accounted for 23%, 20%, and 17% of consolidated revenues. The Company’s most significant customer relationships for the three months ended October 31, 2022 included four power industry service customers, which accounted for 33%, 12%, 12% and 12% of consolidated revenues. The Company’s most significant customer relationships for the nine months ended October 31, 2023 included three power industry service customers, which accounted for 19%, 17% and 14% of consolidated revenues. The Company’s most significant customer relationship for the nine months ended October 31, 2022 included one power industry service customer, which accounted for 42% of consolidated revenues. The accounts receivable balances from two major customers represented 42% and 14% of the corresponding consolidated balance as of October 31, 2023. Accounts receivable balances from three major customers represented 36%, 12% and 12% of the corresponding consolidated balance as of January 31, 2023. The contract asset balances associated with two major customers represented 30% and 14% of the corresponding consolidated balance as of October 31, 2023. The contract asset balance associated with one major customer represented 70% of the corresponding consolidated balance as of January 31, 2023.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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