Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2019 | Jul. 24, 2019 | Oct. 31, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AMREP CORP. | ||
Entity Central Index Key | 0000006207 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock | ||
Entity Address, Country | PA | ||
Entity Public Float | $ 29,560,483 | ||
Trading Symbol | AXR | ||
Entity Common Stock, Shares Outstanding | 8,136,904 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 13,267 | $ 10,851 |
Cash and cash equivalents - restricted | 969 | 0 |
Real estate inventory | 57,773 | 58,874 |
Investment assets | 17,227 | 17,725 |
Other assets | 6,475 | 594 |
Taxes receivable, net | 283 | 764 |
Deferred income taxes, net | 4,536 | 2,965 |
Assets of discontinued operations | 0 | 14,452 |
TOTAL ASSETS | 100,530 | 106,225 |
Liabilities: | ||
Accounts payable and accrued expenses | 2,964 | 2,767 |
Notes payable, net | 1,319 | 1,843 |
Other liabilities and deferred revenue | 0 | 134 |
Accrued pension costs | 6,401 | 9,051 |
Liabilities of discontinued operations | 0 | 5,300 |
TOTAL LIABILITIES | 10,684 | 19,095 |
Commitments and contingencies (Note 12) | 0 | 0 |
Shareholders' Equity: | ||
Common stock, $.10 par value; shares authorized – 20,000,000; shares issued – 8,353,154 at April 30, 2019 and 8,323,954 at April 30, 2018 | 835 | 832 |
Capital contributed in excess of par value | 51,205 | 50,922 |
Retained earnings | 49,052 | 47,525 |
Accumulated other comprehensive loss, net | (7,031) | (7,934) |
Treasury stock, at cost – 225,250 shares at April 30, 2019 and 2018 | (4,215) | (4,215) |
TOTAL SHAREHOLDERS' EQUITY | 89,846 | 87,130 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 100,530 | $ 106,225 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Apr. 30, 2019 | Apr. 30, 2018 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,353,154 | 8,323,954 |
Treasury stock, shares | 225,250 | 225,250 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
REVENUES: | ||
Real estate land sales | $ 12,313 | $ 8,439 |
Other | 518 | 488 |
Revenues | 12,831 | 8,927 |
COSTS AND EXPENSES: | ||
Real estate land sales | 10,775 | 6,061 |
Real estate operating expenses | 990 | 1,652 |
General and administrative: | ||
Real estate operations | 625 | 578 |
Corporate operations | 3,589 | 3,474 |
Interest expense | 25 | 5 |
Costs and Expenses | 16,004 | 11,770 |
Loss from continuing operations before income taxes | (3,173) | (2,843) |
Benefit for income taxes | (708) | (279) |
Loss from continuing operations | (2,465) | (2,564) |
Income from discontinued operations, net of income taxes (Note 2) | 3,992 | 2,802 |
Net income | $ 1,527 | $ 238 |
Continuing operations | $ (0.30) | $ (0.32) |
Discontinued operations | 0.49 | 0.35 |
Earnings per share, net | $ 0.19 | $ 0.03 |
Weighted average number of common shares outstanding – basic | 8,099 | 8,073 |
Weighted average number of common shares outstanding – diluted | 8,145 | 8,104 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Net income | $ 1,527 | $ 238 |
Other comprehensive income, net of tax: | ||
Decrease in pension liability, net of tax ($396 in 2019 and $569 in 2018) | 903 | 1,306 |
Other comprehensive income | 903 | 1,306 |
Total comprehensive income | $ 2,430 | $ 1,544 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | $ 396 | $ 569 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Contributed in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, at Cost [Member] |
Balance at Apr. 30, 2017 | $ 85,356 | $ 830 | $ 50,694 | $ 47,287 | $ (9,240) | $ (4,215) |
Balance (in shares) at Apr. 30, 2017 | 8,303 | |||||
Issuance of restricted common stock | 179 | $ 3 | 176 | 0 | 0 | 0 |
Issuance of restricted common stock (in shares) | 26 | |||||
Forfeitures of restricted common stock | (29) | $ (1) | (28) | 0 | 0 | 0 |
Forfeitures of restricted common stock (in shares) | (5) | |||||
Issuance of deferred common stock units | 80 | $ 0 | 80 | 0 | 0 | 0 |
Issuance of deferred common stock units (in shares) | 0 | |||||
Net income | 238 | $ 0 | 0 | 238 | 0 | 0 |
Other comprehensive income | 1,306 | 0 | 0 | 0 | 1,306 | 0 |
Balance at Apr. 30, 2018 | 87,130 | $ 832 | 50,922 | 47,525 | (7,934) | (4,215) |
Balance (in shares) at Apr. 30, 2018 | 8,324 | |||||
Issuance of restricted common stock | 206 | $ 3 | 203 | 0 | 0 | 0 |
Issuance of restricted common stock (in shares) | 29 | |||||
Issuance of deferred common stock units | 80 | $ 0 | 80 | 0 | 0 | 0 |
Issuance of deferred common stock units (in shares) | 0 | |||||
Net income | 1,527 | $ 0 | 0 | 1,527 | 0 | 0 |
Other comprehensive income | 903 | 0 | 0 | 0 | 903 | 0 |
Balance at Apr. 30, 2019 | $ 89,846 | $ 835 | $ 51,205 | $ 49,052 | $ (7,031) | $ (4,215) |
Balance (in shares) at Apr. 30, 2019 | 8,353 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,527 | $ 238 |
Income from discontinued operations | 3,992 | 2,802 |
(Loss) from continuing operations | (2,465) | (2,564) |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 606 | 509 |
Amortization of debt issuance costs | 25 | 0 |
Non-cash credits and charges: | ||
Stock-based compensation | 231 | 177 |
Deferred income tax (benefit) provision | (299) | 636 |
Net periodic pension cost | 649 | 729 |
Changes in assets and liabilities: | ||
Real estate inventory and investment assets | 1,110 | (2,783) |
Other assets | (436) | 18 |
Accounts payable and accrued expenses | 196 | 1,369 |
Taxes receivable and payable | 481 | (911) |
Other liabilities and deferred revenue | (134) | 1,650 |
Accrued pension costs | (2,000) | (1,040) |
Total adjustments | 429 | 354 |
Net cash (used in) operating activities of continuing operations | (2,036) | (2,210) |
Net cash provided by operating activities of discontinued operations | 2,628 | 2,741 |
Net cash provided by operating activities | 592 | 531 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from corporate-owned life insurance policy | 85 | 0 |
Capital expenditures | (8) | (52) |
Net cash provided by (used in) investing activities of continuing operations | 77 | (52) |
Net cash provided by (used in) investing activities of discontinued operations | 75 | (87) |
Net cash provided by (used in) investing activities | 152 | (139) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from debt financing | 3,121 | 1,887 |
Principal debt payments | (3,624) | 0 |
Payments for debt issuance costs | (46) | (49) |
Net cash (used in) provided by financing activities | (549) | 1,838 |
Increase in cash, cash equivalents and restricted cash | 195 | 2,230 |
Cash, cash equivalents, beginning of year | 14,041 | 11,811 |
Cash, cash equivalents and restricted cash, end of year | 14,236 | 14,041 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes (refunded) paid, net | (248) | 7 |
Deferred purchase price (see Note 2) | $ 5,636 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (collectively, the “Company”). The Company, through its subsidiaries, is primarily engaged in one business segment: the real estate business. The Company has no foreign sales. All significant intercompany accounts and transactions have been eliminated in consolidation. Prior to April 26, 2019, the Company had been engaged in the fulfillment services business. The fulfillment services business performed fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers. On April 26, 2019, the Company’s fulfillment services business was sold. Results of the Company’s fulfillment services business are retrospectively reported as discontinued operations in the accompanying consolidated financial statements for all periods presented. Prior year information has been adjusted to conform to the current year presentation. Unless otherwise stated, the information disclosed in the footnotes accompanying the consolidated financial statements refers to continuing operations. See Note 2 – Discontinued Operations for more information regarding results from discontinued operations. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year. Certain 2018 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity. Fiscal year The Company’s fiscal year ends on April 30. All references to 2019 and 2018 mean the fiscal years ended April 30, 2019 and 2018, unless the context otherwise indicates. Revenue recognition Real estate sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. Cost of land sales includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the relative sales value of the property. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. The Company may enter into leases with tenants with respect to property or buildings it owns. Base rental payments from tenants are recognized as revenue monthly over the term of the lease. Additional rent related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses is recognized as revenue in the period the expenses are incurred. Cash and cash equivalents Cash equivalents consist of highly liquid investments that have an original maturity of ninety days or less when purchased and are readily convertible into cash. Restricted cash consists of cash deposits with a bank that are restricted due to two Subdivision Improvement Agreements with the City of Rio Rancho, New Mexico. Reclassifications In connection with the sale of the Company’s fulfillment services business, certain real property previously classified as property, plant and equipment but currently rented to the fulfillment services business has been reclassified on the consolidated balance sheets as investment assets in the periods presented. These reclassifications have no effect on previously reported net income or retained earnings. Real estate inventory Real estate inventory includes land and improvements on land held for future development or sale. The Company accounts for its real estate inventory in accordance with ASC 360-10. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Real estate inventory held for future development or sale is stated at accumulated cost and is evaluated and reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Provisions for impairment are recorded when undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of the assets. For real estate projects under development, an estimate of future cash flows on an undiscounted basis is determined using estimated future expenditures necessary to complete such projects and using management’s best estimates about sales prices and holding periods. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize impairment charges in the future. Investment assets Investment assets consist of (i) investment land, which represents vacant, undeveloped land not held for development or sale in the normal course of business, and (ii) real estate assets that are leased to third parties. Investment assets are stated at the lower of cost or net realizable value. Depreciation of investment assets is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements. Impairment of long-lived assets Long-lived assets consist of real estate being leased to third parties and are accounted for in accordance with ASC 360-10. Long-lived assets are evaluated and tested for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Asset impairment tests are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. The evaluation of operating asset groups includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and general and administrative expenses. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. Share-based compensation The Company accounts for awards of restricted stock and deferred stock units in accordance with ASC 718-10, which requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Compensation expense for awards of restricted stock and deferred stock units are based on the fair value of the awards at their grant dates. Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares outstanding during each year. Unvested restricted shares of common stock (see Note 10) are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. Unvested restricted shares of common stock are included in diluted earnings per share if they are dilutive. Deferred stock units (see Note 10) are included in both basic and diluted earnings per share computations. Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of the plan’s year-end statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income (loss). Comprehensive income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income is the total of net income or loss and other comprehensive income that, for the Company, consists solely of the minimum pension liability net of the related deferred income tax effect. Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates that affect the financial statements include, but are not limited to, (i) real estate cost of sales calculations, which are based on land development budgets and estimates of costs to complete; (ii) cash flows, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets and assets held for sale; (iii) actuarially determined benefit obligation and other pension plan accounting and disclosures; (iv) risk assessment of uncertain tax positions; and (v) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates. Discontinued operations The Company records discontinued operations when the disposal of a separately identified business unit constitutes a strategic shift in the Company’s operations, as defined in Accounting Standards Codification (“ASC”) Topic 205-20, Discontinued Operations (“ASC Topic 205-20”). Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases , the FASB has issued additional ASUs providing further guidance for lease transactions (collectively “ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Upon adoption of ASU 2016-02, the Company will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 will be effective for the Company for fiscal year 2020 beginning May 1, 2019. The adoption of ASU 2016-02 by the Company is not expected to have a material effect on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 reduces the diversity in practice regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows, including classifying proceeds from company-owned life insurance proceeds as an investing activity. ASU 2016-15 was effective for the Company’s fiscal year beginning May 1, 2018. The Company received life insurance proceeds of $85,000 during 2018, which is reflected in the accompanying Consolidated Statement of Cash Flows as an investing activity. The income associated with the life insurance proceeds was recognized in various years prior to 2019. In January 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits the reclassification to retained earnings of certain tax effects resulting from the U.S. Tax Cuts and Jobs Act related to items in accumulated other comprehensive income. ASU 2018-02 may be applied retrospectively to each period in which the effect of the U.S. Tax Cuts and Jobs Act is recognized or may be applied in the period of adoption. ASU 2018-02 will be effective for the Company’s fiscal year 2020 beginning May 1, 2019. The Company has determined it will not elect to reclassify such tax effects, and as such, the adoption of ASU 2018-02 will not have an effect on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) – Improvements to Nonemployee Share-based Payment Accounting . ASU 2018-07 addresses several aspects of the accounting for nonemployee share-based payment transactions, including share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 will be effective for the Company’s fiscal year 2020 beginning May 1, 2019. The adoption of ASU 2018-07 by the Company is not expected to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds and modifies certain disclosure requirements for fair value measurements. Under the new guidance, entities will no longer be required to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, or valuation processes for Level 3 fair value measurements. However, public business entities will be required to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and related changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 will be effective for the Company’s fiscal year 2021 beginning May 1, 2020. The Company is currently evaluating the impact that this guidance will have on the Company’s consolidated financial statements. There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements. |
DISCONTINUED OPERATIONS_
DISCONTINUED OPERATIONS: | 12 Months Ended |
Apr. 30, 2019 | |
Discontinued Operations Disclosure [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | (2) DISCONTINUED OPERATIONS : On April 26, 2019, Palm Coast Data Holdco, Inc. (“Seller”), a wholly owned subsidiary of the Company, entered into a membership interest purchase agreement (the “Purchase Agreement”) with Studio Membership Services, LLC (“Buyer”). The closing of the transactions contemplated by the Purchase Agreement occurred on April 26, 2019 (the “Closing Date”). Pursuant to the Purchase Agreement, Buyer acquired the Company’s fulfillment services business through the purchase from Seller of all of the membership interests (the “Membership Interests”) of Palm Coast Data LLC (“PCDLLC”) (which included PCDLLC’s wholly owned subsidiary FulCircle Media, LLC) and Media Data Resources, LLC (PCDLLC, FulCircle Media, LLC and Media Data Resources, LLC are collectively referred to herein as the “Target Group”). Pursuant to ASC 205-20, “Presentation of Financial Statements - Discontinued Operations”, the membership interests sold are reported as discontinued operations in the accompanying financial statements. The purchase price for the Membership Interests was $1,000,000, which was paid by Buyer to Seller on the Closing Date. In addition, substantially all of the intercompany amounts of the Target Group due to or from the Company and its direct and indirect subsidiaries (not including the Target Group) were eliminated through offsets, releases and capital contributions. Buyer and Seller provided customary indemnifications under the Purchase Agreement and provided each other with customary representations, warranties and covenants. In connection with the Purchase Agreement, PCDLLC entered into two triple net lease agreements, each dated as of the Closing Date (each, a “Lease Agreement” and, together, the “Lease Agreements”), pursuant to which PCDLLC has agreed to lease (1) from Two Commerce LLC (“TC”), a subsidiary of the Company, a 61,000 square foot facility located in Palm Coast, Florida, and (2) from Commerce Blvd Holdings, LLC (“CBH”), a subsidiary of the Company, a 143,000 square foot facility in Palm Coast, Florida. Pursuant to each Lease Agreement, all structural, mechanical, maintenance and other costs associated with the applicable facility being leased are the responsibility of PCDLLC. The term of each Lease Agreement is 10 years. At the option of PCDLLC, the expiration date of each Lease Agreement may be accelerated (1) to the date PCDLLC pays the applicable landlord an amount equal to the present value of all future rent calculated as of the proposed expiration date or (2) to a date within 30 days after the sixth anniversary of the Closing Date if PCDLLC pays the applicable landlord an amount equal to 90% of the present value of all future rent calculated as of the proposed expiration date. Pursuant to the Lease Agreements, PCDLLC will pay to TC and CBH the aggregate annual rent set forth below, which is payable in equal monthly installments in each of the applicable years, subject to a waiver of the payment of rent attributable to the month of May 2019. Year Aggregate Annual Rent under 1 $ 1,900,000 2 $ 1,941,500 3 $ 1,985,328 4 $ 2,041,564 5 $ 2,105,294 6 $ 2,181,604 7 $ 2,260,585 8 $ 2,342,331 9 $ 2,426,937 10 $ 2,514,505 The gain before income taxes recorded on the sale of the Company’s fulfillment services business was $2,506,000 and consisted of the following: · closing consideration of $1,000,000 in cash; · deferred purchase price of $5,636,000 based on the present value of the portion of the lease rates in the lease agreements that exceeded estimated current market rates. The deferred purchase price is included in Other assets in the accompanying consolidated balance sheet as of April 30, 2019 (see Note 5) and will be amortized as payments from the tenant are received over the term of the lease agreements; · the net book value of the Membership Interests was $3,939,000; and · transaction costs of $191,000. The following table provides a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations noted above to the assets and liabilities classified as discontinued operations in the accompanying balance sheets (in thousands, April 30, 2018 Carrying amounts of major classes of assets included as part of discontinued operations: Cash and cash equivalents $ 3,190 Receivables, net 5,875 Deferred income taxes 1,900 Property and equipment, net 1,645 Other assets 1,842 Assets of discontinued operations $ 14,452 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable, accrued expenses and other liabilities $ 4,745 Taxes payable 555 Liabilities of discontinued operations $ 5,300 The following table provides a reconciliation of the carrying amounts of components of pretax income of the discontinued operations to the amounts reported in the accompanying consolidated statements of operations (in thousands): April 30, 2019 2018 Components of pretax income from discontinued operations: Revenues $ 26,847 $ 31,251 Operating expenses 23,813 23,594 General and administrative expenses 1,281 1,306 Interest expense 2 52 Gain on sale of the fulfillment services business 2,506 - Income from discontinued operations before income taxes 4,257 6,299 Provision for income taxes 265 3,497 Income from discontinued operations $ 3,992 $ 2,802 The following is a reconciliation of the Company’s cash and cash equivalents from the consolidated balance sheet as of April 30, 2018 to the consolidated statements of cash flows: April 30, 2018 Cash and cash equivalents per balance sheet $ 10,851 Cash and cash equivalents classified within discontinued operations 3,190 Beginning cash and cash equivalents balance per statement of cash flows $ 14,041 Prior period adjustment Retained earnings of the Company at May 1, 2017 has been revised to reflect the reduction of the carrying value of certain liabilities of the Company’s discontinued operations. Management has determined that the revisions as shown below are not material to the Company’s consolidated financial statements (in thousands). Revised Balance Adjustment Balance April 30, 2017 Increase May 1, 2017 Revisions to the consolidated financial statements: Retained earnings $ 46,764 $ 523 $ 47,287 Revised Balance Adjustment Balance April 30, 2018 Increase April 30, 2018 Revisions to the consolidated financial statements: Retained earnings $ 47,002 $ 523 $ 47,525 Revisions to discontinued operations: Deferred income taxes, net $ 2,095 $ (195 ) $ 1,900 Accounts payable and accrued expenses $ 5,463 $ (718 ) $ 4,745 |
REAL ESTATE INVENTORY_
REAL ESTATE INVENTORY: | 12 Months Ended |
Apr. 30, 2019 | |
Inventory, Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | (3) REAL ESTATE INVENTORY : Real estate inventory consists of land and improvements held for sale or development. A substantial majority of the Company’s real estate assets are located in or adjacent to Rio Rancho, New Mexico. As a result of this geographic concentration, the Company has been and will be affected by changes in economic conditions in that region. In addition, approximately 92% of 2019 land sales were made to four customers. There were no outstanding receivables from these four customers at April 30, 2019. Accumulated capitalized interest costs included in real estate inventory at April 30, 2019 and April 30, 2018 totaled $4,143,000 and $4,029,000. There was $115,000 of capitalized interest for 2019 and $13,000 for 2018. Previously capitalized interest costs charged to real estate cost of sales were $1,000 and $5,000 during 2019 and 2018. Accumulated capitalized real estate taxes included in real estate inventory at April 30, 2019 and April 30, 2018 totaled $1,756,000 and $1,736,000. There was $31,000 of capitalized real estate taxes for 2019 and none for 2018. Previously capitalized real estate taxes charged to real estate cost of sales were $11,000 and $5,000 during 2019 and 2018. |
INVESTMENT ASSETS_
INVESTMENT ASSETS: | 12 Months Ended |
Apr. 30, 2019 | |
Investment And Other Non Current Assets [Abstract] | |
Investment And Other Non Current Assets [Text Block] | (4) INVESTMENT ASSETS : Investment assets consist of: April 30, 2019 2018 (in thousands) Land held for long-term investment $ 9,706 $ 9,714 Leased warehouse and office facilities 13,527 13,501 Less accumulated depreciation (6,006 ) (5,490 ) 7,521 8,011 $ 17,227 $ 17,725 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of April 30, 2019, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment. The warehouse and office facilities are located in Palm Coast, Florida, aggregate 204,000 square feet and are leased to a third party with a lease term that expires in 2029 (See Note 2 – Discontinued Operations for more information). Depreciation associated with the warehouse and office facilities of $516,000 and $491,000 was charged to operations in 2019 and 2018. |
OTHER ASSETS_
OTHER ASSETS: | 12 Months Ended |
