10-Q Filing

BUTLER NATIONAL CORP CIK: 15847 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001437749-18-017044`
Period End Date	20180731
Filing Date	20180914
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	buks-20180731.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 102 Income Statement 38 Cash Flow Statement 50

Balance Sheet 102 line items

Line Item	Tag	Value	Unit	Period
Supplemental type certificates, accumulated amortization	`SupplementalTypeCertificatesAccumulatedAmortization`	$5.38M	USD	Point-in-time
Supplemental type certificates, accumulated amortization	`SupplementalTypeCertificatesAccumulatedAmortization`	$5.16M	USD	Point-in-time
Cash	`Cash`	$5.90M	USD	Point-in-time
Other assets, accumulated amortization	`AccumulatedAmortizationOtherAssets`	$8.21M	USD	Point-in-time
Other assets, accumulated amortization	`AccumulatedAmortizationOtherAssets`	$8.48M	USD	Point-in-time
Cash	`Cash`	$6.39M	USD	Point-in-time
Cash	`Cash`	$7.35M	USD	Point-in-time
Cash	`Cash`	$7.54M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.23M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.11M	USD	Point-in-time
Income tax receivable, net	`IncomeTaxesReceivable`	$31.00K	USD	Point-in-time
Income tax receivable, net	`IncomeTaxesReceivable`	$219.00K	USD	Point-in-time
Parts and raw materials	`InventoryRawMaterialsNetOfReserves`	$5.86M	USD	Point-in-time
Parts and raw materials	`InventoryRawMaterialsNetOfReserves`	$6.26M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$1.22M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$1.23M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$26.00K	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$27.00K	USD	Point-in-time
Total inventory, net of allowance	`InventoryNet`	$7.51M	USD	Point-in-time
Total inventory, net of allowance	`InventoryNet`	$7.12M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$5.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$978.00K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$5.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.75M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$18.78M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Land and building	`LandAndBuildingGross`	$5.23M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Land and building	`LandAndBuildingGross`	$5.23M	USD	Point-in-time
Aircraft	`FlightEquipmentOwned`	$6.16M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	66.20M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	66.20M	shares	Point-in-time
Aircraft	`FlightEquipmentOwned`	$6.16M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$3.92M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$3.94M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	64.74M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	64.72M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	1.48M	shares	Point-in-time
Office furniture and fixtures	`FurnitureAndFixturesGross`	$6.66M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	1.45M	shares	Point-in-time
Office furniture and fixtures	`FurnitureAndFixturesGross`	$6.72M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$4.03M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$4.03M	USD	Point-in-time
PropertyPlantAndEquipmentGross	`PropertyPlantAndEquipmentGross`	$26.09M	USD	Point-in-time
PropertyPlantAndEquipmentGross	`PropertyPlantAndEquipmentGross`	$26.00M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.72M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.98M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$10.10M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$10.28M	USD	Point-in-time
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $5,384 at July 31, 2018 and $5,164 at April 30, 2018)	`IntangibleAssetsNetExcludingGoodwill`	$6.52M	USD	Point-in-time
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $5,384 at July 31, 2018 and $5,164 at April 30, 2018)	`IntangibleAssetsNetExcludingGoodwill`	$6.60M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNet`	$193.00K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNet`	$193.00K	USD	Point-in-time
Other assets (net of accumulated amortization of $8,485 at July 31, 2018 and $8,213 at April 30, 2018)	`OtherAssetsNoncurrent`	$5.59M	USD	Point-in-time
Other assets (net of accumulated amortization of $8,485 at July 31, 2018 and $8,213 at April 30, 2018)	`OtherAssetsNoncurrent`	$5.32M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$5.51M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$5.78M	USD	Point-in-time
Total assets	`Assets`	$41.43M	USD	Point-in-time
Total assets	`Assets`	$41.88M	USD	Point-in-time
Promissory notes	`LinesOfCreditCurrent`	$2.39M	USD	Point-in-time
Promissory notes	`LinesOfCreditCurrent`	$1.68M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.55M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.21M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$2.74M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$1.40M	USD	Point-in-time
Gaming facility mandated payment	`GamingFacilityMandatedPayment`	$937.00K	USD	Point-in-time
Gaming facility mandated payment	`GamingFacilityMandatedPayment`	$1.22M	USD	Point-in-time
Compensation and compensated absences	`EmployeeRelatedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Compensation and compensated absences	`EmployeeRelatedLiabilitiesCurrent`	$1.44M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$223.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$162.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.31M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT MATURITIES	`LongTermDebtNoncurrent`	$1.74M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT MATURITIES	`LongTermDebtNoncurrent`	$1.39M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.16M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $.01: authorized 100,000,000 shares issued 66,196,854 and outstanding 64,718,040 shares at July 31, 2018 and issued 66,196,854 and outstanding 64,743,317 shares at April 30, 2018	`CommonStockValueOutstanding`	$662.00K	USD	Point-in-time
Common stock, par value $.01: authorized 100,000,000 shares issued 66,196,854 and outstanding 64,718,040 shares at July 31, 2018 and issued 66,196,854 and outstanding 64,743,317 shares at April 30, 2018	`CommonStockValueOutstanding`	$662.00K	USD	Point-in-time
Capital contributed in excess of par	`AdditionalPaidInCapital`	$14.23M	USD	Point-in-time
