Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2021 | Jul. 09, 2021 | Oct. 31, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | BUTLER NATIONAL CORP | ||
Entity Central Index Key | 0000015847 | ||
Trading Symbol | buks | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 75,366,749 | ||
Entity Public Float | $ 27,020,426 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock $.01 Par Value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
CURRENT ASSETS: | ||
Cash | $ 22,022 | $ 16,793 |
Accounts receivable, net of allowance for doubtful accounts | 1,961 | 2,784 |
Inventories | ||
Parts and raw materials | 4,829 | 5,134 |
Work in process | 3,657 | 3,419 |
Finished goods | 82 | 62 |
Total inventory, net of allowance | 8,568 | 8,615 |
Contract asset | 421 | 195 |
Prepaid expenses and other current assets | 1,496 | 1,620 |
Total current assets | 34,468 | 30,007 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Lease right-to-use asset | 3,099 | 44,349 |
Construction in progress | 1,170 | |
Land | 4,751 | 1,809 |
Building and improvements | 39,747 | 3,996 |
Aircraft | 9,138 | 8,511 |
Machinery and equipment | 4,253 | 4,093 |
Office furniture and fixtures | 10,699 | 8,533 |
Leasehold improvements | 4,032 | 4,032 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | 76,889 | 75,323 |
Accumulated depreciation | (20,519) | (20,577) |
Total property, plant and equipment | 56,370 | 54,746 |
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $8,041 at April 30, 2021 and $7,029 at April 30, 2020) | 8,211 | 6,483 |
OTHER ASSETS: | ||
Other assets (net of accumulated amortization of $10,886 at April 30, 2021 and $10,153 at April 30, 2020) | 2,872 | 3,546 |
Total other assets | 2,872 | 3,546 |
Total assets | 101,921 | 94,782 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 5,972 | 2,228 |
Current maturities of lease liability | 107 | 1,163 |
Accounts payable | 1,893 | 962 |
Contract liability | 5,798 | 2,189 |
Gaming facility mandated payment | 1,458 | 1,338 |
Compensation and compensated absences | 1,862 | 2,571 |
Income tax payable | 212 | 206 |
Other current liabilities | 265 | 274 |
Total current liabilities | 17,567 | 10,931 |
Long-term debt, net of current maturities | 39,816 | 3,211 |
Lease liability, net of current maturities | 2,759 | 42,211 |
Deferred tax liability | 400 | 625 |
Total long-term liabilities | 42,975 | 46,047 |
Total liabilities | 60,542 | 56,978 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.01: authorized 100,000,000 shares issued 79,070,382 shares, and outstanding 75,366,749 shares at April 30, 2021 and issued 77,719,677 shares, and outstanding 74,398,262 shares at April 30, 2020 | 790 | 777 |
Capital contributed in excess of par | 16,900 | 15,600 |
Treasury stock at cost, 3,703,633 shares at April 30, 2021 and 3,321,415 shares at April 30, 2020 | (1,909) | (1,713) |
Retained earnings | 19,580 | 18,147 |
Total Butler National Corporation's stockholders' equity | 35,361 | 32,811 |
Noncontrolling interest in BHCMC, LLC | 6,018 | 4,993 |
Total stockholders' equity | 41,379 | 37,804 |
Total liabilities and stockholders' equity | 101,921 | 94,782 |
Preferred Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | ||
Preferred Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Supplemental type certificates, accumulated amortization | $ 8,041 | $ 7,029 |
Other assets, accumulated amortization | $ 10,886 | $ 10,153 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 79,070,382 | 77,719,677 |
Common stock, shares outstanding (in shares) | 75,366,749 | 74,398,262 |
Treasury stock, shares (in shares) | 3,703,633 | 3,321,415 |
Preferred Class A [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, dividend rate | 9.80% | 9.80% |
Preferred stock, liquidation value | $ 100 | $ 100 |
Preferred stock, redemption value | $ 100 | $ 100 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Preferred Class B [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, dividend rate | 6.00% | 6.00% |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, redemption value | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
REVENUES: | ||
Revenues | $ 61,480 | $ 65,871 |
COSTS AND EXPENSES: | ||
Marketing and advertising | 3,752 | 4,095 |
Employee benefits | 2,571 | 2,606 |
Depreciation and amortization | 3,542 | 4,165 |
General, administrative and other | 8,208 | 8,298 |
Total costs and expenses | 55,580 | 57,565 |
OPERATING INCOME | 5,900 | 8,306 |
OTHER INCOME (EXPENSE): | ||
Interest expense | (3,138) | (4,368) |
Gain on sale of airplanes | 642 | |
Other | 7 | |
Total other income (expense) | (3,131) | (3,726) |
INCOME BEFORE INCOME TAXES | 2,769 | 4,580 |
PROVISION (BENEFIT) FOR INCOME TAXES | ||
Provision for income taxes | 536 | 1,594 |
Deferred income tax (benefit) | (225) | (260) |
NET INCOME | 2,458 | 3,246 |
Net (income) loss attributable to noncontrolling interest in BHCMC, LLC | (1,025) | 988 |
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION | $ 1,433 | $ 4,234 |
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share) | $ 0.02 | $ 0.06 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 74,144,957 | 68,622,527 |
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share) | $ 0.02 | $ 0.06 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 74,144,957 | 68,622,527 |
Professional Services [Member] | ||
REVENUES: | ||
Revenues | $ 30,205 | $ 28,283 |
COSTS AND EXPENSES: | ||
Cost of services and products | 14,214 | 15,516 |
Aerospace Products [Member] | ||
REVENUES: | ||
Revenues | 31,275 | 37,588 |
COSTS AND EXPENSES: | ||
Cost of services and products | $ 23,293 | $ 22,885 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Apr. 30, 2019 | 71,008,122 | 2,727,051 | |||||
Balance at Apr. 30, 2019 | $ 710 | $ 14,767 | $ (1,387) | $ 13,913 | $ 28,003 | $ 6,341 | $ 34,344 |
Issuance of stock benefit plan (in shares) | 1,711,555 | 1,711,555 | |||||
Issuance of stock benefit plan | $ 17 | 659 | 676 | $ 676 | |||
Stock repurchase (in shares) | 594,364 | ||||||
Stock repurchase | $ (326) | (326) | (326) | ||||
Restricted stock issued (in shares) | 5,000,000 | ||||||
Issuance of restricted stock to employees | $ 50 | 1,990 | 2,040 | 2,040 | |||
Deferred compensation, restricted stock | (1,816) | (1,816) | (1,816) | ||||
BHCMC distribution noncontrolling members | (360) | (360) | |||||
Net Income | 4,234 | 4,234 | (988) | 3,246 | |||
Balance (in shares) at Apr. 30, 2020 | 77,719,677 | 3,321,415 | |||||
Balance at Apr. 30, 2020 | $ 777 | 15,600 | $ (1,713) | 18,147 | 32,811 | 4,993 | $ 37,804 |
Issuance of stock benefit plan (in shares) | 1,400,705 | 1,400,705 | |||||
Issuance of stock benefit plan | $ 14 | 707 | 721 | $ 721 | |||
Stock repurchase (in shares) | 382,218 | 3,103,633 | |||||
Stock repurchase | $ (196) | (196) | $ (196) | ||||
Issuance of restricted stock to employees | |||||||
Deferred compensation, restricted stock | (1) | 593 | 592 | 592 | |||
Net Income | 1,433 | 1,433 | 1,025 | 2,458 | |||
Deferred compensation, restricted stock (in shares) | (50,000) | ||||||
Balance (in shares) at Apr. 30, 2021 | 79,070,382 | 3,703,633 | |||||
Balance at Apr. 30, 2021 | $ 790 | $ 16,900 | $ (1,909) | $ 19,580 | $ 35,361 | $ 6,018 | $ 41,379 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,458 | $ 3,246 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 5,856 | 6,357 |
Stock issued for benefit plan | 721 | 676 |
Deferred income tax (benefit) | (225) | (260) |
Gain on sale of airplanes | (642) | |
Share-based Payment Arrangement, Noncash Expense, Total | 592 | 224 |
Changes in operating assets and liabilities | ||
Accounts receivable | 823 | 481 |
Income tax receivable | 27 | |
Inventories | 47 | 270 |
Contract asset | (226) | 286 |
Prepaid expenses and other assets | 123 | 26 |
Accounts payable | 931 | (812) |
Increase (Decrease) in Contract with Customer, Liability | 3,609 | (1,050) |
Lease liability | (659) | |
Accrued liabilities | (709) | 907 |
Gaming facility mandated payment | 120 | 58 |
Income tax payable | 6 | 206 |
Other liabilities | (9) | 44 |
Net cash provided by operating activities | 13,458 | 10,044 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (6,992) | (3,165) |
Proceeds from sale of airplanes | 1,095 | |
Net cash used in investing activities | (6,992) | (2,070) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowings of long-term debt | 2,479 | 3,383 |
Repayments of long-term debt | (3,380) | (1,919) |
Payments on lease liability | (140) | (973) |
Repurchase of common stock | (196) | (326) |
Distribution to noncontrolling member | (360) | |
Net cash used in financing activities | (1,237) | (195) |