Apr. 30, 2019 | |
Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | (5) OTHER ASSETS : Other assets consist of: April 30, 2019 2018 (in thousands) Deferred purchase price (see Note 2) $ 5,636 $ - Prepaid expenses and other, net 839 594 $ 6,475 $ 594 Prepaid expenses and other, net includes property and equipment for which there was $17,000 charged to depreciation expense in both 2019 and 2018. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: | 12 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES : Accounts payable and accrued expenses consist of: April 30, 2019 2018 (in thousands) Real estate operations $ 2,359 $ 2,425 Corporate operations 605 342 $ 2,964 $ 2,767 As of April 30, 2019, accounts payable and accrued expenses for the Company’s real estate business included accrued expenses of $491,000, trade payables of $652,000, real estate customer deposits of $1,198,000 and other of $18,000. As of April 30, 2018, accounts payable and accrued expenses for the Company’s real estate business included accrued expenses of $746,000, trade payables of $773,000, real estate customer deposits of $897,000 and other of $9,000. |
NOTES PAYABLE_
NOTES PAYABLE: | 12 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | (7) NOTES PAYABLE : Notes payable, net consist of: April 30, 2019 2018 (in thousands) Real estate notes payable $ 1,384 $ 1,887 Unamortized debt issuance costs (65 ) (44 ) $ 1,319 $ 1,843 Lomas Encantadas Subdivision In 2018, Lomas Encantadas Development Company LLC (“LEDC”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF, NA dba Bank of Albuquerque (“Lender”). The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LEDC and Lender with respect to certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by AMREP Southwest Inc. (“ASW”), a subsidiary of the Company, in favor of Lender, ASW guaranteed LEDC’s obligations under each of the above agreements. o Initial Available Principal o Outstanding Principal Amount and Repayments o Maturity Date o Interest Rate o Lot Release Price o Book Value o Capitalized Interest LEDC and ASW have made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contained customary events of default for similar financing transactions, including: LEDC’s failure to make principal, interest or other payments when due; the failure of LEDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of LEDC or ASW being false; the insolvency or bankruptcy of LEDC or ASW; and the failure of ASW to maintain a tangible net worth of at least $35 million. Upon the occurrence and during the continuance of an event of default, Lender may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. LEDC incurred customary costs and expenses and paid certain fees to Lender in connection with the loan. As noted above, in June 2019, the outstanding principal amount of the loan was fully repaid and the loan was terminated. Hawk Site Subdivision In 2019, Hawksite 27 Development Company, LLC (“HDC”), a subsidiary of the Company, entered into a Business Loan Agreement with Main Bank. The loan under the Business Loan Agreement is evidenced by a Promissory Note and is secured by a Mortgage, between HDC and Main Bank with respect to certain planned residential lots within the Hawk Site subdivision located in Rio Rancho, New Mexico. Pursuant to a Commercial Guaranty entered into by ASW in favor of Main Bank, ASW has guaranteed HDC’s obligations under each of the above agreements. o Initial Available Principal o Outstanding Principal Amount and Repayments o Maturity Date o Interest Rate o Lot Release Price o Book Value o Capitalized Interest HDC and ASW have made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: HDC’s failure to make principal, interest or other payments when due; the failure of HDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of HDC or ASW being false; and the insolvency or bankruptcy of HDC or ASW. Upon the occurrence and during the continuance of an event of default, Main Bank may d |
OTHER REVENUES_
OTHER REVENUES: | 12 Months Ended |
Apr. 30, 2019 | |
Other Revenues [Abstract] | |
Other Revenues [Text Block] | (8) OTHER REVENUES : Other revenues consist of: April 30, 2019 2018 (in thousands) Amortization of deferred revenue and other $ 518 $ 488 $ 518 $ 488 Amortization of deferred revenue and other includes the recognition of deferred revenue related to an oil and gas lease, fees and forfeited deposits from customers earned by the Company and miscellaneous other income items. During fiscal year 2015, the Company entered into an oil and gas lease with respect to all minerals and mineral rights owned by the Company or for which the Company has executive rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. As partial consideration for entering into the lease, the Company received approximately $1,010,000 in fiscal year 2015. Revenue from this transaction was recorded over the initial lease term ending in 2019, which totaled $76,000 in 2019 and $228,000 in 2018. In 2019, the oil and gas lease was amended pursuant to a lease extension agreement. The lease extension agreement extends the expiration date of the initial term of the lease from September 2018 to September 2020. No fee was paid by the lessee to the Company with respect to such extension. If the lessee or any of its affiliates provides any consideration to obtain, enter into, option, extend or renew an interest in any minerals or mineral rights within Sandoval County, Bernalillo County, Santa Fe County or Valencia County in New Mexico at any time from September 2017 through September 2020, lessee shall pay the Company an amount equal to the amount of such consideration paid per acre multiplied by 54,793.24. The lease extension agreement further provides that the lessee shall assign, or shall cause their affiliate to assign, to the Company an overriding royalty interest of 1% with respect to the proceeds derived from any minerals or minerals rights presently or hereinafter owned by, leased by, optioned by or otherwise subject to the control of lessee or any of its affiliates in any part of Sandoval County, Bernalillo County, Santa Fe County or Valencia County in New Mexico. The Company did not record any revenue in 2019 related to the lease extension agreement. |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 12 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (9) FAIR VALUE MEASUREMENTS : The FASB’s accounting guidance defines fair value and establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The FASB’s guidance classifies the inputs to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs for the asset or liability are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value measurement level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. There were no transfers between Levels 1, 2 or 3 during 2019 or 2018. The Financial Instruments Topic of the FASB Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Fair value is determined under the hierarchy discussed above. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments: the carrying amounts of cash and cash equivalents and trade payables approximate fair value because of the short maturity of these financial instruments; and debt that bears variable interest rates indexed to prime or LIBOR also approximates fair value as they re-price when market interest rates change. These financial assets and liabilities are categorized as Level 1 within the fair value hierarchy described above. The Company did not have any material long-term, fixed-rate mortgage receivables or payables at April 30, 2019 and 2018. |
BENEFIT PLANS_
BENEFIT PLANS: | 12 Months Ended |
Apr. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (10) BENEFIT PLANS : Pension plan The Company has a defined benefit pension plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. Under generally accepted accounting principles, the Company’s defined benefit pension plan was underfunded at April 30, 2019 by $6,401,000, with $23,903,000 of assets and $30,304,000 of liabilities and was underfunded at April 30, 2018 by $9,051,000, with $23,372,000 of assets and $32,423,000 of liabilities. The pension plan liabilities were determined using a weighted average discount interest rate of 3.54% per year at April 30, 2019 and 3.82% per year at April 30, 2018, which are based on the FTSE Pension Discount Curve (formerly known as the Citigroup yield curve) as of such dates as it corresponds to the projected liability requirements of the pension plan. The fair value of the pension plan assets was measured in accordance with the guidance described in Note 9. As described in Note 2, the Company retained its obligations under the Company’s defined benefit pension plan following the sale of the Company’s fulfillment services business. The work force reduction with respect to the Company in connection with the sale of the fulfillment services business resulted in the acceleration of the funding of approximately $5,194,000 of accrued pension-related obligations to the Company’s defined benefit pension plan pursuant to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations thereunder. The Company notified the Pension Benefit Guaranty Corporation (the “PBGC”) of the sale of the fulfillment services business and, as permitted by ERISA, made an election to satisfy this accelerated funding obligation over a period of seven years beginning in fiscal year 2021. The closing of certain facilities in fiscal year 2011 and the associated work force reduction resulted in the PBGC requiring the Company to accelerate the funding of approximately $11,688,000 of accrued pension-related obligations to the Company’s defined benefit pension plan. The Company entered into a settlement agreement with the PBGC in fiscal 2014 with respect to such liability. The settlement agreement with the PBGC terminated by its terms in 2019 with the PBGC being deemed to have released and discharged the Company and all other members of its controlled group from any claims thereunder. Pension assets and liabilities are measured at fair value, and are subject to fair value adjustment in certain circumstances (for example, when there is evidence of impairment). There were no impairments resulting in a change in fair value during 2019 and 2018. Net periodic pension cost for 2019 and 2018 was comprised of the following components (in thousands): Year Ended April 30, 2019 2018 Interest cost on projected benefit obligation $ 1,183 $ 1,156 Expected return on assets (1,854 ) (1,796 ) Plan expenses 415 345 Recognized net actuarial loss 905 1,294 Net periodic pension cost $ 649 $ 999 The estimated net loss, transition obligation and prior service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year are $887,000, $0 and $0. Assumptions used in determining net periodic pension cost and the benefit obligation were: Year Ended April 30, 2019 2018 Discount rate used to determine net periodic pension cost 3.82 % 3.52 % Discount rate used to determine pension benefit obligation 3.54 % 3.82 % Expected long-term rate of return on assets used for pension cost on assets 8.00 % 8.00 % The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s consolidated balance sheet (in thousands): April 30, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 32,423 $ 34,244 Interest cost 1,183 1,156 Actuarial gain (966 ) (608 ) Benefits paid (2,336 ) (2,369 ) Benefit obligation at end of year $ 30,304 $ 32,423 Change in plan assets: Fair value of plan assets at beginning of year $ 23,372 $ 23,277 Actual return on plan assets 1,277 1,838 Company contributions 2,000 1,040 Benefits paid (2,336 ) (2,369 ) Plan expenses (410 ) (414 ) Fair value of plan assets at end of year $ 23,903 $ 23,372 Underfunded status $ (6,401 ) $ (9,051 ) Recognition of underfunded status: Accrued pension cost $ (6,401 ) $ (9,051 ) The funded status of the pension plan is equal to the net liability recognized in the consolidated balance sheets. The following table summarizes the amounts recorded in accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs (in thousands): Year Ended April 30, 2019 2018 Pretax accumulated comprehensive loss $ 11,896 $ 13,184 The following table summarizes the changes in accumulated other comprehensive loss related to the pension plan for the years ended April 30, 2019 and 2018 (in thousands): Pension Benefits Pretax Net of Tax Accumulated comprehensive loss, May 1, 2017 $ 15,059 $ 9,240 Net actuarial gain (581 ) (405 ) Amortization of net loss (1,294 ) (901 ) Accumulated comprehensive loss, April 30, 2018 13,184 7,934 Net actuarial gain (383 ) (274 ) Amortization of net loss (905 ) (629 ) Accumulated comprehensive loss, April 30, 2019 $ 11,896 $ 7,031 The Company recorded, net of tax, other comprehensive income of $903,000 in 2019 and other comprehensive income of $1,306,000 in 2018 to account for the net effect of changes to the unfunded portion of pension liability. The asset allocation for the pension plan by asset category was as follows: April 30, 2019 2018 Equity securities 52 % 59 % Fixed income securities 45 38 Other (principally cash and cash equivalents) 3 3 Total 100 % 100 % The investment mix between equity securities and fixed income securities seeks to achieve a desired return by balancing more volatile equity securities and less volatile fixed income securities. Pension plan assets are invested in portfolios of diversified public-market equity securities and fixed income securities. The pension plan holds no securities of the Company. Investment allocations are made across a range of markets, industry sectors, market capitalization sizes and, in the case of fixed income securities, maturities and credit quality. The Company has established long-term target allocations of approximately 50-80% for equity securities, 20-50% for fixed income securities and 0-30% for other. The expected return on assets for the pension plan is based on management’s expectation of long-term average rates of return to be achieved by the underlying investment portfolio. In establishing this assumption, management considers historical and expected returns for the asset classes in which the pension plan is invested, as well as current economic and market conditions. For 2019, the Company used an 8.0% assumed rate of return for purposes of the expected return rate on assets for the development of net periodic pension costs for the pension plan. For years following 2019, the assumed rate of return for purposes of the expected return rate on assets is anticipated to be 7.75%. The Company funds the pension plan in compliance with IRS funding requirements. The Company contributed $2,000,000 to the pension plan during 2019 and $1,040,000 during 2018. The Company is required to make minimum contributions to the pension plan, however, no required minimum contributions are expected during fiscal year 2020. The amount of future annual benefit payments to pension plan participants payable from plan assets is expected to be as follows: 2020 - $3,202,000, 2021 - $2,424,000, 2022 - $2,329,000, 2023 - $2,273,000 and 2024 - $2,184,000 and an aggregate of approximately $9,955,000 is expected to be paid in the fiscal five-year period 2025 through 2029. The Company has adopted the disclosure requirements in ASC 715, which requires additional fair value disclosures consistent with those required by ASC 820. The following is a description of the valuation methodologies used for pension plan assets measured at fair value: common stock – valued at the closing price reported on a listed stock exchange; corporate bonds, debentures and government agency securities – valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flow; and U.S. Treasury securities – valued at the closing price reported in the active market in which the security is traded. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level within the fair value hierarchy the pension plan’s assets at fair value as of April 30, 2019 and 2018 (in thousands): 2019 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 631 $ 631 $ - $ - Investments at fair value: Equity securities 12,473 12,473 - - Corporate bonds and debentures 10,799 - 10,799 - Total assets at fair value $ 23,903 $ 13,104 $ 10,799 $ - 2018 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 687 $ 687 $ - $ - Investments at fair value: Equity securities 13,809 13,809 - - Corporate bonds and debentures 8,876 - 8,876 - Total assets at fair value $ 23,372 $ 14,496 $ 8,876 $ - Equity compensation plans The AMREP Corporation 2006 Equity Compensation Plan (the “2006 Equity Plan”) provided for the issuance of shares of common stock of the Company to employees of the Company and its subsidiaries and non-employee members of the Board of Directors of the Company pursuant to incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units and other stock-based awards. The 2006 Equity Plan expired by its terms during fiscal year 2017 without affecting any existing awards under the 2006 Equity Plan, and no further awards may be granted under the 2006 Equity Plan. During 2019, 6,500 shares of common stock previously issued under the 2006 Equity Plan vested, leaving 2,500 shares issued under the 2006 Equity Plan that were not vested as of April 30, 2019. In fiscal year 2017, the Board adopted, and the shareholders approved, the AMREP Corporation 2016 Equity Compensation Plan (the “2016 Equity Plan”), which authorizes stock-based awards of various kinds to non-employee directors and employees covering up to a total of 500,000 shares of common stock of the Company. The 2016 Equity Plan will expire by its terms on, and no award will be granted under the 2016 Equity Plan on or after, September 19, 2026. During 2019, the Company issued 29,200 shares of restricted common stock under the 2016 Equity Plan and 14,783 shares issued under the 2016 Equity Plan vested, leaving 40,167 shares issued under the 2016 Equity Plan that were not vested as of April 30, 2019. The 14,783 shares vested under the 2016 Equity Plan included 4,700 shares issued to an employee of PCDLLC that vested as a result of the sale of the fulfillment services business described in Note 2. The summary of the 2018 and 2019 restricted share award activity presented below represents the maximum number of shares issued to employees that could be vested: Restricted time-based share awards Number of Shares Weighted Average Grant Date Fair Value Non-vested at April 30, 2017 24,500 $ 5.28 Granted during 2018 25,750 6.92 Vested during 2018 (10,500 ) 5.59 Forfeited during 2018 (5,000 ) 5.67 Non-vested at April 30, 2018 34,750 6.35 Granted during 2019 29,200 7.05 Vested during 2019 (21,283 ) 6.25 Non-vested at April 30, 2019 42,667 $ 6.87 Shares of restricted common stock that are issued under the equity plans (“restricted shares”) are considered to be issued and outstanding as of the grant date and have the same dividend and voting rights as other common stock. Compensation expense related to the restricted shares is recognized over the vesting period of each grant based on the fair value of the shares as of the date of grant. The fair value of each grant of restricted shares is determined based on the trading price of the Company’s common stock on the date of such grant, and this amount will be charged to expense over the vesting term of the grant. Forfeitures are recognized as reversals of compensation expense on the date of forfeiture. For 2019 and 2018, the Company recognized $151,000 and $96,000 of compensation expense related to shares of restricted common stock issued to employees under the equity plans. As of April 30, 2019, there was $122,000 of total unrecognized compensation expense related to shares of common stock issued to employees under the equity plans, which is expected to be recognized over the remaining vesting term not to exceed three years. On the last trading day of calendar years 2018 and 2017, each non-employee member of the Company’s Board of Directors was issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $20,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date. Based on the closing price per share of $5.95 on December 31, 2018, the Company issued a total of 13,444 deferred common share units to members of the Company’s Board of Directors. Based on the closing price per share of $7.02 on December 29, 2017, the Company issued a total of 11,396 deferred common share units to members of the Company’s Board of Directors. Each deferred common share unit represents the right to receive one share of Common Stock within 30 days after the first day of the month to follow such director’s termination of service as a director of the Company. Director compensation expense is recognized for the annual grant of deferred common share units ratably over the director’s service in office during the calendar year. For 2019 and 2018, the total non-cash director fee compensation related to the issued deferred common share units was $80,000 for each year. At April 30, 2019 and 2018, there was $27,000 of accrued compensation expense related to the deferred stock units expected to be issued in December of the following fiscal year. |
INCOME TAXES_
INCOME TAXES: | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (11) INCOME TAXES : The provision (benefit) for income taxes consists of the following (in thousands): Year Ended April 30, 2019 2018 Current: Federal $ (414 ) $ (898 ) State and local 5 (17 ) (409 ) (915 ) Deferred: Federal (193 ) 872 State and local (106 ) (236 ) (299 ) 636 Total benefit for income taxes $ (708 ) $ (279 ) The U.S. Tax Cuts and Jobs Act (the “Act”) was signed into law in December 2017. The Act significantly revised the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates. The Act reduced the federal corporate tax rate to 21.0% effective January 1, 2018. As the Company has an April 30 fiscal year-end, the lower corporate income tax rate was phased in, resulting in a U.S. statutory federal corporate tax rate of approximately 29.7 The components of the net deferred income taxes are as follows (in thousands): April 30, 2019 2018 Deferred income tax assets: State tax loss carryforwards $ 4,287 $ 3,457 U.S. Federal NOL carryforward 2,079 - Accrued pension costs 1,608 2,401 Federal AMT carryforward - 180 Vacation accrual 12 9 Real estate basis differences 3,725 3,781 Other 117 106 Total deferred income tax assets 11,828 9,934 April 30, 2019 2018 Deferred income tax liabilities: Depreciable assets (1,138 ) (1,533 ) Deferred gains on investment assets (2,110 ) (2,165 ) Other (36 ) (36 ) Total deferred income tax liabilities (3,284 ) (3,734 ) Valuation allowance for realization of certain deferred income tax assets (4,008 ) (3,235 ) Net deferred income tax asset $ 4,536 $ 2,965 A valuation allowance is provided when it is considered more likely than not that certain deferred tax assets will not be realized. The valuation allowance relates primarily to deferred tax assets, including net operating loss carryforwards in states where the Company either has no current operations or its operations are not considered likely to realize the deferred tax assets due to the amount of the applicable state net operating loss or its expected expiration date. The Company has federal net operating loss carryforwards of approximately $9,900,000, of which $147,000 will expire beginning in 2038 and the remaining amount does not have an expiration. In addition, the Company has state net operating loss carryforwards of approximately $115,400,000 that expire beginning in fiscal year ending April 30, 2020. The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands): Year Ended April 30, 2019 2018 Computed tax benefit at statutory rate $ (666 ) $ (845 ) Increase (reduction) in tax resulting from: Deferred tax rate changes (137 ) 231 Change in valuation allowances 773 144 State income taxes, net of federal income tax effect (869 ) (163 ) Meals and entertainment 13 2 Other 178 352 Actual tax provision $ (708 ) $ (279 ) The Company is subject to U.S. federal income taxes and various state and local income taxes. Tax regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. The Company is not currently under examination by any tax authorities with respect to its income tax returns. Other than the U.S. federal tax return, in nearly all jurisdictions, the tax years through the fiscal year ended April 30, 2015 are no longer subject to examination due to the expiration of the applicable statutes of limitations. ASC 740 clarifies the accounting for uncertain tax positions, prescribing a minimum recognition threshold a tax position is required to meet before being recognized, and providing guidance on the derecognition, measurement, classification and disclosure relating to income taxes. The following table summarizes the beginning and ending gross amount of unrecognized tax benefits: 2019 2018 (in thousands) Gross unrecognized tax benefits at beginning of year $ 58 $ 58 Gross increases: Additions based on tax positions related to current year - - Additions based on tax positions of prior years - - Gross decreases: Reductions based on tax positions of prior years - - Reductions based on the lapse of the applicable statute of limitations (58 ) - Gross unrecognized tax benefits at end of year $ - $ 58 As a result of the lapse of the statute of limitations, the Company’s total tax effect of gross unrecognized tax benefits in the accompanying financial statements of $58,000 at April 30, 2018 was recognized during 2019. The Company believes it is reasonably possible that the liability for unrecognized tax benefits will not change in fiscal year 2020. The Company has elected to include interest and penalties in its income tax expense. The Company had no accrued interest or penalties at April 30, 2019 and 2018. |
