0001096906-19-000238.txt : 20190611 0001096906-19-000238.hdr.sgml : 20190611 20190611171307 ACCESSION NUMBER: 0001096906-19-000238 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20190430 FILED AS OF DATE: 20190611 DATE AS OF CHANGE: 20190611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PASSUR Aerospace, Inc. CENTRAL INDEX KEY: 0000225628 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 112208938 STATE OF INCORPORATION: NY FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-07642 FILM NUMBER: 19891712 BUSINESS ADDRESS: STREET 1: ONE LANDMARK SQUARE STREET 2: STE. 1900 CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 2036224086 MAIL ADDRESS: STREET 1: ONE LANDMARK SQUARE STREET 2: STE. 1900 CITY: STAMFORD STATE: CT ZIP: 06901 FORMER COMPANY: FORMER CONFORMED NAME: MEGADATA CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MEGADATA COMPUTER & COMMUNICATIONS CORP DATE OF NAME CHANGE: 19770201 FORMER COMPANY: FORMER CONFORMED NAME: BELLOK DEVICES INC DATE OF NAME CHANGE: 19740314 10-Q 1 passur.htm 10Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10‑Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended April 30, 2019

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 000‑7642

PASSUR AEROSPACE, INC.

(Exact Name of Registrant as Specified in Its Charter)

New York	11-2208938
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

One Landmark Square, Suite 1900, Stamford, Connecticut	06901
(Address of Principal Executive Office)	(Zip Code)

Registrant's telephone number, including area code: (203) 622-4086

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ]	Smaller reporting company [X]
Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

Securities registered pursuant to Section 12(b) of the Act: None

There were 7,696,091 shares of the Registrant’s common stock with a par value of $0.01 per share outstanding as of June 1, 2019.

INDEX

PASSUR Aerospace, Inc. and Subsidiary

		Page

PART I. Financial Information

Item 1.	Financial Statements

	Consolidated Balance Sheets as of April 30, 2019 (unaudited) and October 31, 2018.	3

	Consolidated Statements of Operations (unaudited) Three months ended April 30, 2019 and 2018.	4

	Consolidated Statements of Operations (unaudited) Six months ended April 30, 2019 and 2018.	5

	Consolidated Statements of Stockholders’ Equity (unaudited) Six months ended April 30, 2019 and 2018.	6

	Consolidated Statements of Cash Flows (unaudited) Six months ended April 30, 2019 and 2018.	7

	Notes to Consolidated Financial Statements (unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	16

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	23

Item 4.	Controls and Procedures.	23

PART II. Other Information		23

Item 1.	Legal Proceedings.	23

Item 5.	Other Information.	23

Item 6.	Exhibits.	24

Signatures.		25

PART I: Financial Information

Item 1. Financial Statements

PASSUR Aerospace, Inc. and Subsidiary

Consolidated Balance Sheets

	April 30, 2019			October 31, 2018
	(unaudited)
Assets
Current assets:
Cash	$	877,714		$	100,856
Accounts receivable, net		990,330			1,186,664
Prepaid expenses and other current assets		421,618			199,173
Total current assets		2,289,662			1,486,693


PASSUR Network, net		4,425,951			4,800,750
Capitalized software development costs, net		8,371,969			8,141,589
Property and equipment, net		584,899			672,601
Other assets		93,180			112,551
Total assets	$	15,765,661		$	15,214,184

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	1,010,109		$	989,958
Accrued expenses and other current liabilities		1,175,381			1,189,342
Deferred revenue, current portion		4,207,158			2,847,323
Total current liabilities		6,392,648			5,026,623

Deferred revenue, long term portion		382,517			409,971
Note payable - related party		6,960,000			6,050,000
Other liabilities		96,992			113,273
Total liabilities		13,832,157			11,599,867

Commitments and contingencies

Stockholders' equity:
Preferred shares - authorized 5,000,000 shares, par value $0.01 per share; none issued or outstanding		-			-
Common shares - authorized 20,000,000 shares, respectively, par value $0.01 per share; issued 8,480,526 at April 30, 2019 and October 31, 2018, respectively		84,804			84,804
Additional paid-in capital		17,664,341			17,345,450
Accumulated deficit		(13,881,963	)		(11,882,259	)
		3,867,182			5,547,995

Treasury stock, at cost, 784,435 shares at April 30, 2019 and October 31, 2018, respectively		(1,933,678	)		(1,933,678	)
Total stockholders' equity		1,933,504			3,614,317
Total liabilities and stockholders' equity	$	15,765,661		$	15,214,184

See accompanying notes to consolidated financial statements.

PASSUR Aerospace, Inc. and Subsidiary

Consolidated Statements of Operations

(Unaudited)

	Three months ended
	April 30,
	2019			2018

Revenues	$	3,634,124		$	3,501,842

Cost of expenses:
Cost of revenues		2,036,347			2,026,121
Research and development expenses		139,318			149,163
Selling, general, and administrative expenses		2,422,361			2,276,284
		4,598,026			4,451,568

Loss from operations	$	(963,902	)	$	(949,726	)

Interest expense - related party		167,765			70,088
Other loss		-			4,506
Loss before income taxes		(1,131,667	)		(1,024,320	)

Provision for income taxes		-			-
Net loss	$	(1,131,667	)	$	(1,024,320	)

Net loss per common share - basic	$	(0.15	)	$	(0.13	)
Net loss per common share - diluted	$	(0.15	)	$	(0.13	)

Weighted average number of common shares outstanding - basic		7,696,091			7,696,091
Weighted average number of common shares outstanding - diluted		7,696,091			7,696,091

See accompanying notes to consolidated financial statements.

PASSUR Aerospace, Inc. and Subsidiary

Consolidated Statements of Operations

(Unaudited)

	Six months ended
	April 30,
	2019			2018

Revenues	$	7,290,248		$	7,015,329

Cost of expenses:
Cost of revenues		4,068,766			4,265,421
Research and development expenses		283,273			303,829
Selling, general, and administrative expenses		4,668,259			4,497,113
		9,020,298			9,066,363

Loss from operations	$	(1,730,050	)	$	(2,051,034	)

Interest expense - related party		335,684			135,800
Other loss		-			4,506
Loss before income taxes		(2,065,734	)		(2,191,340	)

Provision for income taxes		-			-
Net loss	$	(2,065,734	)	$	(2,191,340	)

Net loss per common share - basic	$	(0.27	)	$	(0.28	)
Net loss per common share - diluted	$	(0.27	)	$	(0.28	)

Weighted average number of common shares outstanding - basic		7,696,091			7,696,091
Weighted average number of common shares outstanding - diluted		7,696,091			7,696,091

See accompanying notes to consolidated financial statements.

PASSUR Aerospace, Inc. and Subsidiary

Consolidated Statements of Stockholders’ Equity

(Unaudited)

	Six Months ended April 30, 2019
					Additional								Total
	Common Stock				Paid-In		Accumulated			Treasury			Stockholders
	Shares		Amount		Capital		Deficit			Stock			Equity

Balance at October 31, 2018		8,480,526	$	84,804	$	17,345,450	$	(11,882,259	)	$	(1,933,678	)	$	3,614,317

Stock-based compensation expense						155,747		-			-			155,747
Net loss						-		(934,067	)		-			(934,067	)
Effect of new accounting standard						-		66,030			-			66,030
Balance at January 31, 2019		8,480,526		84,804		17,501,197		(12,750,296	)		(1,933,678	)		2,902,027

Stock-based compensation expense						163,144		-			-			163,144
Net loss						-		(1,131,667	)		-			(1,131,667	)
Balance at April 30, 2019		8,480,526		84,804		17,664,341		(13,881,963	)		(1,933,678	)		1,933,504


	Six Months ended April 30, 2018
					Additional								Total
	Common Stock				Paid-In		Accum.			Treasury			Stockholders
	Shares		Amount		Capital		Deficit			Stock			Equity

Balance at October 31, 2017		8,480,526	$	84,804	$	16,699,337	$	(6,397,874	)	$	(1,933,678	)	$	8,452,589

Stock-based compensation expense						171,112		-			-			171,112
Net loss						-		(1,167,019	)		-			(1,167,019	)
Balance at January 31, 2018		8,480,526		84,804		16,870,449		(7,564,893	)		(1,933,678	)		7,456,682

Stock-based compensation expense						170,528		-			-			170,528
Net loss						-		(1,024,320	)		-			(1,024,320	)
Balance at April 30, 2018		8,480,526		84,804		17,040,977		(8,589,213	)		(1,933,678	)		6,602,890

See accompanying notes to consolidated financial statements.

PASSUR Aerospace, Inc. and Subsidiary

Consolidated Statements of Cash Flows

(Unaudited)

	Six months ended April 30,
	2019			2018

Cash flows from operating activities
Net loss	$	(2,065,734	)	$	(2,191,340	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		1,714,085			1,713,176
Other Liabilities		(16,281	)		56,351
Stock-based compensation		318,891			341,640
Changes in operating assets and liabilities:
Accounts receivable		196,334			(414,273	)
Prepaid expenses and other current assets		(242,790	)		(136,575	)
Other assets		19,371			8,274
Accounts payable		20,151			54,011
Accrued expenses and other current liabilities		(13,960	)		11,493
Accrued interest - related party		-			70,088
Deferred revenue		1,398,410			1,231,074
Total adjustments		3,394,211			2,935,259
Net cash provided by operating activities		1,328,477			743,919

Cash flows used in investing activities
PASSUR Network		(41,031	)		(185,444	)
Software development costs		(1,342,336	)		(1,302,349	)
Property and equipment		(78,252	)		(86,864	)
Net cash used in investing activities		(1,461,619	)		(1,574,657	)

Cash flows from financing activities
Proceeds from notes payable - related party		910,000			925,000
Net cash provided by financing activities		910,000			925,000

Increase in cash		776,858			94,262

Cash - beginning of period		100,856			275,146
Cash - end of period	$	877,714		$	369,408

Supplemental cash flow information
Cash paid during the period for:
Interest - related party	$	335,684		$	65,713
Income taxes	$	(12,200	)	$	1,245

See accompanying notes to consolidated financial statements.

PASSUR Aerospace, Inc. and Subsidiary

Notes to Consolidated Financial Statements

April 30, 2019

(Unaudited)

1. Nature of Business

PASSUR Aerospace, Inc. (“PASSUR” or the “Company”), a New York corporation founded in 1967, is a business intelligence company that provides the aviation industry with predictive analytics and decision support technology primarily to improve the operational performance and cash flow of airlines and the airports where they operate. PASSUR uses big data, within the aviation intelligence platform, and a suite of web-based solutions to address the aviation industry’s intractable and costly challenges, including, but not limited to, the underutilization of airspace and airport capacity, delays, cancellations, and diversions. The Company’s technology platform is supported by its Aviation Intelligence Center of Excellence, a team of subject matter experts with extensive experience in airline, airport, and business aviation operations, finance, air traffic management, systems automation, and data visualization, and has specific expertise in the operational and business needs, requirements, objectives, and constraints of the aviation industry.

PASSUR’s mission is to improve global air traffic efficiencies by connecting the world’s aviation professionals on a single aviation intelligence platform, making PASSUR an element in addressing the aviation industry’s system-wide inefficiencies. We are an aviation intelligence company that makes air travel more predictable, gate-to-gate, by using predictive analytics generated from our own big data, to mitigate constraints for airlines and their passengers.

PASSUR’s information solutions are used by the five largest North American airlines, more than 60 airport customers, including 20 of the top 30 North American airports (with PASSUR solutions also used at the remaining ten airports by one or more airline customers), over a hundred business aviation organizations, and the U.S. government.

PASSUR provides data aggregation and consolidation, information, decision support, predictive analytics, collaborative solutions, and professional services. To enable this unique offering, PASSUR owns and operates the world’s largest commercial passive radar network, which updates flight tracks every 1 to 4.6 seconds. Our radar network powers a proprietary database that is accessible in real-time and delivers timely, accurate information and solutions via PASSUR’s industry-leading algorithms and business logic.

Solutions offered by PASSUR help to ensure flight completion, covering the entire flight life cycle, from gate to gate, result in reductions in overall costs and carbon emissions, help to maximize revenue opportunities, improve operational efficiency and enhance the passenger experience.

PASSUR’s commercial solutions enable aviation operators to optimize performance in today’s air traffic management system, while also achieving Next Generation Air Transportation System (“NextGen”) and Single European Sky ATM Research objectives.

PASSUR integrates data from multiple sources, including its independent network of surveillance sensors installed throughout North America (creating coast-to-coast coverage), Europe and Asia; government data; customer data; and data from third party partners. PASSUR’s sensors receive aircraft and drone signals in Mode A, C, S, and Automatic Dependent Surveillance-Broadcast (“ADS-B”), and provide position, altitude, beacon code, and tail number, among other information. PASSUR receives signals from aircraft that, when combined with its historical database of aircraft and airport behavior, including information recorded by its network over the last 15 years, allow the Company to know more about what has happened historically and what is happening in real-time. In addition, the historical database allows the Company to predict how aircraft, the airspace, and airports are going to perform, and more importantly, how the aircraft, the airspace, and airports should perform.

2. Basis of Presentation and Significant Accounting Policies

The consolidated financial information contained in this quarterly report on Form 10-Q represents interim condensed financial data and, therefore, does not include all footnote disclosures required to be included in financial statements prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Such footnote information was included in the Company's Annual Report on Form 10-K for the year ended October 31, 2018, filed with the Securities and Exchange Commission (“SEC”); the consolidated financial data included herein should be read in conjunction with that report. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which include only normal recurring adjustments) necessary to present fairly the Company’s consolidated financial position as of April 30, 2019, and its consolidated results of operations for the three and six months ended April 30, 2019, and 2018.

The results of operations for the interim period stated above are not necessarily indicative of the results of operations to be recorded for the full fiscal year ended October 31, 2019.

Certain financial information in the footnotes has been rounded to the nearest thousand for presentation purposes.

Liquidity

The Company’s current assets exceeded current liabilities, excluding deferred revenue, by $104,000 as of April 30, 2019. The note payable to a related party, G.S. Beckwith Gilbert, the Company’s significant shareholder and Chairman, was $6,960,000 at April 30, 2019, with a maturity of November 1, 2020. The Company’s stockholders’ equity was $1,934,000 at April 30, 2019. The Company had a net loss of $2,066,000 for the six months ended April 30, 2019.

If the Company’s business does not generate sufficient cash flows from operations to meet its operating cash requirements, the Company will attempt to obtain external financing on commercially reasonable terms. However, the Company has received a commitment from G.S. Beckwith Gilbert, dated June 11, 2019, that if the Company, at any time, is unable to meet its obligations through June 11, 2020, G.S. Beckwith Gilbert will provide the Company with the necessary continuing financial support to meet such obligations. Such commitment for financial support may be in the form of additional advances or loans to the Company, in addition to the deferral of principal and/or interest payments due on the existing loans, if deemed necessary. The note payable is secured by the Company’s assets.

Principles of Consolidation

The consolidated financial statements include the accounts of PASSUR and its wholly-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include those related to revenue recognition, stock-based compensation, software development costs, the PASSUR Network and income taxes. Actual results could differ from those estimates.

Revenue Recognition Policy

The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers ("Topic 606"). The Company accounts for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable the Company will collect substantially all of the consideration to which it is entitled.

The Company derives revenue primarily from subscription-based, real-time decision and solution information and professional services. Revenues are recognized when control of these services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

The Company determines revenue recognition through the following steps:

●	Identification of the contract, or contracts, with a customer;

●	Identification of the performance obligations in the contract;

●	Determination of transaction price;

●	Allocation of transaction price to performance obligations in the contract; and

●	Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition ("Topic 605"). The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.

A. Nature of performance obligations

Subscription services revenue

Subscription services revenue is comprised of cloud-based subscription fees that provide the customer the right to access the Company’s software and receive support and updates, if any, for a period of time. The Company has determined such access represents a stand-ready service provided continually throughout the contract term. As such, control and satisfaction of this stand-ready performance obligation is deemed to occur over time. The Company’s subscription contracts include a fixed amount of consideration that is recognized ratably over the non-cancellable contract term, beginning on the date that access is made available to the customer. The passage of time is deemed to be the most faithful depiction of the transfer of control of the services as the customer simultaneously receives and consumes the benefit provided by the Company’s performance. Subscription contracts are generally one to three years in length, billed either monthly, quarterly or annually, typically in advance, which coincides with the terms of the agreement. The Company’s subscription contracts do not have a significant financing component and customer invoices are typically due within 30 days. There is no significant variable consideration related to these arrangements. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether transfer of control to customers has occurred.

Professional services revenue

Professional services primarily consist of value assessments and customer training services. Payment for professional services is generally a fixed fee or a fee based on time and materials. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as the Company satisfies its performance obligations. For professional services, revenue is recognized by measuring progress toward the complete satisfaction of the Company’s obligation. Progress for services that are contracted for a fixed price is generally measured based on hours incurred as a portion of total estimated hours, and as a practical expedient, progress for services that are contracted for time and materials is generally based on the amount the Company has the right to invoice. Professional services contracts are generally one year or less in length, billed either in advance, upon pre-defined milestones or as services are rendered, which coincides with the terms of the agreement. The Company’s professional service contracts do not have a significant financing component and customer invoices are typically due within 30 days.

Material rights

Contracts with customers may include material rights which are also performance obligations. Material rights primarily arise when the contract gives the customer the right to renew subscription services at a discounted price in the future. This may occur from time to time when the Company’s contracts provide an implicit discount as the customer pays a nonrefundable up-front fee in connection with the initial services contract that it does not have to pay again in order to renew the service. These non-refundable up-front fees are not related to any promised service that the customer benefits from other than providing access to the subscription service. Revenue allocated to material rights is recognized when the customer exercises the right over the estimated renewal period of five years or when the right expires. If exercised by the customer, the amount previously deferred for the material right is included in the transaction price of the renewal contract and allocated to the services included in that contract. If expired, revenue is recognized as subscription services revenue in the period the right expired. If the up-front fees do not provide the customer with a material right, then the amount is included in the transaction price of the initial services contract and allocated to the performance obligations in that contract.

