Note 2 - Sale of Subsidiaries and Subsequent Events (Tables)

6 Months Ended

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