Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2022 | Mar. 21, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Jan. 31, 2022 | |
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 $0.01 par value per share | |
Trading Symbol | SGMA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,021,688 | |
Amendment Flag | false | |
Entity Central Index Key | 0000915358 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,146,746 | $ 3,509,229 |
Accounts receivable, less allowance for doubtful accounts of $100,000 at January31, 2022 and April 30, 2021, respectively | 36,854,823 | 28,783,161 |
Inventories, net | 156,317,269 | 98,078,601 |
Prepaid expenses and other assets | 2,632,395 | 1,314,834 |
Refundable and prepaid income taxes | 1,820,764 | 388,766 |
Notes receivable | 7,014,594 | |
Other receivables | 4,543,803 | 2,464,678 |
Total current assets | 205,315,800 | 141,553,863 |
Property, machinery and equipment, net | 36,403,379 | 34,186,918 |
Intangible assets, net | 12,625,429 | 1,996,749 |
Goodwill | 11,990,361 | |
Deferred income taxes | 677,699 | 1,647,143 |
Right-of-use operating lease assets | 11,358,910 | 13,015,986 |
Other assets | 1,267,108 | 1,772,748 |
Total other long-term assets | 37,919,507 | 18,432,626 |
Total assets | 279,638,686 | 194,173,407 |
Current liabilities: | ||
Trade accounts payable | 97,991,636 | 62,656,451 |
Accrued wages | 8,393,229 | 6,283,987 |
Accrued expenses | 3,661,445 | 2,457,882 |
Income taxes payable | 742,650 | 1,331,504 |
Deferred revenue | 9,419,469 | 423,971 |
Current portion of long-term debt | 2,857,518 | 7,862,058 |
Current portion of finance lease obligations | 1,212,713 | 1,455,638 |
Current portion of operating lease obligations | 3,248,134 | 2,843,758 |
Total current liabilities | 127,526,794 | 85,315,249 |
Long-term debt, less current portion | 52,849,246 | 34,783,825 |
Income taxes payable | 357,331 | 404,975 |
Finance lease obligations, less current portion | 2,099,620 | 1,180,496 |
Operating lease obligations, less current portion | 8,687,855 | 10,474,601 |
Other long-term liabilities | 1,018,771 | 1,465,200 |
Total long-term liabilities | 65,012,823 | 48,309,097 |
Total liabilities | 192,539,617 | 133,624,346 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 500,000 shares authorized, none issued or outstanding | ||
Common stock, $0.01 par value; 12,000,000 shares authorized, 6,021,688 and 4,269,508 shares issued and outstanding at January 31, 2022 and April 30, 2021, respectively | 59,958 | 42,560 |
Capital in excess of par value | 50,321,355 | 23,751,461 |
Retained earnings | 45,977,664 | 36,755,040 |
Treasury stock | (9,259,908) | |
Total stockholders' equity | 87,099,069 | 60,549,061 |
Total liabilities and stockholders' equity | $ 279,638,686 | $ 194,173,407 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 100,000 | $ 100,000 |
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 | 6,021,688 | 4,269,508 |
Common stock, shares outstanding | 6,021,688 | 4,269,508 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||||
Net sales | $ 93,682,451 | $ 71,531,348 | $ 279,638,499 | $ 201,674,728 |
Cost of products sold | 81,257,305 | 65,618,649 | 245,853,289 | 184,730,296 |
Gross profit | 12,425,146 | 5,912,699 | 33,785,210 | 16,944,432 |
Selling and administrative expenses | 7,758,582 | 5,212,629 | 20,675,353 | 15,693,893 |
Impairment of notes receivable and investment | 6,300,235 | 6,300,235 | ||
Operating (loss) income | (1,633,671) | 700,070 | 6,809,622 | 1,250,539 |
Gain on extinguishment of long-term debt | (6,282,973) | |||
Other (income) expense | (35,813) | 189,341 | (109,516) | 144,632 |
Interest expense | 382,031 | 287,371 | 964,622 | 934,248 |
(Loss) income before income tax expense | (1,979,889) | 223,358 | 12,237,489 | 171,659 |
Income tax expense (benefit) | 744,408 | (25,910) | 3,014,865 | 196,199 |
Net (loss) income | $ (2,724,297) | $ 249,268 | $ 9,222,624 | $ (24,540) |
(Loss) earnings per share - basic | $ (0.58) | $ 0.06 | $ 2.08 | $ (0.01) |
(Loss) earnings per share - diluted | $ (0.58) | $ 0.06 | $ 1.97 | $ (0.01) |
Weighted average shares of common stock outstanding - Basic | 4,729,619 | 4,257,508 | 4,439,551 | 4,255,334 |
Weighted average shares of common stock outstanding - Diluted | 4,729,619 | 4,310,290 | 4,682,598 | 4,255,334 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Changes In Stockholders' Equity - USD ($) | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
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 | |
Balance at Apr. 30, 2020 | 42,265 | 23,619,513 | 35,214,021 | 58,875,799 | |
Net income (loss) | (24,540) | ||||
Balance at Jan. 31, 2021 | 42,365 | 23,652,354 | 35,189,481 | 58,884,200 | |
Balance at Jul. 31, 2020 | 42,296 | 23,634,711 | 34,313,355 | 57,990,362 | |
Net income (loss) | 626,858 | 626,858 | |||
Balance at Oct. 31, 2020 | 42,296 | 23,634,711 | 34,940,213 | 58,617,220 | |
Recognition of stock-based compensation | 0 | ||||
Restricted stock awards | 69 | 17,643 | 17,712 | ||
Net income (loss) | 249,268 | 249,268 | |||
Balance at Jan. 31, 2021 | 42,365 | 23,652,354 | 35,189,481 | 58,884,200 | |
Balance at Apr. 30, 2021 | 42,560 | 23,751,461 | 36,755,040 | 60,549,061 | |
Recognition of stock-based compensation | 20,035 | 20,035 | |||
Restricted stock awards | 15 | 13,342 | 13,357 | ||
Net income (loss) | 8,796,716 | 8,796,716 | |||
Balance at Jul. 31, 2021 | 42,575 | 23,784,838 | 45,551,756 | 69,379,169 | |
Balance at Apr. 30, 2021 | 42,560 | 23,751,461 | 36,755,040 | 60,549,061 | |
Net income (loss) | 9,222,624 | ||||
Balance at Jan. 31, 2022 | 59,958 | 50,321,355 | 45,977,664 | $ (9,259,908) | 87,099,069 |
Balance at Jul. 31, 2021 | 42,575 | 23,784,838 | 45,551,756 | 69,379,169 | |
Recognition of stock-based compensation | 122,885 | 122,885 | |||
Exercise of stock options | 897 | 425,655 | 426,552 | ||
Restricted stock awards | 37 | 18,524 | 18,561 | ||
Net income (loss) | 3,150,205 | 3,150,205 | |||
Balance at Oct. 31, 2021 | 43,509 | 24,351,902 | 48,701,961 | 73,097,372 | |
Recognition of stock-based compensation | 102,849 | 102,849 | |||
Exercise of stock options | 614 | 337,846 | 338,460 | ||
Restricted stock awards | 49 | 31,220 | 31,269 | ||
Issuance of stock | 320 | 276,800 | 277,120 | ||
Issuance of stock for acquisition | 24,439 | 25,220,738 | 25,245,177 | ||
Purchase of treasury stockrelated to acquisition | (8,973) | (9,259,908) | (9,268,881) | ||
Net income (loss) | (2,724,297) | (2,724,297) | |||
Balance at Jan. 31, 2022 | $ 59,958 | $ 50,321,355 | $ 45,977,664 | $ (9,259,908) | $ 87,099,069 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ 9,222,624 | $ (24,540) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization of property, machinery and equipment | 4,243,598 | 3,807,281 |
Stock-based compensation | 245,769 | |
Restricted stock expense | 63,187 | 32,941 |
Impairment of notes receivable and investment | 6,300,235 | |
Deferred income tax expense (benefit) | 754,444 | (46,690) |
Gain on extinguishment of long-term debt | (6,282,973) | |
Amortization of intangible assets | 331,320 | 265,812 |
Amortization of financing fees | 57,671 | 115,987 |
Loss from disposal or sale of machinery and equipment | 17,411 | 171,698 |
Changes in operating assets and liabilities, net of acquisition | ||
Accounts receivable | (7,889,599) | 4,515,391 |
Inventories | (57,955,080) | 1,128,931 |
Prepaid expenses and other assets | 1,018,385 | (926,407) |
Refundable and prepaid income taxes | (1,431,998) | 752,140 |
Income taxes payable | (636,498) | (63,229) |
Trade accounts payable | 34,776,901 | (7,125,093) |
Operating lease liabilities | (2,029,446) | (422,040) |
Accrued expenses and wages | 2,208,496 | 1,739,518 |
Deferred revenue | 8,512,477 | |
Net cash (used in) provided by operating activities | (8,473,076) | 3,921,700 |
Cash flows from investing activities | ||
Purchases of machinery and equipment | (5,304,146) | (2,636,505) |
Acquisition | 508,274 | |
Advances on notes receivable | (5,512,000) | (4,006,500) |
Net cash used in investing activities | (10,307,872) | (6,643,005) |
Cash flows from financing activities | ||
Proceeds from the exercise of common stock options | 765,012 | |
Proceeds under equipment notes | 1,159,275 | 2,397,015 |
Payments under finance lease and sale leaseback agreements | (1,400,102) | (1,501,321) |
Payments under equipment notes | (842,906) | (501,930) |
Proceeds under building notes payable | 6,500,000 | |
Payments under building notes payable | (358,574) | (6,401,702) |
Borrowings under revolving line of credit | 333,976,751 | 300,857,651 |
Payments under revolving line of credit | (314,510,791) | (302,157,766) |
Proceeds (payments) of debt financing costs | (74,453) | (505,408) |
Payments of debt | (295,747) | |
Net cash provided by (used in) financing activities | 18,418,465 | (1,313,461) |
Change in cash and cash equivalents | (362,483) | (4,034,766) |
Cash and cash equivalents at beginning of period | 3,509,229 | 6,779,445 |
Cash and cash equivalents at end of period | 3,146,746 | 2,744,679 |
Supplementary disclosures of cash flow information | ||
Cash paid for interest | 1,032,492 | 910,598 |
Cash paid for income taxes | 4,293,279 | 367,061 |
Purchase of machinery and equipment financed under finance leases | 2,076,301 | 719,545 |
Financing of insurance policy | 301,190 | $ 242,514 |
Issuance of stock for settlement of lease agreement | $ 277,120 |
Description Of The Business
Description Of The Business | 9 Months Ended |
Jan. 31, 2022 | |
Description Of The Business [Abstract] | |
Description Of The Business | Note A – Description of the Business SigmaTron International, Inc., its subsidiaries (including the recent acquisition of Wagz, Inc.), foreign enterprises, 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, completely assembled (box-build) electronic products. In addition, the Company provides products to the pet technology market. In connection with the production of assembled products, the Company also provides services to its customers, including (1) automatic and manual assemblies 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 | 9 Months Ended |