Contracts with Multiple Performance Obligations

Some of the Company’s contracts with customers contain multiple distinct performance obligations. For these contracts, the transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The standalone selling price reflects the price the Company would charge for a specific service if it was sold separately in similar circumstances and to similar customers. The Company maximizes the use of directly observable transactions to determine the standalone selling prices for its performance obligations. For subscription services, the Company separately determines the standalone selling prices by type of solution and customer demographics. For professional services, the Company separately determines standalone selling price by type of services.

Other policies and judgments

The commissions that the Company pays for obtaining a contract with a customer are conditional on future service provided by the employee. Therefore, since these costs are not incremental solely based on obtaining a contract, the Company does not defer any commission costs.

B. Disaggregation

The disaggregation of revenue by customer and type of performance obligation is as follows:

	Three Months Ended		Six Months Ended
Revenue by type of customer:	April 30, 2019		April 30, 2019
Airlines	$	2,211,000	$	4,429,000
Airports		1,418,000		2,841,000
Other		5,000		20,000
Total Revenue	$	3,634,000	$	7,290,000

	Three Months Ended		Six Months Ended
Revenue by type of performance obligation:	April 30, 2019		April 30, 2019
Subscription services	$	3,629,000	$	7,225,000
Professional services		5,000		65,000
Total Revenue	$	3,634,000	$	7,290,000

C. Contract Balances

The opening and closing balances of the Company's accounts receivable, unbilled receivables, and deferred revenues are as follows:

	Accounts Receivable		Unbilled Receivable		Deferred Revenue
Balance at November 1, 2018	$	1,175,000	$	12,000	$	3,191,000

Balance at April 30, 2019	$	987,000	$	3,000	$	4,590,000

The difference in the opening and closing balances of the Company’s unbilled receivable and deferred revenue primarily results from the timing difference between the Company’s performance and the customer’s payment.

Deferred revenue includes amounts billed to customers for which the revenue recognition criteria has not yet been met. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from the Company’s subscription services and, to a lesser extent, professional services. Deferred revenue is recognized as the Company satisfies its performance obligations. The Company generally invoices its customers in monthly, quarterly or annual installments for subscription services. Accordingly, the deferred revenue balance does not generally represent the total contract value of annual or multi-year, non-cancellable subscription arrangements. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The amount of revenue recognized during the three and six months ended April 30, 2019 that was included in the deferred revenue balance at November 1, 2018 was $260,000 and $2,585,000.

Unbilled accounts receivable relates to the delivery of subscription and/or professional services for which the related billings will occur in a future period.

D. Transaction Price Allocated to the Remaining Performance Obligation

The following table discloses the aggregate amount of the transaction price allocated to the remaining performance obligations as of the end of the reporting period, and when the Company expects to recognize the revenue.

	12 months or less		Greater than 12 months *
Subscription services	$	7,068,000	$	1,958,000
Professional services	$	59,000	$	-
Material rights	$	168,000	$	290,000

*Approximately 97% of these amounts are expected to be recognized between 12 and 36 months.

The table above includes amounts billed and not yet recognized as revenue, as well as, unrecognized future committed billings in customer contracts and excludes future billing amounts for which the customer has a termination for convenience right in their agreement.

Cost of Revenues

Costs associated with subscription and maintenance revenues consist primarily of direct labor, depreciation of PASSUR and Surface Multilateration (“SMLAT”) Network Systems (both collectively, the “PASSUR Network”), amortization of capitalized software development costs, communication costs, data feeds, travel and entertainment, and consulting fees. Also, included in cost of revenues are costs associated with upgrades to PASSUR and SMLAT Systems necessary to make such systems compatible with new software applications, as well as the ordinary repair and maintenance of existing PASSUR and SMLAT Systems. Additionally, cost of revenues in each reporting period is impacted by: (1) the number of PASSUR and SMLAT Systems added to the PASSUR Network, which includes the cost of production, shipment, and installation of these assets, which are capitalized to the PASSUR Network; and (2) new capitalized costs associated with software development projects. Both of these are referred to as “Capitalized Assets” and are depreciated and/or amortized over their respective useful lives and charged to cost of revenues.

Income Taxes

On December 22, 2017 the U.S. government enacted comprehensive tax reform commonly referred to as the Tax Cuts and Jobs Act (“TCJA”). Under Accounting Standards Codification (“ASC”) 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted. The TCJA made broad and complex changes to the U.S. tax code, including, but not limited to: (1) reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018; (2) changed the rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; (3) accelerated expensing on certain qualified property; (4) created a new limitation on deductible interest expense to 30% of tax adjusted EBITDA through 2021 and then 30% of tax adjusted EBIT thereafter; (5) eliminated the corporate alternative minimum tax; and (6) imposed further limitations on the deductibility of executive compensation under IRC §162(m) for tax years beginning after December 31, 2017.

As the reduction in the U.S. federal corporate tax rate is administratively effective on January 1, 2018, our blended U.S. federal tax rate for the fiscal year ended October 31, 2018, was approximately 23.2%. The U.S. federal corporate tax rate for the fiscal year ended on and after October 31, 2019 is 21%. Given our full valuation allowance position, the Company did not record an income tax expense (benefit) in connection with the TCJA. The Company completed its accounting for the TCJA as of October 31, 2018.

The Company’s provision for income taxes consists of federal and state taxes, as applicable, in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that it expects to achieve for the full year. For both the three and six months ended April 30, 2019 and 2018, the Company did not record an income tax provision (benefit). The Company is projecting its annual effective tax rate for the six months ended April 30, 2019 to be 0% as its net deferred tax assets are not realizable on a more-likely-than-not basis.

Accounts Receivable

The Company has a history of successfully collecting all amounts due from its customers under the original terms of its subscription agreements without making concessions. The Company records accounts receivables for agreements where amounts due from customers are contractually required and are non-refundable. The carrying amount of accounts receivables is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that will not be collected. Net accounts receivable is comprised of the monthly, quarterly, or annual committed amounts due from customers pursuant to the terms of each respective customer’s agreement. Account receivable balances include amounts attributable to deferred revenues. The Company’s accounts receivable balances included $3,000 of unbilled receivables associated with contractually committed services provided to existing customers as of the six months ended April 30, 2019, which will be invoiced subsequent to April 30, 2019. At October 31, 2018, the Company’s accounts receivable balance included $12,000 of unbilled receivables associated with contractually committed services provided to existing customers during the twelve months ended October 31, 2018.

The provision for doubtful accounts was $159,000 as of April 30, 2019 and October 31, 2018, respectively. In addition to reviewing delinquent accounts receivable, the Company considers many factors in estimating its reserve, including historical data, experience, customer types, credit worthiness, and economic trends. The Company monitors its outstanding accounts receivable balances and believes the provision is adequate.

PASSUR Network

The PASSUR Network is comprised of PASSUR and SMLAT Systems, which includes the direct production, shipping, and installation costs incurred for each PASSUR and SMLAT System, which are recorded at cost, net of accumulated depreciation. The Company capitalized $61,000 of PASSUR Network costs for both the three and six months ended April 30, 2019. Additionally, the Company used $13,000 and $22,000 of PASSUR Network parts for repairs during the three and six months ended April 30, 2019, respectively, and did not make any material purchases of parts during the same period.

Depreciation expenses related to the Company-owned PASSUR Network was $210,000 and $416,000 for the three and six months ended April 30, 2019, respectively. Depreciation is charged to cost of revenues and is recorded using the straight-line method over the estimated useful life of the asset, which is estimated at five years for SMLAT Systems and seven years for PASSUR Systems.

For the three and six months ended April 30, 2018, the Company capitalized $58,000 and $125,000, respectively, of PASSUR Network costs. Additionally, the Company purchased parts for the PASSUR Network totaling $20,000 and $72,000 and used $7,000 and $11,000 of PASSUR Network parts for repairs during the three and six months ended April 30, 2018, respectively.

Depreciation expenses related to the Company-owned PASSUR Network was $176,000 and $352,000 for the three and six months ended April 30, 2018, respectively.

The net carrying balance of the PASSUR Network as of April 30, 2019, and October 31, 2018, was $4,426,000 and $4,801,000, respectively. Included in the net carrying balance as of April 30, 2019 and October 31, 2018, were parts and finished goods for the PASSUR Network totaling $1,857,000 and $1,892,000, respectively, which have not yet been installed. PASSUR Network assets which are not installed are carried at cost and not depreciated until installed.

Capitalized Software Development Costs

The Company follows the provisions of ASC 350-40, “Internal Use Software” (“ASC 350-40”). ASC 350-40 provides guidance for determining whether computer software is internal-use software, and on accounting for the proceeds of computer software originally developed or obtained for internal use and then subsequently sold to the public. It also provides guidance on capitalization of the costs incurred for computer software developed or obtained for internal use. The Company expenses all costs incurred during the preliminary project stage of its development, and capitalizes the costs incurred during the application development stage. Costs incurred relating to upgrades and enhancements to the software are capitalized if it is determined that these upgrades or enhancements add additional functionality to the software. Costs incurred to improve and support products after they become available are charged to expense as incurred.

The Company capitalized $647,000 and $1,342,000 of software development costs during the three and six months ended April 30, 2019, respectively. For the three and six months ended April 30, 2018, the Company capitalized $754,000 and $1,302,000, respectively, of software development costs.

The Company amortized $592,000 and $1,112,000 of capitalized software development costs during the three and six months ended April 30, 2019, respectively. For the three and six months ended April 30, 2018, the Company amortized $581,000 and $1,100,000 of capitalized software development costs. The Company records amortization of the software on a straight-line basis over the estimated useful life of the software, typically over five years within “Cost of Revenues”.

Long-Lived Assets

The Company reviews long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable. Impairment is recognized to the extent the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value. Assets to be disposed of are carried at the lower of their carrying value or fair value, less costs to sell. The Company evaluates the periods of amortization continually in determining whether later events and circumstances warrant revised estimates of useful lives. If estimates are changed, the unamortized costs will be allocated to the increased or decreased number of remaining periods in the asset’s revised life.

Deferred Tax Asset

Each reporting period, the Company assesses the realizability of its deferred tax assets to determine if it is more-likely-than-not that some portion, or all, of the deferred tax asset will be realized. The Company considered all available positive and negative evidence including the reversal of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operating results. The ultimate realization of a deferred tax asset is ultimately dependent on sufficient taxable income within the available carryback and/or carryforward periods to utilize the deductible temporary differences. Based on the weight of available evidence including recent financial operating results, the Company determined its net deferred tax assets are not realizable on a more-likely-than-not basis and that a valuation allowance is required against its net deferred tax assets.

At October 31, 2018, the Company had available federal net operating loss carryforwards of $12,780,000, of which $4,715,000 are indefinite lived and $8,065,000 will expire in various tax years from fiscal year 2022 through fiscal year 2038.

Fair Value of Financial Instruments

The recorded amounts of the Company’s cash, receivables, and accounts payables approximate their fair values principally because of the short-term nature of these items. The fair value of related party debt is not practicable to determine due primarily to the fact that the Company’s related party debt is held by its Chairman and significant shareholder, and the Company does not have any third-party debt with which to compare.

Additionally, on a recurring basis, the Company uses fair value measures when analyzing asset impairments. Long-lived assets and certain identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined such indicators are present, and the review indicates that the assets will not be fully recoverable based on the undiscounted estimated future cash flows expected to result from the use of the asset, their carrying values are reduced to estimated fair value.

Net Loss per Share Information

Basic net loss per share is computed based on the weighted average number of shares outstanding. Diluted earnings per share is computed similarly to basic earnings per share, except that it reflects the effect of common shares issuable upon exercise of stock options, using the treasury stock method in periods in which they have a dilutive effect.

On February 26, 2019, the Board of Directors of the Company (the “Board”), subject to shareholder approval, unanimously adopted the 2019 Stock Incentive Plan (the “Plan”), to replace the Company’s 2009 Stock Incentive Plan, as amended (the “2009 Plan”), which expired February 24, 2019. The Company’s shareholders approved the Plan on April 9, 2019, and the Plan became effective upon the date of its adoption by the Board. The Plan allows for a cashless exercise. Shares used to calculate net loss per share are as follows:

	For the three months ended				For the six months ended
	April 30,				April 30,
	2019		2018		2019		2018
Basic Weighted average shares outstanding		7,696,091		7,696,091		7,696,091		7,696,091
Effect of dilutive stock options		-		-		-		-
Diluted weighted average shares outstanding		7,696,091		7,696,091		7,696,091		7,696,091

Weighted average shares which are not included in the calculation of diluted net income per share because their impact is anti-dilutive. These shares consist of stock options.		1,734,500		1,606,500		1,734,500		1,606,500

Stock-Based Compensation

The Company follows FASB ASC 718, “Compensation-Stock Compensation,” which requires the measurement of compensation cost for all stock-based awards at fair value on the date of grant, and recognition of stock-based compensation expense over the service period for awards expected to vest. The fair value of stock options was determined using the Black-Scholes valuation model. Such fair value is recognized as an expense over the service period, net of forfeitures. Stock-based compensation expense was $163,000 and $319,000 for the three and six months ended April 30, 2019, respectively. Stock-based compensation expense was $171,000 and $342,000 for the three and six months ended April 30, 2018, respectively. Stock-based compensation is primarily included in selling, general, and administrative expenses.

Recent Accounting Pronouncements Adopted

In May 2014, the FASB issued Topic 606. Topic 606 supersedes the revenue recognition requirements in Topic 605, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer.

On November 1, 2018, the Company adopted Topic 606 using the modified retrospective transition method which resulted in an adjustment to retained earnings for the cumulative effect of applying the standard to all contracts not completed as of the adoption date. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Revenue recognition remained substantially unchanged following adoption of Topic 606 and therefore the adoption of Topic 606 did not have a material impact on revenues. The primary impact of adopting Topic 606 relates to the accounting for nonrefundable up-front fees. The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Topic 605. The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.

In May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation: Topic 718” — Scope of Modification Accounting (“ASU 2017-09”), to clarify when to account for a change in the terms or conditions of a share-based payment award as a modification. Under the new standard, modification is required only if the fair value, the vesting conditions, or the classification of an award as equity or liability changes as a result of the change in terms or conditions. The Company adopted this guidance during the quarter ended January 31, 2019, using the prospective method, with no material impact to its consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, which amends the ASC and creates Topic 842, Leases (“Topic 842”). Topic 842 will require lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under previous GAAP on the balance sheet. This guidance is effective for annual periods beginning after December 15, 2018, which will be effective for the Company beginning November 1, 2019, and early adoption is permitted. The Company's preliminary analysis indicates that the Company will recognize a liability for remaining lease payments and a right-of-use asset related to the Company's operating lease covering its corporate office and other facilities that expires through various dates through June 2023. The Company is in the initial stages of evaluating the effect of the standard on the Company's financial statements.

3. Notes Payable – Related Party

On January 28, 2019, the Company entered into a Fifth Debt Extension Agreement with G.S. Beckwith Gilbert, the Company’s Chairman and significant stockholder, effective January 28, 2019, pursuant to which the Company and Mr. Gilbert agreed to modify certain terms and conditions of the debt agreement with Mr. Gilbert (the “Past Gilbert Note”). The maturity date of the Past Gilbert Note was November 1, 2019, and the total amount of principal and interest due and owing as of January 28, 2019 under the Past Gilbert Note was $7,122,000. Pursuant to the Fifth Debt Extension Agreement, the Company issued to Mr. Gilbert a new debt agreement, which has a principal amount of $6,960,000 (the “Gilbert Note”), in exchange for the Past Gilbert Note and agreed to pay Mr. Gilbert $162,000 of interest which accrued under the Past Gilbert Note during the first quarter of fiscal year 2019, at the time and on the terms set forth in the Past Gilbert Note. The Gilbert Note bears a maturity date of November 1, 2020, with an annual interest rate of 9 3/4%. Interest payments are due by October 31^st of each fiscal year. The Gilbert Note is secured by the Company’s assets. During the six months ended April 30, 2019, and prior to January 28, 2019, Mr. Gilbert loaned the Company an additional $910,000 (which amount is included in the outstanding principal amount of $6,960,000 under the Gilbert Note). During the six months ended April 30, 2019, the Company paid $336,000 of interest incurred on the Gilbert Note through April 30, 2019.