COMMITMENTS AND CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: | 12 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | (12) COMMITMENTS AND CONTINGENCIES : The Company is obligated under long-term, non-cancelable leases for equipment and various real estate properties. Certain real estate leases provide that the Company will pay for taxes, maintenance and insurance costs and include renewal options. Lease costs for 2019 and 2018 were approximately $107,000 and $110,000. The total minimum lease commitments of $238,000 for fiscal years subsequent to April 30, 2019 are due as follows: 2020 - $115,000; 2021 - $98,000; 2022 - $23,000; 2023 - $2,000 and none thereafter. |
LITIGATION_
LITIGATION: | 12 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | (13) LITIGATION : The Company is involved in various pending or threatened claims and legal actions arising in the ordinary course of business. While the ultimate results of these matters cannot be predicted with certainty, management believes that they will not have a material adverse effect on the Company’s consolidated financial position, liquidity or results of operations. |
RESTRICTED CASH_
RESTRICTED CASH: | 12 Months Ended |
Apr. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | (14) RESTRICTED CASH: The Company has entered into two Subdivision Improvement Agreements with the City of Rio Rancho, New Mexico. In connection with these agreements, the Company has signed a promissory note for each subdivision and deposited restricted funds with a reserve bank account for each subdivision. Following successful completion and acceptance of the Company’s performance in a subdivision, the applicable promissory note will be cancelled and the related restricted funds will be returned to the Company’s general cash. The total amount of restricted funds at April 30, 2019 was $969,000. The following provides a reconciliation of the Company’s cash, cash equivalents and restricted cash at April 30, 2019 Cash and cash equivalents $ 13,267 Restricted cash 969 Total cash, cash equivalents and restricted cash $ 14,236 |
SUBSEQUENT EVENTS_
SUBSEQUENT EVENTS: | 12 Months Ended |
Apr. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (15) SUBSEQUENT EVENTS : In June 2019, LEDC entered into a Development Loan Agreement with Lender. The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LEDC and Lender with respect to certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by ASW in favor of Lender, ASW has guaranteed LEDC’s obligations under each of the above agreements. Initial Available Principal Repayments Maturity Date Interest Rate annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly. Lot Release Price Book Value LEDC and ASW have made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: LEDC’s failure to make principal, interest or other payments when due; the failure of LEDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of LEDC or ASW being false; the insolvency or bankruptcy of LEDC or ASW; and the failure of ASW to maintain a tangible net worth of at least $32 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (collectively, the “Company”). The Company, through its subsidiaries, is primarily engaged in one business segment: the real estate business. The Company has no foreign sales. All significant intercompany accounts and transactions have been eliminated in consolidation. Prior to April 26, 2019, the Company had been engaged in the fulfillment services business. The fulfillment services business performed fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers. On April 26, 2019, the Company’s fulfillment services business was sold. Results of the Company’s fulfillment services business are retrospectively reported as discontinued operations in the accompanying consolidated financial statements for all periods presented. Prior year information has been adjusted to conform to the current year presentation. Unless otherwise stated, the information disclosed in the footnotes accompanying the consolidated financial statements refers to continuing operations. See Note 2 – Discontinued Operations for more information regarding results from discontinued operations. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year. Certain 2018 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity. |
Fiscal Period, Policy [Policy Text Block] | Fiscal year The Company’s fiscal year ends on April 30. All references to 2019 and 2018 mean the fiscal years ended April 30, 2019 and 2018, unless the context otherwise indicates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Real estate sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. Cost of land sales includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the relative sales value of the property. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. The Company may enter into leases with tenants with respect to property or buildings it owns. Base rental payments from tenants are recognized as revenue monthly over the term of the lease. Additional rent related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses is recognized as revenue in the period the expenses are incurred. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of highly liquid investments that have an original maturity of ninety days or less when purchased and are readily convertible into cash. Restricted cash consists of cash deposits with a bank that are restricted due to two Subdivision Improvement Agreements with the City of Rio Rancho, New Mexico. |
Reclassification, Policy [Policy Text Block] | Reclassifications In connection with the sale of the Company’s fulfillment services business, certain real property previously classified as property, plant and equipment but currently rented to the fulfillment services business has been reclassified on the consolidated balance sheets as investment assets in the periods presented. These reclassifications have no effect on previously reported net income or retained earnings. |
Inventory, Real Estate, Policy [Policy Text Block] | Real estate inventory Real estate inventory includes land and improvements on land held for future development or sale. The Company accounts for its real estate inventory in accordance with ASC 360-10. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Real estate inventory held for future development or sale is stated at accumulated cost and is evaluated and reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Provisions for impairment are recorded when undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of the assets. For real estate projects under development, an estimate of future cash flows on an undiscounted basis is determined using estimated future expenditures necessary to complete such projects and using management’s best estimates about sales prices and holding periods. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize impairment charges in the future. |
Investments and Other Noncurrent Assets [Policy Text Block] | Investment assets Investment assets consist of (i) investment land, which represents vacant, undeveloped land not held for development or sale in the normal course of business, and (ii) real estate assets that are leased to third parties. Investment assets are stated at the lower of cost or net realizable value. Depreciation of investment assets is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets Long-lived assets consist of real estate being leased to third parties and are accounted for in accordance with ASC 360-10. Long-lived assets are evaluated and tested for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Asset impairment tests are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. The evaluation of operating asset groups includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and general and administrative expenses. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation The Company accounts for awards of restricted stock and deferred stock units in accordance with ASC 718-10, which requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Compensation expense for awards of restricted stock and deferred stock units are based on the fair value of the awards at their grant dates. |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares outstanding during each year. Unvested restricted shares of common stock (see Note 10) are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. Unvested restricted shares of common stock are included in diluted earnings per share if they are dilutive. Deferred stock units (see Note 10) are included in both basic and diluted earnings per share computations. |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of the plan’s year-end statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income (loss). |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income is the total of net income or loss and other comprehensive income that, for the Company, consists solely of the minimum pension liability net of the related deferred income tax effect. |
Use of Estimates, Policy [Policy Text Block] | Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates that affect the financial statements include, but are not limited to, (i) real estate cost of sales calculations, which are based on land development budgets and estimates of costs to complete; (ii) cash flows, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets and assets held for sale; (iii) actuarially determined benefit obligation and other pension plan accounting and disclosures; (iv) risk assessment of uncertain tax positions; and (v) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued operations The Company records discontinued operations when the disposal of a separately identified business unit constitutes a strategic shift in the Company’s operations, as defined in Accounting Standards Codification (“ASC”) Topic 205-20, Discontinued Operations (“ASC Topic 205-20”). |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases , the FASB has issued additional ASUs providing further guidance for lease transactions (collectively “ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Upon adoption of ASU 2016-02, the Company will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 will be effective for the Company for fiscal year 2020 beginning May 1, 2019. The adoption of ASU 2016-02 by the Company is not expected to have a material effect on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 reduces the diversity in practice regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows, including classifying proceeds from company-owned life insurance proceeds as an investing activity. ASU 2016-15 was effective for the Company’s fiscal year beginning May 1, 2018. The Company received life insurance proceeds of $85,000 during 2018, which is reflected in the accompanying Consolidated Statement of Cash Flows as an investing activity. The income associated with the life insurance proceeds was recognized in various years prior to 2019. In January 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits the reclassification to retained earnings of certain tax effects resulting from the U.S. Tax Cuts and Jobs Act related to items in accumulated other comprehensive income. ASU 2018-02 may be applied retrospectively to each period in which the effect of the U.S. Tax Cuts and Jobs Act is recognized or may be applied in the period of adoption. ASU 2018-02 will be effective for the Company’s fiscal year 2020 beginning May 1, 2019. The Company has determined it will not elect to reclassify such tax effects, and as such, the adoption of ASU 2018-02 will not have an effect on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) – Improvements to Nonemployee Share-based Payment Accounting . ASU 2018-07 addresses several aspects of the accounting for nonemployee share-based payment transactions, including share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 will be effective for the Company’s fiscal year 2020 beginning May 1, 2019. The adoption of ASU 2018-07 by the Company is not expected to have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds and modifies certain disclosure requirements for fair value measurements. Under the new guidance, entities will no longer be required to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, or valuation processes for Level 3 fair value measurements. However, public business entities will be required to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and related changes in unrealized gains and losses included in other comprehensive income. ASU 2018-13 will be effective for the Company’s fiscal year 2021 beginning May 1, 2020. The Company is currently evaluating the impact that this guidance will have on the Company’s consolidated financial statements. There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements. |
