0001185185-23-000763 | 10-K | XBRL Viewer | Frequency Electronics INC

Marketable Securities (Tables)

12 Months Ended

Apr. 30, 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 April 30, 2023 and 2022, respectively, were as follows (in thousands):

April 30, 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

Unrealized Gain (Loss) on Investments [Table Text Block]

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
April 30, 2023
Fixed Income Securities	$	-	$	-		$	-	$	-		$	-	$	-

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

Realized Gain (Loss) on Investments [Table Text Block]

Proceeds from the sale or redemption of available-for-sale securities and the resulting gross realized gains and losses included in the determination of net income (loss) for the years ended April 30, 2023 and 2022, respectively, were as follows (in thousands):

	For the years ended April 30,
	2023			2022
Proceeds	$	10,967		$	2,089
Gross realized gains	$	-		$	6
Gross realized losses	$	(784	)	$	-

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 12,049	$ 11,561
Marketable securities	0	9,964
Accounts receivable, net of allowance for doubtful accounts of $111 at April 30, 2023 and April 30, 2022	4,622	4,291
Contract assets	10,009	8,857
Inventories, net	20,526	19,906
Prepaid income taxes	30	269
Prepaid expenses and other	1,071	1,162
Total current assets	48,307	56,010
Property, plant, and equipment, net	7,093	8,564
Goodwill	617	617
Cash surrender value of life insurance	10,220	9,855
Other assets	877	909
Right-of-Use assets – operating leases	7,382	8,805
Total assets	74,496	84,760
Current liabilities:
Accounts payable – trade	1,464	1,080
Accrued liabilities	3,934	3,696
Loss provision accrual	1,544	4,243
Operating lease liability, current portion	1,753	1,744
Contract liabilities	18,586	11,098
Total current liabilities	27,281	21,861
Deferred compensation	8,314	8,730
Deferred taxes	8	8
Operating lease liability – non-current	5,883	7,353
Other liabilities	124	120
Total liabilities	41,610	38,072
Contingencies (Note 16)
Stockholders’ equity:
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued
Common stock - $1.00 par value; authorized 20,000 shares, 9,374 shares issued and 9,373 shares outstanding at April 30, 2023; 9,298 shares issued and 9,297 shares outstanding at April 30, 2022	9,374	9,298
Additional paid-in capital	49,136	57,956
Accumulated deficit	(25,621)	(20,120)
Common stock reacquired and held in treasury - at cost (1 share at April 30, 2023 and April 30, 2022)	(3)	(6)
Accumulated other comprehensive income (loss)	0	(440)
Total stockholders’ equity	32,886	46,688
Total liabilities and stockholders’ equity	$ 74,496	$ 84,760

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Apr. 30, 2023	Jul. 17, 2023	Oct. 31, 2022
Document Information Line Items
Entity Registrant Name	FREQUENCY ELECTRONICS, INC.
Trading Symbol	FEIM
Document Type	10-K
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		9,390,045
Entity Public Float			$ 30,300,000
Amendment Flag	false
Entity Central Index Key	0000039020
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Apr. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Annual 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
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
Document Financial Statement Error Correction [Flag]	false
Auditor Name	BDO USA, P.A.
Auditor Location	Melville, NY
Auditor Firm ID	243

Marketable Securities (Details) - Schedule of Unrealized Gain (Loss) on Investments - Fixed Income Securities [Member] - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Marketable Securities (Details) - Schedule of Unrealized Gain (Loss) on Investments [Line Items]
Fair Value, Less than 12 months	$ 0	$ 2,349
Unrealized Losses, Less than 12 months	0	(146)
Fair Value, Morethan 12 months	0	5,573
Unrealized Losses, More than 12 months	0	(316)
Fair Value	0	7,922
Unrealized Losses	$ 0	$ (462)

Contract (Liabilities) Assets

12 Months Ended

Apr. 30, 2023

Contractors [Abstract]

Long-Term Contracts or Programs Disclosure [Text Block]

3. Contract (Liabilities) Assets

At April 30, 2023 and 2022, contract (liabilities) assets, consisted of the following (in thousands):

	April 30, 2023			April 30, 2022

Contract Assets	$	10,009		$	8,857
Contract Liabilities		(18,586	)		(11,098	)

Contract assets and contract liabilities at April 30, 2021, were $14,460 and ($12,512), respectively.

April 30, 2023 and 2022 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 POC basis. Fluctuations of contract assets and contract liabilities are due to the timing of funding, amounts billed, and revenue recorded. Contract assets increased $1.1 million during fiscal year 2023, primarily due to recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during fiscal year 2023 for which we have not yet billed out customers. Contract liabilities increased $7.5 million during fiscal year 2023, primarily due to payments received in excess of revenue recognized on these performance obligations. During fiscal year 2023, we recognized $7.1 million of our contract liabilities at April 30, 2022 as revenue. During fiscal year 2022, we recognized $17.2 million of our contract liabilities at April 30, 2021 as revenue. During the fiscal years ended April 30, 2023 and 2022, revenue recognized under POC contracts was approximately $39.1 million and $46.4 million, respectively. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable. Total contract losses for the fiscal years ended April 30, 2023 and 2022 were approximately $429,000 and $4.2 million, respectively.

- Definition

The entire disclosure for long-term contracts or programs.

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+ Details

Employee Benefit Plans (Details) - Schedule of Share-based Compensation, Stock Options, Activity - USD ($)	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Schedule Of Share Based Compensation Stock Options Activity Abstract
Options, Shares Outstanding (in Shares)	243,625	429,125	615,000
Options, Weighted-Average Exercise Price	$ 10.77	$ 9.94	$ 9.88
Options, Grant Date Fair Value	$ 2,624,779	$ 4,264,749	$ 6,076,105
Options, Weighted Average Remaining Contractual Term	9 months 18 days	1 year 3 months 18 days	1 year 9 months 18 days
Options, Aggregate Intrinsic Value (in Dollars)	$ 1,592,089	$ 2,141,905	$ 2,141,905
Options, Shares Exercisable (in Shares)	243,625	393,500
Options, Weighted-Average Exercise Price Exercisable	$ 10.77	$ 10.06
Options, Grant Date Fair Value Exercisable (in Dollars)	$ 2,624,779	$ 3,956,845
Options, Weighted Average Remaining Contractual Term Exercisable	9 months 18 days	1 year 4 months 24 days
Options, Aggregate Intrinsic Value Exercisable (in Dollars)	$ 1,592,089	$ 2,989,785
Available for future grants (in Shares)	851,965
Options, Shares Granted (in Shares)	0	0
Options, Weighted-Average Exercise Price Granted	$ 0	$ 0
Options, Grant Date Fair Value Granted	$ 0	$ 0
Options, Shares Exercised (in Shares)	0	(42,875)
Options, Weighted-Average Exercise Price Exercised	$ 0	$ 7.3
Options, Grant Date Fair Value Exercised	$ 0	$ (313,056)
Options, Aggregate Intrinsic Value Exercised (in Dollars)	$ 0	$ 34,660
Options, Shares Expired or Canceled (in Shares)	(185,500)	(143,000)
Options, Weighted-Average Exercise Price Expired or Canceled	$ 8.84	$ 10.48
Options, Grant Date Fair Value Expired or Canceled	$ (1,639,970)	$ (1,498,300)

Debt Obligations

12 Months Ended

Apr. 30, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8. Debt Obligations

As of April 30, 2022, the Company had available credit with UBS Bank USA at variable terms based on its security holdings under an advisory arrangement, under which no borrowings had been made. As of April 30, 2023, the Company retired its advisory credit arrangement with UBS Bank USA. Prior to retiring the advisory credit arrangement, no borrowings were made during fiscal 2023.

- 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.

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+ Details

Employee Benefit Plans (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 1990
Employee Benefit Plans (Details) [Line Items]
Stock Issued During Period, Value, Employee Benefit Plan	$ 416,000	$ 426,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in Shares)	243,625	429,125	615,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in Shares)	243,625	393,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 10.77	$ 10.06
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares)	851,965
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Grant Date Fair Value	$ 2,624,779	$ 3,956,845
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value	$ 1,592,089	2,989,785
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 7,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in Shares)	35,625	41,875
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value	$ 106,000	$ 123,000
Employee Benefits and Share-Based Compensation	1,054,000	842,000
Share-Based Payment Arrangement, Noncash Expense	$ 197,000	$ 247,000
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture (in Shares)	1,300	1,150
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 124,000	$ 78,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	9 months 18 days	1 year 4 months 24 days
United States Post-Retirement Benefit Plan of US Entity, Defined Benefit [Member]
Employee Benefit Plans (Details) [Line Items]
Stock Issued During Period, Shares, Employee Benefit Plan (in Shares)	61,897	44,224
Stock Issued During Period, Value, Employee Benefit Plan	$ 413,000	$ 426,000
APIC, Share-Based Payment Arrangement, ESPP, Increase for Cost Recognition	$ 351,000	$ 382,000
Common Stock, Capital Shares Reserved for Future Issuance (in Shares)	499,328	499,738
Income Incentive Pool [Member]
Employee Benefit Plans (Details) [Line Items]
Accrued Bonuses	$ 175,000	$ 100,000
Restricted Stock Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares)	0			375,000
Deferred Compensation Agreement [Member]
Employee Benefit Plans (Details) [Line Items]
Deferred Compensation Arrangement with Individual, Description	Under these agreements, each key employee receives specified retirement payments for the remainder of the employee’s life with a minimum payment of ten years’ benefits to either the employee or his or her beneficiaries. The agreements also provide for lump sum payments upon termination of employment without cause and reduced benefits upon early retirement.
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 643,000	1,100,000
Share-Based Payment Arrangement, Option [Member]
Employee Benefit Plans (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period	10 years
Employee Benefits and Share-Based Compensation	$ 2,000	9,000
Share-Based Payment Arrangement, Noncash Expense	$ 0	45,000
Stock Appreciation Rights (SARs) [Member]
Employee Benefit Plans (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period	5 years
Stock Appreciation Rights (SARs) [Member] \| Employees and Directors [Member]
Employee Benefit Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Total Grants from Inception, Gross (in Shares)	2,385,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in Shares)	244,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in Shares)	244,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 10.77
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in Shares)	185,500
Restricted Stock Units (RSUs) [Member]
Employee Benefit Plans (Details) [Line Items]
Employee Benefits and Share-Based Compensation	$ 186,000	83,000
Share-Based Payment Arrangement, Noncash Expense	$ 200	$ 99,000

