Frequency Electronics (FEIM) 10-Q 14 Dec 21 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2021	Dec. 06, 2021
Document Information Line Items
Entity Registrant Name	FREQUENCY ELECTRONICS, INC.
Trading Symbol	FEIM
Document Type	10-Q
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		9,264,590
Amendment Flag	false
Entity Central Index Key	0000039020
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Oct. 31, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-8061
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-1986657
Entity Address, Address Line One	55 CHARLES LINDBERGH BLVD.
Entity Address, City or Town	MITCHEL FIELD
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516-794-4500
Local Phone Number	516-794-4500
Title of 12(b) Security	Common Stock (par value $1.00 per share)
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Current assets:
Cash and cash equivalents	$ 10,623	$ 9,807
Marketable securities	9,955	10,313
Accounts receivable, net of allowance for doubtful accounts of $111 at October 31, 2021 and April 30, 2021	8,743	5,515
Costs and estimated earnings in excess of billings, net	0	1,948
Inventories, net	19,477	19,661
Prepaid income taxes	453	444
Prepaid expenses and other	1,226	991
Total current assets	50,477	48,679
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	9,403	9,612
Goodwill	617	617
Cash surrender value of life insurance	9,990	15,396
Other assets	1,804	1,939
Right-of-Use assets – operating leases	9,087	9,773
Total assets	81,378	86,016
Current liabilities:
Accounts payable – trade	970	1,080
Accrued liabilities	3,710	5,245
Loss provision accrual	72	57
Operating lease liability	1,779	1,715
Billings in excess of costs and estimated earnings, net	3,479	0
Total current liabilities	10,010	8,097
Deferred compensation	9,007	14,017
Deferred taxes	8	8
Operating lease liability – non-current	7,605	8,366
Other liabilities	119	119
Total liabilities	26,749	30,607
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, 9,264 shares issued and 9,263 shares outstanding at October 31, 2021; 9,226 shares issued and 9,225 shares outstanding at April 30, 2021	9,264	9,226
Additional paid-in capital	57,693	57,355
Accumulated deficit	(12,535)	(11,457)
Common stock reacquired and held in treasury - at cost (1 share at October 31, 2021 and 1 share at April 30, 2021)	(6)	(6)
Accumulated other comprehensive income	213	291
Total stockholders’ equity	54,629	55,409
Total liabilities and stockholders’ equity	$ 81,378	$ 86,016

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 111	$ 111
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	9,264	9,226
Common stock - authorized shares	20,000	20,000
Common stock - shares outstanding	9,263	9,225
Common stock reacquired and held in treasury - share	1	1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Income Statement [Abstract]
Revenues	$ 12,936	$ 13,990	$ 25,890	$ 26,940
Cost of revenues	8,845	8,668	17,738	17,530
Gross margin	4,091	5,322	8,152	9,410
Selling and administrative expenses	2,411	4,124	6,805	7,352
Research and development expenses	1,377	979	2,732	2,177
Operating income (loss)	303	219	(1,385)	(119)
Other income (expense):
Investment income	98	50	191	157
Interest expense	(20)	(36)	(40)	(75)
Other income (expense), net	118	113	158	129
Income (loss) before provision for income taxes	499	346	(1,076)	92
Provision for income taxes	2	17	2	25
Net income (loss)	$ 497	$ 329	$ (1,078)	$ 67
Net income (loss) per common share:
Basic and diluted income (loss) per share (in Dollars per share)	$ 0.05	$ 0.04	$ (0.12)	$ 0.01
Weighted average shares outstanding:
Basic (in Shares)	9,256,255	9,169,758	9,246,240	9,154,434
Diluted (in Shares)	9,301,528	9,235,777	9,246,240	9,205,823
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 497	$ 329	$ (1,078)	$ 67
Unrealized (loss) gain on marketable securities:
Change in market value of marketable securities before reclassification, net of tax	(157)	(176)	(72)	5
Reclassification adjustment for realized gains included in net income, net of tax	0	0	(6)	(10)
Total unrealized (loss) gain on marketable securities, net of tax	(157)	(176)	(78)	(5)
Comprehensive income (loss)	$ 340	$ 153	$ (1,156)	$ 62

