FINANCING AGREEMENTS (Tables)

12 Months Ended

Apr. 30, 2018

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		2018		2017
4.05% mortgage note payable in monthly installments of $4,873, including interest, with final payment of $349,000 due January 27, 2019	$	373,000	$	415,000
4.00% working capital line of credit with a maturity date of October 20, 2018		751,000		465,000
4.00% building line of credit with a maturity date of October  20, 2018		465,000		-
Capital lease obligations (see Note 5)		170,000		-
Borrowings under an equipment financing line of credit:
4.75% note payable in monthly installments of $2,269, including interest, with final payment made on May 27, 2018		2,000		28,000
3.75% note payable in monthly installments of $2,112, including interest, with final payment made on April 10, 2018		-		25,000
4.05% note payable in monthly installments of $3,680, including interest, with final payment due January 10, 2020		75,000		115,000
Total long-term debt		1,836,000		1,048,000
Less current installments		1,706,000		603,000
Long-term debt, excluding current installments	$	130,000	$	445,000

Long-term debt maturities by year

Year Ending April 30,	Amount
2019	$	1,706,000
2020		100,000
2021		30,000
	$	1,836,000

Schedule of letter of credit outstanding balance

Date of Reduction		Amount of Reduction		Balance of Letter of Credit
January 1, 2020	$	75,000	$	225,000
January 1, 2021		75,000		150,000
January 1, 2022		75,000		75,000
January 1, 2023		75,000		-