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)
Segment Information (Details) [Line Items]
Number of Reportable Segments	2
Number of Operating Segments	2
Revenues	$ 40,777	$ 48,296
Frequency Electronics Inc New York [Member]
Segment Information (Details) [Line Items]
Number Of Principal Markets	3
Revenues	$ 32,314	41,157
Frequency Electronics Inc Zyfer [Member]
Segment Information (Details) [Line Items]
Revenues	9,932	7,827
Customer One [Member] \| Frequency Electronics Inc New York [Member]
Segment Information (Details) [Line Items]
Revenues	7,300	12,600
Customer One [Member] \| Frequency Electronics Inc Zyfer [Member]
Segment Information (Details) [Line Items]
Revenues	4,000	1,300
Customer Two [Member] \| Frequency Electronics Inc New York [Member]
Segment Information (Details) [Line Items]
Revenues	5,800	6,100
Customer Two [Member] \| Frequency Electronics Inc Zyfer [Member]
Segment Information (Details) [Line Items]
Revenues	1,500	1,000
Customer Three [Member] \| Frequency Electronics Inc New York [Member]
Segment Information (Details) [Line Items]
Revenues	5,100	5,000
Customer Four [Member] \| Frequency Electronics Inc New York [Member]
Segment Information (Details) [Line Items]
Revenues	$ 4,000	$ 4,400
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| U.S. Government and U.S. Government Subcontractors [Member]
Segment Information (Details) [Line Items]
Concentration Risk, Percentage	95.00%	94.00%

Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Unrecognized Tax Benefits Roll Forward Abstract
Balance at the beginning of the fiscal year	$ 230	$ 119
Additions based on positions taken in the current year	0	111
Additions based on positions taken in prior years	0	0
Decreases based on positions taken in prior years	0	0
Lapse in statute of limitations	0	0
Balance at the end of the fiscal year	$ 230	$ 230

Segment Information (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Revenues:
Revenues	$ 40,777	$ 48,296
Frequency Electronics Inc New York [Member]
Revenues:
Revenues	32,314	41,157
Frequency Electronics Inc Zyfer [Member]
Revenues:
Revenues	9,932	7,827
Inter Segment [Member]
Revenues:
Revenues	$ (1,469)	$ (688)

- 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
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

+ Details

Segment Information (Tables)

12 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

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

The table below presents information about reported segments for each of the years ended April 30, 2023 and 2022, respectively, with reconciliation of segment amounts to consolidated amounts as reported in the consolidated statements of operations or the consolidated balance sheets for each of the fiscal years (in thousands):

	For the Fiscal Years Ended April 30,
	2023			2022
Revenues:
FEI-NY	$	32,314		$	41,157
FEI-Zyfer		9,932			7,827
less intersegment revenues		(1,469	)		(688	)
Consolidated revenues	$	40,777		$	48,296

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

Operating loss:
FEI-NY	$	(4,234	)	$	(5,679	)
FEI-Zyfer		(160	)		(2,104	)
less intersegment revenues		68			79
Corporate		(346	)		(334	)
Consolidated operating loss	$	(4,672	)	$	(8,038	)

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

	For the Fiscal Years Ended April 30,
	2023			2022

Identifiable assets:
FEI-NY	$	39,005		$	40,888
FEI-Zyfer		10,699			10,522
less intersegment balances		(58	)		(126	)
Corporate		24,850			33,476
Consolidated identifiable assets	$	74,496		$	84,760

Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]

Depreciation and amortization (allocated):
FEI-NY	$	2,229	$	2,798
FEI-Zyfer		205		227
Corporate		-		-
Consolidated depreciation and amortization expense	$	2,434	$	3,025

Revenue from External Customers by Geographic Areas [Table Text Block]

Revenues in each of the Company’s segments include sales to foreign governments or to companies located in foreign countries. For the fiscal years ended April 30, 2023 and 2022, revenues, based on the location of the procurement entity were derived from the following countries (in thousands):

	For the Fiscal Years Ended April 30,
	2023		2022
Domestic	$	39,564	$	47,415
Foreign		1,213		881
	$	40,777	$	48,296

Summary of Accounting Policies

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

1. Summary of Accounting Policies

Basis of Presentation and Principles of Consolidation:

The consolidated financial statements include the accounts of Frequency Electronics, Inc. and its wholly-owned subsidiaries (the “Company” or “Registrant”). References to “FEI” are to the parent company alone and do not refer to any of its subsidiaries. The Company is principally engaged in the design, development and manufacture of precision time and frequency control products and components for microwave integrated circuit applications. See Note 13 for information regarding the Company’s business segments: (1) FEI-NY (which includes the subsidiaries FEI Government Systems, Inc., FEI Communications, Inc., and FEI-Elcom Tech, Inc. (“FEI-Elcom”)), and (2) FEI-Zyfer, Inc. (“FEI-Zyfer”). Intercompany accounts and transactions are eliminated in consolidation.

These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) and require management to make estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and related notes. Actual results could differ from these estimates.

COVID-19 Pandemic and the CARES Act

On May 5, 2023, the World Health Organization (“WHO”) announced an end to the global health emergency related to the coronavirus originating in Wuhan, China (“COVID-19”). Additionally, on May 11, 2023 the Public Health Emergency declared by the U.S. Department of Health and Human Services expired.

Certain Company vendors continue to deliver materials with longer lead times due to COVID-19 related impacts to their workforces or their supply chains. These delays have impacted the Company’s production schedules, and increased costs associated with procurement of materials and services. The Company continues to monitor these and its other vendors and, if necessary, seek alternative suppliers, or, in certain cases, re-design products using alternative parts and materials.

Cash Equivalents:

The Company considers certificates of deposit and other highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions. Such investments may at times be in excess of the Federal Deposit Insurance Corporation (“FDIC”) and Securities Investor Protection Corporation insurance limits. No losses have been experienced on such investments.

Marketable Securities:

Marketable securities consisted of corporate debt securities, certificates-of-deposit, and debt securities of U.S. Government agencies. All marketable securities were held in the custody of one financial institution during the fiscal year ended April 30, 2023. Investments in debt securities were categorized as available-for-sale and were carried at fair value, with unrealized gains and losses excluded from income and recorded directly to stockholders’ equity. The Company recognized gains or losses when securities were sold using the specific identification method. The Company liquidated all holdings related to marketable securities during the fiscal year ended April 30, 2023.

Allowance for Doubtful Accounts:

Losses from uncollectible accounts receivable are provided for by utilizing the allowance for doubtful accounts method based upon management’s estimate of uncollectible accounts. Management analyzes accounts receivable and the potential for bad debts, customer concentrations, credit worthiness, current economic trends and changes in customer payment terms when evaluating the amount recorded for the allowance for doubtful accounts.

Property, Plant and Equipment:

Property, plant and equipment is recorded at cost and include interest on funds borrowed to finance construction. Expenditures for renewals and betterments are capitalized; maintenance and repairs are charged to operations when incurred. When fixed assets are sold or retired, the cost and related accumulated depreciation and amortization are eliminated from the respective accounts and any gain or loss is credited or charged to operations.

If events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, the Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the long-lived asset, an impairment loss is recognized. No impairment losses have been recognized in the years ended April 30, 2023 and 2022.

Inventories:

Inventories, which consist of raw materials and components, work-in-process and finished goods are accounted for at the lower of cost (specific and average) and net realizable value.

Depreciation and Amortization:

Depreciation of property, plant and equipment is computed on the straight-line method based upon the estimated useful lives of the assets (40 years for buildings and 3 to 10 years for other depreciable assets). Leasehold improvements are amortized on the straight-line method over the lesser of the lease term or the estimated useful life of the asset.

Goodwill:

The Company records goodwill as the excess of purchase price over the fair value of identifiable net assets acquired. Goodwill is tested for impairment, on a reporting unit level qualitatively, on at least an annual basis at fiscal year end to determine whether it is more likely than not that the reporting unit’s fair value is less than its carrying amount. If it is determined that the carrying value of goodwill may not be recoverable, the Company will write down the goodwill to an amount to commensurate with the revised value of the acquired assets. The Company measures fair value based on revenue projections, recent transactions involving similar businesses and price/revenue multiples at which they were bought and sold, price/revenue multiples of competitors, and the present market value of publicly-traded companies in the Company’s industry. Management has determined that goodwill was not impaired as of April 30, 2023 and 2022.

Revenue and Cost Recognition:

Revenue is recognized when a performance obligation is satisfied, which is when the expected goods or services are transferred to the customer, in an amount that reflects the consideration to which the Company expects to receive. A performance obligation is a distinct product or service that is transferred to the customer based on the contract. The transaction price is allocated to each performance obligation and is recognized as revenue upon satisfaction of that performance obligation. The Company derives revenue from contracts with customers by units sold with specific specifications and frequencies that are used by a specific customer and contracts where the end user is the U.S. Government. The Company’s contracts typically include one performance obligation which is satisfied by shipped projects and completed services/reports required in the contract. Control over these performance obligations passes to the customer over time and therefore these revenues are reported in operating results over time using the Percentage-of-Completion (“POC”) cost-to-cost method. Under this method, revenue is recorded based upon the ratio that incurred costs bear to total estimated contract costs with related cost of revenues recorded as the costs are incurred. Each month management reviews estimated contract costs through a process of aggregating actual costs incurred and estimating additional costs to completion based upon the current available information and status of the contract. The effect of any change in the estimated gross margin rate for a contract is reflected in revenues in the period in which the change is known. Provisions for the full amount of anticipated losses on contracts are made in the period in which they become determinable.

For smaller contracts or orders sales of products and services to customers are reported in operating results based upon passage-of-title (“POT”) (i) shipment of the product or (ii) performance of the services pursuant to terms of the customer order. When payment is contingent upon customer acceptance of the installed system, revenue is deferred until such acceptance is received and installation completed. The Company’s products generally carry a one-year warranty, but may vary based on the contract terms.

