0001185185-23-000229 | 10-Q | XBRL Viewer | Frequency Electronics INC

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 31, 2023	Mar. 14, 2023
Document Information Line Items
Entity Registrant Name	FREQUENCY ELECTRONICS, INC.
Trading Symbol	FEIM
Document Type	10-Q
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		9,353,440
Amendment Flag	false
Entity Central Index Key	0000039020
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jan. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-8061
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-1986657
Entity Address, Address Line One	55 CHARLES LINDBERGH BLVD.
Entity Address, City or Town	MITCHEL FIELD
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516-794-4500
Local Phone Number	516-794-4500
Title of 12(b) Security	Common Stock (par value $1.00 per share)
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 12,854	$ 11,561
Marketable securities	0	9,964
Accounts receivable, net of allowance for doubtful accounts of $111 at January 31, 2023 and April 30, 2022	5,129	4,291
Contract assets	8,266	8,857
Inventories, net	20,562	19,906
Prepaid income taxes	98	269
Prepaid expenses and other	1,056	1,162
Total current assets	47,965	56,010
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	7,733	8,564
Goodwill	617	617
Cash surrender value of life insurance	10,295	9,855
Other assets	888	909
Right-of-Use assets – operating leases	7,745	8,805
Total assets	75,243	84,760
Current liabilities:
Accounts payable – trade	1,556	1,080
Accrued liabilities	3,396	3,696
Loss provision accrual	2,678	4,243
Operating lease liability, current portion	1,751	1,744
Contract liabilities	18,737	11,098
Total current liabilities	28,118	21,861
Deferred compensation	8,357	8,730
Deferred taxes	8	8
Operating lease liability – non-current	6,261	7,353
Other liabilities	125	120
Total liabilities	42,869	38,072
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, 9,354 shares issued and 9,353 shares outstanding at January 31, 2023; 9,298 shares issued and 9,297 shares outstanding at April 30, 2022	9,354	9,298
Additional paid-in capital	48,893	57,956
Accumulated deficit	(25,867)	(20,120)
Common stock reacquired and held in treasury - at cost (1 share at January 31, 2023 and April 30, 2022)	(6)	(6)
Accumulated other comprehensive income	0	(440)
Total stockholders’ equity	32,374	46,688
Total liabilities and stockholders’ equity	$ 75,243	$ 84,760

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 111	$ 111
Preferred stock, par value (in Dollars per share)	$ 1	$ 1
Preferred stock - shares authorized	600	600
Preferred stock - shares issued	0	0
Common stock, par value (in Dollars per share)	$ 1	$ 1
Common stock shares issued	9,354	9,298
Common stock - authorized shares	20,000	20,000
Common stock - shares outstanding	9,353	9,297
Common stock reacquired and held in treasury - share	1	1

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Income Statement [Abstract]
Revenues	$ 10,620	$ 12,245	$ 27,773	$ 38,136
Cost of revenues	7,155	9,005	23,963	26,744
Gross margin	3,465	3,240	3,810	11,392
Selling and administrative expenses	2,357	2,832	6,383	9,637
Research and development expenses	783	1,129	2,492	3,861
Operating income (loss)	325	(721)	(5,065)	(2,106)
Other income (expense):
Investment (expense) income, net	(625)	4	(600)	195
Interest expense	(18)	(19)	(81)	(59)
Other income (expense), net	5	2	5	160
Loss before provision for income taxes	(313)	(734)	(5,741)	(1,810)
Provision for income taxes	3	1	6	3
Net loss	$ (316)	$ (735)	$ (5,747)	$ (1,813)
Net loss per common share:
Basic and diluted loss per share (in Dollars per share)	$ (0.03)	$ (0.08)	$ (0.62)	$ (0.2)
Weighted average shares outstanding:
Basic and diluted (in Shares)	9,349,000	9,279,000	9,328,000	9,257,000
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (316)	$ (735)	$ (5,747)	$ (1,813)
Unrealized gain (loss) on marketable securities:
Change in market value of marketable securities before reclassification, net of tax	388	(211)	(179)	(283)
Reclassification adjustment for realized gains (losses) included in net income, net of tax	603	2	619	(4)
Total unrealized gain (loss) on marketable securities, net of tax	991	(209)	440	(287)
Comprehensive income (loss)	$ 675	$ (944)	$ (5,307)	$ (2,100)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Cash flows from operating activities:
Net loss	$ (5,747)	$ (1,813)
Non-cash charges to earnings	2,667	2,870
Net changes in operating assets and liabilities	5,028	2,913
Net cash provided by operating activities	1,948	3,970
Cash flows from investing activities:
Proceeds on redemption of marketable securities	10,967	1,739
Purchase of marketable securities	(1,382)	(1,846)
Purchase of fixed assets and other assets	(886)	(1,534)
Net cash provided by (used in) investing activities	8,699	(1,641)
Cash flows from financing activities:
Payment of Dividend	(9,354)	0
Net cash used in financing activities	(9,354)	0
Net increase in cash and cash equivalents	1,293	2,329
Cash and cash equivalents at beginning of period	11,561	9,807
Cash and cash equivalents at end of period	12,854	12,136
Supplemental disclosures of cash flow information:
Interest	54	59
Income taxes	0	15
Income taxes	$ 176	$ 0

