Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2020 | Sep. 09, 2020 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-23248 | |
Entity Registrant Name | SIGMATRON INTERNATIONAL INC | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 36-3918470 | |
Entity Address Address Line 1 | 2201 Landmeier Road | |
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 | 956-8000 | |
Title of 12b Security | Common Stock $0.01 par value per share | |
Trading Symbol | sgma | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,242,508 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2021 | |
Amendment Flag | false | |
Entity Central Index Key | 0000915358 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,846,096 | $ 6,779,445 |
Accounts receivable, less allowance for doubtful accounts of $395,969 and $727,252 at July 31, 2020 and April 30, 2020, respectively | 28,017,482 | 30,804,976 |
Inventories, net | 85,206,598 | 87,179,369 |
Prepaid expenses and other assets | 1,222,861 | 1,510,943 |
Refundable and prepaid income taxes | 1,759,210 | 1,699,970 |
Other receivables | 4,137,033 | 2,642,094 |
Total current assets | 123,189,280 | 130,616,797 |
Property, machinery and equipment, net | 33,632,655 | 33,935,760 |
Intangible assets, net | 2,261,913 | 2,350,949 |
Deferred income taxes | 280,764 | 284,435 |
Other assets | 9,482,870 | 8,891,090 |
Total other long-term assets | 12,025,547 | 11,526,474 |
Total assets | 168,847,482 | 176,079,031 |
Current liabilities: | ||
Trade accounts payable | 44,652,683 | 55,770,953 |
Accrued expenses | 2,596,582 | 2,670,504 |
Accrued wages | 5,202,388 | 4,206,825 |
Income taxes payable | 246,124 | 469,143 |
Current portion of long-term debt | 4,114,057 | 2,878,160 |
Current portion of finance lease obligations | 1,772,662 | 1,902,295 |
Current portion of operating lease obligations | 2,213,415 | 2,150,161 |
Total current liabilities | 60,797,911 | 70,048,041 |
Long-term debt, less current portion | 41,211,579 | 38,537,064 |
Finance lease obligations, less current portion | 1,464,597 | 1,884,722 |
Operating lease obligations, less current portion | 5,949,279 | 5,281,811 |
Income taxes payable | 404,975 | 452,619 |
Other long-term liabilities | 842,700 | 810,769 |
Deferred income taxes | 186,079 | 188,206 |
Total long-term liabilities | 50,059,209 | 47,155,191 |
Total liabilities | 110,857,120 | 117,203,232 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value; 500,000 shares authorized, none issued or outstanding | ||
Common stock, $.01 par value; 12,000,000 shares authorized, 4,257,508 and 4,242,508 shares issued and outstanding at July 31, 2020 and April 30, 2020, respectively | 42,296 | 42,265 |
Capital in excess of par value | 23,634,711 | 23,619,513 |
Retained earnings | 34,313,355 | 35,214,021 |
Total stockholders' equity | 57,990,362 | 58,875,799 |
Total liabilities and stockholders' equity | $ 168,847,482 | $ 176,079,031 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 395,969 | $ 727,252 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 4,257,508 | 4,242,508 |
Common stock, shares outstanding | 4,257,508 | 4,242,508 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||
Net sales | $ 60,524,956 | $ 74,009,981 |
Cost of products sold | 56,252,765 | 67,049,649 |
Gross profit | 4,272,191 | 6,960,332 |
Selling and administrative expenses | 5,059,525 | 5,827,326 |
Operating (loss) income | (787,334) | 1,133,006 |
Other income | (4,098) | (66,362) |
Interest expense | 338,264 | 591,228 |
(Loss) income before income taxes | (1,121,500) | 608,140 |
Income tax (benefit) expense | (220,834) | 247,115 |
Net (loss) income | $ (900,666) | $ 361,025 |
(Loss) earnings per common share - basic | $ (0.21) | $ 0.09 |
(Loss) earnings per common share - diluted | $ (0.21) | $ 0.09 |
Weighted average shares of common stock outstanding - Basic | 4,250,986 | 4,241,883 |
Weighted average shares of common stock outstanding - Diluted | 4,250,986 | 4,241,883 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Changes In Stockholders' Equity - USD ($) | Preferred stock | Common stock | Capital in excess of par value | Retained earnings | Total |
Balance at Apr. 30, 2019 | $ 42,146 | $ 23,474,379 | $ 34,770,924 | $ 58,287,449 | |
Net income (loss) | 361,025 | 361,025 | |||
Balance at Jul. 31, 2019 | 42,146 | 23,474,379 | 35,131,944 | 58,648,469 | |
Cumulative-effect adjustment for the adoption of Topic 842 | (5) | (5) | |||
Balance at Apr. 30, 2020 | 42,265 | 23,619,513 | 35,214,021 | 58,875,799 | |
Restricted stock awards | 31 | 15,198 | 15,229 | ||
Net income (loss) | (900,666) | (900,666) | |||
Balance at Jul. 31, 2020 | $ 42,296 | $ 23,634,711 | $ 34,313,355 | $ 57,990,362 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Cash flows from operating activities | ||
Net (loss) income | $ (900,666) | $ 361,025 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation and amortization of property, machinery and equipment | 1,265,719 | 1,235,516 |
Amortization of right-of-use operating lease assets | (392,989) | 532,418 |
Restricted stock expense | 15,229 | |
Deferred income tax expense | 1,544 | 9,286 |
Amortization of intangible assets | 89,036 | 91,420 |
Amortization of financing fees | 36,926 | 26,614 |
Loss from disposal or sale of machinery and equipment | 4,242 | 51 |
Changes in operating assets and liabilities | ||
Accounts receivable | 2,787,494 | (487,711) |
Inventories | 1,972,771 | 11,324,564 |
Prepaid expenses and other assets | (190,700) | 57,808 |
Refundable and prepaid income taxes | (59,240) | 195,046 |
Income taxes payable | (270,663) | (66,734) |
Trade accounts payable | (11,118,270) | (9,386,019) |
Operating lease liabilities | 730,722 | (586,079) |
Accrued expenses and wages | 886,244 | 763,629 |
Net cash (used in) provided by operating activities | (5,142,601) | 4,070,834 |
Cash flows from investing activities | ||
Purchases of machinery and equipment | (966,856) | (684,667) |
Advances on other receivables | (1,131,900) | |
Net cash used in investing activities | (2,098,756) | (684,667) |
Cash flows from financing activities | ||
Proceeds under equipment notes | 1,128,608 | |
Payments of contingent consideration | (57,537) | |
Payments under finance lease and sale leaseback agreements | (549,758) | (612,300) |
Payments under equipment notes | (118,599) | (102,925) |
Payments under building notes payable | (80,416) | (70,000) |
Borrowings under revolving line of credit | 76,661,576 | 82,796,750 |
Payments under revolving line of credit | (73,725,348) | (84,852,276) |
Payments of debt financing costs | (8,055) | (5,959) |
Net cash provided by (used in) financing activities | 3,308,008 | (2,904,247) |
Change in cash and cash equivalents | (3,933,349) | 481,920 |
Cash and cash equivalents at beginning of period | 6,779,445 | 1,005,810 |
Cash and cash equivalents at end of period | 2,846,096 | 1,487,730 |
Supplementary disclosures of cash flow information | ||
Cash paid for interest | 338,898 | 564,188 |
Cash paid for income taxes | 96,288 | 162,276 |
Financing of insurance policy | $ 83,048 | $ 96,556 |
Description Of The Business
Description Of The Business | 3 Months Ended |
Jul. 31, 2020 | |
Description Of The Business [Abstract] | |
Description Of The Business | Note A - Description of the Business SigmaTron International, Inc., its subsidiaries, foreign enterprises and international procurement office (collectively, the “Company”) operates in one business segment as an independent provider of electronic manufacturing services (“EMS”), which includes printed circuit board assemblies and completely assembled (box-build) electronic products. In connection with the production of assembled products, the Company also provides services to its customers, including (1) automatic and manual assembly and testing of products; (2) material sourcing and procurement; (3) manufacturing and test engineering support; (4) design services; (5) warehousing and distribution services; and (6) assistance in obtaining product approval from governmental and other regulatory bodies. |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Jul. 31, 2020 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note B - Basis of Presentation The accompanying unaudited condensed consolidated financial statements of SigmaTron International, Inc. (“SigmaTron”), SigmaTron’s wholly-owned subsidiaries Standard Components de Mexico S.A., AbleMex, S.A. de C.V., Digital Appliance Controls de Mexico, S.A. de C.V., Spitfire Controls (Vietnam) Co. Ltd., Spitfire Controls (Cayman) Co. Ltd. and wholly-owned foreign enterprises Wujiang SigmaTron Electronics Co., Ltd. and SigmaTron Electronic Technology Co., Ltd. (“SigmaTron China”) and international procurement office SigmaTron Taiwan branch (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended July 31, 2020 is not necessarily indicative of the results that may be expected for the year ending April 30, 2021. The condensed consolidated balance sheet at April 30, 2020, was derived from audited