Frequency Electronics (FEIM) 10-Q 12 Mar 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 31, 2021	Mar. 10, 2021
Document Information Line Items
Entity Registrant Name	FREQUENCY ELECTRONICS INC
Document Type	10-Q
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		9,199,625
Amendment Flag	false
Entity Central Index Key	0000039020
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jan. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 7,255	$ 3,808
Marketable securities	10,480	10,570
Accounts receivable, net of allowance for doubtful accounts of $183 at January 31, 2021 and April 30, 2020	5,096	4,392
Costs and estimated earnings in excess of billings, net	287	6,953
Inventories, net	20,974	22,958
Prepaid income taxes	457	849
Prepaid expenses and other	1,791	1,705
Total current assets	46,340	51,235
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	9,895	11,267
Goodwill	617	617
Cash surrender value of life insurance	15,475	14,790
Other assets	2,114	2,503
Right-of-Use assets – operating leases	10,094	10,864
Total assets	84,535	91,276
Current liabilities:
Accounts payable – trade	1,181	1,424
Accrued liabilities	4,020	3,982
Loss provision accrual	101	748
Operating lease liability	1,751	1,869
Current debt		4,965
Total current liabilities	7,053	12,988
Deferred compensation	14,484	14,258
Deferred taxes	8	8
Operating lease liability – non-current	8,656	9,444
Other liabilities	373	342
Total liabilities	30,574	37,040
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued
Common stock - $1.00 par value; authorized 20,000 shares, 9,194 shares issued and 9,193 shares outstanding at January 31, 2021; 9,164 shares issued and 9,121 shares outstanding at April 30, 2020	9,194	9,164
Additional paid-in capital	57,192	56,914
Accumulated deficit	(12,870)	(12,137)
Common stock reacquired and held in treasury - at cost (1 share at January 31, 2021 and 43 shares at April 30, 2020)	(6)	(195)
Accumulated other comprehensive income	451	490
Total stockholders’ equity	53,961	54,236
Total liabilities and stockholders’ equity	$ 84,535	$ 91,276

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 183	$ 183
Preferred stock, par value (in Dollars per share)	$ 1	$ 1
Preferred stock - shares authorized	600	600
Preferred stock - shares issued	0	0
Common stock, par value (in Dollars per share)	$ 1	$ 1
Common stock shares issued	9,194	9,164
Common stock - authorized shares	20,000	20,000
Common stock - shares outstanding	9,193	9,121
Treasury stock, shares	1	43