The Company has evaluated its financial position as of April 30, 2019, including an operating loss of $1,730,000 for the six months ended April 30, 2019 and working capital deficit of $4,103,000 as of April 30, 2019, and has requested and received a commitment from Mr. Gilbert, dated June 11, 2019, that if the Company, at any time, is unable to meet its obligations through June 11, 2020, Mr. Gilbert will provide the Company with the necessary continuing financial support to meet such obligations. Such commitment for financial support may be in the form of additional advances or loans to the Company, in addition to the deferral of principal and/or interest payments due on the existing loans, if deemed necessary.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The information provided in this Quarterly Report on Form 10-Q (including, without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Liquidity and Capital Resources” below) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's future plans, objectives, and expected performance. The words “believe,” “may,” “will,” “could,” “should,” “would,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “objective,” “seek,” “strive,” “might,” “likely result,” “build,” “grow,” “plan,” “goal,” “expand,” “position,” or similar words, or the negatives of these words, or similar terminology, identify forward-looking statements. These statements are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks and uncertainties, and a number of factors could cause the Company's actual results to differ materially from those expressed in the forward-looking statements referred to above. These factors include, without limitation, the risks and uncertainties discussed under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the uncertainties related to the ability of the Company to sell its existing product and professional service lines, as well as its new products and professional services (due to potential competitive pressure from other companies or other products), as well as the potential for terrorist attacks, changes in fuel costs, airline bankruptcies and consolidations, economic conditions, and other risks detailed in the Company's periodic report filings with the SEC. Other uncertainties which could impact the Company include, without limitation, uncertainties with respect to future changes in governmental regulation and the impact that such changes in regulation will have on the Company’s business. Additional uncertainties include, without limitation, uncertainties relating to: (1) the Company's ability to find and maintain the personnel necessary to sell, manufacture, and service its products; (2) its ability to adequately protect its intellectual property; and (3) its ability to secure future financing. Readers are cautioned not to place undue reliance on these forward-looking statements, which relate only to events as of the date on which the statements are made and which reflect management’s analysis, judgments, belief, or expectation only as of such date. The Company undertakes no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

Description of Business

The Company provides data aggregation and consolidation, information, decision support, predictive analytics, collaborative solutions, and professional services. To enable this unique offering, PASSUR® owns and operates the world’s largest commercial passive radar network, which updates flight tracks every 1 to 4.6 seconds. Our radar network powers a proprietary database that is accessible in real-time and delivers timely, accurate information and solutions via PASSUR’s industry-leading algorithms and business logic.

PASSUR’s information solutions are used by the five largest North American airlines, more than 60 airport customers, including at the top 30 North American airports (with PASSUR solutions also used at the remaining ten airports by one or more airline customers), over a hundred business aviation organizations, as well as the U.S. government.

Our core business addresses some of aviation industry’s most intractable and costly challenges, including, but not limited to, the underutilization of airspace and airport capacity, delays, cancellations, and diversions, among others. Several independent studies have estimated the annual direct costs of such inefficiencies to airlines in the United States at over $8 billion annually, and worldwide direct cost at over $30 billion annually.

Solutions offered by PASSUR help to ensure flight completion. They cover the entire flight life cycle, from gate to gate, and result in reductions in overall costs and carbon emissions, help to maximize revenue opportunities, improve operational efficiency, and enhance the passenger experience.

The Company’s business plan is to continue to focus on increasing subscription-based revenues from its suite of software applications, and to develop new applications and professional services designed to address the needs of the aviation industry and the U.S. government. The Company’s goal is to help solve problems faced by its customers based on the following product development objectives:

1)	Continue developing decision support solutions built on business intelligence, predictive analytics, and web-dashboard technology;

2)	Continue integrating multiple additional industry data sets into the Company’s integrated aviation database, including data from a variety of additional aircraft, airspace, and ground surveillance technologies, in order to ensure that PASSUR is the primary choice for data integration and management for large aviation organizations;

3)	Continue extending the reach of the PASSUR Network, which provides the proprietary backbone for many of the Company’s solutions; and

4)	Continue developing the Company’s professional service capabilities in order to ensure that its solutions can be fully implemented in its customers’ work environments, with minimal demand on customers’ internal resources.

For the three months ended April 30, 2019, total revenue increased 4% to $3,634,000, compared with $3,502,000 for the same period in fiscal year 2018. Loss from operations for the three months ended April 30, 2019 was $964,000, compared to $950,000 for the same period in fiscal year 2018. For the three months ended April 30, 2019, net loss was $1,132,000, or $0.15 per diluted share, compared to a net loss of $1,024,000, or $0.13 per diluted share, in the same period in fiscal year 2018.

For the six months ended April 30, 2019, total revenue increased 4% to $7,290,000, compared with $7,015,000 for the same period in fiscal year 2018. Loss from operations for the six months ended April 30, 2019 was $1,730,000, compared to $2,051,000 for the same period in fiscal year 2018. For the six months ended April 30, 2019, net loss was $2,066,000, or $0.27 per diluted share, compared to a net loss of $2,191,000, or $0.28 per diluted share, in the same period in fiscal year 2018.

Results of Operations

Revenues

Management concentrates its efforts on the sale of business intelligence, predictive analytics, and decision support product applications, utilizing data primarily derived from the PASSUR Network. Such efforts include the continued development of existing products, new product offerings and to a lesser extent, professional services.

For the three months ended April 30, 2019, total revenues increased by $132,000, or 4%, to $3,634,000, as compared with $3,502,000 for the same period in 2018. The increase in total revenues was primarily due to an increase in subscription revenue of $191,000, or 6%, which was offset by a decrease in consulting revenue of $59,000 to $54,000, as compared with the same period in the prior year.

For the six months ended April 30, 2019, total revenues increased by $275,000, or 4%, to $7,290,000, as compared with $7,015,000 for the same period in 2018. The increase in total revenues was primarily due to an increase in subscription revenue of $282,000, or 4%, as compared with the same period in the prior year.

The increase in subscription revenue for both the three and six months ended April 30, 2019 was primarily due to (i) a new contract for subscription services closed during fiscal year 2019 and (ii) net incremental revenue recognized during the periods in fiscal 2019 related to new contracts closed during fiscal year 2018. These increases were offset by expired contracts during the three and six months ended April 30, 2019, respectively.

The Company continues to enhance its wide selection of products and develop and deploy new software applications and solutions to better address customers’ needs, all of which are easily delivered through web-based applications or as stand-alone professional services.

Cost of Revenues

Costs associated with subscription and maintenance revenues consist primarily of direct labor, depreciation of PASSUR and SMLAT Network Systems, amortization of capitalized software development costs, communication costs, data feeds, travel and entertainment, and consulting fees. Also included in cost of revenues are costs associated with upgrades to PASSUR and SMLAT Systems necessary to make such systems compatible with new software applications, as well as the ordinary repair and maintenance of existing PASSUR and SMLAT Systems. Additionally, cost of revenues in each reporting period is impacted by: (1) the number of PASSUR and SMLAT System units added to the PASSUR Network, which includes the production, shipment, and installation of these assets (currently largely installed by unaffiliated outside contractors), which are capitalized to the PASSUR Network; and (2) capitalized costs associated with software development and data center projects; and (3) data center projects, (all referred to as “Capitalized Assets”). The labor and fringe benefit costs of Company employees involved in creating Capitalized Assets are capitalized, rather than expensed, and amortized, usually over five or seven years, as determined by their projected useful life. The Company does not break down its costs by product.

For the three months ended April 30, 2019, cost of revenues increased $10,000, or 1%, to $2,036,000, as compared with the same period in fiscal year 2018. The increase in cost of revenues for the three months ended April 30, 2019, as compared to the prior year, was primarily attributable to an increase in amortization expense associated with previously capitalized software projects which were placed into service during the current period.

For the six months ended April 30, 2019, cost of revenues decreased $197,000, or 5%, to $4,069,000, as compared with the same period in fiscal year 2018. The decrease in cost of revenues for the six months ended April 30, 2019, as compared to the prior year, was primarily attributable to a net decrease in personnel related cost of $250,000 due to the outsourcing of some of our software development activities. This decrease in cost of revenues was offset by an increase in amortization expenses associated with our capitalized software projects of $12,000, and net increases in other accounts within cost of revenues as compared to the same period in fiscal year 2018.

Finally, as we continue to release product enhancements/new versions to our existing product offerings, and new product offerings, our amortization expenses associated with the historical software capitalization is anticipated to increase. As a result, we anticipate that our software capitalization and amortization expense, when netted, will not have a significant impact on our financial results.

Research and Development

For the three months ended April 30, 2019, research and development expenses decreased $10,000, or 7%, to $139,000, as compared to $149,000 for the same period in fiscal year 2018. The decrease in research and development expenses was primarily attributable to an increase in personnel related costs allocated to cost of revenues from research and development as compared to prior year.

For the six months ended April 30, 2019, research and development expenses decreased $21,000, or 7%, to $283,000, as compared to $304,000 for the same period in fiscal year 2018. The decrease in research and development expenses was primarily attributable to an increase in personnel related costs allocated to cost of revenues from research and development as compared to prior year.

The Company’s research and development efforts include activities associated with new product development, as well as the enhancement and improvement of the Company's existing software and information products. The Company anticipates that it will continue to invest in its software portfolio to develop, maintain, and support existing and newly developed applications for its customers.

Selling, General, and Administrative

For the three months ended April 30, 2019, selling, general, and administrative expenses increased $146,000, or 6%, to $2,422,000, as compared to $2,276,000 for the same period in fiscal year 2018. The increase in selling, general, and administrative expense for the three months ended April 30, 2019 was primarily due to (i) an increase in professional and consulting expenses of $130,000 and (ii) net increase in miscellaneous other accounts within selling, general and administrative expenses, as compared to the same period in fiscal year 2018.

For the six months ended April 30, 2019, selling, general and administrative expenses increased $171,000, or 4%, to $4,668,000, as compared to $4,497,000 for the same period in fiscal year 2018. The increase in selling, general, and administrative expense for the six months ended April 30, 2019, was primarily due to an increase in professional and consulting expenses of $226,000. This increase was offset by (i) a decrease in depreciation expenses of approximately $39,000 and (ii) net decrease in miscellaneous other accounts within selling, general and administrative expenses, as compared to the same period in fiscal year 2018.

Loss from Operations

For the three months ended April 30, 2019, loss from operations increased $14,000 to $964,000, as compared with the same period in fiscal year 2018. The increase was primarily due to an increase in operating expenses of $146,000, or 3%, offset by an increase in revenue of $132,000, as compared to the same period in fiscal year 2018. For the six months ended April 30, 2019, loss from operations decreased $321,000 to $1,730,000, as compared with the same period in fiscal year 2018. The decrease was primarily due to (i) an increase in revenue of $275,000 or 4% and (ii) a decrease in operating expenses of $46,000 or 1%, as compared to the same period in fiscal year 2018.

Interest Expense – Related Party

Interest expense – related party increased $98,000, or 139%, and $200,000, or 147%, for the three and six months ended April 30, 2019, respectively, as compared to the same periods in fiscal year 2018, due to the higher principal balance outstanding on the note in fiscal year 2019 and the interest rate increase on the outstanding note, as compared to the same period in fiscal year 2018.

Net Loss

The Company had a net loss of $1,132,000, or $0.15 per diluted share, for the three months ended April 30, 2019, as compared to a net loss of $1,024,000, or $0.13 per diluted share, for the same period in 2018. The Company had a net loss of $2,066,000, or $0.27 per diluted share, for the six months ended April 30, 2019, as compared to a net loss of $2,191,000, or $0.28 per diluted share, for the same period in 2018.

Liquidity and Capital Resources

The Company’s current assets exceeded its current liabilities, excluding deferred revenue, by $104,000 as of April 30, 2019. The Company’s stockholders’ equity was $1,934,000 as of April 30, 2019.

On January 28, 2019, the Company entered into a Fifth Debt Extension Agreement with G.S. Beckwith Gilbert, the Company’s Chairman and significant stockholder, effective January 28, 2019, pursuant to which the Company and Mr. Gilbert agreed to modify certain terms and conditions of the debt agreement with Mr. Gilbert (the “Past Gilbert Note”). The maturity date of the Past Gilbert Note was November 1, 2019. The outstanding principal amount under the Past Gilbert Note was $6,050,000 as of October 31, 2018, and the total amount of principal and interest due and owing as of January 28, 2019 under the Past Gilbert Note was $7,122,000. Pursuant to the Fifth Debt Extension Agreement, the Company issued to Mr. Gilbert a new debt agreement, which has a principal amount of $6,960,000 (the “Gilbert Note”), in exchange for the Past Gilbert Note and agreed to pay Mr. Gilbert $162,000 of interest which accrued under the Past Gilbert Note during the first quarter of fiscal year 2019, at the time and on the terms set forth in the Past Gilbert Note. The Gilbert Note bears a maturity date of November 1, 2020, with an annual interest rate of 9 3/4%. Interest payments are due on October 31st of each fiscal year. The Gilbert Note is secured by the Company’s assets.

During the six months ended April 30, 2019, the Company paid interest incurred on the Gilbert Note totaling $336,000. During the six months ended April 30, 2019, and prior to January 28, 2019, Mr. Gilbert loaned the Company an additional $910,000 (which amount is included in the outstanding principal amount of $6,960,000 under the Gilbert Note).

Management is addressing the Company’s working capital deficiency by aggressively marketing the Company’s PASSUR Network information capabilities in its existing product and professional service lines, as well as in new products and professional services which are continually being developed and deployed. Management believes that the continued development of its existing suite of software products and professional services, which address the wide array of needs of the aviation industry, will continue to lead to increased growth in the Company’s customer-base and subscription-based revenues. However, there are no assurances that such growth will be achieved.

If the Company’s business does not generate sufficient cash flows from operations to meet its operating cash requirements, the Company will attempt to obtain external financing on commercially reasonable terms. However, the Company has received a commitment from Mr. Gilbert, dated June 11, 2019, that if the Company, at any time, is unable to meet its obligations through June 11, 2020, Mr. Gilbert will provide the Company with the necessary continuing financial support to meet such obligations. Such commitment for financial support may be in the form of additional advances or loans to the Company, in addition to the deferral of principal and/or interest payments due on the existing loans, if deemed necessary.

Net cash provided by operating activities was $1,328,000 for the six months ended April 30, 2019, and consisted of a net loss of $2,066,000, depreciation and amortization of $1,714,000, stock-based compensation expense of $319,000, and deferred revenue of $1,398,000, with the balance consisting of a decrease in accounts receivables and other assets and a net decrease in account payable, accrued expense, and operating liabilities, as compared to the same period in fiscal year 2018. Net cash used in investing activities was $1,462,000 for the six months ended April 30, 2019, which was expended for software development costs and additions to the PASSUR Network. Net cash provided by financing activities was $910,000 for the six months ended April 30, 2019, and consisted of proceeds from note payable – related party. Net cash provided by operating activities increased by $585,000 for the six months ended April 30, 2019, as compared to the same period in 2018.

The Company actively monitors the costs associated with supporting the business, and continually seeks to identify and reduce any unnecessary costs as part of its cost reduction initiatives, while strategically reinvesting back into the business as part of its long-term plans. Additionally, the aviation market has been impacted by budgetary constraints, airline bankruptcies and consolidations, current economic conditions, the continued war on terrorism, and fluctuations in fuel costs. The aviation market is extensively regulated by government agencies, particularly the FAA and the National Transportation Safety Board, and management anticipates that new regulations relating to air travel may continue to be issued. Substantially all of the Company’s revenues are derived from airlines, airports, and organizations that serve, or are served by, the aviation industry. Any new regulations or changes in the economic situation of the aviation industry could have an impact on the future operations of the Company, either positively or negatively.

Interest by potential customers in the Company’s information and decision support software products obtained from the PASSUR Network Systems and other sources and its professional services remains strong. As a result, the Company believes that future revenues will increase on an annualized basis. However, there are no guarantees that such annualized future revenue increases will occur. If revenues do not increase and the Company’s cost-structure is not adjusted accordingly, losses may occur. The extent of such profits or losses will be dependent on sales volume achieved and the Company’s ability to optimize its cost structures.

Off-Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

The Company’s discussion and analysis of its financial condition and results of operations are based upon its consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures of contingent assets and liabilities based upon accounting policies management has implemented. These significant accounting policies are disclosed in Note 1 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2018. The Company had a change to its Revenue Recognition policy, as described below. These policies and estimates are critical to the Company’s business operations and the understanding of its results of operations. The impact and any associated risks related to these policies on the Company’s business operations are discussed throughout Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2018, as such policies affect its reported financial results. The actual impact of these factors may differ under different assumptions or conditions.

Revenue Recognition

The Company recognizes revenue in accordance with Topic 606, The Company accounts for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable the Company will collect substantially all of the consideration to which it is entitled.

The Company determines revenue recognition through the following steps:

●	Identification of the contract, or contracts, with a customer;

●	Identification of the performance obligations in the contract;

●	Determination of transaction price;

●	Allocation of transaction price to performance obligations in the contract; and

●	Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Topic 605. The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.

Subscription services revenue

Subscription services revenue is comprised of cloud-based subscription fees that provide the customer the right to access the Company’s software and receive support and updates, if any, for a period of time. The Company has determined such access represents a stand-ready service provided continually throughout the contract term. As such, control and satisfaction of this stand-ready performance obligation is deemed to occur over time. The Company’s subscription contracts include a fixed amount of consideration that is recognized ratably over the non-cancellable contract term, beginning on the date that access is made available to the customer. The passage of time is deemed to be the most faithful depiction of the transfer of control of the services as the customer simultaneously receives and consumes the benefit provided by the Company’s performance. Subscription contracts are generally one to three years in length, billed either, monthly, quarterly or annually, typically in advance, which coincides with the terms of the agreement. The Company’s subscription contracts do not have a significant financing component and customer invoices are typically due within 30 days. There is no significant variable consideration related to these arrangements. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether transfer of control to customers has occurred.

Professional services revenue

Professional services primarily consist of value assessments and customer training services. Payment for professional services is generally a fixed fee or a fee based on time and materials. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as the Company satisfies its performance obligations. For professional services, revenue is recognized by measuring progress toward the complete satisfaction of the Company’s obligation. Progress for services that are contracted for a fixed price is generally measured based on hours incurred as a portion of total estimated hours, and as a practical expedient, progress for services that are contracted for time and materials is generally based on the amount the Company has the right to invoice. Professional services contracts are generally one year or less in length, billed either in advance, upon pre-defined milestones or as services are rendered which coincides with the terms of agreement. The Company’s professional service contracts do not have a significant financing component and customer invoices are typically due within 30 days.

