Document and Entity Information
Document and Entity Information | 12 Months Ended |
Apr. 30, 2016USD ($)shares | |
Document And Entity Information | |
Entity Registrant Name | BIOSYNERGY INC |
Entity Central Index Key | 715,812 |
Document Type | 10-K |
Document Period End Date | Apr. 30, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --04-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Public Float | $ | $ 8,029,291 |
Entity Common Stock, Shares Outstanding | shares | 14,935,511 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Current Assets | ||
Cash | $ 1,091,649 | $ 975,777 |
Accounts receivable - Trade (Net of allowance for doubtful accounts of $500 in both 2016 and 2015) | 192,051 | 162,988 |
Inventories | 108,960 | 155,394 |
Prepaid expenses | 25,958 | 26,524 |
Total current assets | 1,418,618 | 1,320,683 |
Equipment and Leasehold Improvements | ||
Equipment | 198,640 | 197,517 |
Leasehold improvements | 20,022 | 20,022 |
[PropertyPlantAndEquipmentGross] | 218,662 | 217,539 |
Less accumulated depreciation and amortization | 203,276 | 195,278 |
Total equipment and leasehold improvements | 15,386 | 22,261 |
Other Assets | ||
Patents less accumulated amortization | 79,057 | 87,742 |
Patents pending | 60,788 | 43,950 |
Deposits | 5,937 | 5,937 |
Total other assets | 145,782 | 137,629 |
[Assets] | 1,579,786 | 1,480,573 |
Deferred income taxes | 32,110 | 32,110 |
Current Liabilities | ||
Accounts payable | 4,595 | 15,514 |
Accrued compensation and payroll taxes | 39,206 | 39,827 |
Other accrued expenses | 3,545 | 2,924 |
Accrued vacation | 21,835 | 17,977 |
Total current liabilities | 69,181 | 76,242 |
Stockholders Equity | ||
Common stock - No par value; 20,000,000 shares authorized; 14,935,511 shares issued as of both April 30, 2015 and 2014 | 660,988 | 660,988 |
Receivable from affiliate | (19,699) | (19,699) |
Retained earnings | 837,206 | 730,932 |
Total stockholders equity | 1,478,495 | 1,372,221 |
[LiabilitiesAndStockholdersEquity] | $ 1,579,786 | $ 1,480,573 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Net of allowance for doubtful accounts | $ 500 | $ 500 |
Common stock, no par value | 20,000,000 | 20,000,000 |
Authorized shares issued and outstanding | 14,935,511 | 14,935,511 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 1,337,952 | $ 1,360,768 |
Cost of sales | 414,794 | 428,360 |
Gross profit | 923,158 | 932,408 |
Operating Expenses | ||
Marketing | 199,183 | 198,884 |
General and administrative | 421,373 | 428,322 |
Research and development | 157,444 | 149,218 |
Total operating expenses | 778,000 | 776,424 |
Income from operations | 145,158 | 155,984 |
Other Income | ||
Interest income | 411 | 457 |
Other income | 1,920 | 1,920 |
Total other income | 2,331 | 2,377 |
Net income before income taxes | 147,489 | 158,361 |
Provision for income taxes | 41,215 | 44,772 |
Net income | $ 106,274 | $ 113,589 |
Net income per common share-basic and diluted | $ .007 | $ 0.008 |
Weighted-average common stock outstanding-basic and diluted | 14,935,511 | 14,935,511 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Cash Flows from Operating Activities | ||
Net income | $ 106,274 | $ 113,589 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 16,683 | 18,517 |
Deferred income taxes | 8,288 | |
Abandonment of patents pending | 9,862 | |
Changes in assets and liabilities | ||
Accounts receivable | (29,063) | 27,761 |
Inventories, prepaid expenses and other | 47,000 | (30,346) |
Accounts payable and accrued expenses | (7,061) | (667) |
Total adjustments | 27,559 | 33,415 |
Net cash provided by operating activities | 133,833 | 147,004 |
Cash Flows from Investing Activities | ||
Purchase of equipment | (1,123) | (1,616) |
Patents and patents pending | (16,838) | (34,139) |
Net cash (used in) provided by investing activities | (17,961) | (35,755) |
Increase in cash | 115,872 | 111,249 |
Cash, beginning of year | 975,777 | 864,528 |
Cash, end of year | 1,091,649 | 975,777 |
Supplemental disclosure of cash flow information | ||
Income taxes paid | 37,800 | 32,974 |
Interest paid |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Retained Earnings | Receivable from Affiliate Member | Total |
Beginning Balance at Apr. 30, 2014 | $ 617,343 | $ (19,699) | $ 1,258,632 | |
Common Stock Outstanding at Apr. 30, 2014 | 14,935,511 | |||
Common Stock Value at Apr. 30, 2015 | $ 660,988 | |||
Net Income | 113,589 | 113,589 | ||
Ending Balance at Apr. 30, 2015 | 730,932 | (19,699) | $ 1,372,221 | |
Common Stock Outstanding at Apr. 30, 2015 | 14,935,511 | 14,935,511 | ||
Common Stock Value at Apr. 30, 2016 | $ 660,988 | |||
Net Income | 106,274 | $ 106,274 | ||
Ending Balance at Apr. 30, 2016 | $ 837,206 | $ (19,699) | $ 1,478,495 |
Company Organization and Descri
