MIND TECHNOLOGY, INC. Files 2024 10-K Report

TL;DR

<b>MIND TECHNOLOGY, INC. filed its 2024 10-K, reporting $13.8M in assets and a net income of $193 for the fiscal year ended January 31, 2024.</b>

AI Summary

MIND TECHNOLOGY, INC (MIND) filed a Annual Report (10-K) with the SEC on April 30, 2024. MIND TECHNOLOGY, INC. reported total assets of $13,788,738 for the fiscal year ended January 31, 2024. The company's total debt was $1,405,779 as of January 31, 2024. Revenue from Marine Technology Products was $1,682,985 for the fiscal year ended January 31, 2024. Net income for the fiscal year ended January 31, 2024, was $193. Earnings per share (EPS) for the fiscal year ended January 31, 2024, was $0.01.

Why It Matters

For investors and stakeholders tracking MIND TECHNOLOGY, INC, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2024, including detailed financial statements and risk factors. Investors can use this report to assess the company's profitability, liquidity, and solvency, as well as understand the potential risks and challenges it faces.

Risk Assessment

Risk Level: medium — MIND TECHNOLOGY, INC shows moderate risk based on this filing. The company reported very low net income ($193) and a significant portion of its assets are not detailed, suggesting potential financial fragility or a need for further operational improvement.

Analyst Insight

Review the company's strategy for revenue growth and cost management to understand its path to profitability.

Financial Highlights

total Assets

13,788,738

total Debt

1,405,779

net Income

193

eps

0.01

Revenue Breakdown

Key Numbers

• 13,788,738 — Total Assets (As of January 31, 2024)
• 1,405,779 — Total Debt (As of January 31, 2024)
• 1,682,985 — Revenue - Marine Technology Products (Fiscal Year Ended January 31, 2024)
• 193 — Net Income (Fiscal Year Ended January 31, 2024)
• 0.01 — EPS (Fiscal Year Ended January 31, 2024)

Key Players & Entities

• MIND TECHNOLOGY, INC. (company) — Filer name
• 2002 TIMBERLOCH PLACE, SUITE 550 (location) — Business Address
• THE WOODLANDS (location) — Business Address City
• TX (location) — Business Address State
• 77380-1187 (location) — Business Address Zip
• 281-353-4475 (phone) — Business Phone
• MITCHAM INDUSTRIES INC (company) — Former Company Name
• Klein Marine Services Inc (company) — Subsidiary/Segment

FAQ

Risk Factors

• Low Profitability [high — financial]: The company reported a net income of only $193 for the fiscal year ended January 31, 2024, indicating very low profitability.
• Asset Composition [medium — financial]: While total assets are $13.8M, the breakdown and liquidity of these assets are not fully detailed in the provided summary, raising questions about their immediate usability.

Key Financial Figures

• $0.01 — ge on which registered Common Stock - $0.01 par value per share MIND The NASDAQ
• $1.00 — Market LLC Series A Preferred Stock - $1.00 par value per share MINDP The NASDA
• $38.4 m — og of orders amounting to approximately $38.4 million, which is an increase of approxim
• $15.7 million — increase of approximately 145% from the $15.7 million reported at January 31, 2023. We expect

Filing Documents

• mind20240131_10k.htm (10-K) — 1494KB
• ex_663616.htm (EX-4.1) — 62KB
• ex_601593.htm (EX-21.1) — 6KB
• ex_601594.htm (EX-23.1) — 3KB
• ex_601595.htm (EX-31.1) — 10KB
• ex_601596.htm (EX-31.2) — 10KB
• ex_601597.htm (EX-32.1) — 4KB
• ex_601598.htm (EX-32.2) — 4KB
• 0001437749-24-013973.txt (&nbsp;) — 8070KB
• mind-20240131.xsd (EX-101.SCH) — 71KB
• mind-20240131_cal.xml (EX-101.CAL) — 84KB
• mind-20240131_def.xml (EX-101.DEF) — 483KB
• mind-20240131_lab.xml (EX-101.LAB) — 429KB
• mind-20240131_pre.xml (EX-101.PRE) — 534KB
• mind20240131_10k_htm.xml (XML) — 1227KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 21 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 30 Item 9A.

Controls and Procedures

Controls and Procedures 31 Item 9B. Other Information 31 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 31 PART III Item 10. Directors, Executive Officers and Corporate Governance 32 Item 11.

Executive Compensation

Executive Compensation 32 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 Item 13. Certain Relationships and Related Transactions, and Director Independence 32 Item 14. Principal Accountant Fees and Services 32 PART IV Item 15. Exhibits and Financial Statement Schedules 33 Item 16. Form 10K Summary 36

Signatures

Signatures 37 i Table of Contents CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K (this "Form-10-K") for the fiscal year ended January 31, 2024 ("fiscal 2024") constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Form 10-K other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ from those in the forward-looking statements are described in Item 1A - "Risk Factors." Readers are cautioned not to place reliance on forward-looking statements, which speak only as the date hereof. We undertake no obligation to publicly update or revise any forward-lo

Business

Item 1. Business MIND Technology, Inc. ("MIND" and, together with its consolidated subsidiaries, the "Company", "we", "us" and "our"), a Delaware corporation, was incorporated in 1987. We provide technology to the oceanographic, hydrographic, defense, seismic and maritime security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia and the United Kingdom. Historically, we operated in two segments, Marine Technology Products and Equipment Leasing. During the second quarter of the fiscal year ended January 31, 2021 ("fiscal 2021"), our Board decided to exit the land-based seismic equipment leasing business (the "Leasing Business") and instructed management to develop and implement a plan to dispose of those operations. Effective January 31, 2023, we split our Marine Technology Products Segment into two segments, Seamap Marine Products and Klein Marine Products, to reflect our operations more accurately. On August 21, 2023, we sold the Klein Marine Products segment, and now operate within one segment. Our worldwide Seamap Marine Products business includes Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively "Seamap"), which designs, manufactures and sells specialized marine seismic equipment. Our worldwide Klein Marine Products business included Klein Marine Systems, Inc. ("Klein"), which designed, manufactured and sold high performance side scan sonar systems. We are focusing on our strategy to emphasize our Seamap business following the decision to exit the Leasing Business and dispose of the Klein Marine Products segment. This strategy is based on the following vision for MIND: become known as a provider of innovative technology and products to the oceanographic, hydrographic, seismic, defense and maritime security industries; and leverage our various technologies, products and services to create new products an

View Full Filing

View this 10-K filing on SEC EDGAR