Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2020 | Dec. 07, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | VALUE LINE INC | |
Entity Central Index Key | 0000717720 | |
Trading Symbol | valu | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 9,589,347 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, $0.10 par value per share |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Current Assets: | ||
Cash and cash equivalents (including short term investments of $7,983 and $2,115, respectively) | $ 8,689,000 | $ 4,954,000 |
Securities available-for-sale | 29,485,000 | 29,204,000 |
Accounts receivable, net of allowance for doubtful accounts of $38 and $38, respectively | 1,600,000 | 4,438,000 |
Receivable from clearing broker | 608,000 | |
Prepaid expenses and other current assets | 1,209,000 | 1,321,000 |
Total current assets | 40,983,000 | 40,525,000 |
Long term assets: | ||
Investment in EAM Trust | 60,351,000 | 59,165,000 |
Restricted money market investments | 469,000 | 469,000 |
Property and equipment, net | 8,915,000 | 9,500,000 |
Capitalized software and other intangible assets, net | 119,000 | 69,000 |
Total long term assets | 69,854,000 | 69,203,000 |
Total assets | 110,837,000 | 109,728,000 |
Liabilities and Shareholders' Equity Current Liabilities: | ||
Accounts payable and accrued liabilities | 1,752,000 | 2,057,000 |
Accrued salaries | 1,018,000 | 1,145,000 |
Dividends payable | 2,017,000 | 2,019,000 |
Accrued taxes on income | 151,000 | 1,043,000 |
Payable to clearing broker | 588,000 | |
Loan obligation-short term | 195,000 | 194,000 |
Operating lease obligation-short term | 1,003,000 | 925,000 |
Unearned revenue | 16,847,000 | 18,854,000 |
Total current liabilities | 22,983,000 | 26,825,000 |
Long term liabilities: | ||
Unearned revenue | 5,942,000 | 5,884,000 |
Loan obligation-long term | 2,136,000 | 2,137,000 |
Operating lease obligation-long term | 7,944,000 | 8,492,000 |
Deferred income taxes | 12,604,000 | 12,851,000 |
Total long term liabilities | 28,626,000 | 29,364,000 |
Total liabilities | 51,609,000 | 56,189,000 |
Shareholders' Equity: | ||
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares | 1,000,000 | 1,000,000 |
Additional paid-in capital | 991,000 | 991,000 |
Retained earnings | 62,587,000 | 56,450,000 |
Treasury stock, at cost (398,949 shares and 383,279 shares, respectively) | (6,379,000) | (5,957,000) |
Accumulated other comprehensive income, net of tax | 1,029,000 | 1,055,000 |
Total shareholders' equity | 59,228,000 | 53,539,000 |
Total liabilities and shareholders' equity | $ 110,837,000 | $ 109,728,000 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Short term investments | $ 7,983 | $ 2,115 |
Allowance for doubtful accounts | $ 38 | $ 38 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 10,000,000 | 10,000,000 |
Treasury stock, shares (in shares) | 398,949 | 383,279 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Revenues: | ||||
Revenues | $ 10,210 | $ 10,080 | $ 20,538 | $ 19,697 |
Expenses: | ||||
Advertising and promotion | 817 | 702 | 1,872 | 1,645 |
Salaries and employee benefits | 4,554 | 4,391 | 9,062 | 8,776 |
Production and distribution | 1,392 | 1,245 | 2,665 | 2,410 |
Office and administration | 1,259 | 1,113 | 2,525 | 2,212 |
Total expenses | 8,022 | 7,451 | 16,124 | 15,043 |
Income from operations | 2,188 | 2,629 | 4,414 | 4,654 |
Revenues and profits interests in EAM Trust | 4,214 | 3,058 | 7,858 | 5,929 |
Income from securities transactions, net | 323 | 143 | 1,281 | 284 |
Income before income taxes | 6,725 | 5,830 | 13,553 | 10,867 |
Income tax provision | 1,669 | 1,619 | 3,380 | 2,966 |
Net income | $ 5,056 | $ 4,211 | $ 10,173 | $ 7,901 |
Earnings per share, basic & fully diluted (in dollars per share) | $ 0.53 | $ 0.44 | $ 1.06 | $ 0.82 |
Weighted average number of common shares (in shares) | 9,608,792 | 9,656,836 | 9,612,756 | 9,658,734 |
Subscription and Circulation [Member] | ||||
Revenues: | ||||
Revenues | $ 6,901 | $ 6,949 | $ 13,993 | $ 13,982 |
License [Member] | ||||
Revenues: | ||||
Revenues | $ 3,309 | $ 3,131 | $ 6,545 | $ 5,715 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Net income | $ 5,056 | $ 4,211 | $ 10,173 | $ 7,901 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrealized gains (losses) on securities, net of taxes | (146) | 276 | (26) | 362 |
Other comprehensive income (loss) | (146) | 276 | (26) | 362 |
Comprehensive income | $ 4,910 | $ 4,487 | $ 10,147 | $ 8,263 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 10,173,000 | $ 7,901,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 638,000 | 137,000 |
Realized gains on sales of equity securities | (925,000) | |
Non-voting revenues interest in EAM Trust | (7,009,000) | (5,356,000) |
Non-voting profits interest in EAM Trust | (849,000) | (573,000) |
Distributions received from EAM Trust | 6,672,000 | 5,368,000 |
Deferred income taxes | 19,000 | 218,000 |
Deferred rent obligation | (470,000) | 56,000 |
Changes in operating assets and liabilities: | ||
Unearned revenue | (1,949,000) | (2,734,000) |
Accounts payable & accrued expenses | (304,000) | (550,000) |
Accrued salaries | (127,000) | (124,000) |
Accrued taxes on income | (1,151,000) | (196,000) |
Prepaid and refundable income taxes | 200,000 | |
Prepaid expenses and other current assets | 112,000 | 271,000 |
Accounts receivable | 2,838,000 | (2,816,000) |
Total adjustments | (2,505,000) | (6,099,000) |
Net cash provided by operating activities | 7,668,000 | 1,802,000 |
Cash flows from investing activities: | ||
Purchases of equity securities classified as available-for-sale | (7,636,000) | (906,000) |
Purchases of fixed income securities classified as available-for-sale | (2,496,000) | (3,472,000) |
Proceeds from sales of equity securities classified as available-for-sale | 5,529,000 | |
Proceeds from sales of fixed income securities classified as available-for-sale | 5,214,000 | 4,974,000 |
Acquisition of property and equipment | (21,000) | (2,000) |
Expenditures for capitalized software | (82,000) | |
Net cash provided by investing activities | 508,000 | 594,000 |
Cash flows from financing activities: | ||
Purchase of treasury stock at cost | (422,000) | (393,000) |
Receivable from clearing broker | 608,000 | |