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, 2021	$ 9,226	$ 57,355	$ (11,457)	$ (6)	$ 291	$ 55,409
Balance (in Shares) at Apr. 30, 2021	9,226,268			1,375
Contribution of stock to 401(k) plan	$ 13	117				130
Contribution of stock to 401(k) plan (in Shares)	13,251
Stock-based compensation expense	$ 8	61				69
Stock-based compensation expense (in Shares)	7,500
Other comprehensive income (loss), net of tax					79	79
Net income (loss)			(1,575)			(1,575)
Balance at Jul. 31, 2021	$ 9,247	57,533	(13,032)	$ (6)	370	54,112
Balance (in Shares) at Jul. 31, 2021	9,247,019			1,375
Balance at Apr. 30, 2021	$ 9,226	57,355	(11,457)	$ (6)	291	55,409
Balance (in Shares) at Apr. 30, 2021	9,226,268			1,375
Net income (loss)						(1,813)
Balance at Jan. 31, 2022	$ 9,285	57,834	(13,270)	$ (6)	4	53,847
Balance (in Shares) at Jan. 31, 2022	9,284,516			1,375
Balance at Jul. 31, 2021	$ 9,247	57,533	(13,032)	$ (6)	370	54,112
Balance (in Shares) at Jul. 31, 2021	9,247,019			1,375
Contribution of stock to 401(k) plan	$ 11	100				111
Contribution of stock to 401(k) plan (in Shares)	10,779
Stock-based compensation expense		66				66
Stock-based compensation expense (in Shares)	250
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price	$ 6	(6)
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)	6,278
Other comprehensive income (loss), net of tax					(157)	(157)
Net income (loss)			497			497
Balance at Oct. 31, 2021	$ 9,264	57,693	(12,535)	$ (6)	213	54,629
Balance (in Shares) at Oct. 31, 2021	9,264,326			1,375
Contribution of stock to 401(k) plan	$ 7	63				70
Contribution of stock to 401(k) plan (in Shares)	7,045
Stock-based compensation expense	$ 8	83				91
Stock-based compensation expense (in Shares)	7,953
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price	$ 6	(5)				1
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)	5,192
Other comprehensive income (loss), net of tax					(209)	(209)
Net income (loss)			(735)			(735)
Balance at Jan. 31, 2022	$ 9,285	57,834	(13,270)	$ (6)	4	53,847
Balance (in Shares) at Jan. 31, 2022	9,284,516			1,375
Balance at Apr. 30, 2022	$ 9,298	57,956	(20,120)	$ (6)	(440)	46,688
Balance (in Shares) at Apr. 30, 2022	9,298,178			1,375
Contribution of stock to 401(k) plan	$ 17	105				122
Contribution of stock to 401(k) plan (in Shares)	16,708
Stock-based compensation expense		(25)				(25)
Other comprehensive income (loss), net of tax					14	14
Net income (loss)			(3,117)			(3,117)
Balance at Jul. 31, 2022	$ 9,315	58,036	(23,237)	$ (6)	(426)	43,682
Balance (in Shares) at Jul. 31, 2022	9,314,886			1,375
Balance at Apr. 30, 2022	$ 9,298	57,956	(20,120)	$ (6)	(440)	46,688
Balance (in Shares) at Apr. 30, 2022	9,298,178			1,375
Net income (loss)						(5,747)
Balance at Jan. 31, 2023	$ 9,354	48,893	(25,867)	$ (6)		32,374
Balance (in Shares) at Jan. 31, 2023	9,353,941			1,375
Balance at Jul. 31, 2022	$ 9,315	58,036	(23,237)	$ (6)	(426)	43,682
Balance (in Shares) at Jul. 31, 2022	9,314,886			1,375
Contribution of stock to 401(k) plan	$ 18	89				107
Contribution of stock to 401(k) plan (in Shares)	18,632
Stock-based compensation expense	$ 1	28				29
Stock-based compensation expense (in Shares)	750
Other comprehensive income (loss), net of tax					(565)	(565)
Net income (loss)			(2,314)			(2,314)
Balance at Oct. 31, 2022	$ 9,334	58,153	(25,551)	$ (6)	(991)	40,939
Balance (in Shares) at Oct. 31, 2022	9,334,268			1,375
Contribution of stock to 401(k) plan	$ 8	46				54
Contribution of stock to 401(k) plan (in Shares)	7,597
Stock-based compensation expense	$ 12	48				60
Stock-based compensation expense (in Shares)	12,076
Other comprehensive income (loss), net of tax					$ 991	991
Dividends paid		(9,354)				(9,354)
Net income (loss)			(316)			(316)
Balance at Jan. 31, 2023	$ 9,354	$ 48,893	$ (25,867)	$ (6)		$ 32,374
Balance (in Shares) at Jan. 31, 2023	9,353,941			1,375

