FINANCING AGREEMENTS (Tables)

12 Months Ended

Apr. 30, 2016

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		2016		2015
4.05% mortgage note payable in monthly installments of $4,873, including interest, with final payment of $349,000 due January 27, 2019	$	456,000	$	495,000
4.00% line of credit with a maturity date of September 27, 2016		-		-
Borrowings under an equipment financing line of credit:
4.63% note payable in monthly installments of $7,123, including interest, with final payment due September 26, 2015		-		36,000
4.75% note payable in monthly installments of $2,269, including interest, with final payment due May 27, 2018		53,000		77,000
3.75% note payable in monthly installments of $2,112, including interest, with final payment due April 10, 2018		49,000		73,000
Total long-term debt		558,000		681,000
Less current installments		90,000		122,000
Long-term debt, excluding current installments	$	468,000	$	559,000

Long-term debt maturities by year

Year Ending April 30,	Amount
2017	$	90,000
2018		96,000
2019		372,000
	$	558,000