annual financial statements but does not contain all of the footnotes disclosures from the annual financial statements. For further information, refer to the condensed consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2020. COVID-19 and CARES Act A pandemic of respiratory disease (abbreviated "COVID-19") began to spread globally, including to the United States, in early 2020. On March 11, 2020, the World Health Organization (WHO) declared COVID-19 to be a public health emergency of international concern. The full impact of the COVID-19 outbreak is inherently uncertain at the time of this report. The COVID-19 outbreak has resulted in travel restrictions and in some cases, prohibitions of non-essential activities, disruption and shutdown of certain businesses and greater uncertainty in global financial markets. The full extent to which COVID-19 impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak within the U.S., China, Mexico, Vietnam and Taiwan, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Note B - Basis of Presentation - Continued Even after COVID-19 has subsided, the Company may continue to experience materially adverse impacts to its business as a result of its global economic impact, including any recession that has occurred or may occur in the future. There are no comparable recent events which may provide guidance as to the effect of the spread of COVID-19, and, as a result, the ultimate impact of COVID-19, or a similar health epidemic or pandemic, is highly uncertain and subject to change. The Company has adopted several measures in response to the COVID-19 outbreak. To date, the Company has been able to continue to meet the needs of its customers. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues, it will have a material adverse effect on the Company’s results of future operations, financial position, and liquidity in fiscal year 2021. On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. As further described in Note E, the Company has applied for, and has received, funds under the Paycheck Protection in the amount of $6,282,973. The application for these funds required the Company to, in good faith, certify that the current economic uncertainty made the loan request necessary to support the ongoing operations of the Company. This certification further requires the Company to take into account its current business activity and its ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental to the business. The receipt of these funds, and the forgiveness of the loan attendant to these funds, is dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on its future adherence to the forgiveness criteria. Due to the size of the PPP Loan, it is subject to review, which introduces a layer of uncertainty. If, despite the Company’s actions and certification that it satisfied all eligibility requirements for the PPP, it is later determined that it violated applicable laws or was otherwise ineligible to receive the PPP, the Company may be required to repay the PPP in its entirety in a lump sum or be subject to additional penalties, which could also result in adverse publicity and damage to the Company’s reputation. If these events were to transpire, they could have a material adverse effect on the Company’s business, results of operations, financial condition and liquidity in fiscal year 2021 and beyond. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Jul. 31, 2020 | |
Inventories, Net [Abstract] | |
Inventories, Net | Note C - Inventories, net The components of inventory consist of the following: July 31, April 30, 2020 2020 Finished products $ 24,251,266 $ 20,998,329 Work-in-process 5,005,217 5,215,280 Raw materials 57,191,430 62,316,122 86,447,913 88,529,731 Less excess and obsolescence reserve (1,241,315) (1,350,362) $ 85,206,598 $ 87,179,369 |
Earnings Per Share And Stockhol
Earnings Per Share And Stockholders' Equity | 3 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share And Stockholders' Equity [Abstract] | |
Earnings Per Share And Stockholders' Equity | Note D - Earnings Per Share and Stockholders’ Equity The following table sets forth the computation of basic and diluted earnings (loss) per share: Three Months Ended July 31, 2020 2019 Net (loss) income $ (900,666) $ 361,025 Weighted-average shares Basic 4,250,986 4,241,883 Effect of dilutive stock options - - Diluted 4,250,986 4,241,883 Basic (loss) earnings per share $ (0.21) $ 0.09 Diluted (loss) earnings per share $ (0.21) $ 0.09 Options to purchase 513,232 and 465, 232 shares of common stock were outstanding at July 31, 2020 and 2019, respectively. There were no options granted during the three month periods ended July 31, 2020 and 2019. There was no stock option expense recognized for the three month periods ended July 31, 2020 and 2019. There was no balance of unrecognized compensation expense related to the Company’s stock option plans at July 31, 2020 and 2019. For the three month period ended July 31, 2020 and 2019, 299,129 and 424,484 shares, respectively, were not included in the diluted weighted average common shares outstanding calculation as they were anti-dilutive. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jul. 31, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note E - Long-term Debt Debt and capital lease obligations consisted of the following at July 31, 2020 and April 30, 2020: July 31, April 30, 2020 2020 Debt: Notes Payable - Banks $ 36,424,073 $ 33,472,125 Notes Payable - Buildings 6,842,145 6,922,561 Notes Payable - Equipment 2,310,287 1,300,278 Unamortized deferred financing costs (250,869) (279,740) Total debt 45,325,636 41,415,224 Less current maturities 4,114,057 2,878,160 Long-term debt $ 41,211,579 $ 38,537,064 Finance lease obligations $ 3,237,259 $ 3,787,017 Less current maturities 1,772,662 1,902,295 Total finance lease obligations, less current portion $ 1,464,597 $ 1,884,722 Notes Payable – Banks On March 31, 2017, the Company entered into a $35,000,000 senior secured credit facility with U.S. Bank, which expires on March 31, 2022 . The credit facility is collateralized by substantially all of the Company’s domestically located assets. The facility allows the Company to choose among interest rates at which it may borrow funds: the bank fixed rate of five percent or LIBOR plus one and one half percent (effectively 1.74% at July 31, 2020). Interest is due monthly. On July 16, 2018, the Company and U.S. Bank entered into an amendment of the revolving line of credit under the senior secured credit facility. The amended revolving credit facility allows the Company to borrow up to the lesser of (i) $45,000,000 (the “Revolving Line Cap”) less reserves or (ii) the Borrowing Base, but no more than 90% of the Company’s Revolving Line Cap, except that the 90% limitation will expire if (i) the Company’s actual revolving loans for 90 consecutive days after the amendment’s effective date are less than 80% of the Company’s Borrowing Base and (ii) the Company maintains a Fixed Charge Coverage Ratio of 1.2 to 1.0 for four consecutive quarters. The amendment also imposes sublimits on categories of inventory of $10,500,000 on raw materials, $10,000,000 on finished goods and $28,000,000 on all eligible inventory. On December 13, 2018, the Company and U.S. Bank entered into an amendment of the revolving credit facility. The amendment provides an exception to otherwise ineligible foreign receivables for up to $3,000,000 of receivables paid by certain enumerated account debtors outside of the U.S. and Canada. Note E - Long-term Debt - Continued As of July 31, 2020, there was $28,836,868 outstanding and $12,224,733 of unused availability under the U.S. Bank facility compared to an outstanding balance of $26,884,494 and $13,850,575 of unused availability at April 30, 2020. Deferred financing costs of $8,051 were capitalized during the three month period ended July 31, 2020, which are amortized over the term of the agreement. As of July 31, 2020 and April 30, 2020, the unamortized amount offset against outstanding debt was $197,236 and $218,062 , respectively. On April 23, 2020, the Company entered into a loan with U.S. Bank, as lender, pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), as administered by the U.S. Small Business Administration (the “SBA”) in the amount of $6,282,973 (the “PPP Loan”). The PPP Loan, in the form of a promissory note, matures on April 23, 2022 . No additional collateral or guarantees were provided by the Company for the PPP Loan. The PPP Loan provides for customary events of default. Under the CARES Act, loan forgiveness may be available for the sum of documented payroll costs, rent payments, mortgage interest and covered utilities during the 24-week period beginning on the date of loan disbursement. The amount of loan forgiveness will be reduced if recipients terminate employees or reduce salaries during the covered period. The Company may be required to repay any portion of the outstanding