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Note 17 - Segment Reporting | 12 Months Ended
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Jan. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 17. Segment Reporting Prior to August 22, 2023, the Company operated in two segments, Seamap and Klein. On August 21, 2023, the Company completed the Sale of Klein. (see Note 2-"Sale of a Subsidiary and Discontinued Operations" for additional details). As a result, at January 31, 2025, Seamap is the Company’s sole reporting segment. Seamap Marine Products - Our Seamap Marine Products segment provides the following:
| • | GunLink seismic source acquisition and control systems
| • | BuoyLink relative global navigation satellite positioning systems
| • | SeaLink marine sensors and solid streamer systems
Our Seamap Marine Products segment provides services and products, including engineering, repairs and software licensing, utilized in marine exploration, marine survey and maritime security for marine survey companies, seismic survey contractors, research institutes, non-military government organizations and operators of port facilities and other offshore installations. Our CODM is our chief executive officer. Our CODM analyzes each segment's performance using revenue and operating income. Inter-company revenue and expenses have been eliminated in the reported revenue and operating income. Our CODM uses revenue and operating income in the annual budgeting and forecasting process and considers these on a monthly basis when making determinations on the allocation of resources. Financial information by business segment is set forth below net of any allocations (in thousands):
|  | Year Ended January 31, |
|  | 2025 |  |  | 2024 |
|  | Seamap Marine Products |  |  | Corporate Expenses |  |  | Consolidated |  |  | Seamap Marine Products |  |  | Corporate Expenses |  |  | Consolidated |
Revenues |  | $ | 46,863 |  |  | $ | - |  |  | $ | 46,863 |  |  | $ | 36,510 |  |  | $ | - |  |  | $ | 36,510 |
Cost of sales |  |  | 25,896 |  |  |  | - |  |  |  | 25,896 |  |  |  | 20,539 |  |  |  | - |  |  |  | 20,539 |
Selling, general and administrative |  |  | 6,293 |  |  |  | 4,998 |  |  |  | 11,291 |  |  |  | 5,807 |  |  |  | 6,335 |  |  |  | 12,142 |
Research and development |  |  | 1,610 |  |  |  | 304 |  |  |  | 1,914 |  |  |  | 1,595 |  |  |  | 538 |  |  |  | 2,133 |
Depreciation and amortization expense |  |  | 926 |  |  |  | 18 |  |  |  | 944 |  |  |  | 1,160 |  |  |  | 18 |  |  |  | 1,178 |
Operating income (loss) |  |  | 12,138 |  |  |  | (5,320 | ) |  |  | 6,818 |  |  |  | 7,409 |  |  |  | (6,891 | ) |  |  | 518 |
Capital expenditures |  |  | 416 |  |  |  | 21 |  |  |  | 437 |  |  |  | 287 |  |  |  | 3 |  |  |  | 290 |
Corporate selling, general and administrative expense primarily includes payroll of corporate personnel, directors fees, professional services, rental expense, and certain insurance expense. The following table presents a reconciliation of operating income (loss) to income from continuing operations before income taxes (in thousands):
|  | As of January 31, |
|  | 2025 |  |  | 2024 |
Seamap Marine Products |  |  | 12,138 |  |  |  | 7,409 |
Corporate Expenses |  |  | (5,320 | ) |  |  | (6,891 | )
Operating income |  |  | 6,818 |  |  |  | 518 |
Interest income (expense) |  |  | 4 |  |  |  | (634 | )
Other income |  |  | 236 |  |  |  | 354 |
Income from continuing operations before income taxes |  |  | 7,058 |  |  |  | 238 |
Total assets by business segment is set forth below (in thousands):
|  | Year Ended January 31, |
Assets |  | 2025 |  |  | 2024 |
Seamap Marine Products |  | $ | 35,740 |  |  | $ | 32,526 |
Corporate |  |  | 980 |  |  |  | 965 |
Total Assets |  | $ | 36,720 |  |  | $ | 33,491 |
Revenue During the fiscal year ended January 31, 2025, two Seamap Marine Products customers individually exceeded 10% of total revenue in the amounts of approximately $16.9 million and $10.1 million. During the fiscal year ended January 31, 2024, three Seamap Marine Products customers individually exceeded 10% of total revenue, in the amounts of approximately $7.6 million, $7.1 million and $5.1 million. Depreciation and Amortization Expense Depreciation expense on property, plant and equipment, reflected in the table above, was approximately $306,000 for fiscal 2025 and approximately $383,000 for fiscal 2024. Amortization expense primarily relating to intangible assets, reflected in the table above was approximately $638,000 in fiscal 2025 and approximately $795,000 in fiscal 2024. Essentially all depreciation and amortization relate to the Seamap Marine Products segment. Amortization in Corporate Expenses relate to software for the corporate ERP. Assets All property, plant and equipment are allocated to the Seamap Marine Products segment. Corporate assets primarily consist of cash, right of use assets for an operating lease, and some prepaid corporate expenses. Geographic Operating Areas For fiscal 2025 and fiscal 2024, $1.3 million of right-of-use operating lease assets are included in the following table which summarizes Property and Equipment, Net and Right-of-Use Operating Lease Assets by geographic area:
|  | Year Ended January 31, |
|  | 2025 |  |  | 2024 |
Property and Equipment, Net and Right-of-Use Operating Lease Assets |  |  |  |  |  |  |  |
Foreign: |  |  |  |  |  |  |  |
The United Kingdom |  | $ | 245 |  |  | $ | 260 |
Singapore |  |  | 711 |  |  |  | 338 |
Malaysia |  |  | 391 |  |  |  | 735 |
Total Foreign |  |  | 1,347 |  |  |  | 1,333 |
United States |  |  | 863 |  |  |  | 809 |
Total PP&E net and ROU Assets |  | $ | 2,210 |  |  | $ | 2,142 |
Revenue is based on the location of our customers. See Note 4-"Revenue from Contracts with Customers" for disclosure of revenue by geographic area.

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- Definition The entire disclosure for reporting segments including data and tables. 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