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Note 3 - Assets Held for Sale and Discontinued Operations | 9 Months Ended
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Oct. 31, 2022
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. 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 its results of operations are reported as discontinued operations as of October 31, 2022 and for all comparative periods presented in these condensed consolidated financial statements. The Company originally anticipated selling the discontinued operations in multiple transactions, potentially involving the sale of legal entities, assets, or a combination of both, within the twelve months ending July 31, 2021. We anticipate completion of a pending sale of lease pool equipment in the fourth quarter, and expect the sale of our discontinued operations to be substantially completed by January 31, 2023. The assets reported as held for sale consist of the following:
|  | October 31, 2022 |  |  | January 31, 2022 |
Current assets of discontinued operations: |  |  | (in thousands) |
Accounts receivable, net |  |  | — |  |  |  | 177 |
Inventories, net |  |  | — |  |  |  | 2 |
Prepaid expenses and other current assets |  |  | — |  |  |  | 167 |
Seismic equipment lease pool and property and equipment, net |  |  | — |  |  |  | 738 |
Loss recognized on classification as held for sale |  |  | — |  |  |  | (925 | )
Total assets of discontinued operations |  | $ | — |  |  | $ | 159 |
The liabilities reported as held for sale consist of the following:
|  | October 31, 2022 |  |  | January 31, 2022 |
Current liabilities of discontinued operations: |  |  | (in thousands) |
Accounts payable |  | $ | — |  |  | $ | 132 |
Deferred revenue |  |  | — |  |  |  | 73 |
Accrued expenses and other current liabilities |  |  | — |  |  |  | 507 |
Income taxes payable |  |  | — |  |  |  | 241 |
Total liabilities of discontinued operations |  |  | — |  |  |  | 953 |
The results of operations from discontinued operations for the three and nine months ended October 31, 2022 and 2021 consist of the following:
|  | For the Three Months Ended October 31, |  |  | For the Nine Months Ended October 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenues: |  | (in thousands) |
Revenue from discontinued operations |  | $ | — |  |  | $ | 53 |  |  | $ | — |  |  | $ | 840 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of discontinued operations |  |  | 24 |  |  |  | 86 |  |  |  | 72 |  |  |  | 791 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  |  | 145 |  |  |  | 502 |  |  |  | 359 |  |  |  | 1,222 |
Recovery of doubtful accounts |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | (450 | )
Depreciation and amortization |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 4 |
Total operating expenses |  |  | 145 |  |  |  | 498 |  |  |  | 359 |  |  |  | 776 |
Operating loss |  |  | (169 | ) |  |  | (531 | ) |  |  | (431 | ) |  |  | (727 | )
Other (expenses) income (including $1,626 of cumulative translation loss) |  |  | (1,677 | ) |  |  | 41 |  |  |  | (1,191 | ) |  |  | 37 |
Loss before income taxes from discontinued operations |  |  | (1,846 | ) |  |  | (490 | ) |  |  | (1,622 | ) |  |  | (690 | )
Provision for income taxes from discontinued operations |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | (13 | )
Net loss from discontinued operations |  |  | (1,846 | ) |  |  | (499 | ) |  |  | (1,622 | ) |  |  | (703 | )
The significant operating and investing noncash items and capital expenditures related to discontinued operations are summarized below:
|  | For the Nine Months Ended October 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
(Gross profit) loss from sale of assets held-for-sale |  | $ | (382 | ) |  | $ | 388 |
Recovery of doubtful accounts |  | $ | — |  |  | $ | (450 | )
Non-cash cumulative translation adjustment for discontinued operations |  | $ | 1,626 |  |  | $ | — |
Sale of assets held for sale |  | $ | 383 |  |  | $ | 3,948 |

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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 https://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 https://asc.fasb.org/subtopic&trid=2122178 + Details
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