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

9 Months Ended

Jan. 31, 2023

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 condensed consolidated financial position of the Company as of January 31, 2023 and the results of its operations, changes in stockholders’ equity for the three and nine months ended January 31, 2023 and 2022, and cash flows for the nine months ended January 31, 2023 and 2022. The April 30, 2022 condensed consolidated balance sheet was derived from audited financial statements. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP’). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report and Amended Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended April 30, 2022, filed on July 14, 2022 and December 20, 2022, respectively, with the Securities and Exchange Commission (the “Form 10-K” and the “Form 10-K/A”). 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 Other Macroeconomic Factors

The full impact of the COVID-19 pandemic continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic may ultimately have on the Company’s financial condition, liquidity, and future financial results. For three and the nine months ended January 31, 2023, the Company has been impacted by employee absenteeism related to direct or indirect effects of the COVID-19 pandemic, delays in the receipt of anticipated new contracts from customers administratively affected by the pandemic and limited availability or delivery delays of parts and materials from vendors affected by the pandemic. FEI-Zyfer’s operations were particularly affected as evidenced by decreases in sales and gross margin during fiscal year 2022, which continued during the three and nine months ended January 31, 2023. Management is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the continuing changing dynamics of the COVID-19 pandemic the Company is not able to estimate the potential adverse effects on its operations, financial condition, or liquidity for the remainder of fiscal year 2023. The Company has returned to essentially normal operations at its various locations; however, the Company continues to follow federal and state guidelines with an emphasis on employee safety.

The Company may continue to face future COVID-19 related risks, and risks resulting from geopolitical conflicts. The Company is dependent on its workforce to design and manufacture its products. If significant portions of the Company’s workforce are unable to work effectively, or if the U.S. Government, and/or other customers or supplier operations are curtailed due to illness, quarantines, government actions, facility closures, or other restrictions, the Company’s operations may be negatively impacted. If faced with any of these factors, the Company may be unable to perform fully on its contracts and costs may increase. These cost increases may not be fully recoverable or adequately covered by insurance. For example, in the latter part of fiscal year 2021, the Company experienced some operation disruptions due to the need to vacate certain areas of the facilities for cleaning and disinfecting resulting from employees being potentially exposed to COVID-19 or following positive COVID-19 test results. Also, certain Company vendors have been unable to deliver materials on time due to COVID-19 related impacts to their workforces or their supply chains. These delays impacted the Company’s production costs and schedules. Vendor delivery performance is being closely monitored and alternate sources of supply are generally available and, in some cases, are being established.

In addition to the impacts of the COVID-19 pandemic, the Company’s financial condition, liquidity, and future financial results may also be affected by other macroeconomic factors. For example, due to continuing geopolitical circumstances resulting in increased inflation, energy and commodity prices may continue escalating which may adversely affect the Company’s financial results.

EARNINGS (LOSS) PER SHARE

9 Months Ended

Jan. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE B – EARNINGS (LOSS) PER SHARE

Reconciliation of the weighted average shares outstanding for basic and diluted earnings (loss) per share (“EPS”) for the three and nine months ended January 31, 2023 and 2022, respectively, were as follows:

Periods ended January 31,

Three months

Nine months

2023

2022

2023

2022

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,349,198

9,278,840

9,327,828

9,257,107

Effect of Dilutive Securities

Diluted EPS Shares outstanding

9,349,198

9,278,840

9,327,828

9,257,107

** For the three and nine months ended January 31, 2023 and 2022, 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 nine months ended January 31, 2023 was 243,625 options, respectively. The exercisable shares excluded for the three and nine months ended January 31, 2022 was 223,000 options, respectively.

