Revenue from Contracts with Customers

Effective February 1, 2018 the Company adopted ASU 2014-09 as amended, (“New Revenue Standard” or “Topic 606”), using the modified retrospective method applied to those contracts which were not completed as of February 1, 2018. Results for reporting periods beginning after January 31, 2018 are presented under Topic 606 and pertain only to our Marine Technology Products segment. Revenues related to our Equipment Leasing segment are not included in the scope of Topic 606.

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



	Three Months Ended July 31,				Six Months Ended July 31,
	2019		2018		2019			2018
Revenue recognized at a point in time:	(in thousands)
Seamap	$	4,836	$	3,611	$	8,954		$	5,156
Klein	1,841		1,401		3,398			2,877
SAP	—		797		101			1,277
Total revenue recognized at a point in time	$	6,677	$	5,809	$	12,453	—	$	9,310
Revenue recognized over time:
Seamap	$	68	$	203	$	274		$	410
Total revenue recognized over time	68		203		274		—	410
Total revenue from contracts with customers	$	6,745	$	6,012	$	12,727	—	$	9,720

The revenue from products manufactured and sold by our Seamap and Klein businesses, as well as the revenue from products marketed and sold by our SAP business, 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. Our Seamap business also provides Software Maintenance Agreements (“SMA”) to customers who have an active license for software embedded in Seamap products. The revenue from SMA’s is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract. The Company sold SAP during the quarter ended April 30, 2019. See Note 13 to our condensed consolidated financial statements for more information.

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



	Three Months Ended July 31,				Six Months Ended July 31,
	2019		2018		2019		2018
	(in thousands)
United States	$	1,084	$	1,124	$	1,841	$	1,252
Europe, Russia & CIS	2,563		2,747		5,167		4,766
Middle East & Africa	358		122		549		636
Asia-Pacific	1,835		1,979		3,108		2,679
Canada & Latin America	905		40		2,062		387
Total revenue from contracts with customers	$	6,745	$	6,012	$	12,727	$	9,720

As of July 31, 2019 and January 31, 2019 contract assets and liabilities consisted of the following:



	July 31, 2019		January 31, 2019
Contract Assets:	(in thousands)
Unbilled revenue - current	$	343	$	340
Total unbilled revenue	$	343	$	340
Contract Liabilities:
Deferred revenue & customer deposits - current	$	512	$	556
Deferred revenue & customer deposits - non-current	6		11
Total deferred revenue & customer deposits	$	518	$	567

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

Pursuant to practical expedients and exemptions included in the New Revenue Standard, sales and transaction-based taxes are excluded from revenue. Also, we do not disclose the value of unsatisfied performance obligations for contacts with an original expected duration of one year or less. Additionally, we expense costs incurred to obtain contracts when incurred because the amortization period would have been one year or less. These costs are recorded in selling, general and administrative expenses.