Investments in Companies Accounted for Using the Equity Method

12 Months Ended

Apr. 30, 2016

Investments in Companies Accounted for Using the Equity Method

Investments in Companies Accounted for Using the Equity Method

7.           Investments in Companies Accounted for Using the Equity Method

In March of 2014, the Company purchased 49% of the outstanding common stock of Altoy Savunma Sanayi ve Havacilik Anonim Sirketi (“Altoy”), a Turkish corporation founded in February 2014. Altoy aims to develop and manufacture high altitude, long endurance, unmanned aerial platform technologies in Turkey and market and sell such technologies to the world market. Altoy is considered to be in a start‑up phase with limited current operations. During the years ended April 30, 2016 and 2015, the Company recorded 49% of the net loss of Altoy, or $138,000 and $240,000, respectively, in “Other (expense) income” in the consolidated statement of income. At April 30, 2016 and 2015, the carrying value of the investment in Altoy was $386,000 and $230,000, respectively, and was recorded in “Other assets, long‑term.”