DISCONTINUED OPERATIONS_ (Table
DISCONTINUED OPERATIONS: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Discontinued Operations Disclosure [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Pursuant to the Lease Agreements, PCDLLC will pay to TC and CBH the aggregate annual rent set forth below, which is payable in equal monthly installments in each of the applicable years, subject to a waiver of the payment of rent attributable to the month of May 2019. Year Aggregate Annual Rent under 1 $ 1,900,000 2 $ 1,941,500 3 $ 1,985,328 4 $ 2,041,564 5 $ 2,105,294 6 $ 2,181,604 7 $ 2,260,585 8 $ 2,342,331 9 $ 2,426,937 10 $ 2,514,505 |
Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet And Additional Disclosures [Table Text Block] | The following table provides a reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations noted above to the assets and liabilities classified as discontinued operations in the accompanying balance sheets (in thousands, April 30, 2018 Carrying amounts of major classes of assets included as part of discontinued operations: Cash and cash equivalents $ 3,190 Receivables, net 5,875 Deferred income taxes 1,900 Property and equipment, net 1,645 Other assets 1,842 Assets of discontinued operations $ 14,452 Carrying amounts of major classes of liabilities included as part of discontinued operations: Accounts payable, accrued expenses and other liabilities $ 4,745 Taxes payable 555 Liabilities of discontinued operations $ 5,300 |
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Additional Disclosures [Table Text Block] | The following table provides a reconciliation of the carrying amounts of components of pretax income of the discontinued operations to the amounts reported in the accompanying consolidated statements of operations (in thousands): April 30, 2019 2018 Components of pretax income from discontinued operations: Revenues $ 26,847 $ 31,251 Operating expenses 23,813 23,594 General and administrative expenses 1,281 1,306 Interest expense 2 52 Gain on sale of the fulfillment services business 2,506 - Income from discontinued operations before income taxes 4,257 6,299 Provision for income taxes 265 3,497 Income from discontinued operations $ 3,992 $ 2,802 |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following is a reconciliation of the Company’s cash and cash equivalents from the consolidated balance sheet as of April 30, 2018 to the consolidated statements of cash flows: April 30, 2018 Cash and cash equivalents per balance sheet $ 10,851 Cash and cash equivalents classified within discontinued operations 3,190 Beginning cash and cash equivalents balance per statement of cash flows $ 14,041 |
Schedule Of Prior Period Adjustments [Table Text Block] | Retained earnings of the Company at May 1, 2017 has been revised to reflect the reduction of the carrying value of certain liabilities of the Company’s discontinued operations. Management has determined that the revisions as shown below are not material to the Company’s consolidated financial statements (in thousands). Revised Balance Adjustment Balance April 30, 2017 Increase May 1, 2017 Revisions to the consolidated financial statements: Retained earnings $ 46,764 $ 523 $ 47,287 Revised Balance Adjustment Balance April 30, 2018 Increase April 30, 2018 Revisions to the consolidated financial statements: Retained earnings $ 47,002 $ 523 $ 47,525 Revisions to discontinued operations: Deferred income taxes, net $ 2,095 $ (195 ) $ 1,900 Accounts payable and accrued expenses $ 5,463 $ (718 ) $ 4,745 |
INVESTMENT ASSETS_ (Tables)
INVESTMENT ASSETS: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Investment And Other Non Current Assets [Abstract] | |
Schedule Of Investment And Other Non Current Assets [Table Text Block] | April 30, 2019 2018 (in thousands) Land held for long-term investment $ 9,706 $ 9,714 Leased warehouse and office facilities 13,527 13,501 Less accumulated depreciation (6,006 ) (5,490 ) 7,521 8,011 $ 17,227 $ 17,725 |
OTHER ASSETS_ (Tables)
OTHER ASSETS: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets [Table Text Block] | Other assets consist of: April 30, 2019 2018 (in thousands) Deferred purchase price (see Note 2) $ 5,636 $ - Prepaid expenses and other, net 839 594 $ 6,475 $ 594 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses consist of: April 30, 2019 2018 (in thousands) Real estate operations $ 2,359 $ 2,425 Corporate operations 605 342 $ 2,964 $ 2,767 |
NOTES PAYABLE_ (Tables)
NOTES PAYABLE: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Notes payable, net consist of: April 30, 2019 2018 (in thousands) Real estate notes payable $ 1,384 $ 1,887 Unamortized debt issuance costs (65 ) (44 ) $ 1,319 $ 1,843 |
OTHER REVENUES_ (Tables)
OTHER REVENUES: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Other Revenues [Abstract] | |
Other Revenues [Table Text Block] | Other revenues consist of: April 30, 2019 2018 (in thousands) Amortization of deferred revenue and other $ 518 $ 488 $ 518 $ 488 |
BENEFIT PLANS_ (Tables)
BENEFIT PLANS: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost for 2019 and 2018 was comprised of the following components (in thousands): Year Ended April 30, 2019 2018 Interest cost on projected benefit obligation $ 1,183 $ 1,156 Expected return on assets (1,854 ) (1,796 ) Plan expenses 415 345 Recognized net actuarial loss 905 1,294 Net periodic pension cost $ 649 $ 999 |
Schedule of Assumptions Used [Table Text Block] | The estimated net loss, transition obligation and prior service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year are $887,000, $0 and $0. Assumptions used in determining net periodic pension cost and the benefit obligation were: Year Ended April 30, 2019 2018 Discount rate used to determine net periodic pension cost 3.82 % 3.52 % Discount rate used to determine pension benefit obligation 3.54 % 3.82 % Expected long-term rate of return on assets used for pension cost on assets 8.00 % 8.00 % |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s consolidated balance sheet (in thousands): April 30, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 32,423 $ 34,244 Interest cost 1,183 1,156 Actuarial gain (966 ) (608 ) Benefits paid (2,336 ) (2,369 ) Benefit obligation at end of year $ 30,304 $ 32,423 Change in plan assets: Fair value of plan assets at beginning of year $ 23,372 $ 23,277 Actual return on plan assets 1,277 1,838 Company contributions 2,000 1,040 Benefits paid (2,336 ) (2,369 ) Plan expenses (410 ) (414 ) Fair value of plan assets at end of year $ 23,903 $ 23,372 Underfunded status $ (6,401 ) $ (9,051 ) Recognition of underfunded status: Accrued pension cost $ (6,401 ) $ (9,051 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | The funded status of the pension plan is equal to the net liability recognized in the consolidated balance sheets. The following table summarizes the amounts recorded in accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs (in thousands): Year Ended April 30, 2019 2018 Pretax accumulated comprehensive loss $ 11,896 $ 13,184 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated other comprehensive loss related to the pension plan for the years ended April 30, 2019 and 2018 (in thousands): Pension Benefits Pretax Net of Tax Accumulated comprehensive loss, May 1, 2017 $ 15,059 $ 9,240 Net actuarial gain (581 ) (405 ) Amortization of net loss (1,294 ) (901 ) Accumulated comprehensive loss, April 30, 2018 13,184 7,934 Net actuarial gain (383 ) (274 ) Amortization of net loss (905 ) (629 ) Accumulated comprehensive loss, April 30, 2019 $ 11,896 $ 7,031 |
Schedule of Allocation of Plan Assets [Table Text Block] | The asset allocation for the pension plan by asset category was as follows: April 30, 2019 2018 Equity securities 52 % 59 % Fixed income securities 45 38 Other (principally cash and cash equivalents) 3 3 Total 100 % 100 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The following table sets forth by level within the fair value hierarchy the pension plan’s assets at fair value as of April 30, 2019 and 2018 (in thousands): 2019 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 631 $ 631 $ - $ - Investments at fair value: Equity securities 12,473 12,473 - - Corporate bonds and debentures 10,799 - 10,799 - Total assets at fair value $ 23,903 $ 13,104 $ 10,799 $ - 2018 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 687 $ 687 $ - $ - Investments at fair value: Equity securities 13,809 13,809 - - Corporate bonds and debentures 8,876 - 8,876 - Total assets at fair value $ 23,372 $ 14,496 $ 8,876 $ - |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The summary of the 2018 and 2019 restricted share award activity presented below represents the maximum number of shares issued to employees that could be vested: Restricted time-based share awards Number of Shares Weighted Average Grant Date Fair Value Non-vested at April 30, 2017 24,500 $ 5.28 Granted during 2018 25,750 6.92 Vested during 2018 (10,500 ) 5.59 Forfeited during 2018 (5,000 ) 5.67 Non-vested at April 30, 2018 34,750 6.35 Granted during 2019 29,200 7.05 Vested during 2019 (21,283 ) 6.25 Non-vested at April 30, 2019 42,667 $ 6.87 |
INCOME TAXES_ (Tables)
INCOME TAXES: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following (in thousands): Year Ended April 30, 2019 2018 Current: Federal $ (414 ) $ (898 ) State and local 5 (17 ) (409 ) (915 ) Deferred: Federal (193 ) 872 State and local (106 ) (236 ) (299 ) 636 Total benefit for income taxes $ (708 ) $ (279 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the net deferred income taxes are as follows (in thousands): April 30, 2019 2018 Deferred income tax assets: State tax loss carryforwards $ 4,287 $ 3,457 U.S. Federal NOL carryforward 2,079 - Accrued pension costs 1,608 2,401 Federal AMT carryforward - 180 Vacation accrual 12 9 Real estate basis differences 3,725 3,781 Other 117 106 Total deferred income tax assets 11,828 9,934 April 30, 2019 2018 Deferred income tax liabilities: Depreciable assets (1,138 ) (1,533 ) Deferred gains on investment assets (2,110 ) (2,165 ) Other (36 ) (36 ) Total deferred income tax liabilities (3,284 ) (3,734 ) Valuation allowance for realization of certain deferred income tax assets (4,008 ) (3,235 ) Net deferred income tax asset $ 4,536 $ 2,965 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands): Year Ended April 30, 2019 2018 Computed tax benefit at statutory rate $ (666 ) $ (845 ) Increase (reduction) in tax resulting from: Deferred tax rate changes (137 ) 231 Change in valuation allowances 773 144 State income taxes, net of federal income tax effect (869 ) (163 ) Meals and entertainment 13 2 Other 178 352 Actual tax provision $ (708 ) $ (279 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table summarizes the beginning and ending gross amount of unrecognized tax benefits: 2019 2018 (in thousands) Gross unrecognized tax benefits at beginning of year $ 58 $ 58 Gross increases: Additions based on tax positions related to current year - - Additions based on tax positions of prior years - - Gross decreases: Reductions based on tax positions of prior years - - Reductions based on the lapse of the applicable statute of limitations (58 ) - Gross unrecognized tax benefits at end of year $ - $ 58 |
RESTRICTED CASH_ (Tables)
RESTRICTED CASH: (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule Of Restricted Cash [Table Text Block] | The following provides a reconciliation of the Company’s cash, cash equivalents and restricted cash at April 30, 2019 Cash and cash equivalents $ 13,267 Restricted cash 969 Total cash, cash equivalents and restricted cash $ 14,236 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Accounting Policies [Line Items] | ||
Proceeds from Life Insurance Policy | $ 85 | $ 0 |
Property, Plant and Equipment, Depreciation Methods | Depreciation of investment assets is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements. |
