0001185185-20-001741 | 10-Q | XBRL Viewer | Frequency Electronics INC

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Oct. 31, 2020	Dec. 10, 2020
Document Information Line Items
Entity Registrant Name	FREQUENCY ELECTRONICS INC
Document Type	10-Q
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		9,177,963
Amendment Flag	false
Entity Central Index Key	0000039020
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Oct. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Current assets:
Cash and cash equivalents	$ 3,654	$ 3,808
Marketable securities	9,948	10,570
Accounts receivable, net of allowance for doubtful accounts of $183 at October 31, 2020 and April 30, 2020	10,298	4,392
Costs and estimated earnings in excess of billings, net	3,201	6,953
Inventories, net	21,028	22,958
Prepaid income taxes	460	849
Prepaid expenses and other	2,333	1,705
Total current assets	50,922	51,235
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	10,511	11,267
Goodwill	617	617
Cash surrender value of life insurance	15,174	14,790
Other assets	2,160	2,503
Right-of-Use assets – operating leases	10,235	10,864
Total assets	89,619	91,276
Current liabilities:
Line of credit	3,000	0
Accounts payable – trade	1,188	1,424
Accrued liabilities	5,351	3,982
Loss provision accrual	92	748
Operating lease liability	1,612	1,869
Current debt		4,965
Total current liabilities	11,243	12,988
Deferred compensation	14,411	14,258
Deferred taxes	8	8
Operating lease liability – non-current	8,937	9,444
Other liabilities	364	342
Total liabilities	34,963	37,040
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued
Common stock - $1.00 par value; authorized 20,000 shares, 9,176 shares issued and 9,175 shares outstanding at October 31, 2020; 9,164 shares issued and 9,121 shares outstanding at April 30, 2020	9,176	9,164
Additional paid-in capital	57,071	56,914
Accumulated deficit	(12,070)	(12,137)
	54,177	53,941
Common stock reacquired and held in treasury - at cost (1 share at October 31, 2020 and 43 shares at April 30, 2020)	(6)	(195)
Accumulated other comprehensive income	485	490
Total stockholders’ equity	54,656	54,236
Total liabilities and stockholders’ equity	$ 89,619	$ 91,276

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 183	$ 183
Preferred stock, par value (in Dollars per share)	$ 1.00	$ 1.00
Preferred stock - shares authorized	600	600
Preferred stock - shares issued	0	0
Common stock, par value (in Dollars per share)	$ 1.00	$ 1.00
Common stock shares issued	9,176	9,164
Common stock - authorized shares	20,000	20,000
Common stock - shares outstanding	9,175	9,121
Treasury stock, shares	1	43

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Statement [Abstract]
Revenues	$ 13,990	$ 9,087	$ 26,940	$ 21,641
Cost of revenues	8,668	10,269	17,530	18,870
Gross margin (loss)	5,322	(1,182)	9,410	2,771
Selling and administrative expenses	4,124	2,290	7,352	4,743
Research and development expenses	979	1,450	2,177	3,731
Operating (loss) income	219	(4,922)	(119)	(5,703)
Other income (expense):
Investment income	50	45	157	224
Interest expense	(36)	(25)	(75)	(50)
Other income (expense), net	113	2	129	58
Income (loss) before provision for income taxes	346	(4,900)	92	(5,471)
Provision for income taxes	17	9	25	29
Net income (loss)	$ 329	$ (4,909)	$ 67	$ (5,500)
Net income (loss) per common share:
Basic and diluted earnings (loss) per share (in Dollars per share)	$ 0.04	$ (0.54)	$ 0.01	$ (0.61)
Weighted average shares outstanding:
Basic (in Shares)	9,169,758	9,072,141	9,154,434	9,036,732
Diluted (in Shares)	9,235,777	9,072,141	9,205,823	9,036,732
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 329	$ (4,909)	$ 67	$ (5,500)
Unrealized gain (loss) on marketable securities:
Change in market value of marketable securities before reclassification, net of tax	(176)	72	5	207
Reclassification adjustment for realized gains included in net income, net of tax	0	0	(10)	(1)
Total unrealized (loss) gain on marketable securities, net of tax	(176)	72	(5)	206
Comprehensive income (loss)	$ 153	$ (4,837)	$ 62	$ (5,294)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 67	$ (5,500)
Non-cash charges to earnings	2,580	3,939
Net changes in operating assets and liabilities	(667)	1,741
Net cash provided by operating activities	1,980	180
Cash flows from investing activities:
Proceeds on redemption of marketable securities	1,521	2,480
Purchase of marketable securities	(909)	(2,463)
Purchase of fixed assets and other assets	(781)	(1,274)
Net cash used in investing activities	(169)	(1,257)
Net cash used in financing activities:
Repayment of PPP Loan	(4,965)	0
Proceeds from UBS line of credit	3,000	0
Net cash used in financing activities	(1,965)	0
Net decrease in cash and cash equivalents	(154)	(1,077)
Cash and cash equivalents at beginning of period	3,808	3,683
Cash and cash equivalents at end of period	3,654	2,606
Supplemental disclosures of cash flow information:
Interest	46	50
Income Taxes	$ 477	$ 467