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Statement [Abstract]
Revenues	$ 11,672	$ 9,628	$ 38,612	$ 31,270
Cost of revenues	8,868	6,488	26,398	25,358
Gross margin	2,804	3,140	12,214	5,912
Selling and administrative expenses	2,454	3,619	9,805	8,362
Research and development expenses	1,289	1,082	3,466	4,813
Operating loss	(939)	(1,561)	(1,057)	(7,263)
Other income (expense):
Investment income	160	191	316	415
Interest expense	(9)	(25)	(84)	(75)
Other income (expense), net	0	(132)	129	(75)
Loss before provision for income taxes	(788)	(1,527)	(696)	(6,998)
Provision for income taxes	12	19	37	48
Net loss	$ (800)	$ (1,546)	$ (733)	$ (7,046)
Net loss per common share:
Basic and diluted loss per share (in Dollars per share)	$ (0.09)	$ (0.17)	$ (0.08)	$ (0.78)
Weighted average shares outstanding:
Basic and Diluted (in Shares)	9,185,235	9,104,228	9,164,713	9,059,251
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (800)	$ (1,546)	$ (733)	$ (7,046)
Unrealized (loss) gain on marketable securities:
Change in market value of marketable securities before reclassification, net of tax	(22)	50	(18)	258
Reclassification adjustment for realized gains included in net income, net of tax	(12)	2	(21)	1
Total unrealized (loss) gain on marketable securities, net of tax	(34)	52	(39)	259
Comprehensive loss	$ (834)	$ (1,494)	$ (772)	$ (6,787)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash flows from operating activities:
Net loss	$ (733)	$ (7,046)
Non-cash charges to earnings	3,411	5,955
Net changes in operating assets and liabilities	6,655	331
Net cash provided by (used in) operating activities	9,333	(760)
Cash flows from investing activities:
Proceeds on redemption of marketable securities	1,998	3,037
Purchase of marketable securities	(1,948)	(4,049)
Purchase of fixed assets and other assets	(971)	(1,641)
Net cash used in investing activities	(921)	(2,653)
Net cash used in financing activities:
Repayment of PPP Loan	(4,965)	0
Proceeds from UBS line of credit	3,000	0
Repayment of UBS line of credit	(3,000)	0
Net cash used in financing activities	(4,965)	0
Net increase (decrease) in cash and cash equivalents	3,447	(3,413)
Cash and cash equivalents at beginning of period	3,808	3,683
Cash and cash equivalents at end of period	7,255	270
Supplemental disclosures of cash flow information:
Interest	102	75
Income Taxes	$ 511	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Apr. 30, 2019	$ 9,164	$ 56,831	$ (2,111)	$ (841)	$ 46	$ 63,089
Balance (in Shares) at Apr. 30, 2019	9,163,940			183,661
Contribution of stock to 401(k) plan		74		$ 50		124
Contribution of stock to 401(k) plan (in Shares)				(10,906)
Stock-based compensation expense		80				80
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(189)		$ 189
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(41,325)
Other comprehensive income, net of tax					134	134
Net income (loss)			(591)			(591)
Balance at Jul. 31, 2019	$ 9,164	56,796	(2,702)	$ (602)	180	62,836
Balance (in Shares) at Jul. 31, 2019	9,163,940			131,430
Balance at Apr. 30, 2019	$ 9,164	56,831	(2,111)	$ (841)	46	63,089
Balance (in Shares) at Apr. 30, 2019	9,163,940			183,661
Net income (loss)						(7,046)
Balance at Jan. 31, 2020	$ 9,164	56,772	(9,157)	$ (258)	304	56,825
Balance (in Shares) at Jan. 31, 2020	9,163,940			56,381
Balance at Jul. 31, 2019	$ 9,164	56,796	(2,702)	$ (602)	180	62,836
Balance (in Shares) at Jul. 31, 2019	9,163,940			131,430
Contribution of stock to 401(k) plan		66		$ 39		105
Contribution of stock to 401(k) plan (in Shares)				(8,703)
Stock-based compensation expense		64				64
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(268)		$ 268
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(58,387)
Other comprehensive income, net of tax					72	72
Net income (loss)			(4,909)			(4,909)
Balance at Oct. 31, 2019	$ 9,164	56,658	(7,611)	$ (295)	252	58,168
Balance (in Shares) at Oct. 31, 2019	9,163,940			64,340
Contribution of stock to 401(k) plan		34		$ 28		62
Contribution of stock to 401(k) plan (in Shares)				(6,109)
Stock-based compensation expense		80		$ 9		89
Stock-based compensation expense (in Shares)				(1,850)
Other comprehensive income, net of tax					52	52
Net income (loss)			(1,546)			(1,546)
Balance at Jan. 31, 2020	$ 9,164	56,772	(9,157)	$ (258)	304	56,825
Balance (in Shares) at Jan. 31, 2020	9,163,940			56,381
Balance at Apr. 30, 2020	$ 9,164	56,914	(12,137)	$ (195)	490	54,236
Balance (in Shares) at Apr. 30, 2020	9,163,940			42,696
Contribution of stock to 401(k) plan		68		$ 68		136
Contribution of stock to 401(k) plan (in Shares)				(14,926)
Stock-based compensation expense		54				54
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(109)		$ 109
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(23,808)
Other comprehensive income, net of tax					171	171
Net income (loss)			(262)			(262)
Balance at Jul. 31, 2020	$ 9,164	56,927	(12,399)	$ (18)	661	54,335
Balance (in Shares) at Jul. 31, 2020	9,163,940			3,962
Balance at Apr. 30, 2020	$ 9,164	56,914	(12,137)	$ (195)	490	54,236
Balance (in Shares) at Apr. 30, 2020	9,163,940			42,696
Net income (loss)						(733)
Balance at Jan. 31, 2021	$ 9,194	57,192	(12,870)	$ (6)	451	53,961
Balance (in Shares) at Jan. 31, 2021	9,193,769			1,376
Balance at Jul. 31, 2020	$ 9,164	56,927	(12,399)	$ (18)	661	54,335
Balance (in Shares) at Jul. 31, 2020	9,163,940			3,962
Contribution of stock to 401(k) plan	$ 9	86				95
Contribution of stock to 401(k) plan (in Shares)	9,496
Stock-based compensation expense		73				73
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price	$ 3	(15)		$ 12		0
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)	2,654			(2,586)
Other comprehensive income, net of tax					(176)	(176)
Net income (loss)			329			329
Balance at Oct. 31, 2020	$ 9,176	57,071	(12,070)	$ (6)	485	54,656
Balance (in Shares) at Oct. 31, 2020	9,176,090			1,376
Contribution of stock to 401(k) plan	$ 6	63				69
Contribution of stock to 401(k) plan (in Shares)	6,116
Stock-based compensation expense	$ 4	65				69
Stock-based compensation expense (in Shares)	4,200
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price	$ 8	(7)				1
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)	7,363
Other comprehensive income, net of tax					(34)	(34)
Net income (loss)			(800)			(800)
Balance at Jan. 31, 2021	$ 9,194	$ 57,192	$ (12,870)	$ (6)	$ 451	$ 53,961
Balance (in Shares) at Jan. 31, 2021	9,193,769			1,376

