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Assets Held for Sale and Discontinued Operations | 9 Months Ended
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Oct. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued OperationsOn July 27, 2020, the Board determined to exit the Leasing Business, which comprises essentially all operations of the Equipment Leasing segment. As a result, the assets, excluding cash, and liabilities of the Equipment Leasing segment are considered held for sale and the segment’s operations are reported as discontinued operations as of October 31, 2020 and for all comparative periods presented in these condensed consolidated financial statements. The Company anticipates selling the discontinued operations within twelve months from July 27, 2020 in a single transaction, or multiple transactions, which may involve the sale of legal entities or assets. The assets reported as held for sale consist of the following:
| October 31, 2020 |  | January 31, 2020
Current assets of discontinued operations: |  |  |
Accounts receivable, net | 1,963 |  |  | 5,699 |
Inventories, net | 359 |  |  | 605 |
Prepaid expenses and other current assets | 141 |  |  | 227 |
Seismic equipment lease pool and property and equipment, net | 2,977 |  |  | 8,382 |
Total assets of discontinued operations | $ | 5,440 |  |  | $ | 14,913 |
The liabilities reported as held for sale consist of the following:
| October 31, 2020 |  | January 31, 2020
Current liabilities of discontinued operations: |  |  |
Accounts payable | $ | 71 |  |  | $ | 884 |
Deferred revenue | 18 |  |  | 34 |
Accrued expenses and other current liabilities | 1,044 |  |  | 1,886 |
Income taxes payable | — |  |  | (74) |
Total liabilities of discontinued operations | 1,133 |  |  | 2,730 |
The results of operations from discontinued operations for the three and nine months ended October 31, 2020 and 2019, consist of the following:
|  | For the Three Months Ended October 31, |  | For the Nine Months Ended October 31,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Revenues: |  |  |  |  |  |  |  |
Revenue from discontinued operations |  | $ | 313 |  |  | $ | 2,488 |  |  | $ | 5,731 |  |  | $ | 8,379 |
Cost of sales: |  |  |  |  |  |  |  |
Cost of discontinued operations |  | 263 |  |  | 1,752 |  |  | 4,389 |  |  | 6,266 |
Operating expenses: |  |  |  |  |  |  |  |
Selling, general and administrative |  | 1,146 |  |  | 1,305 |  |  | 4,322 |  |  | 4,195 |
Provision for doubtful accounts |  | — |  |  | — |  |  | 470 |  |  | — |
Depreciation and amortization |  | 43 |  |  | 41 |  |  | 128 |  |  | 136 |
Total operating expenses |  | 1,189 |  |  | 1,346 |  |  | 4,920 |  |  | 4,331 |
Operating loss |  | (1,139) |  |  | (610) |  |  | (3,578) |  |  | (2,218) |
Other income (expenses) |  | (75) |  |  | (8) |  |  | — |  |  | (114) |
Loss on disposal (including $2,745 of cumulative translation loss) |  | — |  |  | — |  |  | (1,859) |  |  | — |
Loss before income taxes |  | (1,214) |  |  | (618) |  |  | (5,437) |  |  | (2,332) |
Provision for income taxes |  | (6) |  |  | (91) |  |  | (706) |  |  | (238) |
Net loss |  | (1,220) |  |  | (709) |  |  | (6,143) |  |  | (2,570) |
The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below:
|  |  |  | For the Nine Months Ended October 31,
|  |  |  |  |  | 2020 |  | 2019
Depreciation and amortization |  |  |  |  |  | $ | 1,771 |  |  | $ | 3,651 |
Gross profit from sale of lease pool equipment |  |  |  |  |  | $ | (1,326) |  |  | $ | (987) |
Provisions for doubtful accounts |  |  |  |  |  | $ | 470 |  |  | $ | — |
Loss on disposal of discontinued operations |  |  |  |  |  | $ | 1,859 |  |  | $ | — |
Sale of used lease pool equipment |  |  |  |  |  | $ | 2,010 |  |  | $ | 1,415 |
Sale of assets held for sale |  |  |  |  |  | $ | 734 |  |  | $ | — |
Purchase of seismic equipment held for lease |  |  |  |  |  | $ | (110) |  |  | $ | (1,938) |
Sale of SubsidiariesIn February 2019, the Company completed the sale of its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. for total contractual proceeds of approximately $660,000 U.S. dollars of which the Company received approximately $240,000 in cash at closing and an unsecured, non-interest bearing two year note receivable in the amount of $420,000. The agreement also included a working capital adjustment of approximately $114,000 payable to the Company which was received in August of 2019. The note receivable was recorded as other current assets as of October 31, 2020 and as other non-current assets as of January 31, 2020. During the three months ended October 31, 2020 the Company received a prepayment of $125,000 related to the note.

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- Definition The entire disclosure 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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