XML 33 R16.htm IDEA: XBRL DOCUMENT v3.21.4
10. Major Customers
12 Months Ended
Oct. 31, 2021
Notes  
10. Major Customers

10. Major Customers

 

The Company’s principal business is to provide predictive analytics and decision support technology for the aviation industry to primarily improve the operational performance and cash flow of its customers. The Company believes it operates in one operating segment. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. For fiscal 2021, three customers accounted for 21%, or $1,302,000 of total revenues. One customer accounted for 8%, or $478,000, of total revenues for fiscal year 2021.  A second customer accounted for 7%, or $435,000, and a third customer accounted for 6%, or $389,000, of total revenues in fiscal year 2021.  The contract with the customer that accounted for 7% of fiscal 2021 revenue in the amount of $435,000 expired on September 1, 2021 and was not renewed.  Three customers accounted for 36%, or $4,176,000, of total revenues in fiscal year 2020. One customer accounted for 13%, or $1,538,000, of total revenues in fiscal year 2020.  This customer was given concessions of approximately $513,000 during the fourth quarter of fiscal year 2020, as a result of the COVID-19 pandemic.  A second customer accounted for 12%, or $1,440,000, and a third customer accounted for 10%, or $1,198,000, of total revenues in fiscal year 2020.  Contracts with both of these customers expired during fiscal 2020 and have not been renewed.  

 

As of October 31, 2021, the Company had two customers each of which accounted for 10% or more of the accounts receivable balance. One customer accounted for 18%, or $164,000, and another customer accounted for 17%, or $151,000, of the accounts receivable balance as of October 31, 2021.  These two customers also accounted for 10% or more of the accounts receivable balance as of October 31, 2020.  As of October 31, 2020, the Company had four customers each of which accounted for 10% or more of the accounts receivable balance. One customer accounted for 38%, or $597,000, and three customers accounted for 10% each, with balances ranging from $151,000 to $159,000, as of October 31, 2020.  Credit losses historically have been immaterial. However, one major customer included above for fiscal 2021 and 2020 had a significant past due accounts receivable balance, which the Company has fully reserved as of the fiscal years ended October 31, 2021 and 2020.

 

The Company had foreign sales of $1,063,000 and $1,445,000 in fiscal years 2021 and 2020, respectively. All sales, including foreign sales, are denominated in U.S. dollars.