Some judgment is used in evaluating the financial information for certain contracts to determine an appropriate budget and estimated cost. The Company evaluates this information continuously and bases its judgments on historical experience, design specifications, and expected costs for material and labor.

Contract costs include all direct material, direct labor costs, manufacturing overhead and other direct costs related to contract performance. Selling, general and administrative costs are charged to expense as incurred.

Practical Expedients

The Company expenses sales commissions as sales and marketing expenses in the period they are incurred if the expected amortization period is one year or less.

The Company expenses costs, other than sales commissions, to obtain a contract in the period for which they are incurred as these amounts would have been incurred even if the contract had not been obtained.

Disaggregation of Revenue

Total revenue recognized over time as POC method was approximately $39.1 million and $46.4 million of the $40.8 million and $48.3 million reported for the years ended April 30, 2023 and 2022, respectively. The amounts by segment and product line were as follows:

	Fiscal Year Ended April 30, 2023
	(In thousands)
	POC Revenue		POT Revenue			Total Revenue
FEI-NY	$	29,800	$	2,514		$	32,314
FEI-Zyfer		9,283		649			9,932
Intersegment		-		(1,469	)		(1,469	)
Revenue	$	39,083	$	1,694		$	40,777

	Fiscal Year Ended April 30, 2022
	(In thousands)
	POC Revenue			POT Revenue			Total Revenue
FEI-NY	$	39,618		$	1,539		$	41,157
FEI-Zyfer		6,770			1,057			7,827
Intersegment		(1	)		(687	)		(688	)
Revenue	$	46,387		$	1,909		$	48,296

	Fiscal Years Ended April 30,
	(in thousands)
	2023		2022
Revenues by Product Line:
Satellite Revenue	$	17,918	$	26,092
Government Non-Space Revenue		20,282		19,593
Other Commercial & Industrial Revenue		2,577		2,611
Consolidated revenues	$	40,777	$	48,296

Comprehensive Income (Loss):

Comprehensive income (loss) consists of net income or loss and other comprehensive income/loss. Other comprehensive income/loss includes changes in unrealized gains or losses, net of tax, on securities (for fiscal year 2023 and fiscal year 2022, debt securities) available for sale during the year.

Research and Development Expenses:

The Company engages in R&D activities to identify new applications for its core technologies, to improve existing products and to improve manufacturing processes to achieve cost reductions and manufacturing efficiencies. R&D costs include direct labor, manufacturing overhead, direct materials and contracted services. Such costs are expensed as incurred. The Company also engages in customer-funded R&D activity. The customer funds received in connection therewith appear in revenues and the associated expenses are included in cost of revenues and are not included in R&D expenses.

Income Taxes:

The Company recognizes deferred tax liabilities and assets based on the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established and adjusted when necessary to increase or reduce deferred tax assets to the amount expected to be realized.

The Company analyzes its tax positions under accounting standards which prescribe recognition thresholds that must be met before a tax benefit is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. An entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. Interest and penalties recognized on income taxes are recorded as income tax expense.

Earnings/Loss per Share:

Basic earnings/loss per share are computed by dividing net earnings/loss by the weighted average number of shares of common stock outstanding. Diluted earnings per share are computed by dividing net earnings by the sum of the weighted average number of shares of common stock and the if-converted effect of unexercised stock options and stock appreciation rights (“SARs”). Diluted earnings per share are not computed where the if-converted effect of such items would be anti-dilutive.

Fair Values of Financial Instruments:

Cash and cash equivalents, marketable securities, short-term credit obligations and debt and cash surrender value of life insurance are reflected in the accompanying consolidated balance sheets at amounts considered by management to reasonably approximate fair value based upon the nature of the instrument and current market conditions. Management is not aware of any factors that would significantly affect the value of these amounts. The Company also has an investment in a privately-held Russian company, Morion, Inc. (“Morion”), see Note 10 for additional information.

Equity-based Compensation:

The cost of employee services received in exchange for awards of equity instruments are based on the grant-date fair value of the award. We recognize the fair value of the award as compensation expense over the period during which an employee is required to provide service in exchange for the award.

Concentration of Credit Risk:

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents and trade receivables. The Company maintains cash accounts at several commercial banks at which the balances exceed FDIC limits. The Company has not experienced any losses on such amounts. Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas, principally within the U.S. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. The Company does not require customers to post collateral.

New 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.

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 2024.

Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Disclosure Text Block [Abstract]
Operating Lease, Expense	$ 1.9	$ 1.6
Operating Lease, Payments	$ 1.9	$ 2.0
Operating Lease, Weighted Average Remaining Lease Term	5 years 7 months 6 days	6 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	6.23%	6.16%

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

12 Months Ended

Apr. 30, 2023

Apr. 30, 2022

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,337,444

9,265,934

Effect of Dilutive Securities

^[1]

Diluted EPS Shares outstanding

9,337,444

9,265,934

[1]

For the fiscal years ended April 30, 2023 and 2022, dilutive securities noted in the above table are excluded from the calculation of (loss) earnings per share since the inclusion of such shares would be antidilutive due to the net loss for the period. Additionally, there are anti-dilutive shares excluded in the above table for fiscal years ended April 30, 2023 and 2022 of 243,625 and 193,000, respectively.

Income Taxes (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Current:
Federal	$ 61	$ 0
State	13	1
Current provision	74	1
Deferred:
Federal	0	0
State	0	0
Deferred tax provision	0	0
Total provision	$ 74	$ 1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Right-of-Use Assets and Lease Liabilities (Tables)

12 Months Ended

Apr. 30, 2023

Disclosure Text Block [Abstract]

Lease, Cost [Table Text Block]

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

	Classification	April 30, 2023		April 30, 2022
		(In thousands)
Assets
Operating lease ROU assets	Right-of-Use assets leases	$	7,382	$	8,805

Liabilities
Operating lease liabilities (short-term)	Lease liability, current		1,753		1,744
Operating lease liabilities (long-term)	Lease liability, non-current		5,883		7,353
Total lease liabilities		$	7,636	$	9,097

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

The table below reconciles the undiscounted cash flows for each of the next five fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the consolidated balance sheet as of April 30, 2023:

Fiscal Year Ending April 30,
(in thousands)

2024		1,806
2025		1,832
2026		1,317
2027		937
2028		1,262
Thereafter		1,976
Total lease payments		9,130
Less imputed interest		(1,494	)
Present value of future lease payments		7,636
Less current obligations under leases		(1,753	)
Long-term lease obligations	$	5,883

Accrued Liabilities (Tables)

12 Months Ended

Apr. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued liabilities at April 30, 2023 and 2022, respectively, consisted of the following (in thousands):

	2023		2022
Vacation and other compensation	$	1,408	$	1,523
Incentive compensation		175		100
Payroll taxes		341		112
Warranty reserve		529		519
Commissions		197		263
Deferred compensation payable		762		469
Other		522		710
	$	3,934	$	3,696

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [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	$ 44	382				426
Contribution of stock to 401(k) plan (in Shares)	44,224
Stock-based compensation expense	$ 16	231				$ 247
Stock-based compensation expense (in Shares)	16,216
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price	$ 12	(12)
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)	11,470					42,875
Other comprehensive income (loss), net of tax					(731)	$ (731)
Net loss			(8,663)			(8,663)
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	$ 62	351		$ 3		416
Contribution of stock to 401(k) plan (in Shares)	61,897			(634)
Stock-based compensation expense	$ 14	183				$ 197
Stock-based compensation expense (in Shares)	13,701
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)						0
Other comprehensive income (loss), net of tax					$ 440	$ 440
Dividends paid		(9,354)				(9,354)
Net loss			(5,501)			(5,501)
Balance at Apr. 30, 2023	$ 9,374	$ 49,136	$ (25,621)	$ (3)		$ 32,886
Balance (in Shares) at Apr. 30, 2023	9,373,776			741

Right-of-Use Assets and Lease Liabilities

12 Months Ended

Apr. 30, 2023

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

6. Right-of-Use Assets and Lease Liabilities

The Company’s leases primarily represent offices, warehouses, vehicles, manufacturing and 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.

New York lease. In February 2019, the Company entered into an agreement to lease a building to be used as a corporate headquarters office and manufacturing facility in Mitchell Field, NY (“New York lease”). The New York lease expires 9/30/2029 and contains renewal options, early termination, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. As of April 30, 2023 lease options were not included in the calculation of the ROU operating lease asset and liability. 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.

California lease. In October 2017, the Company entered into an agreement to lease a building to be used as an office and manufacturing facility in Garden Grove, CA (“California Lease”). The California lease expires 1/31/2025 and contains renewal options, early termination, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. As of April 30, 2023 lease options were not included in the calculation of the ROU operating lease asset and liability. 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.

New Jersey lease. In February 2022, the Company entered into an agreement to lease a building to be used as an office and manufacturing facility in Northvale, NJ (“New Jersey lease”). The New Jersey lease expires 1/31/2025 and contains renewal options, early termination, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. As of April 30, 2023 lease options were not included in the calculation of the ROU operating lease asset and liability. 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 twelve months or less to be recorded on a straight-line basis over the lease term without being recognized on the consolidated balance sheet.

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

	Classification	April 30, 2023		April 30, 2022
		(In thousands)
Assets
Operating lease ROU assets	Right-of-Use assets leases	$	7,382	$	8,805

Liabilities
Operating lease liabilities (short-term)	Lease liability, current		1,753		1,744
Operating lease liabilities (long-term)	Lease liability, non-current		5,883		7,353
Total lease liabilities		$	7,636	$	9,097

Total operating lease expense was approximately $1.9 million and $1.6 million for the fiscal years ended April 30, 2023 and 2022, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the consolidated statements of operations. In addition, the Company made cash payments of $1.9 million and $2.0 million for operating leases during the fiscal years ended April 30, 2023 and 2022, respectively, which are included in cash flows from operating activities in our consolidated statements of cash flows. As of April 30, 2023, the Company had no operating lease liabilities that had not commenced.

