Note 15 - Segment Reporting

6 Months Ended

Jul. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

15. Segment Reporting

The Company operates in two segments, Seamap and Klein.  Seamap operates from facilities in Singapore, Malaysia, the United Kingdom and Texas.  Klein operates from a location in New Hampshire. On August 21, 2023, the Company completed the sale of Klein (see Note 2 -"Sale of Subsidiary and Subsequent Events" for additional details).

Prior to the year ended January 31, 2023, Seamap Marine Products and Klein Marine Products operating segments had been reported on an aggregated basis under our Marine Technology Products segment. We subsequently determined that we misapplied the provisions of ASC 280, Segment Reporting, regarding aggregation of operating segments. For fiscal 2024, we have correctly reported segment activity pursuant to the provisions of ASC 280, and we have restated segment information for the three and six months ended July 31, 2022, to correct our error and conform to our current presentation. As a matter of Company policy, corporate overhead is not allocated on a quarterly basis.

As of July 31, 2023										As of January 31, 2023
Total Assets										Total Assets
Seamap Marine Products		Klein Marine Products		Equipment Leasing -discontinued		Corporate		Consolidated		Seamap Marine Products		Klein Marine Products		Equipment Leasing -discontinued		Corporate		Consolidated
	$ 23,139		$ 10,537		$ —		$ 549		$ 34,225		$ 21,302		$ 10,708		$ —		$ 848		$ 32,858

	For the Three Months Ended July 31, 2023										For the Three Months Ended July 31, 2022
	Seamap Marine Products		Klein Marine Products		Corporate expenses		Eliminations		Consolidated		Seamap Marine Products		Klein Marine Products		Corporate expenses		Eliminations		Consolidated
Revenues		$ 7,618		$ 1,238		$ -		$ (106)		$ 8,750		$ 5,025		$ 3,689		$ -		$ (1)		$ 8,713
Cost of sales		4,677		912		-		(106)		5,483		3,213		1,963		-		(1)		5,175
Depreciation and amortization expense		284		157		18		-		459		309		135		23		-		467
Interest expense		40		-		(204)		-		(164)		-		-		-		-		-
Operating income (loss)		1,026		(780)		(1,794)		-		(1,548)		292		494		(2,337)		-		(1,551)

	For the Six Months Ended July 31, 2023														For the Six Months Ended July 31, 2022
	Seamap Marine Products		Klein Marine Products			Corporate expenses			Eliminations			Consolidated			Seamap Marine Products		Klein Marine Products			Corporate expenses			Eliminations			Consolidated
Revenues	$	18,215	$	3,569		$	-		$	(448	)	$	21,336		$	13,104	$	4,810		$	-		$	(114	)	$	17,800
Cost of sales		10,738		2,362			-			(448	)		12,652			8,270		2,817			-			(114	)		10,973
Depreciation and amortization expense		597		306			37			-			940			632		267			47			-			946
Interest expense		40		-			(408	)		-			(368	)		-		-			(4	)		-			(4	)
Operating income (loss)		3,746		(911	)		(4,094	)		-			(1,259	)		1,723		(686	)		(5,064	)		-			(4,027	)

Sales from the Klein Marine Products to the Seamap Marine Products segment are eliminated in consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and the cost to manufacture the equipment.

The following table presents a reconciliation of operating loss to loss from continuing operations before income taxes (in thousands):

	Three Months Ended July 31,						Six Months Ended July 31,
	2023			2022			2023			2022
Seamap Marine Products	$	1,026		$	292		$	3,746		$	1,723
Klein Marine Products		(780	)		494			(911	)		(686	)
Corporate Expenses		(1,794	)		(2,337	)		(4,094	)		(5,064	)
Operating loss		(1,548	)		(1,551	)		(1,259	)		(4,027	)
Interest Expense		(164	)		—			(368	)		(4	)
Other		295			(76	)		388			(190	)
Loss from continuing operations before income taxes	$	(1,417	)	$	(1,627	)	$	(1,239	)	$	(4,221	)