Payable to clearing broker | (588,000) | |
Dividends paid | (4,039,000) | (3,865,000) |
Net cash used in financing activities | (4,441,000) | (4,258,000) |
Net change in cash and cash equivalents | 3,735,000 | (1,862,000) |
Cash, cash equivalents and restricted cash at beginning of period | 5,423,000 | 6,962,000 |
Cash, cash equivalents and restricted cash at end of period | $ 9,158,000 | $ 5,100,000 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Apr. 30, 2019 | 10,000,000 | (336,439) | ||||
Balance at Apr. 30, 2019 | $ 1,000 | $ 991 | $ (4,743) | $ 48,598 | $ 1,678 | $ 47,524 |
Net income | 7,901 | 7,901 | ||||
Change in unrealized gains on securities, net of taxes | 362 | 362 | ||||
Purchase of treasury stock (in shares) | (16,493) | |||||
Purchase of treasury stock | $ (393) | (393) | ||||
Dividends declared | (3,863) | (3,863) | ||||
Balance (in shares) at Oct. 31, 2019 | 10,000,000 | (352,932) | ||||
Balance at Oct. 31, 2019 | $ 1,000 | 991 | $ (5,136) | 52,636 | 2,040 | 51,531 |
Balance (in shares) at Apr. 30, 2020 | 10,000,000 | (383,279) | ||||
Balance at Apr. 30, 2020 | $ 1,000 | 991 | $ (5,957) | 56,450 | 1,055 | 53,539 |
Net income | 10,173 | 10,173 | ||||
Change in unrealized gains on securities, net of taxes | (26) | (26) | ||||
Purchase of treasury stock (in shares) | (15,670) | |||||
Purchase of treasury stock | $ (422) | (422) | ||||
Dividends declared | (4,036) | (4,036) | ||||
Balance (in shares) at Oct. 31, 2020 | 10,000,000 | (398,949) | ||||
Balance at Oct. 31, 2020 | $ 1,000 | $ 991 | $ (6,379) | $ 62,587 | $ 1,029 | $ 59,228 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 Value Line, Inc. ("Value Line" or "VLI", and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third third The Consolidated Condensed Balance Sheets as of October 31, 2020 April 30, 2020, 10 April 30, 2020 July 28, 2020 ( 10 may not Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 not not 3 In accordance with FASB's Topic 810, 323 810 not Revenue Recognition: Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long-term liabilities. Copyright fees are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranks to third third Investment in Unconsolidated Entities: The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB's ASC 323. The Company's “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a "non-voting revenues interest" and a "non-voting profits interest" in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% 55%, 50% 90% not Recent Accounting Pronouncements: In February 2016, No. 2016 02, 842 one May 2019 12 On June 21, 2018, 1992 Quill, no Valuation of Securities: The Company's securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities and investments in equities including ETFs and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company's fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a 7 1940 The Fair Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three The three three Level 1 Level 2 Level 3 The following summarizes the levels of fair value measurements of the Company's investments: As of October 31, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,983 $ - $ - $ 7,983 Securities available-for-sale 29,485 - - 29,485 $ 37,468 $ - $ - $ 37,468 As of April 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,115 $ - $ - $ 2,115 Securities available-for-sale 29,204 - - 29,204 $ 31,319 $ - $ - $ 31,319 The Company had no October 31, 2020 April 30, 2020, no 2 3 not Advertising expenses: The Company expenses advertising costs as incurred. Income Taxes: The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB's ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Condensed Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. The Company adopted the provisions of ASU 2015 17, 740 first 2018 The Income Tax Topic of the FASB's ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of October 31, 2020, no Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not Cash and Cash Equivalents: For purposes of the Consolidated Condensed Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three October 31, 2020 April 30, 2020, $7,983,000 $2,115,000, |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 Securities Available-for-Sale: Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB's ASC 320, twelve Equity Securities: Equity securities classified as available-for-sale on the Consolidated Condensed Balance Sheets, consist of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions. As of October 31, 2020 April 30, 2020, 100 500 500 500 $15,909,000 $12,877,000, $17,185,000 $14,125,000, Proceeds from sales of equity securities classified as available-for-sale during the six October 31, 2020 $5,529,000 $925,000 $27,000, $7,000 October 31, 2020. no six October 31, 2019. $403,000, $84,000 October 31, 2019. The changes in the value of equity securities investments are recorded in Other Comprehensive Income in the Consolidated Condensed Financial Statements. Realized gains and losses are recorded as of the trade date in the Consolidated Condensed Statements of Income when securities are sold, mature or are redeemed. As of October 31, 2020 April 30, 2020, $1,276,000 $1,248,000, $332,000 $324,000, The carrying value and fair value of securities available-for-sale at October 31, 2020 Gross Unrealized ($ in thousands) Cost Holding Gains Fair Value ETFs - equities $ 15,909 $ 1,276 $ 17,185 The carrying value and fair value of securities available-for-sale at April 30, 2020 Gross Unrealized Gross Unrealized ($ in thousands) Cost Gains Losses Fair Value ETFs - equities $ 12,877 $ 1,317 $ (69 ) $ 14,125 Government Debt Securities (Fixed Income Securities): Fixed income securities consist of certificates of deposits and securities issued by federal, state and local governments within the United States. The aggregate cost and fair value at October 31, 2020 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 12,185 $ 115 $ 12,300 Total investment in government debt securities $ 12,185 $ 115 $ 12,300 The aggregate cost and fair value at April 30, 2020 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 14,652 $ 177 $ 14,829 Due 1 year through 5 years 250 - 250 Total investment in government debt securities $ 14,902 $ 177 $ 15,079 Proceeds from maturities and sales of government debt securities classified as available-for-sale during the six October 31, 2020 October 31, 2019, $5,214,000 $4,974,000, $62,000 $16,000, October 31, 2020. $54,000 $11,000, October 31, 2019. October 31, 2020 April 30, 2020, $115,000 $177,000, $30,000 $46,000, The average yield on the Government debt securities classified as available-for-sale at October 31, 2020 April 30, 2020 2.47% 2.27%, Income from Securities Transactions: Income from securities transactions was comprised of the following: Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) 2020 2019 2020 2019 Dividend income $ 137 $ 81 $ 258 $ 151 Interest income 44 66 100 137 Realized gain on sale of equity securities 142 - 925 - Other - (4 ) (2 ) (4 ) Total income from securities transactions, net $ 323 $ 143 $ 1,281 $ 284 Investment in Unconsolidated Entities: Equity Method Investment: As of October 31, 2020 April 30, 2020, $60,351,000 $59,165,000, The value of VLI's investment in EAM at October 31, 2020 April 30, 2020 $55,805,000 $5,820,000 It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may not not 2021 2020. The components of EAM's investment management operations, provided to the Company by EAM, were as follows: Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) (unaudited) 2020 2019 2020 2019 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 7,181 $ 5,463 $ 13,491 $ 10,610 12b-1 fees and other fees, net of waivers shown below $ 2,454 $ 2,086 $ 4,755 $ 4,065 Other income $ 5 $ 5 $ 115 $ 58 Investment management fee waivers and reimbursements $ 76 $ 109 $ 119 $ 218 12b-1 fee waivers $ 165 $ 166 $ 322 $ 339 Value Line's non-voting revenues interest $ 3,729 $ 2,768 $ 7,009 $ 5,356 EAM's net income (1) $ 970 $ 580 $ 1,698 $ 1,146 ( 1 50% October 31, April 30, ($ in thousands) 2020 2020 (unaudited) EAM's total assets $ 63,549 $ 61,335 EAM's total liabilities (1) (6,529 ) (4,192 ) EAM's total equity $ 57,020 $ 57,143 ( 1 October 31, 2020 April 30, 2020, $4,165,000 $2,949,000, |
Note 3 - Variable Interest Enti
Note 3 - Variable Interest Entity | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Variable Interest Entity [Text Block] | Note 3 The Company holds a non-voting revenues interest and a 50% not The Company has determined that it does not not not not not In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss. While all of the profit interest shareholders in EAM are subject to variability based on EAM's operations risk, Value Line's non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests. The Company has not no no Value Line ($ in thousands) VIE Assets Investment in EAM Liabilities Maximum Exposure As of October 31, 2020 (unaudited) $ 63,549 $ 60,351 $ - $ 60,351 As of April 30, 2020 $ 61,335 $ 59,165 $ - $ 59,165 ( 1 |
Note 4 - Supplementary Cash Flo
Note 4 - Supplementary Cash Flows Information | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 4 Reconciliation of Cash, Cash Equivalents, and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Condensed Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Condensed Statement of Cash Flows. Six Months Ended October 31, ($ in thousands) 2020 2019 Cash and cash equivalents $ 8,689 $ 4,631 Restricted cash 469 469 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows $ 9,158 $ 5,100 Income Tax Payments: The Company made income tax payments as follows: Six Months Ended October 31, ($ in thousands) 2020 2019 State and local income tax payments $ 853 $ 739 Federal income tax payments to the Parent 3,660 1,950 |
Note 5 - Employees' Profit Shar
Note 5 - Employees' Profit Sharing and Savings Plan | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | Note 5 Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the "Plan"). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the six October 31, 2020 October 31, 2019, $375,000 $263,000, |
Note 6 - Comprehensive Income
Note 6 - Comprehensive Income | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 6 The FASB's ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not As of October 31, 2020 October 31, 2019, October 31, 2020 October 31, 2019, The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders' Equity for the six October 31, 2020 ($ in thousands) Amount Before Tax Amount Net of Tax Change in unrealized gains on securities $ 890 $ (232 ) $ 658 Less: Gains realized in net income (925 ) 241 (684 ) $ (35 ) $ 9 $ (26 ) The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders' Equity for the six October 31, 2019 ($ in thousands) Amount Before Tax Expense Amount Net of Tax Change in unrealized gains on securities $ 457 $ (95 ) $ 362 $ 457 $ (95 ) $ 362 |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 7 Investment Management (overview): The Company has substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds. Accordingly, the Company does not Total assets in the Value Line Funds managed and/or distributed by EAM at October 31, 2020, $4.46 27.6% $3.50 October 31, 2019. The Company's non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% 55% 50% 50% not 90% second 2021 52.06%. EAM Trust - VLI's non-voting revenues and non-voting profits interests: The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% 55% no Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) 2020 2019 2020 2019 Non-voting revenues interest in EAM $ 3,729 $ 2,768 $ 7,009 $ 5,356 Non-voting profits interest in EAM 485 290 849 573 $ 4,214 $ 3,058 $ 7,858 $ 5,929 At October 31, 2020, $4,165,000 Transactions with Parent: During the six October 31, 2020 October 31, 2019, $206,000 $191,000, no October 31, 2020 April 30, 2020. The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two $3,660,000 $1,950,000 six October 31, 2020 October 31, 2019, As of October 31, 2020, 89.92% |
Note 8 - Federal, State and Loc
