Note 5 - Accounts Receivable, Net, Contract Asset and Contract Liability

3 Months Ended

Jul. 31, 2022

Notes to Financial Statements

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Text Block]

5. Accounts receivable, net, contract asset and contract liability:

Accounts Receivables, net, contract asset and contract liability were as follows (in thousands):

	July 31,		April 30,
	2022		2022
Accounts Receivable, net	$	3,615	$	3,636
Contract Asset		1,144		1,470
Contract Liability		4,164		820

Accounts receivable, net consist of $3,615 and $3,636 from customers as of  July 31, 2022 and April 30, 2022, respectively. At July 31, 2022 and April 30, 2022, the allowance for doubtful accounts was $205 and $205, respectively.

Contract assets are net of progress payments and performance based payments from our customers as well as advance payments from customers totaling $1,144 and $1,470 as of July 31, 2022 and April 30, 2022. Contract assets decreased $326 during the three months ended July 31, 2022, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the three months ended July 31, 2022. There were no significant impairment losses related to our contract assets during the three months ended July 31, 2022. We expect to bill our customers for the majority of the July 31, 2022 contract assets during fiscal year end 2023.

Contract liabilities increased $3,344 during the three months ended July 31, 2022, primarily due to payments received in excess of the revenue recognized on these performance obligations.