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Note 7 - Rental Equipment | 3 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Leases Disclosure [Text Block] | 7. Rental Equipment The Company leases equipment to customers which generally range from daily rentals to minimum rental periods of up to one year. All of the Company’s current leasing arrangements for which the Company acts as lessor, are classified as operating leases, except for one sales-type lease. The majority of the Company’s rental revenue is generated from its marine-based wireless seismic data acquisition systems. The Company regularly evaluates the collectability of its lease receivables on a lease-by-lease basis. The evaluation primarily consists of reviewing past due account balances and other factors such as the credit quality of the customer, historical trends of the customer and current economic conditions. The Company suspends revenue recognition when the collectability of amounts due are no longer probable and concurrently records a direct write-off of the lease receivable to rental revenue and limits future rental revenue recognition to cash received. As of December 31, 2024, the Company’s trade accounts receivable included lease receivables of $4.7 million. Rental revenue related to leased equipment for the three months ended December 31, 2024 and 2023 was $4.5 million and $6.2 million, respectively. Future minimum lease obligations due from the Company’s leasing customers on operating leases executed as of December 31, 2024, were $0.8 million, all of which is expected to be due within the next 12 months. Rental equipment consisted of the following (in thousands):
|  | December 31, 2024 |  |  | September 30, 2024 |
Rental equipment, primarily wireless recording equipment |  | $ | 49,220 |  |  | $ | 63,111 |
Accumulated depreciation |  |  | (36,740 | ) |  |  | (48,925 | )
|  | $ | 12,480 |  |  | $ | 14,186 |

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