DISCONTINUED OPERATIONS_ (Detai
DISCONTINUED OPERATIONS: (Details) | Apr. 30, 2019USD ($) |
Discontinued Operations Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 1,900,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,941,500 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,985,328 |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,041,564 |
Operating Leases, Future Minimum Payments, Due in Five Years | 2,105,294 |
Operating Leases Future Minimum Payments Due In Six Years | 2,181,604 |
Operating Leases Future Minimum Payments Due In Seven Years | 2,260,585 |
Operating Leases Future Minimum Payments Due In Eight Years | 2,342,331 |
Operating Leases Future Minimum Payments Due In Nine Years | 2,426,937 |
Operating Leases Future Minimum Payments Due In Ten Years | $ 2,514,505 |
DISCONTINUED OPERATIONS_ (Det_2
DISCONTINUED OPERATIONS: (Details 1) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Carrying amounts of major classes of assets included as part of discontinued operations: | ||
Cash and cash equivalents | $ 3,190 | |
Receivables, net | 5,875 | |
Deferred income taxes | 1,900 | |
Property and equipment, net | 1,645 | |
Other assets | 1,842 | |
Assets of discontinued operations | $ 0 | 14,452 |
Carrying amounts of major classes of liabilities included as part of discontinued operations: | ||
Accounts payable, accrued expenses and other liabilities | 4,745 | |
Taxes payable | 555 | |
Liabilities of discontinued operations | $ 0 | $ 5,300 |
DISCONTINUED OPERATIONS_ (Det_3
DISCONTINUED OPERATIONS: (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Components of pretax income from discontinued operations: | ||
Revenues | $ 26,847 | $ 31,251 |
Operating expenses | 23,813 | 23,594 |
General and administrative expenses | 1,281 | 1,306 |
Interest expense | 2 | 52 |
Gain on sale of the fulfillment services business | 2,506 | 0 |
Income from discontinued operations before income taxes | 4,257 | 6,299 |
Provision for income taxes | 265 | 3,497 |
Income from discontinued operations | $ 3,992 | $ 2,802 |
DISCONTINUED OPERATIONS_ (Det_4
DISCONTINUED OPERATIONS: (Details 3) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Discontinued Operations Disclosure [Abstract] | ||
Cash and cash equivalents per balance sheet | $ 13,267 | $ 10,851 |
Cash and cash equivalents classified within discontinued operations | 3,190 | |
Beginning cash and cash equivalents balance per statement of cash flows | $ 14,041 |
DISCONTINUED OPERATIONS_ (Det_5
DISCONTINUED OPERATIONS: (Details 4) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 | May 01, 2017 | Apr. 30, 2017 |
Revisions to the consolidated financial statements: | ||||
Retained earnings | $ 49,052 | $ 47,525 | ||
Revision Adjustments Of Retained Earnings | 523 | $ 523 | ||
Deferred Tax Assets, Net of Valuation Allowance | 4,536 | 2,965 | ||
Accounts Payable and Accrued Liabilities | $ 2,964 | 2,767 | ||
Discontinued Operations [Member] | ||||
Revisions to the consolidated financial statements: | ||||
Revision Adjustments Of Deferred Income Taxes | (195) | |||
Revision Adjustments Of Accounts Payable And Accrued Expenses | (718) | |||
Previously Reported [Member] | ||||
Revisions to the consolidated financial statements: | ||||
Retained earnings | 47,002 | $ 46,764 | ||
Previously Reported [Member] | Discontinued Operations [Member] | ||||
Revisions to the consolidated financial statements: | ||||
Deferred Tax Assets, Net of Valuation Allowance | 2,095 | |||
Accounts Payable and Accrued Liabilities | 5,463 | |||
Restatement Adjustment [Member] | ||||
Revisions to the consolidated financial statements: | ||||
Retained earnings | 47,525 | $ 47,287 | ||
Restatement Adjustment [Member] | Discontinued Operations [Member] | ||||
Revisions to the consolidated financial statements: | ||||
Deferred Tax Assets, Net of Valuation Allowance | 1,900 | |||
Accounts Payable and Accrued Liabilities | $ 4,745 |
DISCONTINUED OPERATIONS_ (Det_6
DISCONTINUED OPERATIONS: (Details Textual) | 1 Months Ended | 12 Months Ended |
Apr. 26, 2019USD ($)ft² | Apr. 30, 2019USD ($) | |
Present Value Of The Future Rent Payable Percent | 90.00% | |
Lessee, Operating Lease, Term of Contract | 10 years | |
Lessee, Operating Lease, Option to Terminate | (1) to the date PCDLLC pays the applicable landlord an amount equal to the present value of all future rent calculated as of the proposed expiration date or (2) to a date within 30 days after the sixth anniversary of the Closing Date if PCDLLC pays the applicable landlord an amount equal to 90% of the present value of all future rent calculated as of the proposed expiration date. | |
Palm Coast Data LLC [Member] | ||
Sale of Stock, Consideration Received on Transaction | $ 1,000,000 | |
Palm Coast Data LLC [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 2,506,000 | |
Disposal Group, Including Discontinued Operation, Consideration | 1,000,000 | |
Palm Coast Data LLC [Member] | Discontinued Operations, Disposed of by Sale [Member] | Transaction Costs Associated With Disposal Of An Operation Which Shall No Longer Be Continued [Member] | ||
Disposal Group, Including Discontinued Operation, Other Expense | 191,000 | |
Palm Coast Data LLC [Member] | Discontinued Operations, Disposed of by Sale [Member] | Other Assets [Member] | Deffered [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | 5,636,000 | |
Palm Coast Data LLC [Member] | Discontinued Operations, Disposed of by Sale [Member] | Book Value [Member] | ||
Net Assets | $ 3,939,000 | |
Palm Coast Data LLC [Member] | Two Commerce LLC Member [Member] | ||
Area Of Leased Property | ft² | 61,000 | |
Palm Coast Data LLC [Member] | Commerce Blvd Holdings [Member] | ||
Area Of Leased Property | ft² | 143,000 |
REAL ESTATE INVENTORY_ (Details
REAL ESTATE INVENTORY: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Accumulated Capitalized Interest Costs | $ 4,143,000 | $ 4,029,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Improvements | 1,756,000 | 1,736,000 |
Cost Of Real Estates Sales Interest | 1,000 | 5,000 |
Interest Costs Capitalized Adjustment | 115,000 | 13,000 |
Capitalized Real Estate Taxes | 31,000 | 0 |
Real Estate Inventory Capitalized Cost Of Sales | $ 11,000 | $ 5,000 |
Sales Revenue, Net [Member] | Customer Four [Member] | ||
Concentration Risk, Percentage | 92.00% |
INVESTMENT ASSETS_ (Details)
INVESTMENT ASSETS: (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Investment And Other Non Current Assets [Abstract] | ||
Land held for long-term investment | $ 9,706 | $ 9,714 |
Leased warehouse and office facilities | 13,527 | 13,501 |
Less accumulated depreciation | (6,006) | (5,490) |
Real Estate Investment Property, at Cost | 7,521 | 8,011 |
Real Estate Investment Property, Net, Total | $ 17,227 | $ 17,725 |
INVESTMENT ASSETS_ (Details Tex
INVESTMENT ASSETS: (Details Textual) | 12 Months Ended | |
Apr. 30, 2019USD ($)a | Apr. 30, 2018USD ($) | |
Area of Land | 12,000 | |
Lease Expiration Date | Dec. 31, 2029 | |
Depreciation On Warehouse And Other Facilities | $ | $ 516,000 | $ 491,000 |
FLORIDA | ||
Area of Land | 204,000 |
OTHER ASSETS_ (Details)
OTHER ASSETS: (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Prepaid expenses and other, net | $ 6,475 | $ 594 |
Other Assets | 6,475 | 594 |
Deferred purchase price | ||
Deferred purchase price (see Note 2) | 5,636 | 0 |
Prepaid expenses and other, net | ||
Prepaid expenses and other, net | $ 839 | $ 594 |
OTHER ASSETS_ (Details Textual)
OTHER ASSETS: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Depreciation | $ 606,000 | $ 509,000 |
Property and equipment | ||
Depreciation | $ 17,000 | $ 17,000 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Accounts Payable and Accrued Liabilities | $ 2,964 | $ 2,767 |
Real estate operations | ||
Accounts Payable and Accrued Liabilities | 2,359 | 2,425 |
Corporate operations | ||
Accounts Payable and Accrued Liabilities | $ 605 | $ 342 |
ACCOUNTS PAYABLE AND ACCRUED _4
ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Details Textual) - Real Estate Operation [Member] - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Accounts Payable and Accrued Liabilities Disclosure [Line Items] | ||
Accrued Liabilities | $ 491,000 | $ 746,000 |
Accounts Payable, Trade | 652,000 | 773,000 |
Customer Advances and Deposits | 1,198,000 | 897,000 |
Other Accounts Payable and Accrued Liabilities | $ 18,000 | $ 9,000 |
NOTES PAYABLE_ (Details)
NOTES PAYABLE: (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Notes Payable [Abstract] | ||
Notes Payable | $ 1,319 | $ 1,843 |
Real estate notes payable [Member] | ||
Notes Payable [Abstract] | ||
Notes Payable | 1,384 | 1,887 |
Unamortized debt issuance costs [Member] | ||
Notes Payable [Abstract] | ||
Notes Payable | $ (65) | $ (44) |
NOTES PAYABLE_ (Details Textual
NOTES PAYABLE: (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2020 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Annual Principal Payment | $ 181,000 | $ 1,887,000 | |
Tangible Net Worth Value | 35,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,700,000 | ||
Lomas Encantadas Development Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Interest Costs Capitalized | $ 82,000 | 13,000 | |
Debt Instrument, Description of Variable Rate Basis | plus a spread of 3.0% | ||
Debt Instrument, Annual Principal Payment | $ 3,234,000 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.49% | ||
Mortgage Loan Book Value | $ 10,840,000 | ||
Hawksite 27 Development Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 1,203,000 | ||
Interest Costs Capitalized | 33,000 | ||
Mortgage Loan Book Value | 4,874,000 | ||
Repayments of Debt | $ 390,000 | ||
Debt Instrument, Interest Rate During Period | 7.38% | ||
Debt Instrument, Interest Rate, Effective Percentage | 55.00% | ||
Debt Instrument, Maturity Date | Jul. 31, 2021 | ||
Maximum [Member] | Lomas Encantadas Development Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | $ 53,000 | ||
Maximum [Member] | Hawksite 27 Development Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 30,000 | ||
Minimum [Member] | Lomas Encantadas Development Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment, Principal | 43,000 | ||
Nonrevolving Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | 4,750,000 | ||
Nonrevolving Line Of Credit [Member] | Hawksite 27 Development Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,800,000 |
OTHER REVENUES_ (Details)
OTHER REVENUES: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Amortization of deferred revenue and other | $ 518 | $ 488 |
Other Revenue, Net | $ 518 | $ 488 |
OTHER REVENUES_ (Details Textua
OTHER REVENUES: (Details Textual) | 12 Months Ended | ||
Apr. 30, 2019USD ($)a | Apr. 30, 2018USD ($) | Apr. 30, 2015USD ($) | |
Operating Leases, Income Statement, Lease Revenue | $ | $ 76,000 | $ 228,000 | |
Area of Land | a | 12,000 | ||
Royalty InterestPercentage | 1.00% | ||
Lessor, Operating Lease, Description | If the lessee or any of its affiliates provides any consideration to obtain, enter into, option, extend or renew an interest in any minerals or mineral rights within Sandoval County, Bernalillo County, Santa Fe County or Valencia County in New Mexico at any time from September 2017 through September 2020, lessee shall pay the Company an amount equal to the amount of such consideration paid per acre multiplied by 54,793.24. | ||
Deferred Revenue, Leases, Gross | $ | $ 1,010,000 | ||
New Mexico [Member] | |||
Area of Land | a | 55,000 |
BENEFIT PLANS_ (Details)
BENEFIT PLANS: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Retirement Benefits [Abstract] | ||
Interest cost on projected benefit obligation | $ 1,183 | $ 1,156 |
Expected return on assets | (1,854) | (1,796) |
Plan expenses | 415 | 345 |
Recognized net actuarial loss | 905 | 1,294 |
Net periodic pension cost | $ 649 | $ 999 |
BENEFIT PLANS_ (Details 1)
BENEFIT PLANS: (Details 1) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Retirement Benefits [Abstract] | ||
Discount rate used to determine net periodic pension cost | 3.82% | 3.52% |
Discount rate used to determine pension benefit obligation | 3.54% | 3.82% |
Expected long-term rate of return on assets used for pension cost on assets | 8.00% | 8.00% |
BENEFIT PLANS_ (Details 2)
BENEFIT PLANS: (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Benefit obligation at beginning of year | $ 32,423 | $ 34,244 |
Interest cost | 1,183 | 1,156 |
Actuarial gain | (966) | (608) |
Benefits paid | (2,336) | (2,369) |
Benefit obligation at end of year | 30,304 | 32,423 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 23,372 | 23,277 |
