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

6 Months Ended

Oct. 31, 2024

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,
	2024		2024
Accounts Receivable, net	$	5,402	$	5,776
Contract Asset		3,386		3,812
Contract Liability		8,999		5,922

Accounts receivable, net consist of $5,402 and $5,776 from customers as of  October 31, 2024 and April 30, 2024, respectively. At October 31, 2024 and April 30, 2024, the allowance for doubtful accounts was $47 and $47, respectively.

Contract assets are net of progress payments and performance based payments from our customers totaling $3,386 and $3,812 as of October 31, 2024 and April 30, 2024. Contract assets decreased $426 during the six months ended October 31, 2024, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the six months ended October 31, 2024. There were no significant impairment losses related to our contract assets during the six months ended October 31, 2024. We expect to bill our customers for the majority of the October 31, 2024 contract assets during fiscal year end 2025.

Contract liabilities increased $3,077 during the six months ended October 31, 2024, primarily due to the revenue recognized on these performance obligations being less than the payments received.