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ (1,078)	$ 67
Non-cash charges to earnings	1,765	2,580
Net changes in operating assets and liabilities	974	(667)
Net cash provided by operating activities	1,661	1,980
Cash flows from investing activities:
Proceeds on redemption of marketable securities	1,427	1,521
Purchase of marketable securities	(1,164)	(909)
Purchase of property, plant, and equipment, and other assets	(1,108)	(781)
Net cash used in investing activities	(845)	(169)
Net cash used in financing activities:
Repayment of PPP Loan	0	(4,965)
Proceeds from UBS line of credit	0	3,000
Net cash used in financing activities	0	(1,965)
Net increase (decrease) in cash and cash equivalents	816	(154)
Cash and cash equivalents at beginning of period	9,807	3,808
Cash and cash equivalents at end of period	10,623	3,654
Supplemental disclosures of cash flow information:
Interest	40	46
Income Taxes	15	0
Income Taxes	$ 0	$ 477

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, 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 (loss), 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)						67
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
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 (loss), 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
Balance at Apr. 30, 2021	$ 9,226	57,355	(11,457)	$ (6)	291	55,409
Balance (in Shares) at Apr. 30, 2021	9,226,268			1,376
Contribution of stock to 401(k) plan	$ 13	117				130
Contribution of stock to 401(k) plan (in Shares)	13,251
Stock-based compensation expense	$ 8	61				69
Stock-based compensation expense (in Shares)	7,500
Other comprehensive income (loss), net of tax					79	79
Net income (loss)			(1,575)			(1,575)
Balance at Jul. 31, 2021	$ 9,247	57,533	(13,032)	$ (6)	370	54,112
Balance (in Shares) at Jul. 31, 2021	9,247,019			1,376
Balance at Apr. 30, 2021	$ 9,226	57,355	(11,457)	$ (6)	291	55,409
Balance (in Shares) at Apr. 30, 2021	9,226,268			1,376
Net income (loss)						(1,078)
Balance at Oct. 31, 2021	$ 9,264	57,693	(12,535)	$ (6)	213	54,629
Balance (in Shares) at Oct. 31, 2021	9,264,326			1,376
Balance at Jul. 31, 2021	$ 9,247	57,533	(13,032)	$ (6)	370	54,112
Balance (in Shares) at Jul. 31, 2021	9,247,019			1,376
Contribution of stock to 401(k) plan	$ 11	100				111
Contribution of stock to 401(k) plan (in Shares)	10,779
Stock-based compensation expense		66				66
Stock-based compensation expense (in Shares)	250
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price	$ 6	(6)
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)	6,278
Other comprehensive income (loss), net of tax					(157)	(157)
Net income (loss)			497			497
Balance at Oct. 31, 2021	$ 9,264	$ 57,693	$ (12,535)	$ (6)	$ 213	$ 54,629
Balance (in Shares) at Oct. 31, 2021	9,264,326			1,376

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Oct. 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 October 31, 2021 and the results of its operations, changes in stockholders’ equity for the three and six months ended October 31, 2021 and 2020, and cash flows for the six months ended October 31, 2021 and 2020. The April 30, 2021 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, 2021, filed on June 30, 2021 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 The full impact of the COVID-19 pandemic continues to evolve as of the date of this report. The current resurgence of COVID-19 variants may have additional, unforeseen, impacts. 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 six months ended October 31, 2021, the Company was impacted by employee absenteeism related to direct or indirect effects of the COVID-19 pandemic and delays in the receipt of anticipated new contracts from customers due to COVID-19 related administrative delays. Management has taken steps to minimize COVID-19 related impacts to our workforce. Given the changing dynamics of the pandemic, it is not possible for the Company to estimate potential future adverse effects on its operations, financial condition, or liquidity for fiscal year 2022. As of July 31, 2021, the Company had returned to normal operations, and the Company will continue to follow CDC and state guidelines with an emphasis on employee safety. The Company faces various future COVID-19 related risks, including the possibility of impact from the Omicron variant and other future mutations. 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, the Company’s operations may be impacted. If so, the Company may be unable to perform fully on its contracts and costs may increase. These cost increases may not be fully recoverable or adequately covered by insurance. In the latter part of fiscal year 2021, the Company did experience some disruption due to the need to vacate certain areas of its facilities for cleaning and disinfecting as a result of employees potentially being exposed to COVID-19 or following positive COVID-19 test results. Also, certain of the Company’s vendors have been unable to deliver materials on time due to COVID-19 related impacts to their workforces or their supply chains. These delays impacted the Company’s production costs and schedules. Vendor delivery performance is being closely monitored and alternate sources of supply are generally available and, in some cases, are being established.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Oct. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE B – EARNINGS (LOSS) PER SHARE Reconciliation of the weighted average shares outstanding for basic and diluted earnings (loss) per share for the three and six months ended October 31, 2021 and 2020, respectively, were as follows: Periods ended October 31, Three months Six months 2021 2020 2021 2020 Weighted average shares outstanding: Basic EPS Shares outstanding (weighted average) 9,256,255 9,169,758 9,246,240 9,154,434 Effect of Dilutive Securities 45,273 66,019 ** 51,389 Diluted EPS Shares outstanding 9,301,528 9,235,777 9,246,240 9,205,823 ** For the six-months ended October 31, 2021 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 that period. The exercisable shares excluded for the three- and six-months ended October 31, 2021 was 198,000 and 223,000 options, respectively. The exercisable shares excluded for the three- and six-month periods ended October 31, 2020 was 303,000 and 436,000 options, respectively.