Note 8 - Federal, State and Local Income Taxes | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 In accordance with the requirements of the Income Tax Topic of the FASB's ASC, the Company's provision for income taxes includes the following: Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) 2020 2019 2020 2019 Current tax expense: Federal $ 1,351 $ 1,143 $ 2,664 $ 2,133 State and local 344 319 697 615 Current tax expense 1,695 1,462 3,361 2,748 Deferred tax expense (benefit): Federal (20 ) (38 ) 24 (54 ) State and local (6 ) 195 (5 ) 272 Deferred tax expense (benefit): (26 ) 157 19 218 Income tax provision $ 1,669 $ 1,619 $ 3,380 $ 2,966 On December 22, 2017 1, 35% 21% January 1, 2018. 21% 2021. The overall effective income tax rates, as a percentage of pre-tax ordinary income for the six October 31, 2020 October 31, 2019 24.93% 27.29%, October 31, 2020 2021. not not Deferred income taxes, a liability, are provided for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. The tax effect of temporary differences giving rise to the Company's long-term deferred tax liability are as follows: October 31, April 30, ($ in thousands) 2020 2020 Federal tax liability (benefit): Deferred gain on deconsolidation of EAM $ 10,669 $ 10,669 Deferred non-cash post-employment compensation (372 ) (372 ) Depreciation and amortization 109 108 Unrealized gain on securities held for sale 292 299 Right of Use Asset (190 ) (182 ) Deferred charges (165 ) (166 ) Other (465 ) (207 ) Total federal tax liability 9,878 10,149 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,549 2,564 Deferred non-cash post-employment compensation (89 ) (88 ) Depreciation and amortization 26 44 Unrealized gain on securities held for sale 70 72 Other 170 110 Total state and local tax liabilities 2,726 2,702 Deferred tax liability, long-term $ 12,604 $ 12,851 At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full fiscal year. The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur. The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following: Six Months Ended October 31, 2020 2019 U.S. statutory federal tax rate 21.00 % 21.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit 4.22 % 6.45 % Effect of dividends received deductions (0.28 )% (0.20 )% Other, net (0.01 )% 0.04 % Effective income tax rate 24.93 % 27.29 % The Company believes that, as of October 31, 2020, no The Company is included in the consolidated federal income tax return of the Parent. The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company's liability/(benefit) as if it filed a separate return. Beginning with the fiscal year ended April 30, 2017, The Company's federal income tax returns (included in the Parent's consolidated returns) and state and city tax returns for fiscal years ended 2017 2019, three April 30, 2017 2019 not |
Note 9 - Property and Equipment
Note 9 - Property and Equipment | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 9 Property and equipment are carried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases. For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Condensed Balance Sheets was comprised of the following: October 31, April 30, ($ in thousands) 2020 2020 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 8,042 8,550 Furniture and equipment 4,068 4,047 13,123 13,610 Accumulated depreciation and amortization (4,208 ) (4,110 ) Total property and equipment, net $ 8,915 $ 9,500 |
Note 10 - Accounting for the Co
Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Internal Use Software Disclosure [Text Block] | Note 10 The Company has adopted the provisions of the Statement of Position 98 1 98 1 98 1 3 5 six October 31, 2020 October 31, 2019, $32,000 $35,000, During the six October 31, 2020, $82,000 third not not third six October 31, 2019. |
Note 11 - Treasury Stock and Re
Note 11 - Treasury Stock and Repurchase Program | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 11 On April 17, 2020, $2,000,000. may may no Treasury stock, at cost, consists of the following: (in thousands except for shares and cost per share) Shares Total Cost Average Cost per Aggregate Purchase Price Balance as of April 30, 2020 383,279 $ 5,957 $ 15.54 $ 2,000 Purchases effected in open market during the quarters ended: July 31, 2020 - - - 2,000 October 31, 2020 15,670 422 26.96 1,578 Balance as of October 31, 2020 398,949 $ 6,379 $ 15.99 $ 1,578 |
Note 12 - Leases
Note 12 - Leases | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 12 In February 2016, No. 2016 02, 842 one May 2019 The Company adopted ASU 2016 02 2018 11, not May 1, 2019). not 1 2 3 The Company leases office space in New York, NY and a warehouse and appurtenant office space in Lyndhurst, NJ. The Company has evaluated these leases and determined that they are operating leases under the definitions of the guidance of ASU 2016 02. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. On May 1, 2019, $9,575,000, $10,340,000 $765,000. October 31, 2020, $8,042,000 The Company recognizes lease expense, calculated as the remaining cost of the lease allocated over the remaining lease term on a straight-line basis. Lease expense is presented as part of continuing operations in the consolidated condensed statements of income. The Company recognized $750,000 2021 2020 six October 31, 2020 October 31, 2019, For the six October 31, 2020, $710,000 $710,000 The Company's leases generally do not 842 October 31, 2020: Fiscal years ended April 30, (in thousands) 2021 * 722 2022 1,506 2023 1,597 2024 1,634 2025 1,428 Thereafter 3,837 Total undiscounted future minimum lease payments 10,724 Less: difference between undiscounted lease payments & the present value of future lease payments 1,777 Total operating lease liabilities 8,947 * Excludes the six October 31, 2020 |
Note 13 - Restricted Cash and D
Note 13 - Restricted Cash and Deposits | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 13 Restricted Money Market Investment in the noncurrent assets on the Consolidated Condensed Balance Sheet at October 31, 2020, $469,000, $469,000 October 3, 2021, $305,000 |
Note 14 - Concentration
Note 14 - Concentration | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 14 During the six October 31, 2020, 31.9% $20,538,000 |
Note 15 - Concentration of Cred
Note 15 - Concentration of Credit Risk | 6 Months Ended |
Oct. 31, 2020 | |
Notes to Financial Statements | |
Concentration of Credit Risk [Text Block] | Note 15 Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. October 31, 2020 October 31, 2019, $2,072,000 $1,445,000, not |
Note 16 - Paycheck Protection P
Note 16 - Paycheck Protection Program Loan | 6 Months Ended |