Jan. 31, 2022 | |
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 Wagz, Inc., wholly-owned foreign enterprises Wujiang SigmaTron Electronics Co., Ltd. and SigmaTron Electronic Technology Co., Ltd. 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 and nine month periods ended January 31, 2022 is not necessarily indicative of the results that may be expected for the year ending April 30, 2022. The condensed consolidated balance sheet at April 30, 2021, 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, 2021. COVID-19 and CARES Act A pandemic of respiratory diseases, including variants (commonly known as "COVID-19") began to spread globally, including to the United States, in early 2020. 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, global supply chain, 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 COVID-19’s 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. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues or pre-pandemic conditions do not return, it may have a material adverse effect on the Company’s results of future operations, financial position, and liquidity in through fiscal year 2023. On March 27, 2020, former President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” It also appropriated funds for the U.S. Small Business Administration (“SBA”) Paycheck Protection Program to extend loans (each, a “PPP Loan”) 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 received a PPP Loan in the amount of $6,282,973. The PPP Loan was due to mature on April 23, 2022. The Company was notified of the forgiveness of the PPP Loan by the SBA on July 9, 2021 and all principal and accrued interest were forgiven. The accounting for the forgiveness is reflected in the Company’s Statement of Operations under the caption “Gain of extinguishment of long-term debt”. Under the terms of all PPP Loans, all aspects of the PPP Loan remain subject to review by the SBA for up to six years after forgiveness. While the Company is not aware of any issues, if it is later determined that it violated applicable laws or was otherwise ineligible to receive the PPP Loan, the Company will be required to repay the PPP Loan in its entirety in a lump sum and may be subject to additional penalties. If these events were to transpire, they could have a material adverse effect on the Company’s business, results of operations, financial condition and liquidity for the remainder of fiscal year 2022 and beyond. Reclassifications Certain amounts recorded in the prior-period consolidated financial statements have been reclassified to conform to the current-period financial statement presentation. These reclassifications had no effect on previously reported results of operations. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Jan. 31, 2022 | |
Inventories, Net [Abstract] | |
Inventories, Net | Note C – Inventories, net The components of inventory consist of the following: January 31, April 30, 2022 2021 Finished products$ 23,363,395 $ 22,858,073 Work-in-process 1,638,122 5,601,560 Raw materials 133,719,681 72,033,278 158,721,198 100,492,911 Less excess and obsolescence reserve (2,403,929) (2,414,310) $ 156,317,269 $ 98,078,601 |
Earnings Per Share And Stockhol
Earnings Per Share And Stockholders' Equity | 9 Months Ended |
Jan. 31, 2022 | |
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 Nine Months Ended Jan 31, Jan 31, Jan 31, Jan 31, 2022 2021 2022 2021 Net (loss) income$ (2,724,297) $ 249,268 $ 9,222,624 $ (24,540)Weighted-average shares Basic 4,729,619 4,257,508 4,439,551 4,255,334Effect of dilutive stock options - 52,782 243,047 - Diluted 4,729,619 4,310,290 4,682,598 4,255,334 Basic (loss) earnings per share$ (0.58) $ 0.06 $ 2.08 $ (0.01) Diluted (loss) earnings per share $ (0.58) $ 0.06 $ 1.97 $ (0.01) Options to purchase 464,144 and 513,232 shares of common stock were outstanding at January 31, 2022 and 2021, respectively. There were 102,000 options granted during the nine month period ended January 31, 2022 and no options were granted during the nine month period ended January 31, 2021. There was $102,849 and $0 stock option expense recognized for the three month periods ended January 31, 2022 and 2021, respectively. There was $245,769 and $0 stock option expense recognized for the nine month periods ended January 31, 2022 and 2021, respectively. There was no balance of unrecognized compensation expense related to the Company’s stock option plans at January 31, 2022 and 2021. For the three month periods ended January 31, 2022 and 2021, 0 and 143,781 shares, respectively, were not included in the diluted weighted average common Note D – Earnings Per Share and Stockholders’ Equity - Continued shares outstanding calculation as they were anti-dilutive. For the nine month periods ended January 31, 2022 and 2021, 0 and 240,160 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 | 9 Months Ended |
Jan. 31, 2022 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note E – Long-term Debt Debt and capital lease obligations consisted of the following at January 31, 2022 and April 30, 2021: Jan 31, April 30, 2022 2021 Debt: Notes Payable - Banks$45,239,487 $32,137,919Notes Payable - Buildings 6,579,189 6,937,763Notes Payable - Equipment 4,240,008 3,923,639Unamortized deferred financing costs (351,920) (353,438)Total debt 55,706,764 42,645,883Less current maturities 2,857,518 7,862,058Long-term debt$52,849,246 $34,783,825 Finance lease obligations$3,312,333 $2,636,134Less current maturities 1,212,713 1,455,638Total finance lease obligations, less current portion$2,099,620 $1,180,496 Notes Payable – Banks Prior to January 29, 2021, the Company had a senior secured credit facility with U.S. Bank National Association (“U.S. Bank”). The revolving credit facility allowed 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 80% of the Company’s Revolving Line Cap. Prior to its payoff and termination, the U.S. Bank senior secured credit facility was due to expire on March 31, 2022. On January 29, 2021, the Company paid the balance outstanding under the senior secured credit facility in the amount of $25,574,733. The unamortized deferred financing costs of $158,476 were expensed in fiscal year 2021 upon extinguishment of the debt. On January 29, 2021, the Company entered into a Credit Agreement (the “Agreement”) with JPMorgan Chase Bank, N.A. (“Lender”), pursuant to which Lender has agreed to provide the Company with a secured credit facility maturing on January 29, 2026, of which (a) up to $50,000,000 is available on a revolving loan basis, and (b) an aggregate of $6,500,000 was borrowed pursuant to two term loans (the “Facility”). The Facility is secured by substantially all of the Company’s assets including mortgages on its two Illinois properties. Note E – Long-term Debt - Continued The Facility allows the Company to choose among interest rates at which it may borrow funds for revolving loans: “CBFR Loans,” the interest on which is based on (A) the “REVLIBOR30 Rate” (as defined in the Agreement) unless the REVLIBOR30 Rate is not available, in which case the interest is generally the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S., plus (B) an applicable margin of 2.0% (effectively 2.25% per annum at January 31, 2022); or “Eurodollar Loans,” the interest on which is based on (X) an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the LIBO Rate (as defined in the Agreement) for any interest period multiplied by the Standard Reserve Rate (as defined in the Agreement) plus (Y) an applicable margin of 2.0%. Under the revolving portion of the Facility, the Company may borrow up to the lesser of (i) $50,000,000 or (ii) an amount equal to a percentage of the eligible receivable borrowing base plus a percentage of the inventory borrowing base minus any reserves established by Lender. Under the Agreement, a minimum Fixed Charge Coverage Ratio (“FCCR”) financial covenant of 1.10x is applicable only during an FCCR trigger period which occurs when (i) an event of default (as defined in the Agreement) has occurred and is continuing, and Lender has elected to impose a FCCR trigger period upon notice to the Company or (ii) availability falls below the greater of (a) 10% of the revolving commitment and (b) the outstanding principal amount of the term loans. The Company was not in a FCCR trigger period as of January 31, 2022. Deferred financing costs of $56,154 and $361,734 were capitalized during the quarter ended January 31, 2022 and fiscal year ended April 30, 2021, respectively, which are amortized over the term of the Agreement. As of January 31, 2022, there was $43,937,445 outstanding and $8,629,221 of unused availability under the revolving Facility compared to an outstanding balance of $24,967,668 and $15,947,990 unused availability at April 30, 2021. As of January 31, 2022 and April 30, 2021, the unamortized amount offset against outstanding debt was $343,880 and $343,890, respectively. On November 17, 2021, the Company and JPMorgan Chase Bank, N.A. entered into an amendment of the Facility. The amended Facility allows the Company to borrow up to the lesser of (i) $53,000,000 or (ii) an amount equal to a percentage of the eligible receivable borrowing base plus a percentage of the inventory borrowing base minus any reserves established by Lender. Further, the Facility was amended to allow in some circumstances customer deposits to be deemed eligible for collateral purposes. On March 17, 2022, the Company and JPMorgan Chase Bank, N.A. entered into an amendment of the Facility. The amended Facility allows the Company to borrow up to the lesser of (i) $60,000,000 or (ii) an amount equal to a percentage of the eligible receivable borrowing base plus a percentage of the inventory borrowing base minus any reserves established by Lender. Further, the Facility was amended to allow in some circumstances accounts arising from sales of inventory subject to bill and hold arrangements to be deemed eligible for collateral purposes. On April 23, 2020, the Company received a PPP Loan from U.S. Bank, as lender, pursuant to the Paycheck Protection Program of the CARES Act, as administered by the SBA in the amount of $6,282,973. The Company submitted its loan forgiveness application on March 26, 2021. The Company was notified of the forgiveness of the PPP Loan by the SBA on July 9, 2021 and all principal and accrued interest were forgiven. The accounting for the forgiveness is reflected in the Company’s Statement of Operations as a non-cash gain upon extinguishment of long-term debt. Note E – Long-term Debt - Continued Under the terms of all PPP Loans, all aspects of the PPP Loan remain subject to review by the SBA for up to six years after forgiveness. While the Company is not aware of any issues, if it is later determined that it violated applicable laws or was otherwise ineligible to receive the PPP Loan, the Company will be required to repay the PPP Loan in its entirety in a lump sum and may be subject to additional penalties. 