Subsequent Event

12 Months Ended

Jan. 31, 2018

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

In February 2018 the Company completed the acquisition of intellectual property and certain other assets from Hydroscience Technologies, Inc. and Solid Seismic LLC (collectively “Hydroscience”). Hydroscience designed, manufactured and sold marine sensors and solid streamer technology primarily for the hydrographic and seismic industries. In April 2017 Hydroscience filed for bankruptcy protection. Mitcham acquired the assets pursuant to an Asset Purchase Agreement and Sale Order that were approved by the bankruptcy court on January 31, 2018. Under these agreements, Mitcham acquired certain specified intangible and tangible assets free and clear of all prior claims and encumbrances for consideration of $3.0 million in cash and an agreement to forego accounts receivable balances due from Hydroscience with a carrying value of approximately $1.2 million. Mitcham assumed no contracts or prior warranty obligations. In connection with the closing of the acquisition, Mitcham issued 152,290 shares of Preferred Stock to Mitsubishi Heavy Industries, Ltd ("MHI") for proceeds of $3.5 million pursuant to a securities purchase agreement between Mitcham and MHI. In addition, MHI agreed to purchase an additional 21,756 shares of Preferred Stock for $500,000 upon the satisfaction of certain conditions specified in the securities purchase agreement.