Note 14 - Segment Reporting

3 Months Ended

Apr. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

14. 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.

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 the three months ended April 30, 2023, we correctly reported segment activity pursuant to the provisions of ASC 280, and we have restated segment information for the three months ended April 30, 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 April 30, 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
$	22,516	$	10,680	$	—	$	649	$	33,845	$	21,302	$	10,708	$	—	$	848	$	32,858

	For the Three Months Ended April 30, 2023														For the Three Months Ended April 30, 2022
	Seamap Marine Products		Klein Marine Products			Corporate expenses			Eliminations			Consolidated			Seamap Marine Products		Klein Marine Products			Corporate expenses			Eliminations			Consolidated
Revenues	$	10,597	$	2,330		$	-		$	(341	)	$	12,586		$	8,079	$	1,122		$	-		$	(114	)	$	9,087
Cost of sales		6,061		1,449			-			(341	)		7,169			5,057		855			-			(114	)		5,798
Depreciation and amortization expense		313		149			19			-			481			323		132			24			-			479
Interest expense		-		-			(204	)		-			(204	)		-		-			(4	)		-			(4	)
Operating income (loss)		2,720		(131	)		(2,300	)		-			289			1,431		(1,180	)		(2,727	)		-			(2,476	)

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 income (loss) to loss from continuing operations before income taxes (in thousands):

	Three Months Ended April 30
	2023			2022
Seamap Marine Products	$	2,720		$	1,431
Klein Marine Products		(131	)		(1,180	)
Corporate Expenses		(2,300	)		(2,727	)
Operating income (loss)		289			(2,476	)
Interest Expense		(204	)		(4	)
Other		93			(114	)
Income (loss) from continuing operations before income taxes	$	178		$	(2,594	)