we assume no obligation to revise or update any forward-looking statement , whether written or oral , that we may make from time to time , whether as a result of new information , future developments or otherwise . background we design and manufacture seismic instruments and equipment and primarily market these products to the oil and gas industry to locate , characterize and monitor hydrocarbon producing reservoirs . we also market our seismic products to other industries for vibration monitoring , border and perimeter security and various geotechnical applications . we design and manufacture other products of a non-seismic nature , including water meter products , imaging equipment , offshore cables and provide contract manufacturing services . see the information under the heading “ business ” in this annual report on form 10-k. consolidated results of operations as we have reported in the past , our revenue and operating profits have varied significantly from quarter-to-quarter , and even year-to-year , and are expected to continue that trend in the future , especially when our quarterly or annual financial results are impacted by the presence or absence of relatively large , but somewhat erratic , sales of our oil and gas prm systems and or wireless seismic data acquisition systems for land and marine applications . our revenue and results of operations have not been materially impacted by inflation or changing prices in the past two fiscal years . we report and evaluate financial information for three segments : oil and gas markets , adjacent markets and emerging markets . summary financial data by business segment follows ( in thousands ) : replace_table_token_3_th overview in 2014 , our oil and gas markets segment experienced a softening in the demand for its traditional exploration products , particularly in north america , as capital budgets for oil and gas producers were trending away from exploration-focused activities toward production and exploitation activities . during this period oil production in north america 's unconventional shale reservoirs increased , as did oil production from other non-opec countries , resulting in an oversupply of crude oil in the world market and a resulting drop in energy prices . early in 2020 , decreased demand again caused by the oversupply of crude oil due to failed opec negotiations and , when combined with the impact of the covid–19 pandemic , led to a dramatic drop in crude oil prices which have subsequently recovered to some extent . to date the effect of the covid-19 pandemic has resulted in a global drop in demand for oil and gas . these declines in the demand for oil and gas have caused oil and gas exploration and production companies to experience a significant reduction in cash flows , which have resulted in and will likely continue to result in reductions in their capital spending budgets for oil and gas exploration-focused activities , including seismic data acquisition activities . our oil and gas markets segment has in recent years experienced strong demand for the rental of our marine wireless nodal products ; however , this demand could 21 significantly diminish during fiscal year 2021 or beyond as a result of the significant uncertainty in the outlook for oil and gas exploration . demand for new land-based seismic equipment in recent fiscal years has remained restrained due to capital limitations affecting many of our customers , along with their excess levels of underutilized equipment . as a result , revenue from the sale and rental of our land-based traditional and wireless products has remained low due to the reduced investment in exploration-focused seismic activities . we expect these challenging industry conditions will result in revenue from our traditional and land-based wireless products to remain below historical norms . in light of current market conditions , the inventory balances in our oil and gas markets business segment at september 30 , 2020 continued to exceed levels we consider appropriate for the current level of product demand . while we are aggressively working to reduce these legacy inventory balances , we are also adding new inventories for new wireless product developments and for other product demand in our adjacent markets segment . during periods of excessive inventory levels , our policy has been , and will continue to be , to record obsolescence expense as we experience reduced product demand and as our inventories continue to age . if difficult market conditions continue for the products in our oil and gas markets segment , we expect to record additional inventory obsolescence expense in fiscal year 2021 and beyond until product demand and or resulting inventory turnover return to acceptable levels . coronavirus ( covid-19 ) in march 2020 , the world health organization declared covid-19 a global pandemic and recommended containment and mitigation measures worldwide . the spread of covid-19 has resulted in most governments issuing restrictive orders , including “ shelter in place ” orders around the globe to assist in mitigating the spread of the virus . while we continue to support our customers , there remain uncertainties regarding the duration and the extent to which the covid-19 pandemic will ultimately have a negative impact on the demand