Fiscal Year Ending April 30,
(in thousands)

2024		1,806
2025		1,832
2026		1,317
2027		937
2028		1,262
Thereafter		1,976
Total lease payments		9,130
Less imputed interest		(1,494	)
Present value of future lease payments		7,636
Less current obligations under leases		(1,753	)
Long-term lease obligations	$	5,883

As of April 30, 2023 and 2022, the weighted-average remaining lease term for all operating leases was 5.6 years and 6.3 years, respectively. The Company does not generally have access to the rate implicit in the leases, therefore, we use a discount rate based on our incremental borrowing rate, which is determined using our credit rating and information available as of the commencement date. The weighted average discount rate for operating leases as of April 30, 2023 and 2022, was 6.23% and 6.16%, respectively.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Apr. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment, net, at April 30, 2023 and 2022, consisted of the following (in thousands):

	April 30, 2023			April 30, 2022

Buildings and building improvements	$	2,597		$	2,576
Machinery, equipment and furniture		60,792			59,948
		63,389			62,524
Less accumulated depreciation		(56,296	)		(53,960	)
	$	7,093		$	8,564

Product Warranties (Details) - Schedule of Product Warranty Liability - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Product Warranty Liability Abstract
Balance at beginning of year	$ 519	$ 439
Warranty costs incurred	(499)	(587)
Product warranty accrual	509	667
Balance at end of year	$ 529	$ 519

Inventories, Net (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Inventory Current Abstract
Raw Materials and Component Parts	$ 12,460	$ 11,683
Work in Progress	7,547	7,746
Finished Goods	519	477
	$ 20,526	$ 19,906

Investment in Morion, Inc. (Details) - USD ($)	12 Months Ended
Investment in Morion, Inc. (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Investment in Morion, Inc. (Details) [Line Items]
Other than Temporary Impairment Losses, Investments	$ 0	$ 796,000
Morion Inc [Member]
Investment in Morion, Inc. (Details) [Line Items]
Cost Method Investment Ownership Percentage	4.60%
Related Party Transaction, Purchases from Related Party	$ 196,000	215,000
Revenue from Contract with Customer, Including Assessed Tax		23,000
Proceeds from Dividends Received		$ 123,000

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Accrued Liabilities

12 Months Ended

Apr. 30, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

9. Accrued Liabilities

Accrued liabilities at April 30, 2023 and 2022, respectively, consisted of the following (in thousands):

	2023		2022
Vacation and other compensation	$	1,408	$	1,523
Incentive compensation		175		100
Payroll taxes		341		112
Warranty reserve		529		519
Commissions		197		263
Deferred compensation payable		762		469
Other		522		710
	$	3,934	$	3,696

Marketable Securities (Details) - Schedule of Realized Gain (Loss) on Investments - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Realized Gain Loss On Investments Abstract
Proceeds	$ 10,967	$ 2,089
Gross realized gains	0	6
Gross realized losses	$ (784)	$ 0

Contingencies

12 Months Ended

Apr. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

16. Contingencies

On August 25, 2021, the Company settled disputes with Mr. Bloch. Under the Agreement on Material Terms of Settlement (the “Settlement Terms”), dated August 25, 2021, between and among the Company, Jonathan Brolin, Lance W. Lord, Russell M. Sarachek, Richard Schwartz and Stanton D. Sloane, each in their capacity as members of the Board, and the Compensation Committee of the Company’s Board, in its capacity as administrator under the deferred compensation agreements, and Mr. Bloch and certain members of Mr. Bloch’s family, in full and complete settlement of all claims asserted and all sums sought by Mr. Bloch in the litigation and arbitration proceedings, the Company agreed to pay Mr. Bloch $6 million on or before September 24, 2021. The final settlement occurred on September 21, 2021.

Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Deferred Tax Assets And Liabilities Abstract
Employee benefits	$ 2,739	$ 3,047
Inventory	2,507	2,958
Accounts receivable	78	118
Tax credits	2,164	2,306
Other assets	1,001	981
Lease Liability	1,834	2,284
Capital Loss carry-forward	223	2,513
Research & Development	570	0
Net operating loss carryforwards	8,039	7,574
Total deferred tax asset	19,155	21,781
Property, plant and equipment	(251)	(461)
Right of use asset	(1,773)	(2,211)
Other liabilities	(81)	(83)
Deferred state income tax	(771)	(943)
Net deferred tax asset	16,279	18,083
Valuation allowance	(16,287)	(18,091)
Net deferred tax liability	$ (8)	$ (8)

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Property Plant And Equipment Abstract
Buildings and building improvements	$ 2,597	$ 2,576
Machinery, equipment and furniture	60,792	59,948
	63,389	62,524
Less accumulated depreciation	(56,296)	(53,960)
	$ 7,093	$ 8,564

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Income Statement [Abstract]
Revenues	$ 40,777,000	$ 48,296,000
Cost of revenues	32,928,000	39,697,000
Gross margin	7,849,000	8,599,000
Selling and administrative expenses	9,372,000	11,662,000
Research and development expenses	3,149,000	4,975,000
Operating loss	(4,672,000)	(8,038,000)
Other income (expense):
(Loss) income on Investments	(606,000)	199,000
Loss on disposal of asset	0	(110,000)
Loss on impairment of Morion	0	(796,000)
Interest expense	(156,000)	(77,000)
Other income (expense), net	7,000	160,000
Loss before provision from income taxes	(5,427,000)	(8,662,000)
Provision from income taxes	74,000	1,000
Net loss	$ (5,501,000)	$ (8,663,000)
Net loss per common share:
Basic and diluted loss per share (in Dollars per share)	$ (0.59)	$ (0.93)
Weighted average shares outstanding:
Basic and diluted (in Shares)	9,337	9,266
Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (5,501,000)	$ (8,663,000)
Unrealized gain (loss) on marketable securities:
Change in market value of marketable securities before reclassification, net of tax	(179,000)	(726,000)
Reclassification adjustment for realized gains (loss) included in net income, net of tax	619,000	(5,000)
Total unrealized gain (loss) on marketable securities, net of tax	440,000	(731,000)
Comprehensive loss	$ (5,061,000)	$ (9,394,000)

Product Warranties (Details)	12 Months Ended
Product Warranties (Details)	Apr. 30, 2023
Product Warranties Disclosures [Abstract]
Standard Product Warranty Description	The Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended.

Earnings Per Share

12 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

2. Earnings per Share

Reconciliations of the weighted average shares outstanding for basic and diluted (loss) earnings per share for the fiscal years ended April 30, 2023 and 2022, respectively, were as follows:

	For the Fiscal Years Ended April 30,
	2023		2022
Weighted average shares outstanding:
Basic EPS Shares outstanding (weighted average)		9,337,444		9,265,934
Effect of Dilutive Securities		**		**
Diluted EPS Shares outstanding		9,337,444		9,265,934

** For the fiscal years ended April 30, 2023 and 2022, dilutive securities noted in the above table are excluded from the calculation of (loss) earnings per share since the inclusion of such shares would be antidilutive due to the net loss for the period. Additionally, there are anti-dilutive shares excluded in the above table for fiscal years ended April 30, 2023 and 2022 of 243,625 and 193,000, respectively.

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Apr. 30, 2023

Disclosure Text Block Supplement [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component and reclassifications from AOCI to Other income (expense), net, for the fiscal years ended April 30, 2023 and 2022, respectively, were as follows (in thousands):

	Change in
	Market Value
	of Marketable
	Securities
Balance April 30, 2021, net of taxes				$	291
Items of other comprehensive income (loss) before reclassification, pretax					(725	)
Tax effect					(1	)
Items of other comprehensive income (loss) before reclassification, net of taxes					(726	)
Reclassification adjustments, pretax **		(6	)
Tax effect		1			(5	)
Total other comprehensive income (loss), net of taxes					(731	)
Balance April 30, 2022, net of taxes					(440	)
Items of other comprehensive income (loss) before reclassification, pretax					(344	)
Tax effect					165
Items of other comprehensive income (loss) before reclassification, net of taxes					(179	)
Reclassification adjustments, pretax **		784
Tax effect		(165	)		619
Total other comprehensive income (loss), net of taxes					440
Balance April 30, 2023, net of taxes					-

**The reclassification adjustments represent net realized (gains) losses on the sale or redemption of available-for-sale marketable securities that were reclassified from AOCI to Other income (expense), net.

Inventories, Net

12 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

4. Inventories, Net

Inventories, net, at April 30, 2023 and 2022, consisted of the following (in thousands):

	April 30, 2023		April 30, 2022
Raw Materials and Component Parts	$	12,460	$	11,683
Work in Progress		7,547		7,746
Finished Goods		519		477
	$	20,526	$	19,906

Inventory reserves included in inventory were $8.1 million and $7.5 million for the fiscal years ended April 30, 2023 and 2022, respectively.

Contract (Liabilities) Assets (Tables)

12 Months Ended

Apr. 30, 2023

Contractors [Abstract]

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

At April 30, 2023 and 2022, contract (liabilities) assets, consisted of the following (in thousands):

	April 30, 2023			April 30, 2022

Contract Assets	$	10,009		$	8,857
Contract Liabilities		(18,586	)		(11,098	)

Accrued Liabilities (Details) - Schedule of Accrued Liabilities - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Accrued Liabilities Abstract
Vacation and other compensation	$ 1,408	$ 1,523
Incentive compensation	175	100
Payroll taxes	341	112
Warranty reserve	529	519
Commissions	197	263
Deferred compensation payable	762	469
Other	522	710
	$ 3,934	$ 3,696

Employee Benefit Plans

12 Months Ended

Apr. 30, 2023

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

11. Employee Benefit Plans

Profit Sharing Plan:

The Company provides its U.S.-based employees with a profit-sharing plan and trust under § 401(k) of the IRC. This plan allows all eligible employees to defer a portion of their income through voluntary contributions to the plan. In accordance with the provisions of the plan, the Company can make discretionary matching contributions in the form of cash or common stock. For the fiscal years ended April 30, 2023 and 2022, the Company contributed 61,897 and 44,224 shares of common stock, respectively. The approximate value of these shares at the date of contribution was $413,000 and $426,000 in fiscal years 2023 and 2022, respectively. Contributed shares are drawn from the Company’s common stock and during fiscal years 2023 and 2022, such transactions increased additional paid in capital by $351,000 and $382,000, respectively. As of April 30, 2023, the plan held a total of 499,328 shares, which were allocated to the accounts of the individual participants. As of April 30, 2022, the plan held a total of 499,738 shares, which were allocated to the accounts of the individual participants.

