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v3.23.2

Note 2 - Sale of Subsidiaries and Subsequent Events (Tables) | 6 Months Ended
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Jul. 31, 2023
Notes Tables |
Condensed Balance Sheet [Table Text Block] |
ASSETS |  | Historical MIND Technology (a) |  |  |  | Operations of Klein (b) |  |  |  | Pro Forma Adjustments |  |  |  | Pro-forma MIND Technology |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 494 |  |  |  |  | - |  |  |  |  | 7,304 |  | (e) |  |  | 7,798 |
Accounts receivable, net of allowance for doubtful accounts of $ 504 as of July 31, 2023 |  |  | 7,143 |  |  |  |  | (944 | ) | (c) |  |  | - |  |  |  |  | 6,199 |
Inventories, net |  |  | 15,651 |  |  |  |  | (5,031 | ) | (c) |  |  | - |  |  |  |  | 10,620 |
Prepaid expenses and other current assets |  |  | 1,273 |  |  |  |  | (312 | ) | (c) |  |  |  |  |  |  |  | 961 |
Total current assets |  |  | 24,561 |  |  |  |  | (6,287 | ) |  |  |  | 7,304 |  |  |  |  | 25,578 |
Property and equipment, net |  |  | 3,620 |  |  |  |  | (2,784 | ) | (c) |  |  | - |  |  |  |  | 836 |
Operating lease right-of-use assets |  |  | 1,626 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 1,626 |
Intangible assets, net |  |  | 4,418 |  |  |  |  | (1,193 | ) | (c) |  |  | - |  |  |  |  | 3,225 |
Total assets |  |  | 34,225 |  |  |  |  | (10,264 | ) |  |  |  | 7,304 |  |  |  |  | 31,265 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 2,459 |  |  |  |  | (866 | ) | (c) |  |  | - |  |  |  |  | 1,593 |
Deferred revenue |  |  | 309 |  |  |  |  | (10 | ) | (c) |  |  | - |  |  |  |  | 299 |
Accrued expenses and other current liabilities |  |  | 3,386 |  |  |  |  | (690 | ) | (c) |  |  | - |  |  |  |  | 2,696 |
Income taxes payable |  |  | 1,585 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 1,585 |
Operating lease liabilities - current |  |  | 903 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 903 |
Note payable, net |  |  | 3,343 |  |  |  |  | - |  |  |  |  | (3,343 | ) | (f) |  |  | - |
Total current liabilities |  |  | 11,985 |  |  |  |  | (1,566 | ) |  |  |  | (3,343 | ) |  |  |  | 7,076 |
Operating lease liabilities - non-current |  |  | 723 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 723 |
Deferred tax liability |  |  | 41 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 41 |
Total liabilities |  |  | 12,749 |  |  |  |  | (1,566 | ) |  |  |  | (3,343 | ) |  |  |  | 7,840 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $ 1.00 par value; 2,000 shares authorized; 1,683 shares issued and outstanding as of July 31, 2023 |  |  | 37,779 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 37,779 |
Common stock, $ 0.01 par value; 40,000 shares authorized; 15,721 shares issued as of July 31, 2023 |  |  | 157 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 157 |
Additional paid-in capital |  |  | 129,738 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 129,738 |
Treasury stock, at cost ( 1,933 shares as of July 31, 2023) |  |  | (16,863 | ) |  |  |  | - |  |  |  |  | - |  |  |  |  | (16,863 | )
Accumulated deficit |  |  | (129,369 | ) |  |  |  | (8,698 | ) | (g) |  |  | 10,647 |  | (g) |  |  | (127,420 | )
Accumulated other comprehensive gain |  |  | 34 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 34 |
Total stockholders’ equity |  |  | 21,476 |  |  |  |  | (8,698 | ) |  |  |  | 10,647 |  |  |  |  | 23,425 |
Total liabilities and stockholders’ equity |  |  | 34,225 |  |  |  |  | (10,264 | ) |  |  |  | 7,304 |  |  |  |  | 31,265 |
Condensed Income Statement [Table Text Block] |
|  | Historical MIND Technology (a) |  |  | Operations of Klein (b) |  |  |  | Pro Forma Adjustments |  |  |  | Pro-forma MIND Technology |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of marine technology products |  |  | 21,336 |  |  |  | (3,178 | ) | (d) |  |  |  |  |  |  |  | 18,158 |
Total revenues |  |  | 21,336 |  |  |  | (3,178 | ) |  |  |  | - |  |  |  |  | 18,158 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of marine technology products |  |  | 12,652 |  |  |  | (1,972 | ) | (d) |  |  | - |  |  |  |  | 10,680 |
Total cost of sales |  |  | 12,652 |  |  |  | (1,972 | ) |  |  |  |  |  |  |  |  | 10,680 |