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of management of Frequency Electronics, Inc. (the “Company”), the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of January 31, 2021 and the results of its operations, changes in Stockholders’ Equity for the three and nine months ended January 31, 2021 and 2020, and cash flows for the nine months ended January 31, 2021 and 2020. The April 30, 2020 condensed consolidated balance sheet was derived from audited financial statements. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP’). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2020, filed on July 29, 2020 with the Securities and Exchange Commission. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year. COVID-19 Pandemic and the CARES Act On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spread globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic may have on the Company’s financial condition, liquidity, and future results of operations. For the three months ended January 31, 2021, the Company was impacted by employee absenteeism related to direct or indirect effects of the COVID pandemic and delays in the receipt of anticipated new contracts from customers administratively affected by the pandemic, particularly in Zyfer’s operations as evidenced by the related decrease in sales and gross margin during the quarter. Management is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the potential adverse effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2021. The Company faces various risks related to COVID-19 outbreak. The Company is dependent on its workforce to design and manufacture its products. If significant portions of the Company’s workforce are unable to work effectively, or if the U.S. Government, state and/or other customers or supplier operations are curtailed due to illness, quarantines, government actions, facility closures, or other restrictions in connection with the COVID-19 pandemic, the Company’s operations may be impacted. In this scenario, the Company may be unable to perform fully on its contracts and costs may increase as a result of the COVID-19 outbreak. These cost increases may not be fully recoverable or adequately covered by insurance. The Company did experience some disruption due to the need to vacate certain areas of the facilities as some employees had been potentially exposed to COVID or following positive COVID test results to allow for cleaning and disinfecting. Certain of the Company’s vendors have been unable to deliver materials on time due to the COVID-19 outbreak. Such delays have had a minor impact on the Company’s production schedules to date, but vendor delivery performance is being closely monitored and alternate sources of supply are generally available if necessary. On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act also appropriated funds for the Small Business Administration (SBA) Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by the COVID-19 outbreak. The Company received a loan under the Paycheck Protection Program (“PPP”) in April 2020, which it repaid in full in May 2020. For more detail regarding the Company’s PPP Loan, see Note K below.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jan. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE B – EARNINGS PER SHARE Reconciliation of the weighted average shares outstanding for basic and diluted loss per share for the three and nine months ended January 31, 2021 and 2020, respectively, were as follows: Periods ended January 31, Three months Nine months 2021 2020 2021 2020 Weighted average shares outstanding: Basic EPS Shares outstanding (weighted average) 9,185,235 9,104,228 9,164,714 9,059,251 Effect of Dilutive Securities ** ** ** ** Diluted EPS Shares outstanding 9,185,235 9,104,228 9,164,713 9,059,251 **For the three and nine-month periods ended January 31, 2021 and 2020 dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and nine months ended January 31, 2021 are 229,000 and 331,000 options, respectively. The effect of dilutive securities would have been 74,684 options and 59,154 options for the three- and nine-month periods ended January 31, 2021, respectively.

COSTS AND ESTIMATED EARNINGS IN

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET	9 Months Ended
	Jan. 31, 2021
Contractors [Abstract]
Long-term Contracts or Programs Disclosure [Text Block]	NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At January 31, 2021 and April 30, 2020, costs and estimated earnings in excess of billings, net, consisted of the following: January 31, 2021 April 30, 2020 (In thousands) Costs and estimated earnings in excess of billings $ 11,265 $ 10,460 Billings in excess of costs and estimated earnings (10,978 ) (3,507 ) Net asset $ 287 $ 6,953 Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue earned. Amounts are billed to customers pursuant to contract terms. In general, the recorded amounts will be billed and collected and revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the percentage of completion (“POC”) basis. During the three and nine months ended January 31, 2021, revenue recognized under POC contracts was approximately $10.8 million and $35.6 million, respectively. During the three and nine months ended January 31, 2020, revenue recognized under POC contracts was approximately $8.5 million and $28.5 million, respectively. If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable. Contract losses of approximately $144,000 and $876,000 were recorded for the three and nine months ended January 31, 2021, respectively. Contract losses recognized for the three and nine months ended January 31, 2020 were approximately $290,000 and $2.4 million, respectively.

TREASURY STOCK TRANSACTIONS

TREASURY STOCK TRANSACTIONS	9 Months Ended
	Jan. 31, 2021
Disclosure Text Block Supplement [Abstract]
Treasury Stock [Text Block]	NOTE D – TREASURY STOCK TRANSACTIONS During the nine-month period ended January 31, 2021, the Company made contributions of 30,538 shares of its common stock and common stock held in treasury to the Company’s profit-sharing plan and trust under Section 401(k) of the Internal Revenue Code. Commencing in the second quarter of the current fiscal year the Company began issuing newly issued shares to satisfy contributions to the 401(k). Previously the Company issued treasury stock to satisfy these contributions. Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan.

INVENTORIES

INVENTORIES	9 Months Ended
	Jan. 31, 2021
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE E – INVENTORIES, NET Inventories, which are reported at the lower of cost and net realizable value, consisted of the following: January 31, 2021 April 30, 2020 (In thousands) Raw Materials and Component Parts $ 12,647 $ 15,470 Work in Progress 7,377 6,104 Finished Goods 950 1,384 $ 20,974 $ 22,958 The amounts above are net of reserves of $7.2 million and $6.6 million as of January 31, 2021 and April 30, 2020, respectively.

