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.