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 for the remainder of fiscal year 2022 and beyond. On March 15, 2019, the Company’s wholly-owned subsidiary, SigmaTron Electronic Technology Co., Ltd., entered into a credit facility with China Construction Bank. On January 26, 2021, the agreement was amended which terminated on January 6, 2022. On January 17, 2022, the agreement was renewed, and is scheduled to expire on December 23, 2022. Under the agreement SigmaTron Electronic Technology Co., Ltd. can borrow up to 9,000,000 Renminbi, approximately $1,411,853 as of January 31, 2022, 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 3.8%. The term of the facility extends to December 23, 2022. There was $1,302,042 outstanding under the facility at January 31, 2022 compared to an outstanding balance of $824,159 at April 30, 2021. 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 required the Company to pay monthly principal payments in the amount of $17,333, bore interest at a fixed rate of 4.0% per year and was payable over a fifty one month period. Deferred financing costs of $74,066 were capitalized in fiscal year 2018 which were amortized over the term of the agreement. On January 29, 2021, the Company repaid its U.S. Bank mortgage in the amount outstanding of $4,576,000, using proceeds from the Facility extended by Lender. The Company recorded a prepayment penalty of $120,842 in fiscal year 2021. The remaining deferred financing costs of $21,365 were expensed in fiscal year 2021. 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 required the Company to pay monthly principal payments in the amount of $6,000, bore interest at a fixed rate of 4.0% per year and was payable over a fifty one month period. Deferred financing costs of $65,381 were capitalized in fiscal year 2018 which were amortized over the term of the agreement. On January 29, 2021, the Company repaid its U.S. Bank mortgage in the amount outstanding of $1,584,000, using proceeds from the Facility extended by Lender. The Company recorded a prepayment penalty of $41,830 in fiscal year 2021. The remaining deferred financing costs of $18,859 were expensed in fiscal year 2021. The Company’s Facility with Lender, entered into on January 29, 2021, also included two term loans, in the aggregate principal amount of $6,500,000. The loans require the Company to pay aggregate principal payments in the amount of $36,111 per month for 60 months, plus monthly payments of Note E – Long-term Debt - Continued interest thereon at (A) the REVLIBOR30 Rate, unless the REVLIBOR30 Rate is not available, in which case the interest is generally the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S., plus (B) an applicable margin of 2.5%; (effectively 2.75% per annum at January 31, 2022); or “Eurodollar Loans,” the interest on which is based on (X) an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the LIBO Rate (as defined in the Agreement) for any interest period multiplied by the Standard Reserve Rate (as defined in the Agreement) plus (Y) an applicable margin of 2.5%. Deferred financing costs of $10,050 were capitalized during fiscal year 2021 which are amortized over the term of the agreement. As of January 31, 2022, the unamortized amount included as a reduction to long-term debt was $8,040. A final aggregate payment of approximately $4,368,444 is due on or before January 29, 2026. The outstanding balance was $6,102,778 at January 31, 2022 compared to an outstanding balance of $6,427,778 at April 30, 2021. The Company entered into a mortgage agreement on March 3, 2020, in the amount of $556,000, with The Bank & Trust, SSB to finance the purchase of 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. Interest accrues at a fixed rate of 5.75% per year until March 3, 2025, and adjusts thereafter, on an annual basis, equal to 1.0% over the Prime Rate as published by The Wall Street Journal. The note is payable over a 120 month period. The outstanding balance was $476,411 and $509,985 at January 31, 2022 and April 30, 2021, 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 located in Mexico. The terms of these secured note agreements mature from February 1, 2022 through May 1, 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 located in Mexico. The terms of these secured note agreements mature from March 1, 2025 through October 1, 2026, with quarterly installment payments ranging from $10,723 to $71,326 and a fixed interest rate of 8.25%. Note E – Long-term Debt - Continued Annual maturities of the Company’s debt, net of deferred financing fees for the remaining periods as of January 31, 2022, are as follows: Bank Building Equipment Total For the remaining 3 months of the fiscal year ending April 30:2022$ - $ 119,850 $ 290,446 $ 410,296 For the fiscal years ending April 30:2023 1,302,042 481,085 1,029,618 2,812,745 2024 - 483,904 1,002,250 1,486,154 2025 - 486,890 1,077,625 1,564,515 2026 43,593,565 4,743,124 701,712 49,038,401 2027 - 60,068 138,357 198,425 Thereafter - 196,228 - 196,228 $ 44,895,607 $ 6,571,149 $ 4,240,008 $ 55,706,764 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 1, 2025, 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 | 9 Months Ended |
Jan. 31, 2022 | |
Income Tax [Abstract] | |
Income Tax | Note F – Income Tax The income tax expense was $744,408 for the three month period ended January 31, 2022 compared to an income tax benefit of $25,910 for the same period in the prior fiscal year. The Company’s effective tax rate was 37.60% and (11.60)% for the quarters ended January 31, 2022 and 2021, respectively. The increase in income tax expense for the three month period ended January 31, 2022 compared to the same period in the previous year is due to increased taxable income recognized in the current quarter compared to the previous year, and variations in income earned by jurisdiction. The increase in effective tax rate is due to variations in income earned by jurisdiction. The income tax expense was $3,014,865 for the nine month period ended January 31, 2022 compared to an income tax expense of $196,199 for the same period in the prior fiscal year. The Company’s effective tax rate was 24.64% and 114.29% for the nine month period ended January 31, 2022 and 2021, respectively. The increase in income tax expense for the nine month period ended January 31, 2022 compared to the same period in the previous year is due to increased income recognized in the current year compared to the previous year. The decrease in effective tax rate for the nine month period ended January 31, 2022 is due to variations in income earned by jurisdiction. As described in Note E, the Company received a PPP Loan under the CARES Act of $6,282,973. 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. On January 6, 2021 the IRS issued Revenue Ruling 2021-02 allowing deductions for the payments of eligible expenses when such payments would result in the forgiveness of a loan under the PPP. The ruling supersedes previous IRS guidance stating that such deductions would be disallowed. The Company received full forgiveness of Note F – Income Tax - Continued its PPP Loan on July 9, 2021. In accordance with the CARES Act and IRS Revenue Ruling 2021-02, the loan forgiveness amount was excluded from income for tax purposes during the three month period ended July 31, 2021. Pursuant to SigmaTron’s acquisition with Wagz, Inc. (“Wagz”), it is expected that SigmaTron and Wagz (collectively, the “Company”) will file tax returns on a consolidated basis for periods ending after the merger. In evaluating the group’s ability to recover its deferred tax assets on a consolidated basis, and considering historical operating results of both companies, the group’s deferred tax assets are not more likely than not to be realized. Therefore, a valuation allowance of $3,232,998 was established as of December 31, 2021. This amount includes a valuation allowance of $2,581,817 against Wagz’s deferred tax assets recorded through the opening balance sheet and $651,181 against SigmaTron’s deferred tax assets as of December 31, 2021. During the current quarter the Company determined based on historical operating income and recent financial results that the loss carryforwards and other deferred tax assets of one of its Chinese subsidiaries, which were previously offset by a full valuation allowance, would more likely than not be utilized. For this reason a reduction of $524,517 and related discrete benefit associated with these deferred tax assets was recognized in the current quarter. The Company’s valuation allowance was $3,483,732 and $1,138,736 as of January 31, 2022 and April 30, 2021, respectively. 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 $8,910,000 as of January 31, 2022. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Jan. 31, 2022 | |
