FINANCING AGREEMENTS (Tables)

9 Months Ended

Jan. 31, 2018

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		January 31, 2018		April 30, 2017
4.05% mortgage note payable in monthly installments of $4,873, including interest, with final payment of $349,000 due January 27, 2019	$	384,000	$	415,000
4.00% working capital line of credit with a maturity date of October 20, 2018		750,000		465,000
4.00% building line of credit with a maturity date of March 31, 2018		465,000		-
Capital lease obligations (see Note 11)		199,000		-
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		6,000		28,000
3.75% note payable in monthly installments of $2,112, including interest, with final payment due April 10, 2018		9,000		25,000
4.05% note payable in monthly installments of $3,680, including interest, with final payment due January 10, 2020		85,000		115,000
Total long-term debt		1,898,000		1,048,000
Less current installments		1,736,000		603,000
Long-term debt, excluding current installments	$	162,000	$	445,000

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		-