Material rights

Contracts with customers may include material rights which are also performance obligations. Material rights primarily arise when the contract gives the customer the right to renew subscription services at a discounted price in the future. This may occur from time to time when the Company’s contracts provide an implicit discount as the customer pays a nonrefundable up-front fee in connection with the initial services contract that it does not have to pay again in order to renew the service. These non-refundable up-front fees are not related to any promised service that the customer benefits other than providing access to the subscription service. Revenue allocated to material rights is recognized when the customer exercises the right over the estimated renewal period of five years or when the right expires. If exercised by the customer, the amount previously deferred for the material right is included in the transaction price of the renewal contract and allocated to the services included in that contract. If expired, revenue is recognized as subscription services revenue in the period the right expired. If the up-front fees do not provide the customer with a material right, then the amount is included in the transaction price of the initial services contract and allocated to the performance obligations in that contract.

Contracts with Multiple Performance Obligations

Other policies and judgments

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, which amends the ASC and creates Topic 842, Leases (“Topic 842”). Topic 842 will require lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under previous GAAP on the balance sheet. This guidance is effective for annual periods beginning after December 15, 2018, which will be effective for the Company beginning November 1, 2019, and early adoption is permitted. The Company's preliminary analysis indicates that the Company will recognize a liability for remaining lease payments and a right-of-use asset related to the Company's operating lease covering its corporate office facility that expires in June 2023 and other office locations. The Company is in the initial stages of evaluating the effect of the standard on the Company's financial statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report on Form 10-Q, management carried out an evaluation, under the supervision, and with the participation of, the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). The Company's disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules. The Company believes that a control system, no matter how well designed and operated, can provide only reasonable assurance, not absolute assurance, that the objectives of the control system are met. Based on their evaluation as of the end of the period covered by this quarterly report on Form 10-Q, the Company's Chief Executive Officer and Chief Financial Officer have concluded that such controls and procedures were effective at a reasonable assurance level as of April 30, 2019.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) within the fiscal quarter to which this report relates, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. Other Information

Item 1. Legal Proceedings

The Company is not aware of any material pending legal proceedings to which the Company is a party or to which any of its properties are subject.

Item 5. Other Information.

On June 11, 2019, the Company’s significant shareholder and Chairman confirmed his commitment to provide the Company with the necessary continuing financial support to meet its obligations through June 11, 2020. A copy of the commitment is attached as Exhibit 10.5 to this Form 10-Q and incorporated by reference into this Item 5.

Item 6. Exhibits.

3.1	The Company’s composite Certificate of Incorporation, dated as of January 24, 1990, is incorporated by reference from our Annual Report on Form 10-K for the fiscal year ended October 31, 1989.

3.1.1	The Company’s Amendment No. 1, dated as of April 5, 2017, to the Certificate of Incorporation, dated as of January 24, 1990, is incorporated by reference from our Annual Report on Form 10-K for the fiscal year ended October 31, 2017.

3.2	The Company’s By-laws, dated as of May 16, 1988, are incorporated by reference from Exhibit 3-14 to our Annual Report on Form 10-K for the fiscal year ended October 31, 1998.

10.1	PASSUR Aerospace, Inc., 2019 Stock Incentive Plan, is incorporated by reference from Exhibit 10.1 to our Current Report on Form 8-K filed on April 15, 2019.

10.2	Form of Award Agreement for PASSUR Aerospace, Inc., 2019 Stock Incentive Plan, is incorporated by reference from Exhibit 10.2 to our Current Report on Form 8-K filed on April 15, 2019.

10.3	Debt Extension Agreement, dated as of January 28, 2019, by and between PASSUR Aerospace, Inc., and G.S. Beckwith Gilbert, is incorporated by reference from Exhibit 10.22 to our Annual Report on Form 10-K for the fiscal year ended October 31, 2018.

10.4	Secure Promissory Note, dated as of January 28, 2019, from PASSUR Aerospace, Inc., as Borrower, to G.S. Beckwith Gilbert, as Lender, is incorporated by reference from Exhibit 10.23 to our Annual Report on Form 10-K for the fiscal year ended October 31, 2018.

10.5 *	Commitment of G.S. Beckwith Gilbert, dated June 11, 2019.

31.1 *	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 *	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 *	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 *	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.ins*	XBRL Instance

101.xsd*	XBRL Schema

101.cal*	XBRL Calculation

101.def*	XBRL Definition

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101.pre*	XBRL Presentation

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PASSUR AEROSPACE, INC.

Dated: June 11, 2019	By:	/s/ James T. Barry
		James T. Barry
		President and Chief Executive Officer
		(Principal Executive Officer)

Dated: June 11, 2019	By:	/s/ Louis J. Petrucelly
		Louis J. Petrucelly
		Chief Financial Officer, Treasurer, and Secretary (Principal Financial and Accounting Officer)

EX-10.5 2 exh10_5.htm COMMITMENT OF G.S. BECKWITH GILBERT, DATED JUNE 11, 2019.

EXHIBIT 10.5

Field Point Capital Management Company

One Landmark Square, Suite 1900

Stamford, CT 06901

June 11, 2019

PASSUR Aerospace, Inc.

One Landmark Square, Suite 1900

Stamford, CT 06901

As Chairman of the Board as well as the principal shareholder of PASSUR Aerospace, Inc. (“PASSUR Aerospace” or the “Company”), I make the following commitment to the Company with respect to the period from the date of this commitment through June 11, 2020.

Liquidity

I commit that if the Company at any time is unable to meet its obligations through June 11, 2020, that I will provide the necessary continuing financial support to the Company to ensure the Company’s ability to operate as a going concern through the period ending June 11, 2020. Such continuing support may take the form of additional loans or advances to PASSUR Aerospace in addition to the deferral of principal and/or interest payments due on outstanding loans to PASSUR Aerospace as referred to above.

These commitments are not conditional and are irrevocable through the period ending June 11, 2020.

I, G.S. Beckwith Gilbert, having the financial wherewithal to enter into this irrevocable commitment, make the above commitments to the Company and its shareholders.

/s/ G.S. Beckwith Gilbert

G.S. Beckwith Gilbert

President

EX-31.1 3 exh31_1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) OR 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a) or 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James T. Barry, certify that:

I have reviewed this quarterly report on Form 10-Q of PASSUR Aerospace, Inc.;

Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 11, 2019

	By:	/s/ James T. Barry
		James T. Barry
		Chief Executive Officer

EX-31.2 4 exh31_2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) OR 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a) or 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Louis J. Petrucelly, certify that:

I have reviewed this quarterly report on Form 10-Q of PASSUR Aerospace, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 11, 2019

	By:	/s/ Louis J. Petrucelly
		Louis J. Petrucelly
		Chief Financial Officer

EX-32.1 5 exh32_1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of PASSUR Aerospace, Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended April 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James T. Barry, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ James T. Barry
		James T. Barry
		Chief Executive Officer
June 11, 2019

EX-32.2 6 exh32_2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of PASSUR Aerospace, Inc. (the “Company”) on Form 10-Q for the fiscal quarter ended April 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Louis J. Petrucelly, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ Louis J. Petrucelly
		Louis J. Petrucelly
		Chief Financial Officer
June 11, 2019

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1. Nature of Business   PASSUR Aerospace, Inc. (PASSUR or the Company), a New York corporation founded in 1967, is a business intelligence company that provides the aviation industry with predictive analytics and decision support technology primarily to improve the operational performance and cash flow of airlines and the airports where they operate. PASSUR uses big data, within the aviation intelligence platform, and a suite of web-based solutions to address the aviation industrys intractable and costly challenges, including, but not limited to, the underutilization of airspace and airport capacity, delays, cancellations, and diversions. The Companys technology platform is supported by its Aviation Intelligence Center of Excellence, a team of subject matter experts with extensive experience in airline, airport, and business aviation operations, finance, air traffic management, systems automation, and data visualization, and has specific expertise in the operational and business needs, requirements, objectives, and constraints of the aviation industry.   PASSURs mission is to improve global air traffic efficiencies by connecting the worlds aviation professionals on a single aviation intelligence platform, making PASSUR an element in addressing the aviation industrys system-wide inefficiencies. We are an aviation intelligence company that makes air travel more predictable, gate-to-gate, by using predictive analytics generated from our own big data, to mitigate constraints for airlines and their passengers.   PASSURs information solutions are used by the five largest North American airlines, more than 60 airport customers, including 20 of the top 30 North American airports (with PASSUR solutions also used at the remaining ten airports by one or more airline customers), over a hundred business aviation organizations, and the U.S. government.   PASSUR provides data aggregation and consolidation, information, decision support, predictive analytics, collaborative solutions, and professional services. To enable this unique offering, PASSUR owns and operates the worlds largest commercial passive radar network, which updates flight tracks every 1 to 4.6 seconds. Our radar network powers a proprietary database that is accessible in real-time and delivers timely, accurate information and solutions via PASSURs industry-leading algorithms and business logic.   Solutions offered by PASSUR help to ensure flight completion, covering the entire flight life cycle, from gate to gate, result in reductions in overall costs and carbon emissions, help to maximize revenue opportunities, improve operational efficiency and enhance the passenger experience.   PASSURs commercial solutions enable aviation operators to optimize performance in todays air traffic management system, while also achieving Next Generation Air Transportation System (NextGen) and Single European Sky ATM Research objectives.   PASSUR integrates data from multiple sources, including its independent network of surveillance sensors installed throughout North America (creating coast-to-coast coverage), Europe and Asia; government data; customer data; and data from third party partners. PASSURs sensors receive aircraft and drone signals in Mode A, C, S, and Automatic Dependent Surveillance-Broadcast (ADS-B), and provide position, altitude, beacon code, and tail number, among other information. PASSUR receives signals from aircraft that, when combined with its historical database of aircraft and airport behavior, including information recorded by its network over the last 15 years, allow the Company to know more about what has happened historically and what is happening in real-time. In addition, the historical database allows the Company to predict how aircraft, the airspace, and airports are going to perform, and more importantly, how the aircraft, the airspace, and airports should perform.

