Document And Entity Information
Document And Entity Information | 9 Months Ended |
Jan. 31, 2022shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0000715812 |
Entity Registrant Name | BIOSYNERGY INC |
Amendment Flag | true |
Current Fiscal Year End Date | --04-30 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2022 |
Document Type | 10-Q/A |
Document Quarterly Report | true |
Document Period End Date | Jan. 31, 2022 |
Document Transition Report | false |
Entity File Number | 0-12459 |
Entity Incorporation, State or Country Code | IL |
Entity Tax Identification Number | 36-2880990 |
Entity Address, Address Line One | 1940 East Devon Avenue |
Entity Address, City or Town | Elk Grove Village |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60007 |
City Area Code | 847 |
Local Phone Number | 956-0471 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 14,935,511 |
Amendment Description | The purpose of this Amendment No. 1 (this “Amendment”) to the Biosynergy, Inc. (the “Company”) Quarterly Report on Form 10-Q for the period ended January 31, 2022 (the “Form 10-Q”), as filed with the Securities and Exchange Commission (the “SEC”) on March 23, 2022, is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language). In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications of the Company’s principal executive officer and principal financial officer are filed as exhibits to this Amendment. This Amendment makes no other changes to the Form 10-Q as filed with the SEC on March 23, 2022, and no attempt has been made in this Amendment to modify or update the other disclosures presented in the Form 10-Q. This Amendment does not reflect subsequent events occurring after the original filing of the Form 10-Q (i.e., those events occurring after March 23, 2022) or modify or update in any way those disclosures that may be affected by subsequent events. Accordingly, this Amendment should be read in conjunction with the Form 10-Q and other Company filings with the SEC. |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Current Assets | ||
Cash | $ 2,484,562 | $ 1,250,581 |
Indemnification Escrow Receivable | 150,000 | 0 |
Accounts receivable, Trade (net of allowance for doubtful accounts of $500 at January 31, 2022 and April 30, 2021) | 286,646 | 264,509 |
Related party receivable | 24,862 | 0 |
Inventories | 0 | 145,178 |
Prepaid expenses | 21,577 | 34,261 |
Total Current Assets | 2,967,647 | 1,694,529 |
Property, Plant and Equipment | ||
Equipment | 0 | 176,812 |
Leasehold improvements | 0 | 25,809 |
Property, Plant and Equipment, Gross, Ending Balance | 0 | 202,621 |
Less accumulated depreciation and amortization | 0 | (199,558) |
Total Equipment and Leasehold Improvements, Net | 0 | 3,063 |
Operating Lease Right of Use | ||
Operating Lease Right of Use Asset | 16,095 | 96,570 |
Total Operating Lease Right of Use Asset | 16,095 | 96,570 |
Other Assets | ||
Patents, less accumulated amortization | 0 | 91,415 |
Deposits | 5,927 | 5,937 |
Total Other Assets | 5,927 | 97,352 |
Assets, Total | 2,989,669 | 1,891,514 |
Current Liabilities | ||
Accounts payable | 79,263 | 3,189 |
Accrued compensation and payroll taxes | 0 | 11,689 |
Accrued vacation | 0 | 14,125 |
Other accrued liabilities | 165,000 | 543 |
Income taxes | 267,965 | 0 |
Operating lease liability | 16,330 | 97,980 |
Liquidation Redemptions Liability | 2,461,111 | 0 |
Total Current Liabilities | 2,989,669 | 127,526 |
Long Term Liabilities | ||
Deferred income taxes | 0 | 24,992 |
Total Long Term Liabilities | 0 | 24,992 |
Stockholders’ Equity | ||
Common stock, no par value: 20,000,000 authorized shares issued: 14,935,511 shares at January 31, 2022 and April 30, 2021 | 0 | 660,988 |
Receivable from affiliate | 0 | (24,862) |
Retained Earnings | 0 | 1,102,870 |
Total Stockholders' Equity | 0 | 1,738,996 |
Liabilities and Equity, Total | $ 2,989,669 | $ 1,891,514 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Allowance for doubtful accounts | $ 500 | $ 500 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 14,935,511 | 14,935,511 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Net sales | $ 326,035 | $ 265,098 | $ 1,022,894 | $ 870,057 |
Cost of sales | 128,155 | 99,318 | 505,175 | 321,136 |
