FINANCING AGREEMENTS (Tables)

3 Months Ended

Jul. 31, 2020

FINANCING AGREEMENTS

Summary of the notes within the financing agreement

		July 31, 2020		April 30, 2020
5.00% asset-based revolving line of credit with a maturity date of October 19, 2020	$	899,000	$	-
5.35% mortgage note payable in monthly installments of $5,573, including interest, with final payment of $690,829 due October 19, 2023		766,000		773,000
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		43,000		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		1,985,000
Total long-term debt		3,693,000		2,803,000
Less current installments		1,842,000		795,000
Long-term debt, excluding current installments	$	1,851,000	$	2,008,000

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		-