2. Basis of Presentation and Significant Accounting Policies   The consolidated financial information contained in this quarterly report on Form 10-Q represents interim condensed financial data and, therefore, does not include all footnote disclosures required to be included in financial statements prepared in conformity with accounting principles generally accepted in the United States (GAAP). Such footnote information was included in the Company's Annual Report on Form 10-K for the year ended October 31, 2018, filed with the Securities and Exchange Commission (SEC); the consolidated financial data included herein should be read in conjunction with that report. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (which include only normal recurring adjustments) necessary to present fairly the Companys consolidated financial position as of April 30, 2019, and its consolidated results of operations for the three and six months ended April 30, 2019, and 2018.   The results of operations for the interim period stated above are not necessarily indicative of the results of operations to be recorded for the full fiscal year ended October 31, 2019.   Certain financial information in the footnotes has been rounded to the nearest thousand for presentation purposes.   Liquidity   The Companys current assets exceeded current liabilities, excluding deferred revenue, by $104,000 as of April 30, 2019. The note payable to a related party, G.S. Beckwith Gilbert, the Companys significant shareholder and Chairman, was $6,960,000 at April 30, 2019, with a maturity of November 1, 2020. The Companys stockholders equity was $1,934,000 at April 30, 2019. The Company had a net loss of $2,066,000 for the six months ended April 30, 2019.   If the Companys business does not generate sufficient cash flows from operations to meet its operating cash requirements, the Company will attempt to obtain external financing on commercially reasonable terms. However, the Company has received a commitment from G.S. Beckwith Gilbert, dated June 11, 2019, that if the Company, at any time, is unable to meet its obligations through June 11, 2020, G.S. Beckwith Gilbert will provide the Company with the necessary continuing financial support to meet such obligations. Such commitment for financial support may be in the form of additional advances or loans to the Company, in addition to the deferral of principal and/or interest payments due on the existing loans, if deemed necessary. The note payable is secured by the Companys assets.   Principles of Consolidation   The consolidated financial statements include the accounts of PASSUR and its wholly-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation.   Use of Estimates   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Companys significant estimates include those related to revenue recognition, stock-based compensation, software development costs, the PASSUR Network and income taxes. Actual results could differ from those estimates.   Revenue Recognition Policy   The Company recognizes revenue in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers ("Topic 606").   The Company accounts for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each partys rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable the Company will collect substantially all of the consideration to which it is entitled.   The Company derives revenue primarily from subscription-based, real-time decision and solution information and professional services. Revenues are recognized when control of these services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.   The Company determines revenue recognition through the following steps: <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Identification of the contract, or contracts, with a customer; <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Identification of the performance obligations in the contract; <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Determination of transaction price; <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Allocation of transaction price to performance obligations in the contract; and <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Recognition of revenue when, or as, the Company satisfies a performance obligation. The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition ("Topic 605"). The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.   A.                 Nature of performance obligations   Subscription services revenue   Subscription services revenue is comprised of cloud-based subscription fees that provide the customer the right to access the Companys software and receive support and updates, if any, for a period of time. The Company has determined such access represents a stand-ready service provided continually throughout the contract term. As such, control and satisfaction of this stand-ready performance obligation is deemed to occur over time. The Companys subscription contracts include a fixed amount of consideration that is recognized ratably over the non-cancellable contract term, beginning on the date that access is made available to the customer. The passage of time is deemed to be the most faithful depiction of the transfer of control of the services as the customer simultaneously receives and consumes the benefit provided by the Companys performance. Subscription contracts are generally one to three years in length, billed either monthly, quarterly or annually, typically in advance, which coincides with the terms of the agreement. The Companys subscription contracts do not have a significant financing component and customer invoices are typically due within 30 days. There is no significant variable consideration related to these arrangements. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether transfer of control to customers has occurred.   Professional services revenue   Professional services primarily consist of value assessments and customer training services. Payment for professional services is generally a fixed fee or a fee based on time and materials. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as the Company satisfies its performance obligations. For professional services, revenue is recognized by measuring progress toward the complete satisfaction of the Companys obligation. Progress for services that are contracted for a fixed price is generally measured based on hours incurred as a portion of total estimated hours, and as a practical expedient, progress for services that are contracted for time and materials is generally based on the amount the Company has the right to invoice. Professional services contracts are generally one year or less in length, billed either in advance, upon pre-defined milestones or as services are rendered, which coincides with the terms of the agreement. The Companys professional service contracts do not have a significant financing component and customer invoices are typically due within 30 days.   Material rights   Contracts with customers may include material rights which are also performance obligations. Material rights primarily arise when the contract gives the customer the right to renew subscription services at a discounted price in the future. This may occur from time to time when the Companys contracts provide an implicit discount as the customer pays a nonrefundable up-front fee in connection with the initial services contract that it does not have to pay again in order to renew the service. These non-refundable up-front fees are not related to any promised service that the customer benefits from other than providing access to the subscription service.  Revenue allocated to material rights is recognized when the customer exercises the right over the estimated renewal period of five years or when the right expires. If exercised by the customer, the amount previously deferred for the material right is included in the transaction price of the renewal contract and allocated to the services included in that contract. If expired, revenue is recognized as subscription services revenue in the period the right expired. If the up-front fees do not provide the customer with a material right, then the amount is included in the transaction price of the initial services contract and allocated to the performance obligations in that contract.   Contracts with Multiple Performance Obligations   Some of the Companys contracts with customers contain multiple distinct performance obligations. For these contracts, the transaction price is allocated to the separate performance obligations on a relative standalone selling price basis.  The standalone selling price reflects the price the Company would charge for a specific service if it was sold separately in similar circumstances and to similar customers. The Company maximizes the use of directly observable transactions to determine the standalone selling prices for its performance obligations. For subscription services, the Company separately determines the standalone selling prices by type of solution and customer demographics. For professional services, the Company separately determines standalone selling price by type of services.   Other policies and judgments   The commissions that the Company pays for obtaining a contract with a customer are conditional on future service provided by the employee. Therefore, since these costs are not incremental solely based on obtaining a contract, the Company does not defer any commission costs.   B.                  Disaggregation   The disaggregation of revenue by customer and type of performance obligation is as follows:    <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Three Months Ended </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Six Months Ended </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Revenue by type of customer: </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Airlines </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    2,211,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    4,429,000 </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Airports </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                       1,418,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                       2,841,000 </td> </tr> <tr style='height:15.75pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Other </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                                5,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                             20,000 </td> </tr> <tr style='height:16.5pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> Total Revenue </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,634,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,290,000 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Three Months Ended </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Six Months Ended </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Revenue by type of performance obligation: </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Subscription services </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,629,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,225,000 </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Professional services </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                                5,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                              65,000 </td> </tr> <tr style='height:15.75pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Total Revenue </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,634,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,290,000 </td> </tr> </table>   C.                 Contract Balances   The opening and closing balances of the Company's accounts receivable, unbilled receivables, and deferred revenues are as follows:   <table border="0" cellspacing="0" cellpadding="0" width="642" style='width:481.3pt;border-collapse:collapse'> <tr style='height:.4in'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'>   </td> <td width="121" valign="bottom" style='width:90.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Accounts Receivable </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="120" valign="bottom" style='width:90.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Unbilled Receivable </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="120" valign="bottom" style='width:90.15pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Deferred Revenue </td> </tr> <tr style='height:.2in'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Balance at November 1, 2018 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="121" valign="bottom" style='width:90.45pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $       1,175,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.2pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $             12,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.15pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $       3,191,000 </td> </tr> <tr style='height:8.1pt'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="121" valign="bottom" style='width:90.45pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="120" valign="bottom" style='width:90.2pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="120" valign="bottom" style='width:90.15pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> </tr> <tr style='height:.2in'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Balance at April 30, 2019 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="121" valign="bottom" style='width:90.45pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $           987,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.2pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $               3,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.15pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $       4,590,000 </td> </tr> </table>   The difference in the opening and closing balances of the Companys unbilled receivable and deferred revenue primarily results from the timing difference between the Companys performance and the customers payment.   Deferred revenue includes amounts billed to customers for which the revenue recognition criteria has not yet been met. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from the Companys subscription services and, to a lesser extent, professional services. Deferred revenue is recognized as the Company satisfies its performance obligations. The Company generally invoices its customers in monthly, quarterly or annual installments for subscription services. Accordingly, the deferred revenue balance does not generally represent the total contract value of annual or multi-year, non-cancellable subscription arrangements. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The amount of revenue recognized during the three and six months ended April 30, 2019 that was included in the deferred revenue balance at November 1, 2018 was $260,000 and $2,585,000.   Unbilled accounts receivable relates to the delivery of subscription and/or professional services for which the related billings will occur in a future period.   D.                 Transaction Price Allocated to the Remaining Performance Obligation   The following table discloses the aggregate amount of the transaction price allocated to the remaining performance obligations as of the end of the reporting period, and when the Company expects to recognize the revenue.   <table border="0" cellspacing="0" cellpadding="0" width="517" style='width:387.45pt;border-collapse:collapse'> <tr style='height:26.9pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'>   </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>12 months or less </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="141" valign="bottom" style='width:105.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Greater than 12 months * </td> </tr> <tr style='height:13.45pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Subscription services </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $        7,068,000 </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $        1,958,000 </td> </tr> <tr style='height:13.45pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Professional services </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $              59,000 </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $                        -   </td> </tr> <tr style='height:13.45pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Material rights </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $            168,000 </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $            290,000 </td> </tr> </table>   *Approximately 97% of these amounts are expected to be recognized between 12 and 36 months.     The table above includes amounts billed and not yet recognized as revenue, as well as, unrecognized future committed billings in customer contracts and excludes future billing amounts for which the customer has a termination for convenience right in their agreement.   Cost of Revenues    Costs associated with subscription and maintenance revenues consist primarily of direct labor, depreciation of PASSUR and Surface Multilateration (SMLAT) Network Systems (both collectively, the PASSUR Network), amortization of capitalized software development costs, communication costs, data feeds, travel and entertainment, and consulting fees. Also, included in cost of revenues are costs associated with upgrades to PASSUR and SMLAT Systems necessary to make such systems compatible with new software applications, as well as the ordinary repair and maintenance of existing PASSUR and SMLAT Systems. Additionally, cost of revenues in each reporting period is impacted by: (1) the number of PASSUR and SMLAT Systems added to the PASSUR Network, which includes the cost of production, shipment, and installation of these assets, which are capitalized to the PASSUR Network; and (2) new capitalized costs associated with software development projects. Both of these are referred to as Capitalized Assets and are depreciated and/or amortized over their respective useful lives and charged to cost of revenues.   Income Taxes   On December 22, 2017 the U.S. government enacted comprehensive tax reform commonly referred to as the Tax Cuts and Jobs Act (TCJA).  Under Accounting Standards Codification (ASC) 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted.  The TCJA made broad and complex changes to the U.S. tax code, including, but not limited to: (1) reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018; (2) changed the rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; (3) accelerated expensing on certain qualified property; (4) created a new limitation on deductible interest expense to 30% of tax adjusted EBITDA through 2021 and then 30% of tax adjusted EBIT thereafter; (5) eliminated the corporate alternative minimum tax; and (6) imposed further limitations on the deductibility of executive compensation under IRC §162(m) for tax years beginning after December 31, 2017.    As the reduction in the U.S. federal corporate tax rate is administratively effective on January 1, 2018, our blended U.S. federal tax rate for the fiscal year ended October 31, 2018, was approximately 23.2%. The U.S. federal corporate tax rate for the fiscal year ended on and after October 31, 2019 is 21%.   Given our full valuation allowance position, the Company did not record an income tax expense (benefit) in connection with the TCJA.  The Company completed its accounting for the TCJA as of October 31, 2018.   The Companys provision for income taxes consists of federal and state taxes, as applicable, in amounts necessary to align the Companys year-to-date tax provision with the effective rate that it expects to achieve for the full year. For both the three and six months ended April 30, 2019 and 2018, the Company did not record an income tax provision (benefit).  The Company is projecting its annual effective tax rate for the six months ended April 30, 2019 to be 0% as its net deferred tax assets are not realizable on a more-likely-than-not basis.   Accounts Receivable   The Company has a history of successfully collecting all amounts due from its customers under the original terms of its subscription agreements without making concessions. The Company records accounts receivables for agreements where amounts due from customers are contractually required and are non-refundable. The carrying amount of accounts receivables is reduced by a valuation allowance that reflects the Companys best estimate of the amounts that will not be collected. Net accounts receivable is comprised of the monthly, quarterly, or annual committed amounts due from customers pursuant to the terms of each respective customers agreement. Account receivable balances include amounts attributable to deferred revenues. The Companys accounts receivable balances included $3,000 of unbilled receivables associated with contractually committed services provided to existing customers as of the six months ended April 30, 2019, which will be invoiced subsequent to April 30, 2019. At October 31, 2018, the Companys accounts receivable balance included $12,000 of unbilled receivables associated with contractually committed services provided to existing customers during the twelve months ended October 31, 2018.   The provision for doubtful accounts was $159,000 as of April 30, 2019 and October 31, 2018, respectively. In addition to reviewing delinquent accounts receivable, the Company considers many factors in estimating its reserve, including historical data, experience, customer types, credit worthiness, and economic trends. The Company monitors its outstanding accounts receivable balances and believes the provision is adequate.   PASSUR Network   The PASSUR Network is comprised of PASSUR and SMLAT Systems, which includes the direct production, shipping, and installation costs incurred for each PASSUR and SMLAT System, which are recorded at cost, net of accumulated depreciation. The Company capitalized $61,000 of PASSUR Network costs for both the three and six months ended April 30, 2019. Additionally, the Company used $13,000 and $22,000 of PASSUR Network parts for repairs during the three and six months ended April 30, 2019, respectively, and did not make any material purchases of parts during the same period.   Depreciation expenses related to the Company-owned PASSUR Network was $210,000 and $416,000 for the three and six months ended April 30, 2019, respectively. Depreciation is charged to cost of revenues and is recorded using the straight-line method over the estimated useful life of the asset, which is estimated at five years for SMLAT Systems and seven years for PASSUR Systems.   For the three and six months ended April 30, 2018, the Company capitalized $58,000 and $125,000, respectively, of PASSUR Network costs. Additionally, the Company purchased parts for the PASSUR Network totaling $20,000 and $72,000 and used $7,000 and $11,000 of PASSUR Network parts for repairs during the three and six months ended April 30, 2018, respectively.   Depreciation expenses related to the Company-owned PASSUR Network was $176,000 and $352,000 for the three and six months ended April 30, 2018, respectively.   The net carrying balance of the PASSUR Network as of April 30, 2019, and October 31, 2018, was $4,426,000 and $4,801,000, respectively. Included in the net carrying balance as of April 30, 2019 and October 31, 2018, were parts and finished goods for the PASSUR Network totaling $1,857,000 and $1,892,000, respectively, which have not yet been installed. PASSUR Network assets which are not installed are carried at cost and not depreciated until installed.   Capitalized Software Development Costs   The Company follows the provisions of ASC 350-40, Internal Use Software (ASC 350-40). ASC 350-40 provides guidance for determining whether computer software is internal-use software, and on accounting for the proceeds of computer software originally developed or obtained for internal use and then subsequently sold to the public.  It also provides guidance on capitalization of the costs incurred for computer software developed or obtained for internal use. The Company expenses all costs incurred during the preliminary project stage of its development, and capitalizes the costs incurred during the application development stage. Costs incurred relating to upgrades and enhancements to the software are capitalized if it is determined that these upgrades or enhancements add additional functionality to the software. Costs incurred to improve and support products after they become available are charged to expense as incurred.   The Company capitalized $647,000 and $1,342,000 of software development costs during the three and six months ended April 30, 2019, respectively.  For the three and six months ended April 30, 2018, the Company capitalized $754,000 and $1,302,000, respectively, of software development costs.   The Company amortized $592,000 and $1,112,000 of capitalized software development costs during the three and six months ended April 30, 2019, respectively. For the three and six months ended April 30, 2018, the Company amortized $581,000 and $1,100,000 of capitalized software development costs. The Company records amortization of the software on a straight-line basis over the estimated useful life of the software, typically over five years within Cost of Revenues.   Long-Lived Assets   The Company reviews long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable. Impairment is recognized to the extent the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value. Assets to be disposed of are carried at the lower of their carrying value or fair value, less costs to sell. The Company evaluates the periods of amortization continually in determining whether later events and circumstances warrant revised estimates of useful lives. If estimates are changed, the unamortized costs will be allocated to the increased or decreased number of remaining periods in the assets revised life.   Deferred Tax Asset   Each reporting period, the Company assesses the realizability of its deferred tax assets to determine if it is more-likely-than-not that some portion, or all, of the deferred tax asset will be realized.  The Company considered all available positive and negative evidence including the reversal of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operating results. The ultimate realization of a deferred tax asset is ultimately dependent on sufficient taxable income within the available carryback and/or carryforward periods to utilize the deductible temporary differences.  Based on the weight of available evidence including recent financial operating results, the Company determined its net deferred tax assets are not realizable on a more-likely-than-not basis and that a valuation allowance is required against its net deferred tax assets.    At October 31, 2018, the Company had available federal net operating loss carryforwards of $12,780,000, of which $4,715,000 are indefinite lived and $8,065,000 will expire in various tax years from fiscal year 2022 through fiscal year 2038.     Fair Value of Financial Instruments   The recorded amounts of the Companys cash, receivables, and accounts payables approximate their fair values principally because of the short-term nature of these items. The fair value of related party debt is not practicable to determine due primarily to the fact that the Companys related party debt is held by its Chairman and significant shareholder, and the Company does not have any third-party debt with which to compare.   Additionally, on a recurring basis, the Company uses fair value measures when analyzing asset impairments. Long-lived assets and certain identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined such indicators are present, and the review indicates that the assets will not be fully recoverable based on the undiscounted estimated future cash flows expected to result from the use of the asset, their carrying values are reduced to estimated fair value.   Net Loss per Share Information   Basic net loss per share is computed based on the weighted average number of shares outstanding. Diluted earnings per share is computed similarly to basic earnings per share, except that it reflects the effect of common shares issuable upon exercise of stock options, using the treasury stock method in periods in which they have a dilutive effect.   On February 26, 2019, the Board of Directors of the Company (the Board), subject to shareholder approval, unanimously adopted the 2019 Stock Incentive Plan (the Plan), to replace the Companys 2009 Stock Incentive Plan, as amended (the 2009 Plan), which expired February 24, 2019. The Companys shareholders approved the Plan on April 9, 2019, and the Plan became effective upon the date of its adoption by the Board. The Plan allows for a cashless exercise. Shares used to calculate net loss per share are as follows:      <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> For the three months ended </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> For the six months ended </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> April 30, </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> April 30, </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2019 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2018 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2019 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2018 </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Basic Weighted average shares outstanding </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>     7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>     7,696,091 </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Effect of dilutive stock options </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                      -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                     -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                      -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                     -   </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Diluted weighted average shares outstanding </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     7,696,091 </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Weighted average shares which are not included in the calculation of diluted net income per share because their impact is anti-dilutive. These shares consist of stock options. </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       1,734,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     1,606,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       1,734,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     1,606,500 </td> </tr> </table>   Stock-Based Compensation   The Company follows FASB ASC 718, Compensation-Stock Compensation, which requires the measurement of compensation cost for all stock-based awards at fair value on the date of grant, and recognition of stock-based compensation expense over the service period for awards expected to vest. The fair value of stock options was determined using the Black-Scholes valuation model. Such fair value is recognized as an expense over the service period, net of forfeitures. Stock-based compensation expense was $163,000 and $319,000 for the three and six months ended April 30, 2019, respectively. Stock-based compensation expense was $171,000 and $342,000 for the three and six months ended April 30, 2018, respectively. Stock-based compensation is primarily included in selling, general, and administrative expenses.   Recent Accounting Pronouncements Adopted   In May 2014, the FASB issued Topic 606. Topic 606 supersedes the revenue recognition requirements in Topic 605, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer.   On November 1, 2018, the Company adopted Topic 606 using the modified retrospective transition method which resulted in an adjustment to retained earnings for the cumulative effect of applying the standard to all contracts not completed as of the adoption date. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Revenue recognition remained substantially unchanged following adoption of Topic 606 and therefore the adoption of Topic 606 did not have a material impact on revenues. The primary impact of adopting Topic 606 relates to the accounting for nonrefundable up-front fees. The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Topic 605. The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.   In May 2017, the FASB issued ASU 2017-09, CompensationStock Compensation: Topic 718 Scope of Modification Accounting (ASU 2017-09), to clarify when to account for a change in the terms or conditions of a share-based payment award as a modification. Under the new standard, modification is required only if the fair value, the vesting conditions, or the classification of an award as equity or liability changes as a result of the change in terms or conditions. The Company adopted this guidance during the quarter ended January 31, 2019, using the prospective method, with no material impact to its consolidated financial statements and related disclosures.   Recent Accounting Pronouncements Not Yet Adopted   In February 2016, the FASB issued ASU 2016-02, which amends the ASC and creates Topic 842, Leases (Topic 842). Topic 842 will require lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under previous GAAP on the balance sheet. This guidance is effective for annual periods beginning after December 15, 2018, which will be effective for the Company beginning November 1, 2019, and early adoption is permitted. The Company's preliminary analysis indicates that the Company will recognize a liability for remaining lease payments and a right-of-use asset related to the Company's operating lease covering its corporate office and other facilities that expires through various dates through June 2023. The Company is in the initial stages of evaluating the effect of the standard on the Company's financial statements.

Liquidity   The Companys current assets exceeded current liabilities, excluding deferred revenue, by $104,000 as of April 30, 2019. The note payable to a related party, G.S. Beckwith Gilbert, the Companys significant shareholder and Chairman, was $6,960,000 at April 30, 2019, with a maturity of November 1, 2020. The Companys stockholders equity was $1,934,000 at April 30, 2019. The Company had a net loss of $2,066,000 for the six months ended April 30, 2019.   If the Companys business does not generate sufficient cash flows from operations to meet its operating cash requirements, the Company will attempt to obtain external financing on commercially reasonable terms. However, the Company has received a commitment from G.S. Beckwith Gilbert, dated June 11, 2019, that if the Company, at any time, is unable to meet its obligations through June 11, 2020, G.S. Beckwith Gilbert will provide the Company with the necessary continuing financial support to meet such obligations. Such commitment for financial support may be in the form of additional advances or loans to the Company, in addition to the deferral of principal and/or interest payments due on the existing loans, if deemed necessary. The note payable is secured by the Companys assets.

104000 1934000 -2066000

Principles of Consolidation   The consolidated financial statements include the accounts of PASSUR and its wholly-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation.

Use of Estimates   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Companys significant estimates include those related to revenue recognition, stock-based compensation, software development costs, the PASSUR Network and income taxes. Actual results could differ from those estimates.

