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

6 Months Ended

Oct. 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):

	October 31,		April 30,
	2022		2022
Accounts Receivable, net	$	3,960	$	3,636
Contract Asset		1,242		1,470
Contract Liability		4,848		820

Accounts receivable, net consist of $3,960 and $3,636 from customers as of  October 31, 2022 and April 30, 2022, respectively. At October 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 $1,242 and $1,470 as of October 31, 2022 and April 30, 2022. Contract assets decreased $228 during the six months ended October 31, 2022, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the six months ended October 31, 2022. There were no significant impairment losses related to our contract assets during the six months ended October 31, 2022. We expect to bill our customers for the majority of the October 31, 2022 contract assets during fiscal year end 2023.

Contract liabilities increased $4,028 during the six months ended October 31, 2022, primarily due to payments received in excess of the revenue recognized on these performance obligations.