Company Organization and Description | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Company Organization and Description | Biosynergy, Inc. (the Company) was incorporated under the laws of the state of Illinois on February 9, 1976. The Company is primarily engaged in the development and marketing of medical, consumer and industrial thermometric and thermographic products that utilize cholesteric liquid crystals. The Companys primary product, the HemoTemp R |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Summary of Significant Accounting Policies | Cash The Company maintains all of its cash in bank deposit accounts, which at times may exceed federally insured limits. No losses have been experienced on such accounts. All cash is held with Bank of America, N.A., JPMorgan Chase Bank, N.A., and BMO Harris, N.A. Receivables Receivables are carried at original invoice less estimates made for doubtful receivables. Management determines the allowance for doubtful accounts by reviewing and identifying troubled accounts on a periodic basis by using historical experience applied to an aging of accounts. A receivable is considered to be past due if any portion of the receivable balance is outstanding for more than 30 days. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. Inventories Inventories are valued using the FIFO (first-in, first-out) method at the lower of cost or market. Depreciation and Amortization Equipment and leasehold improvements are stated at cost. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the respective assets. Repairs and maintenance are charged to expense as incurred. Renewals and betterments, which significantly extend the useful lives of existing equipment, are capitalized. Significant leasehold improvements are capitalized and amortized over 10 years or the term of the lease, if shorter. Equipment is depreciated over three to 10 years. Prepaid Expenses Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one year. Revenue Recognition The Company recognizes net sales revenue upon the shipment of products to customers. Shipping and Handling Shipping and handling fees billed to customer, if any, are netted against the related costs which are included in cost of sales. The net cost is not material. Income Taxes Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due and deferred taxes related primarily to differences in the methods of accounting for patents, inventories, certain accrued expenses and bad debt expenses for financial and income tax reporting purposes. The deferred income taxes represent the future tax consequences of those differences, which will be taxable in the future. See Note 4 for additional information regarding income taxes. The Company files tax returns in the U.S. federal jurisdiction and with the state of Illinois. Various tax years remain open to examinations, generally for three years after filing, although there are currently no ongoing tax examinations. Managements policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. Management does not believe that there are any uncertain tax positions as of April 30, 2016. Research and Development and Patents Research and development expenditures are charged to operations as incurred. The costs of obtaining patents, primarily legal fees, are capitalized and, once obtained, are amortized over the life of the respective patent using the straight-line method. Patents relate to products that have been developed and are being marketed by the Company. Patents pending relate to products under development. The Company wrote-off $9,862 for the year ended April 30, 2015 for abandoned patents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Per Common Share Income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Basic and diluted net income per common share is the same for the years ended April 30, 2016 and 2015 as there are no common stock equivalents. Fair Value of Financial Instruments The Company evaluates its financial instruments based on current market interest rates relative to stated interest rates, length to maturity and the existence of readily determinable market prices. Based on the Companys analysis, the fair value of financial instruments recorded on the balance sheets as of April 30, 2016 and 2015, approximates their carrying value. Recent Accounting Pronouncements The FASB issues ASUs to amend the authoritative literature in Accounting Standards Certification (ASC). There have been a number of ASUs to date that amend the original text of ASCs. Except for the ASUs listed below, those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company. On February 25, 2016, the FASB issued Topic 842, its highly-anticipated leasing standard for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The amendments are effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. At inception, a lessee must classify all leases as either finance or operating. The Company intends to adopt Topic 842 upon extension of the current lease for its facilities in Elk Grove Village or upon entering into a new lease agreement for alternative facilities on or about May 1, 2018. The Company is investigating the effect of adoption of Topic 842 on its results of operations and financial