CONTRACT (LIABILITIES) ASSETS, NET

9 Months Ended

Jan. 31, 2023

Contractors [Abstract]

Long-Term Contracts or Programs Disclosure [Text Block]

NOTE C – CONTRACT (LIABILITIES) ASSETS, NET

At January 31, 2023 and April 30, 2022, contract (liabilities) assets, net, consisted of the following:

	January 31, 2023			April 30, 2022
				(As Revised)
	(In thousands)
Contract Assets	$	8,266		$	8,857
Contract Liabilities		(18,737	)		(11,098	)
Net (liability) asset	$	(10,471	)	$	(2,241	)

Such amounts represent revenue recognized on long-term contracts that have not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized. 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 dates. Revenue on these long-term contracts are accounted for on the percentage-of-completion (“POC”) basis. During the three and nine months ended January 31, 2023, revenue recognized under POC contracts was approximately $10.2 million and $26.8 million, respectively. During the three and nine months ended January 31, 2022, revenue recognized under POC contracts was approximately $11.8 million and $36.4 million, respectively. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable. Contract losses of approximately $537,000, offset by a loss reduction of approximately $1.0 million, mostly related to additional funding, were recorded for the three months ended January 31, 2023. Contract losses of approximately $1.5 million were recorded for the nine months ended January 31, 2023. Contract losses of approximately $171,000 and $218,000 were recorded for the three and nine months ended January 31, 2022, respectively.

- Definition

The entire disclosure for long-term contracts or programs.

+ References

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+ Details

STOCK TRANSACTIONS

9 Months Ended

Jan. 31, 2023

Disclosure Text Block Supplement [Abstract]

Shareholders' Equity and Share-Based Payments [Text Block]

NOTE D –STOCK TRANSACTIONS

During the three and nine-month periods ended January 31, 2023, the Company made contributions of 7,597 and 42,937 shares, respectively, of its common stock 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.

On December 20, 2022, the Board of Directors of the Company declared a special cash dividend of $1.00 per share of common stock. The dividend was paid on January 26, 2023, to stockholders of record as of the close of business on January 6, 2023. The total amount of the special dividend payment was $9.4 million.

INVENTORIES, NET

9 Months Ended

Jan. 31, 2023

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE E – INVENTORIES, NET

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

	January 31, 2023		April 30, 2022
	(In thousands)
Raw materials and component parts	$	12,264	$	11,683
Work in progress		7,675		7,746
Finished goods		623		477
	$	20,562	$	19,906

Inventory reserves included in inventory were $8.0 million and $7.5 million as of January 31, 2023 and April 30, 2022, respectively. Reserve amounts relate to raw materials and component parts and work in progress.

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

9 Months Ended

Jan. 31, 2023

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 (“R&D”) facilities which expire at various times through 2029 and are 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 will 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 12 months or less to be recorded on a straight-line basis over the lease term without being recognized on the consolidated balance sheets.

The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows:

	Classification	January 31, 2023		April 30, 2022
		(unaudited)
Assets
Operating lease ROU assets	Right-of-Use assets leases	$	7,745	$	8,805

Liabilities
Operating lease liabilities (short-term)	Lease liability, current		1,751		1,744
Operating lease liabilities (long-term)	Lease liability, non-current		6,261		7,353
Total lease liabilities		$	8,012	$	9,097

Total operating lease expense was $472,000 and $1.4 million for the three and nine months ended January 31, 2023, 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 $500,000 and $1.5 million for the three and nine months ended January 31, 2022, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses in the condensed consolidated statements of operations.

The table below reconciles the undiscounted cash flows for each of the first four fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of January 31, 2023:

Fiscal Year Ending April 30,
(in thousands)

Remainder of 2023	$	312
2024		1,993
2025		1,832
2026		1,317
2027		937
Thereafter		3,238
Total lease payments		9,629
Less imputed interest		(1,617)
Present value of future lease payments		8,012
Less current obligations under leases		(1,751)
Long-term lease obligations	$	6,261

As of January 31, 2023, the weighted-average remaining lease term for all operating leases was 5.79 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 Company selected a rate that is reflective of companies with similar credit ratings for secured debt. The weighted average discount rate for operating leases as of January 31, 2023 was 6.21%.

SEGMENT INFORMATION

9 Months Ended

Jan. 31, 2023

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: communication 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 communication 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. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U.S. market.

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 Accounting Policies” in the fiscal year-end financial statements included in the Form 10-K/A. The Company evaluates the performance of its segments and allocates resources to them based on operating profit (loss), which is defined as income before investment (expense) income, interest expense, other income (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 consolidated balance sheets for each of the periods (in thousands):

	Periods ended January 31,
	Three months						Nine months
	2023			2022			2023			2022
Revenues:
FEI-NY	$	8,420		$	10,855		$	22,954		$	31,399
FEI-Zyfer		2,480			1,558			5,772			7,341
less intersegment revenues		(280	)		(168	)		(953	)		(604	)
Consolidated revenues	$	10,620		$	12,245		$	27,773		$	38,136

