XML 14 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Borrowings
9 Months Ended
Jan. 31, 2014
Borrowings [Abstract]  
Borrowings
4. Borrowings: At January 31, 2014, the Company was utilizing three lines of credit totaling $4.0 million. The unused line at January 31, 2014 was $2.3 million. During the current year these funds were primarily used for the purchase of inventory and aircraft modification STC development for the modifications and avionics operations.

Our $1.0 million line of credit has been extended to August 2014. Our $2.5 million line of credit matures April 2015. Our $0.5 million line of credit matures June 2015.  The lines of credit are collateralized by the first and second positions on all assets of the Company.

At January 31, 2014, there were several notes collateralized by aircraft security agreements totaling $1,370. These notes were used for the purchase and modifications of these collateralized aircraft and Kings Avionics, Inc.

There are three notes at a bank totaling $1,493 for real estate located in Olathe, Kansas and Tempe, Arizona. The due date for these notes is March 2019 and August 2019.

One note totaling $323 remain for real estate purchased in November 2007 and June 2009 in Dodge City, Kansas.

BHCMC entered into an obligation with Konami Gaming Inc. effective August 1, 2012 in the amount of $1,733. The purchase of the gaming system was installed at Boot Hill Casino in mid-August and has a current balance of $518.

The Kansas Lottery acquired additional gaming machines.  BHCMC, as manager under the management contract with the State of Kansas, was required to remit payment for the gaming equipment. The balance of this financed payable is $1,145.

We are not in default of any of our notes as of January 31, 2014.

We believe that our current banks will provide the necessary capital for our business operations. However, we continue to maintain contact with other banks that have an interest in funding our working capital needs to continue our growth in operations in 2014 and beyond.