NET INCREASE IN CASH | 5,229 | 7,779 |
CASH, beginning of year | 16,793 | 9,014 |
CASH, end of year | 22,022 | 16,793 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 3,034 | 4,365 |
Income taxes paid | 535 | 1,360 |
NON CASH INVESTING AND FINANCING ACTIVITY | ||
Issuance of restricted stock to employees | 2,040 | |
Lease right-of-use assets and lease liability | 42,650 | |
Secured notes payable for purchase of leased assets, net | 41,205 | |
Lease right-of-use assets purchased | 38,622 | |
Lease liability for purchase of assets under lease | $ 39,709 |
Note 1 - Nature of Operations,
Note 1 - Nature of Operations, Organization and Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NATURE OF OPERATIONS, ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES: The accompanying consolidated financial statements include the accounts of Butler National Corporation (BNC) and its wholly-owned active subsidiaries, Avcon Industries, Inc., BCS Design, Inc., Butler National Service Corporation, Butler National Corporation-Tempe, Butler Avionics, Inc., Butler National, Inc., Butler Temporary Services, Inc., Kansas International Corporation, Kansas International DDC, LLC, and a majority owned subsidiary, BHCMC, LLC (collectively, The Company). These consolidated financial statements and related notes are presented in accordance with generally accepted accounting principles in the United States (“GAAP”), expressed in U.S. dollars. All amounts are in thousands, except share and par values, unless otherwise noted. All significant intercompany balances and transactions have been eliminated in consolidation. The fiscal year end of the Company is April 30. Avcon Industries, Inc. modifies business category aircraft at its Newton, Kansas facility. Modifications can include passenger-to-freighter configuration, addition of aerial photography capability, ISR modifications, and stability enhancing modifications. Butler Avionics, Inc. sells, installs and repairs avionics equipment (airplane radio equipment and flight control systems). Butler National, Inc. acquires airplanes, principally Learjets, to refurbish and sell. Butler Temporary Services, Inc. processes company payroll. Kansas International Corporation and Kansas International DDC, LLC own property. Butler National Corporation-Tempe is primarily engaged in the manufacture electronic upgrades for classic weapon control systems used by the military. Butler National Service Corporation is a management consulting and administrative services firm providing business planning and financial coordination to Indian tribes interested in owning and operating casinos under the terms of the Indian Gaming Regulatory Act of 1988. SIGNIFICANT ACCOUNTING POLICIES: a) Accounts receivable: Accounts receivable are carried on a gross basis, with no not no 90 b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may c) Inventories: Inventories are priced at the lower of cost, determined on a first first Inventory obsolescence is examined on a regular basis. When determining our estimate of obsolescence, we consider inventory that has been inactive for five April 30, 2021 2020 $691 $685 d) Property and Related Depreciation: Machinery and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided on a straight-line basis. The lives used for the significant items within each property classification range from 3 39 Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired are removed from the accounts and any resulting gains or losses are reflected as income or expense. e) Long-Lived Assets: The Company accounts for its long-lived assets in accordance with ASC Topic 360 10, 360 10 may no f) Other Assets: Our other asset account includes assets of $5,500 $5,927 $1,417, $914. $5,500 December 2024. December 15, 2024, 2039, 15 three fifteen Other assets net values are as follows: (dollars in thousands) 2021 2020 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,949 3,526 Privilege fee balance $ 1,551 $ 1,974 Intangible gaming equipment $ 5,927 $ 5,868 Less amortized costs 5,696 5,480 Intangible gaming equipment balance $ 231 $ 388 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,241 1,147 JET autopilot intellectual property balance $ 176 $ 270 g) Supplemental Type Certificates: Supplemental Type Certificates (STCs) are authorizations granted by the Federal Aviation Administration (FAA) for specific modification of a certain aircraft. The STC authorizes us to perform modifications, installations, and assemblies on applicable customer-owned aircraft. Costs incurred to obtain STCs are capitalized and subsequently amortized over seven (dollars in thousands) 2021 2020 Direct labor $ 3,387 $ 2,830 Direct materials 4,108 3,961 Consultant costs 2,983 1,922 Overhead 5,774 4,799 16,252 13,512 Less-amortized costs 8,041 7,029 STC balance $ 8,211 $ 6,483 h) Revenue Recognition: ASC Topic 606, Under ASC 606, five 1 A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party's rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer's intent and ability to pay the promised consideration. 2 At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third not 3 The transaction price is the amount that an entity allocates to the performance obligations identified in the contract and, therefore, represents the amount of revenue recognized as those performance obligations are satisfied. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. 4 Once a contract and associated performance obligations have been identified and the transaction price has been determined, ASC 606 5 Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control transfers either over time or at a point in time. Revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Aircraft modifications are performed under fixed-price contracts. Revenue from fixed-priced contracts are recognized on the percentage-of-completion method, measured by the direct labor incurred compared to total estimated direct labor. Revenue from Avionics products are recognized when shipped. Payment for these Avionics products is due within 30 Regarding warranties and returns, our products are special order and are not may not Gaming revenue is the gross gaming win as reported by the Kansas Lottery casino reporting systems, less the mandated payments by and for the State of Kansas. Electronic games-slots and table games revenue is the aggregate of gaming wins and losses. Liabilities are recognized for chips and "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to anticipated payout of progressive jackpots. Progressive gaming machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are deducted from revenue as the value of jackpots increase. Food, beverage, and other revenue is recorded when the service is received and paid. i) Slot Machine Jackpots: If the casino is not No j) Advanced Payments and Billings in Excess of Costs Incurred: We receive advances, performance-based payments and progress payment from customers which may k) Earnings Per Share: Earnings per common share is based on the weighted average number of common shares outstanding during the year. The computation of the Company basic and diluted earnings per common share is as follows: (in thousands, except share and per share data) 2021 2020 Net income attributable to Butler National Corporation $ 1,433 $ 4,234 Weighted average common shares outstanding 74,144,957 68,622,527 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 74,144,957 68,622,527 Potential common shares if all options were exercised and shares issued 74,144,957 68,622,527 Basic earnings per common share $ 0.02 $ 0.06 Diluted earnings per common share $ 0.02 $ 0.06 l) Stock-based Compensation: The Company accounts for stock-based compensation under ASC 718, Accounting for Stock-Based Compensation m) Income Taxes: The Company utilizes ASC 740, not n) Cash and Cash Equivalents: Cash and cash equivalents consist primarily of cash and investments in a money market fund. We consider all highly liquid investments with an original maturity of three may April 30, 2021 2020 $16,883 $12,509, o) Concentration of Credit Risk: We extend credit to customers based on an evaluation of their financial condition and collateral is not p) Research and Development: We invested in research and development activities. The amount invested in the year ended April 30, 2021 2020 $3,493 $2,404 q) In December 2019, 2019 12, 740 2019 12 740 2019 12 2022. In June 2016, 2016 13, 326 2016 13 November 2018, 2018 19, 326, 326 842, April 2019, 2019 04, 326, May 2019, 2019 05, 326 November 2019, 2019 11, 326, February 2020, 2020 02, 326 842 No. 119 2016 02, 842 March 2020, 2020 03, not 2016 13 2016 13. 2018 19, 2019 04, 2019 05, 2019 11, 2020 02, 2020 03 2016 13. first 2021 r) Reclassifications: Certain reclassifications within the financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 2 - Disaggregation of Reve