RIGHT-OF-USE ASSETS AND LEASE L

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES	9 Months Ended
	Jan. 31, 2021
Disclosure Text Block [Abstract]
Lessee, Operating Leases [Text Block]	NOTE F – RIGHT-OF-USE ASSETS AND LEASE LIABILITIES The Company’s leases primarily represent offices, warehouses, vehicles, and manufacturing and research and development facilities which expire at various times through 2029 and are generally operating leases. Contractual arrangements are evaluated at inception to determine if the agreement contains a lease. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. Right-of-use (“ROU”) assets and lease liabilities are recorded based on the present value of future lease payments which factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease. The Company elected the practical expedient for short-term leases which allows leases with terms of twelve months or less to be recorded on a straight-line basis over the lease term without being recognized on the balance sheet. Effective May 1, 2019, the Company adopted ASU 2016-02. The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets, related to ASU 2016-02 (in thousands): Classification January 31, 2021 April 30, 2020 (unaudited) Assets Operating lease ROU assets Right-of-Use assets leases $ 10,094 $ 10,864 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,751 1,869 Operating lease liabilities (long-term) Lease liability, non-current 8,656 9,444 Total lease liabilities $ 10,407 $ 11,313 Total operating lease expense was $500,000 and $1.5 million for the three and nine months ended January 31, 2021, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses in the unaudited condensed consolidated statements of operations. Total operating lease expense was approximately $504,000 and $1.5 million for the three and nine months, ended January 31, 2020, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the unaudited condensed consolidated statements of operations. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the unaudited consolidated balance sheet as of January 31, 2021: Fiscal Year Ending April 30, ( ) Remainder of 2021 $ 308 2022 1,952 2023 1,802 2024 1,834 2025 1,723 Thereafter 5,533 Total lease payments 13,152 Less imputed interest (2,745 ) Present value of future lease payments 10,407 Less current obligations under leases (1,751 ) Long-term lease obligations 8,656 As of January 31, 2021, the weighted-average remaining lease term for all operating leases was 7.6 years. The Company does not generally have access to the rate implicit in the leases and therefore utilized the Company’s borrowing rate as the discount rate. The weighted average discount rate for operating leases as of January 31, 2021 was 6.17%.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Jan. 31, 2021
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE G – SEGMENT INFORMATION The Company operates under two reportable segments based on the geographic locations of its subsidiaries: (1) FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets: satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military. The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiary, FEI-Elcom. FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business. (2) FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. FEI-Zyfer’s products also incorporate precision time references for terrestrial secure communications and command and control, and frequency products that incorporate GPS. FEI-Zyfer’s GPS capability complements the Company’s existing technologies and permits the combined entities to provide a broader range of embedded systems for a variety of timing functions and anti-spoofing (“SAASM”) applications. The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business. The accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies” in the fiscal year-end financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2020, filed on July 29, 2020 with the Securities and Exchange Commission. The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments. The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the condensed consolidated balance sheets for each of the periods (in thousands): Periods ended January 31, Three months Nine months 2021 2020 2021 2020 Revenues: FEI-NY $ 9,411 $ 7,234 $ 30,406 $ 24,029 FEI-Zyfer 2,481 2,787 9,833 8,487 less intersegment revenues (220 ) (393 ) (1,627 ) (1,246 ) Consolidated revenues $ 11,672 $ 9,628 $ 38,612 $ 31,270 Operating (loss) income: FEI-NY $ (413 ) $ (1,493 ) $ (991 ) $ (6,967 ) FEI-Zyfer (456 ) 8 211 (36 ) Corporate (70 ) (76 ) (277 ) (260 ) Consolidated operating loss $ (939 ) $ (1,561 ) $ (1,057 ) $ (7,263 ) January 31, 2021 April 30, 2020 Identifiable assets: FEI-NY $ 35,319 $ 44,599 FEI-Zyfer 12,207 13,344 less intersegment balances - (8,586 ) Corporate 37,009 41,919 Consolidated identifiable assets $ 84,535 $ 91,276 Total revenue recognized over time as POC and Passage of Title (“POT”) were approximately $35.6 million and $3.1 million, respectively, for the nine months ended January 31, 2021. The amounts recognized over time as POC and POT were approximately $28.5 million and $2.8 million, respectively, for the nine months ended January 31, 2020. The amounts by segment and product line were as follows: Three Months Ended January 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 8,990 $ 421 $ 9,411 $ 6,124 $ 1,110 $ 7,234 FEI-Zyfer 1,825 656 2,481 2,423 364 2,787 Intersegment - (220 ) (220 ) (5 ) (388 ) (393 ) Revenue $ 10,815 $ 857 $ 11,672 $ 8,542 $ 1,086 $ 9,628 Nine Months Ended January 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 27,997 $ 2,409 $ 30,406 $ 21,215 $ 2,814 $ 24,029 FEI-Zyfer 7,569 2,264 9,833 7,348 1,139 8,487 Intersegment (10 ) (1,617 ) (1,627 ) (81 ) (1,165 ) (1,246 ) Revenue $ 35,556 $ 3,056 $ 38,612 $ 28,482 $ 2,788 $ 31,270 Periods ended January 31, (in thousands) Three months Nine months 2021 2020 2021 2020 Revenues by Product Line: Satellite Revenue $ 5,822 $ 5,272 $ 20,050 $ 14,704 Government Non-Space Revenue 5,469 3,165 16,324 12,680 Other Commercial & Industrial Revenue 381 1,191 2,238 3,886 Consolidated revenues $ 11,672 $ 9,628 $ 38,612 $ 31,270

INVESTMENT IN MORION, INC.