principal that is not forgiven, along with accrued interest, and it cannot provide any assurance that it will be eligible for loan forgiveness, or that any amount of the PPP Loan will ultimately be forgiven by the SBA. All aspects of the PPP Loan are subject to review by the SBA, including without limitation, the Company’s eligibility for and the size of the loan. The review procedures have not been made public. The Company cannot predict the outcome of that review nor be assured that all or any part of the PPP Loan will be forgiven. To the extent that all or part of the PPP Loan is not forgiven, the Company will be required to make payments, including interest accruing at an annual interest rate of 1.0% beginning on the date of disbursement. On July 15, 2020 and August 7, 2020, the Company and U.S. Bank entered into amendments of the revolving credit facility. The amendments revise the Fixed Charge Coverage Ratio. On September 8, 2020, the Company and U.S. Bank entered into an amendment of the revolving credit facility. The amendment allows the Company to borrow up to the lesser of (i) the Revolving Line Cap less reserves or (ii) the Borrowing Base, but no more than 80% of the Company’s Revolving Line Cap. The amendment also imposes sublimits on categories of other investments to $4,000,000 . On March 15, 2019, the Company’s wholly-owned subsidiary, SigmaTron Electronic Technology Co., Ltd., entered into a credit facility with China Construction Bank. Under the agreement SigmaTron Electronic Technology Co., Ltd. can borrow up to 10,000,000 Renminbi, approximately $1,430,000 as of July 31, 2020, and the facility is collateralized by Wujiang SigmaTron Electronics Co., Ltd.’s manufacturing building. Interest is payable monthly and the facility bears a fixed interest rate of 6.09% . The term of the facility extends to March 14, 2024 . There was $1,288,512 outstanding under the facility at July 31, 2020 compared to an outstanding balance of $304,658 at April 30, 2020. The Company is in compliance with its financial covenant as of July 31, 2020. Note E - Long-term Debt - Continued Notes Payable – Buildings The Company entered into a mortgage agreement on December 21, 2017, in the amount of $5,200,000 , with U.S. Bank to refinance the property that serves as the Company’s corporate headquarters and its Illinois manufacturing facility in Elk Grove Village, Illinois. The note requires the Company to pay monthly principal payments in the amount of $17,333 , bears interest at a fixed rate of 4.0% per year and is payable over a fifty-one month period. Deferred financing costs of $74,066 were capitalized in fiscal year 2018 which are amortized over the term of the agreement. As of July 31, 2020, the unamortized amount included as a reduction to long-term debt was $28,487 . A final payment of approximately $4,347,778 is due on or before March 31, 2022 . The outstanding balance was $4,680,000 and $4,732,000 at July, 31 2020 and April 30, 2020, respectively. The Company entered into a mortgage agreement on December 21, 2017, in the amount of $1,800,000 , with U.S. Bank to refinance the property that serves as the Company’s engineering and design center in Elgin, Illinois. The note requires the Company to pay monthly principal payments in the amount of $6,000 , bears interest at a fixed rate of 4.0% per year and is payable over a fifty-one month period. Deferred financing costs of $65,381 were capitalized in the fiscal year 2018 which are amortized over the term of the agreement. As of July 31, 2020 the unamortized amount included as a reduction to long-term debt was $25,146 . A final payment of approximately $1,505,000 is due on or before March 31, 2022 . The outstanding balance was $1,620,000 and $1,638,000 at July, 31 2020 and April 30, 2020, respectively. The Company entered into a mortgage agreement on March 3, 2020, in the amount of $556,000 , with The Bank and Trust SSB to purchase the property that serves as the Company’s warehousing and distribution center in Del Rio, Texas. The note requires the Company to pay monthly installment payments in the amount of $6,103 , bears interest at a fixed rate of 5.75% per year and is payable over a 120 month period. The outstanding balance was $542,145 and $552,561 at July 31, 2020 and April, 30 2020, respectively. Notes Payable – Equipment The Company routinely enters into secured note agreements with Engencap Fin S.A. DE C.V. to finance the purchase of equipment. The terms of these secured note agreements mature from November 2021 through May 2023 , with quarterly installment payments ranging from $11,045 to $37,941 and a fixed interest rate ranging from 6.65% to 8.00% . The Company routinely enters into secured note agreements with FGI Equipment Finance LLC to finance the purchase of equipment. The terms of these secured note agreements mature from March 2025 through June 2025 , with quarterly installment payments ranging from $10,723 to $69,439 and a fixed interest rate of 8.25% . Note E - Long-term Debt - Continued Annual maturities of the Company’s debt, net of deferred financing fees for the remaining periods as of July 31, 2020, are as follows: Bank Building Equipment Total For the remaining 9 months of the fiscal year ending April 30: 2021 $ 3,122,730 $ 242,160 $ 499,126 $ 3,864,016 For the fiscal years ending April 30: 2022 31,761,962 6,135,090 654,483 38,551,535 2023 - 47,752 410,201 457,953 2024 1,288,512 50,571 330,128 1,669,211 2025 - 53,557 348,313 401,870 2026 - 56,719 68,036 124,755 Thereafter - 256,296 - 256,296 $ 36,173,204 $ 6,842,145 $ 2,310,287 $ 45,325,636 Finance Lease and Sales Leaseback Obligations The Company enters into various finance lease and sales leaseback agreements. The terms of the lease agreements mature through November 2023 , with monthly installment payments ranging from $1,455 to $40,173 and a fixed interest rate ranging from 3.75% to 12.73% . |
Income Tax
Income Tax | 3 Months Ended |
Jul. 31, 2020 | |
Income Tax [Abstract] | |
Income Tax | Note F - Income Tax The income tax benefit was $220,834 for the three month period ended July 31, 2020 compared to an income tax expense of $247,115 for the same period in the prior fiscal year. The Company’s effective tax rate was 19.69% and 40.63% for the quarters ended July 31, 2020 and 2019, respectively. The decrease in income tax expense for the three month period ended July 31, 2020 compared to the same period in the previous year is due to a loss recognized in the current period as opposed to operating income recognized in the same period in the previous year. The decrease in effective tax rate is due primarily to a greater operating loss recognized in Vietnam in the previous period as compared to the current period for which no tax benefit was recorded due to a full valuation allowance. As described in Note E, the Company received a PPP Loan under the CARES Act of $6,282,963. For federal income tax purposes, the CARES Act expressly provides that any forgiveness or cancellation of all or part of such loans will not be treated as income for tax purposes. It is expected, however, that if the loan is deemed forgiven any deductions for the covered expenses that gave rise to the loan forgiveness will be disallowed to prevent a double tax benefit. As of July 31, 2020, the loan has not been forgiven and thus the expenses have not been disallowed for federal income tax purposes. The Company has not changed its plans to indefinitely reinvest the earnings of the Company’s foreign subsidiaries. The cumulative amount of unremitted earnings for which U.S. income taxes have not been recorded is $4,077,000 as of July 31, 2020. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Jul. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note G - Commitments and Contingencies From time to time the Company is involved in legal proceedings, claims or investigations that are incidental to the conduct of the Company’s business. In future periods, the Company could be subjected to cash cost or non-cash charges to earnings if any of these matters are resolved on unfavorable terms. However, although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including management’s assessment of the merits of any particular claim, the Company does not expect that these legal proceedings or claims will have any material adverse impact on its future consolidated financial position, results of operations or cash flows. |
Critical Accounting Policies
Critical Accounting Policies | 3 Months Ended |
Jul. 31, 2020 | |
Critical Accounting Policies [Abstract] | |
