FINANCING AGREEMENTS (Tables)

3 Months Ended

Jul. 31, 2018

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		July 31, 2018		April 30, 2018
4.05% mortgage note payable in monthly installments of $4,873, including interest, with final payment of $349,000 due January 27, 2019	$	363,000	$	373,000
4.00% working capital line of credit with a maturity date of October 20, 2018		751,000		751,000
4.00% building line of credit with a maturity date of October  20, 2018		465,000		465,000
Capital lease obligations (see Note 11)		147,000		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
4.05% note payable in monthly installments of $3,680, including interest, with final payment due January 10, 2020		64,000		75,000
Total long-term debt		1,790,000		1,836,000
Less current installments		1,687,000		1,706,000
Long-term debt, excluding current installments	$	103,000	$	130,000

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		-