for our products and services or on our supply chain . we continue to closely monitor the situation as information becomes readily available . as of the date of this filing , our operations have , for the most part , remained open globally and the impact of the effects of covid-19 to our personnel and operations has been limited . we have experienced lower than expected sales in our adjacent markets segment which we believe are primarily the result of the pandemic . we have also experienced a reduction in demand for certain products , cancellation of rental contracts and difficulty with field employees and salespeople traveling domestically and abroad to conduct our business . story_separator_special_tag if the carrying value of the asset group exceeds the expected future cash flows , an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value . management makes judgments regarding the interpretation of tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability . in addition , we operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions as well as by the internal revenue service . in management 's opinion , adequate provisions for income taxes have been made for all open tax years . the potential outcomes of examinations are regularly assessed in determining the adequacy of the provision for income taxes and income tax liabilities . management believes that adequate provisions have been made for reasonable and foreseeable outcomes related to uncertain tax matters . we record a write-down of our inventories when the cost basis of any manufactured product , including any estimated future costs to complete the manufacturing process , exceeds its net realizable value . inventories are stated at the lower of cost or net realizable value . cost is determined on a first-in , first-out method , except that our subsidiaries in the russian federation and the united kingdom use an average cost method to value their inventories . we periodically review the composition of our inventories to determine if market demand , product modifications , technology changes , excessive quantities on-hand and other factors hinder our ability to recover our investment in such inventories . management 's assessment is based upon historical product demand , estimated future product demand and various other judgments and estimates . inventory obsolescence reserves are recorded when such assessments reveal that portions or components of our inventory investment will not be realized in our operating activities . the value of our inventories not expected to be realized in cash , sold or consumed during our next operating cycle are classified as non-current assets in our consolidated balance sheets . we recognize revenue from product sales and services in accordance with asc topic 606 , revenue from contracts with customers . this standard applies to contracts for the sale of products and services and does not apply to contracts for the rental or lease of products . under this standard , we recognize revenue when performance of contractual obligations are satisfied , generally when control of the promised goods or services is transferred to our customers , in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services . revenue from product sales is recognized when obligations under the terms of a contract are satisfied , control is transferred and collectability of the sales price is reasonably assured . transfer of control generally occurs with shipment or delivery , depending on the terms of the underlying contract . our products are generally sold without any customer acceptance provisions , and our standard terms of sale do not allow customers to return products for credit . most of our products do not require installation assistance or sophisticated instruction . we offer a standard product warranty , which obligates us to repair or replace our products having manufacturing defects . we maintain a reserve for future warranty costs based on historical experience or , in the absence of historical experience , management estimates . revenue from engineering services is recognized as services are rendered over the duration of a project or as billed on a per hour basis . field service revenue is recognized when services are rendered and is generally priced on a per day rate . we recognize rental revenue as earned over the rental period . rentals of our equipment generally range from daily rentals to rental periods of up to six months or longer . we recognize rental revenue in accordance with asc topic 842 , leases . in the event collectability of lease payments is not probable at the lease commencement date , we recognize revenue when payments are received . we regularly evaluate the collectability of our lease receivables on a lease by lease basis . the evaluation primarily consists of reviewing past due account balances and other factors such as the credit quality of the customer , historical trends of the customer and current economic conditions . we suspend the recognition of rental revenue when the collectability of amounts due are no longer probable and record a direct write-off of the lease receivable to rental revenue . recent accounting pronouncements please refer to note 1 to our consolidated financial statements contained in this annual report for a discussion of recent accounting pronouncements . 