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. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note H – Significant 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, excess and obsolete reserves for inventory, deferred income, deferred taxes, uncertain tax positions, valuation allowance for deferred taxes and Note H – Significant Accounting Policies - Continued valuation of goodwill and long-lived assets. Actual results could materially differ from these estimates. The potential impact of future disruptions and continued economic uncertainty over COVID-19, including variants, and the global supply chain may have a significant adverse impact on the timing of delivery of customer orders and the levels of future customer orders. It is 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 Nine Months Ended January 31, January 31, January 31, January 31, Net trade sales by end-market 2022 2021 2022 2021 Industrial Electronics $ 48,955,249 $ 36,433,938 $ 151,294,676 $ 108,705,275 Consumer Electronics 39,234,459 30,680,777 111,550,506 82,520,093 Medical / Life Sciences 5,492,743 4,416,633 16,793,317 10,449,360 Total Net Trade Sales $ 93,682,451 $ 71,531,348 $ 279,638,499 $ 201,674,728 During the three and nine month periods ending January 31, 2022, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods and no amounts were allocated to performance obligations that remain unsatisfied or partially unsatisfied at January 31, 2022. 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 January 31, 2022, 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 Note H – Significant Accounting Policies - Continued 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, among other factors, 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. Investment in Wagz - The Company had recorded an investment in Wagz, Inc. (“Wagz”), a privately held company whose equity did not have a readily determinable fair value. As permitted by ASC 321, Investments - Equity Securities, paragraph 321-35-2, the Company had 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 similar investments of the same issuer until the investment no longer qualified to be measured under paragraph 321-35-2. The recognized fair value of Wagz common stock was $600,000 at April 30, 2021 which was recorded within Other assets in the Consolidated Balance Sheet. On December 31, 2021, the Company acquired 100% of the Wagz stock. On May 29, 2020, the Company and Wagz, a privately held company in the pet technology market, entered into a Convertible Secured Promissory Note in the principal sum of up to $4,052,478. Between January 27, 2021 and December 31, 2021, Wagz issued additional convertible secured promissory notes and secured notes aggregating to $7,947,522 and $977,133, respectively (collectively, the “Notes”) which were accounted for as Notes receivable in the Consolidated Balance Sheet. The Notes were due (the “Maturity Date”) on the earliest to occur of (a) December 31, 2021 or, if the closing of the Company’s proposed acquisition of Wagz (the “Closing”) does not occur due to the Company’s termination, that date which is twelve (12) months after the date of such termination, (b) upon the closing of a sale of all or substantially all of the assets or common stock of Wagz (other than the Closing), or (c) an Event of Default (as defined in the Notes). Interest is payable at the rate of four percent (4%) per annum and is payable on the Maturity Date. The Notes were Note H – Significant Accounting Policies - Continued collateralized by substantially all assets of Wagz. The Notes do not meet the accounting definition of a security and are accounted for under ASC 310, Receivables, at amortized cost. On December 31, 2021, the Company consummated the merger contemplated by the Agreement and Plan of Merger, dated July 19, 2021, as amended by the First Amendment to Agreement and Plan of Merger dated December 7, 2021. Please refer to Note J – Acquisition for more information. Prior to the acquisition, the Company had an investment in Wagz, along with Convertible Secured Promissory Notes and Secured Promissory Notes issued by Wagz, for a total of $12,600,000. As per the merger agreement and just prior to the acquisition, all of these items converted to 12,600,000 shares of Wagz common stock, resulting in a 25.5% ownership in Wagz. The Company's 25.5% equity interest of Wagz common stock was remeasured to fair value of $6,300,000, resulting in a non-cash impairment charge of $6,300,235. The loss is included in Impairment of notes receivable and investment in operating expenses within the Statements of Operations for the three and nine month periods ended January 31, 2022. The fair value of the Company’s noncontrolling interest in Wagz was determined using a market approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a fair value measurement categorized within Level 3 of the fair value hierarchy, with a key assumption being the revenue multiple of comparable public companies in the Pet Tech market. See Note J - Acquisition for more information. In November 2020, Wagz sought short-term financing for its operations and secured a commitment from Angel Business Credit, LLC (“ABC”) for a loan of $250,000 conditioned on Wagz granting ABC a security interest in its assets and Gary R. Fairhead executing a personal guaranty. Mr. Fairhead is SigmaTron’s President and CEO; his personal guaranty requires the approval of the Audit Committee of SigmaTron’s Board of Directors. After consideration, the Audit Committee determined that Mr. Fairhead’s guaranty was in the best interests of the Company and approved the guaranty. The loan closed on November 12, 2020, and its principal, plus interest equal to $5,000, were due on the maturity date, December 10, 2020. The loan was paid in full on December 8, 2020. As a result, Mr. Fairhead’s guaranty was cancelled and ABC’s security interest was terminated. 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, that 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- Note H – Significant Accounting Policies - Continued 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. The Company is currently evaluating the impact of this guidance 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 expedients and exceptions 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 amendments in this update apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In January 2021, the FASB issued clarification on the scope of relief related to the reference rate reform. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Leases
Leases | 9 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Leases | Note I – 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 “Leases” 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 it has the right to direct how and for what purpose the asset is used throughout the period of use and if it controls 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 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. Note I – Leases - Continued At lease 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 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: January 31, April 30, Classification 2022 2021Operating Leases: Right-of-use AssetsRight-of-use operating lease assets $ 11,358,910 $ 13,015,986 Operating lease currentliabilitiesCurrent portion of operating leaseobligations 3,248,134 2,843,758 Operating lease noncurrent liabilitiesOperating lease obligations, less current portion 8,687,855 10,474,601 Finance Leases: Right-of-use AssetsProperty, machinery and equipment,net 6,587,925 5,843,068 Finance lease current liabilitiesCurrent portion of finance leaseobligations 1,212,713 1,455,638 Finance lease noncurrent liabilitiesFinance lease obligations, lesscurrent portion 2,099,620 1,180,496 Note I – Leases – Continued The components of lease expense for the three and nine month periods ended January 31, 2022 and 2021, are as follows: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Expense January 31, January 31, January 31, January 31, Classification 2022 2021 2022 2021Operating Leases: Operating lease costOperating 602,488 351,751 1,783,546 1,078,763Variable lease costOperating 53,960 80,109 161,765 236,803Short term lease costOperating 1,800 1,350 5,400 4,050Finance Leases: Amortization of right-of-use assetsOperating 548,833 457,359 1,683,054 1,370,094Interest expenseInterest 63,808 70,698 201,791 193,099Total 1,270,889 961,267 3,835,556 2,882,809 The weighted average lease term and discount rates for the quarters ended January 31, 2022 and 2021, are as follows: January 31, January 31, 2022 2021Operating Leases: Weighted average remaining lease term (months) 48.44 57.80Weighted average discount rate 3.2% 3.0%Finance Leases: Weighted average remaining lease term (months) 33.31 32.75Weighted average discount rate 9.1% 7.7% Note I – Leases – Continued Future payments due under leases reconciled to lease liabilities are as follows: Operating Leases Finance LeasesFor the remaining 3 months of the fiscal year ending April 30: 2022 $ 896,602 $ 528,795 For the fiscal years ending April 30: 2023 3,600,025 1,749,125 2024 3,126,044 1,418,540 2025 2,508,077 1,197,692 2026 2,019,426 530,423 2027 445,296 -Thereafter 150,252 -Total undiscounted lease payments 12,745,722 5,424,575 Present value discount, less interest 809,733 2,112,242 Lease liability $ 11,935,989 $ 3,312,333 Supplemental disclosures of cash flow information related to leases for the nine months ended January 31, 2022 and 2021 are as follows: Nine Months Ended January 31,January 31,Other Information20222021Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 201,791 193,099 Operating cash flows from operating leases 290,431 162,220 Financing cash flows from finance leases 1,400,102 1,501,321 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 2,076,301 719,545 Right-of-use assets obtained in exchange for operating lease liabilities 1,657,076 1,192,690 |
