Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2021 | Sep. 10, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000015847 | |
Entity Registrant Name | BUTLER NATIONAL CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-1678 | |
Entity Incorporation, State or Country Code | KS | |
Entity Tax Identification Number | 41-0834293 | |
Entity Address, Address Line One | 19920 West 161st Street | |
Entity Address, City or Town | Olathe | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66062 | |
City Area Code | 913 | |
Local Phone Number | 780-9595 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,366,749 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 |
CURRENT ASSETS: | ||
Cash | $ 20,585 | $ 22,022 |
Accounts receivable, net of allowance for doubtful accounts | 2,957 | 1,961 |
Inventories | ||
Parts and raw materials | 4,817 | 4,829 |
Work in process | 3,570 | 3,657 |
Finished goods | 68 | 82 |
Total inventory, net of allowance | 8,455 | 8,568 |
Contract asset | 578 | 421 |
Prepaid expenses and other current assets | 1,521 | 1,496 |
Total current assets | 34,096 | 34,468 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Lease right-to-use assets | 3,099 | 3,099 |
Construction in progress | 1,484 | 1,170 |
Land | 4,751 | 4,751 |
Building and improvements | 39,762 | 39,747 |
Aircraft | 9,138 | 9,138 |
Machinery and equipment | 4,670 | 4,253 |
Office furniture and fixtures | 11,074 | 10,699 |
Leasehold improvements | 4,032 | 4,032 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 78,010 | 76,889 |
Accumulated depreciation | (21,344) | (20,519) |
Total property, plant and equipment | 56,666 | 56,370 |
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $8,356 at July 31, 2021 and $8,041 at April 30, 2021) | 8,011 | 8,211 |
OTHER ASSETS: | ||
Other assets (net of accumulated amortization of $11,060 at July 31, 2021 and $10,886 at April 30, 2021) | 2,730 | 2,872 |
Total other assets | 2,730 | 2,872 |
Total assets | 101,503 | 101,921 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 3,976 | 5,972 |
Current maturities of lease liability | 100 | 107 |
Accounts payable | 2,316 | 1,893 |
Contract liability | 2,804 | 5,798 |
Gaming facility mandated payment | 1,231 | 1,458 |
Compensation and compensated absences | 1,628 | 1,862 |
Income taxes payable | 843 | 212 |
Other current liabilities | 345 | 265 |
Total current liabilities | 13,243 | 17,567 |
LONG-TERM LIABILITIES | ||
Long-term debt, net of current maturities | 38,823 | 39,816 |
Lease liability, net of current maturities | 2,732 | 2,759 |
Deferred tax liability, net | 400 | 400 |
Total long-term liabilities | 41,955 | 42,975 |
Total liabilities | 55,198 | 60,542 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.01: authorized 100,000,000 shares issued 79,070,382 shares, and outstanding 75,366,749 shares at July 31, 2021 and issued 79,070,382 shares, and outstanding 75,366,749 shares at April 30, 2021 | 790 | 790 |
Capital contributed in excess of par | 17,048 | 16,900 |
Treasury stock at cost, 3,703,633 shares at July 31, 2021 and 3,703,633 shares at April 30, 2021 | (1,909) | (1,909) |
Retained earnings | 22,486 | 19,580 |
Total Butler National Corporation's stockholders' equity | 38,415 | 35,361 |
Noncontrolling interest in BHCMC, LLC | 7,890 | 6,018 |
Total stockholders' equity | 46,305 | 41,379 |
Total liabilities and stockholders' equity | 101,503 | 101,921 |
Preferred Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | 0 | 0 |
Preferred Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Apr. 30, 2021 | |
Supplemental type certificates, accumulated amortization | $ 8,356 | $ 8,041 |
Other assets, accumulated amortization | $ 11,060 | $ 10,866 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 79,070,382 | 79,070,382 |
Common stock, shares outstanding (in shares) | 75,366,749 | 75,366,749 |
Treasury stock, shares (in shares) | 3,703,633 | 3,703,633 |
Preferred Class A [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, dividend rate | 9.80% | 9.80% |
Preferred stock, liquidation value | $ 100 | $ 100 |
Preferred stock, redemption value | $ 100 | $ 100 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Preferred Class B [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, dividend rate | 6.00% | 6.00% |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, redemption value | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
REVENUE: | ||
Revenues from customers | $ 18,145 | $ 12,989 |
COSTS AND EXPENSES: | ||
Marketing and advertising | 1,204 | 953 |
Employee benefits | 575 | 585 |
Depreciation and amortization | 702 | 1,043 |
General, administrative and other | 1,929 | 1,770 |
Total costs and expenses | 14,123 | 12,861 |
OPERATING INCOME | 4,022 | 128 |
OTHER INCOME (EXPENSE): | ||
Interest expense | (614) | (588) |
Forgiveness of debt | 2,001 | 0 |