Income Incentive Pool:

The Company maintains incentive bonus programs for certain employees that are based on operating profits of the individual subsidiaries to which the employees are assigned. The Company also adopted a plan for the President and Chief Executive Officer of the Company, which the formula is based on consolidated pre-tax profits. The incentive bonus recorded for the fiscal year ended April 30, 2023 was $175,000. The incentive bonus recorded for the fiscal year ended April 30, 2022 was $100,000.

Employee Stock Plans:

The Company has various stock plans, some of which have been approved by the Company’s stockholders, for key management employees, including officers and directors who are employees, certain consultants and independent members of the Board of Directors. The plans are Nonqualified Stock Options (“NQSO”) plans, Incentive Stock Option (“ISO”) plans, and SAR plans. Under these plans, options or SARs are granted at the discretion of the Stock Option Committee at an exercise price not less than the fair market value of the Company’s common stock on the date of grant.

Typically, options and SARs vest over a four-year period from the date of grant. The options and SARs generally expire ten years after the date of grant (the most recent SARs awards, beginning in fiscal year 2017, expire in five years) and are subject to certain restrictions on transferability of the shares obtained on exercise. Under the Company’s 2005 Stock Award Plan (“Plan”) the Company provided option holders the opportunity to exercise stock options either by paying the exercise price for the shares or to do a cashless exercise whereby the individual receives the net number of shares of stock equal in value to the exercised number of shares times the difference between the current market value of the Company’s stock and the exercise price. Under the Plan, instruments granted under other plans which expire, are canceled, or are tendered in the exercise of such instruments, increase the shares available under the Plan.

As of April 30, 2023, eligible employees and directors had been granted total SARs representing approximately 2,385,000 shares of the Company’s common stock, of which approximately 244,000 shares were outstanding and approximately 244,000 shares with a weighted average exercise price of $10.77 were exercisable. There were no SARs granted during the fiscal year 2023. When the SARs become exercisable, the Company will settle the SARs by issuing to exercising recipients the number of shares of stock from common stock or treasury stock, if available, equal to the appreciated value of the Company’s stock between the grant date and exercise date. At the time of exercise, the quantity of shares under the SARs grant equal to the exercise value divided by the then market value of the shares will be returned to the pool of available shares for future grant under the Plan. During the fiscal year ended April 30, 2023, no employees exercised SARs and no shares were granted. There were 185,500 shares returned to the pool of available shares and may be used for future grants under the Plan. Forfeitures are recorded as they occur.

The excess of the consideration received over the par value of the common stock or cost of treasury stock issued under both types of option plans is recognized as an increase in additional paid-in capital.

The following table summarizes information about stock option and SARs activity for the years ended April 30, 2023 and 2022:

						Stock Options and Stock Appreciation Rights
									Weighted Average
				Weighted-Average		Grant Date			Remaining	Aggregate
	Shares			Exercise Price		Fair Value			Contractual Term	Intrinsic Value
Outstanding – April 30, 2021		615,000		$	9.88	$	6,076,105		1.8 years	$	2,141,905
Granted		-			-		-
Exercised		(42,875	)		7.30		(313,056	)			34,660
Expired or Canceled		(143,000	)		10.48		(1,498,300	)
Outstanding – April 30, 2022		429,125		$	9.94	$	4,264,749		1.3 years	$	2,141,905
Granted		-			-		-
Exercised		-			-		-				-
Expired or Canceled		(185,500	)		8.84		(1,639,970	)
Outstanding – April 30, 2023		243,625		$	10.77	$	2,624,779		0.8 years	$	1,592,089
Exercisable		243,625		$	10.77	$	2,624,779		0.8 years	$	1,592,089
Available for future grants		851,965

As of April 30, 2022, exercisable shares related to options and SARs under the plans totaled 393,500, weighted-average exercise price was $10.06, grant date fair value was $3,956,845, weighted average remaining contractual term was 1.4 years, and the aggregate intrinsic value was $2,989,785.

As of April 30, 2023, there was no unrecognized compensation cost related to non-vested options and SARs under the plans. As of April 30, 2022, total unrecognized compensation cost related to non-vested options and SARs under the plans was approximately $7,000.

During the fiscal years ended April 30, 2023 and 2022, 35,625 shares and 41,875 shares, respectively, vested, the fair value of which was approximately $106,000 and $123,000, respectively.

Stock-based compensation costs, for options and SARs, included in the cost of revenues of programs on which the Company recognizes revenue under the POC method were approximately $2,000 and $9,000 for the fiscal years ended April 30, 2023 and 2022, respectively. Stock-based compensation expense included in selling and administrative expenses, related to options and SARs, during the fiscal years ended April 30, 2023 and 2022 were approximately $0 and $45,000, respectively.

The Company classifies cash flows resulting from the tax benefits from tax deductions recognized upon the exercise of stock options or SARs (tax benefits) as operating cash flows. The Company did not recognize any tax benefits from the exercise of stock options and SARs for the fiscal years presented.

Restricted Stock Plan and Other Issuances:

During fiscal year 1990, the Company adopted a Restricted Stock Plan which provided that key management employees could be granted rights to purchase an aggregate of 375,000 shares of the Company’s common stock. The grants, transferability restrictions and purchase price were determined at the discretion of a special committee of the Board of Directors. The purchase price could not be less than the par value of the common stock. Transferability of shares is restricted for a four-year period, except in the event of a change in control as defined therein. As a result of the adoption by the Company’s stockholders of the 2005 Stock Award Plan, the Restricted Stock Plan was discontinued. No additional grants will be made under this plan. As of April 30, 2023, there are no outstanding shares available for purchase.

Under the 2005 Stock Award Plan the Company began issuing Restricted Stock Units (“RSUs”) to eligible employees in fiscal year 2020. The fair value of these awards is equivalent to the market value of the Company’s common stock on the grant date and vests over a period of time. On the applicable vesting date, the holder of an RSU becomes entitled to share of the Company’s common stock. A portion of the RSUs awarded will vest annually until fiscal year 2026. Forfeitures are recorded as they occur.

During the fiscal year ended April 30, 2023 and 2022, the Company issued 1,300 shares from common stock and 1,150 shares from common stock, respectively, to select employees for milestone years of service to the Company. These shares were issued under the 2005 Stock Award Plan, are shares of the Company’s common stock, and are fully vested at time of issuance.

In fiscal year 2021 the Company elected to issue Performance Stock Units (“PSUs”) to an officer of the Company. The fair value of these awards is equivalent to the market value of the Company’s common stock on the grant date and requires an assessment of the probability that the specified performance criteria will be achieved, which is updated at each reporting date. PSUs are not shares of the Company’s common stock and do not have any rights or privileges thereof, including voting or dividend rights. On the applicable vesting date, subject to the attainment of the specified performance criteria, the holder of a PSU becomes entitled to a share of the Company’s common stock. PSUs are subject to certain restrictions and forfeiture provisions, in addition to performance vesting conditions, prior to vesting. A portion of the PSUs awarded will vest, subject to specified performance criteria, annually until fiscal year 2025. Forfeitures are recorded as they occur.

Stock-based compensation costs, related to RSUs and PSUs, included in the cost of revenues of programs on which the Company recognizes revenue under the POC method were approximately $186,000 and $83,000 for the fiscal years ended April 30, 2023 and 2022, respectively. Stock-based compensation expense, for RSUs and PSUs, included in selling and administrative expenses were approximately $200 and $99,000 for the fiscal years ended April 30, 2023 and 2022, respectively. The fair value of RSUs and PSUs vested were approximately $124,000 and $78,000 for the fiscal years ended April 30, 2023 and 2022, respectively.

The following table summarizes activity for the RSUs and PSUs awards that reduce available capacity under the 2005 Stock Award Plan for the fiscal years ended April 30, 2023 and 2022:

				Weighted-Average
	Shares			Grant Date Fair Value
Balance – April 30, 2021		57,000			10.26
Granted		26,250			9.84
Vested		(15,066	)		10.32
Forfeited		(2,575	)		9.97
Balance – April 30, 2022		65,609			10.26
Granted		265,000			6.29
Vested		(12,401	)		10.01
Forfeited		(24,812	)		9.90
Balance – April 30, 2023		293,396			6.64

Deferred Compensation Agreements:

The Company has a series of agreements with key employees providing for the payment of benefits upon retirement or death. Under these agreements, each key employee receives specified retirement payments for the remainder of the employee’s life with a minimum payment of ten years’ benefits to either the employee or his or her beneficiaries. The agreements also provide for lump sum payments upon termination of employment without cause and reduced benefits upon early retirement. The Company pays the benefits out of its working capital but has also purchased whole life or term life insurance policies on the lives of certain of the participants to cover the optional lump sum obligations of the agreements upon the death of the participant. Deferred compensation expense charged to selling and administrative expenses during the fiscal year ended April 30, 2023 was approximately $643,000. Deferred compensation expense charged to selling and administrative expenses during the fiscal year ended April 30, 2022 was approximately $1.1 million.

Life Insurance Policies and Cash Held in Trust:

The whole-life insurance policies on the lives of certain participants covered by deferred compensation agreements have been placed in a trust. Upon the death of any insured participant, cash received from life insurance policies in excess of the Company’s deferred compensation obligations to the estate or beneficiaries of the deceased, are also placed in the trust. These assets belong to the Company until a change of control event, as defined in the trust agreement, should occur. At that time, the Company is required to add sufficient cash to the trust so as to match the deferred compensation liability described above. Such funds will be used to continue the deferred compensation arrangements following a change of control.

Marketable Securities

12 Months Ended

Apr. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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

7. Marketable Securities

The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at April 30, 2023 and 2022, respectively, were as follows (in thousands):

April 30, 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

	Less than 12 months					12 Months or more					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
April 30, 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 fiscal year ended April 30, 2023.

	For the years ended April 30,
	2023			2022
Proceeds	$	10,967		$	2,089
Gross realized gains	$	-		$	6
Gross realized losses	$	(784	)	$	-

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 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 were valued at the closing prices and are consistent with quoted prices of similar assets reported in active markets.