Acquisition
Acquisition | 9 Months Ended |
Jan. 31, 2022 | |
Acquisition [Abstract] | |
Acquisition | Note J – Acquisition On December 31, 2021, the Company acquired 100% of the stock of Wagz, Inc. (“Wagz”), a pet technology (“Pet Tech”) company. Wagz has developed a collar, among other things, which will diversify the Company’s product offering. Prior to the acquisition, the Company had an investment in Wagz, along with Convertible Secured Promissory Notes and Secured Promissory Notes issued by Wagz, for a total of $12,600,000. As per the merger agreement, prior to the acquisition, all of these items converted to 12,600,000 shares of Wagz common stock, resulting in a 25.5% ownership in Wagz. As described in Note H, the Company's 25.5% equity interest of Wagz common stock was remeasured to fair value of $6,299,765, resulting in a non-cash impairment charge of $6,300,235. As per the Agreement and Plan of Merger, as amended by the First Amendment to Agreement and Plan of Merger dated December 7, 2021, 2,443,870 shares of common stock of the Company were issued in the merger for a value of $25,245,177, of which 1,546,592 shares are allocated to Wagz shareholders (excluding the Company) for a total value of $15,976,295, and 897,278 shares are allocated to the Company and treated as treasury stock for a total value of $9,268,881, recorded in the Statements of Changes in Stockholders’ Equity under Issuance of stock for acquisition and Purchase of treasury stock related to acquisition, respectively. The following table summarizes the consideration for the acquisition of Wagz: Consideration Issuance of 1,546,592 common stock of SigmaTron$ 15,976,295 Fair value of consideration transferred 15,976,295 Fair value of SigmaTron's equity interest in Wagz held prior to the business combination (Note H) 6,299,765 $ 22,276,060 The following table presents the preliminary purchase price allocation for Wagz. The Company is accounting for the acquisition under the acquisition method and required to measure identifiable assets acquired and liabilities assumed of the acquiree at fair value on the closing date. The fair value of the majority of the assets was determined by a third party valuation firm using management estimates and assumptions including intangible assets of $ 9,730,000 for patents and $1,230,000 for trade names. The appropriate fair values of the assets acquired and liabilities assumed are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the purchase price measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed. Note J – Acquisition – Continued The preliminary excess consideration was recorded as goodwill and approximated $11,990,361, all of which is non-deductible for tax purposes. Goodwill represents future economic benefits arising from other assets acquired that could not be individually identified including workforce additions, growth opportunities, and increased presence in the Pet Tech market. The final purchase price allocation is expected to be completed no later than April 30, 2022. Cash $ 508,274 Working capital 174,046 Property, plant and equipment 201,839 Acquired intangible assets 10,960,000 Right-of-use operating lease assets 647,076 Other assets 6,000 Operating lease obligations (647,077)Deferred tax liability (215,000)Other liabilities (1,349,459)Goodwill 11,990,361 Fair value of purchase consideration $ 22,276,060 The intangible assets acquired in the Wagz acquisition consisted of the following: Expected Weighted Provisional Amortization Fair Value PeriodTrade name $ 1,230,000 20 yearsPatents 9,730,000 18 years $ 10,960,000 The fair values of acquired intangibles are provisional pending receipt of final valuations of those assets. The provisional fair value recorded as of January 31, 2022 is based on significant inputs that are not observable in the market and thus represents a fair value measurement categorized within Level 3 of the fair value hierarchy. The provisional fair value of the acquired trade names and patents was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. Note J – Acquisition – Continued Acquisition related costs of $129,747 and $476,734 were incurred in relation to the acquisition of Wagz for the three and nine months ended January 31, 2022, respectively, which have been reported in selling and administrative expenses. The amounts of Wagz’s revenue and net income (loss) included in the Company’s Statements of Operations for the three and nine month periods ended January 31, 2022; and the supplemental proforma unaudited revenue and net income (loss) of the combined entity had the acquisition date been May 1, 2020 for the three and nine month period ended January 31, 2022 and 2021, are as follows: Revenue Net Income (Loss) Actual from January 1, 2022 to January 31, 2022 $ 202,800 $ (528,795)Supplemental proforma information: Three months ended January 31, 2022 94,051,530 1,593,424 Nine months ended January 31, 2022 280,475,134 10,434,921 Three months ended January 31, 2021 71,887,917 (1,991,641)Nine months ended January 31, 2021 202,089,026 (3,559,291) Supplemental pro forma net income (loss) were adjusted to exclude $128,747 and $476,734 of acquisition-related costs incurred in the three and nine month periods ended January 31, 2022, respectively. Supplemental pro forma net income (loss) were adjusted to include $149,431 and $448,292 of amortization costs incurred in the three and nine month periods ended January 31, 2022 and 2021, respectively. Supplemental pro forma net loss was adjusted to exclude $86,002 of acquisition-related costs incurred in the three month period ended January 31, 2021. Supplemental pro forma net loss for the nine month period ended January 31, 2021 was adjusted to include these charges. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 9 Months Ended |
Jan. 31, 2022 | |
Significant 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, excess and obsolete reserves for inventory, deferred income, deferred taxes, uncertain tax positions, valuation allowance for deferred taxes and Note H – Significant Accounting Policies - Continued valuation of goodwill and long-lived assets. Actual results could materially differ from these estimates. The potential impact of future disruptions and continued economic uncertainty over COVID-19, including variants, and the global supply chain may have a significant adverse impact on the timing of delivery of customer orders and the levels of future customer orders. It is 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 Nine Months Ended January 31, January 31, January 31, January 31, Net trade sales by end-market 2022 2021 2022 2021 Industrial Electronics $ 48,955,249 $ 36,433,938 $ 151,294,676 $ 108,705,275 Consumer Electronics 39,234,459 30,680,777 111,550,506 82,520,093 Medical / Life Sciences 5,492,743 4,416,633 16,793,317 10,449,360 Total Net Trade Sales $ 93,682,451 $ 71,531,348 $ 279,638,499 $ 201,674,728 During the three and nine month periods ending January 31, 2022, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods and no amounts were allocated to performance obligations that remain unsatisfied or partially unsatisfied at January 31, 2022. 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 January 31, 2022, with an expected duration of greater than one year. |
Income Tax | 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 Note H – Significant Accounting Policies - Continued 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, among other factors, 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. |
Investment In Wagz | Investment in Wagz - The Company had recorded an investment in Wagz, Inc. (“Wagz”), a privately held company whose equity did not have a readily determinable fair value. As permitted by ASC 321, Investments - Equity Securities, paragraph 321-35-2, the Company had 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 similar investments of the same issuer until the investment no longer qualified to be measured under paragraph 321-35-2. The recognized fair value of Wagz common stock was $600,000 at April 30, 2021 which was recorded within Other assets in the Consolidated Balance Sheet. On December 31, 2021, the Company acquired 100% of the Wagz stock. On May 29, 2020, the Company and Wagz, a privately held company in the pet technology market, entered into a Convertible Secured Promissory Note in the principal sum of up to $4,052,478. Between January 27, 2021 and December 31, 2021, Wagz issued additional convertible secured promissory notes and secured notes aggregating to $7,947,522 and $977,133, respectively (collectively, the “Notes”) which were accounted for as Notes receivable in the Consolidated Balance Sheet. The Notes were due (the “Maturity Date”) on the earliest to occur of (a) December 31, 2021 or, if the closing of the Company’s proposed acquisition of Wagz (the “Closing”) does not occur due to the Company’s termination, that date which is twelve (12) months after the date of such termination, (b) upon the closing of a sale of all or substantially all of the assets or common stock of Wagz (other than the Closing), or (c) an Event of Default (as defined in the Notes). Interest is payable at the rate of four percent (4%) per annum and is payable on the Maturity Date. The Notes were Note H – Significant Accounting Policies - Continued collateralized by substantially all assets of Wagz. The Notes do not meet the accounting definition of a security and are accounted for under ASC 310, Receivables, at amortized cost. On December 31, 2021, the Company consummated the merger contemplated by the Agreement and Plan of Merger, dated July 19, 2021, as amended by the First Amendment to Agreement and Plan of Merger dated December 7, 2021. Please refer to Note J – Acquisition for more information. Prior to the acquisition, the Company had