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Note 3 – Discontinued Operations – Sale of Consumer Segment

9 Months Ended

Jan. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Note 3 – Discontinued Operations – Sale of Consumer Segment

Note 3 – Discontinued Operations – Sale of Consumer Segment

On February 16, 2024  , the Company closed the sale of its Consumer segment consisting of Rotor Riot and Fat Shark. Accordingly, the Consumer segment has been classified as Discontinued Operations and reported in accordance with the applicable accounting standards. See Note 23 for additional information regarding the transaction. Set forth below are the results of operations for the Consumer segment for:

		Three months ended January 31,								Nine months ended January 31,
		2024				2023				2024				2023
Revenues		$	1,100,943			$	1,438,961			$	4,027,094			$	4,164,531
Cost of goods sold			1,745,771				1,239,420				4,285,087				3,579,679
Gross Margin			(644,828	)			199,541				(257,993	)			584,852
Operating Expenses
Operations			288,059				151,502				671,864				484,340
Research and development			36,379				80,270				113,682				251,034
Sales and marketing			286,918				192,625				978,435				555,916
General and administrative			43,024				116,837				96,612				276,321
Total operating expenses			654,380				541,234				1,860,593				1,567,611
Operating loss			(1,299,208	)			(341,693	)			(2,118,586	)			(982,759	)
Other (income) expense
Interest expense			—				—				22,856				—
Other, net			(3	)			(11,614	)			(153	)			(19,788	)
Other (income) expense			(3	)			(11,614	)			22,703				(19,788	)
Net loss from discontinued operations		$	(1,299,205	)		$	(330,079	)		$	(2,141,289	)		$	(962,971	)

Assets and liabilities for the Consumer segment included:

		January 31, 2024				April 30, 2023
Current assets
Cash		$	126,771			$	86,656
Accounts receivable, net			1,760				61,107
Inventory			1,545,667				3,065,954
Other			1,586,938				2,069,438
Total current assets			3,261,136				5,283,155
Intangible assets, net			20,000				20,000
Other			59,426				3,853
Operating lease right-of-use assets			376,751				84,544
Total long term assets			456,177				108,397
Current liabilities
Accounts payable		$	156,421			$	606,872
Accrued expenses			116,812				109,480
Debt obligations - short term			98,441				—
Customer deposits			45,791				244,688
Operating lease liabilities			56,974				49,461
Total current liabilities			474,439				1,010,501
Long term liabilities - Operating lease liabilities			321,771				41,814
Working capital		$	2,786,697			$	4,272,654

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- References

No definition available.

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- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//205-20/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

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