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Apr. 30, 2019	$ 9,164	$ 56,831	$ (2,111)	$ (841)	$ 46	$ 63,089
Balance (in Shares) at Apr. 30, 2019	9,163,940			183,661
Contribution of stock to 401(k) plan		74		$ 50		124
Contribution of stock to 401(k) plan (in Shares)				(10,906)
Stock-based compensation expense		80				80
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(189)		$ 189
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(41,325)
Other comprehensive income, net of tax					134	134
Net income (loss)			(591)			(591)
Balance at Jul. 31, 2019	$ 9,164	56,796	(2,702)	$ (602)	180	62,836
Balance (in Shares) at Jul. 31, 2019	9,163,940			131,430
Balance at Apr. 30, 2019	$ 9,164	56,831	(2,111)	$ (841)	46	63,089
Balance (in Shares) at Apr. 30, 2019	9,163,940			183,661
Net income (loss)						(5,500)
Balance at Oct. 31, 2019	$ 9,164	56,658	(7,611)	$ (295)	252	58,168
Balance (in Shares) at Oct. 31, 2019	9,163,940			64,340
Balance at Jul. 31, 2019	$ 9,164	56,796	(2,702)	$ (602)	180	62,836
Balance (in Shares) at Jul. 31, 2019	9,163,940			131,430
Contribution of stock to 401(k) plan		66		$ 39		105
Contribution of stock to 401(k) plan (in Shares)				(8,703)
Stock-based compensation expense		64				64
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(268)		$ 268
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(58,387)
Other comprehensive income, net of tax					72	72
Net income (loss)			(4,909)			(4,909)
Balance at Oct. 31, 2019	$ 9,164	56,658	(7,611)	$ (295)	252	58,168
Balance (in Shares) at Oct. 31, 2019	9,163,940			64,340
Balance at Apr. 30, 2020	$ 9,164	56,914	(12,137)	$ (195)	490	54,236
Balance (in Shares) at Apr. 30, 2020	9,163,940			42,696
Contribution of stock to 401(k) plan		68		$ 68		136
Contribution of stock to 401(k) plan (in Shares)				(14,926)
Stock-based compensation expense		54				54
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(109)		$ 109
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(23,808)
Other comprehensive income, net of tax					171	171
Net income (loss)			(262)			(262)
Balance at Jul. 31, 2020	$ 9,164	56,927	(12,399)	$ (18)	661	54,335
Balance (in Shares) at Jul. 31, 2020	9,163,940			3,962
Balance at Apr. 30, 2020	$ 9,164	56,914	(12,137)	$ (195)	490	$ 54,236
Balance (in Shares) at Apr. 30, 2020	9,163,940			42,696
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)						24,422
Net income (loss)						$ 67
Balance at Oct. 31, 2020	$ 9,176	57,071	(12,070)	$ (6)	485	54,656
Balance (in Shares) at Oct. 31, 2020	9,176,090			1,376
Balance at Jul. 31, 2020	$ 9,164	56,927	(12,399)	$ (18)	661	54,335
Balance (in Shares) at Jul. 31, 2020	9,163,940			3,962
Contribution of stock to 401(k) plan	$ 9	86				95
Contribution of stock to 401(k) plan (in Shares)	9,496
Stock-based compensation expense		73				73
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price	$ 3	(15)		$ 12		0
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)	2,654			(2,586)
Other comprehensive income, net of tax					(176)	(176)
Net income (loss)			329			329
Balance at Oct. 31, 2020	$ 9,176	$ 57,071	$ (12,070)	$ (6)	$ 485	$ 54,656
Balance (in Shares) at Oct. 31, 2020	9,176,090			1,376

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	Oct. 31, 2020
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of management of Frequency Electronics, Inc. (the “Company”), the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of October 31, 2020 and the results of its operations, changes in Stockholders’ Equity for the three and six months ended October 31, 2020 and 2019, and cash flows for the six months ended October 31, 2020 and 2019. The April 30, 2020 condensed consolidated balance sheet was derived from audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2020, filed on July 29, 2020 with the Securities and Exchange Commission. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year. COVID-19 Pandemic and the CARES Act On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic may have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the potential adverse effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2021. The Company faces various risks related to COVID-19 outbreak. The Company is dependent on its workforce to deliver its products primarily to the U.S. Government. If significant portions of the Company’s workforce are unable to work effectively, or if the U.S. Government, state and/or other customers or supplier operations are curtailed due to illness, quarantines, government actions, facility closures, or other restrictions in connection with the COVID-19 pandemic, the Company’s operations may be impacted. The Company may be unable to perform fully on its contracts and costs may increase as a result of the COVID-19 outbreak. These cost increases may not be fully recoverable or adequately covered by insurance. Since the COVID-19 outbreak began, no facilities have been fully shut down (other than temporarily for disinfecting) and such measures to disinfect facilities have not had a significant impact on production. Certain of the Company’s vendors have been unable to deliver materials on time due to the COVID-19 outbreak. Such delays have had a minor impact on the Company’s production schedules to date, but vendor delivery performance is being closely monitored and alternate sources of supply are generally available if necessary. On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act also appropriated funds for the Small Business Administration (SBA) Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by the COVID-19 outbreak. The Company received a loan under the Paycheck Protection Program (“PPP”) in April 2020, which it repaid in full in May 2020. For more detail regarding the Company’s PPP Loan, see Note K below.

EARNINGS PER SHARE

6 Months Ended

Oct. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE B – EARNINGS PER SHARE

Reconciliation of the weighted average shares outstanding for basic and diluted loss per share for the six and three months ended October 31, 2020 and 2019, respectively, were as follows:

	Periods ended October 31,
	Six months				Three months
	2020		2019		2020		2019
Weighted average shares outstanding:
Basic EPS Shares outstanding (weighted average)		9,154,434		9,036,732		9,169,758		9,072,141
Effect of Dilutive Securities		51,389		**		66,019		**
Diluted EPS Shares outstanding		9,205,823		9,036,732		9,235,777		9,072,141

**For the six and three-month periods ended October 31, 2019 dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and six months ended October 31, 2020 are 303,000 and 436,000 options, respectively. The exercisable shares excluded as of October 31, 2019 are 178,000 options for both periods. The effect of dilutive securities would have been 239,866 options and 230,670 options for the six and three-month periods ended October 31, 2019, respectively.