an investment in Wagz, along with Convertible Secured Promissory Notes and Secured Promissory Notes issued by Wagz, for a total of $12,600,000. As per the merger agreement and just prior to the acquisition, all of these items converted to 12,600,000 shares of Wagz common stock, resulting in a 25.5% ownership in Wagz. The Company's 25.5% equity interest of Wagz common stock was remeasured to fair value of $6,300,000, resulting in a non-cash impairment charge of $6,300,235. The loss is included in Impairment of notes receivable and investment in operating expenses within the Statements of Operations for the three and nine month periods ended January 31, 2022. The fair value of the Company’s noncontrolling interest in Wagz was determined using a market approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a fair value measurement categorized within Level 3 of the fair value hierarchy, with a key assumption being the revenue multiple of comparable public companies in the Pet Tech market. See Note J - Acquisition for more information. In November 2020, Wagz sought short-term financing for its operations and secured a commitment from Angel Business Credit, LLC (“ABC”) for a loan of $250,000 conditioned on Wagz granting ABC a security interest in its assets and Gary R. Fairhead executing a personal guaranty. Mr. Fairhead is SigmaTron’s President and CEO; his personal guaranty requires the approval of the Audit Committee of SigmaTron’s Board of Directors. After consideration, the Audit Committee determined that Mr. Fairhead’s guaranty was in the best interests of the Company and approved the guaranty. The loan closed on November 12, 2020, and its principal, plus interest equal to $5,000, were due on the maturity date, December 10, 2020. The loan was paid in full on December 8, 2020. As a result, Mr. Fairhead’s guaranty was cancelled and ABC’s security interest was terminated. |
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, that 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- Note H – Significant Accounting Policies - Continued 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. The Company is currently evaluating the impact of this guidance 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 expedients and exceptions 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 amendments in this update apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In January 2021, the FASB issued clarification on the scope of relief related to the reference rate reform. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Inventories, Net [Abstract] | |
Components Of Inventory | January 31, April 30, 2022 2021 Finished products$ 23,363,395 $ 22,858,073 Work-in-process 1,638,122 5,601,560 Raw materials 133,719,681 72,033,278 158,721,198 100,492,911 Less excess and obsolescence reserve (2,403,929) (2,414,310) $ 156,317,269 $ 98,078,601 |
Earnings Per Share And Stockh_2
Earnings Per Share And Stockholders' Equity (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Earnings Per Share And Stockholders' Equity [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Three Months Ended Nine Months Ended Jan 31, Jan 31, Jan 31, Jan 31, 2022 2021 2022 2021 Net (loss) income$ (2,724,297) $ 249,268 $ 9,222,624 $ (24,540)Weighted-average shares Basic 4,729,619 4,257,508 4,439,551 4,255,334Effect of dilutive stock options - 52,782 243,047 - Diluted 4,729,619 4,310,290 4,682,598 4,255,334 Basic (loss) earnings per share$ (0.58) $ 0.06 $ 2.08 $ (0.01) Diluted (loss) earnings per share $ (0.58) $ 0.06 $ 1.97 $ (0.01) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Long-Term Debt [Abstract] | |
Schedule Of Debt And Finance Lease Obligations | Jan 31, April 30, 2022 2021 Debt: Notes Payable - Banks$45,239,487 $32,137,919Notes Payable - Buildings 6,579,189 6,937,763Notes Payable - Equipment 4,240,008 3,923,639Unamortized deferred financing costs (351,920) (353,438)Total debt 55,706,764 42,645,883Less current maturities 2,857,518 7,862,058Long-term debt$52,849,246 $34,783,825 Finance lease obligations$3,312,333 $2,636,134Less current maturities 1,212,713 1,455,638Total finance lease obligations, less current portion$2,099,620 $1,180,496 |
Aggregate Amount Of Debt, Net Deferred Financing Fees | Bank Building Equipment Total For the remaining 3 months of the fiscal year ending April 30:2022$ - $ 119,850 $ 290,446 $ 410,296 For the fiscal years ending April 30:2023 1,302,042 481,085 1,029,618 2,812,745 2024 - 483,904 1,002,250 1,486,154 2025 - 486,890 1,077,625 1,564,515 2026 43,593,565 4,743,124 701,712 49,038,401 2027 - 60,068 138,357 198,425 Thereafter - 196,228 - 196,228 $ 44,895,607 $ 6,571,149 $ 4,240,008 $ 55,706,764 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Revenue Disaggregated By Principal End-User Markets | Three Months Ended Nine Months Ended January 31, January 31, January 31, January 31, Net trade sales by end-market 2022 2021 2022 2021 Industrial Electronics $ 48,955,249 $ 36,433,938 $ 151,294,676 $ 108,705,275 Consumer Electronics 39,234,459 30,680,777 111,550,506 82,520,093 Medical / Life Sciences 5,492,743 4,416,633 16,793,317 10,449,360 Total Net Trade Sales $ 93,682,451 $ 71,531,348 $ 279,638,499 $ 201,674,728 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Lease Assets And Liabilities Related To Balance Sheet Classification | January 31, April 30, Classification 2022 2021Operating Leases: Right-of-use AssetsRight-of-use operating lease assets $ 11,358,910 $ 13,015,986 Operating lease currentliabilitiesCurrent portion of operating leaseobligations 3,248,134 2,843,758 Operating lease noncurrent liabilitiesOperating lease obligations, less current portion 8,687,855 10,474,601 Finance Leases: Right-of-use AssetsProperty, machinery and equipment,net 6,587,925 5,843,068 Finance lease current liabilitiesCurrent portion of finance leaseobligations 1,212,713 1,455,638 Finance lease noncurrent liabilitiesFinance lease obligations, lesscurrent portion 2,099,620 1,180,496 |
Components Of Lease Expense | Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Expense January 31, January 31, January 31, January 31, Classification 2022 2021 2022 2021Operating Leases: Operating lease costOperating 602,488 351,751 1,783,546 1,078,763Variable lease costOperating 53,960 80,109 161,765 236,803Short term lease costOperating 1,800 1,350 5,400 4,050Finance Leases: Amortization of right-of-use assetsOperating 548,833 457,359 1,683,054 1,370,094Interest expenseInterest 63,808 70,698 201,791 193,099Total 1,270,889 961,267 3,835,556 2,882,809 |
Weighted Average Lease Term And Discount Rate | January 31, January 31, 2022 2021Operating Leases: Weighted average remaining lease term (months) 48.44 57.80Weighted average discount rate 3.2% 3.0%Finance Leases: Weighted average remaining lease term (months) 33.31 32.75Weighted average discount rate 9.1% 7.7% |
Future Payments Due Under Operating and Finance Leases | Operating Leases Finance LeasesFor the remaining 3 months of the fiscal year ending April 30: 2022 $ 896,602 $ 528,795 For the fiscal years ending April 30: 2023 3,600,025 1,749,125 2024 3,126,044 1,418,540 2025 2,508,077 1,197,692 2026 2,019,426 530,423 2027 445,296 -Thereafter 150,252 -Total undiscounted lease payments 12,745,722 5,424,575 Present value discount, less interest 809,733 2,112,242 Lease liability $ 11,935,989 $ 3,312,333 |
Supplemental Cash Flow Information Related To Leases | Nine Months Ended January 31,January 31,Other Information20222021Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 201,791 193,099 Operating cash flows from operating leases 290,431 162,220 Financing cash flows from finance leases 1,400,102 1,501,321 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 2,076,301 719,545 Right-of-use assets obtained in exchange for operating lease liabilities 1,657,076 1,192,690 |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Consideration Issuance of 1,546,592 common stock of SigmaTron$ 15,976,295 Fair value of consideration transferred 15,976,295 Fair value of SigmaTron's equity interest in Wagz held prior to the business combination (Note H) 6,299,765 $ 22,276,060 |
Preliminary Allocation Of Purchase Consideration | Cash $ 508,274 Working capital 174,046 Property, plant and equipment 201,839 Acquired intangible assets 10,960,000 Right-of-use operating lease assets 647,076 Other assets 6,000 Operating lease obligations (647,077)Deferred tax liability (215,000)Other liabilities (1,349,459)Goodwill 11,990,361 Fair value of purchase consideration $ 22,276,060 |
Estimated Useful Lives Of Acquired Intangible Assets | Expected Weighted Provisional Amortization Fair Value PeriodTrade name $ 1,230,000 20 yearsPatents 9,730,000 18 years $ 10,960,000 |
Supplemental Pro Forma Consolidated Statements Of Operations | Revenue Net Income (Loss) Actual from January 1, 2022 to January 31, 2022 $ 202,800 $ (528,795)Supplemental proforma information: Three months ended January 31, 2022 94,051,530 1,593,424 Nine months ended January 31, 2022 280,475,134 10,434,921 Three months ended January 31, 2021 71,887,917 (1,991,641)Nine months ended January 31, 2021 202,089,026 (3,559,291) |
Description Of The Business (Na
Description Of The Business (Narrative) (Details) | 9 Months Ended |
Jan. 31, 2022segment | |
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) - U.S. Bank [Member] - Paycheck Protection Program [Member] - USD ($) | 9 Months Ended | |
Jan. 31, 2022 | Apr. 23, 2020 | |
Basis Of Presentation [Line Items] | ||
Loan | $ 6,282,973 | |
Maturity date | Apr. 23, 2022 | |
Forgiveness date | Jul. 9, 2021 |
Inventories, Net (Components Of
Inventories, Net (Components Of Inventory) (Details) - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Inventories, Net [Abstract] | ||
Finished products | $ 23,363,395 | $ 22,858,073 |
Work-in-process | 1,638,122 | 5,601,560 |
Raw materials | 133,719,681 | 72,033,278 |
Total inventory, gross | 158,721,198 | 100,492,911 |