Operating income (loss):
FEI-NY	$	288		$	670		$	(3,690	)	$	(1,051	)
FEI-Zyfer		105			(674	)		(1,125	)		(773	)
less intersegment revenues		-			(646	)		-			(20	)
Corporate		(68	)		(71	)		(250	)		(262	)
Consolidated operating income (loss)	$	325		$	(721	)	$	(5,065	)	$	(2,106	)

	January 31, 2022			April 30, 2022
				(As Revised)
Identifiable assets:
FEI-NY	$	39,899		$	40,888
FEI-Zyfer		10,492			10,522
less intersegment balances		(126	)		(126	)
Corporate		24,978			33,476
Consolidated identifiable assets	$	75,243		$	84,760

Total revenue recognized over time as POC and Passage of Title (“POT”) was approximately $10.2 million and $0.4 million, respectively, of the $10.6 million reported for the three months ended January 31, 2023. Total revenue recognized over time as POC and POT was approximately $26.8 million and $1.0 million, respectively, of the $27.8 million reported for the nine months ended January 31, 2023. Total revenue recognized over time as POC and POT was approximately $11.8 million and $0.5 million, respectively, of the $12.2 million reported for the three months ended January 31, 2022. Total revenue recognized over time as POC and POT was approximately $36.4 million and $1.7 million, respectively, of the $38.1 million reported for the nine months ended January 31, 2022. The amounts by segment and product line were as follows:

	Three Months Ended January 31,
	2023								2022
	(In thousands)								(In thousands)
	POC		POT			Total			POC			POT Revenue			Total
	Revenue		Revenue			Revenue			Revenue			Revenue			Revenue
FEI-NY	$	7,830	$	590		$	8,420		$	10,462		$	393		$	10,855
FEI-Zyfer		2,387		93			2,480			1,316			242			1,558
Intersegment		-		(280	)		(280	)		(1	)		(167	)		(168	)
Revenue	$	10,217	$	403		$	10,620		$	11,777		$	468		$	12,245

	Nine Months Ended January 31,
	2023								2022
	(In thousands)								(In thousands)
	POC		POT			Total			POC			POT			Total
	Revenue		Revenue			Revenue			Revenue			Revenue			Revenue
FEI-NY	$	21,281	$	1,673		$	22,954		$	29,991		$	1,408		$	31,399
FEI-Zyfer		5,542		230			5,772			6,416			925			7,341
Intersegment		-		(953	)		(953	)		(1	)		(603	)		(604	)
Revenue	$	26,823	$	950		$	27,773		$	36,406		$	1,730		$	38,136

	Periods ended January 31,
	(in thousands)
	Three months				Nine months
	2023		2022		2023		2022
Revenues by Product Line:
Satellite Revenue	$	4,990	$	7,525	$	12,799	$	20,868
Government Non-Space Revenue		4,978		4,315		12,961		14,905
Other Commercial & Industrial Revenue		652		405		2,013		2,363
Consolidated revenues	$	10,620	$	12,245	$	27,773	$	38,136

- 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.

9 Months Ended

Jan. 31, 2023

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. During the three and nine months ended January 31, 2023, the Company acquired product from Morion in the aggregate amount of approximately $55,000 and $86,000, respectively. During the three and nine months ended January 31, 2022, the Company acquired product from Morion in the aggregate amount of approximately $95,000 and $215,000, respectively. During the nine months ended January 31, 2022, the Company received dividends from Morion in the amount of approximately $123,000, which is included in other income, net in the condensed consolidated statements of operations as part of the FEI-NY segment.

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. 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.

Due to the current Russia-Ukraine conflict and resulting sanctions, the future status of the Company’s equity investment in Morion is uncertain. In response to these conditions, in connection with the preparation of the audited financial statements included in the Form 10-K/A, the Company impaired its investment in Morion in full. The impairment of $796,000 is included in other income (expense), net, in the consolidated statements of operations for the fiscal year ended April 30, 2022. The likelihood of future sales to, purchases from, and dividend payments from Morion is questionable.

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Jan. 31, 2023

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 January 31, 2023 and April 30, 2022, respectively, were as follows (in thousands):

	January 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	-	$	-	$	-		$	-

	April 30, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	10,403	$	23	$	(462	)	$	9,964

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
January 31, 2023
Fixed Income Securities	$	-	$	-		$	-	$	-		$	-	$	-

April 30, 2022
Fixed Income Securities	$	2,349	$	(146	)	$	5,573	$	(316	)	$	7,922	$	(462	)

The Company liquidated all holdings related to Marketable Securities during the three months ended January 31, 2023.

During the three and nine months ended January 31, 2023, the Company sold or redeemed available-for-sale securities of approximately $9.8 million and $11.0 million, respectively, realizing losses of approximately $763,000 and $784,000, respectively, during the respective periods ended January 31, 2023.