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

6 Months Ended

Oct. 31, 2020

Contractors [Abstract]

Long-term Contracts or Programs Disclosure [Text Block]

NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

At October 31, 2020 and April 30, 2020, costs and estimated earnings in excess of billings, net, consisted of the following:

	October 31, 2020			April 30, 2020
	(In thousands)
Costs and estimated earnings in excess of billings	$	13,858		$	10,460
Billings in excess of costs and estimated earnings		(10,657	)		(3,507	)
Net asset	$	3,201		$	6,953

Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue earned. Amounts are billed to customers pursuant to contract terms. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the percentage of completion (“POC”) basis. During the six and three months ended October 31, 2020, revenue recognized under POC contracts was approximately $24.6 million and $12.9 million, respectively. During the six and three months ended October 31, 2019, revenue recognized under POC contracts was approximately $19.1 million and $7.7 million, respectively. If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable. Contract losses of approximately $731,000 and $121,000 were recorded for the six and three months ended October 31, 2020, respectively. Contract losses recognized for the six and three months ended October 31, 2019 were approximately $1.9 million and $1.6 million, respectively.

TREASURY STOCK TRANSACTIONS	6 Months Ended
TREASURY STOCK TRANSACTIONS	Oct. 31, 2020
Disclosure Text Block Supplement [Abstract]
Treasury Stock [Text Block]	NOTE D – TREASURY STOCK TRANSACTIONS During the six month period ended October 31, 2020, the Company made contributions of 24,422 shares of its common stock and common stock held in treasury to the Company’s profit-sharing plan and trust under Section 401(k) of the Internal Revenue Code. Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan.

INVENTORIES

6 Months Ended

Oct. 31, 2020

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE E – INVENTORIES

Inventories, which are reported at the lower of cost and net realizable value, consisted of the following:

	October 31, 2020		April 30, 2020
	(In thousands)
Raw Materials and Component Parts	$	12,822	$	15,470
Work in Progress		6,799		6,104
Finished Goods		1,407		1,384
	$	21,028	$	22,958

The amounts above are net of reserves of $7.0 million and $6.6 million as of October 31, 2020 and April 30, 2020, respectively.

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

6 Months Ended

Oct. 31, 2020

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

NOTE F – RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

The Company’s leases primarily represent offices, warehouses, vehicles, and manufacturing and research and development facilities which expire at various times through 2029 and are generally operating leases. Contractual arrangements are evaluated at inception to determine if the agreement contains a lease. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. Right-of-use (“ROU”) assets and lease liabilities are recorded based on the present value of future lease payments which factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease.

The Company elected the practical expedient for short-term leases which allows leases with terms of twelve months or less to be recorded on a straight-line basis over the lease term without being recognized on the balance sheet.

Effective May 1, 2019, the Company adopted ASU 2016-02. The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets, related to ASU 2016-02 (in thousands):

	Classification	October 31, 2020		April 30, 2020
		(unaudited)
Assets
Operating lease ROU assets	Right-of-Use assets leases	$	10,235	$	10,864

Liabilities
Operating lease liabilities (short-term)	Lease liability, current		1,612		1,869
Operating lease liabilities (long-term)	Lease liability, non-current		8,937		9,444
Total lease liabilities		$	10,549	$	11,313

Total operating lease expense was $1.2 million and $500,000 for the six and three months ended October 31, 2020, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the unaudited condensed consolidated statements of operations. Total operating lease expense was approximately $1.0 million and $504,000 for the six and three months, respectively, ended October 31, 2019, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the unaudited condensed consolidated statements of operations.

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the unaudited consolidated balance sheet as of October 31, 2020:

Fiscal Year Ending April 30,
(in thousands)

Remainder of 2021	$	756
2022		1,809
2023		1,829
2024		1,834
2025		1,723
Thereafter		5,492
Total lease payments		13,443
Less imputed interest		(2,894	)
Present value of future lease payments		10,549
Less current obligations under leases		(1,612	)
Long-term lease obligations		8,937

As of October 31, 2020, the weighted-average remaining lease term for all operating leases was 7.9 years. The Company does not generally have access to the rate implicit in the leases and therefore utilized the Company’s borrowing rate as the discount rate. The weighted average discount rate for operating leases as of October 31, 2020 was 6.20%.

SEGMENT INFORMATION

6 Months Ended

Oct. 31, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE G – SEGMENT INFORMATION

The Company operates under two reportable segments based on the geographic locations of its subsidiaries:

(1)

FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets: satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military.

The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiary, FEI-Elcom. FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business.

(2)

FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. FEI-Zyfer’s products also incorporate precision time references for terrestrial secure communications and command and control, and frequency products that incorporate GPS. FEI-Zyfer’s GPS capability complements the Company’s existing technologies and permits the combined entities to provide a broader range of embedded systems for a variety of timing functions and anti-spoofing (“SAASM”) applications.

The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business.

The accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2020, filed on July 29, 2020 with the Securities and Exchange Commission. The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments.