COSTS AND ESTIMATED EARNINGS IN

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET	6 Months Ended
	Oct. 31, 2021
Contractors [Abstract]
Long-term Contracts or Programs Disclosure [Text Block]	NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At October 31, 2021 and April 30, 2021, billings in excess of costs and estimated earnings and costs and estimated earnings in excess of billings, net, respectively, consisted of the following: October 31, 2021 April 30, 2021 (In thousands) Costs and estimated earnings in excess of billings $ 9,882 $ 12,640 Billings in excess of costs and estimated earnings (13,361 ) (10,692 ) Net (liability) asset $ (3,479 ) $ 1,948 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 six months ended October 31, 2021, revenue recognized under POC contracts was approximately $12.2 million and $24.6 million, respectively. During the three and six months ended October 31, 2020, revenue recognized under POC contracts was approximately $12.9 million and $24.6 million, respectively. Anticipated contract losses, if any, are accrued for in the period such determination is made. Contract losses of approximately $31,000 and $47,000 were recorded for the three and six months ended October 31, 2021, respectively. Contract losses of approximately $121,000 and $731,000 were recorded for the three and six months ended October 31, 2020, respectively.

TREASURY STOCK TRANSACTIONS

TREASURY STOCK TRANSACTIONS	6 Months Ended
	Oct. 31, 2021
Disclosure Text Block Supplement [Abstract]
Treasury Stock [Text Block]	NOTE D –STOCK TRANSACTIONS During the three and six-month periods ended October 31, 2021, the Company made contributions of 10,779 and 24,030 shares of its common stock, respectively, to the Company’s profit-sharing plan and trust under Section 401(k) of the Internal Revenue Code. Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Oct. 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: October 31, 2021 April 30, 2021 (In thousands) Raw Materials and Component Parts $ 12,288 $ 12,386 Work in Progress 6,689 6,259 Finished Goods 500 1,016 $ 19,477 $ 19,661 The amounts above are net of reserves of $7.0 million and $7.3 million as of October 31, 2021 and April 30, 2021, respectively.