Gross profit | 197,880 | 165,780 | 517,719 | 548,921 |
Operating expenses | ||||
Marketing | 22,060 | 42,040 | 78,818 | 126,195 |
General and administrative | 355,396 | 91,090 | 652,464 | 293,582 |
Research and development | 27,253 | 43,075 | 86,563 | 119,915 |
Total Operating Expenses | 404,709 | 176,205 | 817,845 | 539,592 |
Income (Loss) from operations | (206,829) | (10,425) | (300,126) | 9,229 |
Other income | ||||
Gain on sale of assets | (1,238.670) | 0 | (1,238,670) | 0 |
Interest income | 156 | 117 | 238 | 374 |
Other income | 369 | 9,980 | 1,444 | 10,940 |
Total Other Income | 1,239,195 | 10,097 | 1,240,352 | 11,314 |
Net Income (Loss) before income taxes | 1,032,366 | (328) | 940,226 | 20,543 |
Provision for income taxes | 269,234 | (93) | 242,973 | 5,855 |
Net Income (Loss) | $ 763,132 | $ (235) | $ 697,253 | $ 14,688 |
Net Income per common share - basic and diluted (in dollars per share) | $ 51 | $ 0 | $ 47 | $ 1 |
Weighted-Average Shares of Common Stock Outstanding - Basic and Diluted (in shares) | 14,935,511 | 14,935,511 | 14,935,511 | 14,935,511 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity/Liquidation Redemption Liability (Unaudited) - 9 months ended Jan. 31, 2022 - USD ($) | Common Stock [Member] | Receivable from Affiliate [Member] | Retained Earnings [Member] | Liquidation Redemptions Liability [Member] | Total |
Balance (in shares) at Apr. 30, 2021 | 14,935,511 | ||||
Balance at Apr. 30, 2021 | $ 660,988 | $ (24,862) | $ 1,102,870 | $ 0 | $ 1,738,996 |
Net income | 697,253 | 697,253 | |||
Transfer to Liquidation Redemption Liability (in shares) | (14,935,511) | ||||
Transfer to Liquidation Redemption Liability | $ (660,988) | 0 | (1,800,123) | (2,461,111) | (2,461,111) |
Transfer to current receivable | 0 | 24,862 | 0 | 0 | |
Balance at Jan. 31, 2022 | $ 0 | $ 0 | $ 0 | $ (2,461,111) | $ 0 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ (697,253) | $ (14,688) |
Adjustments to Reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation and Amortization | 12,158 | 13,581 |
Deferred income taxes | (24,992) | 0 |
Noncash lease expense | 80,475 | 72,427 |
Gain on sale of assets | (1,238,670) | (9,500) |
Changes in Operating Assets and Liabilities | ||
Accounts receivable | (22,137) | 34,163 |
Inventories | (38,328) | (29,193) |
Prepaid expenses | 12,684 | 19,453 |
Other assets | 10 | 0 |
Accounts payable and accrued expenses | 214,717 | (15,677) |
Income tax liability | 267,965 | 0 |
Building lease liability for right of use asset | (81,650) | (71,370) |
Total Adjustments | (817,768) | 13,884 |
Net cash provided by (used in) operating activities | (120,515) | 28,572 |
Cash flows from investing activities | ||
Funding for indemnification escrow | 150,000 | |
Proceeds from sale of assets | 1,504,496 | 9,500 |
Cash Provided by Investing Activities | 1,354,496 | 9,500 |
Net Increase in Cash | 1,233,981 | 38,072 |
Cash at Beginning of Year | 1,250,581 | 1,245,282 |
Cash at End of Year | 2,484,562 | 1,283,354 |
Supplemental Cash Flow Information | ||
Interest Paid | 0 | 0 |
Income Taxes Paid | 0 | 0 |
Noncash investing and finance activities: | ||
Conversion of shareholders’ equity to redemption liability | (2,461,111) | 0 |
Increase in liquidation redemption liability | $ 2,461,111 | $ 0 |
Note 1 - Company Organization a
Note 1 - Company Organization and Description | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments which are necessary for a fair presentation of the financial position and results of operations for the periods presented. The unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10 not April 30, 2021 10 Biosynergy, Inc. (the Company) was incorporated under the laws of the State of Illinois on February 9, 1976. nine January 31, 2022 nine January 31, 2021. |
Note 2- Liquidation and Dissolu
