| Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
| Jan. 31, 2020 |
| Notes to Financial Statements | |
| Cash | The
Company maintains all of its cash in various bank deposit accounts, which at times may exceed federally insured limits. No losses
have been experienced on such accounts. |
| Receivables | Receivables
are carried at original invoice less estimates made for doubtful receivables. Management determines the allowances for doubtful
accounts by reviewing and identifying troubled accounts on a periodic basis and 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 beyond the stipulated
due date. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded
when received. |
| Inventories | Inventories
are valued at the lower of cost or market using the FIFO (first-in, first-out) method. |
| Depreciation | Equipment
and leasehold improvements are stated at cost. Depreciation is computed 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 the term of the lease; equipment is depreciated over three to ten years. Depreciation expense was $4,298 and $6,852 for the
nine month periods ending January 31, 2020 and 2019, respectively. |
| Prepaid Expenses | Certain
expenses, primarily insurance and income taxes, have been prepaid and will be used within one year. |
| Revenue Recognition | In
May 2014, the FASB issued an Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers (Topic 606)",
which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition The Company
adopted this standard on May 1, 2018, using the modified retrospective approach. The impact of the adoption of ASU 2014-09 on the
Company’s condensed consolidated financial statements is as follows:
• The Company’s revenue is primarily generated
from the sales of products directly to customers or through distribution channels, based on purchase orders and not supply contracts
providing for additional goods or services once the products are transferred to the customer. The Company’s performance obligations
underlying such sales, and the timing of revenue recognition related thereto, remain substantially unchanged following the adoption
of this ASU.
• The adoption of ASU
No. 2014-09 requires that the Company recognize its sales return allowance on a gross basis rather than as a net liability.
As such, the Company now recognizes a return asset for the right to recover the expected
recovery costs (recorded as an increase to prepaid expenses and other current assets), and a return liability for the amount
of expected returns (recorded as an increase to other current liabilities). The Company’s analysis of sales returns
over the past several years noted that sales returns are nominal and therefore no sales return allowance is deemed necessary. There was
no adjustment necessary for fiscal year ending April 30, 2019 or prior in relation to the change in the revenue recognition policy
and no significant effects on the nine month period ending January 31, 2020. |
| 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. 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. Management’s policy is
to recognize interest and penalties related to uncertain tax positions in income tax expense. The provision
for income taxes consists of the following components for the six month periods ended January 31:
2020 2019
Current
Federal $ 6,986 $ 23,863
State 3,205 11,925
Provision (Benefit) for Income Taxes $ 10,191 $ 35,788 The differences between the U.S. federal statutory tax rate
and the Company’s effective tax rate are as follows:
Period ended January 31,
2020 2019
U.S. federal statutory tax rate 21.0 % 21.0 %
State income tax expense, net of 9.2 7.51
Effective Tax Rate 30.2 % 28.51 % |
| 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 on the straight-line method. Patent amortization expense for the
nine months ended January 31, 2020 and 2019 were $10,232 and $8,994 respectively. Patents relate to products that have
been developed and are being marketed by the Company. Patents pending relate to products under development. |
| 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 Comon 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 nine months ended January 31, 2020 and 2019 as there are no
common stock equivalents. |
| Comprehensive Income | Components of comprehensive income
include amounts that are included in the comprehensive income but are excluded from net income. During the nine month periods ending
January 31, 2020 and 2019, there were no differences between the Company’s net income and comprehensive income. |
| 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 Company’s analysis, the fair value of financial instruments
recorded on the balances sheets as of January 31, 2020 and April 30, 2019, approximates their carrying value. |
| Segments | Accounting
standards have established annual reporting standards for an enterprise’s operating segments and related disclosures about
its products, services, geographic areas and major customers. The Company’s operations were a single reportable segment
and an international segment. The international segment operations are immaterial. See Note 7. |
| Recent Accounting Pronouncements | The FASB
issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text
of ASCs. 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. |
