Related Party Transactions

12 Months Ended

Apr. 30, 2022

Related Party Transactions

Related Party Transactions

19.          Related Party Transactions

Pursuant to a consulting agreement, the Company paid a board member approximately $36,000, $29,000 and $59,000 for fiscal years ended April 30, 2022, 2021 and 2020, respectively, for consulting services independent of his board service.

Under the DDA and related efforts with HAPSMobile, the Company designed and built prototype solar powered high altitude aircraft and ground control stations for HAPSMobile and conducted low altitude and high altitude flight tests of the prototype aircraft on a best efforts basis, up to a maximum net value of $185,202,000. The Company will continue the development of Solar HAPS with SoftBank under the MDDA. Upon the execution of the MDDA, SoftBank issued the first order under the MDDA, which has a maximum value of approximately $51,200,000.

The Company recorded revenue under both the MDDA and DDA and preliminary design agreements between the Company and SoftBank of $43,325,000, $42,426,000 and $60,864,000 for the fiscal years ended April 30, 2022, 2021 and 2020, respectively. At April 30, 2022 and 2021, the Company had unbilled related party receivables from HAPSMobile of $2,229,000 and $544,000 recorded in unbilled receivables and retentions on the consolidated balance sheet, respectively. As of April 30, 2022, the Company had no ownership stake in HAPSMobile and SoftBank and HAPSMobile are no longer considered related parties. Refer to Note 9 – Equity Method Investments for further details.