condition. However, it is not anticipated that adoption of Topic 842 will have a material impact on the results of operations or financial condition of the Company. In May 2014, the Financial Accounting Standard Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, under either full or modified retrospective adoption. Early application is not permitted. The Company plans to adopt ASU 2014-09 beginning May 1, 2017, and management is currently assessing the potential effects of these changes to the Companys consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Inventories | 2016 2015 Raw Materials $ 83,231 $ 115,071 Work-in-process 16,303 28,384 Finished goods 9,426 11,939 $ 108,960 $ 155,394 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The components of the deferred income tax (assets) and liabilities as of April 30, 2016 and 2015 are as follows: 2016 2015 Total deferred tax liabilities Patents $ 38,330 $ 34,875 Prepaid and other $ 7,012 6,428 45,342 41,303 Total deferred tax assets Accrued vacation pay (7,084 ) (5,772 ) Equipment and leaseholds (4,488 ) (1,805 ) Other (1,660 ) (1,616 ) (13,232 ) (9,193 ) Net deferred income tax liabilities $ 32,110 $ 32,110 Deferred income tax liabilities result primarily from prepaid expenses and capitalized legal costs associated with patents that are deducted immediately for income tax purposes. Deferred income tax assets result primarily from accrued vacation pay, which is not deducted for tax purposes unless it is paid within 2½ months of each year-end, other expenses, which are not deductible for tax purposes until paid and from differences between depreciation expense for book and tax purposes. The provision for income taxes consists of the following components: 2016 2015 Current Federal $ 30,695 $ 25,836 State 10,520 10,648 41,215 36,484 Deferred 8,288 $ 41,215 $ 44,772 The differences between the U.S. federal statutory tax rate and the Companys effective tax rate are as follows: Year Ended April 30, 2016 2015 U.S. federal statutory tax rate 34.0 % 34.0 % State income tax expense, net of 6.0 6.0 Effect of graduated federal tax rates and other (12.06 ) (11.7 ) Effective tax rate 27.94 % 28.3 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions | The Company and its affiliates are related through common stock ownership as follows as of April 30, 2016: Stock of Affiliates Biosynergy, Inc. F.K. Suzuki International, Inc. Medlab, Inc. F.K. Suzuki International, Inc. 30.0 % % 100 % Fred K. Suzuki, Officer 4.1 30.0 Jeanne S. Addis, as Trustee 28.1 James F. Schembri, Director 8.6 Mary K. Friske, Officer 0.3 0.7 Laurence C. Mead, Officer 0.4 10.0 Beverly R. Suzuki, Officer 2.7 Lauane C. Addis, Officer As of April 30, 2016 and 2015, $19,699 was due from F.K. Suzuki International, Inc. (FKSI). This balance is resulted from an allocation of common expenses charged to FKSI offset by advances received from time to time. No interest income is received or accrued by the Company. The financial condition of FKSI is such that it will likely be unable to repay the Company without liquidating a portion of its assets, including a portion of its ownership in the Company. As a result, the total receivable balance of $19,699 was reclassified as a contra equity account. A board member provides a variety of legal services to the Company in his capacity as a partner in a law firm. Fees for such legal services were $17,984 and $29,165 for the years ended April 30, 2016 and 2015, respectively. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Apr. 30, 2016 | |
Leases [Abstract] | |
Lease Commitments | In January 2015, the Company entered into a three-year lease agreement for its current facilities, which expires on April 30, 2018. The base rent under the lease escalates over the life of the lease. However, rent expense is recorded on a straight-line basis as required by accounting principles generally accepted in the United States of America. As of April 30, 2016, the Companys approximate total future minimum lease payments are as follows: Year Ending April 30: 2017 $ 86,675 2018 89,275 Also included in the lease agreement are escalation clauses for the lessors increases in property taxes and other operating expenses. Rent expense was $86,700 for fiscal year ended April 30, 2016 and $70,200 for fiscal year ended April 30, 2015. |
Customer Concentrations