Note 2 - Disaggregation of Revenue | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. DISAGGREGATION OF REVENUE: In the following table, revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition. Year Ended April 30, 2021 Professional Services Aerospace Products Total Geographical Markets North America $ 30,205 $ 25,537 $ 55,742 Europe - 3,427 3,427 Asia - 1,332 1,332 Australia and Other - 979 979 $ 30,205 $ 31,275 $ 61,480 Major Product Lines Casino Gaming Revenues $ 26,811 $ - $ 26,811 Casino Non-Gaming Revenues 3,140 - 3,140 Professional Services 254 - 254 Aircraft Modification - 21,750 21,750 Aircraft Avionics - 2,583 2,583 Special Mission Electronics - 6,942 6,942 $ 30,205 $ 31,275 $ 61,480 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 19,280 $ 19,280 Goods or services transferred at a point of sale 30,205 11,995 42,200 $ 30,205 $ 31,275 $ 61,480 Year Ended April 30, 2020 Professional Services Aerospace Products Total Geographical Markets North America $ 28,283 $ 32,588 $ 60,871 Europe - 3,250 3,250 Asia - 7 7 Australia and Other - 1,743 1,743 $ 28,283 $ 37,588 $ 65,871 Major Product Lines Casino Gaming Revenues $ 24,246 $ - $ 24,246 Casino Non-Gaming Revenues 3,721 - 3,721 Professional Services 316 - 316 Aircraft Modification - 18,142 18,142 Aircraft Avionics - 5,396 5,396 Special Mission Electronics - 14,050 14,050 $ 28,283 $ 37,588 $ 65,871 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 16,313 $ 16,313 Goods or services transferred at a point of sale 28,283 21,275 49,558 $ 28,283 $ 37,588 $ 65,871 |
Note 3 - Accounts Receivable, N
Note 3 - Accounts Receivable, Net, Contract Asset and Contract Liability | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Text Block] | 3. ACCOUNTS RECEIVABLE, NET, CONTRACT ASSET AND CONTRACT LIABILITY: Accounts Receivables, net, contract asset and contract liability were as follows (in thousands): 2021 2020 Accounts Receivable, net $ 1,961 $ 2,784 Contract Asset 421 195 Contract Liability 5,798 2,189 Accounts Receivables, net consist of $1,961 $2,784 April 30, 2021 April 30, 2020, April 30, 2021 2020 $143 $143, $421 $195 April 30, 2021 2020. $226 2021, 2021 not no 2021 2020. April 30, 2021 2022. $3.6 2021, 2021, $2.1 April 30, 2020 2020, $2.7 April 30, 2019 |
Note 4 - Debt
Note 4 - Debt | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. DEBT: Principal amounts of debt at April 30, 2021 2020 Promissory Notes 2021 2020 Bank line of credit, available LOC $2.0 million interest at 3.65% due on demand, collateralized by a first and second position on all assets of the Company. - - $ - $ - Long-Term Debt Note payable, interest at 6.25% due January 2023, collateralized by an Aircraft Security Agreement. 1,138 1,706 Note payable, interest at 6.25%, due June 2024, collateralized by real estate. 202 224 Note payable, interest at 4.89% due May 2020, collateralized by all of BNSC's assets and compensation due under the State Management Contract, paid off in May 2020. - 104 Notes payable, interest at 4.5%, due April 2022, collateralized by equipment. 21 42 Note payable, interest at Libor plus 1.75% due March 2029, collateralized by real estate. 1,267 1,426 Note payable, interest at Libor plus 1.75% due March 2029 collateralized by real estate. 581 654 Note payable, interest at 5.32%, this note matures in December 2027, with a balloon payment of $19,250, collateralized by all of BHCMC's assets and compensation due under the State Management Contract. 34,417 - Note payable, interest at 5.83%, due December 2025, collateralized by all of BHCMC's assets and compensation due under the State Management Contract. 6,533 - Paycheck Protection Program loan, this loan advance was received for the aerospace segment. In May 2020 the Company returned these loan proceeds. - 1,283 Paycheck Protection Program loan, interest at 1%, this loan was received for the management services segment. In June 2021, the Company received notice of forgiveness from the Small Business Administration. 2,001 - 46,160 5,439 Less: Origination fees 372 - 45,788 5,439 Less: Current maturities 5,972 2,228 $ 39,816 $ 3,211 Maturities of long-term debt are as follows: Year Ending April 30 Amount 2022 $ 6,031 2023 3,940 2024 3,407 2025 3,409 2026 2,944 Thereafter 26,429 $ 46,160 |
Note 5 - Lease Right-to-use
Note 5 - Lease Right-to-use | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Finance Leases [Text Block] | 5. LEASE RIGHT-TO-USE: On May 1, 2019, 2016 02 842. 2016 02 We lease the casino as well as hangar and office space with initial lease terms of two five fifty April 30, 2021 April 30, 2020 Finance lease right-of-use assets $ 3,099 $ 44,349 Less accumulated depreciation 436 2,844 Total $ 2,663 $ 41,505 Future minimum lease payments for assets under capital leases at April 30, 2021 2022 $ 255 2023 249 2024 254 2025 129 2026 105 Thereafter 7,120 Total minimum lease payments 8,112 Less amount representing interest 5,246 Present value of net minimum lease payments 2,866 Less current maturities of finance lease liability 107 Finance lease liability, net of current maturities $ 2,759 Financial and Other Covenants We are in compliance with our covenants at April 30, 2021 |
Note 6 - Boot Hill Casino Build
Note 6 - Boot Hill Casino Building and Land Purchase | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Casino Building and Land Purchase [Text Block] | 6. Boot Hill Casino Building and Land Purchase : On December 19, 2020, $41,250, two $42,000. $400. 842, May 1, 2019. 805 50, 842 20 40 2, $2,628 Purchase price of casino building and related land $ 41,250 Note payable, collaterialized by all of BHCMC's assets and compensation due under the State Management Contract. The interest rate is 5.32%. This note matures in December 2027, with a balloon payment of $19,250. $ 35,000 Note payable, collaterialized by all of BHCMC's assets and compensation due under the State Management Contract. The interest rate is 5.83%. This note matures in December 2025. $ 7,000 Total $ 42,000 Lease right-to-use asset $ 41,250 Accumulated depreciation $ (4,169 ) Net $ 37,081 Lease liability $ 39,709 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES: Deferred taxes are determined based on the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provision of the enacted tax laws. Significant components of the Company's deferred tax liabilities and assets as of April 30, 2021 2020 April 30, 2021 April 30, 2020 Deferred tax liabilities: Depreciation and amortization $ (643 ) $ (760 ) Deferred compensation, restricted stock (521 ) (196 ) Total deferred tax liabilities (1,164 ) (956 ) Deferred tax assets: Accounts receivable allowance 39 39 Inventory and other allowances 187 185 Lease right-to-use 451 - Vacation accruals 37 65 Jackpot reserves 50 42 Total deferred tax assets 764 331 Less valuation allowance - - Net deferred tax liability $ (400 ) $ (625 ) The reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: April 30, 2021 April 30, 2020 Statutory federal income tax rate expense, net of noncontrolling interest 21.00 % 21.00 % State income tax, net of federal benefits 5.59 % 5.10 % Permanent tax 5.36 % 1.46 % Other -15.00 % -3.60 % 16.95 % 23.96 % Income tax expense: Deferred income tax (benefit) $ (225 ) $ (260 ) Current income tax 536 1,594 Total income tax expense $ 311 $ 1,334 Current income tax expense of $536 $1,594 $328 $1,151 $208 $443 April 30, 2021 2020 The Company believes that its income tax filing positions and deductions will be sustained on audit and does not no The Company files income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. The Company is no May 1, 2016 no |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. STOCKHOLDERS' EQUITY: Common Stock Transactions During the year ended April 30, 2021 1,400,705 $721 401 During the year ended April 30, 2020 1,711,555 $676 401 |
Note 9 - Stock Options and Ince
