FINANCING AGREEMENTS (Tables)

3 Months Ended

Jul. 31, 2019

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		July 31, 2019		April 30, 2019
6.25% asset-based revolving line of credit with a maturity date of October 19, 2019	$	636,000	$	975,000
6.25% guidance line of credit with a maturity date of October 19, 2019		-		54,000
5.35% mortgage note payable in monthly installments of $5,573, including interest, with final payment of $690,829 due October 19, 2023		789,000		795,000
5.50% equipment term loan note payable in monthly installments of $1,034, including interest, with final payment of $1,034 due on May 13, 2024		52,000		-
Capital lease obligations (see Note 5)		-		98,000
Total long-term debt		1,477,000		1,922,000
Less current installments		666,000		1,121,000
Long-term debt, excluding current installments	$	811,000	$	801,000

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		-