XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.21.1

Assets Held for Sale and Discontinued Operations | 12 Months Ended
--- | ---
Jan. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | 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 are considered held for sale and it's results of operations are reported as discontinued operations as of January 31, 2021 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 multiple transactions, which may involve the sale of legal entities or assets. The assets reported as held for sale consist of the following:
| As of January 31,
| 2021 |  | 2020
Current assets of discontinued operations: |  |  |
Accounts receivable, net | 1,668 |  |  | 5,699 |
Inventories, net | 352 |  |  | 605 |
Prepaid expenses and other current assets | 150 |  |  | 227 |
Seismic equipment lease pool and property and equipment, net | 2,151 |  |  | 8,382 |
Total assets of discontinued operations | $ | 4,321 |  |  | $ | 14,913 |
The liabilities reported as held for sale consist of the following:
| As of January 31,
| 2021 |  | 2020
Current liabilities of discontinued operations: |  |  |
Accounts payable | $ | 59 |  |  | $ | 884 |
Deferred revenue | 73 |  |  | 34 |
Accrued expenses and other current liabilities | 831 |  |  | 1,886 |
Income taxes payable | 479 |  |  | (74) |
Total liabilities of discontinued operations | $ | 1,442 |  |  | $ | 2,730 |
The results of operations from discontinued operations for the twelve months ended January 31, 2021 and 2020, consist of the following:
|  | Twelve Months Ended January 31,
|  | 2021 |  | 2020
Revenues: |  |  |  |
Revenue from discontinued operations |  | $ | 5,747 |  |  | $ | 12,756 |
Cost of sales: |  |  |  |
Cost of discontinued operations |  | 4,537 |  |  | 9,089 |
Operating expenses: |  |  |  |
Selling, general and administrative |  | 4,589 |  |  | 5,576 |
Provision for doubtful accounts |  | 470 |  |  | 2,000 |
Depreciation and amortization |  | 132 |  |  | 176 |
Total operating expenses |  | 5,191 |  |  | 7,752 |
Operating loss |  | (3,981) |  |  | (4,085) |
Other income (expenses) |  | 201 |  |  | (134) |
Loss on disposal (including $2,745 of cumulative translation loss) |  | (1,859) |  |  | — |
Loss before income taxes |  | (5,639) |  |  | (4,219) |
Provision for income taxes |  | (665) |  |  | (525) |
Net loss |  | (6,304) |  |  | (4,744) |
The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below:
|  |  |  |  |  | As of January 31,
|  |  |  |  |  | 2021 |  | 2020
Depreciation and amortization |  |  |  |  |  | $ | 1,830 |  |  | $ | 4,818 |
Gross profit from sale of lease pool equipment |  |  |  |  |  | $ | (1,326) |  |  | $ | (1,145) |
Provisions for doubtful accounts |  |  |  |  |  | $ | 470 |  |  | $ | 2,000 |
Loss on disposal of discontinued operations |  |  |  |  |  | $ | 1,859 |  |  | $ | — |
Sale of used lease pool equipment |  |  |  |  |  | $ | 2,010 |  |  | $ | 1,415 |
Sale of assets held for sale |  |  |  |  |  | $ | 1,506 |  |  | $ | — |
Purchase of seismic equipment held for lease |  |  |  |  |  | $ | (110) |  |  | $ | (2,955) |
Sale of Subsidiary In 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. In fiscal 2021, the Company received a payment of approximately $124,000 that was applied against the note receivable.. The note receivable is recorded in other current assets as of January 31, 2021, and in other non-current assets as of January 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration