? Revenue Recognition ? The Company recognizes revenue when control of the promised goods or services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Companys primary performance obligation to its customers is the production of finished goods electronic assembly products pursuant to purchase orders. The Company has concluded that control of the products it sells and transfers to its customers and an enforceable right to receive payment is customarily established at the point in time when the finished goods are shipped to its customers, or in some cases delivered pursuant to the specified shipping terms of each customer arrangement. With respect to consignment arrangements, control transfers and revenue is recognized at the point in time when the goods are shipped to the customer from the consignment location or when delivered to the customer (pursuant to agreed upon shipping terms). In those limited instances where finished goods delivered to the customer location are stored in a segregated area which are not controlled by the customer (title transfer, etc.) until they are pulled from the segregated area and consumed by the Companys customer, revenue is recognized upon consumption. For tooling services, the Companys performance obligation is satisfied at the point in time when the customer takes possession of dies or molds. For engineering, design, and testing services, the Companys performance obligations are satisfied over time as the respective services are rendered as its customers NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued ? Revenue Recognition - Continued ? simultaneously derive value from the Companys performance. From the time that a customer purchase order is received and contract is established, the Companys performance obligations are typically fulfilled within a few weeks. The Company does not have any performance obligations that require more than one year to fulfill. ? Each customer purchase order sets forth the transaction price for the products and services purchased under that arrangement. The Company evaluates the credit worthiness of its customers and exercises judgment to recognize revenue based upon the amount the Company expects to be paid for each sales transaction it enters into with its customers. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon the Companys customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. ? The Companys typical payment terms are 30 days and its sales arrangements do not contain any significant financing component for its customers. The Companys customer arrangements do not generate contract assets or liabilities that are material to the consolidated financial statements. The Company generally provides a warranty for workmanship, unless the assembly was designed by the Company, in which case it warrants assembly/design. The Company assembles and tests assemblies based on customers specifications prior to shipment. Historically, the amount of returns for workmanship issues has been de minimis under the Companys standard or extended warranties. The Company does not provide its customers the option to purchase additional warranties and, therefore, the Companys warranties are not considered a separate service or performance obligation. ? The Company utilizes the practical expedient to treat shipping and handling activities after the customer obtains control as fulfillment activities. The Company records shipping and handling costs as selling and administrative expenses and costs are accrued when revenue is recognized. ? The Company pays sales commissions to its sales representatives which may be considered as incremental costs to obtain a contract. However, since the recoverability period is less than one year, the Company utilizes the practical expedient provided by the new revenue recognition accounting standard that allows an entity to expense the costs of obtaining a contract as incurred. ? During the twelve months of fiscal year 2019, no revenues were recognized from performance obligations satisfied or partially satisfied in previous periods and no amounts were allocated to performance obligations that remain unsatisfied or partially unsatisfied at April 30, 2019. The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in ASU 2014-09,  Revenue from Contracts with Customers. The Company had no material remaining unsatisfied performance obligations as of April 30, 2019, with an expected duration of greater than one year. ? The following table presents the Companys revenue disaggregated by the principal end-user markets it serves: ? ? ? ? Year Ended April 30, Year Ended April 30, ? Net trade sales by end-market 2019 2018 ? Industrial Electronics $ 160,435,562 $ 152,166,932 ? Consumer Electronics 115,099,199 112,480,023 ? Medical / Life Sciences 15,019,190 13,484,754 ? Total Net Trade Sales $ 290,553,951 $ 278,131,709 ? ?