Oct. 31, 2020 | |
Paycheck Protection Program CARES Act [Member] | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 16 The Company recently executed a note and received a loan (the "PPP Loan") from JP Morgan Chase Bank under the Paycheck Protection Program ("PPP") which was established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and is administered by the U.S. Small Business Administration. In April 2020, $2,331,365. The term of the PPP Loan is two 1.00%, first ten may may Under the terms of the CARES Act, Borrowers can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act, as described above, during a period not twenty-four No |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 not not 3 In accordance with FASB's Topic 810, 323 810 not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long-term liabilities. Copyright fees are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranks to third third |
Equity Method Investments [Policy Text Block] | Investment in Unconsolidated Entities: The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB's ASC 323. The Company's “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a "non-voting revenues interest" and a "non-voting profits interest" in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% 55%, 50% 90% not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: In February 2016, No. 2016 02, 842 one May 2019 12 On June 21, 2018, 1992 Quill, no |
Fair Value Measurement, Policy [Policy Text Block] | Valuation of Securities: The Company's securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities and investments in equities including ETFs and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company's fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a 7 1940 The Fair Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three The three three Level 1 Level 2 Level 3 The following summarizes the levels of fair value measurements of the Company's investments: As of October 31, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,983 $ - $ - $ 7,983 Securities available-for-sale 29,485 - - 29,485 $ 37,468 $ - $ - $ 37,468 As of April 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,115 $ - $ - $ 2,115 Securities available-for-sale 29,204 - - 29,204 $ 31,319 $ - $ - $ 31,319 The Company had no October 31, 2020 April 30, 2020, no 2 3 not |
Advertising Cost [Policy Text Block] | Advertising expenses: The Company expenses advertising costs as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes: The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB's ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Condensed Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. The Company adopted the provisions of ASU 2015 17, 740 first 2018 The Income Tax Topic of the FASB's ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of October 31, 2020, no |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: For purposes of the Consolidated Condensed Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three October 31, 2020 April 30, 2020, $7,983,000 $2,115,000, |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of October 31, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,983 $ - $ - $ 7,983 Securities available-for-sale 29,485 - - 29,485 $ 37,468 $ - $ - $ 37,468 As of April 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,115 $ - $ - $ 2,115 Securities available-for-sale 29,204 - - 29,204 $ 31,319 $ - $ - $ 31,319 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Unrealized ($ in thousands) Cost Holding Gains Fair Value ETFs - equities $ 15,909 $ 1,276 $ 17,185 Gross Unrealized Gross Unrealized ($ in thousands) Cost Gains Losses Fair Value ETFs - equities $ 12,877 $ 1,317 $ (69 ) $ 14,125 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 12,185 $ 115 $ 12,300 Total investment in government debt securities $ 12,185 $ 115 $ 12,300 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 14,652 $ 177 $ 14,829 Due 1 year through 5 years 250 - 250 Total investment in government debt securities $ 14,902 $ 177 $ 15,079 |
Investment Income [Table Text Block] | Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) 2020 2019 2020 2019 Dividend income $ 137 $ 81 $ 258 $ 151 Interest income 44 66 100 137 Realized gain on sale of equity securities 142 - 925 - Other - (4 ) (2 ) (4 ) Total income from securities transactions, net $ 323 $ 143 $ 1,281 $ 284 |
Investment Holdings, Other than Securities [Table Text Block] | Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) (unaudited) 2020 2019 2020 2019 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 7,181 $ 5,463 $ 13,491 $ 10,610 12b-1 fees and other fees, net of waivers shown below $ 2,454 $ 2,086 $ 4,755 $ 4,065 Other income $ 5 $ 5 $ 115 $ 58 Investment management fee waivers and reimbursements $ 76 $ 109 $ 119 $ 218 12b-1 fee waivers $ 165 $ 166 $ 322 $ 339 Value Line's non-voting revenues interest $ 3,729 $ 2,768 $ 7,009 $ 5,356 EAM's net income (1) $ 970 $ 580 $ 1,698 $ 1,146 |
Summary Investment Holdings [Table Text Block] | October 31, April 30, ($ in thousands) 2020 2020 (unaudited) EAM's total assets $ 63,549 $ 61,335 EAM's total liabilities (1) (6,529 ) (4,192 ) EAM's total equity $ 57,020 $ 57,143 |
Note 3 - Variable Interest En_2
Note 3 - Variable Interest Entity (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | Value Line ($ in thousands) VIE Assets Investment in EAM Liabilities Maximum Exposure As of October 31, 2020 (unaudited) $ 63,549 $ 60,351 $ - $ 60,351 As of April 30, 2020 $ 61,335 $ 59,165 $ - $ 59,165 |
Note 4 - Supplementary Cash F_2
Note 4 - Supplementary Cash Flows Information (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended October 31, ($ in thousands) 2020 2019 Cash and cash equivalents $ 8,689 $ 4,631 Restricted cash 469 469 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows $ 9,158 $ 5,100 Six Months Ended October 31, ($ in thousands) 2020 2019 State and local income tax payments $ 853 $ 739 Federal income tax payments to the Parent 3,660 1,950 |
Note 6 - Comprehensive Income (