Total other income (expense) | 1,387 | (588) |
INCOME (LOSS) BEFORE INCOME TAXES | 5,409 | (460) |
PROVISION (BENEFIT) FOR INCOME TAXES | ||
Provision (benefit) for income taxes | 631 | (6) |
NET INCOME (LOSS) | 4,778 | (454) |
Net (income) loss attributable to noncontrolling interest in BHCMC, LLC | (1,872) | 439 |
NET INCOME (LOSS) ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION | $ 2,906 | $ (15) |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.04 | $ 0 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 75,366,749 | 74,386,184 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.04 | $ 0 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 75,366,749 | 74,386,184 |
Professional Services [Member] | ||
REVENUE: | ||
Revenues from customers | $ 9,726 | $ 5,352 |
COSTS AND EXPENSES: | ||
Cost of services and products | 3,701 | 3,410 |
Aerospace Products [Member] | ||
REVENUE: | ||
Revenues from customers | 8,419 | 7,637 |
COSTS AND EXPENSES: | ||
Cost of services and products | $ 6,012 | $ 5,100 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | ||
Balance (in shares) at Apr. 30, 2020 | 77,719,677 | 3,321,415 | |||||||
Balance at Apr. 30, 2020 | $ 777 | $ 15,600 | $ (1,713) | $ 18,147 | $ 32,811 | $ 4,993 | $ 37,804 | ||
Stock repurchase (in shares) | 0 | 212,000 | 212,000 | [1] | |||||
Stock repurchase | $ 0 | 0 | $ (108) | 0 | (108) | 0 | $ (108) | ||
Deferred compensation, restricted stock | 0 | 150 | 0 | 0 | 150 | 0 | 150 | ||
Net Income (Loss) | $ 0 | 0 | $ 0 | (15) | (15) | (439) | (454) | ||
Balance (in shares) at Jul. 31, 2020 | 77,719,677 | 3,533,415 | |||||||
Balance at Jul. 31, 2020 | $ 777 | 15,750 | $ (1,821) | 18,132 | 32,838 | 4,554 | 37,392 | ||
Balance (in shares) at Apr. 30, 2021 | 79,070,382 | 3,703,633 | |||||||
Balance at Apr. 30, 2021 | $ 790 | 16,900 | $ (1,909) | 19,580 | 35,361 | 6,018 | $ 41,379 | ||
Stock repurchase (in shares) | [1] | 0 | |||||||
Deferred compensation, restricted stock | $ 0 | 148 | $ 0 | 0 | 148 | 0 | $ 148 | ||
Net Income (Loss) | 2,906 | 2,906 | 1,872 | 4,778 | |||||
Balance (in shares) at Jul. 31, 2021 | 79,070,382 | 3,703,633 | |||||||
Balance at Jul. 31, 2021 | $ 790 | $ 17,048 | $ (1,909) | $ 22,486 | $ 38,415 | $ 7,890 | $ 46,305 | ||
[1] | These shares of common stock were purchased through a private transaction |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 4,778 | $ (454) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation and amortization | 1,314 | 1,606 |
Forgiveness of debt | (2,001) | 0 |
Deferred compensation, restricted stock | 148 | 150 |
Changes in operating assets and liabilities | ||
Accounts receivable | (996) | (1,046) |
Inventories | 113 | (1,425) |
Contract assets | (157) | 95 |
Prepaid expenses and other current assets | (18) | (242) |
Accounts payable | 423 | 394 |
Contract liability | (2,994) | 4,567 |
Lease liability | 0 | (276) |
Accrued liabilities | (234) | (815) |
Gaming facility mandated payment | (227) | (92) |
Income tax payable | 631 | (6) |
Other liabilities | 80 | 40 |
Net cash provided by operating activities | 860 | 2,496 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (1,275) | (1,977) |
Net cash used in investing activities | (1,275) | (1,977) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings of long-term debt | 0 | 2,001 |
Repayments of long-term debt | (988) | (1,595) |
Payments on lease liability | (34) | 0 |
Repurchase of common stock | 0 | (108) |
Net cash provided by (used in) financing activities | (1,022) | 298 |
NET INCREASE (DECREASE) IN CASH | (1,437) | 817 |
CASH, beginning of period | 22,022 | 16,793 |
CASH, end of period | 20,585 | 17,610 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 630 | 584 |
Income taxes paid | $ 0 | $ 0 |
Note 1
Note 1 | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 10 8 X not 10 April 30, 2021 three July 31, 2021 not may April 30, 2022 Certain reclassifications within the condensed financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 2 - Net Income Per Share
Note 2 - Net Income Per Share | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. 260 260, July 31, 2021 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. 606, Under ASC 606, five 1 Identify the contract, or contracts, with a customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2 Identification of the performance obligations in the contract At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third not 3 Determination of the transaction price The transaction price is the amount that an entity allocates to the performance obligations identified in the contract and, therefore, represents the amount of revenue recognized as those performance obligations are satisfied. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. 