Revenue Recognition Policy   The Company recognizes revenue in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers ("Topic 606").   The Company accounts for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each partys rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable the Company will collect substantially all of the consideration to which it is entitled.   The Company derives revenue primarily from subscription-based, real-time decision and solution information and professional services. Revenues are recognized when control of these services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.   The Company determines revenue recognition through the following steps: <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Identification of the contract, or contracts, with a customer; <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Identification of the performance obligations in the contract; <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Determination of transaction price; <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Allocation of transaction price to performance obligations in the contract; and <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-top:0in;margin-right:4.5pt;margin-bottom:8.0pt;margin-left:0in;text-indent:0in;line-height:107%;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>·                     Recognition of revenue when, or as, the Company satisfies a performance obligation. The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition ("Topic 605"). The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.   A.                 Nature of performance obligations   Subscription services revenue   Subscription services revenue is comprised of cloud-based subscription fees that provide the customer the right to access the Companys software and receive support and updates, if any, for a period of time. The Company has determined such access represents a stand-ready service provided continually throughout the contract term. As such, control and satisfaction of this stand-ready performance obligation is deemed to occur over time. The Companys subscription contracts include a fixed amount of consideration that is recognized ratably over the non-cancellable contract term, beginning on the date that access is made available to the customer. The passage of time is deemed to be the most faithful depiction of the transfer of control of the services as the customer simultaneously receives and consumes the benefit provided by the Companys performance. Subscription contracts are generally one to three years in length, billed either monthly, quarterly or annually, typically in advance, which coincides with the terms of the agreement. The Companys subscription contracts do not have a significant financing component and customer invoices are typically due within 30 days. There is no significant variable consideration related to these arrangements. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether transfer of control to customers has occurred.   Professional services revenue   Professional services primarily consist of value assessments and customer training services. Payment for professional services is generally a fixed fee or a fee based on time and materials. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as the Company satisfies its performance obligations. For professional services, revenue is recognized by measuring progress toward the complete satisfaction of the Companys obligation. Progress for services that are contracted for a fixed price is generally measured based on hours incurred as a portion of total estimated hours, and as a practical expedient, progress for services that are contracted for time and materials is generally based on the amount the Company has the right to invoice. Professional services contracts are generally one year or less in length, billed either in advance, upon pre-defined milestones or as services are rendered, which coincides with the terms of the agreement. The Companys professional service contracts do not have a significant financing component and customer invoices are typically due within 30 days.   Material rights   Contracts with customers may include material rights which are also performance obligations. Material rights primarily arise when the contract gives the customer the right to renew subscription services at a discounted price in the future. This may occur from time to time when the Companys contracts provide an implicit discount as the customer pays a nonrefundable up-front fee in connection with the initial services contract that it does not have to pay again in order to renew the service. These non-refundable up-front fees are not related to any promised service that the customer benefits from other than providing access to the subscription service.  Revenue allocated to material rights is recognized when the customer exercises the right over the estimated renewal period of five years or when the right expires. If exercised by the customer, the amount previously deferred for the material right is included in the transaction price of the renewal contract and allocated to the services included in that contract. If expired, revenue is recognized as subscription services revenue in the period the right expired. If the up-front fees do not provide the customer with a material right, then the amount is included in the transaction price of the initial services contract and allocated to the performance obligations in that contract.   Contracts with Multiple Performance Obligations   Some of the Companys contracts with customers contain multiple distinct performance obligations. For these contracts, the transaction price is allocated to the separate performance obligations on a relative standalone selling price basis.  The standalone selling price reflects the price the Company would charge for a specific service if it was sold separately in similar circumstances and to similar customers. The Company maximizes the use of directly observable transactions to determine the standalone selling prices for its performance obligations. For subscription services, the Company separately determines the standalone selling prices by type of solution and customer demographics. For professional services, the Company separately determines standalone selling price by type of services.   Other policies and judgments   The commissions that the Company pays for obtaining a contract with a customer are conditional on future service provided by the employee. Therefore, since these costs are not incremental solely based on obtaining a contract, the Company does not defer any commission costs.   B.                  Disaggregation   The disaggregation of revenue by customer and type of performance obligation is as follows:    <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Three Months Ended </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Six Months Ended </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Revenue by type of customer: </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Airlines </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    2,211,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    4,429,000 </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Airports </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                       1,418,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                       2,841,000 </td> </tr> <tr style='height:15.75pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Other </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                                5,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                             20,000 </td> </tr> <tr style='height:16.5pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> Total Revenue </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,634,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,290,000 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Three Months Ended </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Six Months Ended </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Revenue by type of performance obligation: </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Subscription services </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,629,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,225,000 </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Professional services </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                                5,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                              65,000 </td> </tr> <tr style='height:15.75pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Total Revenue </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,634,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,290,000 </td> </tr> </table>   C.                 Contract Balances   The opening and closing balances of the Company's accounts receivable, unbilled receivables, and deferred revenues are as follows:   <table border="0" cellspacing="0" cellpadding="0" width="642" style='width:481.3pt;border-collapse:collapse'> <tr style='height:.4in'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'>   </td> <td width="121" valign="bottom" style='width:90.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Accounts Receivable </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="120" valign="bottom" style='width:90.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Unbilled Receivable </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="120" valign="bottom" style='width:90.15pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:.4in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Deferred Revenue </td> </tr> <tr style='height:.2in'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Balance at November 1, 2018 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="121" valign="bottom" style='width:90.45pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $       1,175,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.2pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $             12,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.15pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $       3,191,000 </td> </tr> <tr style='height:8.1pt'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="121" valign="bottom" style='width:90.45pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="120" valign="bottom" style='width:90.2pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> <td width="120" valign="bottom" style='width:90.15pt;padding:0in 5.4pt 0in 5.4pt;height:8.1pt'>   </td> </tr> <tr style='height:.2in'> <td width="226" valign="bottom" style='width:169.4pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> Balance at April 30, 2019 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="121" valign="bottom" style='width:90.45pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $           987,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.2pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $               3,000 </td> <td width="18" valign="bottom" style='width:13.7pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="120" valign="bottom" style='width:90.15pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>  $       4,590,000 </td> </tr> </table>   The difference in the opening and closing balances of the Companys unbilled receivable and deferred revenue primarily results from the timing difference between the Companys performance and the customers payment.   Deferred revenue includes amounts billed to customers for which the revenue recognition criteria has not yet been met. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from the Companys subscription services and, to a lesser extent, professional services. Deferred revenue is recognized as the Company satisfies its performance obligations. The Company generally invoices its customers in monthly, quarterly or annual installments for subscription services. Accordingly, the deferred revenue balance does not generally represent the total contract value of annual or multi-year, non-cancellable subscription arrangements. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue and the remaining portion is recorded as noncurrent. The amount of revenue recognized during the three and six months ended April 30, 2019 that was included in the deferred revenue balance at November 1, 2018 was $260,000 and $2,585,000.   Unbilled accounts receivable relates to the delivery of subscription and/or professional services for which the related billings will occur in a future period.   D.                 Transaction Price Allocated to the Remaining Performance Obligation   The following table discloses the aggregate amount of the transaction price allocated to the remaining performance obligations as of the end of the reporting period, and when the Company expects to recognize the revenue.   <table border="0" cellspacing="0" cellpadding="0" width="517" style='width:387.45pt;border-collapse:collapse'> <tr style='height:26.9pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'>   </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>12 months or less </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="141" valign="bottom" style='width:105.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:26.9pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Greater than 12 months * </td> </tr> <tr style='height:13.45pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Subscription services </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $        7,068,000 </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $        1,958,000 </td> </tr> <tr style='height:13.45pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Professional services </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $              59,000 </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $                        -   </td> </tr> <tr style='height:13.45pt'> <td width="187" valign="bottom" style='width:140.25pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> Material rights </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $            168,000 </td> <td width="24" valign="bottom" style='width:18.05pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'>   </td> <td width="141" valign="bottom" style='width:105.55pt;padding:0in 5.4pt 0in 5.4pt;height:13.45pt'> $            290,000 </td> </tr> </table>   *Approximately 97% of these amounts are expected to be recognized between 12 and 36 months.     The table above includes amounts billed and not yet recognized as revenue, as well as, unrecognized future committed billings in customer contracts and excludes future billing amounts for which the customer has a termination for convenience right in their agreement.

<table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Three Months Ended </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Six Months Ended </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Revenue by type of customer: </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Airlines </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    2,211,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    4,429,000 </td> </tr> <tr style='height:15.0pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Airports </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                       1,418,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                       2,841,000 </td> </tr> <tr style='height:15.75pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Other </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                                5,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                             20,000 </td> </tr> <tr style='height:16.5pt'> <td width="37%" valign="bottom" style='width:37.28%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> Total Revenue </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'>   </td> <td width="28%" valign="bottom" style='width:28.62%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,634,000 </td> <td width="3%" valign="bottom" style='width:3.0%;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="28%" valign="bottom" style='width:28.1%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:16.5pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,290,000 </td> </tr> </table>

2211000 4429000 1418000 2841000 5000 20000

<table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Three Months Ended </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>Six Months Ended </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Revenue by type of performance obligation: </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:center;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>April 30, 2019 </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Subscription services </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,629,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,225,000 </td> </tr> <tr style='height:15.0pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Professional services </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                                5,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>                              65,000 </td> </tr> <tr style='height:15.75pt'> <td width="47%" valign="bottom" style='width:47.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Total Revenue </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="23%" valign="bottom" style='width:23.9%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    3,634,000 </td> <td width="2%" valign="bottom" style='width:2.5%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'>  </td> <td width="24%" valign="bottom" style='width:24.04%;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;punctuation-wrap:simple;text-autospace:none;margin-right:4.5pt;text-align:right;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'> $                    7,290,000 </td> </tr> </table>

3629000 7225000 5000 65000 3634000 7290000

1175000

3191000

987000

4590000

260000

2585000

Cost of Revenues    Costs associated with subscription and maintenance revenues consist primarily of direct labor, depreciation of PASSUR and Surface Multilateration (SMLAT) Network Systems (both collectively, the PASSUR Network), amortization of capitalized software development costs, communication costs, data feeds, travel and entertainment, and consulting fees. Also, included in cost of revenues are costs associated with upgrades to PASSUR and SMLAT Systems necessary to make such systems compatible with new software applications, as well as the ordinary repair and maintenance of existing PASSUR and SMLAT Systems. Additionally, cost of revenues in each reporting period is impacted by: (1) the number of PASSUR and SMLAT Systems added to the PASSUR Network, which includes the cost of production, shipment, and installation of these assets, which are capitalized to the PASSUR Network; and (2) new capitalized costs associated with software development projects. Both of these are referred to as Capitalized Assets and are depreciated and/or amortized over their respective useful lives and charged to cost of revenues.

Income Taxes   On December 22, 2017 the U.S. government enacted comprehensive tax reform commonly referred to as the Tax Cuts and Jobs Act (TCJA).  Under Accounting Standards Codification (ASC) 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted.  The TCJA made broad and complex changes to the U.S. tax code, including, but not limited to: (1) reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018; (2) changed the rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; (3) accelerated expensing on certain qualified property; (4) created a new limitation on deductible interest expense to 30% of tax adjusted EBITDA through 2021 and then 30% of tax adjusted EBIT thereafter; (5) eliminated the corporate alternative minimum tax; and (6) imposed further limitations on the deductibility of executive compensation under IRC §162(m) for tax years beginning after December 31, 2017.    As the reduction in the U.S. federal corporate tax rate is administratively effective on January 1, 2018, our blended U.S. federal tax rate for the fiscal year ended October 31, 2018, was approximately 23.2%. The U.S. federal corporate tax rate for the fiscal year ended on and after October 31, 2019 is 21%.   Given our full valuation allowance position, the Company did not record an income tax expense (benefit) in connection with the TCJA.  The Company completed its accounting for the TCJA as of October 31, 2018.   The Companys provision for income taxes consists of federal and state taxes, as applicable, in amounts necessary to align the Companys year-to-date tax provision with the effective rate that it expects to achieve for the full year. For both the three and six months ended April 30, 2019 and 2018, the Company did not record an income tax provision (benefit).  The Company is projecting its annual effective tax rate for the six months ended April 30, 2019 to be 0% as its net deferred tax assets are not realizable on a more-likely-than-not basis.

Accounts Receivable   The Company has a history of successfully collecting all amounts due from its customers under the original terms of its subscription agreements without making concessions. The Company records accounts receivables for agreements where amounts due from customers are contractually required and are non-refundable. The carrying amount of accounts receivables is reduced by a valuation allowance that reflects the Companys best estimate of the amounts that will not be collected. Net accounts receivable is comprised of the monthly, quarterly, or annual committed amounts due from customers pursuant to the terms of each respective customers agreement. Account receivable balances include amounts attributable to deferred revenues. The Companys accounts receivable balances included $3,000 of unbilled receivables associated with contractually committed services provided to existing customers as of the six months ended April 30, 2019, which will be invoiced subsequent to April 30, 2019. At October 31, 2018, the Companys accounts receivable balance included $12,000 of unbilled receivables associated with contractually committed services provided to existing customers during the twelve months ended October 31, 2018.   The provision for doubtful accounts was $159,000 as of April 30, 2019 and October 31, 2018, respectively. In addition to reviewing delinquent accounts receivable, the Company considers many factors in estimating its reserve, including historical data, experience, customer types, credit worthiness, and economic trends. The Company monitors its outstanding accounts receivable balances and believes the provision is adequate.

3000

12000

159000

PASSUR Network   The PASSUR Network is comprised of PASSUR and SMLAT Systems, which includes the direct production, shipping, and installation costs incurred for each PASSUR and SMLAT System, which are recorded at cost, net of accumulated depreciation. The Company capitalized $61,000 of PASSUR Network costs for both the three and six months ended April 30, 2019. Additionally, the Company used $13,000 and $22,000 of PASSUR Network parts for repairs during the three and six months ended April 30, 2019, respectively, and did not make any material purchases of parts during the same period.   Depreciation expenses related to the Company-owned PASSUR Network was $210,000 and $416,000 for the three and six months ended April 30, 2019, respectively. Depreciation is charged to cost of revenues and is recorded using the straight-line method over the estimated useful life of the asset, which is estimated at five years for SMLAT Systems and seven years for PASSUR Systems.   For the three and six months ended April 30, 2018, the Company capitalized $58,000 and $125,000, respectively, of PASSUR Network costs. Additionally, the Company purchased parts for the PASSUR Network totaling $20,000 and $72,000 and used $7,000 and $11,000 of PASSUR Network parts for repairs during the three and six months ended April 30, 2018, respectively.   Depreciation expenses related to the Company-owned PASSUR Network was $176,000 and $352,000 for the three and six months ended April 30, 2018, respectively.   The net carrying balance of the PASSUR Network as of April 30, 2019, and October 31, 2018, was $4,426,000 and $4,801,000, respectively. Included in the net carrying balance as of April 30, 2019 and October 31, 2018, were parts and finished goods for the PASSUR Network totaling $1,857,000 and $1,892,000, respectively, which have not yet been installed. PASSUR Network assets which are not installed are carried at cost and not depreciated until installed.

61000

13000 22000

210000

416000

58000

125000

20000 72000 7000 11000

176000

352000

4426000 4801000

1857000

1892000

Capitalized Software Development Costs   The Company follows the provisions of ASC 350-40, Internal Use Software (ASC 350-40). ASC 350-40 provides guidance for determining whether computer software is internal-use software, and on accounting for the proceeds of computer software originally developed or obtained for internal use and then subsequently sold to the public.  It also provides guidance on capitalization of the costs incurred for computer software developed or obtained for internal use. The Company expenses all costs incurred during the preliminary project stage of its development, and capitalizes the costs incurred during the application development stage. Costs incurred relating to upgrades and enhancements to the software are capitalized if it is determined that these upgrades or enhancements add additional functionality to the software. Costs incurred to improve and support products after they become available are charged to expense as incurred.   The Company capitalized $647,000 and $1,342,000 of software development costs during the three and six months ended April 30, 2019, respectively.  For the three and six months ended April 30, 2018, the Company capitalized $754,000 and $1,302,000, respectively, of software development costs.   The Company amortized $592,000 and $1,112,000 of capitalized software development costs during the three and six months ended April 30, 2019, respectively. For the three and six months ended April 30, 2018, the Company amortized $581,000 and $1,100,000 of capitalized software development costs. The Company records amortization of the software on a straight-line basis over the estimated useful life of the software, typically over five years within Cost of Revenues.

647000

1342000

754000

1302000

592000

1112000

581000

1100000

Long-Lived Assets   The Company reviews long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable. Impairment is recognized to the extent the sum of undiscounted estimated future cash flows expected to result from the use of the asset is less than the carrying value. Assets to be disposed of are carried at the lower of their carrying value or fair value, less costs to sell. The Company evaluates the periods of amortization continually in determining whether later events and circumstances warrant revised estimates of useful lives. If estimates are changed, the unamortized costs will be allocated to the increased or decreased number of remaining periods in the assets revised life.

Deferred Tax Asset   Each reporting period, the Company assesses the realizability of its deferred tax assets to determine if it is more-likely-than-not that some portion, or all, of the deferred tax asset will be realized.  The Company considered all available positive and negative evidence including the reversal of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operating results. The ultimate realization of a deferred tax asset is ultimately dependent on sufficient taxable income within the available carryback and/or carryforward periods to utilize the deductible temporary differences.  Based on the weight of available evidence including recent financial operating results, the Company determined its net deferred tax assets are not realizable on a more-likely-than-not basis and that a valuation allowance is required against its net deferred tax assets.    At October 31, 2018, the Company had available federal net operating loss carryforwards of $12,780,000, of which $4,715,000 are indefinite lived and $8,065,000 will expire in various tax years from fiscal year 2022 through fiscal year 2038.

12780000

4715000 8065000

Fair Value of Financial Instruments   The recorded amounts of the Companys cash, receivables, and accounts payables approximate their fair values principally because of the short-term nature of these items. The fair value of related party debt is not practicable to determine due primarily to the fact that the Companys related party debt is held by its Chairman and significant shareholder, and the Company does not have any third-party debt with which to compare.   Additionally, on a recurring basis, the Company uses fair value measures when analyzing asset impairments. Long-lived assets and certain identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined such indicators are present, and the review indicates that the assets will not be fully recoverable based on the undiscounted estimated future cash flows expected to result from the use of the asset, their carrying values are reduced to estimated fair value.

Net Loss per Share Information   Basic net loss per share is computed based on the weighted average number of shares outstanding. Diluted earnings per share is computed similarly to basic earnings per share, except that it reflects the effect of common shares issuable upon exercise of stock options, using the treasury stock method in periods in which they have a dilutive effect.   On February 26, 2019, the Board of Directors of the Company (the Board), subject to shareholder approval, unanimously adopted the 2019 Stock Incentive Plan (the Plan), to replace the Companys 2009 Stock Incentive Plan, as amended (the 2009 Plan), which expired February 24, 2019. The Companys shareholders approved the Plan on April 9, 2019, and the Plan became effective upon the date of its adoption by the Board. The Plan allows for a cashless exercise. Shares used to calculate net loss per share are as follows:      <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> For the three months ended </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> For the six months ended </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> April 30, </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> April 30, </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2019 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2018 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2019 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2018 </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Basic Weighted average shares outstanding </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>     7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>     7,696,091 </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Effect of dilutive stock options </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                      -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                     -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                      -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                     -   </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Diluted weighted average shares outstanding </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     7,696,091 </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Weighted average shares which are not included in the calculation of diluted net income per share because their impact is anti-dilutive. These shares consist of stock options. </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       1,734,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     1,606,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       1,734,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     1,606,500 </td> </tr> </table>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> For the three months ended </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> For the six months ended </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> April 30, </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="15%" colspan="3" valign="bottom" style='width:15.84%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> April 30, </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2019 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2018 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2019 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> 2018 </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Basic Weighted average shares outstanding </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>     7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>     7,696,091 </td> </tr> <tr style='height:15.0pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> Effect of dilutive stock options </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                      -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                     -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                      -   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'>                     -   </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Diluted weighted average shares outstanding </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       7,696,091 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     7,696,091 </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> </tr> <tr style='height:15.75pt'> <td width="66%" valign="bottom" style='width:66.18%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> Weighted average shares which are not included in the calculation of diluted net income per share because their impact is anti-dilutive. These shares consist of stock options. </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       1,734,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     1,606,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="7%" valign="bottom" style='width:7.06%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>       1,734,500 </td> <td width="2%" valign="bottom" style='width:2.16%;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>   </td> <td width="6%" valign="bottom" style='width:6.62%;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>     1,606,500 </td> </tr> </table>

7696091

0 0 0 0

7696091

1734500

1606500

1734500

1606500

Stock-Based Compensation   The Company follows FASB ASC 718, Compensation-Stock Compensation, which requires the measurement of compensation cost for all stock-based awards at fair value on the date of grant, and recognition of stock-based compensation expense over the service period for awards expected to vest. The fair value of stock options was determined using the Black-Scholes valuation model. Such fair value is recognized as an expense over the service period, net of forfeitures. Stock-based compensation expense was $163,000 and $319,000 for the three and six months ended April 30, 2019, respectively. Stock-based compensation expense was $171,000 and $342,000 for the three and six months ended April 30, 2018, respectively. Stock-based compensation is primarily included in selling, general, and administrative expenses.

