XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Balance Sheet
 9 Months Ended
Oct. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet
Balance Sheet
 
 
October 31, 2017
 
January 31, 2017
 
 
(in thousands)
Accounts receivable
 
$
16,015

 
$
21,762

Contracts receivable
 
5,374

 
2,752

 
 
21,389

 
24,514

Less long-term portion
 
(6,259
)
 
(4,968
)
Current accounts and contracts receivable
 
15,130

 
19,546

Less current portion of allowance for doubtful accounts
 
(2,965
)
 
(3,716
)
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts
 
$
12,165

 
$
15,830


Contracts receivable consisted of $5.4 million due from four customers at October 31, 2017 and $2.8 million due from three customers as of January 31, 2017. The balance of contracts receivable at October 31, 2017 and January 31, 2017 consisted of contracts bearing interest at an average rate of approximately 2.8% and 2.2% respectively and with remaining repayment terms from 1 to 40 months. These contracts are related to lease pool equipment sales and are collateralized by the equipment sold. During the quarter ended April 30, 2017, the Company entered into a long-term contract receivable totaling approximately $3.8 million for the sale of lease pool equipment with the balance due in 24 equal monthly installments through March of 2019.
 
 
October 31, 2017
 
January 31, 2017
 
 
(in thousands)
Inventories:
 
 
 
 
Raw materials
 
$
5,157

 
$
5,781

Finished goods
 
5,642

 
5,985

Work in progress
 
2,003

 
1,146

 
 
12,802

 
12,912

Less allowance for obsolescence
 
(862
)
 
(952
)
Total inventories, net
 
$
11,940

 
$
11,960


 
 
 
October 31, 2017
 
January 31, 2017
 
 
(in thousands)
Seismic equipment lease pool and property and equipment:
 
 
 
 
Seismic equipment lease pool
 
$
185,304

 
$
219,001

Land and buildings
 
3,380

 
3,379

Furniture and fixtures
 
9,904

 
9,462

Autos and trucks
 
701

 
675

 
 
199,289

 
232,517

Accumulated depreciation and amortization
 
(172,917
)
 
(188,679
)
Total seismic equipment lease pool and property and equipment, net
 
$
26,372

 
$
43,838


As of January 31, 2017, the Company completed an annual review of long-lived assets noting that the undiscounted future cash flows exceeded their carrying value and no impairment has been recorded. Since January 31, 2017 there have been no significant changes to the market, economic or legal environment in which the Company operates that would indicate additional impairment analysis is necessary as of October 31, 2017.