Less excess and obsolescence reserve | (2,403,929) | (2,414,310) |
Total inventory, net | $ 156,317,269 | $ 98,078,601 |
Earnings Per Share And Stockh_3
Earnings Per Share And Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2020 | Jan. 31, 2022 | Jan. 31, 2021 | |
Earnings Per Share And Stockholders' Equity [Abstract] | ||||
Options to purchase, common stock outstanding | 464,144 | 464,144 | 513,232 | |
Options granted | 102,000 | 0 | ||
Stock option expense | $ 102,849 | $ 0 | $ 245,769 | $ 0 |
Unrecognized compensation expense | $ 0 | $ 0 | $ 0 | |
Anti-dilutive common stock outstanding excluded from the calculation of diluted earnings per share | 0 | 143,781 | 0 | 240,160 |
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 | 9 Months Ended | |||||||
Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2022 | Jan. 31, 2021 | |
Earnings Per Share And Stockholders' Equity [Abstract] | |||||||||
Net (loss) income | $ (2,724,297) | $ 3,150,205 | $ 8,796,716 | $ 249,268 | $ 626,858 | $ (900,666) | $ 249,268 | $ 9,222,624 | $ (24,540) |
Weighted-average shares, Basic | 4,729,619 | 4,257,508 | 4,257,508 | 4,439,551 | 4,255,334 | ||||
Weighted-average shares, Effect of dilutive stock options | 52,782 | 243,047 | |||||||
Diluted | 4,729,619 | 4,310,290 | 4,310,290 | 4,682,598 | 4,255,334 | ||||
Basic (loss) earnings per share | $ (0.58) | $ 0.06 | $ 0.06 | $ 2.08 | $ (0.01) | ||||
Diluted (loss) earnings per share | $ (0.58) | $ 0.06 | $ 0.06 | $ 1.97 | $ (0.01) |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Jan. 17, 2022 | Jan. 29, 2021USD ($) | Jan. 28, 2021USD ($) | Jan. 26, 2021 | Mar. 03, 2020USD ($) | Dec. 21, 2017USD ($) | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Nov. 17, 2021USD ($) | Apr. 30, 2020USD ($) | Apr. 23, 2020USD ($) | Mar. 15, 2019CNY (¥) | Apr. 30, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Payment under revolving line of credit | $ 314,510,791 | $ 302,157,766 | ||||||||||||
Repayment of mortgage agreement | 358,574 | $ 6,401,702 | ||||||||||||
Mortgage agreement, amount repaid | $ 295,747 | |||||||||||||
Notes Payable - Buildings [Member] | Corporate Headquarters And Manufacturing Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Prepayment penalty | $ 120,842 | |||||||||||||
Senior Secured Credit Facility [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Payment under revolving line of credit | $ 25,574,733 | |||||||||||||
Unamortized deferred financing costs | 158,476 | |||||||||||||
U.S. Bank [Member] | Notes Payable - Buildings [Member] | Corporate Headquarters And Manufacturing Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs | 21,365 | $ 74,066 | ||||||||||||
Repayment of mortgage agreement | 4,576,000 | |||||||||||||
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 | |||||||||||||
U.S. Bank [Member] | Notes Payable - Buildings [Member] | Engineering And Design Center [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs | 18,859 | $ 65,381 | ||||||||||||
Prepayment penalty | 41,830 | |||||||||||||
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, outstanding amount | 1,584,000 | |||||||||||||
U.S. Bank [Member] | Paycheck Protection Program [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan | $ 6,282,973 | |||||||||||||
Forgiveness date | Jul. 9, 2021 | |||||||||||||
Maturity date | Apr. 23, 2022 | |||||||||||||
U.S. Bank [Member] | Revolving Line Cap [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility | $ 45,000,000 | |||||||||||||
Borrowing base percentage | 80.00% | |||||||||||||
JPMorgan Chase Bank [Member] | Notes Payable - Buildings [Member] | Corporate Headquarters And Manufacturing Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs | 10,050 | |||||||||||||
Unamortized amount | $ 8,040 | |||||||||||||
Mortgage agreement, amount | 6,500,000 | |||||||||||||
Mortgage agreement, monthly principal payment | $ 36,111 | |||||||||||||
Mortgage agreement, interest rate | 2.50% | |||||||||||||
Mortgage agreement, payable period | 60 months | |||||||||||||
Mortgage agreement, effective interest rate | 2.75% | |||||||||||||
Mortgage agreement, final payment | $ 4,368,444 | |||||||||||||
Mortgage agreement, maturity date | Jan. 29, 2026 | |||||||||||||
Mortgage agreement, outstanding amount | $ 6,102,778 | 6,427,778 | ||||||||||||
JPMorgan Chase Bank [Member] | Senior Secured Credit Facility [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loan | $ 6,500,000 | |||||||||||||
Effective interest rate | 2.25% | |||||||||||||
Outstanding balance under the credit facility | $ 43,937,445 | 24,967,668 | ||||||||||||
Unused availability under the credit facility | $ 8,629,221 | 15,947,990 | ||||||||||||
Percentage of the revolving commitment | 10.00% | |||||||||||||
Deferred financing costs | $ 56,154 | 361,734 | ||||||||||||
Unamortized amount | $ 343,880 | 343,890 | ||||||||||||
Maturity date | Jan. 29, 2026 | |||||||||||||
JPMorgan Chase Bank [Member] | Senior Secured Credit Facility [Member] | Prime Rate [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable interest rate | 2.00% | |||||||||||||
JPMorgan Chase Bank [Member] | Senior Secured Credit Facility [Member] | Standard Reserve Rate [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Variable interest rate | 2.00% | |||||||||||||
JPMorgan Chase Bank [Member] | Amended Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility | $ 60,000,000 | |||||||||||||
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 | $ 476,411 | $ 509,985 | ||||||||||||
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] | Engencap Fin S.A. DE C.V. [Member] | Notes Payable - Equipment [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 6.65% | |||||||||||||
Maturity date | Feb. 1, 2022 | |||||||||||||
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, 2025 | |||||||||||||
Quarterly installment payments under secured note agreements | $ 40,173 | |||||||||||||
Maximum [Member] | JPMorgan Chase Bank [Member] | Senior Secured Credit Facility [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility | $ 50,000,000 | $ 50,000,000 | ||||||||||||
Maximum [Member] | JPMorgan Chase Bank [Member] | Credit Facility [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility | $ 53,000,000 | |||||||||||||
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 | Oct. 1, 2026 | |||||||||||||
Quarterly installment payments under secured note agreements | $ 71,326 | |||||||||||||
SigmaTron Electronic Technology Co [Member] | China Construction Bank [Member] | Credit Facility [Member] | Notes Payable - Banks [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility | $ 1,411,853 | ¥ 9,000,000 | ||||||||||||
Expiration date | Dec. 23, 2022 | Jan. 6, 2022 | ||||||||||||
Fixed interest rate | 3.80% | |||||||||||||
Outstanding balance under the credit facility | $ 1,302,042 | $ 824,159 | ||||||||||||
Maturity date | Dec. 23, 2022 |
Long-Term Debt (Schedule Of Deb
Long-Term Debt (Schedule Of Debt And Finance Lease Obligations) (Details) - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | $ (351,920) | $ (353,438) |
Total debt | 55,706,764 | 42,645,883 |
Less current maturities | 2,857,518 | 7,862,058 |
Long-term debt | 52,849,246 | 34,783,825 |
Finance lease obligations | 3,312,333 | 2,636,134 |
Less current maturities | 1,212,713 | 1,455,638 |
Total finance lease obligations, less current portion | 2,099,620 | 1,180,496 |
Notes Payable - Banks [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 45,239,487 | 32,137,919 |
Total debt | 44,895,607 | |
Notes Payable - Buildings [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 6,579,189 | 6,937,763 |
Total debt | 6,571,149 | |
Notes Payable - Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 4,240,008 | $ 3,923,639 |
Total debt | $ 4,240,008 |
Long-Term Debt (Aggregate Amoun
Long-Term Debt (Aggregate Amount Of Debt, Net Deferred Financing Fees) (Details) - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
For the remaining 3 months of the fiscal year ending April 30: 2022 | $ 410,296 | |
For the fiscal years ending April 30: | ||
2023 | 2,812,745 | |
2024 | 1,486,154 | |
2025 | 1,564,515 | |
2026 | 49,038,401 | |
2027 | 198,425 | |
Thereafter | 196,228 | |
Total debt | 55,706,764 | $ 42,645,883 |
Notes Payable - Banks [Member] | ||
For the fiscal years ending April 30: | ||
2023 | 1,302,042 | |
2026 | 43,593,565 | |
Total debt | 44,895,607 | |
Notes Payable - Buildings [Member] | ||
For the remaining 3 months of the fiscal year ending April 30: 2022 | 119,850 | |
For the fiscal years ending April 30: | ||
2023 | 481,085 | |
2024 | 483,904 | |
2025 | 486,890 | |
2026 | 4,743,124 | |
2027 | 60,068 | |
Thereafter | 196,228 | |
Total debt | 6,571,149 | |
Notes Payable - Equipment [Member] | ||
For the remaining 3 months of the fiscal year ending April 30: 2022 | 290,446 | |
For the fiscal years ending April 30: | ||
2023 | 1,029,618 | |
2024 | 1,002,250 | |
2025 | 1,077,625 | |
2026 | 701,712 | |
2027 | 138,357 | |
Thereafter | ||
Total debt | $ 4,240,008 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2022 | Jan. 31, 2021 | Apr. 23, 2020 | |
Income Tax [Line Items] | ||||||
Income tax expense (benefit) | $ 744,408 | $ (25,910) | $ (25,910) | $ 3,014,865 | $ 196,199 | |
Effective tax rate | 37.60% | (11.60%) | 24.64% | 114.29% | ||
Cumulative earnings | $ 8,910,000 | $ 8,910,000 | ||||
Paycheck Protection Program [Member] | U.S. Bank [Member] | ||||||
Income Tax [Line Items] | ||||||
Loan | $ 6,282,973 | |||||
Forgiveness date | Jul. 9, 2021 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 11 Months Ended | |||
Dec. 31, 2021 | Nov. 30, 2020 | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | May 29, 2020 | |
Critical Accounting Policies [Line Items] | ||||||||
Revenues recognized from performance obligations satisfied or partially satisfied | $ 0 | $ 0 | ||||||
Amounts allocated to performance obligations remain unsatisfied or partially unsatisfied | 0 | 0 | ||||||
Impairment charge | 6,300,235 | $ 6,300,235 | ||||||