Gross profit |  |  | 8,684 |  |  |  | (1,206 | ) |  |  |  | - |  |  |  |  | 7,478 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  |  | 7,388 |  |  |  | (1,199 | ) | (d) |  |  | - |  |  |  |  | 6,189 |
Research and development |  |  | 1,615 |  |  |  | (737 | ) | (d) |  |  | - |  |  |  |  | 878 |
Depreciation and amortization |  |  | 940 |  |  |  | (306 | ) | (d) |  |  |  |  |  |  |  | 634 |
Total operating expenses |  |  | 9,943 |  |  |  | (2,242 | ) |  |  |  | - |  |  |  |  | 7,701 |
Operating income (loss) |  |  | (1,259 | ) |  |  | 1,036 |  |  |  |  | - |  |  |  |  | (223 | )
Other expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other, net |  |  | 20 |  |  |  | (77 | ) | (d) |  |  | 407 |  | (h) |  |  | 350 |
Total other income (expense) |  |  | 20 |  |  |  | (77 | ) |  |  |  | 407 |  |  |  |  | 350 |
Income (loss) from continuing operations before income taxes |  |  | (1,239 | ) |  |  | 959 |  |  |  |  | 407 |  |  |  |  | 127 |
Provision for income taxes |  |  | (495 | ) |  |  | (17 | ) | (d) |  |  |  |  |  |  |  | (512 | )
Net (loss) income from continuing operations |  |  | (1,734 | ) |  |  | 942 |  |  |  |  | 407 |  |  |  |  | (385 | )
Preferred stock dividends - declared |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Preferred stock dividends - undeclared |  |  | (1,894 | ) |  |  | - |  |  |  |  | - |  |  |  |  | (1,894 | )
Net loss attributable to common stockholders |  |  | (3,628 | ) |  |  | - |  |  |  |  | - |  |  |  |  | (2,279 | )
Net loss per common share - Basic and Diluted |  |  | (0.26 | ) |  |  |  |  |  |  |  |  |  |  |  |  | (0.17 | )
Shares used in computing net loss per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 13,791 |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,791 |
Diluted |  |  | 13,791 |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,791 |
|  | Historical MIND Technology (a) |  |  | Operations of Klein (b) |  |  |  | Pro Forma Adjustments |  |  |  | Pro-forma MIND Technology |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of marine technology products |  |  | 8,750 |  |  |  | (1,190 | ) | (d) |  |  | - |  |  |  |  | 7,560 |
Total revenues |  |  | 8,750 |  |  |  | (1,190 | ) |  |  |  | - |  |  |  |  | 7,560 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sale of marine technology products |  |  | 5,483 |  |  |  | (864 | ) | (d) |  |  | - |  |  |  |  | 4,619 |
Total cost of sales |  |  | 5,483 |  |  |  | (864 | ) |  |  |  |  |  |  |  |  | 4,619 |
Gross profit |  |  | 3,267 |  |  |  | (326 | ) |  |  |  | - |  |  |  |  | 2,941 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  |  | 3,514 |  |  |  | (616 | ) | (d) |  |  | - |  |  |  |  | 2,898 |
Research and development |  |  | 842 |  |  |  | (395 | ) | (d) |  |  | - |  |  |  |  | 447 |
Depreciation and amortization |  |  | 459 |  |  |  | (157 | ) | (d) |  |  | - |  |  |  |  | 302 |
Total operating expenses |  |  | 4,815 |  |  |  | (1,168 | ) |  |  |  | - |  |  |  |  | 3,647 |
Operating income (loss) |  |  | (1,548 | ) |  |  | 842 |  |  |  |  | - |  |  |  |  | (706 | )
Other expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other, net |  |  | 131 |  |  |  | (98 | ) | (d) |  |  | 204 |  | (h) |  |  | 237 |
Total other income (expense) |  |  | 131 |  |  |  | (98 | ) |  |  |  | 204 |  |  |  |  | 237 |
Income (loss) from continuing operations before income taxes |  |  | (1,417 | ) |  |  | 744 |  |  |  |  | 204 |  |  |  |  | (469 | )
Provision for income taxes |  |  | (77 | ) |  |  | (24 | ) | (d) |  |  | - |  |  |  |  | (101 | )
Net loss from continuing operations |  |  | (1,494 | ) |  |  | 720 |  |  |  |  | 204 |  |  |  |  | (570 | )
Preferred stock dividends - declared |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Preferred stock dividends - undeclared |  |  | (947 | ) |  |  | - |  |  |  |  | - |  |  |  |  | (947 | )
Net loss attributable to common stockholders |  |  | (2,441 | ) |  |  | - |  |  |  |  | - |  |  |  |  | (1,517 | )
Net loss per common share - Basic and Diluted |  |  | (0.18 | ) |  |  |  |  |  |  |  |  |  |  |  |  | (0.11 | )
Shares used in computing net loss per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 13,792 |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,792 |
Diluted |  |  | 13,792 |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,792 |

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