27 management 's current outlook and assumptions as further discussed above , there remains uncertainties regarding the duration and to what extent the covid-19 pandemic will ultimately impact the demand for our products and services or with our supply chain . regarding our oil and gas markets business segment , prices for a barrel of wti crude oil declined from over $ 100 in july 2014 to approximately $ 26 in february 2016 , and have recovered to approximately $ 40 today . with this substantial net decline in crude oil prices and the recent reduced global demand for oil and gas as a result of the covid-19 pandemic , oil and gas exploration and production companies experienced a significant reduction in cash flows resulting in sharp reductions in their capital spending budgets for oil and gas exploration-focused activities including seismic data acquisition activities . while we have experienced strong marine nodal rental activity in recent years including fiscal year 2020 , the need for new seismic equipment , particularly land-based equipment , remains restrained due to our customers ' ( i ) limited capital resources , ( ii ) lack of visibility into future demand for their seismic services and ( iii ) in some cases , under-utilized legacy equipment

liquidity and capital resources fiscal year 2020 at september 30 , 2020 , we had approximately $ 32.7 million in cash and cash equivalents . for fiscal year 2020 , we generated $ 18.1 million of cash from operating activities . our net loss of $ 19.2 million was offset by net non-cash charges of $ 40.7 million resulting from deferred income taxes , depreciation , amortization , inventory obsolescence , goodwill impairment , stock-based compensation , bad debt expense , change in estimate of collectability of rental revenue and changes in the estimated fair value of contingent consideration . other sources of cash included ( i ) a $ 5.2 million increase in deferred revenue and other liabilities primarily due to the deferral of revenue on a significant product sale occurring in our second fiscal quarter and partially offset by a decrease in customer deposits and ( ii ) a $ 2.5 million decrease in trade and other receivables resulting from the timing of collections from customers . offsetting these sources of cash were ( i ) a $ 2.5 million decrease in accounts payable resulting from the timing of payments to our suppliers , ( ii ) an $ 7.8 million increase in deferred cost of revenue and other assets primarily due to the deferral of cost on a product sale and an increase in the prepayment of certain expenses and ( iii ) the removal of a $ 0.7 million gross profit from the sale of used rental equipment since such gross profit is reflected in the proceeds from the sale of used rental equipment under investing activities . for fiscal year 2020 , we used cash of $ 4.1 million in investing activities . uses of cash included ( i ) a $ 5.5 million investment in our rental equipment primarily to expand our obx rental fleet and ( ii ) $ 2.9 million for additions to our property , plant and equipment . these uses of cash were partially offset by ( i ) $ 4.1 million of proceeds from the sale of rental equipment and ( ii ) $ 0.2 million of proceeds from the sale of equipment .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources fiscal year 2020 at september 30 , 2020 , we had approximately $ 32.7 million in cash and cash equivalents . for fiscal year 2020 , we generated $ 18.1 million of cash from operating activities . our net loss of $ 19.2 million was offset by net non-cash charges of $ 40.7 million resulting from deferred income taxes , depreciation , amortization , inventory obsolescence , goodwill impairment , stock-based compensation , bad debt expense , change in estimate of collectability of rental revenue and changes in the estimated fair value of contingent consideration . other sources of cash included ( i ) a $ 5.2 million increase in deferred revenue and other liabilities primarily due to the deferral of revenue on a significant product sale occurring in our second fiscal quarter and partially offset by a decrease in customer deposits and ( ii ) a $ 2.5 million decrease in trade and other receivables resulting from the timing of collections from customers . offsetting these sources of cash were ( i ) a $ 2.5 million decrease in accounts payable resulting from the timing of payments to our suppliers , ( ii ) an $ 7.8 million increase in deferred cost of revenue and other assets primarily due to the deferral of cost on a product sale and an increase in the prepayment of certain expenses and ( iii ) the removal of a $ 0.7 million gross profit from the sale of used rental equipment since such gross profit is reflected in the proceeds from the sale of used rental equipment under investing activities . for fiscal year 2020 , we used cash of $ 4.1 million in investing activities . uses of cash included ( i ) a $ 5.5 million investment in our rental equipment primarily to expand our obx rental fleet and ( ii ) $ 2.9 million for additions to our property , plant and equipment . these uses of cash were partially offset by ( i ) $ 4.1 million of proceeds from the sale of rental equipment and ( ii ) $ 0.2 million of proceeds from the sale of equipment .
