Note 1 - Basis of Presentation

9 Months Ended

Oct. 31, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 - Basis of presentation

The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries (collectively, "PPIH", "Company", or "Registrant") are unaudited, but include all adjustments that the Company's management considers necessary to fairly state the financial position and results of operations for the periods presented. These adjustments consist of normal recurring adjustments. Certain information and footnote disclosures have been omitted pursuant to Securities and Exchange Commission ("SEC") rules and regulations. The consolidated balance sheet as of  January 31, 2024 is derived from the audited consolidated balance sheet as of that date. The results of operations for any interim period are not necessarily indicative of future or annual results. Interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's latest Annual Report on Form 10-K. The Company's fiscal year ends on January 31. Years and balances described as 2024 and 2023 are for the fiscal year ending January 31, 2025 and for the fiscal year ended  January 31, 2024, respectively.

Revision of Previously Issued Financial Statements

During the six months ended July 31, 2024, the Company identified and corrected an error relating to a subsidiary in the Middle East incorrectly recording a duplicate invoice related to the purchase of property, plant, and equipment ("PP&E"), resulting in an overstatement of PP&E and trade accounts payable of $1.4 million on the unaudited consolidated balance sheet as of April 30, 2024, and a corresponding overstatement of net cash provided by operating activities and net cash used in investing activities in the consolidated statement of cash flows during the three months ended April 30, 2024. The Company determined that the error was not material to the unaudited consolidated financial statements in its Quarterly Report on Form 10-Q for the three months ended April 30, 2024. However, in order to correctly present the unaudited consolidated financial statements, management will revise the unaudited consolidated financial statements as of and for the three months ended April 30, 2024, the next time such unaudited consolidated financial statements are filed which will be in connection with the issuance of the Quarterly Report on Form 10-Q for the three months ended April 30, 2025. 

The following tables summarize the impact of this correction as of and for the periods presented:

	April 30, 2024
Consolidated Balance Sheet	As Reported		Adjustment			As Revised
Property, plant and equipment, net of accumulated depreciation	$	38,211	$	(1,423	)	$	36,788
Total assets	$	157,163	$	(1,423	)	$	155,740
Trade accounts payable	$	24,672		(1,423	)	$	23,249
Total current liabilities	$	59,410	$	(1,423	)	$	57,987

	April 30, 2024
Consolidated Statement of Cash Flows	As Reported			Adjustment			As Revised
Operating activities
Accounts payable		(268	)		(1,423	)		(1,691	)
Net cash provided by operating activities	$	1,350		$	(1,423	)	$	(73	)
Investing activities
Capital expenditures	$	(2,012	)	$	1,423		$	(589	)
Net cash used in investing activities	$	(2,012	)	$	1,423		$	(589	)