Actual return on plan assets | 1,277 | 1,838 |
Company contributions | 2,000 | 1,040 |
Benefits paid | (2,336) | (2,369) |
Plan expenses | (410) | (414) |
Fair value of plan assets at end of year | 23,903 | 23,372 |
Underfunded status | (6,401) | (9,051) |
Recognition of underfunded status: | ||
Accrued pension cost | $ (6,401) | $ (9,051) |
BENEFIT PLANS_ (Details 3)
BENEFIT PLANS: (Details 3) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 |
Retirement Benefits [Abstract] | |||
Pretax accumulated comprehensive loss | $ 11,896 | $ 13,184 | $ 15,059 |
BENEFIT PLANS_ (Details 4)
BENEFIT PLANS: (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Retirement Benefits [Abstract] | ||
Accumulated comprehensive loss, Pretax | $ 13,184 | $ 15,059 |
Net actuarial gain | (383) | (581) |
Amortization of net loss | (905) | (1,294) |
Accumulated comprehensive loss, Pretax | 11,896 | 13,184 |
Accumulated comprehensive loss, Net of Tax | 7,934 | 9,240 |
Net actuarial gain | (274) | (405) |
Amortization of net loss | (629) | (901) |
Accumulated comprehensive loss, Net of Tax | $ 7,031 | $ 7,934 |
BENEFIT PLANS_ (Details 5)
BENEFIT PLANS: (Details 5) | Apr. 30, 2019 | Apr. 30, 2018 |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 52.00% | 59.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | 38.00% |
Cash Equivalents [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | 3.00% |
BENEFIT PLANS_ (Details 6)
BENEFIT PLANS: (Details 6) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 |
Defined Benefit Plan, Fair Value of Plan Assets | $ 23,903 | $ 23,372 | $ 23,277 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13,104 | 14,496 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,799 | 8,876 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Cash Equivalents [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 631 | 687 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 631 | 687 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,473 | 13,809 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,473 | 13,809 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Corporate Bonds And Debentures [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,799 | 8,876 | |
Corporate Bonds And Debentures [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Corporate Bonds And Debentures [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,799 | 8,876 | |
Corporate Bonds And Debentures [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
BENEFIT PLANS_ (Details 7)
BENEFIT PLANS: (Details 7) - $ / shares | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Retirement Benefits [Abstract] | ||
Number of Shares - Non-vested | 34,750 | 24,500 |
Number of Shares - Granted | 29,200 | 25,750 |
Number of Shares - Vested | (21,283) | (10,500) |
Number of Shares - Forfeited | (5,000) | |
Number of Shares - Non-vested | 42,667 | 34,750 |
Weighted Average Grant Date Fair Value Non-vested | $ 6.35 | $ 5.28 |
Weighted Average Grant Date Fair Value Granted | 7.05 | 6.92 |
Weighted Average Grant Date Fair Value Vested | 6.25 | 5.59 |
Weighted Average Grant Date Fair Value Forfeited | 5.67 | |
Weighted Average Grant Date Fair Value Non-vested | $ 6.87 | $ 6.35 |
BENEFIT PLANS_ (Details Textual
BENEFIT PLANS: (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 29, 2017 | Jan. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share-based Compensation, Total | $ 231,000 | $ 177,000 | |||||
Pension Benefit Plan Accelerated Funding | 11,688,000 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 903,000 | $ 1,306,000 | |||||
Defined Benefit Plan Expected Future Benefit Payments For First Five Years Following Fiscal Year Description | The amount of future annual benefit payments to pension plan participants payable from plan assets is expected to be as follows: 2020 - $3,202,000, 2021 - $2,424,000, 2022 - $2,329,000, 2023 - $2,273,000 and 2024 - $2,184,000 and an aggregate of approximately $9,955,000 is expected to be paid in the fiscal five-year period 2025 through 2029. | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 8.00% | 8.00% | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 100.00% | |||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 887,000 | ||||||
Defined Benefit Plan, Expected Amortization of Transition Asset (Obligation), Next Fiscal Year | 0 | ||||||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 0 | ||||||
Defined Benefit Plan, Benefit Obligation | 30,304,000 | $ 32,423,000 | $ 34,244,000 | ||||
Defined Benefit Plan, Plan Assets, Amount | 23,903,000 | 23,372,000 | $ 23,277,000 | ||||
Defined Benefit Pension Plan, Liabilities | 6,401,000 | 9,051,000 | |||||
Accrued Pension Related Obligation | 5,194,000 | ||||||
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense | $ 27,000 | $ 27,000 | |||||
Weighted Average Discount Rate, Percent | 3.54% | 3.82% | |||||
Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Benefit Obligation | $ 6,401,000 | $ 9,051,000 | |||||
Defined Benefit Plan, Plan Assets, Amount | 23,903,000 | 23,372,000 | |||||
Board of Directors Chairman [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Non Cash Director Fee Compensation | 80,000 | 80,000 | |||||
Scenario, Forecast [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.75% | ||||||
Equity Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share-based Compensation, Total | 151,000 | 96,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 122,000 | ||||||
2006 Equity Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,500 | ||||||
2016 Equity Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 14,783 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 40,167 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 29,200 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||||||
2016 Equity Plan [Member] | Employee Stock Option [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 4,700 | ||||||
2016 Equity Plan [Member] | Board of Directors Chairman [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Shares Issued, Price Per Share | $ 5.95 | $ 7.02 | |||||
Non Cash Director Compensation | $ 20,000 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 13,444 | 11,396 | |||||
PBGC [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Payment for Pension Benefits | $ 2,000,000 | ||||||
PBGC [Member] | Equity Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Payment for Pension Benefits | $ 1,040,000 | ||||||
Fixed Income Securities [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | 38.00% | |||||
Fixed Income Securities [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||||||
Fixed Income Securities [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||||||
Other Debt Obligations [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||||||
Other Debt Obligations [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | ||||||
Equity Securities [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 52.00% | 59.00% | |||||
Defined Benefit Plan, Plan Assets, Amount | $ 12,473,000 | $ 13,809,000 | |||||
Equity Securities [Member] | Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||||||
Equity Securities [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% |
INCOME TAXES_ (Details)
INCOME TAXES: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Current: | ||
Federal | $ (414) | $ (898) |
State and local | 5 | (17) |
Total Current | (409) | (915) |
Deferred: | ||
Federal | (193) | 872 |
State and local | (106) | (236) |
Total Deferred | (299) | 636 |
Total benefit for income taxes | $ (708) | $ (279) |
INCOME TAXES_ (Details 1)
INCOME TAXES: (Details 1) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Deferred income tax assets: | ||
State tax loss carryforwards | $ 4,287 | $ 3,457 |
U.S. Federal NOL carryforward | 2,079 | 0 |
Accrued pension costs | 1,608 | 2,401 |
Federal AMT carryforward | 0 | 180 |
Vacation accrual | 12 | 9 |
Real estate basis differences | 3,725 | 3,781 |
Other | 117 | 106 |
Total deferred income tax assets | 11,828 | 9,934 |
Deferred income tax liabilities: | ||
Depreciable assets | (1,138) | (1,533) |
Deferred gains on investment assets | (2,110) | (2,165) |
Other | (36) | (36) |
Total deferred income tax liabilities | (3,284) | (3,734) |
Valuation allowance for realization of certain deferred income tax assets | (4,008) | (3,235) |
Net deferred income tax asset | $ 4,536 | $ 2,965 |
INCOME TAXES_ (Details 2)
INCOME TAXES: (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Computed tax benefit at statutory rate | $ (666) | $ (845) |
Increase (reduction) in tax resulting from: | ||
Deferred tax rate changes | (137) | 231 |
Change in valuation allowances | 773 | 144 |
State income taxes, net of federal income tax effect | (869) | (163) |
Meals and entertainment | 13 | 2 |
Other | 178 | 352 |
Total benefit for income taxes | $ (708) | $ (279) |
INCOME TAXES_ (Details 3)
INCOME TAXES: (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Gross unrecognized tax benefits at beginning of year | $ 0 | $ 58 |
Gross increases: | ||
Additions based on tax positions related to current year | 0 | 0 |
Additions based on tax positions of prior years | 0 | 0 |
Gross decreases: | ||
Reductions based on tax positions of prior years | 0 | 0 |
Reductions based on the lapse of the applicable statute of limitations | (58) | 0 |
Gross unrecognized tax benefits at end of year | $ 0 | $ 58 |
INCOME TAXES_ (Details Textual)
INCOME TAXES: (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 01, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jan. 01, 2038 | |
Operating Loss Carryforwards State Subject To Expiration Current | $ 115,400,000 | |||
Unrecognized Tax Benefits, Period Increase (Decrease) | 58,000 | $ 58,000 | ||
Income Tax Examination, Penalties and Interest Accrued | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 29.70% | |
Operating Loss Carryforwards | $ 9,900,000 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 773,000 | |||
Federal Member [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 29.70% | |||
Scenario, Forecast [Member] | ||||
Operating Loss Carryforwards | $ 147,000 |
COMMITMENTS AND CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Commitments And Contingencies Line Items [Line Items] | ||
Operating Leases, Rent Expense | $ 107,000 | $ 110,000 |
Operating Leases, Future Minimum Payments Due | 238,000 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 115,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,941,500 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,985,328 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 2,041,564 | |
Operating Leases, Future Minimum Payments, Due Thereafter | $ 0 |
RESTRICTED CASH_ (Details)
RESTRICTED CASH: (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 13,267 | $ 10,851 | |
Restricted cash | 969 | 0 | |
Total cash, cash equivalents and restricted cash | $ 14,236 | $ 14,041 | $ 11,811 |
RESTRICTED CASH_ (Details Textu
RESTRICTED CASH: (Details Textual) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Restricted Cash and Cash Equivalents | $ 969 | $ 0 |
SUBSEQUENT EVENTS_ (Details Tex
SUBSEQUENT EVENTS: (Details Textual) - Guarantee Of Indebtness Of LEDC Member [Member] - USD ($) | 1 Months Ended | ||||||
Jun. 17, 2022 | Mar. 17, 2022 | Dec. 17, 2021 | Sep. 17, 2021 | Jun. 17, 2021 | Mar. 17, 2021 | Jun. 30, 2019 | |
Subsequent Event [Line Items] | |||||||
Subsequent Event, Description | The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LEDC and Lender with respect to certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by ASW in favor of Lender, ASW has guaranteed LEDC’s obligations under each of the above agreements. | ||||||
Non Revolving Line Of Credit Facility Member [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $ 2,475,000 | ||||||
Line of Credit Facility, Periodic Payment | 37,500 | ||||||
Book Value Of PropertyPlant And Equipment Pledged With Lender | 3,395,000 | ||||||
Minimum Net Worth Required for Compliance | $ 32,000,000 | ||||||
Non Revolving Line Of Credit Facility Member [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Interest Rate Description | annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly. | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Subsequent Event, Date | Jun. 30, 2019 | ||||||
Subsequent Event [Member] | Non Revolving Line Of Credit Facility Member [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | ||||||
Scenario, Forecast [Member] | Non Revolving Line Of Credit Facility Member [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Periodic Payment, Principal | $ 187,500 | $ 525,000 | $ 262,500 | $ 300,000 | $ 300,000 | $ 900,000 |