XML 33 R16.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Note 9 – Equity Method Investment
 12 Months Ended
Apr. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Note 9 – Equity Method Investment

Note 9 – Equity Method Investment

 

As of April 30, 2024, the Company owned a 46% interest in Unusual Machines. The primary business operations include selling first-person-view video goggles for drone pilots, drones, parts and related equipment to the consumer marketplace. UMAC’s financial statements are prepared in accordance with GAAP. See Note 3 and Note 22 for additional information.

 

Financial information for UMAC is derived from UMAC’s Form 10-Q for the quarter ending March 31, 2024 and was as follows:

    
Current assets  $6,128,890 
Long-term assets   18,099,802 
Current liabilities   691,978 
Long-term liabilities   2,313,896 
Revenues   618,915 
Gross profit   204,167 
Net loss  $(1,106,001)

 

The Company’s investments in UMAC have been impacted by the following:

 

Initial investment, February 16, 2024  $17,000,000 
Equity method loss   (503,625)
Impairment   (11,353,875)
Investment balance, April 30, 2024  $5,142,500 

 

The computation of both the initial investment as of February 16, 2024 and investment balance as of April 30, 2024, is based on the fair market value of UMAC’s common stock.