The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the condensed consolidated balance sheets for each of the periods (in thousands):

	Periods ended October 31,
	Six months						Three months
	2020			2019			2020			2019
Revenues:
FEI-NY	$	20,996		$	16,794		$	11,156		$	7,784
FEI-Zyfer		7,353			5,701			3,430			2,000
less intersegment revenues		(1,409	)		(854	)		(596	)		(697	)
Consolidated revenues	$	26,940		$	21,641		$	13,990		$	9,087

Operating profit (loss):
FEI-NY	$	(582	)	$	(5,475	)	$	41		$	(4,296	)
FEI-Zyfer		667			(44	)		306			(561	)
Corporate		(204	)		(184	)		(128	)		(65	)
Consolidated operating (loss) income	$	(119	)	$	(5,703	)	$	219		$	(4,922	)

	October 31, 2020		April 30, 2020
Identifiable assets:
FEI-NY	$	42,472	$	44,599
FEI-Zyfer		14,089		13,344
less intersegment balances		-		(8,586	)
Corporate		33,058		41,919
Consolidated identifiable assets	$	89,619	$	91,276

Total revenue recognized over time as POC and Passage of Title (“POT”) were approximately $24.6 million and $2.3 million, respectively, for the six months ended October 31, 2020. The amounts recognized over time as POC and POT were approximately $19.1 million and $2.5 million, respectively, for the six months ended October 31, 2019. The amounts by segment and product line were as follows:

	Six Months Ended October 31,
	2020									2019
	(In thousands)									(In thousands)
	POC Revenue			POT Revenue			Total Revenue			POC Revenue			POT Revenue			Total Revenue
FEI-NY	$	18,857		$	2,139		$	20,996		$	14,297		$	2,497		$	16,794
FEI-Zyfer		5,744			1,609			7,353			4,925			776			5,701
Intersegment		(10	)		(1,399	)		(1,409	)		(76	)		(778	)		(854	)
Revenue	$	24,591		$	2,349		$	26,940		$	19,146		$	2,495		$	21,641

	Three Months Ended October 31,
	2020									2019
	(In thousands)									(In thousands)
	POC Revenue			POT Revenue			Total Revenue			POC Revenue			POT Revenue			Total Revenue
FEI-NY	$	10,235		$	921		$	11,156		$	6,139		$	1,645		$	7,784
FEI-Zyfer		2,706			724			3,430			1,602			398			2,000
Intersegment		(1	)		(595	)		(596	)		(50	)		(647	)		(697	)
Revenue	$	12,940		$	1,050		$	13,990		$	7,691		$	1,396		$	9,087

	Periods ended October 31,
	(in thousands)
	Six months				Three months
	2020		2019		2020		2019
Revenues by Product Line:
Satellite Revenue	$	14,228	$	9,431	$	7,576	$	5,537
Government Non-Space Revenue		10,855		9,005		5,520		2,261
Other Commercial & Industrial Revenue		1,857		3,205		894		1,289
Consolidated revenues	$	26,940	$	21,641	$	13,990	$	9,087

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

INVESTMENT IN MORION, INC.	6 Months Ended
INVESTMENT IN MORION, INC.	Oct. 31, 2020
Investment Holdings [Abstract]
Investment Holdings [Text Block]	NOTE H – INVESTMENT IN MORION, INC. The Company has an investment in Morion, Inc. (“Morion”), a privately-held Russian company, which manufactures high precision quartz resonators and crystal oscillators. The Company has also licensed certain technology to Morion. The Company’s investment consists of 4.6% of Morion’s outstanding shares, accordingly, the Company accounts for its investment in Morion on the cost basis. This investment of approximately $800,000 is included in other assets in the accompanying condensed consolidated balance sheets. During the six months ended October 31, 2020 and 2019, the Company acquired product from Morion in the aggregate amount of approximately $268,000 and $380,000, respectively, and during the six months ended October 31, 2019 the Company sold product and training services to Morion in the aggregate amount of approximately $49,000, included in revenues in the condensed consolidated statements of operations as part of the FEI-NY segment. During the three months ended October 31, 2020 and 2019, the Company acquired product from Morion in the aggregate amount of approximately $118,000 and $135,000, respectively, and during three months ended October 31, 2019 the Company sold product and training services to Morion in the aggregate amount of approximately $2,000, included in revenues in the condensed consolidated statements of operations as part of the FEI-NY segment. During the six months ended October 31, 2020 and 2019, the Company received dividends from Morion in the amount of approximately $105,000 and $125,000, respectively, which is included in other income, net in the condensed consolidated statements of operations as part of the FEI-NY segment. Morion is a less than wholly-owned subsidiary of Gazprombank, a state-owned Russian bank. The U.S. Ukraine-related sanctions regime has since 2014 included a list of sectoral sanctions identifications (“SSI”) pursuant to Executive Order 13662, which prohibits certain transactions, including certain extensions of credit, with an entity designated as an SSI or certain affiliates of an entity designated as an SSI. On July 16, 2014, after the Company’s investment in Morion, Gazprombank was designated as an SSI. In light of Morion’s relationship with Gazprombank, the Company recently evaluated, with the assistance of external legal counsel, certain sales to Morion and the timing of payments by Morion to the Company in connection with those sales to determine whether payments by Morion may have inadvertently constituted extensions of credit in violation of Directive 1 under Executive Order 13662. The Company determined that certain payments by Morion – the majority of which occurred more than five years ago – were not timely. Following the evaluation, on May 7, 2020, the Company voluntarily disclosed its findings to the Office of Foreign Assets Control (“OFAC”). The Company’s voluntary disclosure to OFAC relates solely to delays in collection of accounts receivable that exceeded then-applicable payment windows set forth in sanctions regulations and do not relate to any other type of payment or transaction. On July 22, 2020, OFAC informed the Company that it is conducting a civil investigation of the matter. The ongoing OFAC civil investigation subjects the Company to a number of financial and business risks. OFAC has broad enforcement discretion, and the imposition of sanctions, fines or remedial measures could have a material adverse effect on the Company’s business, prospects, reputation, financial condition, liquidity, results of operations or cash flows. Given the matter is in an early stage, however, the Company does not have sufficient information to (i) determine whether any liability (including penalties, sanctions, or remedial actions) as a result of the voluntary disclosure is probable or (ii) estimate the magnitude of any liability. While we are currently unable to predict what if any actions OFAC might take, or what the likely outcome of any such actions might be, or estimate the range of reasonably possible fines or penalties, such outcome may be material. Also, the Company is unable to predict the duration, scope, result or related costs of the investigation, including legal fees.