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 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 were valued on a Level 1 basis. The Company’s fixed income corporate debt securities and certificates of deposit were valued on a Level 2 basis. Level 2 securities are valued at the closing prices and are consistent with quoted prices of similar assets reported in active markets.

RECENT ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Jan. 31, 2023

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 Financial Accounting Standards Board (“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 when adopted in fiscal year 2024.

- 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.

+ References

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+ Details

CREDIT FACILITY

9 Months Ended

Jan. 31, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE K – CREDIT FACILITY

As of January 31, 2023, the Company retired its credit facility with UBS Bank USA. The Company is considering a new facility, but has sufficient cash to fund its operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

DEFERRED INCOME TAXES

9 Months Ended

Jan. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

NOTE L –DEFERRED INCOME TAXES

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 January 31, 2023, and April 30, 2022, 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

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-Name Accounting Standards Codification
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+ Details

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Jan. 31, 2023

Earnings Per Share [Abstract]

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

Periods ended January 31,

Three months

Nine months

2023

2022

2023

2022

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,349,198

9,278,840

9,327,828

9,257,107

Effect of Dilutive Securities

Diluted EPS Shares outstanding

9,349,198

9,278,840

9,327,828

9,257,107

CONTRACT (LIABILITIES) ASSETS, NET (Tables)

9 Months Ended

Jan. 31, 2023

Contractors [Abstract]

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

At January 31, 2023 and April 30, 2022, contract (liabilities) assets, net, consisted of the following:

	January 31, 2023			April 30, 2022
				(As Revised)
	(In thousands)
Contract Assets	$	8,266		$	8,857
Contract Liabilities		(18,737	)		(11,098	)
Net (liability) asset	$	(10,471	)	$	(2,241	)

INVENTORIES, NET (Tables)

9 Months Ended

Jan. 31, 2023

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:

	January 31, 2023		April 30, 2022
	(In thousands)
Raw materials and component parts	$	12,264	$	11,683
Work in progress		7,675		7,746
Finished goods		623		477
	$	20,562	$	19,906

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

9 Months Ended

Jan. 31, 2023

Disclosure Text Block [Abstract]

Lease, Cost [Table Text Block]

The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows:

	Classification	January 31, 2023		April 30, 2022
		(unaudited)
Assets
Operating lease ROU assets	Right-of-Use assets leases	$	7,745	$	8,805

Liabilities
Operating lease liabilities (short-term)	Lease liability, current		1,751		1,744
Operating lease liabilities (long-term)	Lease liability, non-current		6,261		7,353
Total lease liabilities		$	8,012	$	9,097

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

Fiscal Year Ending April 30,
(in thousands)

Remainder of 2023	$	312
2024		1,993
2025		1,832
2026		1,317
2027		937
Thereafter		3,238
Total lease payments		9,629
Less imputed interest		(1,617)
Present value of future lease payments		8,012
Less current obligations under leases		(1,751)
Long-term lease obligations	$	6,261

SEGMENT INFORMATION (Tables)

9 Months Ended

Jan. 31, 2023

Segment Reporting [Abstract]

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

	Periods ended January 31,
	Three months						Nine months
	2023			2022			2023			2022
Revenues:
FEI-NY	$	8,420		$	10,855		$	22,954		$	31,399
FEI-Zyfer		2,480			1,558			5,772			7,341
less intersegment revenues		(280	)		(168	)		(953	)		(604	)
Consolidated revenues	$	10,620		$	12,245		$	27,773		$	38,136

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

Operating income (loss):
FEI-NY	$	288		$	670		$	(3,690	)	$	(1,051	)
FEI-Zyfer		105			(674	)		(1,125	)		(773	)
less intersegment revenues		-			(646	)		-			(20	)
Corporate		(68	)		(71	)		(250	)		(262	)
Consolidated operating income (loss)	$	325		$	(721	)	$	(5,065	)	$	(2,106	)

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

	January 31, 2022			April 30, 2022
				(As Revised)
Identifiable assets:
FEI-NY	$	39,899		$	40,888
FEI-Zyfer		10,492			10,522
less intersegment balances		(126	)		(126	)
Corporate		24,978			33,476
Consolidated identifiable assets	$	75,243		$	84,760

Disaggregation of Revenue [Table Text Block]

The amounts by segment and product line were as follows:

	Three Months Ended January 31,
	2023								2022
	(In thousands)								(In thousands)
	POC		POT			Total			POC			POT Revenue			Total
	Revenue		Revenue			Revenue			Revenue			Revenue			Revenue
FEI-NY	$	7,830	$	590		$	8,420		$	10,462		$	393		$	10,855
FEI-Zyfer		2,387		93			2,480			1,316			242			1,558
Intersegment		-		(280	)		(280	)		(1	)		(167	)		(168	)
Revenue	$	10,217	$	403		$	10,620		$	11,777		$	468		$	12,245

