Note 7 - Debt

3 Months Ended

Jul. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

7.

Debt: At

July 31, 2019,

the Company was utilizing a promissory note in the form of a line of credit totaling

$5,000.

The unused line at

July 31, 2019

was

$5,000.

These funds are 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, 2019,

there was

one

note with an interest rate of

6.25%

collateralized by aircraft security agreements totaling

$2.1

million. This note was used for the purchase and modifications of collateralized aircraft. This note matures in

January 2023.

At

July 31, 2019,

there is

one

note totaling

$238

collateralized by real estate in Dodge City, Kansas. The interest rate on this note is

6.25%.

This note matures in

June 2024.

At

July 31, 2019,

there is

one

note collateralized by equipment with a balance of

$57.

The interest rate on this note is

4.5%.

This note matures in

April 2022.

At

July 31, 2019,

there is

one

note at a bank totaling

$1.0

million with an interest rate of

4.89%.

The proceeds were used primarily to pay off obligations with BHCI (a non-controlling owner of BHCMC, LLC). This note matures in

May 2020.

We are

not

in default of any of our notes as of

July 31, 2019.

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

2019

and beyond.