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 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 authorized	20,000	20,000
Common stock shares issued	9,374	9,298
Common stock shares outstanding	9,373	9,297
Treasury stock, share	1	1

Accounting Policies, by Policy (Policies)

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation:

COVID-19 Pandemic and the CARES Act, Policy [Policy Text Block]

COVID-19 Pandemic and the CARES Act

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents:

Marketable Securities, Policy [Policy Text Block]

Marketable Securities:

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Doubtful Accounts:

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment:

Inventory, Policy [Policy Text Block]

Inventories:

Inventories, which consist of raw materials and components, work-in-process and finished goods are accounted for at the lower of cost (specific and average) and net realizable value.

Depreciation, Depletion, and Amortization [Policy Text Block]

Depreciation and Amortization:

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill:

Revenue [Policy Text Block]

Revenue and Cost Recognition:

Practical Expedients

The Company expenses sales commissions as sales and marketing expenses in the period they are incurred if the expected amortization period is one year or less.

Disaggregation of Revenue

	Fiscal Year Ended April 30, 2023
	(In thousands)
	POC Revenue		POT Revenue			Total Revenue
FEI-NY	$	29,800	$	2,514		$	32,314
FEI-Zyfer		9,283		649			9,932
Intersegment		-		(1,469	)		(1,469	)
Revenue	$	39,083	$	1,694		$	40,777

	Fiscal Year Ended April 30, 2022
	(In thousands)
	POC Revenue			POT Revenue			Total Revenue
FEI-NY	$	39,618		$	1,539		$	41,157
FEI-Zyfer		6,770			1,057			7,827
Intersegment		(1	)		(687	)		(688	)
Revenue	$	46,387		$	1,909		$	48,296

	Fiscal Years Ended April 30,
	(in thousands)
	2023		2022
Revenues by Product Line:
Satellite Revenue	$	17,918	$	26,092
Government Non-Space Revenue		20,282		19,593
Other Commercial & Industrial Revenue		2,577		2,611
Consolidated revenues	$	40,777	$	48,296

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss):

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses:

Income Tax, Policy [Policy Text Block]

Income Taxes:

Earnings Per Share, Policy [Policy Text Block]

Earnings/Loss per Share:

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Values of Financial Instruments:

Share-Based Payment Arrangement [Policy Text Block]

Equity-based Compensation:

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk:

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements:

Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2023

Apr. 30, 2022

Apr. 30, 2021

Schedule Of Accumulated Other Comprehensive Income Loss Abstract

Balance, Change in Market Value of Marketable Securities

$ 0

$ (440)

$ 291

Items of other comprehensive income (loss) before reclassification, pretax

(344)

(725)

Tax effect

165

(1)

Items of other comprehensive income (loss) before reclassification, net of taxes

(179)

(726)

Reclassification adjustments, pretax **

^[1]

784

(6)

Tax effect

(165)

Tax effect

619

(5)

Total other comprehensive income (loss), net of taxes

$ 440

$ (731)

[1]	The reclassification adjustments represent net realized (gains) losses on the sale or redemption of available-for-sale marketable securities that were reclassified from AOCI to Other income (expense), net.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

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-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

Segment Information (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Segment Information (Details) - Revenue from External Customers by Geographic Areas [Line Items]
Revenues	$ 40,777	$ 48,296
Geographic Distribution, Domestic [Member]
Segment Information (Details) - Revenue from External Customers by Geographic Areas [Line Items]
Revenues	39,564	47,415
Geographic Distribution, Foreign [Member]
Segment Information (Details) - Revenue from External Customers by Geographic Areas [Line Items]
Revenues	$ 1,213	$ 881

- Definition

+ References

+ Details

Earnings Per Share (Details) - shares	12 Months Ended
Earnings Per Share (Details) - shares	Apr. 30, 2023	Apr. 30, 2022
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	243,625	193,000

Property, Plant and Equipment, Net

12 Months Ended

Apr. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

5. Property, Plant and Equipment, Net

Property, plant and equipment, net, at April 30, 2023 and 2022, consisted of the following (in thousands):

	April 30, 2023			April 30, 2022

Buildings and building improvements	$	2,597		$	2,576
Machinery, equipment and furniture		60,792			59,948
		63,389			62,524
Less accumulated depreciation		(56,296	)		(53,960	)
	$	7,093		$	8,564

Depreciation and amortization expense was $2.4 million and $2.8 million for the fiscal years ended April 30, 2023 and 2022, respectively.

Maintenance and repairs charged to operations was approximately $409,000 and $677,000 for the fiscal years ended April 30, 2023 and 2022, respectively.

Segment Information

12 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13. 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 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 Note 1. 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.

	For the Fiscal Years Ended April 30,
	2023			2022
Revenues:
FEI-NY	$	32,314		$	41,157
FEI-Zyfer		9,932			7,827
less intersegment revenues		(1,469	)		(688	)
Consolidated revenues	$	40,777		$	48,296

Operating loss:
FEI-NY	$	(4,234	)	$	(5,679	)
FEI-Zyfer		(160	)		(2,104	)
less intersegment revenues		68			79
Corporate		(346	)		(334	)
Consolidated operating loss	$	(4,672	)	$	(8,038	)

	For the Fiscal Years Ended April 30,
	2023			2022

Identifiable assets:
FEI-NY	$	39,005		$	40,888
FEI-Zyfer		10,699			10,522
less intersegment balances		(58	)		(126	)
Corporate		24,850			33,476
Consolidated identifiable assets	$	74,496		$	84,760

Depreciation and amortization (allocated):
FEI-NY	$	2,229	$	2,798
FEI-Zyfer		205		227
Corporate		-		-
Consolidated depreciation and amortization expense	$	2,434	$	3,025

Major Customers

The Company’s products are sold to both commercial and governmental customers. For the fiscal years ended April 30, 2023 and 2022, approximately 95% and 94%, respectively, of the Company’s sales were made under contracts to the U.S. Government or subcontracts for U.S. Government end-use.

In the fiscal year ended April 30, 2023, revenues from four customers, of the FEI-NY segment which each accounted for more than 10% of that segment’s revenues, were $7.3 million, $5.8 million, $5.1 million, and $4.0 million. In the fiscal year ended April 30, 2022, revenues from four customers, of the FEI-NY segment which each accounted for more than 10% of that segment’s revenues, were $12.6 million, $6.1 million, $5.0 million, and $4.4 million. In the FEI-Zyfer segment two customers, which each accounted for more than 10% of that segment’s revenues, were $4.0 million and $1.5 million in the fiscal year ended April 30, 2023. In the fiscal year ended April 30, 2022, revenues from two customers, of the FEI-Zyfer segment which each accounted for more than 10% of that segment’s revenues, were $1.3 million and $1.0 million.

The loss by the Company of any one of these customers would have a material adverse effect on the Company’s business. The Company believes its relationship with these customers is mutually satisfactory. Sales to the major customers referenced above can include commercial and governmental end users.

Foreign Sales

	For the Fiscal Years Ended April 30,
	2023		2022
Domestic	$	39,564	$	47,415
Foreign		1,213		881
	$	40,777	$	48,296

As of April 30, 2023 and 2022, there were no material foreign sales to one specific foreign country.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 15
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share (Tables)

12 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

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

Reconciliations of the weighted average shares outstanding for basic and diluted (loss) earnings per share for the fiscal years ended April 30, 2023 and 2022, respectively, were as follows:

	For the Fiscal Years Ended April 30,
	2023		2022
Weighted average shares outstanding:
Basic EPS Shares outstanding (weighted average)		9,337,444		9,265,934
Effect of Dilutive Securities		**		**
Diluted EPS Shares outstanding		9,337,444		9,265,934

Other Comprehensive Income (Loss)

12 Months Ended

Apr. 30, 2023

Disclosure Text Block Supplement [Abstract]

Other Comprehensive Income, Noncontrolling Interest [Text Block]

15. Other Comprehensive Income (Loss)

	Change in
	Market Value
	of Marketable
	Securities
Balance April 30, 2021, net of taxes				$	291
Items of other comprehensive income (loss) before reclassification, pretax					(725	)
Tax effect					(1	)
Items of other comprehensive income (loss) before reclassification, net of taxes					(726	)
Reclassification adjustments, pretax **		(6	)
Tax effect		1			(5	)
Total other comprehensive income (loss), net of taxes					(731	)
Balance April 30, 2022, net of taxes					(440	)
Items of other comprehensive income (loss) before reclassification, pretax					(344	)
Tax effect					165
Items of other comprehensive income (loss) before reclassification, net of taxes					(179	)
Reclassification adjustments, pretax **		784
Tax effect		(165	)		619
Total other comprehensive income (loss), net of taxes					440
Balance April 30, 2023, net of taxes					-

Summary of Accounting Policies (Details) - Disaggregation of Revenue - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 40,777	$ 48,296
Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	32,314	41,157
Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,932	7,827
Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	(1,469)	(688)
POC Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	39,083	46,387
POC Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	29,800	39,618
POC Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,283	6,770
POC Revenue [Member] \| Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	(1)
POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,694	1,909
POT Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,514	1,539
POT Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	649	1,057
POT Revenue [Member] \| Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (1,469)	$ (687)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Apr. 30, 2023

Disclosure Text Block Supplement [Abstract]

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

The following table summarizes information about stock option and SARs activity for the years ended April 30, 2023 and 2022:

						Stock Options and Stock Appreciation Rights
									Weighted Average
				Weighted-Average		Grant Date			Remaining	Aggregate
	Shares			Exercise Price		Fair Value			Contractual Term	Intrinsic Value
Outstanding – April 30, 2021		615,000		$	9.88	$	6,076,105		1.8 years	$	2,141,905
Granted		-			-		-
Exercised		(42,875	)		7.30		(313,056	)			34,660
Expired or Canceled		(143,000	)		10.48		(1,498,300	)
Outstanding – April 30, 2022		429,125		$	9.94	$	4,264,749		1.3 years	$	2,141,905
Granted		-			-		-
Exercised		-			-		-				-
Expired or Canceled		(185,500	)		8.84		(1,639,970	)
Outstanding – April 30, 2023		243,625		$	10.77	$	2,624,779		0.8 years	$	1,592,089
Exercisable		243,625		$	10.77	$	2,624,779		0.8 years	$	1,592,089
Available for future grants		851,965