Note 9 - Stock Options and Incentive Plans | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. STOCK OPTIONS AND INCENTIVE PLANS In November 2016, 2016 may 12.5 On April 12, 2019, 2.5 April 11, 2024. $0.38 $950. March 17, 2020, 5.0 March 16, 2025. $0.41 $2.0 five No April 30, 2021, 50,000 no April 30, 2020. For the year ended April 30, 2021 2020 $592 $224, |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 10. STOCK REPURCHASE PROGRAM: The Board of Directors approved a stock purchase program authorizing the repurchase of up to $4,000 May 1, 2022. The table below provides information with respect to common stock purchases by the Company during the year ended April 30, 2021 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Program authorization $ 750 Shares purchased in prior periods 2,127,051 $ 0.31 2,127,051 $ 94 Increase in program authorization April 2019 (b) - $ - - $ 1,569 Quarter ended July 31, 2019 (a) 120,821 $ 0.35 120,821 $ 1,526 Increase in program authorization October 2019 (c) - - $ 3,301 Quarter ended October 31, 2019 (a) 206,050 $ 0.46 206,050 $ 3,206 Quarter ended January 31, 2020 (a) 267,468 $ 0.70 267,468 $ 3,019 Quarter ended April 30, 2020 (a) 25 $ 0.41 25 $ 3,019 Quarter ended July 31, 2020 (a) 212,000 $ 0.51 212,000 $ 2,911 Quarter ended October 31, 2020 (a) 152,915 $ 0.50 152,915 $ 2,835 Quarter ended January 31, 2021 (a) - $ - - $ 2,835 Quarter ended April 30, 2021 (a) 17,303 $ 0.65 17,303 $ 2,823 Total 3,103,633 $ 0.38 3,103,633 (a) These shares of common stock purchased were purchased through private transactions (b) Board of Directors increased program authorization from $750 $2,225 (c) Board of Directors increased program authorization from $2,225 $4,000 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES Litigation: From time to time we may not not July 16, 2021, not |
Note 12 - Related-party Transac
Note 12 - Related-party Transactions | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. RELATED-PARTY TRANSACTIONS: We paid consulting fees of $135 $135 April 30, 2021 2020 Included in accrued liabilities are $659 $748 April 30, 2021 2020 Included in other assets at April 30, 2021 2020 $780 In fiscal 2021 three $353, $503 $255 2021 $533, $743 $282, 2020 The policies and procedures for payment of goods and services for related transactions follow our normal course of business standards and require the necessary review and approval process as outlined in our Policies and Procedures manual and as set forth by our Compensation Committee. |
Note 13 - 401(k) Profit Sharing
Note 13 - 401(k) Profit Sharing Plan | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. 401 PROFIT SHARING PLAN: We have a defined contribution plan authorized under Section 401 thirty two may 100 6 100 2021 2020 $721 $676 |
Note 14 - Segment Reporting and
Note 14 - Segment Reporting and Sales by Major Customer | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. SEGMENT REPORTING AND SALES BY MAJOR CUSTOMER: Industry Segmentation Current Activities - two Aerospace Products: Aircraft Modifications principally includes the modification of customer and company owned business-size aircraft from passenger to freighter configuration, radar systems, addition of aerial photography capabilities, ISR modifications, and stability enhancing modifications for Learjet, Beechcraft, Cessna, and Dassault Falcon aircraft along with other specialized modifications. We provide these services through our subsidiary, Avcon Industries, Inc. ("Aircraft Modifications" or "Avcon"). Special mission electronics principally includes the manufacture, sale, and service of electronics upgrades for classic weapon control systems used on military aircraft and vehicles. We provide the products through our subsidiary, Butler National Corporation - Tempe, Arizona ("Avionics"). Butler Avionics sells, installs and repairs aircraft avionics equipment (airplane radio equipment and flight control systems). These systems are flight display systems which include intuitive touchscreen controls with large display to give users unprecedented access to high-resolution terrain mapping, graphical flight planning, geo-referenced charting, traffic display, satellite weather and much more. Butler Avionics is also recognized nationwide for its troubleshooting and repair work particularly on autopilot systems. Professional Services: Butler National Service Corporation ("BNSC") provides management services to the Boot Hill Casino, a "state-owned casino". BCS Design, Inc. provides licensed architectural services. These services include commercial and industrial building design. Year Ended April 30, 2021 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 29,951 $ 21,750 $ 2,583 $ 6,942 $ 254 $ 61,480 Interest expense 2,847 251 - 27 13 3,138 Depreciation and amortization 3,060 191 7 135 149 3,542 Year Ended April 30, 2020 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 27,967 $ 18,142 $ 5,396 $ 14,050 $ 316 $ 65,871 Interest expense 4,060 297 - 1 10 4,368 Gain on sale of airplanes - 642 - - - 642 Depreciation and amortization 3,740 168 8 111 138 4,165 Our Chief Operating Decision Maker (CODM) does not Major Customers: 10 2021 2020 Aerospace Products – one customer in 2021, two customers in 2020 10.6 % 32.6 % Professional Services - - In fiscal 2021 24.6% five 10.6% four 2.3% 6.2%. |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15 . FAIR VALUE MEASUREMENTS: The Company adopted ASC Topic 820 10 2009 820 10 1 3 820 10 three 820 10 Level 1 Level 2 not Level 3 no The following table presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis as of April 30, 2021 Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 45,788 $ 45,788 $ - $ - $ 45,788 $ 45,788 The following table presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis as of April 30, 2020 Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 5,439 $ 5,439 $ - $ - $ 5,439 $ 5,439 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Apr. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16 . SUBSEQUENT EVENTS In June 2021, $2,001 The Company evaluated its April 30, 2021 July 16, 2021, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounts Receivable [Policy Text Block] | a) Accounts receivable: Accounts receivable are carried on a gross basis, with no not no 90 |
Use of Estimates, Policy [Policy Text Block] | b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may |
Inventory, Policy [Policy Text Block] | c) Inventories: Inventories are priced at the lower of cost, determined on a first first Inventory obsolescence is examined on a regular basis. When determining our estimate of obsolescence, we consider inventory that has been inactive for five April 30, 2021 2020 $691 $685 |
Property, Plant and Equipment, Policy [Policy Text Block] | d) Property and Related Depreciation: Machinery and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided on a straight-line basis. The lives used for the significant items within each property classification range from 3 39 Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired are removed from the accounts and any resulting gains or losses are reflected as income or expense. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | e) Long-Lived Assets: The Company accounts for its long-lived assets in accordance with ASC Topic 360 10, 360 10 may no |
Other Assets Policy [Policy Text Block] | f) Other Assets: Our other asset account includes assets of $5,500 $5,927 $1,417, $914. $5,500 December 2024. December 15, 2024, 2039, 15 three fifteen Other assets net values are as follows: (dollars in thousands) 2021 2020 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,949 3,526 Privilege fee balance $ 1,551 $ 1,974 Intangible gaming equipment $ 5,927 $ 5,868 Less amortized costs 5,696 5,480 Intangible gaming equipment balance $ 231 $ 388 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,241 1,147 JET autopilot intellectual property balance $ 176 $ 270 |
Supplemental Type Certificates [Policy Text Block] | g) Supplemental Type Certificates: Supplemental Type Certificates (STCs) are authorizations granted by the Federal Aviation Administration (FAA) for specific modification of a certain aircraft. The STC authorizes us to perform modifications, installations, and assemblies on applicable customer-owned aircraft. Costs incurred to obtain STCs are capitalized and subsequently amortized over seven (dollars in thousands) 2021 2020 Direct labor $ 3,387 $ 2,830 Direct materials 4,108 3,961 Consultant costs 2,983 1,922 Overhead 5,774 4,799 16,252 13,512 Less-amortized costs 8,041 7,029 STC balance $ 8,211 $ 6,483 |