Critical Accounting Policies | Note H - Critical Accounting Policies Management Estimates and Uncertainties - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made in preparing the consolidated financial statements include depreciation and amortization periods, the allowance for doubtful accounts, reserves for inventory, lower of cost or net realizable value for inventory, deferred income, deferred taxes, uncertain tax positions, valuation allowance for deferred taxes and valuation of long-lived assets. Actual results could materially differ from these estimates. The potential impact of future disruptions, continued economic uncertainty over COVID-19 may have a significant adverse impact on the timing of delivery of customer orders and the levels of future customer orders. It is reasonably possible that these potential adverse impacts may result in the recognition of material impairments of the Company’s long-lived assets or other related charges in future periods. Revenue Recognition - The following table presents the Company’s revenue disaggregated by the principal end-user markets it serves: Three Months Ended July 31, Net trade sales by end-market 2020 2019 Industrial Electronics $ 36,617,258 $ 42,848,712 Consumer Electronics 21,168,239 26,659,187 Medical / Life Sciences 2,739,459 4,502,082 Total Net Trade Sales $ 60,524,956 $ 74,009,981 During the three month period ending July 31, 2020, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods and no amounts were allocated to Note H - Critical Accounting Policies - Continued performance obligations that remain unsatisfied or partially unsatisfied at July 31, 2020. The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, “ Revenue from Contracts with Customers.” The Company had no material remaining unsatisfied performance obligations as of July 31, 2020, with an expected duration of greater than one year. Income Tax - The Company’s income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. The Company is subject to income taxes in both the U.S. and several foreign jurisdictions. Significant judgments and estimates by management are required in determining the consolidated income tax expense assessment. Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. In evaluating the Company’s ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company begins with historical results and changes in accounting policies, and incorporates assumptions including the amount of future state, federal and foreign pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment and estimates by management about the forecasts of future taxable income and are consistent with the plans and estimates the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating income and/or loss. Valuation allowances are established when necessary to reduce deferred income tax assets to an amount more likely than not to be realized. The Company’s valuation allowance was $ 1,023,489 and $ 989,194 as of July 31, 2020 and April 30, 2020, respectively. Investment in Wagz - As more fully described in Note I - Related Parties, the Company has recorded an investment in Wagz, a privately held company whose equity does not have a readily determinable fair value. As permitted by ASC 321, Investments - Equity Securities, paragraph 321-35-2, the Company has elected to carry its investment in Wagz equity at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or a similar investment of the same issuer until the investment no longer qualifies to be measured under paragraph 321-35-2. At July 31, 2020 and April 30, 2020, the Company continued to recognize the fair value of the Wagz common stock at $600,000 . On May 29, 2020, Wagz entered into a Convertible Secured Promissory Note with the Company in the principal sum of up to $4,052,478 . The outstanding principal amount of the Note shall be due and payable on the earliest to occur of (1) August 31, 2021 ; (2) upon the closing of a sale of all or substantially all of the assets or common stock of Wagz, or (3) an event of default, (the Maturity Date). Interest is payable at the rate of four percent ( 4% ) per annum and is payable on the Maturity Date. At July 31, 2020, $2,297,779 was outstanding under other receivables compared to $768,500 at April 30, 2020. Note H - Critical Accounting Policies - Continued On June 4, 2020, the Company and Wagz announced that they have executed a LOI relating to a proposed business combination. Subject to the terms and conditions set forth in the LOI, the Company expects to issue approximately 2,270,000 shares of its common stock that would result in the stockholders of Wagz owning in the aggregate approximately one-third of the combined company. The parties expect the transaction to close by the end of October 2020 and the acquisition remains subject to achievement of certain milestones and satisfaction of conditions by both parties prior to closing such as finalizing a material definitive agreement and the Company raising of additional capital that it projects will be needed for the expanded operations in the amount of at least $7,500,000 . New Accounting Standards: In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” ASU 2016-13, as amended by ASU 2019-04 and ASU 2019-05, introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses. For small reporting companies, ASU 2016-13 is effective for annual and interim reporting periods beginning after December 15, 2022, and the guidance is to be applied using the modified-retrospective approach. Earlier adoption is permitted for annual and interim reporting periods beginning after December 15, 2018. The Company is currently evaluating the new guidance and has not determined the impact this ASU may have on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ”, which simplifies accounting for income taxes by removing certain exceptions to intra-period allocations, investments, calculations in interim periods and to improve consistent application. ASU 2019-12 is effective for annual and interim reporting periods beginning after December 15, 2020. The Company is currently evaluating the new guidance and has not determined the impact this ASU may have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ”, which provides optional guidance for a period of time to ease the potential burden in accounting for the transition from reference rates that are expected to be discontinued. Regulators and market participants in various jurisdictions have undertaken efforts to eliminate certain reference rates and introduce new reference rates that are based on a larger and more liquid population of observable transactions. The changes provide optional expedients and exceptions for applying US GAAP to contract, hedging relationships and other transactions affected by reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 and can be adopted no later than December 31, 2022. The Company is currently evaluating the Note H - Critical Accounting Policies - Continued new guidance and has not determined the impact this ASU may have on its consolidated financial statements. |
Related Parties
Related Parties | 3 Months Ended |
Jul. 31, 2020 | |
Related Parties [Abstract] | |
Related Parties | Note I - Related Parties In March 2015, two of the Company’s executive officers invested in a start-up customer, Petzila, Inc. (“Petzila”). The executive officers’ investments constituted less than 2% (individually and in aggregate) of the outstanding beneficial ownership of Petzila, according to information provided by Petzila to the executive officers. On April 30, 2018, the Company foreclosed on its security interest and held a public sale of the assets in accordance with the requirements of Article 9 of the California Uniform Commercial Code. The Company acquired all of the assets of Petzila as the winning bidder at the public sale by a credit bid of $3,500,000 , the aggregate amount of Petzila’s liability to the company. Concurrent with the foreclosure sale, the Company entered into an Asset Purchase Agreement with Wagz, Inc. (Wagz) whereby the Company sold the assets to Wagz for $350,000 cash, 600,000 shares of Wagz common stock and an earn-out based on sales by Wagz generated from use of the assets through July 31, 2022 . The earn-out is $6.00 per unit of a product specified in the asset purchase agreement and any upgrade to such product. The fair value of the non-cash consideration consisted of $600,000 for the 600,000 shares of Wagz common stock which is recorded within other assets. The Company determined the fair value of the equity using the price per common share received by Wagz in the most recent financing transaction, a level 3 input. The Company did not assign any value to the earn-out because any receipts from the earn-out are highly uncertain and contingent upon Wagz selling the product specified in the asset purchase agreement between the Company and Wagz. Accordingly, the Company recognized the fair value of the assets received from Wagz and derecognized the receivables from Petzila. |
Leases
Leases | 3 Months Ended |
Jul. 31, 2020 | |
Leases [Abstract] | |
