FINANCING AGREEMENTS (Tables)

12 Months Ended

Apr. 30, 2020

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		2020		2019
5.00% asset-based revolving line of credit with a maturity date of October 19, 2020	$	-	$	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		773,000		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		45,000		-
1.00% Paycheck Protection Program loan note payable in monthly installments of $111,712 starting after the six month payment deferment period on October 30, 2020, with a final payment of $111,712 due April 29, 2022.  Interest will accrue during the deferment period.		1,985,000		-
Capital lease obligations (see Note 4)		-		98,000
Total long-term debt		2,803,000		1,922,000
Less current installments		795,000		1,121,000
Long-term debt, excluding current installments	$	2,008,000	$	801,000

Long-term debt maturities by year

Year Ending April 30,	Amount
2021	$	795,000
2022		1,251,000
2023		38,000
2024		719,000
	$	2,803,000

Schedule of letter of credit outstanding balance

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