	Nine Months Ended January 31,
	2023								2022
	(In thousands)								(In thousands)
	POC		POT			Total			POC			POT			Total
	Revenue		Revenue			Revenue			Revenue			Revenue			Revenue
FEI-NY	$	21,281	$	1,673		$	22,954		$	29,991		$	1,408		$	31,399
FEI-Zyfer		5,542		230			5,772			6,416			925			7,341
Intersegment		-		(953	)		(953	)		(1	)		(603	)		(604	)
Revenue	$	26,823	$	950		$	27,773		$	36,406		$	1,730		$	38,136

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

	Periods ended January 31,
	(in thousands)
	Three months				Nine months
	2023		2022		2023		2022
Revenues by Product Line:
Satellite Revenue	$	4,990	$	7,525	$	12,799	$	20,868
Government Non-Space Revenue		4,978		4,315		12,961		14,905
Other Commercial & Industrial Revenue		652		405		2,013		2,363
Consolidated revenues	$	10,620	$	12,245	$	27,773	$	38,136

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jan. 31, 2023

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 January 31, 2023 and April 30, 2022, respectively, were as follows (in thousands):

	January 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	-	$	-	$	-		$	-

	April 30, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Fixed income securities	$	10,403	$	23	$	(462	)	$	9,964

Debt Securities, Available-for-Sale, 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
January 31, 2023
Fixed Income Securities	$	-	$	-		$	-	$	-		$	-	$	-

April 30, 2022
Fixed Income Securities	$	2,349	$	(146	)	$	5,573	$	(316	)	$	7,922	$	(462	)

EARNINGS (LOSS) PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
EARNINGS (LOSS) PER SHARE (Details) - shares	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	243,625	223,000	243,625	223,000

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

3 Months Ended

9 Months Ended

Jan. 31, 2023

Jan. 31, 2022

Jan. 31, 2023

Jan. 31, 2022

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,349,198

9,278,840

9,327,828

9,257,107

Effect of Dilutive Securities

^[1]

Diluted EPS Shares outstanding

9,349,198

9,278,840

9,327,828

9,257,107

[1]

For the three and nine months ended January 31, 2023 and 2022, 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 nine months ended January 31, 2023 was 243,625 options, respectively. The exercisable shares excluded for the three and nine months ended January 31, 2022 was 223,000 options, respectively.

CONTRACT (LIABILITIES) ASSETS, NET (Details) - USD ($)	3 Months Ended		9 Months Ended
CONTRACT (LIABILITIES) ASSETS, NET (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
CONTRACT (LIABILITIES) ASSETS, NET (Details) [Line Items]
Revenues	$ 10,620,000	$ 12,245,000	$ 27,773,000	$ 38,136,000
Loss on Contracts	537,000	171,000	1,500,000	218,000
Contract Loss Reduction	1,000,000
Contracts Accounted for under Percentage of Completion [Member]
CONTRACT (LIABILITIES) ASSETS, NET (Details) [Line Items]
Revenues	$ 10,200,000	$ 11,800,000	$ 26,800,000	$ 36,400,000

- 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
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+ Details

CONTRACT (LIABILITIES) ASSETS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Costs And Estimated Earnings In Excess Of Billings Net Abstract
Contract Assets	$ 8,266	$ 8,857
Contract Liabilities	(18,737)	(11,098)
Net (liability) asset	$ (10,471)	$ (2,241)

STOCK TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Dec. 20, 2022	Jan. 31, 2023	Jan. 31, 2023
Disclosure Text Block Supplement [Abstract]
Stock Issued During Period, Shares, Treasury Stock Reissued		7,597	42,937
Common Stock, Dividends, Per Share, Cash Paid	$ 1
Dividends, Cash	$ 9.4
Dividends Payable, Date to be Paid	Jan. 26, 2023
Dividends Payable, Date Declared	Dec. 20, 2022
Dividends Payable, Date of Record	Jan. 06, 2023

INVENTORIES, NET (Details) - USD ($) $ in Millions	Jan. 31, 2023	Apr. 30, 2022
UNITED STATES
INVENTORIES, NET (Details) [Line Items]
Inventory Valuation Reserves	$ 8.0	$ 7.5

INVENTORIES, NET (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Schedule Of Inventory Current Abstract
Raw materials and component parts	$ 12,264	$ 11,683
Work in progress	7,675	7,746
Finished goods	623	477
	$ 20,562	$ 19,906

