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Assets Held for Sale and Discontinued Operations | 6 Months Ended
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Jul. 31, 2021
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 Leasing Business are considered held for sale and the operations of the business are reported as discontinued operations as of July 31, 2021 and for all comparative periods presented in these condensed consolidated financial statements. The Company originally anticipated selling the discontinued operations in multiple transactions, which may involve the sale of legal entities, assets, or a combination of both, within the twelve months ending July 31, 2021. The assets reported as held for sale consist of the following:
| July 31, 2021 |  | January 31, 2021
Current assets of discontinued operations: |  |  |
Accounts receivable, net | 1,151 |  |  | 1,668 |
Inventories, net | 68 |  |  | 352 |
Prepaid expenses and other current assets | 120 |  |  | 150 |
Seismic equipment lease pool and property and equipment, net | 1,973 |  |  | 2,151 |
Total assets of discontinued operations | $ | 3,312 |  |  | $ | 4,321 |
The liabilities reported as held for sale consist of the following:
| July 31, 2021 |  | January 31, 2021
Current liabilities of discontinued operations: |  |  |
Accounts payable | $ | 21 |  |  | $ | 59 |
Deferred revenue | 73 |  |  | 73 |
Accrued expenses and other current liabilities | 611 |  |  | 831 |
Total liabilities of discontinued operations | 705 |  |  | 963 |
The results of operations from discontinued operations for the three and six months ended July 31, 2021 and 2020, consist of the following:
|  | For the Three Months Ended July 31, |  | For the Six Months Ended July 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |  |
Revenue from discontinued operations |  | $ | 757 |  |  | $ | 1,230 |  |  | $ | 787 |  |  | $ | 5,418 |
Cost of sales: |  |  |  |  |  |  |  |
Cost of discontinued operations |  | 332 |  |  | 1,642 |  |  | 705 |  |  | 4,126 |
Operating expenses: |  |  |  |  |  |  |  |
Selling, general and administrative |  | 378 |  |  | 1,476 |  |  | 720 |  |  | 3,176 |
Provision for doubtful accounts |  | (2) |  |  | 470 |  |  | (445) |  |  | 470 |
Depreciation and amortization |  | 2 |  |  | 41 |  |  | 3 |  |  | 85 |
Total operating expenses |  | 378 |  |  | 1,987 |  |  | 278 |  |  | 3,731 |
Operating income (loss) |  | 47 |  |  | (2,399) |  |  | (196) |  |  | (2,439) |
Other income (expenses) |  | 35 |  |  | 72 |  |  | (4) |  |  | 75 |
Loss on disposal (including $2,745 of cumulative translation loss) |  | — |  |  | (1,859) |  |  | — |  |  | (1,859) |
Income (loss) before income taxes |  | 82 |  |  | (4,186) |  |  | (200) |  |  | (4,223) |
Provision for income taxes |  | (3) |  |  | (522) |  |  | (4) |  |  | (700) |
Net income (loss) |  | 79 |  |  | (4,708) |  |  | (204) |  |  | (4,923) |
The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below:
|  |  |  | For the Six Months Ended July 31,
|  |  |  |  |  | 2021 |  | 2020
Depreciation and amortization |  |  |  |  |  | $ | — |  |  | $ | 1,771 |
Gross profit from sale of lease pool equipment |  |  |  |  |  | $ | — |  |  | $ | (1,324) |
(Recovery) provisions for doubtful accounts |  |  |  |  |  | $ | (445) |  |  | $ | 470 |
Loss on disposal of discontinued operations |  |  |  |  |  | $ | — |  |  | $ | 1,859 |
Sale of used lease pool equipment |  |  |  |  |  | $ | — |  |  | $ | 1,988 |
Sale of assets held for sale |  |  |  |  |  | $ | 1,245 |  |  | $ | — |

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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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