Note 2- Liquidation and Dissolution | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Liquidation and Dissolution [Text Block] | Note 2 On November 23, 2021 805 5/12.05 November 24, 2021, No. 2021CH05951 805 5/12.05 On December 28, 2021, no 12.20 12.30. January 18, 2022, 6 March 31, 2022. 12 1934 15 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3 Summary of Significant Accounting Policies Liquidation Basis of Accounting Contemporaneously with the intent to dissolve and sell the business, the Company adopted the liquidation basis of accounting effective on November 23, 2021. Under the liquidation basis of accounting, the carrying amounts of assets as of the close of business on November 23, 2021, Under the liquidation basis of accounting, the valuations of assets at their net realizable values and liabilities at their anticipated settlement amounts represent estimates, based on present facts and circumstances associated with carrying out the dissolution based on the assumptions set forth below. The actual values and costs associated with carrying out the dissolution and liquidation are expected to differ from the amounts shown herein because of the inherent uncertainty of the estimates. Such differences may not no The estimated net costs to be incurred during liquidation, which are accrued, as of January 31, 2022 Rent $ 16,330 Compliance costs and income tax return preparation $ 10,000 Professional fees $ 155,000 Income taxes $ 267,965 Costs to be incurred during liquidation $ 449,295 These estimates are based on assumptions regarding the ultimate timing of distributions to its shareholders, but does not Going Concern Basis of Accounting For all periods prior to the plan to sell the Company’s assets on November 23, 2021, May 1, 2021 January 18, 2022. Cash The Company maintains all of its cash, including the cash proceeds from the sale of its assets, in various bank deposit accounts, which at times may No 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 first 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 ten nine January 31, 2022 2021, Prepaid Expenses Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Update (ASU) 2014 09, 606 2014 09 five The components as it relates to the Company are as follows: • The Company’s revenue was primarily generated from the sales of products directly to customers or through distribution channels, based on purchase orders and not • ASU No. 2014 09 no 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 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 no The provision for income taxes consists of the following components for the nine January 31: 2022 2021 Current Federal $ 178,965 $ 3,903 State 89,000 1,952 Deferred (24,992 ) - Provision for Income Taxes $ 242,973 $ 5,855 The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate are as follows: Period ended January 31, 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % State income tax expense, net of Federal tax benefit 7.5 % 7.5 % Other adjustments (2.7 )% Effective Tax Rate 25.8 % 28.5 % Research and Development and Patents Research and development expenditures were charged to operations as incurred. The costs of obtaining patents, primarily legal fees, were capitalized and, once obtained, were amortized over the life of the respective patent on the straight-line method. Patent amortization expense for the nine January 31, 2022 2021 Patents related to products that were developed and were being marketed by the Company. 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 nine January 31, 2022 2021 no 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, 2022 April 30, 2021, 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 7. |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 Inventories Components of inventories are as follows: January 31, April 30, 2022 2021 Raw materials - $ 4,051 Work-in-process - 23,407 Finished goods - 9,266 $ - $ 36,724 |
Note 5 - Common Stock
Note 5 - Common Stock | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5 Common Stock The Company’s common stock was traded in the over-the-counter market. However, there was no not |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6 The Company and its affiliates are related through common stock ownership as follows as of January 31, 2022: Stock of Affiliates Biosynergy, Inc. F.K. Suzuki International, Inc. Medlab, Inc. F.K. Suzuki International, Inc. 30.0 % - % 100.0 % Fred K. Suzuki, Officer 4.1 30.0 - Jeanne S. Addis, Trustee - 28.1 - Beverly R. Suzuki 2.7 - - Lauane C. Addis, Officer - - - Malcolm MacCoun, Director - - - As of January 31, 2022 April 30, 2021, April 30, 2006 2020 No A board member provided a variety of legal services to the Company in his capacity as a partner in a law firm. Fees for such legal services were approximately $142,400 and $7,982 for the nine January 31, 2022 2021 |