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Disclosure Text Block [Abstract]
Operating Lease, Expense	$ 472,000	$ 500,000	$ 1,400,000	$ 1,500,000
Operating Lease, Weighted Average Remaining Lease Term	5 years 9 months 14 days		5 years 9 months 14 days
Operating Lease, Weighted Average Discount Rate, Percent	6.21%		6.21%

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lease, Cost - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Assets
Operating lease ROU assets	$ 7,745	$ 8,805
Liabilities
Operating lease liabilities (short-term)	1,751	1,744
Operating lease liabilities (long-term)	6,261	7,353
Total lease liabilities	$ 8,012	$ 9,097

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Lessee Operating Lease Liability Maturity Abstract
Remainder of 2023	$ 312
2024	1,993
2025	1,832
2026	1,317
2027	937
Thereafter	3,238
Total lease payments	9,629
Less imputed interest	(1,617)
Present value of future lease payments	8,012	$ 9,097
Less current obligations under leases	(1,751)	(1,744)
Long-term lease obligations	$ 6,261	$ 7,353

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)
SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments			2
Revenues	$ 10,620	$ 12,245	$ 27,773	$ 38,136
Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Number Of Principal Markets	3		3
Revenues	$ 8,420	10,855	$ 22,954	31,399
POC Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	10,217	11,777	26,823	36,406
POC Revenue [Member] \| Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	7,830	10,462	21,281	29,991
POT Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	403	468	950	1,730
POT Revenue [Member] \| Frequency Electronics Inc New York [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	$ 590	$ 393	$ 1,673	$ 1,408

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 10,620	$ 12,245	$ 27,773	$ 38,136
Frequency Electronics Inc New York [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	8,420	10,855	22,954	31,399
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,480	1,558	5,772	7,341
Inter Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (280)	$ (168)	$ (953)	$ (604)

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	$ 325	$ (721)	$ (5,065)	$ (2,106)
Frequency Electronics Inc New York [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	288	670	(3,690)	(1,051)
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	105	(674)	(1,125)	(773)
Inter Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	0	(646)	0	(20)
Corporate Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	$ (68)	$ (71)	$ (250)	$ (262)

SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	$ 75,243	$ 84,760
Frequency Electronics Inc New York [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	39,899	40,888
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	10,492	10,522
Inter Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	(126)	(126)
Corporate Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	$ 24,978	$ 33,476

- 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

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+ Details

SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 10,620	$ 12,245	$ 27,773	$ 38,136
Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,420	10,855	22,954	31,399
Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,480	1,558	5,772	7,341
POC Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,217	11,777	26,823	36,406
POC Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,830	10,462	21,281	29,991
POC Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,387	1,316	5,542	6,416
POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	403	468	950	1,730
POT Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	590	393	1,673	1,408
POT Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	93	242	230	925
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue	(280)	(168)	(953)	(604)
Intersegment Eliminations [Member] \| POC Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	(1)	0	(1)
Intersegment Eliminations [Member] \| POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (280)	$ (167)	$ (953)	$ (603)

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Revenue from External Customer [Line Items]
Revenue	$ 10,620	$ 12,245	$ 27,773	$ 38,136
Satellite Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	4,990	7,525	12,799	20,868
Government Non-Space Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	4,978	4,315	12,961	14,905
Other Commercial & Industrial Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	$ 652	$ 405	$ 2,013	$ 2,363

- Definition

+ References

+ Details

INVESTMENT IN MORION, INC. (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
INVESTMENT IN MORION, INC. (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Apr. 30, 2022
INVESTMENT IN MORION, INC. (Details) [Line Items]
Related Party Transaction, Purchases from Related Party	$ 55,000	$ 95,000	$ 86,000	$ 215,000
Proceeds from Dividends Received				$ 123,000
Other than Temporary Impairment Losses, Investments					$ 796,000
Morion Inc [Member]
INVESTMENT IN MORION, INC. (Details) [Line Items]
Cost Method Investment Ownership Percentage	4.60%		4.60%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Debt Securities, Available-for-Sale	$ 9,800,000	$ 11,000,000
Debt Securities, Realized Gain (Loss)	$ (763,000)	$ (784,000)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - Fixed Income Securities [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2023	Apr. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	$ 0	$ 10,403
Gross Unrealized Gains	0	23
Gross Unrealized Losses	0	(462)
Fair Market Value	$ 0	$ 9,964

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value - Fixed Income Securities [Member] - USD ($) $ in Thousands	Jan. 31, 2023	Apr. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	$ 0	$ 2,349
Unrealized Losses, Less than 12 months	0	(146)
Fair Value, 12 Months or more	0	5,573
Unrealized Losses, 12 Months or more	0	(316)
Fair Value	0	7,922
Unrealized Losses	$ 0	$ (462)