RIGHT-OF-USE ASSETS AND LEASE L

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES	6 Months Ended
	Oct. 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 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. The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows: Classification October 31, 2021 April 30, 2021 (in thousands) Assets Operating lease ROU assets Right-of-Use assets leases $ 9,087 $ 9,773 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,779 1,715 Operating lease liabilities (long-term) Lease liability, non-current 7,605 8,366 Total lease liabilities $ 9,384 $ 10,081 Total operating lease expense was $500,000 and $1.0 million for the three and six months ended October 31, 2021, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses in the condensed consolidated statements of operations. Total operating lease expense was $500,000 and $1.2 million for the three and six months ended October 31, 2020, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses in the condensed consolidated statements of operations. The table below reconciles the undiscounted cash flows for each of the first five fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of October 31, 2021: Fiscal Year Ending April 30, ( ) Remainder of 2022 $ 766 2023 1,837 2024 1,849 2025 1,723 2026 1,317 Thereafter 4,174 Total lease payments 11,666 Less imputed interest (2,282 ) Present value of future lease payments 9,384 Less current obligations under leases (1,779 ) Long-term lease obligations 7,605 As of October 31, 2021, the weighted-average remaining lease term for all operating leases was 7.0 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 October 31, 2021 was 6.22%.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Oct. 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, 2021, filed on June 30, 2021 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 October 31, Three months Six months 2021 2020 2021 2020 Revenues: FEI-NY $ 10,381 $ 11,156 $ 20,543 $ 20,996 FEI-Zyfer 2,648 3,430 5,783 7,353 less intersegment revenues (93 ) (596 ) (436 ) (1,409 ) Consolidated revenues $ 12,936 $ 13,990 $ 25,890 $ 26,940 Operating income (loss): FEI-NY $ (64 ) $ 41 $ (1,075 ) $ (582 ) FEI-Zyfer (132 ) 306 (99 ) 667 less intersegment revenues - (20 ) Corporate 499 (128 ) (191 ) (204 ) Consolidated operating income (loss) $ 303 $ 219 $ (1,385 ) $ (119 ) October 31, 2021 April 30, 2021 Identifiable assets: FEI-NY $ 36,839 $ 34,869 FEI-Zyfer 11,060 12,888 less intersegment balances - - Corporate 33,479 38,259 Consolidated identifiable assets $ 81,378 $ 86,016 Total revenue recognized over time as POC and Passage of Title (“POT”) were approximately $12.2 million and $0.7 million, respectively, of the $12.9 million reported for the three months ended October 31, 2021. Total revenue recognized over time as POC and POT were approximately $24.6 million and $1.3 million, respectively, of the $25.9 million reported for the six months ended October 31, 2021. The amounts recognized over time as POC and POT were approximately $12.9 million and $1.1 million, respectively, of the $14.0 million reported for the three months ended October 31, 2020. The amount recognized over time as POC and POT were approximately $24.6 million and $2.3 million, respectively, of the $26.9 million for the six months ended October 31, 2020. The amounts by segment and product line were as follows: Three Months Ended October 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 9,928 $ 453 $ 10,381 $ 10,235 $ 921 $ 11,156 FEI-Zyfer 2,300 348 2,648 2,706 724 3,430 Intersegment - (93 ) (93 ) (1 ) (595 ) (596 ) Revenue $ 12,228 $ 708 $ 12,936 $ 12,940 $ 1,050 $ 13,990 Six Months Ended October 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 19,529 $ 1,014 $ 20,543 $ 18,857 $ 2,139 $ 20,996 FEI-Zyfer 5,100 683 5,783 5,744 1,609 7,353 Intersegment - (436 ) (436 ) (10 ) (1,399 ) (1,409 ) Revenue $ 24,629 $ 1,261 $ 25,890 $ 24,591 $ 2,349 $ 26,940 Periods ended October 31, (in thousands) Three months Six months 2021 2020 2021 2020 Revenues by Product Line: Satellite Revenue $ 6,603 $ 7,576 $ 13,343 $ 14,228 Government Non-Space Revenue 5,099 5,520 10,590 10,855 Other Commercial & Industrial Revenue 1,234 894 1,957 1,857 Consolidated revenues $ 12,936 $ 13,990 $ 25,890 $ 26,940

INVESTMENT IN MORION, INC.