Note 7 - Lease Commitments
Note 7 - Lease Commitments | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 7 Lease Commitments On February 25, 2016, 842, 12 February 2020, two May 1, 2020 April 30, 2022. two not two The operating lease expense for the nine January 31, 2022 2021 Maturities of lease liabilities as of January 31, 2022 Year Ending April 30: 2022 $ 16,330 The Company does not |
Note 8 - Customer Concentration
Note 8 - Customer Concentrations | 9 Months Ended |
Jan. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 8 Customer Concentrations Shipments to one customer amounted to 26.13% of sales during the first nine 2022 2021 January 31, 2022, January 31, 2021. first nine 2022 first nine 2021. January 31, 2022, January 31, 2021. The Company had export sales of $4,678 during the 3 rd 2022, 3 rd 2021. nine January 31, 2022 January 31, 2021. not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Liquidation Basis of Accounting [Policy Text Block] | Liquidation Basis of Accounting Contemporaneously with the intent to dissolve and sell the business, the Company adopted the liquidation basis of accounting effective on November 23, 2021. Under the liquidation basis of accounting, the carrying amounts of assets as of the close of business on November 23, 2021, Under the liquidation basis of accounting, the valuations of assets at their net realizable values and liabilities at their anticipated settlement amounts represent estimates, based on present facts and circumstances associated with carrying out the dissolution based on the assumptions set forth below. The actual values and costs associated with carrying out the dissolution and liquidation are expected to differ from the amounts shown herein because of the inherent uncertainty of the estimates. Such differences may not no The estimated net costs to be incurred during liquidation, which are accrued, as of January 31, 2022 Rent $ 16,330 Compliance costs and income tax return preparation $ 10,000 Professional fees $ 155,000 Income taxes $ 267,965 Costs to be incurred during liquidation $ 449,295 These estimates are based on assumptions regarding the ultimate timing of distributions to its shareholders, but does not |
Going Concern [Policy Text Block] | Going Concern Basis of Accounting For all periods prior to the plan to sell the Company’s assets on November 23, 2021, May 1, 2021 January 18, 2022. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash The Company maintains all of its cash, including the cash proceeds from the sale of its assets, in various bank deposit accounts, which at times may No |
Receivable [Policy Text Block] | 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. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or market using the FIFO ( first first |
Property, Plant and Equipment, Policy [Policy Text Block] | 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 ten nine January 31, 2022 2021, |
Prepaid Expenses [Policy Text Block] | Prepaid Expenses Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one |
Revenue [Policy Text Block] | Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Update (ASU) 2014 09, 606 2014 09 five The components as it relates to the Company are as follows: • The Company’s revenue was primarily generated from the sales of products directly to customers or through distribution channels, based on purchase orders and not • ASU No. 2014 09 no |
Shipping and Handling Cost, Policy [Policy Text Block] | 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 |
Income Tax, Policy [Policy Text Block] | 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 no The provision for income taxes consists of the following components for the nine January 31: 2022 2021 Current Federal $ 178,965 $ 3,903 State 89,000 1,952 Deferred (24,992 ) - Provision for Income Taxes $ 242,973 $ 5,855 The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate are as follows: Period ended January 31, 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % State income tax expense, net of Federal tax benefit 7.5 % 7.5 % Other adjustments (2.7 )% Effective Tax Rate 25.8 % 28.5 % |