Customer Concentrations | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Customer Concentrations | Shipments to one customer amounted to approximately 28.3% and 29.6% of sales in fiscal years 2016 and 2015, respectively. As of April 30, 2016 and 2015, there were outstanding accounts receivable from this customer of approximately $73,031 and $76,475, respectively. Shipments to another customer accounted for 37.5% and 33.2% of sales in fiscal years 2016 and 2015, respectively. As of April 30, 2016 and 2015, there were outstanding accounts receivable from this customer of approximately $60,497 and $43,415, respectively. The Company had export sales of $49,240 during the last fiscal year, and export sales of $140,300 during the fiscal year ending in 2015. The Company also believes that some of its medical devices were sold to distributors within the United States who resold the devices in foreign markets. However, the Company does not have any information regarding such sales, and such sales are not considered to be material. The Company does not rely on any foreign operations other than its dealers and marketing representatives in their respective marketing areas. See "Marketing and Distribution." Foreign sales are contingent upon, among other factors, foreign trade regulations, value of the United States Dollar and, where required, government approval of the Company's products including CE Marketing requirements. The Company is exposed to risks generally attendant to foreign operations, including but not limited to, trade restrictions, tariffs, embargos, foreign war and unrest and competition from foreign and domestic producers. Management believes the partial or total loss of foreign operations would not have a material impact on the Companys financial condition or results of operations. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Employee Benefit Plan | The Company sponsors a 401(k) plan for all full-time employees. Under the plan, a participant may elect to defer compensation (up to allowable limits). The Company's discretionary contributions for the years ended April 30, 2016 and 2015 were $25,818 and $25,785, respectively. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Cash | Cash The Company maintains all of its cash in bank deposit accounts, which at times may exceed federally insured limits. No losses have been experienced on such accounts. All cash is held with Bank of America, N.A., JPMorgan Chase Bank, N.A., and BMO Harris, N.A. |
Receivables | Receivables Receivables are carried at original invoice less estimates made for doubtful receivables. Management determines the allowance for doubtful accounts by reviewing and identifying troubled accounts on a periodic basis by using historical experience applied to an aging of accounts. A receivable is considered to be past due if any portion of the receivable balance is outstanding for more than 30 days. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. |
Inventories | Inventories Inventories are valued at the lower of cost or market using the FIFO (first-in, first-out) method. |
Depreciation and Amortization | Depreciation and Amortization Equipment and leasehold improvements are stated at cost. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the respective assets. Repairs and maintenance are charged to expense as incurred. Renewals and betterments, which significantly extend the useful lives of existing equipment, are capitalized. Significant leasehold improvements are capitalized and amortized over 10 years or the term of the lease, if shorter. Equipment is depreciated over three to 10 years. |
Prepaid Expenses | Prepaid Expenses Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one year. |
Revenue Recognition | Revenue Recognition The Company recognizes net sales revenue upon the shipment of products to customers. |
Shipping and Handling | Shipping and Handling Shipping and handling fees billed to customer, if any, are netted against the related costs which are included in cost of sales. The net cost is not material. |
Income Taxes | Income Taxes Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due and deferred taxes related primarily to differences in the methods of accounting for patents, inventories, certain accrued expenses and bad debt expenses for financial and income tax reporting purposes. The deferred income taxes represent the future tax consequences of those differences, which will be taxable in the future. See Note 4 for additional information regarding income taxes. The Company files tax returns in the U.S. federal jurisdiction and with the state of Illinois. Various tax years remain open to examinations, generally for three years after filing, although there are currently no ongoing tax examinations. Managements policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. Management does not believe that there are any uncertain tax positions as of April 30, 2015. |
