Note 5 - Revenue From Contracts With Customers

12 Months Ended

Jan. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

5. Revenue from Contracts with Customers

The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition:

	Twelve Months Ended January 31,
	2022		2021
Revenue recognized at a point in time:	(in thousands)
Seamap	$	16,422	$	16,304
Klein		5,428		4,145
Total revenue recognized at a point in time	$	21,850	$	20,449
Revenue recognized over time:
Seamap	$	871	$	766
Klein	$	386
Total revenue recognized over time		1,257		766
Total revenue from contracts with customers	$	23,107	$	21,215

The revenue from products manufactured and sold by our Seamap and Klein businesses, is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. However, from time to time our Seamap and Klein businesses provide repair and maintenance services, or perform upgrades, on customer owned equipment in which case revenue is recognized over time. In addition, our Seamap business provides annual Software Maintenance Agreements (“SMA”) to customers who have an active license for software imbedded in Seamap products. The revenue from SMA is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract.

The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers:

	Twelve Months Ended January 31,
	2022		2021
Revenue from contracts with customers:	(in thousands)
United States	$	2,409	$	3,687
Europe, Russia & CIS		8,821		8,512
Middle East & Africa		35		1,226
Asia-Pacific		11,244		6,523
Canada & Latin America		598		1,267
Total revenue from contracts with customers	$	23,107	$	21,215

As of January 31, 2022, contract assets and liabilities consisted of the following:

	January 31, 2022		January 31, 2021
Contract Assets:	(in thousands)
Unbilled revenue-current	$	28	$	85
Total unbilled revenue	$	28	$	85
Contract Liabilities:
Deferred revenue & customer deposits - current	$	2,569	$	691
Total deferred revenue & customer deposits	$	2,569	$	691

Considering the products manufactured and sold by our Marine Technology Products business and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three to six-month period.

With respect to the disclosures above, sales and transaction-based taxes are excluded from revenue, and we do not disclose the value of unsatisfied performance obligations for contacts with an original expected duration of one year or less. Also, we expense costs incurred to obtain contracts because the amortization period would be one year or less. These costs are recorded in selling, general and administrative expenses.