FINANCING AGREEMENTS (Tables)

9 Months Ended

Jan. 31, 2017

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		January 31, 2017		April 30, 2016
4.05% mortgage note payable in monthly installments of $4,873, including interest, with final payment of $349,000 due January 27, 2019	$	425,000	$	456,000
4.00% line of credit with a maturity date of September 20, 2017		-		-
Borrowings under an equipment financing line of credit:
4.75% note payable in monthly installments of $2,269, including interest, with final payment due May 27, 2018		36,000		53,000
3.75% note payable in monthly installments of $2,112, including interest, with final payment due April 10, 2018		31,000		49,000
4.05% note payable in monthly installments of $3,680, including interest, with final payment due January 10, 2020		124,000		-
Total long-term debt		616,000		558,000
Less current installments		137,000		90,000
Long-term debt, excluding current installments	$	479,000	$	468,000

Schedule of letter of credit outstanding balance

Date of Reduction	Amount of Reduction	Balance of Letter of Credit
January 1, 2020	75,000	275,000
January 1, 2021	75,000	200,000
January 1, 2022	75,000	125,000
January 1, 2023	75,000	50,000
January 1, 2024	50,000	-