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

9 Months Ended

Jan. 31, 2025

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):

	January 31,		April 30,
	2025		2024
Accounts Receivable, net	$	6,286	$	5,776
Contract Asset		3,146		3,812
Contract Liability		8,593		5,922

Accounts receivable, net consist of $6,286 and $5,776 from customers as of  January 31, 2025 and April 30, 2024, respectively. At January 31, 2025 and April 30, 2024, the allowance for doubtful accounts were $47.

Contract assets are net of progress payments and performance based payments from our customers totaling $3,146 and $3,812 as of January 31, 2025 and April 30, 2024 ,respectively. Contract assets decreased $666 during the nine months ended January 31, 2025, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the nine months ended January 31, 2025. There were no significant impairment losses related to our contract assets during the nine months ended January 31, 2025. We expect to bill our customers for the majority of the January 31, 2025 contract assets during fiscal year end 2025.

Contract liabilities increased $2,671 during the nine months ended January 31, 2025, primarily due to the revenue recognized on these performance obligations being less than the payments received.