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Oct. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE I – FAIR VALUE OF FINANCIAL INSTRUMENTS

The cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale securities at October 31, 2020 and April 30, 2020, respectively, were as follows (in thousands):

	October 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	9,463	$	530	$	(45	)	$	9,948

	April 30, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	10,081	$	495	$	(6	)	$	10,570

The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	Less than 12 months					12 Months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
October 31, 2020
Fixed Income Securities	$	380	$	(5	)	$	983	$	(40	)	$	1,363	$	(45	)

April 30, 2020
Fixed Income Securities		$	380			$	(6	)		$	-			$	-			$	380			$	(6	)

During the six and three months ended October 31, 2020, the Company sold or redeemed available-for-sale securities of approximately $1.5 million and $796,000, respectively, realizing gains of approximately $12,000 and $9,000, respectively.

Maturities of fixed income securities classified as available-for-sale at October 31, 2020 were as follows, at cost (in thousands):

Current	$	3,267
Due after one year through five years		3,257
Due after five years		2,939
	$	9,463

The fair value accounting framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The levels of the fair value hierarchy are described below:

	Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

	Level 2	Inputs to the valuation methodology include: -Quoted prices for similar assets or liabilities in active markets; -Quoted prices for identical or similar assets or liabilities in inactive markets; -Inputs other than quoted prices that are observable for the asset or liability; and -Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

	Level 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company’s money market, business account, and U.S. securities are valued on a Level 1 basis. The Company’s fixed income corporate debt securities and certificates of deposit are valued on a Level 2 basis.

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Oct. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE J – RECENT ACCOUNTING PRONOUNCEMENTS In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04 goodwill impairment will be tested by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2022, with early adoption permitted. The Company will not be adopting ASU 2017-04 early, and is in the process of determining the effect that ASU 2017-04 may have. However, the Company expects the new standard to have an immaterial effect on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022. The Company is evaluating the effect, if any, the update will have on its consolidated financial statements when adopted in fiscal year 2023.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Section 50
-Paragraph 1
-Subparagraph (c)(1)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Paragraph 2
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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+ Details

CREDIT FACILITY	6 Months Ended
CREDIT FACILITY	Oct. 31, 2020
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE K – CREDIT FACILITY As of October 31, 2020, the Company had available credit with UBS Bank USA at variable terms based on its securities holdings under an advisory arrangement, under which the Company has borrowed $3 million. On April 12, 2020, the Company received proceeds from a PPP Loan in the amount of $4,964,810 from JPMorgan Chase Bank, N.A. as the Lender, pursuant to the SBA Paycheck Protection Program under the CARES Act. The PPP Loan was repaid in full on May 6, 2020.

VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	6 Months Ended
VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE L – VALUATION ALLOWANCE ON DEFERRED TAX ASSETS Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. As required by the authoritative guidance on accounting for income taxes, we evaluate the realization of deferred tax assets on a jurisdictional basis at each reporting date. We consider all positive and negative evidence, including the reversal of deferred tax liabilities, projected future taxable income, tax planning strategies, and results of recent operations. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets will not be realizable, we establish a valuation allowance. As of October 31, 2020, and April 30, 2020, the Company maintained a full valuation allowance against its deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to adjust its existing valuation allowance resulting in changes to deferred income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE M – COMMITMENTS AND CONTINGENCIES On January 28, 2020, Martin B. Bloch, the former Chief Scientist of the Company and a former member of the Company’s Board of Directors (the “Board”), filed a complaint against the Company and Jonathan Brolin, Lance W. Lord, Russell M. Sarachek, Richard Schwartz and Stanton D. Sloane, each in their capacity as members of the Board (collectively, the “Director Defendants”), in the Supreme Court of the State of New York, County of Nassau (Bloch v. Frequency Electronics, Inc., et al., Index No. 601369/2020 (N.Y. Sup. Ct. filed Jan. 28, 2020)). Mr. Bloch seeks compensatory damages and costs and attorney’s fees, among other things, based on allegations that he was wrongfully terminated “for cause” pursuant to his employment agreement, dated March 17, 2008, and that the Company and the Director Defendants discriminated against him based on his age. Mr. Bloch had originally also sought a declaratory judgment and claims for damage to his reputation and a derivative claim on behalf of the Company alleging that the Director Defendants breached their fiduciary duty in rendering their decision to terminate Mr. Bloch’s employment with the Company. However, Mr. Bloch removed those claims from a subsequently filed amended complaint after the Company and the Director Defendants moved to dismiss them. On June 11, 2020, the Company and the Director Defendants filed their answer to the amended complaint. Mr. Bloch filed a motion for summary judgment on June 23, 2020, which the Company and the Director Defendants opposed on July 10, 2020. Mr. Bloch’s motion seeks an order that the Company is liable for breach of his employment agreement because he purportedly resigned from the Company before he was terminated. On July 10, 2020, the Company and the Director Defendants opposed Mr. Bloch’s motion and also filed a motion for summary judgment seeking the dismissal of all claims in Mr. Bloch’s amended complaint. On September 23, 2020, the Court denied Mr. Bloch’s motion for summary judgment. It also granted the Company and the Director Defendants’ motion for summary judgment as to all claims, except for one claim for breach of contract against the Company. On October 23, 2020, the Company filed a brief with the Appellate Division, Second Department, seeking a reversal of the lower court’s order to the extent that it denied the Company’s summary judgment motion on the breach of contract claim. Mr. Bloch filed its responsive brief on November 20, 2020. The appeal is currently pending. The Company believes that the Board was justified in its decision to terminate Mr. Bloch “for cause” and that Mr. Bloch’s single surviving claim is entirely without merit. The Company intends to vigorously defend against all of Mr. Bloch’s allegations. At this time, the Company does not have sufficient information to determine whether liability, if any, arising out of these matters is probable or the possible loss, if any, which could result from an unfavorable outcome arising out of these matters. In addition, Mr. Bloch sought to initiate two arbitration proceedings under the AAA Rules (Bloch v. Frequency Electronics, Inc., the Compensation Committee of the Board of Directors of Frequency Electronics, Inc., and the Deferred Compensation Plan Agreement Dated March 7, 2008). One arbitration is brought under a deferred compensation agreement dated March 27, 1980 and the other under a second amended and restated deferred compensation agreement, dated March 7, 2008. Bloch submitted his Statements of Claim in both arbitrations on May 4, 2020. In both proceedings, Mr. Bloch claims that defendants violated ERISA rules by denying him deferred compensation benefits. He seeks an award for allegedly past due deferred compensation benefits plus interest, clarification as to his future rights to deferred compensation benefits, and attorneys’ fees and costs. On June 2, 2020, the Company filed a petition for a stay of arbitration and related declaratory relief against Mr. Bloch, in the Supreme Court of the State of New York, New York County (Frequency Electronics, Inc. v. Martin B. Bloch, Index No. 652191/2020 (N.Y. Sup. Ct. filed June 2, 2020)). The Company claims that Mr. Bloch may not arbitrate his claims for deferred compensation because he did not timely appeal the Company’s denial of those claims, and because he failed to comply with the arbitration procedures in the applicable deferred compensation agreement. Mr. Bloch filed a motion on June 16, 2020 seeking a change of venue to the County of Nassau, which the Company opposed on July 7, 2020. The Court granted Mr. Bloch’s motion on September 8, 2020. The case was therefore transferred to the County of Nassau, and assigned to the same Judge hearing the other cases between the parties. At this time, the Company does not have sufficient information to determine the likelihood of success of this petition. On June 5, 2020, Mr. Bloch filed a petition against the Company, the Compensation Committee of the Company’s Board of Directors, and the Deferred Compensation Plan Agreement Dated March 7, 2008, as amended (“Respondents”), for the appointment of an arbitrator in one of the arbitration proceedings that Mr. Bloch sought to initiate. The petition was filed in the Supreme Court of the State of New York, County of Nassau (Bloch v. Frequency Electronics, Inc. et al., Index No. 605380/2020 (N.Y. Sup. Ct. filed June 5, 2020)). On June 22, 2020, Respondents moved to dismiss Mr. Bloch’s petition, and he opposed the motion on July 2, 2020. The motion is currently pending. On September 11, 2020, the Court granted Respondents’ application for an interim stay of the arbitration pending the Court’s determination of the Company’s petition for a stay of arbitration (described above), Mr. Bloch’s petition for the appointment of an arbitrator, and other outstanding motions. Respondents dispute all of Bloch’s claims and intend to continue to vigorously defend the Company in this special proceeding. The likelihood of any outcome of this proceeding cannot be determined at this time.

EARNINGS PER SHARE (Tables)

6 Months Ended

Oct. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Reconciliation of the weighted average shares outstanding for basic and diluted loss per share for the six and three months ended October 31, 2020 and 2019, respectively, were as follows:

	Periods ended October 31,
	Six months				Three months
	2020		2019		2020		2019
Weighted average shares outstanding:
Basic EPS Shares outstanding (weighted average)		9,154,434		9,036,732		9,169,758		9,072,141
Effect of Dilutive Securities		51,389		**		66,019		**
Diluted EPS Shares outstanding		9,205,823		9,036,732		9,235,777		9,072,141

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)

6 Months Ended

Oct. 31, 2020

Contractors [Abstract]

Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block]

At October 31, 2020 and April 30, 2020, costs and estimated earnings in excess of billings, net, consisted of the following:

	October 31, 2020			April 30, 2020
	(In thousands)
Costs and estimated earnings in excess of billings	$	13,858		$	10,460
Billings in excess of costs and estimated earnings		(10,657	)		(3,507	)
Net asset	$	3,201		$	6,953

INVENTORIES (Tables)

6 Months Ended

Oct. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories, which are reported at the lower of cost and net realizable value, consisted of the following:

	October 31, 2020		April 30, 2020
	(In thousands)
Raw Materials and Component Parts	$	12,822	$	15,470
Work in Progress		6,799		6,104
Finished Goods		1,407		1,384
	$	21,028	$	22,958

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables)

6 Months Ended

Oct. 31, 2020

Disclosure Text Block [Abstract]

Lessee, Operating Lease, Disclosure [Table Text Block]

	Classification	October 31, 2020		April 30, 2020
		(unaudited)
Assets
Operating lease ROU assets	Right-of-Use assets leases	$	10,235	$	10,864

Liabilities
Operating lease liabilities (short-term)	Lease liability, current		1,612		1,869
Operating lease liabilities (long-term)	Lease liability, non-current		8,937		9,444
Total lease liabilities		$	10,549	$	11,313

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Fiscal Year Ending April 30,
(in thousands)

Remainder of 2021	$	756
2022		1,809
2023		1,829
2024		1,834
2025		1,723
Thereafter		5,492
Total lease payments		13,443
Less imputed interest		(2,894	)
Present value of future lease payments		10,549
Less current obligations under leases		(1,612	)
Long-term lease obligations		8,937

SEGMENT INFORMATION (Tables)