Leases | Note J – Leases The Company leases office and storage space, vehicles and other equipment under non-cancellable operating leases with initial terms typically ranging from 1 to 5 years. At contract inception, the Company reviews the facts and circumstances of the arrangement to determine if the contract is or contains a lease. The Company follows the guidance in Topic 842 to evaluate whether the contract has an identified asset; if the Company has the right to obtain substantially all economic benefits from the asset; and if the Company has the right to direct the use of the underlying asset. When determining if a contract has an identified asset, the Company considers both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if the Company has the right to direct the use of an underlying asset, the Company considers if they have the right to direct how and for what purpose the asset is used throughout the period of use and if they control the decision-making rights over the asset. The Company’s lease terms may include options to extend or terminate the lease. The Company exercises judgment to determine the term of those leases when extension or termination options are Note J - Leases - Continued present and include such options in the calculation of the lease term when it is reasonably certain that it will exercise those options. The Company has elected to include both lease and non-lease components in the determination of lease payments. Payments made to a lessor for items such as taxes, insurance, common area maintenance, or other costs commonly referred to as executory costs, are also included in lease payments if they are fixed. The fixed portion of these payments are included in the calculation of the lease liability, while any variable portion would be recognized as variable lease expenses, when incurred. Variable payments made to third parties for these, or similar costs, such as utilities, are not included in the calculation of lease payments. At commencement, lease-related assets and liabilities are measured at the present value of future lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company exercises judgment in determining the incremental borrowing rate based on the information available at when the lease commences to measure the present value of future payments. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease cost includes amortization, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Operating leases are included in other assets, current operating lease obligations, and operating lease obligations (less current portion) on the Company’s consolidated balance sheet. Finance leases are included in property, plant and equipment and current and long-term portion of finance lease obligations on the Company’s consolidated balance sheet. Short term leases with an initial term of 12 months or less are not presented on the balance sheet with expense recognized as incurred. The following table presents lease assets and liabilities and their balance sheet classification: July 31, April 30, Classification 2020 2020 Operating Leases: Right-of-use Assets Other assets $ 7,962,685 $ 7,235,166 Operating lease current liabilities Current portion of operating lease obligations 2,213,415 2,150,161 Operating lease noncurrent liabilities Operating lease obligations, less current portion 5,949,279 5,281,811 Finance Leases: Right-of-use Assets Property, plant and equipment 5,867,019 6,443,954 Finance lease current liabilities Current portion of finance lease obligations 1,772,662 1,902,295 Finance lease noncurrent liabilities Finance lease obligations, less current portion 1,464,597 1,884,722 Note J - Leases - Continued The components of lease expense for the three month period ended July 31, 2020 and 2019, are as follows: Three Months Three Months Ended Ended July 31, July 31, Classification 2020 2019 Operating Leases: Operating lease cost Operating expenses 373,696 594,494 Variable lease cost Operating expenses 78,347 73,897 Short term lease cost Operating expenses 1,350 1,350 Finance Leases: Amortization of right-of-use assets Operating expenses 419,693 347,375 Interest expense Interest expense 66,358 67,786 Total 939,444 1,084,902 The weighted average lease term and discount rates for the three month period ended July 31, 2020 and 2019, are as follows: July 31, July 31, 2020 2019 Operating Leases: Weighted average remaining lease term (months) 59.30 41.10 Weighted average discount rate 3.1% 3.8% Finance Leases: Weighted average remaining lease term (months) 24.43 28.63 Weighted average discount rate 7.6% 5.9% Note J - Leases - Continued Future payments due under leases reconciled to lease liabilities are as follows: Operating Leases Finance Leases For the remaining 9 months of the fiscal year ending April 30: 2021 $ 1,855,572 $ 1,502,802 For the fiscal years ending April 30: 2022 1,623,526 1,374,628 2023 1,528,798 498,307 2024 1,812,484 167,721 2025 630,276 - 2026 776,763 - Thereafter 199,354 - Total undiscounted lease payments 8,426,773 3,543,458 Present value discount, less interest 264,079 306,199 Lease liability $ 8,162,694 $ 3,237,259 Supplemental disclosures of cash flow information related to leases for the three month period ended July 31, 2020 and 2019 are as follows: Three Months Three Months Ended Ended July 31, July 31, Other Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases 66,358 67,786 Operating cash flows from operating leases 54,021 62,155 Financing cash flows from finance leases 549,758 612,300 Supplemental non-cash information on lease labilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities - - Right-of-use assets obtained in exchange for operating lease liabilities 334,530 - |
Critical Accounting Policies (P
Critical Accounting Policies (Policy) | 3 Months Ended |
Jul. 31, 2020 | |
Critical Accounting Policies [Abstract] | |
Management Estimates And Uncertainties | Management Estimates and Uncertainties - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made in preparing the consolidated financial statements include depreciation and amortization periods, the allowance for doubtful accounts, reserves for inventory, lower of cost or net realizable value for inventory, deferred income, deferred taxes, uncertain tax positions, valuation allowance for deferred taxes and valuation of long-lived assets. Actual results could materially differ from these estimates. The potential impact of future disruptions, continued economic uncertainty over COVID-19 may have a significant adverse impact on the timing of delivery of customer orders and the levels of future customer orders. It is reasonably possible that these potential adverse impacts may result in the recognition of material impairments of the Company’s long-lived assets or other related charges in future periods. |
Revenue Recognition | Revenue Recognition - The following table presents the Company’s revenue disaggregated by the principal end-user markets it serves: Three Months Ended July 31, Net trade sales by end-market 2020 2019 Industrial Electronics $ 36,617,258 $ 42,848,712 Consumer Electronics 21,168,239 26,659,187 Medical / Life Sciences 2,739,459 4,502,082 Total Net Trade Sales $ 60,524,956 $ 74,009,981 During the three month period ending July 31, 2020, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods and no amounts were allocated to Note H - Critical Accounting Policies - Continued performance obligations that remain unsatisfied or partially unsatisfied at July 31, 2020. The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, “ Revenue from Contracts with Customers.” The Company had no material remaining unsatisfied performance obligations as of July 31, 2020, with an expected duration of greater than one year. |
Income Taxes | Income Tax - The Company’s income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. The Company is subject to income taxes in both the U.S. and several foreign jurisdictions. Significant judgments and estimates by management are required in determining the consolidated income tax expense assessment. Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. In evaluating the Company’s ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company begins with historical results and changes in accounting policies, and incorporates assumptions including the amount of future state, federal and foreign pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment and estimates by management about the forecasts of future taxable income and are consistent with the plans and estimates the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating income and/or loss. Valuation allowances are established when necessary to reduce deferred income tax assets to an amount more likely than not to be realized. The Company’s valuation allowance was $ 1,023,489 and $ 989,194 as of July 31, 2020 and April 30, 2020, respectively. |