163000

319000

171000

342000

Recent Accounting Pronouncements Adopted   In May 2014, the FASB issued Topic 606. Topic 606 supersedes the revenue recognition requirements in Topic 605, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer.   On November 1, 2018, the Company adopted Topic 606 using the modified retrospective transition method which resulted in an adjustment to retained earnings for the cumulative effect of applying the standard to all contracts not completed as of the adoption date. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Revenue recognition remained substantially unchanged following adoption of Topic 606 and therefore the adoption of Topic 606 did not have a material impact on revenues. The primary impact of adopting Topic 606 relates to the accounting for nonrefundable up-front fees. The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Topic 605. The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.   In May 2017, the FASB issued ASU 2017-09, CompensationStock Compensation: Topic 718 Scope of Modification Accounting (ASU 2017-09), to clarify when to account for a change in the terms or conditions of a share-based payment award as a modification. Under the new standard, modification is required only if the fair value, the vesting conditions, or the classification of an award as equity or liability changes as a result of the change in terms or conditions. The Company adopted this guidance during the quarter ended January 31, 2019, using the prospective method, with no material impact to its consolidated financial statements and related disclosures.   Recent Accounting Pronouncements Not Yet Adopted   In February 2016, the FASB issued ASU 2016-02, which amends the ASC and creates Topic 842, Leases (Topic 842). Topic 842 will require lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under previous GAAP on the balance sheet. This guidance is effective for annual periods beginning after December 15, 2018, which will be effective for the Company beginning November 1, 2019, and early adoption is permitted. The Company's preliminary analysis indicates that the Company will recognize a liability for remaining lease payments and a right-of-use asset related to the Company's operating lease covering its corporate office and other facilities that expires through various dates through June 2023. The Company is in the initial stages of evaluating the effect of the standard on the Company's financial statements.

3. Notes Payable Related Party     On January 28, 2019, the Company entered into a Fifth Debt Extension Agreement with G.S. Beckwith Gilbert, the Companys Chairman and significant stockholder, effective January 28, 2019, pursuant to which the Company and Mr. Gilbert agreed to modify certain terms and conditions of the debt agreement with Mr. Gilbert (the Past Gilbert Note). The maturity date of the Past Gilbert Note was November 1, 2019, and the total amount of principal and interest due and owing as of January 28, 2019 under the Past Gilbert Note was $7,122,000. Pursuant to the Fifth Debt Extension Agreement, the Company issued to Mr. Gilbert a new debt agreement, which has a principal amount of $6,960,000 (the Gilbert Note), in exchange for the Past Gilbert Note and agreed to pay Mr. Gilbert $162,000 of interest which accrued under the Past Gilbert Note during the first quarter of fiscal year 2019, at the time and on the terms set forth in the Past Gilbert Note. The Gilbert Note bears a maturity date of November 1, 2020, with an annual interest rate of 9.75%. Interest payments are due by October 31st of each fiscal year. The Gilbert Note is secured by the Companys assets. During the six months ended April 30, 2019, and prior to January 28, 2019, Mr. Gilbert loaned the Company an additional $910,000 (which amount is included in the outstanding principal amount of $6,960,000 under the Gilbert Note). During the six months ended April 30, 2019, the Company paid $336,000 of interest incurred on the Gilbert Note through April 30, 2019.   The Company has evaluated its financial position as of April 30, 2019, including an operating loss of $1,730,000 for the six months ended April 30, 2019 and working capital deficit of $4,103,000 as of April 30, 2019, and has requested and received a commitment from Mr. Gilbert, dated June 11, 2019, that if the Company, at any time, is unable to meet its obligations through June 11, 2020, Mr. Gilbert will provide the Company with the necessary continuing financial support to meet such obligations.  Such commitment for financial support may be in the form of additional advances or loans to the Company, in addition to the deferral of principal and/or interest payments due on the existing loans, if deemed necessary.

6960000

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Long-lived Assets Principles of Consolidation 2. Basis of Presentation and Significant Accounting Policies Accounts payable {1} Accounts payable Exercise of common stock options Retained Earnings Provision for income taxes Treasury Stock, Shares Common Stock, Shares Authorized Preferred Stock, Shares Outstanding Stockholders' equity: Total current liabilities Total current liabilities Accounts payable PASSUR Network, net Represents the monetary amount of PASSUR Network, net, as of the indicated date. Prepaid expenses and other current assets Entity Address, City or Town Small Business Well-known Seasoned Issuer Current with reporting Operating Loss Carryforwards, will expire in various tax years Represents the monetary amount of Operating Loss Carryforwards, will expire in various tax years, as of the indicated date. Part and Finished Goods for the PASSUR Network Unbilled Receivable Disaggregation of Revenue Interest - related party Supplemental cash flow information Treasury stock, at cost Treasury stock, at cost Additional paid-in capital Commitments and contingencies Document Fiscal Year Focus Public Float Operating Loss Carryforwards, indefinite lived Represents the monetary amount of Operating Loss Carryforwards, indefinite lived, as of the indicated date. PASSUR NETWORK, Net (Rounded) Represents the monetary amount of PASSUR NETWORK, Net (Rounded), during the indicated time period. Stock-based Compensation Software development costs Net loss per common share - diluted Interest expense - related party Preferred Stock, Shares Authorized Total stockholders' equity Total stockholders' equity Stockholders' Equity Attributable to Parent, Beginning Balance Stockholders' Equity Attributable to Parent, Ending Balance Accounts receivable, net Current assets: Entity Address, Address Line Two Payments to Develop Software Use of Estimates 1. Nature of Business Equity Components [Axis] Weighted average number of common shares outstanding - basic Selling, general, and administrative expenses Revenues Total liabilities Total liabilities Entity Address, State or Province Document Fiscal Period Focus Period End date SEC Form Share-based Payment Arrangement, Noncash Expense Airlines Represents the Airlines, during the indicated time period. Recent Accounting Pronouncements PASSUR Network Represents the monetary amount of PASSUR Network, during the indicated time period. Additional Paid-in Capital Research and development expenses Preferred Stock, Shares Issued Local Phone Number Amendment Flag Shell Company Voluntary filer Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Effect of dilutive stock options Represents the Effect of dilutive stock options (number of shares), during the indicated time period. Purchased Parts for PASSUR Network Represents the monetary amount of Purchased Parts for PASSUR Network, during the indicated time period. Performance Obligation Represents the Performance Obligation, during the indicated time period. Net loss per common share - basic Capitalized software development costs, net Entity Address, Address Line One Ex Transition Period Tax Identification Number (TIN) Net Loss (Rounded) Represents the monetary amount of Net Loss (Rounded), during the indicated time period. PASSUR Network {1} PASSUR Network Represents the textual narrative disclosure of PASSUR Network, Policy, during the indicated time period. Liabilities and stockholders' equity Entity Address, Postal Zip Code Deferred Revenue Professional Services Represents the Professional Services, during the indicated time period. Transaction Price Allocated to the Remaining Performance Obligation Schedule Represents the textual narrative disclosure of Transaction Price Allocated to the Remaining Performance Obligation Schedule, during the indicated time period. Capitalized Software Development Costs Liquidity Income taxes Deferred revenue Other assets {1} Other assets Purchase of treasury stock Equity Component Other loss Other loss Cost of expenses: Entity Incorporation, State Country Name Amendment Description Details Transaction price allocated to the remaining performance obligation, Revenue recognized in greater than 12 months Represents the monetary amount of Transaction price allocated to the remaining performance obligation, Revenue recognized in greater than 12 months, during the indicated time period. Transaction price allocated to the remaining performance obligation, Revenue recognized in 12 months or less Represents the monetary amount of Transaction price allocated to the remaining performance obligation, Revenue recognized in 12 months or less, during the indicated time period. Stockholders' Equity (Rounded) Represents the monetary amount of Stockholders' Equity (Rounded), as of the indicated date. Net Loss Per Share Information Revenue Recognition Policy Property and equipment Property and equipment Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Common Stock, Par or Stated Value Per Share Deferred revenue, long term portion Total current assets Total current assets Filer Category Operating Loss Carryforwards PASSUR Network Parts Used in Repairs Represents the monetary amount of PASSUR Network Parts Used in Repairs, during the indicated time period. 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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Apr. 30, 2019	Jun. 01, 2019
Details
Registrant Name	PASSUR AEROSPACE, INC.
Registrant CIK	0000225628
SEC Form	10-Q
Period End date	Apr. 30, 2019
Fiscal Year End	--10-31
Trading Symbol	pssr
Tax Identification Number (TIN)	112208938
Number of common stock shares outstanding		7,696,091
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Small Business	true
Emerging Growth Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Incorporation, State Country Name	New York
Entity Address, Address Line One	One Landmark Square
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Stamford
Entity Address, State or Province	Connecticut
Entity Address, Postal Zip Code	06901
City Area Code	203
Local Phone Number	622-4086

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Consolidated Balance Sheets - USD ($)	Apr. 30, 2019	Oct. 31, 2018
Current assets:
Cash	$ 877,714	$ 100,856
Accounts receivable, net	990,330	1,186,664
Prepaid expenses and other current assets	421,618	199,173
Total current assets	2,289,662	1,486,693
PASSUR Network, net	4,425,951	4,800,750
Capitalized software development costs, net	8,371,969	8,141,589
Property and equipment, net	584,899	672,601
Other assets	93,180	112,551
Total assets	15,765,661	15,214,184
Current liabilities:
Accounts payable	1,010,109	989,958
Accrued expenses and other current liabilities	1,175,381	1,189,342
Deferred revenue, current portion	4,207,158	2,847,323
Total current liabilities	6,392,648	5,026,623
Deferred revenue, long term portion	382,517	409,971
Note payable - related party	6,960,000	6,050,000
Other Liabilities	96,992	113,273
Total liabilities	13,832,157	11,599,867
Stockholders' equity:
Preferred shares - authorized 5,000,000 shares, par value $0.01 per share; none issued or outstanding	0	0
Common shares - authorized 20,000,000 shares, respectively, par value $0.01 per share; issued 8,480,526 at April 30, 2019 and October 31, 2018, respectively	84,804	84,804
Additional paid-in capital	17,664,341	17,345,450
Accumulated deficit	(13,881,963)	(11,882,259)
Stockholders' Equity before Treasury Stock	3,867,182	5,547,995
Treasury stock, at cost	(1,933,678)	(1,933,678)
Total stockholders' equity	1,933,504	3,614,317
Total liabilities and stockholders' equity	$ 15,765,661	$ 15,214,184

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Consolidated Balance Sheets - Parenthetical - $ / shares	Apr. 30, 2019	Oct. 31, 2018
Details
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Issued	8,480,526	8,480,526
Common Stock, Shares, Outstanding	8,480,526	8,480,526
Treasury Stock, Shares	784,435	784,435

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Consolidated Statement of Operations - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statement of Operations - USD ($)	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Details
Revenues	$ 3,634,124	$ 3,501,842	$ 7,290,248	$ 7,015,329
Cost of expenses:
Cost of revenues	2,036,347	2,026,121	4,068,766	4,265,421
Research and development expenses	139,318	149,163	283,273	303,829
Selling, general, and administrative expenses	2,422,361	2,276,284	4,668,259	4,497,113
Operating Expenses	4,598,026	4,451,568	9,020,298	9,066,363
Loss from operations	(963,902)	(949,726)	(1,730,050)	(2,051,034)
Interest expense - related party	167,765	70,088	335,684	135,800
Other loss	0	4,506	0	4,506
Loss before income taxes	(1,131,667)	(1,024,320)	(2,065,734)	(2,191,340)
Provision for income taxes	0	0	0	0
Net loss	$ (1,131,667)	$ (1,024,320)	$ (2,065,734)	$ (2,191,340)
Net loss per common share - basic	$ (0.15)	$ (0.13)	$ (0.27)	$ (0.28)
Net loss per common share - diluted	$ (0.15)	$ (0.13)	$ (0.27)	$ (0.28)
Weighted average number of common shares outstanding - basic	7,696,091	7,696,091	7,696,091	7,696,091
Weighted average number of common shares outstanding - diluted	7,696,091	7,696,091	7,696,091	7,696,091

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Consolidated Statements of Shareholders' Deficit - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Oct. 31, 2017	$ 84,804	$ 16,699,337	$ (6,397,874)	$ (1,933,678)	$ 8,452,589
Shares, Outstanding, Ending Balance at Jan. 31, 2018	8,480,526
Stock-based compensation		171,112	0	0	171,112
Net loss		0	(1,167,019)	0	(1,167,019)
Shares, Outstanding, Beginning Balance at Oct. 31, 2017	8,480,526
Stockholders' Equity Attributable to Parent, Ending Balance at Jan. 31, 2018	$ 84,804	16,870,449	(7,564,893)	(1,933,678)	7,456,682
Stockholders' Equity Attributable to Parent, Beginning Balance at Oct. 31, 2017	$ 84,804	16,699,337	(6,397,874)	(1,933,678)	8,452,589
Shares, Outstanding, Ending Balance at Apr. 30, 2018	8,480,526
Stock-based compensation					341,640
Net loss					(2,191,340)
Shares, Outstanding, Beginning Balance at Oct. 31, 2017	8,480,526
Stockholders' Equity Attributable to Parent, Ending Balance at Apr. 30, 2018	$ 84,804	17,040,977	(8,589,213)	(1,933,678)	6,602,890
Stockholders' Equity Attributable to Parent, Beginning Balance at Jan. 31, 2018	$ 84,804	16,870,449	(7,564,893)	(1,933,678)	7,456,682
Shares, Outstanding, Ending Balance at Apr. 30, 2018	8,480,526
Stock-based compensation		170,528	0	0	170,528
Net loss		0	(1,024,320)	0	(1,024,320)
Shares, Outstanding, Beginning Balance at Jan. 31, 2018	8,480,526
Stockholders' Equity Attributable to Parent, Ending Balance at Apr. 30, 2018	$ 84,804	17,040,977	(8,589,213)	(1,933,678)	6,602,890
Stockholders' Equity Attributable to Parent, Beginning Balance at Oct. 31, 2018	$ 84,804	17,345,450	(11,882,259)	(1,933,678)	3,614,317
Shares, Outstanding, Ending Balance at Jan. 31, 2019	8,480,526
Stock-based compensation		155,747	0	0	155,747
Net loss		0	(934,067)	0	(934,067)
Effect of new accounting standard		0	66,030	0	66,030
Shares, Outstanding, Beginning Balance at Oct. 31, 2018	8,480,526
Stockholders' Equity Attributable to Parent, Ending Balance at Jan. 31, 2019	$ 84,804	17,501,197	(12,750,296)	(1,933,678)	2,902,027
Stockholders' Equity Attributable to Parent, Beginning Balance at Oct. 31, 2018	$ 84,804	17,345,450	(11,882,259)	(1,933,678)	3,614,317
Shares, Outstanding, Ending Balance at Apr. 30, 2019	8,480,526
Stock-based compensation					318,891
Net loss					(2,065,734)
Shares, Outstanding, Beginning Balance at Oct. 31, 2018	8,480,526
Stockholders' Equity Attributable to Parent, Ending Balance at Apr. 30, 2019	$ 84,804	17,664,341	(13,881,963)	(1,933,678)	1,933,504
Stockholders' Equity Attributable to Parent, Beginning Balance at Jan. 31, 2019	$ 84,804	17,501,197	(12,750,296)	(1,933,678)	2,902,027
Shares, Outstanding, Ending Balance at Apr. 30, 2019	8,480,526
Stock-based compensation		163,144	0	0	163,144
Net loss		0	(1,131,667)	0	(1,131,667)
Shares, Outstanding, Beginning Balance at Jan. 31, 2019	8,480,526
Stockholders' Equity Attributable to Parent, Ending Balance at Apr. 30, 2019	$ 84,804	$ 17,664,341	$ (13,881,963)	$ (1,933,678)	$ 1,933,504

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 18 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Apr. 30, 2019	Apr. 30, 2018
Cash flows from operating activities
Net loss	$ (2,065,734)	$ (2,191,340)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,714,085	1,713,176
Other Liabilities	(16,281)	56,351
Stock-based compensation	318,891	341,640
Changes in operating assets and liabilities:
Accounts receivable	196,334	(414,273)
Prepaid expenses and other current assets	(242,790)	(136,575)
Other assets	19,371	8,274
Accounts payable	20,151	54,011
Accrued expenses and other current liabilities	(13,960)	11,493
Accrued interest - related party	0	70,088
Deferred revenue	1,398,410	1,231,074
Total adjustments	3,394,211	2,935,259
Net cash provided by operating activities	1,328,477	743,919
Cash flows used in investing activities
PASSUR Network	(41,031)	(185,444)
Software development costs	(1,342,336)	(1,302,349)
Property and equipment	(78,252)	(86,864)
Net cash used in investing activities	(1,461,619)	(1,574,657)
Cash flows from financing activities
Proceeds from notes payable - related party	910,000	925,000
Net cash provided by financing activities	910,000	925,000
Increase in cash	776,858	94,262
Cash - beginning of period	100,856	275,146
Cash - end of period	877,714	369,408
Supplemental cash flow information
Interest - related party	335,684	65,713
Income taxes	$ (12,200)	$ 1,245

XML 19 R7.htm IDEA: XBRL DOCUMENT

1. Nature of Business

6 Months Ended

Apr. 30, 2019

Notes

1. Nature of Business

1. Nature of Business

XML 20 R8.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies

6 Months Ended

Apr. 30, 2019

Notes

2. Basis of Presentation and Significant Accounting Policies

2. Basis of Presentation and Significant Accounting Policies

The results of operations for the interim period stated above are not necessarily indicative of the results of operations to be recorded for the full fiscal year ended October 31, 2019.