6 Months Ended

Oct. 31, 2020

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	Periods ended October 31,
	Six months						Three months
	2020			2019			2020			2019
Revenues:
FEI-NY	$	20,996		$	16,794		$	11,156		$	7,784
FEI-Zyfer		7,353			5,701			3,430			2,000
less intersegment revenues		(1,409	)		(854	)		(596	)		(697	)
Consolidated revenues	$	26,940		$	21,641		$	13,990		$	9,087

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Operating profit (loss):
FEI-NY	$	(582	)	$	(5,475	)	$	41		$	(4,296	)
FEI-Zyfer		667			(44	)		306			(561	)
Corporate		(204	)		(184	)		(128	)		(65	)
Consolidated operating (loss) income	$	(119	)	$	(5,703	)	$	219		$	(4,922	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	October 31, 2020		April 30, 2020
Identifiable assets:
FEI-NY	$	42,472	$	44,599
FEI-Zyfer		14,089		13,344
less intersegment balances		-		(8,586	)
Corporate		33,058		41,919
Consolidated identifiable assets	$	89,619	$	91,276

Disaggregation of Revenue [Table Text Block]

The amounts by segment and product line were as follows:

	Six Months Ended October 31,
	2020									2019
	(In thousands)									(In thousands)
	POC Revenue			POT Revenue			Total Revenue			POC Revenue			POT Revenue			Total Revenue
FEI-NY	$	18,857		$	2,139		$	20,996		$	14,297		$	2,497		$	16,794
FEI-Zyfer		5,744			1,609			7,353			4,925			776			5,701
Intersegment		(10	)		(1,399	)		(1,409	)		(76	)		(778	)		(854	)
Revenue	$	24,591		$	2,349		$	26,940		$	19,146		$	2,495		$	21,641

	Three Months Ended October 31,
	2020									2019
	(In thousands)									(In thousands)
	POC Revenue			POT Revenue			Total Revenue			POC Revenue			POT Revenue			Total Revenue
FEI-NY	$	10,235		$	921		$	11,156		$	6,139		$	1,645		$	7,784
FEI-Zyfer		2,706			724			3,430			1,602			398			2,000
Intersegment		(1	)		(595	)		(596	)		(50	)		(647	)		(697	)
Revenue	$	12,940		$	1,050		$	13,990		$	7,691		$	1,396		$	9,087

Revenue from External Customers by Products and Services [Table Text Block]

	Periods ended October 31,
	(in thousands)
	Six months				Three months
	2020		2019		2020		2019
Revenues by Product Line:
Satellite Revenue	$	14,228	$	9,431	$	7,576	$	5,537
Government Non-Space Revenue		10,855		9,005		5,520		2,261
Other Commercial & Industrial Revenue		1,857		3,205		894		1,289
Consolidated revenues	$	26,940	$	21,641	$	13,990	$	9,087

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Oct. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

The cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale securities at October 31, 2020 and April 30, 2020, respectively, were as follows (in thousands):

	October 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	9,463	$	530	$	(45	)	$	9,948

	April 30, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	10,081	$	495	$	(6	)	$	10,570

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

	Less than 12 months					12 Months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
October 31, 2020
Fixed Income Securities	$	380	$	(5	)	$	983	$	(40	)	$	1,363	$	(45	)

April 30, 2020
Fixed Income Securities		$	380			$	(6	)		$	-			$	-			$	380			$	(6	)

Investments Classified by Contractual Maturity Date [Table Text Block]

Maturities of fixed income securities classified as available-for-sale at October 31, 2020 were as follows, at cost (in thousands):

Current	$	3,267
Due after one year through five years		3,257
Due after five years		2,939
	$	9,463

EARNINGS PER SHARE (Details) - shares	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - shares	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	303,000	230,670	436,000	239,866

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares

3 Months Ended

6 Months Ended

Oct. 31, 2020

Oct. 31, 2019

Oct. 31, 2020

Oct. 31, 2019

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,169,758

9,072,141

9,154,434

9,036,732

Effect of Dilutive Securities

66,019

^[1]

51,389

^[1]

Diluted EPS Shares outstanding

9,235,777

9,072,141

9,205,823

9,036,732

[1]

For the six and three-month periods ended October 31, 2019 dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and six months ended October 31, 2020 are 303,000 and 436,000 options, respectively. The exercisable shares excluded as of October 31, 2019 are 178,000 options for both periods. The effect of dilutive securities would have been 239,866 options and 230,670 options for the six and three-month periods ended October 31, 2019, respectively.

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 13,990,000	$ 9,087,000	$ 26,940,000	$ 21,641,000
Loss on Contracts	121,000	1,600,000	731,000	1,900,000
Contracts Accounted for under Percentage of Completion [Member]
COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 12,900,000	$ 7,700,000	$ 24,600,000	$ 19,100,000

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Costs and Estimated Earnings in Excess of Billings, Net [Abstract]
Costs and estimated earnings in excess of billings	$ 13,858	$ 10,460
Billings in excess of costs and estimated earnings	(10,657)	(3,507)
Net asset	$ 3,201	$ 6,953

TREASURY STOCK TRANSACTIONS (Details)	6 Months Ended
TREASURY STOCK TRANSACTIONS (Details)	Oct. 31, 2020 shares
Disclosure Text Block Supplement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	24,422

INVENTORIES (Details) - USD ($) $ in Millions	Oct. 31, 2020	Apr. 30, 2020
UNITED STATES
INVENTORIES (Details) [Line Items]
Inventory, Net	$ 7.0	$ 6.6

INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Schedule of Inventory, Current [Abstract]
Raw Materials and Component Parts	$ 12,822	$ 15,470
Work in Progress	6,799	6,104
Finished Goods	1,407	1,384
	$ 21,028	$ 22,958