Investment In Wagz | Investment in Wagz - As more fully described in Note I - Related Parties, the Company has recorded an investment in Wagz, a privately held company whose equity does not have a readily determinable fair value. As permitted by ASC 321, Investments - Equity Securities, paragraph 321-35-2, the Company has elected to carry its investment in Wagz equity at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or a similar investment of the same issuer until the investment no longer qualifies to be measured under paragraph 321-35-2. At July 31, 2020 and April 30, 2020, the Company continued to recognize the fair value of the Wagz common stock at $600,000 . On May 29, 2020, Wagz entered into a Convertible Secured Promissory Note with the Company in the principal sum of up to $4,052,478 . The outstanding principal amount of the Note shall be due and payable on the earliest to occur of (1) August 31, 2021 ; (2) upon the closing of a sale of all or substantially all of the assets or common stock of Wagz, or (3) an event of default, (the Maturity Date). Interest is payable at the rate of four percent ( 4% ) per annum and is payable on the Maturity Date. At July 31, 2020, $2,297,779 was outstanding under other receivables compared to $768,500 at April 30, 2020. Note H - Critical Accounting Policies - Continued On June 4, 2020, the Company and Wagz announced that they have executed a LOI relating to a proposed business combination. Subject to the terms and conditions set forth in the LOI, the Company expects to issue approximately 2,270,000 shares of its common stock that would result in the stockholders of Wagz owning in the aggregate approximately one-third of the combined company. The parties expect the transaction to close by the end of October 2020 and the acquisition remains subject to achievement of certain milestones and satisfaction of conditions by both parties prior to closing such as finalizing a material definitive agreement and the Company raising of additional capital that it projects will be needed for the expanded operations in the amount of at least $7,500,000 . |
New Accounting Standards | New Accounting Standards: In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” ASU 2016-13, as amended by ASU 2019-04 and ASU 2019-05, introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses. For small reporting companies, ASU 2016-13 is effective for annual and interim reporting periods beginning after December 15, 2022, and the guidance is to be applied using the modified-retrospective approach. Earlier adoption is permitted for annual and interim reporting periods beginning after December 15, 2018. The Company is currently evaluating the new guidance and has not determined the impact this ASU may have on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ”, which simplifies accounting for income taxes by removing certain exceptions to intra-period allocations, investments, calculations in interim periods and to improve consistent application. ASU 2019-12 is effective for annual and interim reporting periods beginning after December 15, 2020. The Company is currently evaluating the new guidance and has not determined the impact this ASU may have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ”, which provides optional guidance for a period of time to ease the potential burden in accounting for the transition from reference rates that are expected to be discontinued. Regulators and market participants in various jurisdictions have undertaken efforts to eliminate certain reference rates and introduce new reference rates that are based on a larger and more liquid population of observable transactions. The changes provide optional expedients and exceptions for applying US GAAP to contract, hedging relationships and other transactions affected by reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 and can be adopted no later than December 31, 2022. The Company is currently evaluating the Note H - Critical Accounting Policies - Continued new guidance and has not determined the impact this ASU may have on its consolidated financial statements. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Jul. 31, 2020 | |
Inventories, Net [Abstract] | |
Components Of Inventory | July 31, April 30, 2020 2020 Finished products $ 24,251,266 $ 20,998,329 Work-in-process 5,005,217 5,215,280 Raw materials 57,191,430 62,316,122 86,447,913 88,529,731 Less excess and obsolescence reserve (1,241,315) (1,350,362) $ 85,206,598 $ 87,179,369 |
Earnings Per Share And Stockh_2
Earnings Per Share And Stockholders' Equity (Tables) | 3 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share And Stockholders' Equity [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Three Months Ended July 31, 2020 2019 Net (loss) income $ (900,666) $ 361,025 Weighted-average shares Basic 4,250,986 4,241,883 Effect of dilutive stock options - - Diluted 4,250,986 4,241,883 Basic (loss) earnings per share $ (0.21) $ 0.09 Diluted (loss) earnings per share $ (0.21) $ 0.09 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Jul. 31, 2020 | |
Long-Term Debt [Abstract] | |
Schedule Of Debt And Finance Lease Obligations | July 31, April 30, 2020 2020 Debt: Notes Payable - Banks $ 36,424,073 $ 33,472,125 Notes Payable - Buildings 6,842,145 6,922,561 Notes Payable - Equipment 2,310,287 1,300,278 Unamortized deferred financing costs (250,869) (279,740) Total debt 45,325,636 41,415,224 Less current maturities 4,114,057 2,878,160 Long-term debt $ 41,211,579 $ 38,537,064 Finance lease obligations $ 3,237,259 $ 3,787,017 Less current maturities 1,772,662 1,902,295 Total finance lease obligations, less current portion $ 1,464,597 $ 1,884,722 |
Aggregate Amount Of Debt, Net Deferred Financing Fees | Bank Building Equipment Total For the remaining 9 months of the fiscal year ending April 30: 2021 $ 3,122,730 $ 242,160 $ 499,126 $ 3,864,016 For the fiscal years ending April 30: 2022 31,761,962 6,135,090 654,483 38,551,535 2023 - 47,752 410,201 457,953 2024 1,288,512 50,571 330,128 1,669,211 2025 - 53,557 348,313 401,870 2026 - 56,719 68,036 124,755 Thereafter - 256,296 - 256,296 $ 36,173,204 $ 6,842,145 $ 2,310,287 $ 45,325,636 |
Critical Accounting Policies (T
Critical Accounting Policies (Tables) | 3 Months Ended |
Jul. 31, 2020 | |
Critical Accounting Policies [Abstract] | |
Revenue Disaggregated By Principal End-User Markets | Three Months Ended July 31, Net trade sales by end-market 2020 2019 Industrial Electronics $ 36,617,258 $ 42,848,712 Consumer Electronics 21,168,239 26,659,187 Medical / Life Sciences 2,739,459 4,502,082 Total Net Trade Sales $ 60,524,956 $ 74,009,981 |
Lease (Tables)
Lease (Tables) | 3 Months Ended |
Jul. 31, 2020 | |
Leases [Abstract] | |
Lease Assets And Liabilities Related To Balance Sheet Classification | July 31, April 30, Classification 2020 2020 Operating Leases: Right-of-use Assets Other assets $ 7,962,685 $ 7,235,166 Operating lease current liabilities Current portion of operating lease obligations 2,213,415 2,150,161 Operating lease noncurrent liabilities Operating lease obligations, less current portion 5,949,279 5,281,811 Finance Leases: Right-of-use Assets Property, plant and equipment 5,867,019 6,443,954 Finance lease current liabilities Current portion of finance lease obligations 1,772,662 1,902,295 Finance lease noncurrent liabilities Finance lease obligations, less current portion 1,464,597 1,884,722 |
Components Of Lease Expense | Three Months Three Months Ended Ended July 31, July 31, Classification 2020 2019 Operating Leases: Operating lease cost Operating expenses 373,696 594,494 Variable lease cost Operating expenses 78,347 73,897 Short term lease cost Operating expenses 1,350 1,350 Finance Leases: Amortization of right-of-use assets Operating expenses 419,693 347,375 Interest expense Interest expense 66,358 67,786 Total 939,444 1,084,902 |
Weighted Average Lease Term And Discount Rate | July 31, July 31, 2020 2019 Operating Leases: Weighted average remaining lease term (months) 59.30 41.10 Weighted average discount rate 3.1% 3.8% Finance Leases: Weighted average remaining lease term (months) 24.43 28.63 Weighted average discount rate 7.6% 5.9% |
Future Payments Due Under Operating and Finance Leases | Operating Leases Finance Leases For the remaining 9 months of the fiscal year ending April 30: 2021 $ 1,855,572 $ 1,502,802 For the fiscal years ending April 30: 2022 1,623,526 1,374,628 2023 1,528,798 498,307 2024 1,812,484 167,721 2025 630,276 - 2026 776,763 - Thereafter 199,354 - Total undiscounted lease payments 8,426,773 3,543,458 Present value discount, less interest 264,079 306,199 Lease liability $ 8,162,694 $ 3,237,259 |
Supplemental Cash Flow Information Related To Leases | Three Months Three Months Ended Ended July 31, July 31, Other Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases 66,358 67,786 Operating cash flows from operating leases 54,021 62,155 Financing cash flows from finance leases 549,758 612,300 Supplemental non-cash information on lease labilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities - - Right-of-use assets obtained in exchange for operating lease liabilities 334,530 - |
Description Of The Business (Na
Description Of The Business (Narrative) (Details) | 3 Months Ended |
Jul. 31, 2020segment | |
Description Of Business [Abstract] | |
Number of business segments as an independent provider of electronic manufacturing services | 1 |