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 Suspicious Activity Report : we assume no obligation to revise or update any forward-looking statement , whether written or oral , that we may make from time to time , whether as a result of new information , future developments or otherwise . background we design and manufacture seismic instruments and equipment and primarily market these products to the oil and gas industry to locate , characterize and monitor hydrocarbon producing reservoirs . we also market our seismic products to other industries for vibration monitoring , border and perimeter security and various geotechnical applications . we design and manufacture other products of a non-seismic nature , including water meter products , imaging equipment , offshore cables and provide contract manufacturing services . see the information under the heading “ business ” in this annual report on form 10-k. consolidated results of operations as we have reported in the past , our revenue and operating profits have varied significantly from quarter-to-quarter , and even year-to-year , and are expected to continue that trend in the future , especially when our quarterly or annual financial results are impacted by the presence or absence of relatively large , but somewhat erratic , sales of our oil and gas prm systems and or wireless seismic data acquisition systems for land and marine applications . our revenue and results of operations have not been materially impacted by inflation or changing prices in the past two fiscal years . we report and evaluate financial information for three segments : oil and gas markets , adjacent markets and emerging markets . summary financial data by business segment follows ( in thousands ) : replace_table_token_3_th overview in 2014 , our oil and gas markets segment experienced a softening in the demand for its traditional exploration products , particularly in north america , as capital budgets for oil and gas producers were trending away from exploration-focused activities toward production and exploitation activities . during this period oil production in north america 's unconventional shale reservoirs increased , as did oil production from other non-opec countries , resulting in an oversupply of crude oil in the world market and a resulting drop in energy prices . early in 2020 , decreased demand again caused by the oversupply of crude oil due to failed opec negotiations and , when combined with the impact of the covid–19 pandemic , led to a dramatic drop in crude oil prices which have subsequently recovered to some extent . to date the effect of the covid-19 pandemic has resulted in a global drop in demand for oil and gas . these declines in the demand for oil and gas have caused oil and gas exploration and production companies to experience a significant reduction in cash flows , which have resulted in and will likely continue to result in reductions in their capital spending budgets for oil and gas exploration-focused activities , including seismic data acquisition activities . our oil and gas markets segment has in recent years experienced strong demand for the rental of our marine wireless nodal products ; however , this demand could 21 significantly diminish during fiscal year 2021 or beyond as a result of the significant uncertainty in the outlook for oil and gas exploration . demand for new land-based seismic equipment in recent fiscal years has remained restrained due to capital limitations affecting many of our customers , along with their excess levels of underutilized equipment . as a result , revenue from the sale and rental of our land-based traditional and wireless products has remained low due to the reduced investment in exploration-focused seismic activities . we expect these challenging industry conditions will result in revenue from our traditional and land-based wireless products to remain below historical norms . in light of current market conditions , the inventory balances in our oil and gas markets business segment at september 30 , 2020 continued to exceed levels we consider appropriate for the current level of product demand . while we are aggressively working to reduce these legacy inventory balances , we are also adding new inventories for new wireless product developments and for other product demand in our adjacent markets segment . during periods of excessive inventory levels , our policy has been , and will continue to be , to record obsolescence expense as we experience reduced product demand and as our inventories continue to age . if difficult market conditions continue for the products in our oil and gas markets segment , we expect to record additional inventory obsolescence expense in fiscal year 2021 and beyond until product demand and or resulting inventory turnover return to acceptable levels . coronavirus ( covid-19 ) in march 2020 , the world health organization declared covid-19 a global pandemic and recommended containment and mitigation measures worldwide . the spread of covid-19 has resulted in most governments issuing restrictive orders , including “ shelter in place ” orders around the globe to assist in mitigating the spread of the virus . while we continue to support our customers , there remain uncertainties regarding the duration and the extent to which the covid-19 pandemic will ultimately have a negative impact on the demand for our products and services or on our supply chain . we continue to closely monitor the situation as information becomes readily available . as of the date of this filing , our operations have , for the most part , remained open globally and the impact of the effects of covid-19 to our personnel and operations has been limited . we have experienced lower than expected sales in our adjacent markets segment which we believe are primarily the result of the pandemic . we have also experienced a reduction in demand for certain products , cancellation of rental contracts and difficulty with field employees and