Capital contributed in excess of par	`AdditionalPaidInCapital`	$14.23M	USD	Point-in-time
Treasury stock at cost, 1,478,814 shares at July 31, 2018 and 1,453,537 shares at April 30, 2018	`TreasuryStockValue`	$951.00K	USD	Point-in-time
Treasury stock at cost, 1,478,814 shares at July 31, 2018 and 1,453,537 shares at April 30, 2018	`TreasuryStockValue`	$957.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.57M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.06M	USD	Point-in-time
Total stockholders' equity Butler National Corporation	`StockholdersEquity`	$24.00M	USD	Point-in-time
Total stockholders' equity Butler National Corporation	`StockholdersEquity`	$24.50M	USD	Point-in-time
Noncontrolling interest in BHCMC, LLC	`MinorityInterest`	$5.68M	USD	Point-in-time
Noncontrolling interest in BHCMC, LLC	`MinorityInterest`	$5.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$30.18M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$29.27M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$41.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$41.88M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$11.65M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.40M	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$853.00K	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$975.00K	USD	1 Quarter
Employee benefits	`EmployeeBenefitsAndShareBasedCompensation`	$505.00K	USD	1 Quarter
Employee benefits	`EmployeeBenefitsAndShareBasedCompensation`	$476.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$388.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$482.00K	USD	1 Quarter
General, administrative and other	`OtherGeneralAndAdministrativeExpense`	$1.32M	USD	1 Quarter
General, administrative and other	`OtherGeneralAndAdministrativeExpense`	$1.69M	USD	1 Quarter
Total costs and expenses	`OperatingCostsAndExpenses`	$11.00M	USD	1 Quarter
Total costs and expenses	`OperatingCostsAndExpenses`	$12.50M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$901.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$646.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$86.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$70.00K	USD	1 Quarter
Refund of sales/use tax	`RefundOfTax`	$279.00K	USD	1 Quarter
Refund of sales/use tax	`RefundOfTax`	-	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-86.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$209.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$560.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.11M	USD	1 Quarter
Provision for income taxes	`CurrentIncomeTaxExpenseBenefit`	$134.00K	USD	1 Quarter
Provision for income taxes	`CurrentIncomeTaxExpenseBenefit`	$188.00K	USD	1 Quarter
NET INCOME	`ProfitLoss`	$922.00K	USD	1 Quarter
NET INCOME	`ProfitLoss`	$426.00K	USD	1 Quarter
Net income attributable to noncontrolling interest in BHCMC, LLC	`NetIncomeLossAttributableToNoncontrollingInterest`	$188.00K	USD	1 Quarter
Net income attributable to noncontrolling interest in BHCMC, LLC	`NetIncomeLossAttributableToNoncontrollingInterest`	$413.00K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION	`NetIncomeLoss`	$238.00K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION	`NetIncomeLoss`	$509.00K	USD	1 Quarter
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.54B	shares	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.74B	shares	1 Quarter
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.54B	shares	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.74B	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$922.00K	USD	1 Quarter
Net income	`ProfitLoss`	$426.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfSupplementalTypeCertificates`	$750.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfSupplementalTypeCertificates`	$894.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$118.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-314.00K	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-188.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$218.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$391.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$220.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$462.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-288.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-66.00K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$1.34M	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$306.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-181.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-199.00K	USD	1 Quarter
Gaming facility mandated payment	`IncreaseDecreaseInGamingFacilityMandatedPayment`	$-282.00K	USD	1 Quarter
Gaming facility mandated payment	`IncreaseDecreaseInGamingFacilityMandatedPayment`	$-374.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$61.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$69.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$932.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.54M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$227.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$730.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-227.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-730.00K	USD	1 Quarter
Repayments of promissory notes, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-76.00K	USD	1 Quarter
Repayments of promissory notes, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-711.00K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$403.00K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$614.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$6.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-690.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.12M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$192.00K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$-488.00K	USD	1 Quarter
CASH, beginning of period	`Cash`	$5.90M	USD	Point-in-time
CASH, beginning of period	`Cash`	$6.39M	USD	Point-in-time
CASH, beginning of period	`Cash`	$7.35M	USD	Point-in-time
CASH, beginning of period	`Cash`	$7.54M	USD	Point-in-time
CASH, end of period	`Cash`	$5.90M	USD	Point-in-time
CASH, end of period	`Cash`	$6.39M	USD	Point-in-time
CASH, end of period	`Cash`	$7.35M	USD	Point-in-time
CASH, end of period	`Cash`	$7.54M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$86.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$71.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.