Revenue from Contract with Customer [Policy Text Block] | h) Revenue Recognition: ASC Topic 606, Under ASC 606, five 1 A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party's rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer's intent and ability to pay the promised consideration. 2 At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third not 3 The transaction price is the amount that an entity allocates to the performance obligations identified in the contract and, therefore, represents the amount of revenue recognized as those performance obligations are satisfied. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. 4 Once a contract and associated performance obligations have been identified and the transaction price has been determined, ASC 606 5 Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control transfers either over time or at a point in time. Revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Aircraft modifications are performed under fixed-price contracts. Revenue from fixed-priced contracts are recognized on the percentage-of-completion method, measured by the direct labor incurred compared to total estimated direct labor. Revenue from Avionics products are recognized when shipped. Payment for these Avionics products is due within 30 Regarding warranties and returns, our products are special order and are not may not Gaming revenue is the gross gaming win as reported by the Kansas Lottery casino reporting systems, less the mandated payments by and for the State of Kansas. Electronic games-slots and table games revenue is the aggregate of gaming wins and losses. Liabilities are recognized for chips and "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to anticipated payout of progressive jackpots. Progressive gaming machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are deducted from revenue as the value of jackpots increase. Food, beverage, and other revenue is recorded when the service is received and paid. |
Slot Machine Jackpots [Policy Text Block] | i) Slot Machine Jackpots: If the casino is not No |
Advanced Payments and Billings in Excess of Costs Incurred [Policy Text Block] | j) Advanced Payments and Billings in Excess of Costs Incurred: We receive advances, performance-based payments and progress payment from customers which may |
Earnings Per Share, Policy [Policy Text Block] | k) Earnings Per Share: Earnings per common share is based on the weighted average number of common shares outstanding during the year. The computation of the Company basic and diluted earnings per common share is as follows: (in thousands, except share and per share data) 2021 2020 Net income attributable to Butler National Corporation $ 1,433 $ 4,234 Weighted average common shares outstanding 74,144,957 68,622,527 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 74,144,957 68,622,527 Potential common shares if all options were exercised and shares issued 74,144,957 68,622,527 Basic earnings per common share $ 0.02 $ 0.06 Diluted earnings per common share $ 0.02 $ 0.06 |
Share-based Payment Arrangement [Policy Text Block] | l) Stock-based Compensation: The Company accounts for stock-based compensation under ASC 718, Accounting for Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | m) Income Taxes: The Company utilizes ASC 740, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | n) Cash and Cash Equivalents: Cash and cash equivalents consist primarily of cash and investments in a money market fund. We consider all highly liquid investments with an original maturity of three may April 30, 2021 2020 $16,883 $12,509, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | o) Concentration of Credit Risk: We extend credit to customers based on an evaluation of their financial condition and collateral is not |
Research and Development Expense, Policy [Policy Text Block] | p) Research and Development: We invested in research and development activities. The amount invested in the year ended April 30, 2021 2020 $3,493 $2,404 |
New Accounting Pronouncements, Policy [Policy Text Block] | q) In December 2019, 2019 12, 740 2019 12 740 2019 12 2022. In June 2016, 2016 13, 326 2016 13 November 2018, 2018 19, 326, 326 842, April 2019, 2019 04, 326, May 2019, 2019 05, 326 November 2019, 2019 11, 326, February 2020, 2020 02, 326 842 No. 119 2016 02, 842 March 2020, 2020 03, not 2016 13 2016 13. 2018 19, 2019 04, 2019 05, 2019 11, 2020 02, 2020 03 2016 13. first 2021 |
Reclassification, Comparability Adjustment [Policy Text Block] | r) Reclassifications: Certain reclassifications within the financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations, Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (dollars in thousands) 2021 2020 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,949 3,526 Privilege fee balance $ 1,551 $ 1,974 Intangible gaming equipment $ 5,927 $ 5,868 Less amortized costs 5,696 5,480 Intangible gaming equipment balance $ 231 $ 388 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,241 1,147 JET autopilot intellectual property balance $ 176 $ 270 |
Supplemental Type Certificates Capitalized Costs [Table Text Block] | (dollars in thousands) 2021 2020 Direct labor $ 3,387 $ 2,830 Direct materials 4,108 3,961 Consultant costs 2,983 1,922 Overhead 5,774 4,799 16,252 13,512 Less-amortized costs 8,041 7,029 STC balance $ 8,211 $ 6,483 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except share and per share data) 2021 2020 Net income attributable to Butler National Corporation $ 1,433 $ 4,234 Weighted average common shares outstanding 74,144,957 68,622,527 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 74,144,957 68,622,527 Potential common shares if all options were exercised and shares issued 74,144,957 68,622,527 Basic earnings per common share $ 0.02 $ 0.06 Diluted earnings per common share $ 0.02 $ 0.06 |
Note 2 - Disaggregation of Re_2
Note 2 - Disaggregation of Revenue (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended April 30, 2021 Professional Services Aerospace Products Total Geographical Markets North America $ 30,205 $ 25,537 $ 55,742 Europe - 3,427 3,427 Asia - 1,332 1,332 Australia and Other - 979 979 $ 30,205 $ 31,275 $ 61,480 Major Product Lines Casino Gaming Revenues $ 26,811 $ - $ 26,811 Casino Non-Gaming Revenues 3,140 - 3,140 Professional Services 254 - 254 Aircraft Modification - 21,750 21,750 Aircraft Avionics - 2,583 2,583 Special Mission Electronics - 6,942 6,942 $ 30,205 $ 31,275 $ 61,480 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 19,280 $ 19,280 Goods or services transferred at a point of sale 30,205 11,995 42,200 $ 30,205 $ 31,275 $ 61,480 Year Ended April 30, 2020 Professional Services Aerospace Products Total Geographical Markets North America $ 28,283 $ 32,588 $ 60,871 Europe - 3,250 3,250 Asia - 7 7 Australia and Other - 1,743 1,743 $ 28,283 $ 37,588 $ 65,871 Major Product Lines Casino Gaming Revenues $ 24,246 $ - $ 24,246 Casino Non-Gaming Revenues 3,721 - 3,721 Professional Services 316 - 316 Aircraft Modification - 18,142 18,142 Aircraft Avionics - 5,396 5,396 Special Mission Electronics - 14,050 14,050 $ 28,283 $ 37,588 $ 65,871 Contract Types / Revenue Recognition Timing Percentage of completion contracts $ - $ 16,313 $ 16,313 Goods or services transferred at a point of sale 28,283 21,275 49,558 $ 28,283 $ 37,588 $ 65,871 |
Note 3 - Accounts Receivable,_2
Note 3 - Accounts Receivable, Net, Contract Asset and Contract Liability (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | 2021 2020 Accounts Receivable, net $ 1,961 $ 2,784 Contract Asset 421 195 Contract Liability 5,798 2,189 |
Note 4 - Debt (Tables)
Note 4 - Debt (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Promissory Notes 2021 2020 Bank line of credit, available LOC $2.0 million interest at 3.65% due on demand, collateralized by a first and second position on all assets of the Company. - - $ - $ - Long-Term Debt Note payable, interest at 6.25% due January 2023, collateralized by an Aircraft Security Agreement. 1,138 1,706 Note payable, interest at 6.25%, due June 2024, collateralized by real estate. 202 224 Note payable, interest at 4.89% due May 2020, collateralized by all of BNSC's assets and compensation due under the State Management Contract, paid off in May 2020. - 104 Notes payable, interest at 4.5%, due April 2022, collateralized by equipment. 21 42 Note payable, interest at Libor plus 1.75% due March 2029, collateralized by real estate. 1,267 1,426 Note payable, interest at Libor plus 1.75% due March 2029 collateralized by real estate. 581 654 Note payable, interest at 5.32%, this note matures in December 2027, with a balloon payment of $19,250, collateralized by all of BHCMC's assets and compensation due under the State Management Contract. 34,417 - Note payable, interest at 5.83%, due December 2025, collateralized by all of BHCMC's assets and compensation due under the State Management Contract. 6,533 - Paycheck Protection Program loan, this loan advance was received for the aerospace segment. In May 2020 the Company returned these loan proceeds. - 1,283 Paycheck Protection Program loan, interest at 1%, this loan was received for the management services segment. In June 2021, the Company received notice of forgiveness from the Small Business Administration. 2,001 - 46,160 5,439 Less: Origination fees 372 - 45,788 5,439 Less: Current maturities 5,972 2,228 $ 39,816 $ 3,211 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending April 30 Amount 2022 $ 6,031 2023 3,940 2024 3,407 2025 3,409 2026 2,944 Thereafter 26,429 $ 46,160 |