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Disclosure Text Block [Abstract]
Operating Leases, Rent Expense	$ 500,000	$ 504,000	$ 1,200,000	$ 1,000,000
Operating Lease, Weighted Average Remaining Lease Term	7 years 328 days		7 years 328 days
Operating Lease, Weighted Average Discount Rate, Percent	6.20%		6.20%

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Disclosure - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Assets
Operating lease ROU assets	$ 10,235	$ 10,864
Liabilities
Operating lease liabilities (short-term)	1,612	1,869
Operating lease liabilities (long-term)	8,937	9,444
Total lease liabilities	$ 10,549	$ 11,313

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Lessee, Operating Lease, Liability, Maturity [Abstract]
Remainder of 2021	$ 756
2022	1,809
2023	1,829
2024	1,834
2025	1,723
Thereafter	5,492
Total lease payments	13,443
Less imputed interest	(2,894)
Present value of future lease payments	10,549	$ 11,313
Less current obligations under leases	(1,612)	(1,869)
Long-term lease obligations	$ 8,937	$ 9,444

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)
SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments			2
Revenues	$ 13,990	$ 9,087	$ 26,940	$ 21,641
Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Number Of Principal Markets	3		3
Revenues	$ 11,156	7,784	$ 20,996	16,794
POC Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	12,940	7,691	24,591	19,146
POC Revenue [Member] \| Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	10,235	6,139	18,857	14,297
POT Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	1,050	1,396	2,349	2,495
POT Revenue [Member] \| Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	$ 921	$ 1,645	$ 2,139	$ 2,497

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Revenues:
Revenues	$ 13,990	$ 9,087	$ 26,940	$ 21,641
Frequency Electronics Inc New York [Member]
Revenues:
Revenues	11,156	7,784	20,996	16,794
Frequency Electronics Inc Zyfer [Member]
Revenues:
Revenues	3,430	2,000	7,353	5,701
Inter Segment [Member]
Revenues:
Revenues	$ (596)	$ (697)	$ (1,409)	$ (854)

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Operating profit (loss):
Operating profit (loss)	$ 219	$ (4,922)	$ (119)	$ (5,703)
Frequency Electronics Inc New York [Member]
Operating profit (loss):
Operating profit (loss)	41	(4,296)	(582)	(5,475)
Frequency Electronics Inc Zyfer [Member]
Operating profit (loss):
Operating profit (loss)	306	(561)	667	(44)
Corporate Segment [Member]
Operating profit (loss):
Operating profit (loss)	$ (128)	$ (65)	$ (204)	$ (184)

SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
Identifiable assets:
Identifiable Assets	$ 89,619	$ 91,276
Identifiable Assets	(89,619)	(91,276)
Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable Assets	42,472	44,599
Identifiable Assets	(42,472)	(44,599)
Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable Assets	14,089	13,344
Identifiable Assets	(14,089)	(13,344)
Inter Segment [Member]
Identifiable assets:
Identifiable Assets	0	8,586
Identifiable Assets	0	(8,586)
Corporate Segment [Member]
Identifiable assets:
Identifiable Assets	33,058	41,919
Identifiable Assets	$ (33,058)	$ (41,919)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 13,990	$ 9,087	$ 26,940	$ 21,641
Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,156	7,784	20,996	16,794
Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,430	2,000	7,353	5,701
Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	(596)	(697)	(1,409)	(854)
POC Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	12,940	7,691	24,591	19,146
POC Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,235	6,139	18,857	14,297
POC Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,706	1,602	5,744	4,925
POC Revenue [Member] \| Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	(1)	(50)	(10)	(76)
POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,050	1,396	2,349	2,495
POT Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	921	1,645	2,139	2,497
POT Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	724	398	1,609	776
POT Revenue [Member] \| Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (595)	$ (647)	$ (1,399)	$ (778)

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Revenue from External Customer [Line Items]
Revenue	$ 13,990	$ 9,087	$ 26,940	$ 21,641
Satellite Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	7,576	5,537	14,228	9,431
Government Non-Space Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	5,520	2,261	10,855	9,005
Other Commercial & Industrial Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	$ 894	$ 1,289	$ 1,857	$ 3,205

- Definition

+ References

+ Details

INVESTMENT IN MORION, INC. (Details) - Morion Inc [Member] - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
INVESTMENT IN MORION, INC. (Details) [Line Items]
Cost Method Investment Ownership Percentage	4.60%		4.60%
Cost Method Investments	$ 800,000		$ 800,000
Related Party Transaction, Purchases from Related Party	$ 118,000	$ 135,000	268,000	$ 380,000
Revenue from Related Parties		$ 2,000		49,000
Proceeds from Dividends Received			$ 105,000	$ 125,000

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Oct. 31, 2020	Oct. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 796,000	$ 1,500,000
Available-for-sale Securities, Gross Realized Gains	$ 9,000	$ 12,000

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - Fixed Income Securities [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2020	Apr. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	$ 9,463	$ 10,081
Gross Unrealized Gains	530	495
Gross Unrealized Losses	(45)	(6)
Fair Market Value	$ 9,948	$ 10,570

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value - Fixed Income Securities [Member] - USD ($) $ in Thousands	Oct. 31, 2020	Apr. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	$ 380	$ 380
Unrealized Losses, Less than 12 months	(5)	(6)
Fair Value, 12 Months or more	983	0
Unrealized Losses, 12 Months or more	(40)	0
Fair Value	1,363	380
Unrealized Losses	$ (45)	$ (6)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands	Oct. 31, 2020 USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Current	$ 3,267
Due after one year through five years	3,257
Due after five years	2,939
	$ 9,463

CREDIT FACILITY (Details) - USD ($)	Oct. 31, 2020	Apr. 12, 2020
Debt Disclosure [Abstract]
Long-term Line of Credit	$ 3,000,000
Loans Payable to Bank		$ 4,964,810

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details