Note 6 - Comprehensive Income (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | ($ in thousands) Amount Before Tax Amount Net of Tax Change in unrealized gains on securities $ 890 $ (232 ) $ 658 Less: Gains realized in net income (925 ) 241 (684 ) $ (35 ) $ 9 $ (26 ) ($ in thousands) Amount Before Tax Expense Amount Net of Tax Change in unrealized gains on securities $ 457 $ (95 ) $ 362 $ 457 $ (95 ) $ 362 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Non Voting Revenues Interest and Non Voting Profits Interests [Table Text Block] | Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) 2020 2019 2020 2019 Non-voting revenues interest in EAM $ 3,729 $ 2,768 $ 7,009 $ 5,356 Non-voting profits interest in EAM 485 290 849 573 $ 4,214 $ 3,058 $ 7,858 $ 5,929 |
Note 8 - Federal, State and L_2
Note 8 - Federal, State and Local Income Taxes (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended October 31, Six Months Ended October 31, ($ in thousands) 2020 2019 2020 2019 Current tax expense: Federal $ 1,351 $ 1,143 $ 2,664 $ 2,133 State and local 344 319 697 615 Current tax expense 1,695 1,462 3,361 2,748 Deferred tax expense (benefit): Federal (20 ) (38 ) 24 (54 ) State and local (6 ) 195 (5 ) 272 Deferred tax expense (benefit): (26 ) 157 19 218 Income tax provision $ 1,669 $ 1,619 $ 3,380 $ 2,966 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | October 31, April 30, ($ in thousands) 2020 2020 Federal tax liability (benefit): Deferred gain on deconsolidation of EAM $ 10,669 $ 10,669 Deferred non-cash post-employment compensation (372 ) (372 ) Depreciation and amortization 109 108 Unrealized gain on securities held for sale 292 299 Right of Use Asset (190 ) (182 ) Deferred charges (165 ) (166 ) Other (465 ) (207 ) Total federal tax liability 9,878 10,149 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,549 2,564 Deferred non-cash post-employment compensation (89 ) (88 ) Depreciation and amortization 26 44 Unrealized gain on securities held for sale 70 72 Other 170 110 Total state and local tax liabilities 2,726 2,702 Deferred tax liability, long-term $ 12,604 $ 12,851 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Six Months Ended October 31, 2020 2019 U.S. statutory federal tax rate 21.00 % 21.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit 4.22 % 6.45 % Effect of dividends received deductions (0.28 )% (0.20 )% Other, net (0.01 )% 0.04 % Effective income tax rate 24.93 % 27.29 % |
Note 9 - Property and Equipme_2
Note 9 - Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | October 31, April 30, ($ in thousands) 2020 2020 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 8,042 8,550 Furniture and equipment 4,068 4,047 13,123 13,610 Accumulated depreciation and amortization (4,208 ) (4,110 ) Total property and equipment, net $ 8,915 $ 9,500 |
Note 11 - Treasury Stock and _2
Note 11 - Treasury Stock and Repurchase Program (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | (in thousands except for shares and cost per share) Shares Total Cost Average Cost per Aggregate Purchase Price Balance as of April 30, 2020 383,279 $ 5,957 $ 15.54 $ 2,000 Purchases effected in open market during the quarters ended: July 31, 2020 - - - 2,000 October 31, 2020 15,670 422 26.96 1,578 Balance as of October 31, 2020 398,949 $ 6,379 $ 15.99 $ 1,578 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal years ended April 30, (in thousands) 2021 * 722 2022 1,506 2023 1,597 2024 1,634 2025 1,428 Thereafter 3,837 Total undiscounted future minimum lease payments 10,724 Less: difference between undiscounted lease payments & the present value of future lease payments 1,777 Total operating lease liabilities 8,947 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2020 | Oct. 31, 2020 | Apr. 30, 2020 | |
Money Market Funds, at Carrying Value | $ 7,983,000 | $ 2,115,000 | |
EAM Trust [Member] | |||
Non Voting Profits Interest Percent | 50.00% | 50.00% | |
EAM Trust [Member] | Minimum [Member] | |||
Non Voting Revenues Interest Percent | 41.00% | ||
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90.00% | ||
EAM Trust [Member] | Maximum [Member] | |||
Non Voting Revenues Interest Percent | 55.00% |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Securities available-for-sale | $ 29,485 | $ 29,204 |
Investments, Fair Value Disclosure, Total | 37,468 | 31,319 |
Money Market Funds [Member] | ||
Cash equivalents | 7,983 | 2,115 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 29,485 | 29,204 |
Investments, Fair Value Disclosure, Total | 37,468 | 31,319 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 7,983 | 2,115 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash equivalents |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | ||
Available-for-sale Equity Securities, Amortized Cost Basis, Total | $ 15,909,000 | $ 15,909,000 | $ 12,877,000 | ||||
Available-for-sale Securities, Equity Securities | 17,185,000 | 17,185,000 | $ 14,125,000 | ||||
Proceeds from Sale of Available-for-sale Securities, Equity | 5,529,000 | ||||||
Net Income (Loss) Attributable to Parent, Total | $ 5,056,000 | $ 4,211,000 | 10,173,000 | 7,901,000 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | (35,000) | 457,000 | |||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | $ 232,000 | 95,000 | |||||
Available-for-sale Securities, Debt Securities, Average Yield | 2.47% | 2.47% | 2.27% | ||||
Equity Method Investments | $ 60,351,000 | $ 60,351,000 | $ 59,165,000 | ||||
EAM Trust [Member] | |||||||
Net Income (Loss) Attributable to Parent, Total | [1] | 970,000 | $ 580,000 | 1,698,000 | 1,146,000 | ||
Fair Value of Contributed Capital at Inception | 55,805,000 | 55,805,000 | 55,805,000 | ||||
Cash and Liquid Securities in Excess of Working Capital Requirements Contributed to Capital Account | 5,820,000 | 5,820,000 | $ 5,820,000 | ||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | ||||||
Percentage of Non Voting Profit Interest | 50.00% | ||||||
Accrued Non Voting Revenues and Non Voting Profits Interests Payable | 4,165,000 | 4,165,000 | $ 2,949,000 | ||||
Equity Securities [Member] | |||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | 27,000 | 403,000 | |||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 7,000 | 84,000 | |||||
Available-for-sale Securities, Gross Realized Gain (Loss), Total | 0 | ||||||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | 1,276,000 | 1,276,000 | 1,248,000 | ||||