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

The following table summarizes activity for the RSUs and PSUs awards that reduce available capacity under the 2005 Stock Award Plan for the fiscal years ended April 30, 2023 and 2022:

				Weighted-Average
	Shares			Grant Date Fair Value
Balance – April 30, 2021		57,000			10.26
Granted		26,250			9.84
Vested		(15,066	)		10.32
Forfeited		(2,575	)		9.97
Balance – April 30, 2022		65,609			10.26
Granted		265,000			6.29
Vested		(12,401	)		10.01
Forfeited		(24,812	)		9.90
Balance – April 30, 2023		293,396			6.64

Summary of Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Summary of Accounting Policies (Details) [Line Items]
Revenues	$ 40,777	$ 48,296
POC Revenue [Member]
Summary of Accounting Policies (Details) [Line Items]
Revenues	$ 39,100	$ 46,400
Building [Member]
Summary of Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Other Depreciable Assets [Member] \| Minimum [Member]
Summary of Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Other Depreciable Assets [Member] \| Maximum [Member]
Summary of Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	10 years

- Definition

+ References

+ Details

Contract (Liabilities) Assets (Details) - USD ($)	12 Months Ended
Contract (Liabilities) Assets (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Contract (Liabilities) Assets (Details) [Line Items]
Contract with Customer, Asset, before Allowance for Credit Loss	$ 10,009,000	$ 8,857,000	$ 14,460
Contract with Customer, Liability	18,586,000	11,098,000	$ 12,512
Increase (Decrease) in Contract with Customer, Asset	1,110,000	(5,246,000)
Increase (Decrease) in Contract with Customer, Liability	7,500,000
Revenues	40,777,000	48,296,000
Loss on Contracts	429,000	4,200,000
Contract Liabilities [Member]
Contract (Liabilities) Assets (Details) [Line Items]
Revenues	7,100,000	17,200,000
Contracts Accounted for under Percentage of Completion [Member]
Contract (Liabilities) Assets (Details) [Line Items]
Revenues	$ 39,100,000	$ 46,400,000

- Definition

+ References

+ Details

Income Taxes

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

12. Income Taxes

The provision for income taxes consisted of the following (in thousands):

	Fiscal Year Ended April 30,
	2023		2022
Current:
Federal	$	61	$	-
State		13		1
Current provision		74		1
Deferred:
Federal		-		-
State		-		-
Deferred tax provision		-		-

Total provision	$	74	$	1

The following table reconciles the reported income tax provision, recorded primarily due to the (i) recognition of previously unrecognized tax benefits, (ii) state and local taxes, (iii) and a change in the valuation allowance, with the amount computed using the federal statutory income tax rate (in thousands):

	Fiscal Year Ended April 30,
	2023			2022
Statutory rate	$	(1,140	)	$	(1,819	)
State and local tax		110			(163	)
Valuation allowance on deferred tax assets		(1,701	)		1,050
Nondeductible expenses		(9	)		(11	)
Uncertain tax positions		7			1
Nontaxable life insurance cash value increase		(49	)		(47	)
Taxable life insurance gain		8			783
Capital Loss		2,251			-
Stock Compensation		173			86
Tax credits		(27	)		(219	)
Change in tax rate		362			209
Other items		89			131
Total provision	$	74		$	1

The components of deferred taxes are as follows (in thousands):

	Fiscal Year Ended April 30,
	2023			2022
Deferred tax assets:
Employee benefits	$	2,739		$	3,047
Inventory		2,507			2,958
Accounts receivable		78			118
Tax credits		2,164			2,306
Other assets		1,001			981
Lease Liability		1,834			2,284
Capital Loss carry-forward		223			2,513
Research & Development		570			-
Net operating loss carryforwards		8,039			7,574
Total deferred tax asset		19,155			21,781
Deferred tax liabilities:
Property, plant and equipment		(251	)		(461	)
Right of use asset		(1,773	)		(2,211	)
Other liabilities		(81	)		(83	)
Deferred state income tax		(771	)		(943	)
Net deferred tax asset		16,279			18,083
Valuation allowance		(16,287	)		(18,091	)
Net deferred tax liability	$	(8	)	$	(8	)

In assessing the potential for realization of deferred tax assets, the Company considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will be realized. A valuation allowance, if needed, reduces the deferred tax assets to the amounts expected to be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating loss carryforwards can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. As of April 30, 2023 and 2022, we have a full valuation allowance against our U.S. net deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to reduce its existing valuation allowance resulting in less income tax expense.

For the fiscal year ended April 30, 2023, the valuation allowance decreased by approximately $1.8 million from the prior fiscal year primarily due a decrease in the net deferred tax asset for which no tax benefit was provided.

The Company has a net deferred tax liability related to the tax effect of differences between financial reporting and tax basis of intangible assets that are not expected to reverse within the Company’s net operating loss carryforward periods. The utilization of indefinite lived net operating losses are limited to 80% of taxable income in an annual period.

As of April 30, 2023, the Company has U.S. federal net operating losses of $31.3 million of which $15.7 million begins to expire in fiscal years 2024 through 2038, including $3.1 million which is subject to annual limitation under IRC § 382. The remaining U.S. federal net operating losses of $15.6 million have an indefinite carry-forward period. The U.S. federal capital loss carry-forward of $0.9 million expires in fiscal years 2025 and 2027. U.S. federal R&D credits of $0.9 million begin to expire in fiscal years 2036 through 2040. The Company also has state net operating loss carryforwards, and state tax credits that expire in various years and amounts.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows (in thousands):

	2023		2022
Balance at the beginning of the fiscal year	$	230	$	119
Additions based on positions taken in the current year		-		111
Additions based on positions taken in prior years		-		-
Decreases based on positions taken in prior years		-		-
Lapse in statute of limitations		-		-
Balance at the end of the fiscal year	$	230	$	230

The entire amount reflected in the above table at April 30, 2023, if recognized, would reduce our effective tax rate. As of April 30, 2023, and 2022, the Company had $8,325 and $1,176, respectively, accrued for the payment of interest and penalties. For the fiscal years ended April 30, 2023 and 2022, the Company recognized interest of $7,149 and $1,176, respectively. Although it is difficult to predict or estimate the change in the Company’s unrecognized tax benefits over the next twelve months, the Company believes $119,000 will be recognized in the next twelve months.

The Company is subject to taxation in the U.S. federal, various state and local, and foreign jurisdictions. The Company is no longer subject to examination of its U.S. federal income tax returns by the Internal Revenue Service for fiscal years 2019 and prior. Net operating losses and tax attributes generated in closed years and utilized in open years are subject to adjustment by the tax authorities.

- 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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+ Details

Segment Information (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Identifiable assets:
Identifiable Assets	$ 74,496	$ 84,760
Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable Assets	39,005	40,888
Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable Assets	10,699	10,522
Inter Segment [Member]
Identifiable assets:
Identifiable Assets	(58)	(126)
Corporate Segment [Member]
Identifiable assets:
Identifiable Assets	$ 24,850	$ 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

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Income Taxes (Details) [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 1,800,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	8,325	$ 1,176
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	7,149	$ 1,176
Tax Adjustments, Settlements, and Unusual Provisions	119,000
Domestic Tax Authority [Member]
Income Taxes (Details) [Line Items]
Operating Loss Carryforwards	31,300,000
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	15,700,000
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	15,600,000
Tax Credit Carryforward, Amount	900,000
Annual Limitation [Member] \| Domestic Tax Authority [Member]
Income Taxes (Details) [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	3,100,000
Research Tax Credit Carryforward [Member]
Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Amount	$ 900,000

Right-of-Use Assets and Lease Liabilities (Details) - Lease, Cost - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Assets
Operating lease ROU assets	$ 7,382	$ 8,805
Liabilities
Operating lease liabilities (short-term)	1,753	1,744
Operating lease liabilities (long-term)	5,883	7,353
Total lease liabilities	$ 7,636	$ 9,097

Inventories, Net (Details) - USD ($) $ in Millions	Apr. 30, 2023	Apr. 30, 2022
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 8.1	$ 7.5

Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Effective Income Tax Rate Reconciliation Abstract
Statutory rate	$ (1,140)	$ (1,819)
State and local tax	110	(163)
Valuation allowance on deferred tax assets	(1,701)	1,050
Nondeductible expenses	(9)	(11)
Uncertain tax positions	7	1
Nontaxable life insurance cash value increase	(49)	(47)
Taxable life insurance gain	8	783
Capital Loss	2,251	0
Stock Compensation	173	86
Tax credits	(27)	(219)
Change in tax rate	362	209
Other items	89	131
Total provision	$ 74	$ 1

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes consisted of the following (in thousands):

	Fiscal Year Ended April 30,
	2023		2022
Current:
Federal	$	61	$	-
State		13		1
Current provision		74		1
Deferred:
Federal		-		-
State		-		-
Deferred tax provision		-		-

Total provision	$	74	$	1

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal Year Ended April 30,
	2023			2022
Statutory rate	$	(1,140	)	$	(1,819	)
State and local tax		110			(163	)
Valuation allowance on deferred tax assets		(1,701	)		1,050
Nondeductible expenses		(9	)		(11	)
Uncertain tax positions		7			1
Nontaxable life insurance cash value increase		(49	)		(47	)
Taxable life insurance gain		8			783
Capital Loss		2,251			-
Stock Compensation		173			86
Tax credits		(27	)		(219	)
Change in tax rate		362			209
Other items		89			131
Total provision	$	74		$	1

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred taxes are as follows (in thousands):

	Fiscal Year Ended April 30,
	2023			2022
Deferred tax assets:
Employee benefits	$	2,739		$	3,047
Inventory		2,507			2,958
Accounts receivable		78			118
Tax credits		2,164			2,306
Other assets		1,001			981
Lease Liability		1,834			2,284
Capital Loss carry-forward		223			2,513
Research & Development		570			-
Net operating loss carryforwards		8,039			7,574
Total deferred tax asset		19,155			21,781
Deferred tax liabilities:
Property, plant and equipment		(251	)		(461	)
Right of use asset		(1,773	)		(2,211	)
Other liabilities		(81	)		(83	)
Deferred state income tax		(771	)		(943	)
Net deferred tax asset		16,279			18,083
Valuation allowance		(16,287	)		(18,091	)
Net deferred tax liability	$	(8	)	$	(8	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows (in thousands):