INVESTMENT IN MORION, INC.	9 Months Ended
	Jan. 31, 2021
Investment Holdings [Abstract]
Investment Holdings [Text Block]	NOTE H – INVESTMENT IN MORION, INC. The Company has an investment in Morion, Inc. (“Morion”), a privately-held Russian company, which manufactures high precision quartz resonators and crystal oscillators. The Company has also licensed certain technology to Morion. The Company’s investment consists of 4.6% of Morion’s outstanding shares, accordingly, the Company accounts for its investment in Morion on the cost basis. This investment of approximately $800,000 is included in other assets in the accompanying condensed consolidated balance sheets. During the three months ended January 31, 2021 and 2020, the Company acquired product from Morion in the aggregate amount of approximately $199,000 and $332,000, respectively, included in cost of revenues in the condensed consolidated statements of operations as part of the FEI-NY segment. During the nine months ended January 31, 2021 and 2020, the Company acquired product from Morion in the aggregate amount of approximately $467,000 and $712,000, respectively, and during the nine months ended January 31, 2020, the Company sold product and training services to Morion in the aggregate amount of approximately $49,000, included in revenues in the condensed consolidated statements of operations as part of the FEI-NY segment. The Company did not receive dividends from Morion during the three months ended January 31, 2021. During the three months ended January 31, 2020, the Company received a dividend from Morion in the amount of approximately 125,000, which is included in other income, net in the condensed consolidated statements of operations as part of the FEI-NY segment. During the nine months ended January 31, 2021 and 2020, the Company received dividends from Morion in the amount of approximately $105,000 and $250,000, respectively, which is included in other income, net in the condensed consolidated statements of operations as part of the FEI-NY segment. Morion is a less than wholly-owned subsidiary of Gazprombank, a state-owned Russian bank. The U.S. Ukraine-related sanctions regime has since 2014 included a list of sectoral sanctions identifications (“SSI”) pursuant to Executive Order 13662, which prohibits certain transactions, including certain extensions of credit, with an entity designated as an SSI or certain affiliates of an entity designated as an SSI. On July 16, 2014, after the Company’s investment in Morion, Gazprombank was designated as an SSI. As previously disclosed, in light of Morion’s relationship with Gazprombank, in 2020, the Company evaluated, with the assistance of external legal counsel, certain sales to Morion and the timing of payments by Morion to the Company in connection with those sales to determine whether payments by Morion may have inadvertently constituted extensions of credit in violation of Directive 1 under Executive Order 13662. The Company determined that certain payments by Morion – the majority of which occurred more than five years ago – were not timely. Following the evaluation, on May 7, 2020, the Company voluntarily disclosed its findings to the Office of Foreign Assets Control (“OFAC”). The Company’s voluntary disclosure to OFAC related solely to delays in collection of accounts receivable that exceeded then-applicable payment windows set forth in sanctions regulations and did not relate to any other type of payment or transaction. On February 17, 2021, the Company received a Cautionary Letter from OFAC indicating that OFAC has completed its review of the matter. According to OFAC, the Cautionary Letter was issued instead of pursuing a civil monetary penalty or taking other enforcement action.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Jan. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE I – FAIR VALUE OF FINANCIAL INSTRUMENTS The cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale securities at January 31, 2021 and April 30, 2020, respectively, were as follows (in thousands): January 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,029 $ 492 $ (41 ) $ 10,480 April 30, 2020 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,081 $ 495 $ (6 ) $ 10,570 The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months 12 Months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized January 31, 2021 Fixed Income Securities $ 378 $ (8 ) $ 1,230 $ (33 ) $ 1,608 $ (41 ) April 30, 2020 Fixed Income Securities $ 380 $ (6 ) $ - $ - $ 380 $ (6 ) During the three and nine months ended January 31, 2021, the Company sold or redeemed available-for-sale securities of approximately $477,000 and $2.0 million, respectively, realizing gains of approximately $15,000 and $26,000, respectively. Maturities of fixed income securities classified as available-for-sale at January 31, 2021 were as follows, at cost (in thousands): Current $ 3,343 Due after one year through five years 4,109 Due after five years 2,577 $ 10,029 The fair value accounting framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels of the fair value hierarchy are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: -Quoted prices for similar assets or liabilities in active markets; -Quoted prices for identical or similar assets or liabilities in inactive markets; -Inputs other than quoted prices that are observable for the asset or liability; and -Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company’s money market, business account, and U.S. securities are valued on a Level 1 basis. The Company’s fixed income corporate debt securities and certificates of deposit are valued on a Level 2 basis.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Jan. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE J – RECENT ACCOUNTING PRONOUNCEMENTS In January 2017, the FASB issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

CREDIT FACILITY

CREDIT FACILITY	9 Months Ended
	Jan. 31, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE K – CREDIT FACILITY As of January 31, 2021, the Company had available credit with UBS Bank USA at variable terms based on its securities holdings under an advisory arrangement. On May 6, 2020 the Company borrowed $3 million under this arrangement and on January 4, 2021 this loan was repaid in full. On April 12, 2020, the Company received proceeds from a PPP Loan in the amount of $4,964,810 from JPMorgan Chase Bank, N.A. as the Lender, pursuant to the SBA Paycheck Protection Program under the CARES Act. The PPP Loan was repaid in full on May 6, 2020.