INVESTMENT IN MORION, INC.	6 Months Ended
	Oct. 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 consolidated balance sheets. During the three and six months ended October 31, 2021, the Company acquired product from Morion in the aggregate amount of approximately $34,000 and $120,000, respectively. During the three and six months ended October 31, 2020, the Company acquired product from Morion in the aggregate amount of approximately $118,000 and $268,000, respectively. During the six months ended October 31, 2021 and 2020, the Company received dividends from Morion in the amount of approximately $123,000 and $105,000, respectively, which is included in other income, net in the 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.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Oct. 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 October 31, 2021 and April 30, 2021, respectively, were as follows (in thousands): October 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 9,746 $ 313 $ (104 ) $ 9,955 April 30, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,022 $ 393 $ (102 ) $ 10,313 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 October 31, 2021 Fixed Income Securities $ 1,913 $ (22 ) $ 1,325 $ (82 ) $ 3,238 $ (104 ) April 30, 2021 Fixed Income Securities $ 1,793 $ (52 ) $ 614 $ (50 ) $ 2,407 $ (102 ) The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. The Company does not believe that its investments in marketable securities with unrealized losses at October 31, 2021 were other-than-temporary due to market volatility of the security’s fair value, analysts’ expectations and the Company’s ability to hold the securities for a period of time sufficient to allow for any anticipated recoveries in market value. During the three and six months ended October 31, 2021, the Company sold or redeemed available-for-sale securities of approximately $325,000 and $1.4 million, respectively, realizing gains of approximately $7,000 for the six months ended October 31, 2021. Maturities of fixed income securities classified as available-for-sale at October 31, 2021 were as follows, at cost (in thousands): Current $ 3,154 Due after one year through five years 4,154 Due after five years 2,438 $ 9,746 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	6 Months Ended
	Oct. 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 Financial Accounting Standards Board (“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	6 Months Ended
	Oct. 31, 2021
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE K – CREDIT FACILITY As of October 31, 2021, the Company had available credit with UBS Bank USA at variable terms based on its securities holdings under an advisory arrangement. On April 12, 2020, the Company received proceeds from a loan under the Paycheck Protection Program (the “PPP Loan”) in the amount of $4,964,810 from JPMorgan Chase Bank, N.A. as the Lender, pursuant to the Small Business Administration Paycheck Protection Program under the Coronavirus Aid Relief, and Economic Security (“CARES”) Act. The PPP Loan was repaid in full on May 6, 2020.

VALUATION ALLOWANCE ON DEFERRED

VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	6 Months Ended
	Oct. 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 October 31, 2021, and April 30, 2021, 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	6 Months Ended
	Oct. 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, 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., The arbitration panel in the arbitrations initiated by Mr. Bloch was constituted in March 2021. The same panel served in both arbitrations. On May 6, 2021, Respondents submitted a motion to dismiss the arbitrations on the grounds that Mr. Bloch’s claims are not arbitrable. On August 25, 2021, the Company settled the aforementioned disputes with Mr. Bloch. Under the Agreement on Material Terms of Settlement (the “Settlement Terms”), dated August 25, 2021, between and among the Company, the Director Defendants, and the Compensation Committee, in its capacity as administrator under the deferred compensation agreements, and Mr. Bloch and certain members of Mr. Bloch’s family, in full and complete settlement of all claims asserted and all sums sought by Mr. Bloch in the litigation and arbitration proceedings, the Company has agreed to pay Mr. Bloch $6 million on or before September 24, 2021. Prior to the termination of Mr. Bloch’s employment and commencement of the litigation and arbitration proceedings, the Company had been regularly accruing amounts pertaining to Mr. Bloch’s post-employment deferred compensation retirement benefits. As of July 31, 2021, the Company had accrued $6 million for deferred compensation and contingent liability in connection with the settlement with Mr. Bloch. The settlement resulted in a net expense of $650,000 to the Company and will eliminate further legal expenses with respect to the dispute between Mr. Bloch and the Company. This net expense for financial statement purposes has been recognized in selling and administrative expenses on the Condensed Consolidated Statements of Operations for the three months ended July 31, 2021.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Oct. 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 earnings (loss) per share for the three and six months ended October 31, 2021 and 2020, respectively, were as follows: Periods ended October 31, Three months Six months 2021 2020 2021 2020 Weighted average shares outstanding: Basic EPS Shares outstanding (weighted average) 9,256,255 9,169,758 9,246,240 9,154,434 Effect of Dilutive Securities 45,273 66,019 ** 51,389 Diluted EPS Shares outstanding 9,301,528 9,235,777 9,246,240 9,205,823 ** For the six-months ended October 31, 2021 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 that period. The exercisable shares excluded for the three- and six-months ended October 31, 2021 was 198,000 and 223,000 options, respectively. The exercisable shares excluded for the three- and six-month periods ended October 31, 2020 was 303,000 and 436,000 options, respectively.