Research and Development and Patents | Research and Development and Patents Research and development expenditures are charged to operations as incurred. The costs of obtaining patents, primarily legal fees, are capitalized and, once obtained, are amortized over the life of the respective patent using the straight-line method. Patents relate to products that have been developed and are being marketed by the Company. Patents pending relate to products under development. The Company wrote-off $9,862 and $98,100 for the years ended April 30, 2015 and 2014, respectively, for abandoned patents. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Income Per Common Share | Income Per Common Share Income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Basic and diluted net income per common share is the same for the years ended April 30, 2015 and 2014 as there are no common stock equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company evaluates its financial instruments based on current market interest rates relative to stated interest rates, length to maturity and the existence of readily determinable market prices. Based on the Companys analysis, the fair value of financial instruments recorded on the balance sheets as of April 30, 2015 and 2014, approximates their carrying value. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The FASB issues ASUs to amend the authoritative literature in Accounting Standards Certification (ASC). There have been a number of ASUs to date that amend the original text of ASCs. Except for the ASUs listed above, those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Inventories | 2016 2015 Raw Materials $ 83,231 $ 115,071 Work-in-process 16,303 28,384 Finished goods 9,426 11,939 $ 108,960 $ 155,394 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Deferred Income Tax Liabilities | 2016 2015 Total deferred tax liabilities Patents $ 38,330 $ 34,875 Prepaid and other $ 7,012 6,428 45,342 41,303 Total deferred tax assets Accrued vacation pay (7,084 ) (5,772 ) Equipment and leaseholds (4,488 ) (1,805 ) Other (1,660 ) (1,616 ) (13,232 ) (9,193 ) Net deferred income tax liabilities $ 32,110 $ 32,110 |
Components of Income Taxes | 2016 2015 Current Federal $ 30,695 $ 25,836 State 10,520 10,648 41,215 36,484 Deferred 8,288 $ 41,215 $ 44,772 |
Effective Tax Rate | Year Ended April 30, 2016 2015 U.S. federal statutory tax rate 34.0 % 34.0 % State income tax expense, net of 6.0 6.0 Effect of graduated federal tax rates and other (12.06 ) (11.7 ) Effective tax rate 27.94 % 28.3 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Stock of Affiliates | Stock of Affiliates Biosynergy, Inc. F.K. Suzuki International, Inc. Medlab, Inc. F.K. Suzuki International, Inc. 30.0 % % 100 % Fred K. Suzuki, Officer 4.1 30.0 Jeanne S. Addis, as Trustee 28.1 James F. Schembri, Director 8.6 Mary K. Friske, Officer 0.3 0.7 Laurence C. Mead, Officer 0.4 10.0 Beverly R. Suzuki, Officer 2.7 Lauane C. Addis, Officer |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
Future Minimum Lease Payments | Year Ending April 30: 2017 $ 86,675 2018 89,275 |
Research and Development and Pa
Research and Development and Patents (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Research and Development Expense [Abstract] | ||
Abandonment of Patents | $ 9,862 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Notes to Financial Statements | ||
Raw Materials | $ 83,231 | $ 115,071 |
Work-in-process | 16,303 | 28,384 |
Finished goods | 9,426 | 11,939 |
[InventoryGross] | $ 108,960 | $ 155,394 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Liabilities (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Patents | $ 38,330 | $ 34,875 |
Prepaid and other | 7,012 | 6,428 |
[DeferredTaxLiabilities] | 45,342 | 41,303 |
Total deferred tax assets | ||
Accrued vacation pay | (7,084) | (5,772) |
Equipment and leaseholds | (4,488) | (1,805) |
Other | (1,660) | (1,616) |
[DeferredTaxAssetsNet] | (13,232) | (9,193) |
Net deferred income tax liabilities | $ 32,110 | $ 32,110 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ 30,695 | $ 25,836 |
State | 10,520 | 10,648 |
[AccruedIncomeTaxes] | 41,215 | 36,484 |
Deferred | 8,288 | |
Total Income Tax Expense | $ 41,215 | $ 44,772 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory tax rate | 34.00% | 34.00% |
State income tax expense, net of federal tax benefit | 6.00% | 6.00% |
Effect of graduated federal tax rates and other | (12.06%) | (11.70%) |
[us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate] | 27.94% | 28.30% |
Related Party Transactions (Nar
Related Party Transactions (Narrative Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Notes to Financial Statements | ||
Receivable from affiliate | $ 19,699 | $ 19,699 |
Legal Fees | $ 17,984 | $ 29,165 |
Lease Commitments (Details Narr
Lease Commitments (Details Narrative) - USD ($) | 12 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Leases [Abstract] | ||||
Rent Expense | $ 89,275 | $ 86,675 | $ 86,700 | $ 70,200 |
Lease Commitments - Future Mini
Lease Commitments - Future Minimum Lease Expense (Details) - USD ($) | 12 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Leases [Abstract] | ||||
Future Minimum Lease Expense | $ 89,275 | $ 86,675 | $ 86,700 | $ 70,200 |
Major Customers (Details)
Major Customers (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Exports | $ 49,240 | $ 140,300 |
Customer One | ||
Accounts Receivable | $ 73,031 | $ 76,475 |
Sales | 28.30% | 29.60% |
Customer Two | ||
Accounts Receivable | $ 60,497 | $ 43,415 |
Sales | 37.50% | 33.20% |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Notes to Financial Statements | ||
401(k) Contributions | $ 25,818 | $ 25,785 |