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Equity Method Investments | 3 Months Ended
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Jul. 27, 2019
Equity Method Investments |
Equity Method Investments | 6. Equity Method Investments ​ In December of 2017, the Company and SoftBank formed a joint venture, HAPSMobile, which is a Japanese corporation. As of July 27, 2019, the Company’s ownership stake in HAPSMobile was 5%, with the remaining 95% held by SoftBank. In connection with the formation of the joint venture on December 27, 2017, the Company initially purchased shares of HAPSMobile representing a 5% ownership interest in exchange for an investment of 210,000,000 yen ($1,860,000). The Company subsequently purchased additional shares of HAPSMobile in order to maintain a 5% ownership stake in the joint venture. The first such purchase occurred on April 17, 2018, at which time the Company invested 150,000,000 yen ($1,407,000) for the purchase of additional shares of HAPSMobile. On January 29, 2019, the Company invested an additional 209,500,000 yen ($1,926,000) to maintain its 5% ownership stake. On February 9, 2019, the Company elected to purchase 632,800,000 yen ($5,671,000) of additional shares of HAPSMobile to increase the Company’s ownership in the joint venture from 5% to 10%, and on May 10, 2019, the Company purchased 500,000,000 yen ($4,569,000) of additional shares of HAPSMobile to maintain its 10% ownership stake. During the three months ended July 27, 2019 the Company did not purchase any additional shares in the HAPSMobile joint venture, and as a result its ownership percentage was diluted from 10% to approximately 5%. ​ As the Company has the ability to exercise significant influence over the operating and financial policies of HAPSMobile pursuant to the applicable Joint Venture Agreement and related organizational documents, the Company’s investment is accounted for as an equity method investment. For the three months ended July 27, 2019 and July 28, 2018, the Company recorded its ownership percentage of the net loss of HAPSMobile, or $1,347,000 and $602,000, respectively, in equity method investment loss, net of tax in the unaudited consolidated statement of operations. At July 27, 2019 and April 30, 2019, the carrying value of the investment in HAPSMobile of $9,002,000 and $5,612,000, respectively, was recorded in other assets.

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