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Acquisition of Assets | 3 Months Ended
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Apr. 30, 2019
Business Combinations [Abstract] |
Acquisition of Assets | Acquisition of Assets In February 2018 the Company completed the acquisition of intellectual property and certain other assets from Hydroscience Technologies, Inc. and Solid Seismic LLC (collectively “Hydroscience”). Hydroscience designed, manufactured and sold marine sensors and solid streamer technology products primarily for the hydrographic and seismic industries. In April 2017 Hydroscience filed for bankruptcy protection. Mitcham acquired the assets pursuant to an Asset Purchase Agreement and Sale Order (collectively the “Agreement”) that were approved by the bankruptcy court on January 31, 2018. Under the terms of the Agreement, Mitcham acquired certain specified intangible and tangible assets free and clear of all prior claims and encumbrances, and assumed no liabilities, contracts or prior warranty obligations. Details of the purchase price and the allocation of the purchase price to the assets acquired are as follows (in thousands):
Purchase Price: |
Cash | $ | 3,000 |
Release of claims against Hydroscience | 1,144 |
Transaction costs | 312 |
Total purchase price | $ | 4,456 |
Allocation of purchase price: |
Inventory | $ | 206 |
Tangible assets (mainly manufacturing equipment) | 350 |
Intangible assets (including patents, designs & software) | 3,900 |
Total purchase price | $ | 4,456 |
The cash portion of the purchase price and other related costs were financed with the sale of 174,046 shares of our 9% Series A Cumulative Preferred Stock to Mitsubishi Heavy Industries, Inc. ("MHI")for $4.0 million, of which 152,290 shares were sold during the first quarter of fiscal 2019 for proceeds of approximately $3.5 million.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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