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Note 2 - Sale of Subsidiaries and Subsequent Events - Summary of Condensed Statements of Operations (Details) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jul. 31, 2023
Jul. 31, 2022
Jul. 31, 2023
Jul. 31, 2022
Sale of marine technology products $ 8,750,000 [1] $ 8,713,000 $ 21,336,000 [1] $ 17,800,000
Total revenues 8,750,000 [1] 8,713,000 21,336,000 [1],[2],[3],[4] 17,800,000
Total cost of sales 5,483,000 [1] 5,175,000 12,652,000 [1] 10,973,000
Gross profit 3,267,000 [1] 3,538,000 8,684,000 [1] 6,827,000
Selling, general and administrative 3,514,000 [1] 3,789,000 7,388,000 [1] 8,061,000
Research and development 842,000 [1] 833,000 1,615,000 [1] 1,847,000
Depreciation and amortization 459,000 [1] 467,000 940,000 [1] 946,000
Total operating expenses 4,815,000 [1] 5,089,000 9,943,000 [1] 10,854,000
Operating income (loss) (1,548,000) [1] (1,551,000) (1,259,000) [1] (4,027,000)
Other, net 131,000 [1] (76,000) 20,000 [1] (194,000)
Total other income (expense) 131,000 [1] (76,000) 20,000 [1] (194,000)
Income (loss) from continuing operations before income taxes (1,417,000) [1] (1,627,000) (1,239,000) [1] (4,221,000)
Provision for income taxes (77,000) [1] (131,000) (495,000) [1] (342,000)
Net (loss) income from continuing operations (1,494,000) [1] (1,758,000) (1,734,000) [1] (4,563,000)
Preferred stock dividends - declared 0 [1] 0 0 [1] (947,000)
Preferred stock dividends - undeclared (947,000) [1] (947,000) (1,894,000) [1] (947,000)
Net loss attributable to common stockholders $ (2,441,000) [1] $ (2,867,000) $ (3,628,000) [1] $ (6,233,000)
Basic (in shares) 13,792 [1] 13,782 13,791 [1] 13,779
Diluted (in shares) 13,792 [1] 13,782 13,791 [1] 13,779
Marine Technology Products [Member]        
Sale of marine technology products $ 8,750,000 $ 8,713,000 $ 21,336,000 $ 17,800,000
Total cost of sales 5,483,000 [1],[5] $ 5,175,000 12,652,000 [1] $ 10,973,000
Pro Forma Adjustments [Member]        
Sale of marine technology products 0    
Total revenues 0   0  
Total cost of sales    
Gross profit 0   0  
Selling, general and administrative 0   0  
Research and development 0   0  
Depreciation and amortization 0    
Total operating expenses 0   0  
Operating income (loss) 0   0  
Other, net 204,000   407,000  
Total other income (expense) 204,000 [6]   407,000  
Income (loss) from continuing operations before income taxes 204,000   407,000  
Provision for income taxes 0    
Net (loss) income from continuing operations 204,000   407,000  
Preferred stock dividends - declared      
Preferred stock dividends - undeclared     0  
Net loss attributable to common stockholders     $ 0  
Basic (in shares)      
Diluted (in shares)      
Pro Forma Adjustments [Member] | Marine Technology Products [Member]        
Total cost of sales 0   $ 0  
Pro Forma [Member]        
Sale of marine technology products 7,560,000 [2],[3],[4]   18,158,000  
Total revenues 7,560,000   18,158,000  
Total cost of sales 4,619,000   10,680,000  
Gross profit 2,941,000   7,478,000  
Selling, general and administrative 2,898,000   6,189,000  
Research and development 447,000   878,000  
Depreciation and amortization 302,000   634,000  
Total operating expenses 3,647,000   7,701,000  
Operating income (loss) (706,000)   (223,000)  
Other, net 237,000   350,000  
Total other income (expense) 237,000   350,000  
Income (loss) from continuing operations before income taxes (469,000)   127,000  
Provision for income taxes (101,000)   (512,000)  
Net (loss) income from continuing operations (570,000)   (385,000)  
Preferred stock dividends - declared     0  
Preferred stock dividends - undeclared (947,000)   (1,894,000)  
Net loss attributable to common stockholders $ (1,517,000)   $ (2,279,000)  
Basic (in shares) 13,792   13,791  
Diluted (in shares) 13,792   13,791  
Pro Forma [Member] | Marine Technology Products [Member]        
Total cost of sales $ 4,619,000   $ 10,680,000  
Subsidiaries [Member]        
Sale of marine technology products [8] (1,190,000) [7]   (3,178,000)  
Total revenues [8] (1,190,000)   (3,178,000)  
Total cost of sales [8] (864,000)   (1,972,000)  
Gross profit [8] (326,000)   (1,206,000)  
Selling, general and administrative [8] (616,000)   (1,199,000)  
Research and development [8] (395,000)   (737,000)  
Depreciation and amortization [8] (157,000)   (306,000)  
Total operating expenses [8] (1,168,000)   (2,242,000)  
Operating income (loss) [8] 842,000   1,036,000  
Other, net [8] (98,000)   (77,000)  
Total other income (expense) [8] (98,000)   (77,000)  
Income (loss) from continuing operations before income taxes [8] 744,000   959,000  
Provision for income taxes [8] (24,000)   (17,000)  
Net (loss) income from continuing operations [8] 720,000   942,000  
Preferred stock dividends - declared [8]      
Preferred stock dividends - undeclared [8]     0  
Net loss attributable to common stockholders [8]     $ 0  
Basic (in shares) [8]      
Diluted (in shares) [8]      
Subsidiaries [Member] | Marine Technology Products [Member]        
Total cost of sales [8] $ (864,000)   $ (1,972,000) [5]  
[1] Reflects the condensed consolidated balance sheet as of July 31, 2023 and condensed consolidated statement of operations for the three and six months ended July 31, 2023 and 2023 in the Form 10-Q.
[2] Adjustments represent the disposition of assets and liabilities of the Klein operations.
[3] To record the net cash proceeds from the Sale of Klein paid on the Closing Date of $11.5 million, less estimated closing costs, estimated pay-off of the Note Payable, and estimated transaction costs, primarily legal expenses and investment broker fees, associated with the sale, all of which were incurred as part of the consummation of the Sale of Klein.
[4] To record the pay-off of the Note Payable, net of prepaid interest and debt acquisition costs, due to Sachem Capital.
[5] Adjustments to accumulated deficit reflect the estimated gain on Sale of Klein. The estimated gain has not been reflected in the accompanying statements of operations as it is not related to continuing operations. The actual gain or loss on Sale of Klein will be recorded in the Company's financial statements for the quarter ending October 31, 2023, and will differ from this estimate.
[6] Reflects removal of interest expense that would not have been incurred if the Sale of Klein had been completed February 1, 2021.
[7] Adjustments represent the elimination of income and expenses of the Klein operations.
[8] Reflects the consummation of the Sale of Klein in accordance with the terms of the SPA.