4 Allocation of the transaction price to the performance obligations in the contract Once a contract and associated performance obligations have been identified and the transaction price has been determined, ASC 606 5 Recognition of revenue when, or as, we satisfy a performance obligation Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control transfers either over time or at a point in time. Revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Aircraft modifications are performed under fixed-price contracts. Revenue from fixed-priced contracts are recognized on the percentage-of-completion method, measured by the direct labor incurred compared to total estimated direct labor. Revenue from Avionics products are recognized when shipped. Payment for these Avionics products is due within 30 Regarding warranties and returns, our products are special order and are not may not Gaming revenue is the gross gaming win as reported by the Kansas Lottery casino reporting systems, less the mandated payments by and for the State of Kansas. Electronic games-slots and table games revenue is the aggregate of gaming wins and losses. Liabilities are recognized for chips and "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to anticipated payout of progressive jackpots. Progressive gaming machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are deducted from revenue as the value of jackpots increase. Food, beverage, and other revenue is recorded when the service is received and paid. |
Note 4 - Disaggregation of Reve
Note 4 - Disaggregation of Revenue | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Disaggregation of Revenue [Text Block] | 4. In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition. Three Months Ended July 31, 2021 Professional Services Aerospace Products Total Geographical Markets North America $ 9,726 $ 7,443 $ 17,169 Europe - 842 842 Asia - 88 88 Australia and Other - 46 46 $ 9,726 $ 8,419 $ 18,145 Major Product Lines Casino Gaming Revenues $ 8,589 $ - $ 8,589 Casino Non-Gaming Revenues 1,066 - 1,066 Professional Services 71 - 71 Aircraft Modification - 5,782 5,782 Aircraft Avionics - 875 875 Special Mission Electronics - 1,762 1,762 $ 9,726 $ 8,419 $ 18,145 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 5,275 $ 5,275 Goods or services transferred at a point of sale 9,726 3,144 12,870 $ 9,726 $ 8,419 $ 18,145 Three Months Ended July 31, 2020 Professional Services Aerospace Products Total Geographical Markets North America $ 5,352 $ 6,059 $ 11,411 Europe - 889 889 Asia - - - Australia and Other - 689 689 $ 5,352 $ 7,637 $ 12,989 Major Product Lines Casino Gaming Revenues $ 4,798 $ - $ 4,798 Casino Non-Gaming Revenues 509 - 509 Professional Services 45 - 45 Aircraft Modification - 4,793 4,793 Aircraft Avionics - 915 915 Special Mission Electronics - 1,929 1,929 $ 5,352 $ 7,637 $ 12,989 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 3,121 $ 3,121 Goods or services transferred at a point of sale 5,352 4,516 9,868 $ 5,352 $ 7,637 $ 12,989 |
Note 5 - Accounts Receivable, N
Note 5 - Accounts Receivable, Net, Contract Asset and Contract Liability | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Text Block] | 5. Accounts Receivables, net, contract asset and contract liability were as follows (in thousands): July 31, April 30, 2021 2021 Accounts Receivable, net $ 2,957 $ 1,961 Contract Asset 578 421 Contract Liability 2,804 5,798 Accounts receivable, net consist of $2,957 and $1,961 from customers as of July 31, 2021 April 30, 2021, July 31, 2021 April 30, 2021, Contract assets are net of progress payments and performance based payments from our customers as well as advance payments from customers totaling $578 and $421 as of July 31, 2021 April 30, 2021. July 31, 2021, July 31, 2021 not no July 31, 2021. July 31, 2021 2022. Contract liabilities decreased $3.0 million during the quarter ended July 31, 2021, |
Note 6 - Use of Estimates
Note 6 - Use of Estimates | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | 6. may |
Note 7 - Inventories
Note 7 - Inventories | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. first first Inventory obsolescence is examined on a regular basis. When determining our estimate of obsolescence, we consider inventory that has been inactive for five July 31, 2021 April 30, 2021 |
Note 8 - Research and Developme
Note 8 - Research and Development | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 8. three July 31, 2021 2020 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. July 31, 2021 July 31, 2021 first second At July 31, 2021 December 2027, At July 31, 2021 December 2025. At July 31, 2021 January 2023. At July 31, 2021 June 2024. At July 31, 2021 April 2022. At July 31, 2021 March 2029. At July 31, 2021 March 2029. In May 2020, June 2021, We are not July 31, 2021 We believe that our current banks will provide the necessary capital for our business operations. However, we continue to maintain contact with other banks that have an interest in funding our working capital needs to continue our growth in operations in 2021 |