Basis Of Presentation (Narrativ
Basis Of Presentation (Narrative) (Details) | Apr. 23, 2020USD ($) |
U.S. Bank [Member] | Paycheck Protection Program [Member] | |
Basis Of Presentation [Line Items] | |
Loan | $ 6,282,973 |
Inventories, Net (Components Of
Inventories, Net (Components Of Inventory) (Details) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Inventories, Net [Abstract] | ||
Finished products | $ 24,251,266 | $ 20,998,329 |
Work-in-process | 5,005,217 | 5,215,280 |
Raw materials | 57,191,430 | 62,316,122 |
Total inventory, gross | 86,447,913 | 88,529,731 |
Less excess and obsolescence reserve | 1,241,315 | 1,350,362 |
Total inventory, net | $ 85,206,598 | $ 87,179,369 |
Earnings Per Share And Stockh_3
Earnings Per Share And Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Earnings Per Share And Stockholders' Equity [Abstract] | ||
Options to purchase, common stock outstanding | 513,232 | 465,232 |
Options granted | 0 | 0 |
Stock option expense | $ 0 | $ 0 |
Balance of unrecognized compensation expense related to stock options plans | $ 0 | $ 0 |
Anti-dilutive common stock outstanding excluded from the calculation of diluted earnings per share | 299,129 | 424,484 |
Earnings Per Share And Stockh_4
Earnings Per Share And Stockholders' Equity (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Earnings Per Share And Stockholders' Equity [Abstract] | ||
Net (loss) income | $ (900,666) | $ 361,025 |
Weighted-average shares, Basic | 4,250,986 | 4,241,883 |
Diluted | 4,250,986 | 4,241,883 |
Basic (loss) earnings per share | $ (0.21) | $ 0.09 |
Diluted (loss) earnings per share | $ (0.21) | $ 0.09 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Sep. 08, 2020USD ($) | Apr. 23, 2020USD ($) | Mar. 03, 2020USD ($) | Jul. 16, 2018USD ($) | Dec. 21, 2017USD ($) | Jul. 16, 2017 | Mar. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 15, 2019CNY (¥) | Dec. 13, 2018USD ($) | Apr. 30, 2018USD ($) |
U.S. Bank [Member] | Notes Payable - Buildings [Member] | Corporate Headquarters And Manufacturing Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred financing costs | $ 74,066 | ||||||||||||
Unamortized amount offset against outstanding debt | $ 28,487 | ||||||||||||
Mortgage agreement, amount | $ 5,200,000 | ||||||||||||
Mortgage agreement, monthly principal payment | $ 17,333 | ||||||||||||
Mortgage agreement, interest rate | 4.00% | ||||||||||||
Mortgage agreement, payable period | 51 months | ||||||||||||
Mortgage agreement, final payment | $ 4,347,778 | ||||||||||||
Mortgage agreement, maturity date | Mar. 31, 2022 | ||||||||||||
Mortgage agreement, outstanding amount | $ 4,680,000 | $ 4,732,000 | |||||||||||
U.S. Bank [Member] | Notes Payable - Buildings [Member] | Engineering And Design Center [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred financing costs | $ 65,381 | ||||||||||||
Unamortized amount offset against outstanding debt | 25,146 | ||||||||||||
Mortgage agreement, amount | $ 1,800,000 | ||||||||||||
Mortgage agreement, monthly principal payment | $ 6,000 | ||||||||||||
Mortgage agreement, interest rate | 4.00% | ||||||||||||
Mortgage agreement, payable period | 51 months | ||||||||||||
Mortgage agreement, final payment | $ 1,505,000 | ||||||||||||
Mortgage agreement, maturity date | Mar. 31, 2022 | ||||||||||||
Mortgage agreement, outstanding amount | $ 1,620,000 | 1,638,000 | |||||||||||
U.S. Bank [Member] | Paycheck Protection Program [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loan | $ 6,282,973 | ||||||||||||
Effective interest rate | 1.00% | ||||||||||||
Maturity date | Apr. 23, 2022 | ||||||||||||
U.S. Bank [Member] | Senior secured credit facility | Notes Payable - Banks [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility credit limit | $ 35,000,000 | $ 35,000,000 | |||||||||||
Expiration date | Mar. 31, 2022 | ||||||||||||
Fixed interest rate | 5.00% | 5.00% | |||||||||||
Effective interest rate | 1.74% | ||||||||||||
U.S. Bank [Member] | Senior secured credit facility | LIBOR [Member] | Notes Payable - Banks [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Variable interest rate | 1.50% | ||||||||||||
U.S. Bank [Member] | Revolving Line Cap [Member] | Notes Payable - Banks [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility credit limit | $ 45,000,000 | ||||||||||||
Unused availability under the credit facility | $ 12,224,733 | 13,850,575 | |||||||||||
Outstanding balance under the credit facility | 28,836,868 | 26,884,494 | |||||||||||
Deferred financing costs | 8,051 | ||||||||||||
Unamortized amount offset against outstanding debt | 197,236 | 218,062 | |||||||||||
Borrowing base percentage | 90.00% | ||||||||||||
Number of days in measuring borrowing base requirements | 90 days | ||||||||||||
Borrowing base minimum requirement | 80.00% | ||||||||||||
Sublimits on raw materials | $ 10,500,000 | ||||||||||||
Sublimits on finished goods | 10,000,000 | ||||||||||||
Sublimits on all eligible inventory | $ 28,000,000 | ||||||||||||
U.S. Bank [Member] | Revolving Line Cap [Member] | Notes Payable - Banks [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing base minimum requirement | 80.00% | ||||||||||||
Sublimits on categories of other investments | $ 4,000,000 | ||||||||||||
The Bank And Trust SSB [Member] | Notes Payable - Buildings [Member] | Warehousing And Distribution Center [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mortgage agreement, amount | $ 556,000 | ||||||||||||
Mortgage agreement, monthly principal payment | $ 6,103 | ||||||||||||
Mortgage agreement, interest rate | 5.75% | ||||||||||||
Mortgage agreement, payable period | 120 months | ||||||||||||
Mortgage agreement, outstanding amount | $ 542,145 | 552,561 | |||||||||||
FGI Equipment Finance LLC [Member] | Notes Payable - Equipment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed interest rate | 8.25% | ||||||||||||
Minimum [Member] | Finance Lease And Sales Leaseback Agreements [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed interest rate | 3.75% | ||||||||||||
Quarterly installment payments under secured note agreements | $ 1,455 | ||||||||||||
Minimum [Member] | U.S. Bank [Member] | Revolving Line Cap [Member] | Notes Payable - Banks [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed charge coverage ratio | 1.00% | ||||||||||||
Minimum [Member] | Engencap Fin S.A. DE C.V. [Member] | Notes Payable - Equipment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed interest rate | 6.65% | ||||||||||||
Maturity date | Nov. 1, 2021 | ||||||||||||
Quarterly installment payments under secured note agreements | $ 11,045 | ||||||||||||
Minimum [Member] | FGI Equipment Finance LLC [Member] | Notes Payable - Equipment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Mar. 1, 2025 | ||||||||||||
Quarterly installment payments under secured note agreements | $ 10,723 | ||||||||||||
Maximum [Member] | Finance Lease And Sales Leaseback Agreements [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed interest rate | 12.73% | ||||||||||||
Maturity date | Nov. 1, 2023 | ||||||||||||
Quarterly installment payments under secured note agreements | $ 40,173 | ||||||||||||
Maximum [Member] | U.S. Bank [Member] | Revolving Line Cap [Member] | Notes Payable - Banks [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed charge coverage ratio | 1.20% | ||||||||||||
Maximum [Member] | Engencap Fin S.A. DE C.V. [Member] | Notes Payable - Equipment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fixed interest rate | 8.00% | ||||||||||||
Maturity date | May 1, 2023 | ||||||||||||
Quarterly installment payments under secured note agreements | $ 37,941 | ||||||||||||
Maximum [Member] | FGI Equipment Finance LLC [Member] | Notes Payable - Equipment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Jun. 1, 2025 | ||||||||||||
Quarterly installment payments under secured note agreements | $ 69,439 | ||||||||||||
Foreign Subsidiaries [Member] | Maximum [Member] | U.S. Bank [Member] | Credit Facility [Member] | Notes Payable - Banks [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility credit limit | $ 3,000,000 | ||||||||||||
SigmaTron Electronic Technology Co [Member] | China Construction Bank [Member] | Credit Facility [Member] | Notes Payable - Banks [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility credit limit | $ 1,430,000 | ¥ 10,000,000 | |||||||||||
Fixed interest rate | 6.09% | ||||||||||||
Outstanding balance under the credit facility | $ 1,288,512 | $ 304,658 | |||||||||||
Maturity date | Mar. 14, 2024 |
Long-Term Debt (Schedule Of Deb
Long-Term Debt (Schedule Of Debt And Finance Lease Obligations) (Details) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | $ (250,869) | $ (279,740) |
Total debt | 45,325,636 | 41,415,224 |
Less current maturities | 4,114,057 | 2,878,160 |
Long-term debt | 41,211,579 | 38,537,064 |
Finance lease obligations | 3,237,259 | 3,787,017 |
Less current maturities | 1,772,662 | 1,902,295 |