Note 5 - Lease Right-to-use (Ta
Note 5 - Lease Right-to-use (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Lessee, Finance Lease, Right of Use Assets [Table Text Block] | April 30, 2021 April 30, 2020 Finance lease right-of-use assets $ 3,099 $ 44,349 Less accumulated depreciation 436 2,844 Total $ 2,663 $ 41,505 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | 2022 $ 255 2023 249 2024 254 2025 129 2026 105 Thereafter 7,120 Total minimum lease payments 8,112 Less amount representing interest 5,246 Present value of net minimum lease payments 2,866 Less current maturities of finance lease liability 107 Finance lease liability, net of current maturities $ 2,759 |
Note 6 - Boot Hill Casino Bui_2
Note 6 - Boot Hill Casino Building and Land Purchase (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Casino Building and Land Purchase Price and Lease Allocation [Table Text Block] | Purchase price of casino building and related land $ 41,250 Note payable, collaterialized by all of BHCMC's assets and compensation due under the State Management Contract. The interest rate is 5.32%. This note matures in December 2027, with a balloon payment of $19,250. $ 35,000 Note payable, collaterialized by all of BHCMC's assets and compensation due under the State Management Contract. The interest rate is 5.83%. This note matures in December 2025. $ 7,000 Total $ 42,000 Lease right-to-use asset $ 41,250 Accumulated depreciation $ (4,169 ) Net $ 37,081 Lease liability $ 39,709 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | April 30, 2021 April 30, 2020 Deferred tax liabilities: Depreciation and amortization $ (643 ) $ (760 ) Deferred compensation, restricted stock (521 ) (196 ) Total deferred tax liabilities (1,164 ) (956 ) Deferred tax assets: Accounts receivable allowance 39 39 Inventory and other allowances 187 185 Lease right-to-use 451 - Vacation accruals 37 65 Jackpot reserves 50 42 Total deferred tax assets 764 331 Less valuation allowance - - Net deferred tax liability $ (400 ) $ (625 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | April 30, 2021 April 30, 2020 Statutory federal income tax rate expense, net of noncontrolling interest 21.00 % 21.00 % State income tax, net of federal benefits 5.59 % 5.10 % Permanent tax 5.36 % 1.46 % Other -15.00 % -3.60 % 16.95 % 23.96 % Income tax expense: Deferred income tax (benefit) $ (225 ) $ (260 ) Current income tax 536 1,594 Total income tax expense $ 311 $ 1,334 |
Note 10 - Stock Repurchase Pr_2
Note 10 - Stock Repurchase Program (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Program authorization $ 750 Shares purchased in prior periods 2,127,051 $ 0.31 2,127,051 $ 94 Increase in program authorization April 2019 (b) - $ - - $ 1,569 Quarter ended July 31, 2019 (a) 120,821 $ 0.35 120,821 $ 1,526 Increase in program authorization October 2019 (c) - - $ 3,301 Quarter ended October 31, 2019 (a) 206,050 $ 0.46 206,050 $ 3,206 Quarter ended January 31, 2020 (a) 267,468 $ 0.70 267,468 $ 3,019 Quarter ended April 30, 2020 (a) 25 $ 0.41 25 $ 3,019 Quarter ended July 31, 2020 (a) 212,000 $ 0.51 212,000 $ 2,911 Quarter ended October 31, 2020 (a) 152,915 $ 0.50 152,915 $ 2,835 Quarter ended January 31, 2021 (a) - $ - - $ 2,835 Quarter ended April 30, 2021 (a) 17,303 $ 0.65 17,303 $ 2,823 Total 3,103,633 $ 0.38 3,103,633 |
Note 14 - Segment Reporting a_2
Note 14 - Segment Reporting and Sales by Major Customer (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended April 30, 2021 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 29,951 $ 21,750 $ 2,583 $ 6,942 $ 254 $ 61,480 Interest expense 2,847 251 - 27 13 3,138 Depreciation and amortization 3,060 191 7 135 149 3,542 Year Ended April 30, 2020 Gaming Aircraft Modification Aircraft Avionics Special Mission Electronics Other Total Revenues from customers $ 27,967 $ 18,142 $ 5,396 $ 14,050 $ 316 $ 65,871 Interest expense 4,060 297 - 1 10 4,368 Gain on sale of airplanes - 642 - - - 642 Depreciation and amortization 3,740 168 8 111 138 4,165 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2021 2020 Aerospace Products – one customer in 2021, two customers in 2020 10.6 % 32.6 % Professional Services - - |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 45,788 $ 45,788 $ - $ - $ 45,788 $ 45,788 Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 5,439 $ 5,439 $ - $ - $ 5,439 $ 5,439 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations, Organization and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Duration after Which Invoices Are Considered to Be Doubtful (Day) | 90 days | |
Duration During Which Inventory If Inactive Taken as Obsolete (Year) | 5 years | |
Inventory Valuation Reserves, Ending Balance | $ 691 | $ 685 |
Period for Payment Due (Day) | 30 days | |
Cash, Uninsured Amount | $ 16,883 | 12,509 |
Research and Development Expense, Total | 3,493 | 2,404 |
Kansas Expanded Lottery Act Management Contract Privilege Fee [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | 5,500 | 5,500 |
Gaming Equipment [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 5,927 | 5,868 |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |
JET Autopilot Intellectual Property [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 1,417 | $ 1,417 |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Other Miscellaneous Long-Term Assets [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 914 | |
Supplemental Type Certificates [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 39 years |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Kansas Expanded Lottery Act Management Contract Privilege Fee [Member] | ||
Other assets intangible | $ 5,500 | $ 5,500 |
Less amortized costs | 3,949 | 3,526 |
Other assets net intangible, net | 1,551 | 1,974 |
Gaming Equipment [Member] | ||
Other assets intangible | 5,927 | 5,868 |
Less amortized costs | 5,696 | 5,480 |
Other assets net intangible, net | 231 | 388 |
JET Autopilot Intellectual Property [Member] | ||
Other assets intangible | 1,417 | 1,417 |
Less amortized costs | 1,241 | 1,147 |
Other assets net intangible, net | $ 176 | $ 270 |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Supplemental Type Certificates Capitalized Costs (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Direct labor | $ 3,387 | $ 2,830 |
Direct materials | 4,108 | 3,961 |
Consultant costs | 2,983 | 1,922 |
Overhead | 5,774 | 4,799 |
Supplemental Type Certificates, Capitalized Gross | 16,252 | 13,512 |
Supplemental type certificates, accumulated amortization | 8,041 | 7,029 |
STC balance | $ 8,211 | $ 6,483 |
Note 1 - Nature of Operations_6
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Net income attributable to Butler National Corporation | $ 1,433 | $ 4,234 |
Weighted average common shares outstanding (in shares) | 74,144,957 | 68,622,527 |
Dilutive effect of non-qualified stock option plans (in shares) | ||
Weighted average common shares outstanding, assuming dilution (in shares) | 74,144,957 | 68,622,527 |
Potential common shares if all options were exercised and shares issued (in shares) | 74,144,957 | 68,622,527 |
Basic earnings per common share (in dollars per share) | $ 0.02 | $ 0.06 |
Diluted earnings per common share (in dollars per share) | $ 0.02 | $ 0.06 |
Note 2 - Disaggregation of Re_3
Note 2 - Disaggregation of Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Revenues | $ 61,480 | $ 65,871 |
Percentage of Completion Contracts [Member] | ||
Revenues | 19,280 | 16,313 |
Transferred at Point in Time [Member] | ||
Revenues | 42,200 | 49,558 |
Casino [Member] | ||
Revenues | 26,811 | 24,246 |
Casino Non-gaming [Member] | ||
Revenues | 3,140 | 3,721 |
Professional Services [Member] | ||
Revenues | 254 | 316 |
Aircraft Modification [Member] | ||
Revenues | 21,750 | 18,142 |
Aircraft Avionics [Member] | ||
Revenues | 2,583 | 5,396 |
Special Mission Electronics [Member] | ||
Revenues | 6,942 | 14,050 |
North America [Member] | ||
Revenues | 55,742 | 60,871 |
Europe [Member] | ||
Revenues | 3,427 | 3,250 |
Asia [Member] | ||
Revenues | 1,332 | 7 |
Australia and Other [Member] | ||
Revenues | 979 | 1,743 |
