MIND TECHNOLOGY, INC Goodwill & Intangibles Disclosure
9. Intangible Assets
Intangible assets consisted of the following:
| January 31, 2025 | January 31, 2024 | |||||||||||||||||||||||||||
| Weighted | ||||||||||||||||||||||||||||
| Average | Gross | Net | Gross | Net | ||||||||||||||||||||||||
| Life at | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||||||||||
| 1/31/2025 | Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||||||
| Proprietary rights | 3.9 | $ | 7,472 | $ | (5,501 | ) | 1,971 | $ | 7,473 | $ | (5,053 | ) | 2,420 | |||||||||||||||
| Customer relationships | — | 4,884 | (4,884 | ) | — | 4,884 | (4,852 | ) | 32 | |||||||||||||||||||
| Patents | 0.9 | 2,540 | (2,269 | ) | 271 | 2,540 | (2,190 | ) | 350 | |||||||||||||||||||
| Trade name | 1.3 | 134 | (121 | ) | 13 | 134 | (108 | ) | 26 | |||||||||||||||||||
| Other | 0.1 | 481 | (428 | ) | 53 | 426 | (366 | ) | 60 | |||||||||||||||||||
| Amortizable intangible assets | $ | 15,511 | $ | (13,203 | ) | $ | 2,308 | $ | 15,457 | $ | (12,569 | ) | $ | 2,888 | ||||||||||||||
The Company did not record impairment of intangible assets during fiscal years 2025 and 2024.
Aggregate amortization expense was approximately $638,000 and $795,000 for fiscal 2025 and fiscal 2024, respectively. As of January 31, 2025, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands):
| For fiscal year ending January 31: | ||||
| 2026 | $ | 565 | ||
| 2027 | 379 | |||
| 2028 | 315 | |||
| 2029 | 213 | |||
| 2030 | 213 | |||
| Thereafter | 623 | |||
| Total | $ | 2,308 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 25, 2025 | Showing above |
| 2018 | Apr 13, 2018 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.