4. Balance Sheet


	July 31, 2017			January 31, 2017
	(in thousands)
Accounts receivable	$	16,250		$	21,762
Contracts receivable		5,823			2,752

		22,073			24,514
Less long-term portion		(6,215	)		(4,968	)

Current accounts and contracts receivable		15,858			19,546
Less current portion of allowance for doubtful accounts		(3,419	)		(3,716	)

Current portion of accounts and contracts receivable, net of allowance for doubtful accounts	$	12,439		$	15,830

Contracts receivable consisted of $5.8 million due from four customers at July 31, 2017 and $2.8 million due from three customers as of January 31, 2017. The balance of contracts receivable at July 31, 2017 and January 31, 2017 consisted of contracts bearing interest at an average rate of approximately 2.9% and 2.2% respectively and with remaining repayment terms from one to 40 months. These contracts are related to lease pool equipment sales and are collateralized by the equipment sold. During the quarter ended April 30, 2017, the Company entered into a long-term contract receivable totaling approximately $3.8 million for the sale of lease pool equipment with the balance due in 24 equal monthly installments through March of 2019.


	July 31, 2017			January 31, 2017
	(in thousands)
Inventories:
Raw materials		5,446		$	5,781
Finished goods		5,879			5,985
Work in progress		2,005			1,146

		13,330			12,912
Less allowance for obsolescence		(865	)		(952	)

Total inventories, net	$	12,465		$	11,960


	July 31, 2017			January 31, 2017
	(in thousands)
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool	$	186,784		$	219,001
Land and buildings		3,381			3,379
Furniture and fixtures		9,796			9,462
Autos and trucks		712			675

		200,673			232,517
Accumulated depreciation and amortization		(170,831	)		(188,679	)

Total seismic equipment lease pool and property and equipment, net	$	29,842		$	43,838

As of January 31, 2017, the Company completed an annual review of long-lived assets noting that the undiscounted future cash flows exceeded their carrying value and no impairment has been recorded. Since January 31, 2017 there have been no significant changes to the market, economic or legal environment in which the Company operates that would indicate additional impairment analysis is necessary as of July 31, 2017.