Professional Services [Member] | ||
Revenues | 30,205 | 28,283 |
Professional Services [Member] | Percentage of Completion Contracts [Member] | ||
Revenues | ||
Professional Services [Member] | Transferred at Point in Time [Member] | ||
Revenues | 30,205 | 28,283 |
Professional Services [Member] | Casino [Member] | ||
Revenues | 26,811 | 24,246 |
Professional Services [Member] | Casino Non-gaming [Member] | ||
Revenues | 3,140 | 3,721 |
Professional Services [Member] | Professional Services [Member] | ||
Revenues | 254 | 316 |
Professional Services [Member] | Aircraft Modification [Member] | ||
Revenues | ||
Professional Services [Member] | Aircraft Avionics [Member] | ||
Revenues | ||
Professional Services [Member] | Special Mission Electronics [Member] | ||
Revenues | ||
Professional Services [Member] | North America [Member] | ||
Revenues | 30,205 | 28,283 |
Professional Services [Member] | Europe [Member] | ||
Revenues | ||
Professional Services [Member] | Asia [Member] | ||
Revenues | ||
Professional Services [Member] | Australia and Other [Member] | ||
Revenues | ||
Aerospace Products [Member] | ||
Revenues | 31,275 | 37,588 |
Aerospace Products [Member] | Percentage of Completion Contracts [Member] | ||
Revenues | 19,280 | 16,313 |
Aerospace Products [Member] | Transferred at Point in Time [Member] | ||
Revenues | 11,995 | 21,275 |
Aerospace Products [Member] | Casino [Member] | ||
Revenues | ||
Aerospace Products [Member] | Casino Non-gaming [Member] | ||
Revenues | ||
Aerospace Products [Member] | Professional Services [Member] | ||
Revenues | ||
Aerospace Products [Member] | Aircraft Modification [Member] | ||
Revenues | 21,750 | 18,142 |
Aerospace Products [Member] | Aircraft Avionics [Member] | ||
Revenues | 2,583 | 5,396 |
Aerospace Products [Member] | Special Mission Electronics [Member] | ||
Revenues | 6,942 | 14,050 |
Aerospace Products [Member] | North America [Member] | ||
Revenues | 25,537 | 32,588 |
Aerospace Products [Member] | Europe [Member] | ||
Revenues | 3,427 | 3,250 |
Aerospace Products [Member] | Asia [Member] | ||
Revenues | 1,332 | 7 |
Aerospace Products [Member] | Australia and Other [Member] | ||
Revenues | $ 979 | $ 1,743 |
Note 3 - Accounts Receivable,_3
Note 3 - Accounts Receivable, Net, Contract Asset and Contract Liability (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Accounts Receivable, after Allowance for Credit Loss, Total | $ 1,961 | $ 2,784 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 143 | 143 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 421 | 195 |
Increase (Decrease) in Contract with Customer, Asset | 226 | (286) |
Increase (Decrease) in Contract with Customer, Liability | 3,609 | (1,050) |
Contract with Customer, Liability, Revenue Recognized | $ 2,100 | $ 2,700 |
Note 3 - Accounts Receivable,_4
Note 3 - Accounts Receivable, Net, Contract Asset and Contract Liability - Accounts Receivable, Net, Contract Asset and Contract Liability (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Accounts Receivable, net | $ 1,961 | $ 2,784 |
Contract Asset | 421 | 195 |
Contract Liability | $ 5,798 | $ 2,189 |
Note 4 - Debt - Schedule of Deb
Note 4 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Long-Term Debt | ||
Notes payable | $ 46,160 | $ 5,439 |
Less: Origination fees | 372 | |
Long-term Debt, Total | 45,788 | 5,439 |
Less: Current maturities | 5,972 | 2,228 |
Long-term Debt, Excluding Current Maturities, Total | 39,816 | 3,211 |
Note Collateralized by Real Estate [Member] | ||
Line of Credit, Current | ||
Long-Term Debt | ||
Long-term Debt, Excluding Current Maturities, Total | 5 | 5 |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | ||
Long-Term Debt | ||
Notes payable | 1,138 | 1,706 |
Note Collateralized by Real Estate Due June 2024 [Member] | ||
Long-Term Debt | ||
Notes payable | 202 | 224 |
Note Collateralized by BNSC's Assets and Compensation due under State Management Contract Due May 2020 [Member] | ||
Long-Term Debt | ||
Notes payable | 104 | |
Note Collateralized by Equipment Due April 2022 [Member] | ||
Long-Term Debt | ||
Notes payable | 21 | 42 |
Note One Collateralized by Real Estate Due March 2029 [Member] | ||
Long-Term Debt | ||
Notes payable | 1,267 | 1,426 |
Note Two Collateralized by Real Estate Due March 2029 [Member] | ||
Long-Term Debt | ||
Notes payable | 581 | 654 |
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2027 [Member] | ||
Long-Term Debt | ||
Notes payable | 34,417 | |
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2025 [Member] | ||
Long-Term Debt | ||
Notes payable | 6,533 | |
Paycheck Protection Program CARES Act [Member] | Aerospace Products [Member] | ||
Long-Term Debt | ||
Notes payable | 1,283 | |
Paycheck Protection Program CARES Act [Member] | Professional Services [Member] | ||
Long-Term Debt | ||
Notes payable | $ 2,001 |
Note 4 - Debt - Schedule of D_2
Note 4 - Debt - Schedule of Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | ||
Interest rate | 6.25% | 6.25% |
Maturity date | Jan. 31, 2023 | Jan. 31, 2023 |
Note Collateralized by Real Estate Due June 2024 [Member] | ||
Interest rate | 6.25% | 6.25% |
Maturity date | Jun. 30, 2024 | Jun. 30, 2024 |
Note Collateralized by Equipment Due April 2022 [Member] | ||
Interest rate | 4.50% | 4.50% |
Maturity date | Apr. 30, 2022 | Apr. 30, 2022 |
Note One Collateralized by Real Estate Due March 2029 [Member] | ||
Maturity date | Mar. 31, 2029 | Mar. 31, 2019 |
Note One Collateralized by Real Estate Due March 2029 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Basis spread | 1.75% | 1.75% |
Note Two Collateralized by Real Estate Due March 2029 [Member] | ||
Maturity date | Mar. 31, 2029 | Mar. 31, 2029 |
Note Two Collateralized by Real Estate Due March 2029 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Basis spread | 1.75% | 1.75% |
Note Collateralized by Real Estate [Member] | ||
Borrowing capacity | $ 2,000 | $ 2,000 |
Basis spread | 3.65% | 3.65% |
Note Collateralized by BNSC's Assets and Compensation due under State Management Contract Due May 2020 [Member] | ||
Interest rate | 4.89% | 4.89% |
Maturity date | May 1, 2020 | May 1, 2020 |
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2027 [Member] | ||
Interest rate | 5.32% | |
Maturity date | Dec. 31, 2027 | |
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2025 [Member] | ||
Interest rate | 5.83% | |
Maturity date | Dec. 31, 2025 | |
Paycheck Protection Program CARES Act [Member] | Professional Services [Member] | ||
Interest rate | 1.00% |
Note 4 - Debt - Maturities of L
Note 4 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
2022 | $ 6,031 | |
2023 | 3,940 | |
2024 | 3,407 | |
2025 | 3,409 | |
2026 | 2,944 | |
Thereafter | 26,429 | |
Long-term Debt, Gross | $ 46,160 | $ 5,439 |
Note 5 - Lease Right-to-use (De
Note 5 - Lease Right-to-use (Details Textual) | Apr. 30, 2021 |
Casino, Hangar, and Office Space, Three [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 50 years |
Casino, Hangar, and Office Space, One [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 2 years |
Casino, Hangar, and Office Space, Two [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 5 years |
Note 5 - Lease Right-to-use - F
Note 5 - Lease Right-to-use - Finance Lease Right-of-use Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Dec. 19, 2020 | Apr. 30, 2020 |
Lease right-to-use asset | $ 3,099 | $ 41,250 | $ 44,349 |
Less accumulated depreciation | 436 | 4,169 | 2,844 |
Net | $ 2,663 | $ 37,081 | $ 41,505 |
Note 5 - Lease Right-to-use -_2
Note 5 - Lease Right-to-use - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Dec. 19, 2020 | Apr. 30, 2020 |
2022 | $ 255 | ||
2023 | 249 | ||
2024 | 254 | ||
2025 | 129 | ||
2026 | 105 | ||
Thereafter | 7,120 | ||
Total minimum lease payments | 8,112 | ||
Less amount representing interest | 5,246 | ||
Present value of net minimum lease payments | 2,866 | $ 39,709 | |
Less current maturities of finance lease liability | 107 | $ 1,163 | |
Finance lease liability, net of current maturities | $ 2,759 | $ 42,211 |
Note 6 - Boot Hill Casino Bui_3
Note 6 - Boot Hill Casino Building and Land Purchase (Details Textual) $ in Thousands | Dec. 19, 2020USD ($) |
Payments to Acquire Building and Related Land | $ 41,250 |
Number of Notes | 2 |
Finance Lease, Adjustment, Carrying Amount of Assets | $ 2,628 |
Secured Debt [Member] | |
Notes Payable, Total | 42,000 |
Debt Issuance Costs, Net, Total | $ 400 |
Note 6 - Boot Hill Casino Bui_4
Note 6 - Boot Hill Casino Building and Land Purchase - Lease liability (Details) - USD ($) $ in Thousands | Dec. 19, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Purchase price of casino building and related land | $ 41,250 | ||