VALUATION ALLOWANCE ON DEFERRED

VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	9 Months Ended
	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE L – VALUATION ALLOWANCE ON DEFERRED TAX ASSETS Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. As required by the authoritative guidance on accounting for income taxes, we evaluate the realization of deferred tax assets on a jurisdictional basis at each reporting date. We consider all positive and negative evidence, including the reversal of deferred tax liabilities, projected future taxable income, tax planning strategies, and results of recent operations. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets will not be realizable, we establish a valuation allowance. As of January 31, 2021, and April 30, 2020, the Company maintained a full valuation allowance against its deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to adjust its existing valuation allowance resulting in changes to deferred income tax expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE M – COMMITMENTS AND CONTINGENCIES On January 28, 2020, Martin B. Bloch, the former Chief Scientist of the Company and a former member of the Company’s Board of Directors (the “Board”), filed a complaint against the Company and Jonathan Brolin, Lance W. Lord, Russell M. Sarachek, Richard Schwartz and Stanton D. Sloane, each in their capacity as members of the Board (collectively, the “Director Defendants”), in the Supreme Court of the State of New York, County of Nassau ( Bloch v. Frequency Electronics, Inc., et al In addition, Mr. Bloch sought to initiate Bloch v. Frequency Electronics, Inc., the Compensation Committee of the Board of Directors of Frequency Electronics, Inc., and the Deferred Compensation Plan Agreement Dated March 7, 2008 On June 2, 2020, the Company filed a petition for a stay of arbitration and related declaratory relief against Mr. Bloch, in the Supreme Court of the State of New York, New York County ( Frequency Electronics, Inc. v. Martin B. Bloch Frequency Electronics, Inc. v. Martin B. Bloch On June 5, 2020, Mr. Bloch filed a petition against the Company, the Compensation Committee of the Company’s Board of Directors, and the Deferred Compensation Plan Agreement Dated March 7, 2008, as amended (“Respondents”), for the appointment of an arbitrator in one of the arbitration proceedings that Mr. Bloch sought to initiate. The petition was filed in the Supreme Court of the State of New York, County of Nassau (Bloch v. Frequency Electronics, Inc. et al.,

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jan. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Reconciliation of the weighted average shares outstanding for basic and diluted loss per share for the three and nine months ended January 31, 2021 and 2020, respectively, were as follows: Periods ended January 31, Three months Nine months 2021 2020 2021 2020 Weighted average shares outstanding: Basic EPS Shares outstanding (weighted average) 9,185,235 9,104,228 9,164,714 9,059,251 Effect of Dilutive Securities ** ** ** ** Diluted EPS Shares outstanding 9,185,235 9,104,228 9,164,713 9,059,251 **For the three and nine-month periods ended January 31, 2021 and 2020 dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and nine months ended January 31, 2021 are 229,000 and 331,000 options, respectively. The effect of dilutive securities would have been 74,684 options and 59,154 options for the three- and nine-month periods ended January 31, 2021, respectively.

COSTS AND ESTIMATED EARNINGS _2

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)	9 Months Ended
	Jan. 31, 2021
Contractors [Abstract]
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block]	At January 31, 2021 and April 30, 2020, costs and estimated earnings in excess of billings, net, consisted of the following: January 31, 2021 April 30, 2020 (In thousands) Costs and estimated earnings in excess of billings $ 11,265 $ 10,460 Billings in excess of costs and estimated earnings (10,978 ) (3,507 ) Net asset $ 287 $ 6,953

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jan. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories, which are reported at the lower of cost and net realizable value, consisted of the following: January 31, 2021 April 30, 2020 (In thousands) Raw Materials and Component Parts $ 12,647 $ 15,470 Work in Progress 7,377 6,104 Finished Goods 950 1,384 $ 20,974 $ 22,958

RIGHT-OF-USE ASSETS AND LEASE_2

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables)	9 Months Ended
	Jan. 31, 2021
Disclosure Text Block [Abstract]
Lessee, Operating Lease, Disclosure [Table Text Block]	Effective May 1, 2019, the Company adopted ASU 2016-02. The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets, related to ASU 2016-02 (in thousands): Classification January 31, 2021 April 30, 2020 (unaudited) Assets Operating lease ROU assets Right-of-Use assets leases $ 10,094 $ 10,864 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,751 1,869 Operating lease liabilities (long-term) Lease liability, non-current 8,656 9,444 Total lease liabilities $ 10,407 $ 11,313
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the unaudited consolidated balance sheet as of January 31, 2021: Fiscal Year Ending April 30, ( ) Remainder of 2021 $ 308 2022 1,952 2023 1,802 2024 1,834 2025 1,723 Thereafter 5,533 Total lease payments 13,152 Less imputed interest (2,745 ) Present value of future lease payments 10,407 Less current obligations under leases (1,751 ) Long-term lease obligations 8,656