Certain financial information in the footnotes has been rounded to the nearest thousand for presentation purposes.

Liquidity

Principles of Consolidation

The consolidated financial statements include the accounts of PASSUR and its wholly-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation.

Use of Estimates

Revenue Recognition Policy

The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers ("Topic 606"). The Company accounts for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable the Company will collect substantially all of the consideration to which it is entitled.

The Company determines revenue recognition through the following steps:

· Identification of the contract, or contracts, with a customer;

· Identification of the performance obligations in the contract;

· Determination of transaction price;

· Allocation of transaction price to performance obligations in the contract; and

· Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition ("Topic 605"). The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.

A. Nature of performance obligations

Subscription services revenue

Professional services revenue

Material rights

Contracts with Multiple Performance Obligations

Other policies and judgments

B. Disaggregation

The disaggregation of revenue by customer and type of performance obligation is as follows:

	Three Months Ended	Six Months Ended
Revenue by type of customer:	April 30, 2019	April 30, 2019
Airlines	$ 2,211,000	$ 4,429,000
Airports	1,418,000	2,841,000
Other	5,000	20,000
Total Revenue	$ 3,634,000	$ 7,290,000

	Three Months Ended	Six Months Ended
Revenue by type of performance obligation:	April 30, 2019	April 30, 2019
Subscription services	$ 3,629,000	$ 7,225,000
Professional services	5,000	65,000
Total Revenue	$ 3,634,000	$ 7,290,000

C. Contract Balances

The opening and closing balances of the Company's accounts receivable, unbilled receivables, and deferred revenues are as follows:

	Accounts Receivable	Unbilled Receivable	Deferred Revenue
Balance at November 1, 2018	$ 1,175,000	$ 12,000	$ 3,191,000

Balance at April 30, 2019	$ 987,000	$ 3,000	$ 4,590,000

Unbilled accounts receivable relates to the delivery of subscription and/or professional services for which the related billings will occur in a future period.

D. Transaction Price Allocated to the Remaining Performance Obligation

	12 months or less	Greater than 12 months *
Subscription services	$ 7,068,000	$ 1,958,000
Professional services	$ 59,000	$ -
Material rights	$ 168,000	$ 290,000

*Approximately 97% of these amounts are expected to be recognized between 12 and 36 months.

Cost of Revenues

Income Taxes

Accounts Receivable

PASSUR Network

Depreciation expenses related to the Company-owned PASSUR Network was $176,000 and $352,000 for the three and six months ended April 30, 2018, respectively.

Capitalized Software Development Costs

Long-Lived Assets

Deferred Tax Asset

Fair Value of Financial Instruments

Net Loss per Share Information

	For the three months ended		For the six months ended
	April 30,		April 30,
	2019	2018	2019	2018
Basic Weighted average shares outstanding	7,696,091	7,696,091	7,696,091	7,696,091
Effect of dilutive stock options	-	-	-	-
Diluted weighted average shares outstanding	7,696,091	7,696,091	7,696,091	7,696,091

Weighted average shares which are not included in the calculation of diluted net income per share because their impact is anti-dilutive. These shares consist of stock options.	1,734,500	1,606,500	1,734,500	1,606,500

Stock-Based Compensation

Recent Accounting Pronouncements Adopted

In May 2014, the FASB issued Topic 606. Topic 606 supersedes the revenue recognition requirements in Topic 605, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer.

Recent Accounting Pronouncements Not Yet Adopted

XML 21 R9.htm IDEA: XBRL DOCUMENT

3. Notes Payable - Related Party

6 Months Ended

Apr. 30, 2019

Notes

3. Notes Payable - Related Party

3. Notes Payable – Related Party

On January 28, 2019, the Company entered into a Fifth Debt Extension Agreement with G.S. Beckwith Gilbert, the Company’s Chairman and significant stockholder, effective January 28, 2019, pursuant to which the Company and Mr. Gilbert agreed to modify certain terms and conditions of the debt agreement with Mr. Gilbert (the “Past Gilbert Note”). The maturity date of the Past Gilbert Note was November 1, 2019, and the total amount of principal and interest due and owing as of January 28, 2019 under the Past Gilbert Note was $7,122,000. Pursuant to the Fifth Debt Extension Agreement, the Company issued to Mr. Gilbert a new debt agreement, which has a principal amount of $6,960,000 (the “Gilbert Note”), in exchange for the Past Gilbert Note and agreed to pay Mr. Gilbert $162,000 of interest which accrued under the Past Gilbert Note during the first quarter of fiscal year 2019, at the time and on the terms set forth in the Past Gilbert Note. The Gilbert Note bears a maturity date of November 1, 2020, with an annual interest rate of 9.75%. Interest payments are due by October 31^st of each fiscal year. The Gilbert Note is secured by the Company’s assets. During the six months ended April 30, 2019, and prior to January 28, 2019, Mr. Gilbert loaned the Company an additional $910,000 (which amount is included in the outstanding principal amount of $6,960,000 under the Gilbert Note). During the six months ended April 30, 2019, the Company paid $336,000 of interest incurred on the Gilbert Note through April 30, 2019.

XML 22 R10.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Liquidity (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Liquidity

Liquidity

XML 23 R11.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Principles of Consolidation (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of PASSUR and its wholly-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation.

XML 24 R12.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Use of Estimates (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Use of Estimates

Use of Estimates

XML 25 R13.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Revenue Recognition Policy

Revenue Recognition Policy

The Company determines revenue recognition through the following steps:

· Identification of the contract, or contracts, with a customer;

· Identification of the performance obligations in the contract;

· Determination of transaction price;

· Allocation of transaction price to performance obligations in the contract; and

· Recognition of revenue when, or as, the Company satisfies a performance obligation.

The Company recognized revenue during the three and six months ended April 30, 2019, of $3,634,000 and $7,290,000, respectively, under Topic 606, which was not materially different from what would have been recognized under Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition ("Topic 605"). The Company recorded an addition to opening accumulated deficit and a reduction to deferred revenue of approximately $66,000, respectively, as of November 1, 2018 due to the impact of adopting Topic 606.

A. Nature of performance obligations

Subscription services revenue

Professional services revenue

Material rights

Contracts with Multiple Performance Obligations

Other policies and judgments

B. Disaggregation

The disaggregation of revenue by customer and type of performance obligation is as follows:

	Three Months Ended	Six Months Ended
Revenue by type of customer:	April 30, 2019	April 30, 2019
Airlines	$ 2,211,000	$ 4,429,000
Airports	1,418,000	2,841,000
Other	5,000	20,000
Total Revenue	$ 3,634,000	$ 7,290,000

	Three Months Ended	Six Months Ended
Revenue by type of performance obligation:	April 30, 2019	April 30, 2019
Subscription services	$ 3,629,000	$ 7,225,000
Professional services	5,000	65,000
Total Revenue	$ 3,634,000	$ 7,290,000

C. Contract Balances

The opening and closing balances of the Company's accounts receivable, unbilled receivables, and deferred revenues are as follows:

	Accounts Receivable	Unbilled Receivable	Deferred Revenue
Balance at November 1, 2018	$ 1,175,000	$ 12,000	$ 3,191,000

Balance at April 30, 2019	$ 987,000	$ 3,000	$ 4,590,000

Unbilled accounts receivable relates to the delivery of subscription and/or professional services for which the related billings will occur in a future period.

D. Transaction Price Allocated to the Remaining Performance Obligation

	12 months or less	Greater than 12 months *
Subscription services	$ 7,068,000	$ 1,958,000
Professional services	$ 59,000	$ -
Material rights	$ 168,000	$ 290,000

*Approximately 97% of these amounts are expected to be recognized between 12 and 36 months.

XML 26 R14.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Cost of Revenues (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Cost of Revenues

Cost of Revenues

XML 27 R15.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Income Taxes (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Income Taxes

Income Taxes

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32847-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 740
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116657188&loc=SL116659661-227067

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=116821951&loc=d3e32247-109318

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=116821951&loc=d3e32280-109318

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 05
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65884525&loc=d3e40913-109327

+ Details

XML 28 R16.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Accounts Receivable (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Accounts Receivable

Accounts Receivable

XML 29 R17.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: PASSUR Network (Policies)

6 Months Ended

Apr. 30, 2019

Policies

PASSUR Network

PASSUR Network

Depreciation expenses related to the Company-owned PASSUR Network was $176,000 and $352,000 for the three and six months ended April 30, 2018, respectively.

XML 30 R18.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Capitalized Software Development Costs (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Capitalized Software Development Costs

Capitalized Software Development Costs

XML 31 R19.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Long-lived Assets (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Long-lived Assets

Long-Lived Assets

XML 32 R20.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Deferred Tax Asset (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Deferred Tax Asset

Deferred Tax Asset

XML 33 R21.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Fair Value of Financial Instruments (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Fair Value of Financial Instruments

Fair Value of Financial Instruments

XML 34 R22.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Net Loss Per Share Information (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Net Loss Per Share Information

Net Loss per Share Information

	For the three months ended		For the six months ended
	April 30,		April 30,
	2019	2018	2019	2018
Basic Weighted average shares outstanding	7,696,091	7,696,091	7,696,091	7,696,091
Effect of dilutive stock options	-	-	-	-
Diluted weighted average shares outstanding	7,696,091	7,696,091	7,696,091	7,696,091

Weighted average shares which are not included in the calculation of diluted net income per share because their impact is anti-dilutive. These shares consist of stock options.	1,734,500	1,606,500	1,734,500	1,606,500

XML 35 R23.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Stock-based Compensation (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Stock-based Compensation

Stock-Based Compensation

XML 36 R24.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Recent Accounting Pronouncements (Policies)

6 Months Ended

Apr. 30, 2019

Policies

Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted

In May 2014, the FASB issued Topic 606. Topic 606 supersedes the revenue recognition requirements in Topic 605, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer.

Recent Accounting Pronouncements Not Yet Adopted

XML 37 R25.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy: Disaggregation of Revenue (Tables)

6 Months Ended

Apr. 30, 2019

Customer

Disaggregation of Revenue

	Three Months Ended	Six Months Ended
Revenue by type of customer:	April 30, 2019	April 30, 2019
Airlines	$ 2,211,000	$ 4,429,000
Airports	1,418,000	2,841,000
Other	5,000	20,000
Total Revenue	$ 3,634,000	$ 7,290,000

Performance Obligation

Disaggregation of Revenue

	Three Months Ended	Six Months Ended
Revenue by type of performance obligation:	April 30, 2019	April 30, 2019
Subscription services	$ 3,629,000	$ 7,225,000
Professional services	5,000	65,000
Total Revenue	$ 3,634,000	$ 7,290,000

XML 38 R26.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy: Schedule of Contract Balances (Tables)

6 Months Ended

Apr. 30, 2019

Tables/Schedules

Schedule of Contract Balances

	Accounts Receivable	Unbilled Receivable	Deferred Revenue
Balance at November 1, 2018	$ 1,175,000	$ 12,000	$ 3,191,000

Balance at April 30, 2019	$ 987,000	$ 3,000	$ 4,590,000

XML 39 R27.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy: Transaction Price Allocated to the Remaining Performance Obligation Schedule (Tables)

6 Months Ended

Apr. 30, 2019

Tables/Schedules

Transaction Price Allocated to the Remaining Performance Obligation Schedule

	12 months or less	Greater than 12 months *
Subscription services	$ 7,068,000	$ 1,958,000
Professional services	$ 59,000	$ -
Material rights	$ 168,000	$ 290,000

XML 40 R28.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Net Loss Per Share Information: Schedule of Earnings per share basic and diluted (Tables)

6 Months Ended

Apr. 30, 2019

Tables/Schedules

Schedule of Earnings per share basic and diluted

	For the three months ended		For the six months ended
	April 30,		April 30,
	2019	2018	2019	2018
Basic Weighted average shares outstanding	7,696,091	7,696,091	7,696,091	7,696,091
Effect of dilutive stock options	-	-	-	-
Diluted weighted average shares outstanding	7,696,091	7,696,091	7,696,091	7,696,091

Weighted average shares which are not included in the calculation of diluted net income per share because their impact is anti-dilutive. These shares consist of stock options.	1,734,500	1,606,500	1,734,500	1,606,500

XML 41 R29.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Liquidity (Details) - USD ($)	6 Months Ended
	Apr. 30, 2019	Oct. 31, 2018
Details
Current Assets Exceed Current Liabilities, Excluding Deferred Revenue	$ 104,000
Note payable - related party	6,960,000	$ 6,050,000
Stockholders' Equity (Rounded)	1,934,000
Net Loss (Rounded)	$ (2,066,000)

XML 42 R30.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy (Details) - USD ($)	3 Months Ended	6 Months Ended
	Apr. 30, 2019	Apr. 30, 2019
Details
Revenue (Rounded)	$ 3,634,000	$ 7,290,000
Deferred Revenue, Revenue Recognized	$ 260,000	$ 2,585,000

XML 43 R31.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy: Disaggregation of Revenue (Details) - USD ($)	3 Months Ended	6 Months Ended
	Apr. 30, 2019	Apr. 30, 2019
Revenue (Rounded)	$ 3,634,000	$ 7,290,000
Subscription services
Revenue (Rounded)	3,629,000	7,225,000
Professional Services
Revenue (Rounded)	5,000	65,000
Airlines
Revenue (Rounded)	2,211,000	4,429,000
Airports
Revenue (Rounded)	1,418,000	2,841,000
Other
Revenue (Rounded)	$ 5,000	$ 20,000

XML 44 R32.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy: Schedule of Contract Balances (Details) - USD ($)	Apr. 30, 2019	Oct. 31, 2018
Details
Accounts Receivable	$ 987,000	$ 1,175,000
Unbilled Receivable	3,000	12,000
Deferred Revenue	$ 4,590,000	$ 3,191,000

XML 45 R33.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Revenue Recognition Policy: Transaction Price Allocated to the Remaining Performance Obligation Schedule (Details)	6 Months Ended
	Apr. 30, 2019 USD ($)
Subscription services
Transaction price allocated to the remaining performance obligation, Revenue recognized in 12 months or less	$ 7,068,000
Transaction price allocated to the remaining performance obligation, Revenue recognized in greater than 12 months	1,958,000
Professional Services
Transaction price allocated to the remaining performance obligation, Revenue recognized in 12 months or less	59,000
Transaction price allocated to the remaining performance obligation, Revenue recognized in greater than 12 months	0
Material Rights
Transaction price allocated to the remaining performance obligation, Revenue recognized in 12 months or less	168,000
Transaction price allocated to the remaining performance obligation, Revenue recognized in greater than 12 months	$ 290,000

XML 46 R34.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Accounts Receivable (Details) - USD ($)	Apr. 30, 2019	Oct. 31, 2018
Details
Unbilled Receivable	$ 3,000	$ 12,000
Accounts Receivable, Allowance for Credit Loss	$ 159,000	$ 159,000

XML 47 R35.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: PASSUR Network (Details) - USD ($)			3 Months Ended		6 Months Ended
	Apr. 30, 2019	Oct. 31, 2018	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Details
PASSUR Network Costs, Capitalized			$ 61,000	$ 58,000	$ 61,000	$ 125,000
PASSUR Network Parts Used in Repairs			13,000	7,000	22,000	11,000
Depreciation of PASSUR Network costs			210,000	176,000	416,000	352,000
Purchased Parts for PASSUR Network				$ 20,000		$ 72,000
PASSUR NETWORK, Net (Rounded)	$ 4,426,000	$ 4,801,000
Part and Finished Goods for the PASSUR Network	$ 1,857,000	$ 1,892,000	$ 1,857,000		$ 1,857,000

XML 48 R36.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Capitalized Software Development Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Details
Payments to Develop Software	$ 647,000	$ 754,000	$ 1,342,000	$ 1,302,000
Capitalized Computer Software, Amortization	$ 592,000	$ 581,000	$ 1,112,000	$ 1,100,000

XML 49 R37.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Deferred Tax Asset (Details)	Oct. 31, 2018 USD ($)
Details
Operating Loss Carryforwards	$ 12,780,000
Operating Loss Carryforwards, indefinite lived	4,715,000
Operating Loss Carryforwards, will expire in various tax years	$ 8,065,000

XML 50 R38.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Net Loss Per Share Information: Schedule of Earnings per share basic and diluted (Details) - shares	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Details
Weighted average number of common shares outstanding - basic	7,696,091	7,696,091	7,696,091	7,696,091
Effect of dilutive stock options	0	0	0	0
Weighted average number of common shares outstanding - diluted	7,696,091	7,696,091	7,696,091	7,696,091
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,734,500	1,606,500	1,734,500	1,606,500

XML 51 R39.htm IDEA: XBRL DOCUMENT

2. Basis of Presentation and Significant Accounting Policies: Stock-based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Details
Share-based Payment Arrangement, Noncash Expense	$ 163,000	$ 171,000	$ 319,000	$ 342,000

XML 52 R40.htm IDEA: XBRL DOCUMENT

3. Notes Payable - Related Party (Details) - USD ($)	6 Months Ended
3. Notes Payable - Related Party (Details) - USD ($)	Apr. 30, 2019	Oct. 31, 2018
Details
Note payable - related party	$ 6,960,000	$ 6,050,000
Interest rate on related party note payable	9.75%
Interest Paid (Rounded)	$ 336,000
Operating Income Loss (Rounded)	(1,730,000)
Working Capital Deficit	$ 4,103,000

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