Research and Development Expense, Policy [Policy Text Block] | Research and Development and Patents Research and development expenditures were charged to operations as incurred. The costs of obtaining patents, primarily legal fees, were capitalized and, once obtained, were amortized over the life of the respective patent on the straight-line method. Patent amortization expense for the nine January 31, 2022 2021 Patents related to products that were developed and were being marketed by the Company. |
Use of Estimates, Policy [Policy Text Block] | 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. |
Earnings Per Share, Policy [Policy Text Block] | 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 nine January 31, 2022 2021 no |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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, 2022 April 30, 2021, |
Segment Reporting, Policy [Policy Text Block] | 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 7. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Estimated Net Costs to Be Incurred During Liquidation [Table Text Block] | Rent $ 16,330 Compliance costs and income tax return preparation $ 10,000 Professional fees $ 155,000 Income taxes $ 267,965 Costs to be incurred during liquidation $ 449,295 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 Current Federal $ 178,965 $ 3,903 State 89,000 1,952 Deferred (24,992 ) - Provision for Income Taxes $ 242,973 $ 5,855 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Period ended January 31, 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % State income tax expense, net of Federal tax benefit 7.5 % 7.5 % Other adjustments (2.7 )% Effective Tax Rate 25.8 % 28.5 % |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | January 31, April 30, 2022 2021 Raw materials - $ 4,051 Work-in-process - 23,407 Finished goods - 9,266 $ - $ 36,724 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Schedule of Stock Affiliates [Table Text Block] | Stock of Affiliates Biosynergy, Inc. F.K. Suzuki International, Inc. Medlab, Inc. F.K. Suzuki International, Inc. 30.0 % - % 100.0 % Fred K. Suzuki, Officer 4.1 30.0 - Jeanne S. Addis, Trustee - 28.1 - Beverly R. Suzuki 2.7 - - Lauane C. Addis, Officer - - - Malcolm MacCoun, Director - - - |
Note 7 - Lease Commitments (Tab
Note 7 - Lease Commitments (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending April 30: 2022 $ 16,330 |
Note 1 - Company Organization_2
Note 1 - Company Organization and Description (Details Textual) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Product Concentration Risk [Member] | Revenue Benchmark [Member] | HemoTemp II Blood Monitoring Device [Member] | ||
Concentration Risk, Percentage | 83.41% | 89.74% |
Note 2- Liquidation and Disso_2
Note 2- Liquidation and Dissolution (Details Textual) - USD ($) | Jan. 18, 2022 | Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2021 |
Payments for (Proceeds from) Productive Assets, Total | $ (1,504,496) | $ (1,504,496) | $ (9,500) | |
Escrow Deposit | $ 150,000 | $ 150,000 | $ 0 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 6 Months Ended | 9 Months Ended | |
Oct. 31, 2021 | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | |
Depreciation, Total | $ 3,062 | $ 3,348 | |
Amortization of Intangible Assets, Total | $ 9,096 | $ 10,233 | |
Number of Reportable Segments | 1 | ||
Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Estimated Net Costs to Be Incurred During Liquidation (Details) - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Rent | $ 16,330 | |
Compliance costs and income tax return preparation | 10,000 | |
Professional fees | 155,000 | |
Income taxes | 267,965 | $ 0 |
Costs to be incurred during liquidation | $ 449,295 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Components of Income Tax Expense Benefit (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Federal | $ 178,965 | $ 3,903 | ||
State | 89,000 | 1,952 | ||
Deferred | (24,992) | 0 | ||
Provision for Income Taxes | $ 269,234 | $ (93) | $ 242,973 | $ 5,855 |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Effective Income Tax Rate Reconciliation (Details) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
