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CONTRACT ASSETS AND LIABILITIES
 3 Months Ended
Jul. 31, 2024
Contractors [Abstract]  
Long-Term Contracts or Programs Disclosure [Text Block]

NOTE C – CONTRACT ASSETS AND LIABILITIES

 

Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date on contracts with customers. Contract assets are transferred to accounts receivable when the rights become unconditional. Contract liabilities primarily relate to contracts where advance payments or deposits have been received, but performance obligations have not yet been satisfied, and therefore, revenue has not been recognized. During the three months ended July 31, 2024, we recognized $7.7 million of our contract liabilities at April 30, 2024 as revenue. During the three months ended July 31, 2023, we recognized $3.7 million of our contract liabilities at April 30, 2023 as revenue. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable. Total contract losses for three months ended July 31, 2024 and 2023 were approximately $6,000 and $139,000, respectively. The liability for contract losses is presented as loss provision accrual within the consolidated balance sheets.