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Jan. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the condensed consolidated balance sheets for each of the periods (in thousands): Periods ended January 31, Three months Nine months 2021 2020 2021 2020 Revenues: FEI-NY $ 9,411 $ 7,234 $ 30,406 $ 24,029 FEI-Zyfer 2,481 2,787 9,833 8,487 less intersegment revenues (220 ) (393 ) (1,627 ) (1,246 ) Consolidated revenues $ 11,672 $ 9,628 $ 38,612 $ 31,270
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Operating (loss) income: FEI-NY $ (413 ) $ (1,493 ) $ (991 ) $ (6,967 ) FEI-Zyfer (456 ) 8 211 (36 ) Corporate (70 ) (76 ) (277 ) (260 ) Consolidated operating loss $ (939 ) $ (1,561 ) $ (1,057 ) $ (7,263 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	January 31, 2021 April 30, 2020 Identifiable assets: FEI-NY $ 35,319 $ 44,599 FEI-Zyfer 12,207 13,344 less intersegment balances - (8,586 ) Corporate 37,009 41,919 Consolidated identifiable assets $ 84,535 $ 91,276
Disaggregation of Revenue [Table Text Block]	The amounts by segment and product line were as follows: Three Months Ended January 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 8,990 $ 421 $ 9,411 $ 6,124 $ 1,110 $ 7,234 FEI-Zyfer 1,825 656 2,481 2,423 364 2,787 Intersegment - (220 ) (220 ) (5 ) (388 ) (393 ) Revenue $ 10,815 $ 857 $ 11,672 $ 8,542 $ 1,086 $ 9,628 Nine Months Ended January 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 27,997 $ 2,409 $ 30,406 $ 21,215 $ 2,814 $ 24,029 FEI-Zyfer 7,569 2,264 9,833 7,348 1,139 8,487 Intersegment (10 ) (1,617 ) (1,627 ) (81 ) (1,165 ) (1,246 ) Revenue $ 35,556 $ 3,056 $ 38,612 $ 28,482 $ 2,788 $ 31,270
Revenue from External Customers by Products and Services [Table Text Block]	Periods ended January 31, (in thousands) Three months Nine months 2021 2020 2021 2020 Revenues by Product Line: Satellite Revenue $ 5,822 $ 5,272 $ 20,050 $ 14,704 Government Non-Space Revenue 5,469 3,165 16,324 12,680 Other Commercial & Industrial Revenue 381 1,191 2,238 3,886 Consolidated revenues $ 11,672 $ 9,628 $ 38,612 $ 31,270

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Jan. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	The cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale securities at January 31, 2021 and April 30, 2020, respectively, were as follows (in thousands): January 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,029 $ 492 $ (41 ) $ 10,480 April 30, 2020 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,081 $ 495 $ (6 ) $ 10,570
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]	The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months 12 Months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized January 31, 2021 Fixed Income Securities $ 378 $ (8 ) $ 1,230 $ (33 ) $ 1,608 $ (41 ) April 30, 2020 Fixed Income Securities $ 380 $ (6 ) $ - $ - $ 380 $ (6 )
Investments Classified by Contractual Maturity Date [Table Text Block]	Maturities of fixed income securities classified as available-for-sale at January 31, 2021 were as follows, at cost (in thousands): Current $ 3,343 Due after one year through five years 4,109 Due after five years 2,577 $ 10,029

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	229,000	74,684	331,000	59,154

EARNINGS PER SHARE (Details) -

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares		3 Months Ended		9 Months Ended
		Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Weighted average shares outstanding:
Basic EPS Shares outstanding (weighted average)		9,185,235	9,104,228	9,164,714	9,059,251
Effect of Dilutive Securities	[1]
Diluted EPS Shares outstanding		9,185,235	9,104,228	9,164,713	9,059,251
[1]	For the three and nine-month periods ended January 31, 2021 and 2020 dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and nine months ended January 31, 2021 are 229,000 and 331,000 options, respectively. The effect of dilutive securities would have been 74,684 options and 59,154 options for the three- and nine-month periods ended January 31, 2021, respectively.

COSTS AND ESTIMATED EARNINGS _3

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 11,672,000	$ 9,628,000	$ 38,612,000	$ 31,270,000
Loss on Contracts	144,000	290,000	876,000	2,400,000
Contracts Accounted for under Percentage of Completion [Member]
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 10,800,000	$ 8,500,000	$ 35,600,000	$ 28,500,000

COSTS AND ESTIMATED EARNINGS _4

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Costs and Estimated Earnings in Excess of Billings, Net [Abstract]
Costs and estimated earnings in excess of billings	$ 11,265	$ 10,460
Billings in excess of costs and estimated earnings	(10,978)	(3,507)
Net asset	$ 287	$ 6,953

TREASURY STOCK TRANSACTIONS (De

TREASURY STOCK TRANSACTIONS (Details)	9 Months Ended
	Jan. 31, 2021shares
Disclosure Text Block Supplement [Abstract]
Stock Issued During Period, Shares, Treasury Stock Reissued	30,538

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jan. 31, 2021	Apr. 30, 2020
UNITED STATES
INVENTORIES (Details) [Line Items]
Inventory, Net	$ 7.2	$ 6.6

INVENTORIES (Details) - Schedu

INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Schedule of Inventory, Current [Abstract]
Raw Materials and Component Parts	$ 12,647	$ 15,470
Work in Progress	7,377	6,104
Finished Goods	950	1,384
	$ 20,974	$ 22,958

RIGHT-OF-USE ASSETS AND LEASE_3

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Disclosure Text Block [Abstract]
Operating Leases, Rent Expense	$ 500,000	$ 504,000	$ 1,500,000	$ 1,500,000
Operating Lease, Weighted Average Remaining Lease Term	7 years 219 days		7 years 219 days
Operating Lease, Weighted Average Discount Rate, Percent	6.17%		6.17%

RIGHT-OF-USE ASSETS AND LEASE_4

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Disclosure - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Assets
Operating lease ROU assets	$ 10,094	$ 10,864
Liabilities
Operating lease liabilities (short-term)	1,751	1,869
Operating lease liabilities (long-term)	8,656	9,444
Total lease liabilities	$ 10,407	$ 11,313