U.S. federal statutory tax rate | 21.00% | 21.00% |
Federal tax benefit | 7.50% | 7.50% |
Other adjustments | (2.70%) | |
Effective Tax Rate | 25.80% | 28.50% |
Note 4 - Inventories - Schedule
Note 4 - Inventories - Schedule of Inventory (Details) - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Raw materials | $ 0 | $ 4,051 |
Work-in-process | 0 | 23,407 |
Finished goods | 0 | 9,266 |
Inventory, Gross, Total | $ 0 | $ 36,724 |
Note 6 - Related Party Transa_3
Note 6 - Related Party Transactions (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | |
Due from Affiliate, Current | $ 24,862 | $ 0 | ||
Due from Affiliate, Noncurrent | 0 | 24,862 | ||
F. K. Suzuki International, Inc. [Member] | ||||
Due from Affiliate, Current | 24,862 | |||
Due from Affiliate, Noncurrent | $ 24,862 | |||
F. K. Suzuki International, Inc. [Member] | Corporate Compliance Costs [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 5,163 | |||
Board Member [Member] | Legal Fees [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 142,400 | $ 7,982 |
Note 6 - Related Party Transa_4
Note 6 - Related Party Transactions - Schedule of Stock Affiliates (Details) | Jan. 31, 2022 |
Biosynergy, Inc. [Member] | F. K. Suzuki International, Inc. [Member] | |
Ownership percentage | 30.00% |
Biosynergy, Inc. [Member] | Fred K. Suzuki, Officer [Member] | |
Ownership percentage | 4.10% |
Biosynergy, Inc. [Member] | Jeanne S. Addis, Trustee [Member] | |
Ownership percentage | 0.00% |
Biosynergy, Inc. [Member] | Beverly R. Suzuki [Member] | |
Ownership percentage | 2.70% |
Biosynergy, Inc. [Member] | Lauane C. Addis, Officer [Member] | |
Ownership percentage | 0.00% |
Biosynergy, Inc. [Member] | Malcom MacCoun, Director [Member] | |
Ownership percentage | 0.00% |
F. K. Suzuki International, Inc. [Member] | F. K. Suzuki International, Inc. [Member] | |
Ownership percentage | 0.00% |
F. K. Suzuki International, Inc. [Member] | Fred K. Suzuki, Officer [Member] | |
Ownership percentage | 30.00% |
F. K. Suzuki International, Inc. [Member] | Jeanne S. Addis, Trustee [Member] | |
Ownership percentage | 28.10% |
F. K. Suzuki International, Inc. [Member] | Beverly R. Suzuki [Member] | |
Ownership percentage | 0.00% |
F. K. Suzuki International, Inc. [Member] | Lauane C. Addis, Officer [Member] | |
Ownership percentage | 0.00% |
F. K. Suzuki International, Inc. [Member] | Malcom MacCoun, Director [Member] | |
Ownership percentage | 0.00% |
Medlab, Inc. [Member] | F. K. Suzuki International, Inc. [Member] | |
Ownership percentage | 100.00% |
Medlab, Inc. [Member] | Fred K. Suzuki, Officer [Member] | |
Ownership percentage | 0.00% |
Medlab, Inc. [Member] | Jeanne S. Addis, Trustee [Member] | |
Ownership percentage | 0.00% |
Medlab, Inc. [Member] | Beverly R. Suzuki [Member] | |
Ownership percentage | 0.00% |
Medlab, Inc. [Member] | Lauane C. Addis, Officer [Member] | |
Ownership percentage | 0.00% |
Medlab, Inc. [Member] | Malcom MacCoun, Director [Member] | |
Ownership percentage | 0.00% |
Note 7 - Lease Commitments (Det
Note 7 - Lease Commitments (Details Textual) - USD ($) | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Feb. 28, 2020 | |
Lessee, Operating Lease, Term of Contract (Year) | 2 years | ||
Operating Lease, Expense | $ 72,108 | $ 72,427 |
Note 7 - Lease Commitments - Op
Note 7 - Lease Commitments - Operating Lease Liability Maturity (Details) | Jan. 31, 2022USD ($) |
Rent | $ 16,330 |
Note 8 - Customer Concentrati_2
Note 8 - Customer Concentrations (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | |
Export Sales | $ 4,678 | $ 11,935 | $ 12,178 | $ 33,505 |
Customer One[Member] | ||||
Accounts Receivable, before Allowance for Credit Loss | 48,175 | 77,358 | 48,175 | 77,358 |
Customer Two [Member] | ||||
Accounts Receivable, before Allowance for Credit Loss | $ 214,587 | $ 121,915 | $ 214,587 | $ 121,915 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Customers | 1 | 1 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One[Member] | ||||
Concentration Risk, Percentage | 26.13% | 32.28% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | ||||
Concentration Risk, Percentage | 41.22% | 37.46% |