AOCI Tax, Attributable to Parent | 332,000 | 332,000 | 324,000 | ||||
Debt Securities [Member] | |||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | (62,000) | 54,000 | |||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | (16,000) | 11,000 | |||||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | 115,000 | 115,000 | 177,000 | ||||
AOCI Tax, Attributable to Parent | $ 30,000 | 30,000 | $ 46,000 | ||||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | 5,214,000 | $ 4,974,000 | |||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Equity Securities [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||||
Net Income (Loss) Attributable to Parent, Total | $ 925,000 | ||||||
[1] | Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. |
Note 2 - Investments - Schedule
Note 2 - Investments - Schedule of Carrying Value and Fair Value of Securities Available-for-sale (Details) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Cost | $ 15,909,000 | $ 12,877,000 |
ETFs - equities | 17,185,000 | 14,125,000 |
Due within 1 year, amortized cost | 12,185,000 | 14,652,000 |
Due within 1 year, gross unrealized gains | 115,000 | 177,000 |
Due within 1 year, fair value | 12,300,000 | 14,829,000 |
Amortized cost | 12,185,000 | 14,902,000 |
Gross unrealized gains | 115,000 | 177,000 |
Fair value | 12,300,000 | 15,079,000 |
Due 1 year through 5 years, amortized cost | 250,000 | |
Due 1 year through 5 years, gross unrealized gains | ||
Due 1 year through 5 years, fair value | 250,000 | |
Exchange Traded Funds [Member] | ||
Cost | 15,909,000 | 12,877,000 |
Gross unrealized gains | 1,276,000 | 1,317,000 |
ETFs - equities | $ 17,185,000 | 14,125,000 |
ETFs - equities | $ (69,000) |
Note 2 - Investments - Income f
Note 2 - Investments - Income from Securities Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Dividend income | $ 137 | $ 81 | $ 258 | $ 151 |
Interest income | 44 | 66 | 100 | 137 |
Realized gain on sale of equity securities | 142 | 925 | ||
Other | (4) | (2) | (4) | |
Total income from securities transactions, net | $ 323 | $ 143 | $ 1,281 | $ 284 |
Note 2 - Investments - Componen
Note 2 - Investments - Components of EAM's Investment Management Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | ||
Revenues | $ 10,210 | $ 10,080 | $ 20,538 | $ 19,697 | |
Value Line’s non-voting revenues interest | 3,729 | 2,768 | 7,009 | 5,356 | |
Net Income (Loss) Attributable to Parent, Total | 5,056 | 4,211 | 10,173 | 7,901 | |
EAM Trust [Member] | |||||
Other income | 5 | 5 | 115 | 58 | |
Investment management fee waivers and reimbursements | 76 | 109 | 119 | 218 | |
12b-1 fee waivers | 165 | 166 | 322 | 339 | |
Value Line’s non-voting revenues interest | 3,729 | 2,768 | 7,009 | 5,356 | |
Net Income (Loss) Attributable to Parent, Total | [1] | 970 | 580 | 1,698 | 1,146 |
EAM Trust [Member] | Investment Advice [Member] | |||||
Revenues | 7,181 | 5,463 | 13,491 | 10,610 | |
EAM Trust [Member] | Distribution and Shareholder Service [Member] | |||||
Revenues | $ 2,454 | $ 2,086 | $ 4,755 | $ 4,065 | |
[1] | Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. |
Note 2 - Investments - Assets a
Note 2 - Investments - Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | |
EAM's total assets | $ 110,837 | $ 109,728 | |||
EAM's total liabilities (1) | 51,609 | 56,189 | |||
EAM's total equity | 59,228 | 53,539 | $ 51,531 | $ 47,524 | |
EAM Trust [Member] | |||||
EAM's total assets | 63,549 | 61,335 | |||
EAM's total liabilities (1) | [1] | 6,529 | 4,192 | ||
EAM's total equity | $ 57,020 | $ 57,143 | |||
[1] | At October 31, 2020 and April 30, 2020, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $4,165,000 and $2,949,000, respectively. |
Note 3 - Variable Interest En_3
Note 3 - Variable Interest Entity (Details Textual) | 3 Months Ended | 6 Months Ended |
Jul. 31, 2020 | Oct. 31, 2020 | |
EAM Trust [Member] | ||
Non Voting Profits Interest Percent | 50.00% | 50.00% |
Note 3 - Variable Interest En_4
Note 3 - Variable Interest Entity - Total Assets, the Maximum Exposure to Loss, and Value of the Assets and Liabilities in EAM (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 | |
Assets | $ 110,837 | $ 109,728 | |
Liabilities | 51,609 | 56,189 | |
EAM Trust [Member] | |||
Assets | 63,549 | 61,335 | |
Liabilities | [1] | 6,529 | 4,192 |
EAM Trust [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Assets | [2] | 60,351 | 59,165 |
Liabilities | |||
Value Line Maximum Exposure to Loss | $ 60,351 | $ 59,165 | |
[1] | At October 31, 2020 and April 30, 2020, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $4,165,000 and $2,949,000, respectively. | ||
[2] | Reported within Long-Term Assets on the Consolidated Condensed Balance Sheets. |
Note 4 - Supplementary Cash F_3
Note 4 - Supplementary Cash Flows Information - Supplementary Cash Flow Elements (Details) - USD ($) | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | |
Cash and cash equivalents | $ 8,689,000 | $ 4,631,000 | $ 4,954,000 |
Restricted cash | 469,000 | 469,000 | |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows | 9,158,000 | 5,100,000 | |
State and local income tax payments | 853,000 | 739,000 | |
Federal income tax payments to the Parent | $ 3,660,000 | $ 1,950,000 |
Note 5 - Employees' Profit Sh_2
Note 5 - Employees' Profit Sharing and Savings Plan (Details Textual) - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 375,000 | $ 263,000 |
Note 6 - Comprehensive Income -
Note 6 - Comprehensive Income - Components of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Change in unrealized gains (losses) on securities, amount before tax | $ 890 | $ 457 | ||
Change in unrealized gains (losses) on securities, tax expense | (232) | (95) | ||
Change in unrealized gains (losses) on securities, amount net of tax | 658 | 362 | ||
Less: Gains realized in net income | (925) | |||
Less: Gains realized in net income, tax | 241 | |||
Less: Gains realized in net income, net of tax | (684) | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | (35) | 457 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent, Total | 9 | (95) | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent, Total | $ (146) | $ 276 | $ (26) | $ 362 |
Note 7 - Related Party Transa_3