Note 10 - Other Assets
Note 10 - Other Assets | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. $5,500 December 2024. December 15, 2024, 2039, 15 three fifteen |
Note 11 - Stock Options and Inc
Note 11 - Stock Options and Incentive Plans | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. In November 2016, 2016 may April 12, 2019, April 11, 2024. March 17, 2020, March 16, 2025. five For the three July 31, 2021 July 31, 2020 |
Note 12 - Stock Repurchase Prog
Note 12 - Stock Repurchase Program | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12. The Board of Directors approved a stock purchase program authorizing the repurchase of up to $4,000 of its common stock. The timing and amount of any share repurchases will be determined by Butler National’s management based on market conditions and other factors. The program is currently authorized through May 1, 2022. The table below provides information with respect to common stock purchases by the Company through July 31, 2021 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Shares purchased in prior periods 2,721,415 $ 0.36 2,721,415 $ 3,019 Quarter ended July 31, 2020 (a) 212,000 $ 0.51 212,000 $ 2,911 Quarter ended October 31, 2020 (a) 152,915 $ 0.50 152,915 $ 2,835 Quarter ended January 31, 2021 (a) - $ - - $ 2,835 Quarter ended April 30, 2021 (a) 17,303 $ 0.65 17,303 $ 2,823 Quarter ended July 31, 2021 (a) - $ - - $ 2,823 Total 3,103,633 $ 0.38 3,103,633 (a) These shares of common stock were purchased through a private transaction |
Note 13 - Lease Right-to-use
Note 13 - Lease Right-to-use | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Finance Leases [Text Block] | 13. On May 1, 2019, 2016 02 842. 2016 02 We lease hangars and office space with initial lease terms of two five fifty July 31, 2021 Lease right-to-use assets $ 3,099 Less accumulated depreciation 488 Total $ 2,611 Future minimum lease payments for assets under capital leases at July 31, 2021 2022 $ 246 2023 251 2024 242 2025 103 2026 106 Thereafter 7,093 Total minimum lease payments 8,041 Less amount representing interest 5,209 Present value of net minimum lease payments 2,832 Less current maturities of lease liability 100 Lease liability, net of current maturities $ 2,732 |
Note 14 - Segment Reporting and
Note 14 - Segment Reporting and Sales by Major Customer | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Industry Segmentation Current Activities - Aerospace Products: Aircraft Modifications principally includes the modification of customer and company owned business-size aircraft for specific operations or special missions such as addition of aerial photography capabilities and ISR modifications. We provide these services through our subsidiary, Avcon Industries, Inc. ("Aircraft Modifications" or "Avcon"). Special mission electronics principally includes the manufacture, sale, and service of electronics upgrades for classic weapon control systems used on commercial and military aircraft and vehicles. We provide the products through our subsidiary, Butler National Corporation - Tempe, Arizona. Butler Avionics sells, installs and repairs aircraft avionics equipment (airplane radio equipment and flight control systems). These systems are flight display systems which include intuitive touchscreen controls with large display that enhance pilot situational awareness and give users unprecedented access to high-resolution terrain mapping, graphical flight planning, geo-referenced charting, traffic display, satellite weather and much more. Butler Avionics is also recognized nationwide for its troubleshooting and repair work particularly on autopilot systems. Professional Services: Butler National Service Corporation ("BNSC") provides management services to the Boot Hill Casino, a "state-owned casino". BCS Design, Inc. provides licensed architectural services. These services include commercial and industrial building design. Three Months Ended July 31, 2021 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 9,655 $ 5,782 $ 875 $ 1,762 $ 71 $ 18,145 Interest expense 548 55 - 6 5 614 Depreciation and amortization 578 45 2 33 44 702 Operating income (loss) 3,544 1,143 (19 ) 503 (1,149 ) 4,022 Three Months Ended July 31, 2020 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 5,307 $ 4,793 $ 915 $ 1,929 $ 45 $ 12,989 Interest expense 502 67 - 8 11 588 Depreciation and amortization 928 46 2 32 35 1,043 Operating income (loss) (610 ) 916 200 599 (977 ) 128 Our Chief Operating Decision Maker (CODM) does not Major Customers: 10 Three Months Ended July 31, 2021 Three Months Ended July 31, 2020 Aerospace Products – one one 10.7 % 11.4 % Professional Services - - In three July 31, 2021 four |