COSTS AND ESTIMATED EARNINGS _2

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)	6 Months Ended
	Oct. 31, 2021
Contractors [Abstract]
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block]	At October 31, 2021 and April 30, 2021, billings in excess of costs and estimated earnings and costs and estimated earnings in excess of billings, net, respectively, consisted of the following: October 31, 2021 April 30, 2021 (In thousands) Costs and estimated earnings in excess of billings $ 9,882 $ 12,640 Billings in excess of costs and estimated earnings (13,361 ) (10,692 ) Net (liability) asset $ (3,479 ) $ 1,948

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	6 Months Ended
	Oct. 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: October 31, 2021 April 30, 2021 (In thousands) Raw Materials and Component Parts $ 12,288 $ 12,386 Work in Progress 6,689 6,259 Finished Goods 500 1,016 $ 19,477 $ 19,661

RIGHT-OF-USE ASSETS AND LEASE_2

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables)	6 Months Ended
	Oct. 31, 2021
Disclosure Text Block [Abstract]
Lease, Cost [Table Text Block]	The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows: Classification October 31, 2021 April 30, 2021 (in thousands) Assets Operating lease ROU assets Right-of-Use assets leases $ 9,087 $ 9,773 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,779 1,715 Operating lease liabilities (long-term) Lease liability, non-current 7,605 8,366 Total lease liabilities $ 9,384 $ 10,081
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The table below reconciles the undiscounted cash flows for each of the first five fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of October 31, 2021: Fiscal Year Ending April 30, ( ) Remainder of 2022 $ 766 2023 1,837 2024 1,849 2025 1,723 2026 1,317 Thereafter 4,174 Total lease payments 11,666 Less imputed interest (2,282 ) Present value of future lease payments 9,384 Less current obligations under leases (1,779 ) Long-term lease obligations 7,605

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Oct. 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 October 31, Three months Six months 2021 2020 2021 2020 Revenues: FEI-NY $ 10,381 $ 11,156 $ 20,543 $ 20,996 FEI-Zyfer 2,648 3,430 5,783 7,353 less intersegment revenues (93 ) (596 ) (436 ) (1,409 ) Consolidated revenues $ 12,936 $ 13,990 $ 25,890 $ 26,940
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Operating income (loss): FEI-NY $ (64 ) $ 41 $ (1,075 ) $ (582 ) FEI-Zyfer (132 ) 306 (99 ) 667 less intersegment revenues - (20 ) Corporate 499 (128 ) (191 ) (204 ) Consolidated operating income (loss) $ 303 $ 219 $ (1,385 ) $ (119 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	October 31, 2021 April 30, 2021 Identifiable assets: FEI-NY $ 36,839 $ 34,869 FEI-Zyfer 11,060 12,888 less intersegment balances - - Corporate 33,479 38,259 Consolidated identifiable assets $ 81,378 $ 86,016
Disaggregation of Revenue [Table Text Block]	The amounts by segment and product line were as follows: Three Months Ended October 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 9,928 $ 453 $ 10,381 $ 10,235 $ 921 $ 11,156 FEI-Zyfer 2,300 348 2,648 2,706 724 3,430 Intersegment - (93 ) (93 ) (1 ) (595 ) (596 ) Revenue $ 12,228 $ 708 $ 12,936 $ 12,940 $ 1,050 $ 13,990 Six Months Ended October 31, 2021 2020 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 19,529 $ 1,014 $ 20,543 $ 18,857 $ 2,139 $ 20,996 FEI-Zyfer 5,100 683 5,783 5,744 1,609 7,353 Intersegment - (436 ) (436 ) (10 ) (1,399 ) (1,409 ) Revenue $ 24,629 $ 1,261 $ 25,890 $ 24,591 $ 2,349 $ 26,940
Revenue from External Customers by Products and Services [Table Text Block]	Periods ended October 31, (in thousands) Three months Six months 2021 2020 2021 2020 Revenues by Product Line: Satellite Revenue $ 6,603 $ 7,576 $ 13,343 $ 14,228 Government Non-Space Revenue 5,099 5,520 10,590 10,855 Other Commercial & Industrial Revenue 1,234 894 1,957 1,857 Consolidated revenues $ 12,936 $ 13,990 $ 25,890 $ 26,940

