Note 5 - Debt

3 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

5.

Debt: A

t

July 31, 2017,

the Company has a line of credit of up to

$5.0

million. The unused line at

July 31, 2017

was

$2.5

million. These funds were primarily used for the purchase of inventories and aircraft modification Supplemental Type Certificate ("STC") development costs for modifications and avionics. The line of credit is due on demand and is collateralized by the

first

and

second

positions on all assets of the Company.

At

July 31, 2017,

there were

two

notes collateralized by aircraft security agreements totaling

$395.

These notes were used for the purchase and modifications of these collateralized aircraft and Butler Avionics, Inc.

There are

three

notes at a bank totaling

$495

for real estate located in Olathe, Kansas and Tempe, Arizona. The due date for the notes is

March 2019.

One note totaling

$271

remains for real

estate purchased in Dodge City, Kansas and matures in

June 2019.

At

July 31, 2017,

there is

one

note for equipment with a balance of

$94.

This note matures in

April 2022.

BHCMC arranged to acquire for ownership by the Kansas Lottery additional gaming machines. The balance of these financed payables is

$484.

One note collateralized by all of the BNSC assets and compensation due under the State Management contract totals

$3,291

and matures in

May 2020.

The proceeds were used primarily to retire obligations with BHCI (a non-controlling owner of BHCMC, LLC).

We are

not

in default of any of our notes as of

July 31, 2017.

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

2018

and beyond.