Note 15 - COVID-19 Overview
Note 15 - COVID-19 Overview | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | 15. 19 The pandemic caused by the disease COVID- 19 first December 2019 2020 2021, The pandemic resulted in federal, state and local governments around the world implementing increasingly stringent measures to help control the spread of the virus, including quarantines, “shelter in place” and “stay at home” orders, travel restrictions or bans, business curtailments, school closures, and other protective measures. Our aerospace segment qualified as “essential” under applicable federal guidance and state orders. The facilities have continued operations. We are enforcing social distancing and enhanced health, safety and sanitization measures in accordance with guidelines from the Center for Disease Control (the “CDC”). Our professional services operations at the Boot Hill Casino & Resort was forced to close from March 18, 2020 May 21, 2020. May 22, 2020 The COVID- 19 fourth 2020 19 As schools, businesses and the economy in general have slowly reopened, and vaccinations rates in our operating territory improve and new infections decline, we have continued to see improvements in customer headcount. However, the unpredictable nature of the pandemic could again lead to closures, decreased traffic and demand, and increased COVID- 19 19 |
Note 16 - Extension of the Shar
Note 16 - Extension of the Shareholder Rights Plan | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Shareholder Rights Plan [Text Block] | 16. On July 22, 2021, August 2, 2011 ( August 2, 2011. August 2, 2011 one not If the Rights become exercisable, all holders of Rights, other than the Acquiring Person, will be entitled to acquire shares of the Company’s common stock at a 50% discount. In such situation, Rights held by the Acquiring Person would become void and will not Each Right entitles the registered holder to purchase from the Company one two one two Unless earlier redeemed, terminated or exchanged pursuant to the terms of the Rights Plan, or the Rights Plan is extended, the Rights will expire at the close of business on August 2, 2031. may no |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. The Company evaluated its July 31, 2021 not |
Note 4 - Disaggregation of Re_2
Note 4 - Disaggregation of Revenue (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended July 31, 2021 Professional Services Aerospace Products Total Geographical Markets North America $ 9,726 $ 7,443 $ 17,169 Europe - 842 842 Asia - 88 88 Australia and Other - 46 46 $ 9,726 $ 8,419 $ 18,145 Major Product Lines Casino Gaming Revenues $ 8,589 $ - $ 8,589 Casino Non-Gaming Revenues 1,066 - 1,066 Professional Services 71 - 71 Aircraft Modification - 5,782 5,782 Aircraft Avionics - 875 875 Special Mission Electronics - 1,762 1,762 $ 9,726 $ 8,419 $ 18,145 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 5,275 $ 5,275 Goods or services transferred at a point of sale 9,726 3,144 12,870 $ 9,726 $ 8,419 $ 18,145 Three Months Ended July 31, 2020 Professional Services Aerospace Products Total Geographical Markets North America $ 5,352 $ 6,059 $ 11,411 Europe - 889 889 Asia - - - Australia and Other - 689 689 $ 5,352 $ 7,637 $ 12,989 Major Product Lines Casino Gaming Revenues $ 4,798 $ - $ 4,798 Casino Non-Gaming Revenues 509 - 509 Professional Services 45 - 45 Aircraft Modification - 4,793 4,793 Aircraft Avionics - 915 915 Special Mission Electronics - 1,929 1,929 $ 5,352 $ 7,637 $ 12,989 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 3,121 $ 3,121 Goods or services transferred at a point of sale 5,352 4,516 9,868 $ 5,352 $ 7,637 $ 12,989 |
Note 5 - Accounts Receivable,_2
Note 5 - Accounts Receivable, Net, Contract Asset and Contract Liability (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | July 31, April 30, 2021 2021 Accounts Receivable, net $ 2,957 $ 1,961 Contract Asset 578 421 Contract Liability 2,804 5,798 |
Note 12 - Stock Repurchase Pr_2
Note 12 - Stock Repurchase Program (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Shares purchased in prior periods 2,721,415 $ 0.36 2,721,415 $ 3,019 Quarter ended July 31, 2020 (a) 212,000 $ 0.51 212,000 $ 2,911 Quarter ended October 31, 2020 (a) 152,915 $ 0.50 152,915 $ 2,835 Quarter ended January 31, 2021 (a) - $ - - $ 2,835 Quarter ended April 30, 2021 (a) 17,303 $ 0.65 17,303 $ 2,823 Quarter ended July 31, 2021 (a) - $ - - $ 2,823 Total 3,103,633 $ 0.38 3,103,633 |
Note 13 - Lease Right-to-use (T