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Oct. 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 October 31, 2021 and April 30, 2021, respectively, were as follows (in thousands): October 31, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 9,746 $ 313 $ (104 ) $ 9,955 April 30, 2021 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,022 $ 393 $ (102 ) $ 10,313
Debt Securities, Available-for-sale, 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 October 31, 2021 Fixed Income Securities $ 1,913 $ (22 ) $ 1,325 $ (82 ) $ 3,238 $ (104 ) April 30, 2021 Fixed Income Securities $ 1,793 $ (52 ) $ 614 $ (50 ) $ 2,407 $ (102 )
Investments Classified by Contractual Maturity Date [Table Text Block]	Maturities of fixed income securities classified as available-for-sale at October 31, 2021 were as follows, at cost (in thousands): Current $ 3,154 Due after one year through five years 4,154 Due after five years 2,438 $ 9,746

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	198,000	303,000	223,000	436,000

EARNINGS (LOSS) PER SHARE (De_2

EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Weighted average shares outstanding:
Basic EPS Shares outstanding (weighted average)	9,256,255	9,169,758	9,246,240	9,154,434
Effect of Dilutive Securities	45,273	66,019		51,389
Diluted EPS Shares outstanding	9,301,528	9,235,777	9,246,240	9,205,823

COSTS AND ESTIMATED EARNINGS _3

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 12,936,000	$ 13,990,000	$ 25,890,000	$ 26,940,000
Loss on Contracts	31,000	121,000	47,000	731,000
Contracts Accounted for under Percentage of Completion [Member]
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 12,200,000	$ 12,900,000	$ 24,600,000	$ 24,600,000

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	Oct. 31, 2021	Apr. 30, 2021
Costs and Estimated Earnings in Excess of Billings, Net [Abstract]
Costs and estimated earnings in excess of billings	$ 9,882	$ 12,640
Billings in excess of costs and estimated earnings	(13,361)	(10,692)
Net (liability) asset	$ (3,479)	$ 1,948

TREASURY STOCK TRANSACTIONS (De

TREASURY STOCK TRANSACTIONS (Details) - shares	3 Months Ended	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2021
Disclosure Text Block Supplement [Abstract]
Stock Issued During Period, Shares, Treasury Stock Reissued	10,779	24,030

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Oct. 31, 2021	Apr. 30, 2021
UNITED STATES
INVENTORIES, NET (Details) [Line Items]
Inventory Valuation Reserves	$ 7	$ 7.3

INVENTORIES, NET (Details) - Sc

INVENTORIES, NET (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Schedule of Inventory, Current [Abstract]
Raw Materials and Component Parts	$ 12,288	$ 12,386
Work in Progress	6,689	6,259
Finished Goods	500	1,016
	$ 19,477	$ 19,661

RIGHT-OF-USE ASSETS AND LEASE_3

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Disclosure Text Block [Abstract]
Operating Lease, Expense	$ 500,000	$ 500,000	$ 1,000,000	$ 1,200,000
Operating Lease, Weighted Average Remaining Lease Term	7 years		7 years
Operating Lease, Weighted Average Discount Rate, Percent	6.22%		6.22%

RIGHT-OF-USE ASSETS AND LEASE_4

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lease, Cost - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Assets
Operating lease ROU assets	$ 9,087	$ 9,773
Liabilities
Operating lease liabilities (short-term)	1,779	1,715
Operating lease liabilities (long-term)	7,605	8,366
Total lease liabilities	$ 9,384	$ 10,081

RIGHT-OF-USE ASSETS AND LEASE_5

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Lessee, Operating Lease, Liability, Maturity [Abstract]
Remainder of 2022	$ 766
2023	1,837
2024	1,849
2025	1,723
2026	1,317
Thereafter	4,174
Total lease payments	11,666
Less imputed interest	(2,282)
Present value of future lease payments	9,384	$ 10,081
Less current obligations under leases	(1,779)	(1,715)
Long-term lease obligations	$ 7,605	$ 8,366

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021USD ($)	Oct. 31, 2020USD ($)	Oct. 31, 2021USD ($)	Oct. 31, 2020USD ($)
SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments			2
Revenues	$ 12,936	$ 13,990	$ 25,890	$ 26,940
Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Number Of Principal Markets	3		3
Revenues	$ 10,381	11,156	$ 20,543	20,996
POC Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	12,228	12,940	24,629	24,591
POC Revenue [Member] | Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	9,928	10,235	19,529	18,857
POT Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	708	1,050	1,261	2,349
POT Revenue [Member] | Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	$ 453	$ 921	$ 1,014	$ 2,139

