SUBSEQUENT EVENT

9 Months Ended

Jan. 31, 2019

SUBSEQUENT EVENT

SUBSEQUENT EVENT

NOTE 13 – SUBSEQUENT EVENT

We evaluated events that occurred subsequent to January 31, 2019 and have identified the following subsequent event.

On February 15, 2019, a lease agreement became effective for tenant occupancy of the 23,924 square foot building owned by Torotel.  Monthly installment payments of $11,500 began to be paid to us on March 1, 2019.  The lease is for a sixty-two month term with monthly payments escalating periodically from $11,500 to $15,500.  The tenant has the right to elect to purchase the building.  The election to purchase must be made within the lease term or Torotel is permitted to place the building up for public sale.  This event will result in current assets currently classified as property held for sale to be reclassified as noncurrent assets associated with property, plant and equipment.      

There have been no other subsequent events that occurred during such period that require disclosure in, or adjustment to, the consolidated financial statements as of and for the quarter and nine months ended January 31, 2019.

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