Note 13 - Lease Right-to-use (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Lessee, Finance Lease, Right of Use Assets [Table Text Block] | July 31, 2021 Lease right-to-use assets $ 3,099 Less accumulated depreciation 488 Total $ 2,611 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | 2022 $ 246 2023 251 2024 242 2025 103 2026 106 Thereafter 7,093 Total minimum lease payments 8,041 Less amount representing interest 5,209 Present value of net minimum lease payments 2,832 Less current maturities of lease liability 100 Lease liability, net of current maturities $ 2,732 |
Note 14 - Segment Reporting a_2
Note 14 - Segment Reporting and Sales by Major Customer (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended July 31, 2021 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 9,655 $ 5,782 $ 875 $ 1,762 $ 71 $ 18,145 Interest expense 548 55 - 6 5 614 Depreciation and amortization 578 45 2 33 44 702 Operating income (loss) 3,544 1,143 (19 ) 503 (1,149 ) 4,022 Three Months Ended July 31, 2020 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 5,307 $ 4,793 $ 915 $ 1,929 $ 45 $ 12,989 Interest expense 502 67 - 8 11 588 Depreciation and amortization 928 46 2 32 35 1,043 Operating income (loss) (610 ) 916 200 599 (977 ) 128 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended July 31, 2021 Three Months Ended July 31, 2020 Aerospace Products – one one 10.7 % 11.4 % Professional Services - - |
Note 2 - Net Income Per Share (
Note 2 - Net Income Per Share (Details Textual) | 3 Months Ended |
Jul. 31, 2021shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 75,366,749 |
Note 4 - Disaggregation of Re_3
Note 4 - Disaggregation of Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Revenues from customers | $ 18,145 | $ 12,989 |
Percentage of Completion Contracts [Member] | ||
Revenues from customers | 5,275 | 3,121 |
Transferred at Point in Time [Member] | ||
Revenues from customers | 12,870 | 9,868 |
Casino [Member] | ||
Revenues from customers | 8,589 | 4,798 |
Casino Non-gaming [Member] | ||
Revenues from customers | 1,066 | 509 |
Professional Services [Member] | ||
Revenues from customers | 71 | 45 |
Aircraft Modification [Member] | ||
Revenues from customers | 5,782 | 4,793 |
Aircraft Avionics [Member] | ||
Revenues from customers | 875 | 915 |
Special Mission Electronics [Member] | ||
Revenues from customers | 1,762 | 1,929 |
North America [Member] | ||
Revenues from customers | 17,169 | 11,411 |
Europe [Member] | ||
Revenues from customers | 842 | 889 |
Asia [Member] | ||
Revenues from customers | 88 | 0 |
Australia and Other [Member] | ||
Revenues from customers | 46 | 689 |
Professional Services [Member] | ||
Revenues from customers | 9,726 | 5,352 |
Professional Services [Member] | Percentage of Completion Contracts [Member] | ||
Revenues from customers | 0 | 0 |
Professional Services [Member] | Transferred at Point in Time [Member] | ||
Revenues from customers | 9,726 | 5,352 |
Professional Services [Member] | Casino [Member] | ||
Revenues from customers | 8,589 | 4,798 |
Professional Services [Member] | Casino Non-gaming [Member] | ||
Revenues from customers | 1,066 | 509 |
Professional Services [Member] | Professional Services [Member] | ||
Revenues from customers | 71 | 45 |
Professional Services [Member] | Aircraft Modification [Member] | ||
Revenues from customers | 0 | 0 |
Professional Services [Member] | Aircraft Avionics [Member] | ||
Revenues from customers | 0 | 0 |
Professional Services [Member] | Special Mission Electronics [Member] | ||
Revenues from customers | 0 | 0 |
Professional Services [Member] | North America [Member] | ||
Revenues from customers | 9,726 | 5,352 |
Professional Services [Member] | Europe [Member] | ||
Revenues from customers | 0 | 0 |
Professional Services [Member] | Asia [Member] | ||
Revenues from customers | 0 | 0 |
Professional Services [Member] | Australia and Other [Member] | ||
Revenues from customers | 0 | 0 |
Aerospace Products [Member] | ||
Revenues from customers | 8,419 | 7,637 |
Aerospace Products [Member] | Percentage of Completion Contracts [Member] | ||
Revenues from customers | 5,275 | 3,121 |
Aerospace Products [Member] | Transferred at Point in Time [Member] | ||
Revenues from customers | 3,144 | 4,516 |
Aerospace Products [Member] | Casino [Member] | ||
Revenues from customers | 0 | 0 |
Aerospace Products [Member] | Casino Non-gaming [Member] | ||
Revenues from customers | 0 | 0 |
Aerospace Products [Member] | Professional Services [Member] | ||
Revenues from customers | 0 | 0 |
Aerospace Products [Member] | Aircraft Modification [Member] | ||
Revenues from customers | 5,782 | 4,793 |
Aerospace Products [Member] | Aircraft Avionics [Member] | ||
Revenues from customers | 875 | 915 |
Aerospace Products [Member] | Special Mission Electronics [Member] | ||
Revenues from customers | 1,762 | 1,929 |
Aerospace Products [Member] | North America [Member] | ||
Revenues from customers | 7,443 | 6,059 |
Aerospace Products [Member] | Europe [Member] | ||
Revenues from customers | 842 | 889 |
Aerospace Products [Member] | Asia [Member] | ||