Lease right-to-use asset | 41,250 | $ 3,099 | $ 44,349 |
Accumulated depreciation | (4,169) | (436) | (2,844) |
Net | 37,081 | 2,663 | $ 41,505 |
Lease liability | 39,709 | $ 2,866 | |
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2027 [Member] | |||
Note, payable | 35,000 | ||
Notes Collateralized by BHCMC's Assets and Compensation Due under State Management Contract Due December 2025 [Member] | |||
Note, payable | 7,000 | ||
Secured Debt [Member] | |||
Note, payable | $ 42,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Current Income Tax Expense (Benefit), Total | $ 536 | $ 1,594 |
Current Federal Tax Expense (Benefit) | 328 | 1,151 |
Current State and Local Tax Expense (Benefit) | 208 | $ 443 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Deferred tax liabilities: | ||
Depreciation and amortization | $ (643) | $ (760) |
Deferred compensation, restricted stock | (521) | (196) |
Total deferred tax liabilities | (1,164) | (956) |
Deferred tax assets: | ||
Accounts receivable allowance | 39 | 39 |
Inventory and other allowances | 187 | 185 |
Lease right-to-use | 451 | |
Vacation accruals | 37 | 65 |
Jackpot reserves | 50 | 42 |
Total deferred tax assets | 764 | 331 |
Less valuation allowance | ||
Net deferred tax liability | $ (400) | $ (625) |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Statutory federal income tax rate expense, net of noncontrolling interest | 21.00% | 21.00% |
State income tax, net of federal benefits | 5.59% | 5.10% |
Permanent tax | 5.36% | 1.46% |
Other | 15.00% | 3.60% |
Effective Income Tax Rate Reconciliation, Percent, Total | 16.95% | 23.96% |
PROVISION (BENEFIT) FOR INCOME TAXES | ||
Deferred income tax (benefit) | $ (225) | $ (260) |
Current Income Tax Expense (Benefit), Total | 536 | 1,594 |
Total income tax expense | $ 311 | $ 1,334 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Stock Issued During Period, Shares, Employee Benefit Plan (in shares) | 1,400,705 | 1,711,555 |
Stock Issued During Period, Value, Employee Benefit Plan | $ 721 | $ 676 |
Note 9 - Stock Options and In_2
Note 9 - Stock Options and Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 17, 2020 | Apr. 12, 2019 | Apr. 30, 2021 | Apr. 30, 2020 | Nov. 30, 2016 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 2,040 | ||||
Share-based Payment Arrangement, Noncash Expense, Total | $ 592 | $ 224 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 12,500,000 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 2,000 | $ 950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,000,000 | 2,500,000 | |||
Share Price (in dollars per share) | $ 0.41 | $ 0.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 50,000 | 0 |
Note 10 - Stock Repurchase Pr_3
Note 10 - Stock Repurchase Program (Details Textual) - USD ($) $ in Thousands | Apr. 30, 2021 | Oct. 31, 2019 | Oct. 01, 2019 | Apr. 30, 2019 | Apr. 30, 2018 |
Stock Repurchase Program, Authorized Amount | $ 4,000 | $ 4,000 | $ 2,225 | $ 2,225 | $ 750 |
Note 10 - Stock Repurchase Pr_4
Note 10 - Stock Repurchase Program - Schedule of Stock Purchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||||||||
Apr. 30, 2019 | Apr. 30, 2021 | [1] | Jan. 31, 2021 | [1] | Oct. 31, 2020 | [1] | Jul. 31, 2020 | [1] | Apr. 30, 2020 | [1] | Jan. 31, 2020 | [1] | Oct. 31, 2019 | Jul. 31, 2019 | [1] | Apr. 30, 2021 | Apr. 30, 2019 | Dec. 31, 2016 | ||||
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 94 | $ 2,823 | $ 2,835 | $ 2,835 | $ 2,911 | $ 3,019 | $ 3,019 | $ 3,206 | [1] | $ 1,526 | $ 2,823 | [1] | $ 94 | $ 750 | ||||||||
Number of Shares Purchased (in shares) | 17,303 | 152,915 | 212,000 | 25 | 267,468 | 206,050 | [1] | 120,821 | 3,103,633 | 2,127,051 | ||||||||||||
Average Price Paid per Share (in dollars per share) | $ 0.65 | $ 0.50 | $ 0.51 | $ 0.41 | $ 0.70 | $ 0.46 | [1] | $ 0.35 | $ 0.38 | $ 0.31 | ||||||||||||
Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in shares) | 17,303 | 152,915 | 212,000 | 25 | 267,468 | 206,050 | [1] | 120,821 | 3,103,633 | 2,127,051 | ||||||||||||
Increase in program authorization, Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 1,569 | [2] | $ 3,301 | [3] | ||||||||||||||||||
[1] | These shares of common stock purchased were purchased through private transactions | |||||||||||||||||||||
[2] | Board of Directors increased program authorization from $750 to $2,225 | |||||||||||||||||||||
[3] | Board of Directors increased program authorization from $2,225 to $4,000 |
Note 12 - Related-party Trans_2
Note 12 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Director David Hayden [Member] | Consulting Fees [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 135 | $ 135 |
Chief Executive Officer [Member] | ||
Accrued Liabilities, Current, Total | 659 | 748 |
BHCMC, LLC [Member] | ||
Accounts Receivable, Related Parties, Current | 780 | 780 |
Wayne Stewart [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 353 | 533 |
Craig Stewart [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 503 | 743 |
Jeff Shinkle [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 255 | $ 282 |
Note 13 - 401(k) Profit Shari_2
Note 13 - 401(k) Profit Sharing Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Number of Days of Service Eligible to Participate in Plan (Day) | 30 days | |
Number of Entry Dates per Calendar Year to Participate in Plan | 2 | |
Defined Contribution Plan Matching Contribution, as Percent of Every Pretax Dollar | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Cost | $ 721 | $ 676 |
Note 14 - Segment Reporting a_3
Note 14 - Segment Reporting and Sales by Major Customer (Details Textual) | 12 Months Ended |
Apr. 30, 2021 | |
Number of Operating Segments | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | The Five Aerospace Customers [Member] | |
Concentration Risk, Percentage | 24.60% |
Number of Major Customers | 5 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Customer [Member] | |
Concentration Risk, Percentage | 10.60% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Minimum [Member] | |
Concentration Risk, Percentage | 2.30% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Maximum [Member] | |
Concentration Risk, Percentage | 6.20% |
Note 14 - Segment Reporting a_4
Note 14 - Segment Reporting and Sales by Major Customer - Professional Services (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Revenues | $ 61,480 | $ 65,871 |
Interest expense | 3,138 | 4,368 |
Depreciation and amortization | 3,542 | 4,165 |
Gain on sale of airplanes | 642 | |
Gaming [Member] | ||
Revenues | 29,951 | 27,967 |
Interest expense | 2,847 | 4,060 |
Depreciation and amortization | 3,060 | 3,740 |
Gain on sale of airplanes | ||
Aircraft Modification [Member] | ||
Revenues | 21,750 | 18,142 |
Interest expense | 251 | 297 |
Depreciation and amortization | 191 | 168 |
Gain on sale of airplanes | 642 | |
Aircraft Avionics [Member] | ||
Revenues | 2,583 | 5,396 |
Interest expense | ||
Depreciation and amortization | 7 | 8 |
Gain on sale of airplanes | ||
Special Mission Electronics [Member] | ||
Revenues | 6,942 | 14,050 |
Interest expense | 27 | 1 |
Depreciation and amortization | 135 | 111 |
Gain on sale of airplanes | ||
Product and Service, Other [Member] | ||
Revenues | 254 | 316 |
Interest expense | 13 | 10 |
Depreciation and amortization | $ 149 | 138 |
Gain on sale of airplanes |
Note 14 - Segment Reporting a_5
Note 14 - Segment Reporting and Sales by Major Customer - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Top Customer [Member] | ||
Aerospace Products – one customer in 2021, two customers in 2020 | 10.60% | |
Aerospace Products [Member] | Top Customer [Member] | ||
Aerospace Products – one customer in 2021, two customers in 2020 | 10.60% | 32.60% |
Professional Services [Member] | ||
Aerospace Products – one customer in 2021, two customers in 2020 |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Long-term debt | $ 45,788 | $ 5,439 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 45,788 | 5,439 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Long-term debt | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Long-term debt | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Long-term debt | 45,788 | 5,439 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 45,788 | $ 5,439 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) $ in Thousands | 1 Months Ended |
Jun. 30, 2021USD ($) | |
Professional Services [Member] | Paycheck Protection Program CARES Act [Member] | Subsequent Event [Member] | |
Debt Instrument, Decrease, Forgiveness | $ 2,001 |