RIGHT-OF-USE ASSETS AND LEASE_5

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Lessee, Operating Lease, Liability, Maturity [Abstract]
Remainder of 2021	$ 308
2022	1,952
2023	1,802
2024	1,834
2025	1,723
Thereafter	5,533
Total lease payments	13,152
Less imputed interest	(2,745)
Present value of future lease payments	10,407	$ 11,313
Less current obligations under leases	(1,751)	(1,869)
Long-term lease obligations	$ 8,656	$ 9,444

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)
SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments			2
Revenues	$ 11,672	$ 9,628	$ 38,612	$ 31,270
Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Number Of Principal Markets	3		3
Revenues	$ 9,411	7,234	$ 30,406	24,029
POC Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	10,815	8,542	35,556	28,482
POC Revenue [Member] | Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	8,990	6,124	27,997	21,215
POT Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	857	1,086	3,056	2,788
POT Revenue [Member] | Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	$ 421	$ 1,110	$ 2,409	$ 2,814

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Revenues:
Revenues	$ 11,672	$ 9,628	$ 38,612	$ 31,270
Frequency Electronics Inc New York [Member]
Revenues:
Revenues	9,411	7,234	30,406	24,029
Frequency Electronics Inc Zyfer [Member]
Revenues:
Revenues	2,481	2,787	9,833	8,487
Inter Segment [Member]
Revenues:
Revenues	$ (220)	$ (393)	$ (1,627)	$ (1,246)

SEGMENT INFORMATION (Details_2

SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Operating (loss) income:
Operating profit (loss)	$ (939)	$ (1,561)	$ (1,057)	$ (7,263)
Frequency Electronics Inc New York [Member]
Operating (loss) income:
Operating profit (loss)	(413)	(1,493)	(991)	(6,967)
Frequency Electronics Inc Zyfer [Member]
Operating (loss) income:
Operating profit (loss)	(456)	8	211	(36)
Corporate Segment [Member]
Operating (loss) income:
Operating profit (loss)	$ (70)	$ (76)	$ (277)	$ (260)

SEGMENT INFORMATION (Details_3

SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
Identifiable assets:
Identifiable Assets	$ 84,535	$ 91,276
Identifiable Assets	(84,535)	(91,276)
Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable Assets	35,319	44,599
Identifiable Assets	(35,319)	(44,599)
Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable Assets	12,207	13,344
Identifiable Assets	(12,207)	(13,344)
Inter Segment [Member]
Identifiable assets:
Identifiable Assets	0	8,586
Identifiable Assets	0	(8,586)
Corporate Segment [Member]
Identifiable assets:
Identifiable Assets	37,009	41,919
Identifiable Assets	$ (37,009)	$ (41,919)

SEGMENT INFORMATION (Details_4

SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 11,672	$ 9,628	$ 38,612	$ 31,270
Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,411	7,234	30,406	24,029
Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,481	2,787	9,833	8,487
Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	(220)	(393)	(1,627)	(1,246)
POC Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,815	8,542	35,556	28,482
POC Revenue [Member] | Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,990	6,124	27,997	21,215
POC Revenue [Member] | Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,825	2,423	7,569	7,348
POC Revenue [Member] | Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue		(5)	(10)	(81)
POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	857	1,086	3,056	2,788
POT Revenue [Member] | Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	421	1,110	2,409	2,814
POT Revenue [Member] | Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	656	364	2,264	1,139
POT Revenue [Member] | Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (220)	$ (388)	$ (1,617)	$ (1,165)

SEGMENT INFORMATION (Details_5

SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Revenue from External Customer [Line Items]
Revenue	$ 11,672	$ 9,628	$ 38,612	$ 31,270
Satellite Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	5,822	5,272	20,050	14,704
Government Non-Space Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	5,469	3,165	16,324	12,680
Other Commercial & Industrial Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	$ 381	$ 1,191	$ 2,238	$ 3,886

INVESTMENT IN MORION, INC. (Det

INVESTMENT IN MORION, INC. (Details) - Morion Inc [Member] - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
INVESTMENT IN MORION, INC. (Details) [Line Items]
Cost Method Investment Ownership Percentage	4.60%		4.60%
Cost Method Investments	$ 800,000		$ 800,000
Related Party Transaction, Purchases from Related Party	$ 199,000	$ 332,000	467,000	$ 712,000
Revenue from Related Parties				49,000
Proceeds from Dividends Received		$ 125,000	$ 105,000	$ 250,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 477,000	$ 2,000,000
Available-for-sale Securities, Gross Realized Gains	$ 15,000	$ 26,000

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - Fixed Income Securities [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2021	Apr. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	$ 10,029	$ 10,081
Gross Unrealized Gains	492	495
Gross Unrealized Losses	(41)	(6)
Fair Market Value	$ 10,480	$ 10,570

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value - Fixed Income Securities [Member] - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	$ 378	$ 380
Unrealized Losses, Less than 12 months	(8)	(6)
Fair Value, 12 Months or more	1,230	0
Unrealized Losses, 12 Months or more	(33)	0
Fair Value	1,608	380
Unrealized Losses	$ (41)	$ (6)

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands	Jan. 31, 2021USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Current	$ 3,343
Due after one year through five years	4,109
Due after five years	2,577
	$ 10,029

CREDIT FACILITY (Details)

CREDIT FACILITY (Details) - USD ($)	Jan. 31, 2021	Apr. 12, 2020
Debt Disclosure [Abstract]
Long-term Line of Credit	$ 3,000,000
Loans Payable to Bank		$ 4,964,810