Revenues from customers | 88 | 0 |
Aerospace Products [Member] | Australia and Other [Member] | ||
Revenues from customers | $ 46 | $ 689 |
Note 5 - Accounts Receivable,_3
Note 5 - Accounts Receivable, Net, Contract Asset and Contract Liability (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 2,957 | $ 1,961 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 143 | 143 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 578 | $ 421 | |
Increase (Decrease) in Contract with Customer, Asset | 157 | $ (95) | |
Increase (Decrease) in Contract with Customer, Liability | $ (2,994) | $ 4,567 |
Note 5 - Accounts Receivable,_4
Note 5 - Accounts Receivable, Net, Contract Asset and Contract Liability - Accounts Receivable, Net, Contract Asset and Contract Liability (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 |
Accounts Receivable, net | $ 2,957 | $ 1,961 |
Contract Asset | 578 | 421 |
Contract Liability | $ 2,804 | $ 5,798 |
Note 7 - Inventories (Details T
Note 7 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Apr. 30, 2021 | |
Duration During Which Inventory If Inactive Taken as Obsolete (Year) | 5 years | |
Inventory Valuation Reserves, Ending Balance | $ 691 | $ 691 |
Note 8 - Research and Develop_2
Note 8 - Research and Development (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Research and Development Expense, Total | $ 326 | $ 763 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |
May 31, 2020 | Jul. 31, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,000 | |
Line of Credit Facility, Interest Rate at Period End | 3.65% | |
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2027 [Member] | ||
Number of Notes | 1 | |
Notes Payable, Total | $ 33,680 | |
Debt Issuance Costs, Net, Total | $ 299 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.32% | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 19,250 | |
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2025 [Member] | ||
Number of Notes | 1 | |
Notes Payable, Total | $ 6,126 | |
Debt Issuance Costs, Net, Total | $ 58 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.83% | |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | ||
Number of Notes | 1 | |
Notes Payable, Total | $ 991 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
Note Collateralized by Real Estate Due June 2024 [Member] | ||
Number of Notes | 1 | |
Notes Payable, Total | $ 197 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
Note Collateralized by Equipment Due April 2022 [Member] | ||
Number of Notes | 1 | |
Notes Payable, Total | $ 16 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |
Note One Collateralized by Real Estate Due March 2029 [Member] | ||
Notes Payable, Total | $ 1,227 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |
Note Two Collateralized by Real Estate Due March 2029 [Member] | ||
Notes Payable, Total | $ 562 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |
Paycheck Protection Program CARES Act [Member] | ||
Proceeds from Issuance of Long-term Debt, Total | $ 2,001 |
Note 10 - Other Assets (Details
Note 10 - Other Assets (Details Textual) $ in Thousands | 3 Months Ended |
Jul. 31, 2021USD ($) | |
Other Assets, Miscellaneous, Total | $ 907 |
Kansas Expanded Lottery Act Contract Privilege [Member] | |
Other Intangible Assets, Net | 5,500 |
Intangible Gaming Support Items [Member] | |
Other Intangible Assets, Net | $ 5,966 |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years |
JET Autopilot Intellectual Property [Member] | |
Other Intangible Assets, Net | $ 1,417 |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 11 - Stock Options and I_2
Note 11 - Stock Options and Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 17, 2020 | Apr. 12, 2019 | Jul. 31, 2021 | Jul. 31, 2020 | Nov. 30, 2016 |
Share-based Payment Arrangement, Expense | $ 148 | $ 150 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 12,500 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 2,000 | $ 950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,000 | 2,500 | |||
Share Price (in dollars per share) | $ 0.41 | $ 0.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | 5 years |
Note 12 - Stock Repurchase Pr_3
Note 12 - Stock Repurchase Program (Details Textual) $ in Millions | Jul. 31, 2021USD ($) |
Stock Repurchase Program, Authorized Amount | $ 4 |
Note 12 - Stock Repurchase Pr_4
Note 12 - Stock Repurchase Program - Schedule of Stock Purchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 48 Months Ended | 63 Months Ended | ||||||||||
Jul. 31, 2021 | [1] | Apr. 30, 2021 | [1] | Jan. 31, 2021 | [1] | Oct. 31, 2020 | [1] | Jul. 31, 2020 | [1] | Apr. 30, 2020 | Jul. 31, 2021 | ||
Number of Shares Purchased (in shares) | 0 | 17,303 | 0 | 152,915 | 212,000 | 2,721,415 | 3,103,633 | ||||||
Average Price Paid per Share (in dollars per share) | $ 0 | $ 0.65 | $ 0 | $ 0.50 | $ 0.51 | $ 0.36 | $ 0.38 | ||||||
Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in shares) | 0 | 17,303 | 0 | 152,915 | 212,000 | 2,721,415 | 3,103,633 | ||||||
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 2,823 | $ 2,823 | $ 2,835 | $ 2,835 | $ 2,911 | $ 3,019 | $ 2,823 | [1] | |||||
[1] | These shares of common stock were purchased through a private transaction |
Note 13 - Lease Right-to-use (D
Note 13 - Lease Right-to-use (Details Textual) | Apr. 30, 2021 |
Casino, Hangar, and Office Space, Three [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 50 years |
Casino, Hangar, and Office Space, One [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 2 years |
Casino, Hangar, and Office Space, Two [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 5 years |
Note 13 - Lease Right-to-use -
Note 13 - Lease Right-to-use - Finance Lease Right-of-use Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 |
Lease right-to-use assets | $ 3,099 | $ 3,099 |
Less accumulated depreciation | 488 | |
Total | $ 2,611 |
Note 13 - Lease Right-to-use _2
Note 13 - Lease Right-to-use - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 |
2022 | $ 246 | |
2023 | 251 | |
2024 | 242 | |
2025 | 103 | |
2026 | 106 | |
Thereafter | 7,093 | |
Total minimum lease payments | 8,041 | |
Less amount representing interest | 5,209 | |
Present value of net minimum lease payments | 2,832 | |
Less current maturities of lease liability | 100 | $ 107 |
Lease liability, net of current maturities | $ 2,732 | $ 2,759 |
Note 14 - Segment Reporting a_3
Note 14 - Segment Reporting and Sales by Major Customer (Details Textual) | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Number of Operating Segments | 2 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | The Five Aerospace Customers [Member] | ||
Concentration Risk, Percentage | 35.00% | |
Number of Major Customers | 5 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Customer [Member] | ||
Concentration Risk, Percentage | 10.70% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Minimum [Member] | ||
Concentration Risk, Percentage | 3.80% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Maximum [Member] | ||
Concentration Risk, Percentage | 9.70% |
Note 14 - Segment Reporting a_4
Note 14 - Segment Reporting and Sales by Major Customer - Professional Services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Revenues from customers | $ 18,145 | $ 12,989 |
Interest expense | 614 | 588 |
Depreciation and amortization | 702 | 1,043 |
Operating income (loss) | 4,022 | 128 |
Gaming [Member] | ||
Revenues from customers | 9,655 | 5,307 |
Interest expense | 548 | 502 |
Depreciation and amortization | 578 | 928 |
Operating income (loss) | 3,544 | (610) |
Aircraft Modification [Member] | ||
Revenues from customers | 5,782 | 4,793 |
Interest expense | 55 | 67 |
Depreciation and amortization | 45 | 46 |
Operating income (loss) | 1,143 | 916 |
Aircraft Avionics [Member] | ||
Revenues from customers | 875 | 915 |
Interest expense | 0 | 0 |
Depreciation and amortization | 2 | 2 |
Operating income (loss) | (19) | 200 |
Special Mission Electronics [Member] | ||
Revenues from customers | 1,762 | 1,929 |
Interest expense | 6 | 8 |
Depreciation and amortization | 33 | 32 |
Operating income (loss) | 503 | 599 |
Product and Service, Other [Member] | ||
Revenues from customers | 71 | 45 |
Interest expense | 5 | 11 |
Depreciation and amortization | 44 | 35 |
Operating income (loss) | $ (1,149) | $ (977) |
Note 14 - Segment Reporting a_5
Note 14 - Segment Reporting and Sales by Major Customer - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Aerospace Products [Member] | ||
Concentration risk percentage | 10.70% | 11.40% |
Professional Services [Member] | ||
Concentration risk percentage | 0.00% | 0.00% |
Note 14 - Segment Reporting a_6
Note 14 - Segment Reporting and Sales by Major Customer - Schedule of Revenue by Major Customers by Reporting Segments (Details) (Parentheticals) | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Aerospace Products [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of customers | 1 | 1 |
Note 16 - Extension of the Sh_2
Note 16 - Extension of the Shareholder Rights Plan (Details Textual) - $ / shares | Aug. 02, 2011 | Jul. 31, 2021 | Apr. 30, 2021 |
Dividends, Stock, Issued Per Share (in shares) | 1 | ||
Preferred Share Purchase Right, Exercisable, Percentage of Common Stock Outstanding | 15.00% | ||
Preferred Share Purchase Right, Purchase Discount | 50.00% | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 5 | $ 5 | |
Series C Preferred Stock [Member] | |||
Preferred Stock Purchase Right, Shares Exercisable (in shares) | 0.02 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 5 | ||
Preferred Stock, Purchase Price Per 0.02 Share (in dollars per share) | $ 10 |