Total finance lease obligations, less current portion | 1,464,597 | 1,884,722 |
Notes Payable - Banks [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 36,424,073 | 33,472,125 |
Total debt | 36,173,204 | |
Notes Payable - Buildings [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 6,842,145 | 6,922,561 |
Total debt | 6,842,145 | |
Notes Payable - Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,310,287 | $ 1,300,278 |
Total debt | $ 2,310,287 |
Long-Term Debt (Aggregate Amoun
Long-Term Debt (Aggregate Amount Of Debt, Net Deferred Financing Fees) (Details) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
For the remaining 9 months of the fiscal year ending April 30: 2021 | $ 3,864,016 | |
For the fiscal years ending April 30: | ||
2022 | 38,551,535 | |
2023 | 457,953 | |
2024 | 1,669,211 | |
2025 | 401,870 | |
2026 | 124,755 | |
Thereafter | 256,296 | |
Total debt | 45,325,636 | $ 41,415,224 |
Notes Payable - Banks [Member] | ||
For the remaining 9 months of the fiscal year ending April 30: 2021 | 3,122,730 | |
For the fiscal years ending April 30: | ||
2022 | 31,761,962 | |
2023 | ||
2024 | 1,288,512 | |
2025 | ||
2026 | ||
Thereafter | ||
Total debt | 36,173,204 | |
Notes Payable - Buildings [Member] | ||
For the remaining 9 months of the fiscal year ending April 30: 2021 | 242,160 | |
For the fiscal years ending April 30: | ||
2022 | 6,135,090 | |
2023 | 47,752 | |
2024 | 50,571 | |
2025 | 53,557 | |
2026 | 56,719 | |
Thereafter | 256,296 | |
Total debt | 6,842,145 | |
Notes Payable - Equipment [Member] | ||
For the remaining 9 months of the fiscal year ending April 30: 2021 | 499,126 | |
For the fiscal years ending April 30: | ||
2022 | 654,483 | |
2023 | 410,201 | |
2024 | 330,128 | |
2025 | 348,313 | |
2026 | 68,036 | |
Thereafter | ||
Total debt | $ 2,310,287 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Apr. 23, 2020 | |
Income Tax [Line Items] | |||
Income tax expense (benefit) | $ (220,834) | $ 247,115 | |
U.S. statutory income tax rate | 19.69% | 40.63% | |
Cumulative earnings | $ 4,077,000 | ||
Paycheck Protection Program [Member] | U.S. Bank [Member] | |||
Income Tax [Line Items] | |||
Loan | $ 6,282,973 | ||
Vietnam [Member] | Foreign [Member] | |||
Income Tax [Line Items] | |||
Operating loss carryforwards, valuation allowance | $ 0 |
Critical Accounting Policies (N
Critical Accounting Policies (Narrative) (Details) - USD ($) | Jun. 04, 2020 | May 29, 2020 | Jul. 31, 2020 | Apr. 30, 2020 |
Critical Accounting Policies [Line Items] | ||||
Revenues recognized from performance obligations satisfied or partially satisfied | $ 0 | |||
Amounts allocated to performance obligations remain unsatisfied or partially unsatisfied | 0 | |||
Valuation allowances | 1,023,489 | $ 989,194 | ||
Fair value of the common stock | 600,000 | |||
Outstanding under other receivables | 4,137,033 | 2,642,094 | ||
New shares expects to issue | 2,270,000 | |||
Minimum [Member] | ||||
Critical Accounting Policies [Line Items] | ||||
Proceeds from issuance of new shares to raise additional capital | $ 7,500,000 | |||
Convertible Secured Promissory Note [Member] | ||||
Critical Accounting Policies [Line Items] | ||||
Maturity date | Aug. 31, 2021 | |||
Interest rate | 4.00% | |||
Outstanding under other receivables | $ 2,297,779 | 768,500 | ||
Convertible Secured Promissory Note [Member] | Maximum [Member] | ||||
Critical Accounting Policies [Line Items] | ||||
Convertible secured promissory note | $ 4,052,478 | |||
Wagz [Member] | ||||
Critical Accounting Policies [Line Items] | ||||
Fair value of the common stock | $ 600,000 |
Critical Accounting Policies (R
Critical Accounting Policies (Revenue Disaggregated By Principal End-User Markets) (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | $ 60,524,956 | $ 74,009,981 |
Industrial Electronics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 36,617,258 | 42,848,712 |
Consumer Electronics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | 21,168,239 | 26,659,187 |
Medical / Life Sciences [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Sales | $ 2,739,459 | $ 4,502,082 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) | Apr. 30, 2018USD ($)$ / sharesshares | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2015employee |
Related Party Transaction [Line Items] | ||||
Amount owed by Petzila | $ 3,500,000 | |||
Cash from sold assets to Wagz | $ 350,000 | |||
Fair value of non-cash consideration | $ 600,000 | |||
Executive [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of executive officers invested in a start-up customer | employee | 2 | |||
Maximum [Member] | Executive [Member] | ||||
Related Party Transaction [Line Items] | ||||
Executive officers' investment holding, percentage | 2.00% | |||
Wagz [Member] | ||||
Related Party Transaction [Line Items] | ||||
Asset Purchase Agreement end date | Jul. 31, 2022 | |||
Asset Purchase Agreement earn-out | $ / shares | $ 6 | |||
Fair value of non-cash consideration | $ 600,000 | |||
Common Class C [Member] | Wagz [Member] | ||||
Related Party Transaction [Line Items] | ||||
Shares acquired from Asset Purchase Agreement | shares | 600,000 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) | Jul. 31, 2020 |
Minimum [Member] | |
Leases [Line Items] | |
Operating leases, term | 1 year |
Maximum [Member] | |
Leases [Line Items] | |
Operating leases, term | 5 years |
Leases (Lease Assets And Liabil
Leases (Lease Assets And Liabilities Related To Balance Sheet Classification) (Details) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Leases [Abstract] | ||
Operating Leases: Right-of-use Assets | $ 7,962,685 | $ 7,235,166 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating lease current liabilities | $ 2,213,415 | $ 2,150,161 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating lease current liabilities | Operating lease current liabilities |
Operating lease noncurrent liabilities | $ 5,949,279 | $ 5,281,811 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating lease noncurrent liabilities | Operating lease noncurrent liabilities |
Finance Leases: Right-of-use Assets | $ 5,867,019 | $ 6,443,954 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property Plant And Equipment Net | Property Plant And Equipment Net |
Finance lease current liabilities | $ 1,772,662 | $ 1,902,295 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Finance lease current liabilities | Finance lease current liabilities |
Finance lease noncurrent liabilities | $ 1,464,597 | $ 1,884,722 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Finance lease noncurrent liabilities | Finance lease noncurrent liabilities |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 373,696 | $ 594,494 |
Variable lease cost | 78,347 | 73,897 |
Short term lease cost | 1,350 | 1,350 |
Amortization of right-of-use assets | 419,693 | 347,375 |
Interest expense | 66,358 | 67,786 |
Total | $ 939,444 | $ 1,084,902 |
Leases (Weighted Average Lease
Leases (Weighted Average Lease Term And Discount Rate) (Details) | Jul. 31, 2020 | Jul. 31, 2019 |
Leases [Abstract] | ||
Operating Leases: Weighted average remaining lease term (months) | 59 months 9 days | 41 months 3 days |
Operating Leases: Weighted average discount rate | 3.10% | 3.80% |
Finance Leases: Weighted average remaining lease term (months) | 24 months 13 days | 28 months 19 days |
Finance Leases: Weighted average discount rate | 7.60% | 5.90% |
Leases (Future Payments Due Und
Leases (Future Payments Due Under Operating And Finance Leases) (Details) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Operating Leases | ||
For the remaining 9 months of the fiscal year ending April 30: 2021 | $ 1,855,572 | |
For the fiscal year ending April 30: 2022 | 1,623,526 | |
For the fiscal year ending April 30: 2023 | 1,528,798 | |
For the fiscal year ending April 30: 2024 | 1,812,484 | |
For the fiscal year ending April 30: 2025 | 630,276 | |
For the fiscal year ending April 30: 2026 | 776,763 | |
Thereafter | 199,354 | |
Total undiscounted lease payments | 8,426,773 | |
Present value discount, less interest | 264,079 | |
Lease liability | 8,162,694 | |
Finance Leases | ||
For the remaining 9 months of the fiscal year ending April 30: 2021 | 1,502,802 | |
For the fiscal year ending April 30: 2022 | 1,374,628 | |
For the fiscal year ending April 30: 2023 | 498,307 | |
For the fiscal year ending April 30: 2024 | 167,721 | |
For the fiscal year ending April 30: 2025 | ||
For the fiscal year ending April 30: 2026 | ||
Thereafter | ||
Total undiscounted lease payments | 3,543,458 | |
Present value discount, less interest | 306,199 | |
Lease liability | $ 3,237,259 | $ 3,787,017 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 66,358 | $ 67,786 |
Operating cash flows from operating leases | 54,021 | 62,155 |
Financing cash flows from finance leases | 549,758 | 612,300 |
Right-of-use assets obtained in exchange for new finance lease liabilities | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 334,530 |