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Note 18 - Concentrations
12 Months Ended
Jan. 31, 2024
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]

18. Concentrations

 

Credit Risk— As of January 31, 2024, we had four customers that individually exceeded 10% of consolidated accounts receivable. During fiscal 2023, we had two customers that individually exceeded 10% of consolidated accounts receivable.

 

Revenue Risk— In fiscal 2024 and 2023, our single largest customer accounted for approximately 21% and 17%, respectively, of our consolidated revenues, with these revenues being generated from the Seamap Marine Products segment. Together, our five largest customers accounted for approximately 67% and 47% of our consolidated revenues in fiscal 2024 and fiscal 2023, respectively.

 

The Company maintains deposits and certificates of deposit with banks which may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and money market accounts which are not FDIC insured. In addition, deposits aggregating approximately $4.9 million at January 31, 2024 are held in foreign banks. Management believes the risk of loss in connection with these accounts is minimal.

 

Supplier Concentration—The Company has satisfactory relationships with its suppliers. However, should those relationships deteriorate, the Company may have difficulty in obtaining new technology requested by its customers and maintaining the existing equipment in accordance with manufacturers’ specifications.