salespeople traveling domestically and abroad to conduct our business . story_separator_special_tag if the carrying value of the asset group exceeds the expected future cash flows , an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value . management makes judgments regarding the interpretation of tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability . in addition , we operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions as well as by the internal revenue service . in management 's opinion , adequate provisions for income taxes have been made for all open tax years . the potential outcomes of examinations are regularly assessed in determining the adequacy of the provision for income taxes and income tax liabilities . management believes that adequate provisions have been made for reasonable and foreseeable outcomes related to uncertain tax matters . we record a write-down of our inventories when the cost basis of any manufactured product , including any estimated future costs to complete the manufacturing process , exceeds its net realizable value . inventories are stated at the lower of cost or net realizable value . cost is determined on a first-in , first-out method , except that our subsidiaries in the russian federation and the united kingdom use an average cost method to value their inventories . we periodically review the composition of our inventories to determine if market demand , product modifications , technology changes , excessive quantities on-hand and other factors hinder our ability to recover our investment in such inventories . management 's assessment is based upon historical product demand , estimated future product demand and various other judgments and estimates . inventory obsolescence reserves are recorded when such assessments reveal that portions or components of our inventory investment will not be realized in our operating activities . the value of our inventories not expected to be realized in cash , sold or consumed during our next operating cycle are classified as non-current assets in our consolidated balance sheets . we recognize revenue from product sales and services in accordance with asc topic 606 , revenue from contracts with customers . this standard applies to contracts for the sale of products and services and does not apply to contracts for the rental or lease of products . under this standard , we recognize revenue when performance of contractual obligations are satisfied , generally when control of the promised goods or services is transferred to our customers , in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services . revenue from product sales is recognized when obligations under the terms of a contract are satisfied , control is transferred and collectability of the sales price is reasonably assured . transfer of control generally occurs with shipment or delivery , depending on the terms of the underlying contract . our products are generally sold without any customer acceptance provisions , and our standard terms of sale do not allow customers to return products for credit . most of our products do not require installation assistance or sophisticated instruction . we offer a standard product warranty , which obligates us to repair or replace our products having manufacturing defects . we maintain a reserve for future warranty costs based on historical experience or , in the absence of historical experience , management estimates . revenue from engineering services is recognized as services are rendered over the duration of a project or as billed on a per hour basis . field service revenue is recognized when services are rendered and is generally priced on a per day rate . we recognize rental revenue as earned over the rental period . rentals of our equipment generally range from daily rentals to rental periods of up to six months or longer . we recognize rental revenue in accordance with asc topic 842 , leases . in the event collectability of lease payments is not probable at the lease commencement date , we recognize revenue when payments are received . we regularly evaluate the collectability of our lease receivables on a lease by lease basis . the evaluation primarily consists of reviewing past due account balances and other factors such as the credit quality of the customer , historical trends of the customer and current economic conditions . we suspend the recognition of rental revenue when the collectability of amounts due are no longer probable and record a direct write-off of the lease receivable to rental revenue . recent accounting pronouncements please refer to note 1 to our consolidated financial statements contained in this annual report for a discussion of recent accounting pronouncements . 27 management 's current outlook and assumptions as further discussed above , there remains uncertainties regarding the duration and to what extent the covid-19 pandemic will ultimately impact the demand for our products and services or with our supply chain . regarding our oil and gas markets business segment , prices for a barrel of wti crude oil declined from over $ 100 in july 2014 to approximately $ 26 in february 2016 , and have recovered to approximately $ 40 today . with this substantial net decline in crude oil prices and the recent reduced global demand for oil and gas as a result of the covid-19 pandemic , oil and gas exploration and production companies experienced a significant reduction in cash flows resulting in sharp reductions in their capital spending budgets for oil and gas exploration-focused activities including seismic data acquisition activities . while we have experienced strong marine nodal rental activity in recent years including fiscal year 2020 , the need for new seismic equipment , particularly land-based equipment , remains restrained due to our customers ' ( i ) limited capital resources , ( ii ) lack of visibility into future demand for their seismic services and ( iii ) in some cases , under-utilized legacy equipment