	2023		2022
Balance at the beginning of the fiscal year	$	230	$	119
Additions based on positions taken in the current year		-		111
Additions based on positions taken in prior years		-		-
Decreases based on positions taken in prior years		-		-
Lapse in statute of limitations		-		-
Balance at the end of the fiscal year	$	230	$	230

Segment Information (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Operating loss:
Operating Income (Loss)	$ (4,672)	$ (8,038)
Frequency Electronics Inc New York [Member]
Operating loss:
Operating Income (Loss)	(4,234)	(5,679)
Frequency Electronics Inc Zyfer [Member]
Operating loss:
Operating Income (Loss)	(160)	(2,104)
Inter Segment [Member]
Operating loss:
Operating Income (Loss)	68	79
Corporate Segment [Member]
Operating loss:
Operating Income (Loss)	$ (346)	$ (334)

Summary of Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2023

Accounting Policies [Abstract]

Disaggregation of Revenue [Table Text Block]

	Fiscal Year Ended April 30, 2023
	(In thousands)
	POC Revenue		POT Revenue			Total Revenue
FEI-NY	$	29,800	$	2,514		$	32,314
FEI-Zyfer		9,283		649			9,932
Intersegment		-		(1,469	)		(1,469	)
Revenue	$	39,083	$	1,694		$	40,777

	Fiscal Year Ended April 30, 2022
	(In thousands)
	POC Revenue			POT Revenue			Total Revenue
FEI-NY	$	39,618		$	1,539		$	41,157
FEI-Zyfer		6,770			1,057			7,827
Intersegment		(1	)		(687	)		(688	)
Revenue	$	46,387		$	1,909		$	48,296

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

	Fiscal Years Ended April 30,
	(in thousands)
	2023		2022
Revenues by Product Line:
Satellite Revenue	$	17,918	$	26,092
Government Non-Space Revenue		20,282		19,593
Other Commercial & Industrial Revenue		2,577		2,611
Consolidated revenues	$	40,777	$	48,296

Marketable Securities (Details) - Schedule of Available-for-Sale Securities Reconciliation - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Available For Sale Securities Reconciliation Abstract
Cost	$ 0	$ 10,403
Gross Unrealized Gains	0	23
Gross Unrealized Losses	0	(462)
Fair Market Value	$ 0	$ 9,964

Employee Benefit Plans (Details) - Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity - RSUs and PSUs [Member] - $ / shares	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Employee Benefit Plans (Details) - Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Line Items]
Balance, Shares	293,396	65,609	57,000
Balance, Weighted-Average Exercise Price	$ 6.64	$ 10.26	$ 10.26
Shares Granted	265,000	26,250
Granted, Weighted-Average Exercise Price	$ 6.29	$ 9.84
Shares Vested	(12,401)	(15,066)
Vested, Weighted-Average Exercise Price	$ 10.01	$ 10.32
Shares Forfeited	(24,812)	(2,575)
Forfeited, Weighted-Average Exercise Price	$ 9.9	$ 9.97

Contingencies (Details) $ in Millions	Sep. 21, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Damages Sought, Value	$ 6

Segment Information (Details) - Reconciliation of Other Significant Reconciling Items from Segments to Consolidated - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Depreciation and amortization (allocated):
Depreciation, Depletion and Amortization	$ 2,434	$ 3,025
Frequency Electronics Inc New York [Member]
Depreciation and amortization (allocated):
Depreciation, Depletion and Amortization	2,229	2,798
Frequency Electronics Inc Zyfer [Member]
Depreciation and amortization (allocated):
Depreciation, Depletion and Amortization	205	227
Corporate Segment [Member]
Depreciation and amortization (allocated):
Depreciation, Depletion and Amortization	$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Cash flows from operating activities:
Net loss	$ (5,501,000)	$ (8,663,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,434,000	3,025,000
Non-cash lease expense	(39,000)	(16,000)
Provision for losses on accounts receivable, inventories, other assets and warranty reserve	567,000	328,000
Loss (gain) on marketable securities	784,000	(6,000)
Loss on sale of fixed and other assets, net	34,000	163,000
Loss on impairment of Morion	0	796,000
Employee benefit plans expense	1,054,000	842,000
Stock-based compensation expense	197,000	247,000
Changes in operating assets and liabilities:
Accounts receivable	(332,000)	1,574,000
Contract assets	(1,110,000)	5,246,000
Inventories	(1,220,000)	(464,000)
Prepaid expenses and other	91,000	(171,000)
Other assets	(366,000)	5,541,000
Accounts payable - trade	384,000	(1,000)
Accrued liabilities	217,000	(1,355,000)
Contract liabilities	7,487,000	(1,414,000)
Loss provision accrual	(2,699,000)	4,185,000
Income taxes refundable	239,000	175,000
Other liabilities	(1,046,000)	(5,996,000)
Net cash provided by operating activities	1,175,000	4,036,000
Cash flows from investing activities:
Purchase of marketable securities	(1,382,000)	(2,511,000)
Proceeds from sale or redemption of marketable securities	10,967,000	2,089,000
Capital expenditures	(918,000)	(1,860,000)
Net cash provided by (used in) investing activities	8,667,000	(2,282,000)
Cash flows from financing activities:
Payment of Dividend	(9,354,000)	0
Net cash used in financing activities	(9,354,000)	0
Net increase in cash and cash equivalents	488,000	1,754,000
Cash and cash equivalents at beginning of year	11,561,000	9,807,000
Cash and equivalents at end of year	12,049,000	11,561,000
Cash paid during the year for:
Interest	129,000	77,000
Income taxes	7,000	15,000
Cash refund during the year for:
Income taxes	$ 176,000	$ 183,000

Investment in Morion, Inc.

12 Months Ended

Apr. 30, 2023

Schedule of Investments [Abstract]

Investment Holdings [Text Block]

10. Investment in Morion, Inc.

The Company has an investment in 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 accounted for its investment in Morion on the cost basis. During the fiscal years ended April 30, 2023 and 2022, the Company acquired product from Morion in the aggregate amount of approximately $196,000 and $215,000, respectively. During the fiscal years ended April 30, 2022, the Company sold product and training services to Morion in the aggregate amount of approximately $23,000, included in revenues in the consolidated statements of operations as part of the FEI-NY segment. During the fiscal year ended April 30, 2022, the Company received dividends from Morion in the amount of approximately $123,000, which is included in other income, net in the consolidated statements of operations as part of the FEI-NY segment. During the fiscal year ended April 30, 2023, the Company sold no product and training devices to Morion, and the Company received no dividends from Morion. Purchases of materials from Morion consist mainly of quartz crystal blanks which are used in the fabrication of quartz resonators. In the event that these items become unavailable from Morion, the Company is in the process of establishing alternate sources of supply. The Company is also capable of fabricating the crystal blanks in-house.

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 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.

As previously disclosed, in light of Morion’s relationship with Gazprombank, in 2020, the Company 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 OFAC. The Company’s voluntary disclosure to OFAC related solely to delays in collection of accounts receivable that exceeded then-applicable payment windows set forth in sanctions regulations and did not relate to any other type of payment or transaction. On February 17, 2021, the Company received a Cautionary Letter from OFAC indicating that OFAC has completed its review of the matter. According to OFAC, the Cautionary Letter was issued instead of pursuing a civil monetary penalty or taking other enforcement action.

Due to the Russia-Ukraine conflict and resulting sanctions, the future status of FEI’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 2022 Form 10-K, 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.

Right-of-Use Assets and Lease Liabilities (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
Lessee Operating Lease Liability Maturity Abstract
2024	$ 1,806
2025	1,832
2026	1,317
2027	937
2028	1,262
Thereafter	1,976
Total lease payments	9,130
Less imputed interest	(1,494)
Present value of future lease payments	7,636	$ 9,097
Less current obligations under leases	(1,753)	(1,744)
Long-term lease obligations	$ 5,883	$ 7,353

Product Warranties

12 Months Ended

Apr. 30, 2023

Product Warranties Disclosures [Abstract]

Product Warranty Disclosure [Text Block]

14. Product Warranties

The Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended. The Company establishes warranty reserves based on its product history, current information on repair costs and annual sales levels. As of April 30, 2023 and 2022, respectively, changes in the carrying amount of accrued product warranty costs, reported in accrued expenses on the consolidated balance sheets, were as follows (in thousands):

	2023			2022
Balance at beginning of year	$	519		$	439
Warranty costs incurred		(499	)		(587	)
Product warranty accrual		509			667
Balance at end of year	$	529		$	519

Property, Plant and Equipment, Net (Details) - USD ($)	12 Months Ended
Property, Plant and Equipment, Net (Details) - USD ($)	Apr. 30, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 2,400,000	$ 2,800,000
Cost of Property Repairs and Maintenance	$ 409,000	$ 677,000

Summary of Accounting Policies (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Revenue from External Customer [Line Items]
Revenue	$ 40,777	$ 48,296
Satellite Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	17,918	26,092
Government Non-Space Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	20,282	19,593
Other Commercial & Industrial Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	$ 2,577	$ 2,611

- Definition

+ References

+ Details

Contract (Liabilities) Assets (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($)	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Costs And Estimated Earnings In Excess Of Billings Net Abstract
Contract Assets	$ 10,009,000	$ 8,857,000	$ 14,460
Contract Liabilities	$ (18,586,000)	$ (11,098,000)	$ (12,512)

Product Warranties (Tables)

12 Months Ended

Apr. 30, 2023

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

As of April 30, 2023 and 2022, respectively, changes in the carrying amount of accrued product warranty costs, reported in accrued expenses on the consolidated balance sheets, were as follows (in thousands):

	2023			2022
Balance at beginning of year	$	519		$	439
Warranty costs incurred		(499	)		(587	)
Product warranty accrual		509			667
Balance at end of year	$	529		$	519

Inventories, Net (Tables)

12 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories, net, at April 30, 2023 and 2022, consisted of the following (in thousands):

	April 30, 2023		April 30, 2022
Raw Materials and Component Parts	$	12,460	$	11,683
Work in Progress		7,547		7,746
Finished Goods		519		477
	$	20,526	$	19,906