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Note 10 - Leases | 12 Months Ended
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Jan. 31, 2022
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 10. Leases The Company has certain non-cancelable operating lease agreements for office, production and warehouse space in Texas, Hungary, Singapore, Malaysia and United Kingdom. We negotiated the termination of our Colombia lease obligation during the current fiscal year and our lease obligation in Canada was terminated as of March 31, 2022. Lease expense for the twelve months ended January 31, 2022 and 2021 was approximately $1.2 million for each year, and was recorded as a component of operating loss. Included in these costs was short-term lease expense of approximately $36,000 and $20,000 for the twelve months ended January 31, 2022 and 2021, respectively. Supplemental balance sheet information related to leases as of January 31, 2022 and 2021 was as follows (in thousands):
|  | As of January 31, |
Lease |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | $ | 1,835 |  |  | $ | 1,471 |
Liabilities |  |  |  |  |  |  |  |
Operating lease liabilities |  | $ | 1,835 |  |  | $ | 1,471 |
Classification of lease liabilities |  |  |  |  |  |  |  |
Current liabilities |  | $ | 869 |  |  | $ | 1,008 |
Non-current liabilities |  |  | 966 |  |  |  | 463 |
Total Operating lease liabilities |  | $ | 1,835 |  |  | $ | 1,471 |
Lease-term and discount rate details as of January 31, 2022 and 2021 were as follows:
|  | As of January 31, |
Lease term and discount rate |  | 2022 |  |  | 2021 |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 1.82 |  |  |  | 1.09 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 13 | % |  |  | 10 | %
The incremental borrowing rate was calculated using the Company’s weighted average cost of capital. Supplemental cash flow information related to leases on January 31, 2022 and 2021 was as follows (in thousands):
|  | As of January 31, |
Lease |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | (1,196 | ) |  | $ | (1,157 | )
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  | $ | — |  |  | $ | — |
Maturities of lease liabilities on January 31, 2022 and 2021 were as follows (in thousands):
|  | As of January 31, |
|  | 2022 |  |  | 2021 |
2022 |  | $ | 869 |  |  | $ | 1,007 |
2023 |  |  | 547 |  |  |  | 421 |
2021 |  |  | 285 |  |  |  | 110 |
2025 |  |  | 211 |  |  |  | 58 |
2026 |  |  | 188 |  |  |  | 24 |
Thereafter |  |  | 204 |  |  |  | — |
Total payments under lease agreements |  | $ | 2,304 |  |  | $ | 1,620 |
Less: imputed interest |  |  | (469 | ) |  |  | (149 | )
Total lease liabilities |  | $ | 1,835 |  |  | $ | 1,471 |
Prior to July 31, 2020, the Company leased seismic equipment to customers under operating leases with non-cancelable terms of one year or less. These leases were generally renewable on a month-to-month basis. All taxes (other than income taxes) and assessments were the contractual responsibility of the lessee. To the extent that foreign taxes were not paid by the lessee, the relevant foreign taxing authorities might seek to collect such taxes from the Company. Under the terms of its lease agreements, any amounts paid by the Company to such foreign taxing authorities may be billed and collected from the lessee. The Company is not aware of any foreign tax obligations as of January 31, 2022 and 2021 that are not reflected in the accompanying consolidated financial statements. The Company leases its office and warehouse facilities in Canada, Texas, Singapore, United Kingdom, Hungary and Malaysia under operating leases. Our facilities lease in Canada was terminated as of March 31, 2022.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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