Notes receivable | $ 7,014,594 | |||||||
Proceeds from issuance of new shares to raise additional capital | $ 277,120 | |||||||
Secured Promissory Note [Member] | ||||||||
Critical Accounting Policies [Line Items] | ||||||||
Maturity date | Dec. 31, 2021 | |||||||
Interest rate | 4.00% | |||||||
Wagz [Member] | ||||||||
Critical Accounting Policies [Line Items] | ||||||||
Fair value of the common stock | $ 6,300,000 | $ 6,299,765 | $ 6,300,000 | $ 600,000 | ||||
Percentage of acquired of stock from business combinations | 100.00% | 100.00% | ||||||
Impairment charge | $ 6,300,235 | 6,300,235 | ||||||
Proceeds from Issuance of Debt | $ 12,600,000 | |||||||
Equity Method Investment, Ownership Percentage | 25.50% | 25.50% | 25.50% | |||||
Wagz [Member] | Convertible Secured Promissory Note [Member] | ||||||||
Critical Accounting Policies [Line Items] | ||||||||
Proceeds from Issuance of Debt | $ 7,947,522 | |||||||
Convertible secured promissory note, outstanding | $ 12,600,000 | $ 12,600,000 | ||||||
New shares expects to issue | 12,600,000 | |||||||
Equity Method Investment, Ownership Percentage | 25.50% | 25.50% | ||||||
Wagz [Member] | Convertible Secured Promissory Note [Member] | Maximum [Member] | ||||||||
Critical Accounting Policies [Line Items] | ||||||||
Convertible secured promissory note | $ 4,052,478 | |||||||
Wagz [Member] | Secured Promissory Note [Member] | ||||||||
Critical Accounting Policies [Line Items] | ||||||||
Proceeds from Issuance of Debt | $ 977,133 | |||||||
Gary R. Fairhead [Member] | Wagz [Member] | ||||||||
Critical Accounting Policies [Line Items] | ||||||||
Loan | $ 250,000 | |||||||
Interest payment | $ 5,000 | |||||||
Maturity date | Dec. 10, 2020 |
Significant Accounting Polici_5
Significant Accounting Policies (Revenue Disaggregated By Principal End-User Markets) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total Net Trade Sales | $ 93,682,451 | $ 71,531,348 | $ 279,638,499 | $ 201,674,728 |
Industrial Electronics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Net Trade Sales | 48,955,249 | 36,433,938 | 151,294,676 | 108,705,275 |
Consumer Electronics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Net Trade Sales | 39,234,459 | 30,680,777 | 111,550,506 | 82,520,093 |
Medical / Life Sciences [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Net Trade Sales | $ 5,492,743 | $ 4,416,633 | $ 16,793,317 | $ 10,449,360 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) | Jan. 31, 2022 |
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 ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Leases [Abstract] | ||
Operating Leases: Right-of-use Assets | $ 11,358,910 | $ 13,015,986 |
Operating lease current liabilities | 3,248,134 | 2,843,758 |
Operating lease noncurrent liabilities | 8,687,855 | 10,474,601 |
Finance Leases: Right-of-use Assets | 6,587,925 | 5,843,068 |
Finance lease current liabilities | 1,212,713 | 1,455,638 |
Finance lease noncurrent liabilities | $ 2,099,620 | $ 1,180,496 |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Total | $ 1,270,889 | $ 961,267 | $ 3,835,556 | $ 2,882,809 |
Operating Expense [Member] | ||||
Operating lease cost | 602,488 | 351,751 | 1,783,546 | 1,078,763 |
Variable lease cost | 53,960 | 80,109 | 161,765 | 236,803 |
Short term lease cost | 1,800 | 1,350 | 5,400 | 4,050 |
Amortization of right-of-use assets | 548,833 | 457,359 | 1,683,054 | 1,370,094 |
Interest Expense [Member] | ||||
Interest expense | $ 63,808 | $ 70,698 | $ 201,791 | $ 193,099 |
Leases (Weighted Average Lease
Leases (Weighted Average Lease Term And Discount Rate) (Details) | Jan. 31, 2022 | Jan. 31, 2021 |
Leases [Abstract] | ||
Operating Leases: Weighted average remaining lease term (months) | 48 months 13 days | 57 months 24 days |
Operating Leases: Weighted average discount rate | 3.20% | 3.00% |
Finance Leases: Weighted average remaining lease term (months) | 33 months 9 days | 32 months 22 days |
Finance Leases: Weighted average discount rate | 9.10% | 7.70% |
Leases (Future Payments Due Und
Leases (Future Payments Due Under Operating And Finance Leases) (Details) - USD ($) | Jan. 31, 2022 | Apr. 30, 2021 |
Operating Leases | ||
For the remaining 3 months of the fiscal year ending April 30: 2022 | $ 896,602 | |
For the fiscal year ending April 30: 2023 | 3,600,025 | |
For the fiscal year ending April 30: 2024 | 3,126,044 | |
For the fiscal year ending April 30: 2025 | 2,508,077 | |
For the fiscal year ending April 30: 2026 | 2,019,426 | |
For the fiscal year ending April 30: 2027 | 445,296 | |
Thereafter | 150,252 | |
Total undiscounted lease payments | 12,745,722 | |
Present value discount, less interest | 809,733 | |
Lease liability | 11,935,989 | |
Finance Leases | ||
For the remaining 3 months of the fiscal year ending April 30: 2022 | 528,795 | |
For the fiscal year ending April 30: 2023 | 1,749,125 | |
For the fiscal year ending April 30: 2024 | 1,418,540 | |
For the fiscal year ending April 30: 2025 | 1,197,692 | |
For the fiscal year ending April 30: 2026 | 530,423 | |
For the fiscal year ending April 30: 2027 | ||
Thereafter | ||
Total undiscounted lease payments | 5,424,575 | |
Present value discount, less interest | 2,112,242 | |
Lease liability | $ 3,312,333 | $ 2,636,134 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 201,791 | $ 193,099 |
Operating cash flows from operating leases | 290,431 | 162,220 |
Financing cash flows from finance leases | 1,400,102 | 1,501,321 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 2,076,301 | 719,545 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,657,076 | $ 1,192,690 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | Jan. 31, 2022 | Apr. 30, 2021 |
Impairment charge | $ 6,300,235 | $ 6,300,235 | |||||
Stock Issued During Period, Value, Acquisitions | 25,245,177 | ||||||
Goodwill | 11,990,361 | 11,990,361 | |||||
Wagz [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |||||
Proceeds from Issuance of Debt | $ 12,600,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 12,600,000 | ||||||
Equity Method Investment, Ownership Percentage | 25.50% | 25.50% | 25.50% | ||||
Fair value of the common stock | $ 6,300,000 | $ 6,300,000 | $ 6,299,765 | $ 600,000 | |||
Impairment charge | 6,300,235 | $ 6,300,235 | |||||
Business Combination Consideration Transferred Equity Interests Issued And Issuable | 2,443,870 | ||||||
Stock Issued During Period, Value, Acquisitions | 25,245,177 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 9,268,881 | ||||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 22,276,060 | ||||||
Goodwill | 11,990,361 | 11,990,361 | |||||
Acquisition Costs, Period Cost | 129,747 | 476,734 | |||||
Business Acquisition, Pro Forma, Acquisition Costs | 128,747 | $ 86,002 | 476,734 | ||||
Business Acquisition, Pro Forma, Amortization Costs | $ 149,431 | $ 448,292 | |||||
Wagz [Member] | Patents [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,230,000 | 1,230,000 | |||||
Wagz [Member] | Trade Names [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 9,730,000 | $ 9,730,000 | |||||
Wagz [Member] | Allocated To Wagz [Member] | |||||||
Business Combination Consideration Transferred Equity Interests Issued And Issuable | 15,976,295 | ||||||
Stock Issued During Period, Value, Acquisitions | $ 15,976,295 | ||||||
Stock Issued During Period, Shares, Acquisitions | 1,546,592 | ||||||
Wagz [Member] | Allocated To Sigmatron [Member] | |||||||
Stock Issued During Period, Shares, Acquisitions | 897,278 |
Acquisition (Consideration) (De
Acquisition (Consideration) (Details) - Wagz [Member] | Dec. 31, 2021USD ($)shares |
Business Acquisition [Line Items] | |
Business Combination Consideration Transferred Equity Interests Issued And Issuable | $ 2,443,870 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 6,299,765 |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination, Total | 22,276,060 |
Allocated To Wagz [Member] | |
Business Acquisition [Line Items] | |
Business Combination Consideration Transferred Equity Interests Issued And Issuable | $ 15,976,295 |
Stock Issued During Period, Shares, Acquisitions | shares | 1,546,592 |
Allocated To Sigmatron [Member] | |
Business Acquisition [Line Items] | |
Stock Issued During Period, Shares, Acquisitions | shares | 897,278 |
Acquisition (Preliminary Alloca
Acquisition (Preliminary Allocation Of Purchase Consideration) (Details) - USD ($) | Jan. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 11,990,361 | |
Wagz [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 508,274 | |
Working capital | 174,046 | |
Property, plant and equipment | 201,839 | |
Acquired intangible assets | 10,960,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Operating Lease Right Of Use Assets | 647,076 | |
Other assets | 6,000 | |
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 647,077 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 215,000 | |
Other liabilities | (1,349,459) | |
Goodwill | 11,990,361 | |
Fair value of purchase consideration | $ 22,276,060 |
Acquisition (Estimated Useful L
Acquisition (Estimated Useful Lives of Acquired Intangible Assets) (Details) - Wagz [Member] - USD ($) | Dec. 31, 2021 | Jan. 31, 2022 |
Business Acquisition [Line Items] | ||
Provisional Fair Value | $ 10,960,000 | |
Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Provisional Fair Value | 1,230,000 | |
Weighted Average Amortization Period | 20 years | |
Patents [Member] | ||
Business Acquisition [Line Items] | ||
Provisional Fair Value | $ 9,730,000 | |
Weighted Average Amortization Period | 18 years |
Acquisition (Supplemental Pro F
Acquisition (Supplemental Pro Forma Consolidated Statements Of Operations) (Details) - Wagz [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Business Acquisitions Pro Forma Revenue | $ 202,800 | $ 94,051,530 | $ 71,887,917 | $ 280,475,134 | $ 202,089,026 |
Business Acquisitions Pro Forma Net Income Loss | $ (528,795) | $ 1,593,424 | $ (1,991,641) | $ 10,434,921 | $ (3,559,291) |