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 12,936	$ 13,990	$ 25,890	$ 26,940
Frequency Electronics Inc New York [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	10,381	11,156	20,543	20,996
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,648	3,430	5,783	7,353
Inter Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (93)	$ (596)	$ (436)	$ (1,409)

SEGMENT INFORMATION (Details_2

SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	$ 303	$ 219	$ (1,385)	$ (119)
Frequency Electronics Inc New York [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	(64)	41	(1,075)	(582)
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	(132)	306	(99)	667
Inter Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	0		(20)
Corporate Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	$ 499	$ (128)	$ (191)	$ (204)

SEGMENT INFORMATION (Details_3

SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
Identifiable assets:
Identifiable Assets	$ 81,378	$ 86,016
Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable Assets	36,839	34,869
Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable Assets	11,060	12,888
Corporate Segment [Member]
Identifiable assets:
Identifiable Assets	$ 33,479	$ 38,259

SEGMENT INFORMATION (Details_4

SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 12,936	$ 13,990	$ 25,890	$ 26,940
Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenues	10,381	11,156	20,543	20,996
Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenues	2,648	3,430	5,783	7,353
Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenues	(93)	(596)	(436)	(1,409)
POC Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	12,228	12,940	24,629	24,591
POC Revenue [Member] | Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenues	9,928	10,235	19,529	18,857
POC Revenue [Member] | Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenues	2,300	2,706	5,100	5,744
POC Revenue [Member] | Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	(1)	0	(10)
POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	708	1,050	1,261	2,349
POT Revenue [Member] | Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenues	453	921	1,014	2,139
POT Revenue [Member] | Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenues	348	724	683	1,609
POT Revenue [Member] | Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ (93)	$ (595)	$ (436)	$ (1,399)

SEGMENT INFORMATION (Details_5

SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
Revenue from External Customer [Line Items]
Revenue	$ 12,936	$ 13,990	$ 25,890	$ 26,940
Satellite Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	6,603	7,576	13,343	14,228
Government Non-Space Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	5,099	5,520	10,590	10,855
Other Commercial & Industrial Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	$ 1,234	$ 894	$ 1,957	$ 1,857

INVESTMENT IN MORION, INC. (Det

INVESTMENT IN MORION, INC. (Details) - Morion Inc [Member] - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2021	Oct. 31, 2020
INVESTMENT IN MORION, INC. (Details) [Line Items]
Cost Method Investment Ownership Percentage	4.60%		4.60%
Investment Owned, at Cost	$ 800,000		$ 800,000
Related Party Transaction, Purchases from Related Party	$ 34,000	$ 118,000	120,000	$ 268,000
Proceeds from Dividends Received			$ 123,000	$ 105,000

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 325,000	$ 1,400,000
Debt Securities, Available-for-sale, Realized Gain		$ 7,000

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	6 Months Ended	12 Months Ended
	Oct. 31, 2021	Apr. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	$ 9,746	$ 10,022
Gross Unrealized Gains	313	393
Gross Unrealized Losses	(104)	(102)
Fair Market Value	$ 9,955	$ 10,313

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value - Fixed Income Securities [Member] - USD ($) $ in Thousands	Oct. 31, 2021	Apr. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	$ 1,913	$ 1,793
Unrealized Losses, Less than 12 months	(22)	(52)
Fair Value, 12 Months or more	1,325	614
Unrealized Losses, 12 Months or more	(82)	(50)
Fair Value	3,238	2,407
Unrealized Losses	$ (104)	$ (102)

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands	Oct. 31, 2021USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Current	$ 3,154
Due after one year through five years	4,154
Due after five years	2,438
	$ 9,746

CREDIT FACILITY (Details)

CREDIT FACILITY (Details)	Apr. 12, 2020USD ($)
Debt Disclosure [Abstract]
Loans Payable to Bank	$ 4,964,810

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Aug. 25, 2021	Jul. 31, 2021	Oct. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Damages Sought, Value	$ 6,000,000
Estimated Litigation Liability			$ 6,000,000
Litigation Settlement, Expense		$ 650,000