Note 7 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | |
Federal Income Tax Payments to Parent | $ 3,660,000 | $ 1,950,000 | |||
Ownership Percentage By Parent | 89.92% | 89.92% | |||
Value Line Inc [Member] | |||||
Revenue from Related Parties | $ 206,000 | 191,000 | |||
Accounts Receivable, Related Parties | $ 0 | 0 | $ 0 | ||
EAM Trust [Member] | |||||
Assets under Management, Carrying Amount | $ 4,460,000,000 | $ 4,460,000,000 | $ 3,500,000,000 | ||
Percentage of Assets Increased (Decreased) in Unconsolidated Entities | 27.60% | ||||
Non Voting Profits Interest Percent | 50.00% | 50.00% | |||
Percentage of Non Voting Revenues Interest in Unconsolidated Entity | 52.06% | ||||
Accrued Non Voting Revenues and Non Voting Profits Interests Payable | $ 4,165,000 | $ 4,165,000 | $ 2,949,000 | ||
EAM Trust [Member] | Minimum [Member] | |||||
Non Voting Revenues Interest Percent | 41.00% | ||||
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90.00% | ||||
EAM Trust [Member] | Maximum [Member] | |||||
Non Voting Revenues Interest Percent | 55.00% |
Note 7 - Related Party Transa_4
Note 7 - Related Party Transactions - Non-voting Revenues Interest and Non-voting Profits Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Value Line’s non-voting revenues interest | $ 3,729 | $ 2,768 | $ 7,009 | $ 5,356 |
Non-voting profits interest in EAM | 485 | 290 | 849 | 573 |
Revenues and Profits Distribution from Unconsolidated Entity | $ 4,214 | $ 3,058 | $ 7,858 | $ 5,929 |
Note 8 - Federal, State and L_3
Note 8 - Federal, State and Local Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.93% | 27.29% | |
Open Tax Year | 2017 2018 2019 |
Note 8 - Federal, State and L_4
Note 8 - Federal, State and Local Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Federal | $ 1,351 | $ 1,143 | $ 2,664 | $ 2,133 |
State and local | 344 | 319 | 697 | 615 |
Current tax expense | 1,695 | 1,462 | 3,361 | 2,748 |
Federal | (20) | (38) | 24 | (54) |
State and local | (6) | 195 | (5) | 272 |
Deferred tax expense (benefit): | (26) | 157 | 19 | 218 |
Income tax provision | $ 1,669 | $ 1,619 | $ 3,380 | $ 2,966 |
Note 8 - Federal, State and L_5
Note 8 - Federal, State and Local Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Right of Use Asset | $ 190 | $ 182 |
Deferred tax liability | 12,604 | 12,851 |
Domestic Tax Authority [Member] | ||
Deferred gain on deconsolidation of EAM | 10,669 | 10,669 |
Deferred non-cash post-employment compensation | (372) | (372) |
Depreciation and amortization | 109 | 108 |
Unrealized gain on securities held for sale | (292) | (299) |
Deferred charges | (165) | (166) |
Other | (465) | (207) |
Deferred tax liability | 9,878 | 10,149 |
State and Local Jurisdiction [Member] | ||
Deferred gain on deconsolidation of EAM | 2,549 | 2,564 |
Deferred non-cash post-employment compensation | (89) | (88) |
Depreciation and amortization | 26 | 44 |
Unrealized gain on securities held for sale | 70 | 72 |
Other | 170 | 110 |
Deferred tax liability | $ 2,726 | $ 2,702 |
Note 8 - Federal, State and L_6
Note 8 - Federal, State and Local Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal income tax benefit | 4.22% | 6.45% | |
Effect of dividends received deductions | (0.28%) | (0.20%) | |
Other, net | (0.01%) | 0.04% | |
Effective income tax rate | 24.93% | 27.29% |
Note 9 - Property and Equipme_3
Note 9 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 | May 01, 2019 |
Building and leasehold improvements | $ 1,013,000 | $ 1,013,000 | |
Operating lease - right-of-use asset | 8,042,000 | 8,550,000 | $ 9,575,000 |
Furniture and equipment | 4,068,000 | 4,047,000 | |
Property, Plant and Equipment, Gross, Ending Balance | 13,123,000 | 13,610,000 | |
Accumulated depreciation and amortization | (4,208,000) | (4,110,000) | |
Total property and equipment, net | $ 8,915,000 | $ 9,500,000 |
Note 10 - Accounting for the _2
Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use (Details Textual) - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Capitalized Computer Software, Amortization | $ 32,000 | $ 35,000 |
Capitalized Computer Software, Additions | 82,000 | |
Internal Costs to Develop Software | $ 0 | |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 11 - Treasury Stock and _3
Note 11 - Treasury Stock and Repurchase Program (Details Textual) | Apr. 17, 2020USD ($) |
October 2018 Share Repurchase Program [Member] | |
Stock Repurchase Program, Authorized Amount | $ 2,000,000 |
Note 11 - Treasury Stock and _4
Note 11 - Treasury Stock and Repurchase Program - Treasury Stock at Cost (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | |
Balance, shares (in shares) | 383,279 | 383,279 | |||
Balance, total average cost assigned | $ 5,957 | $ 5,957 | |||
Balance, average cost per share (in dollars per share) | $ 15.99 | $ 15.99 | $ 15.54 | ||
Balance, aggregate purchase price remaining under the program | $ 1,578 | $ 2,000 | $ 1,578 | $ 2,000 | |
Purchases effected in open market, shares (in shares) | 15,670 | ||||
Purchases effected in open market, total average cost assigned | $ 422 | $ 422 | $ 393 | ||
Purchases effected in open market, average cost per share (in dollars per share) | $ 26.96 | ||||
Balance, shares (in shares) | 398,949 | 398,949 | |||
Balance, total average cost assigned | $ 6,379 | $ 6,379 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) - USD ($) | 6 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | May 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 8,042,000 | $ 8,550,000 | $ 9,575,000 | |
Operating Lease, Liability, Total | 8,947,000 | 10,340,000 | ||
Lease Incentive Receivable | $ 765,000 | |||
Operating Lease, Expense | 750,000 | $ 750,000 | ||
Operating Lease, Payments | $ 710,000 |
Note 12 - Leases - Future Minim
Note 12 - Leases - Future Minimum Payments (Details) - USD ($) | Oct. 31, 2020 | May 01, 2019 | |
2021 * | [1] | $ 722,000 | |
2022 | 1,506,000 | ||
2023 | 1,597,000 | ||
2024 | 1,634,000 | ||
2025 | 1,428,000 | ||
Thereafter | 3,837,000 | ||
Total undiscounted future minimum lease payments | 10,724,000 | ||
Less: difference between undiscounted lease payments & the present value of future lease payments | 1,777,000 | ||
Operating Lease, Liability, Total | $ 8,947,000 | $ 10,340,000 | |
[1] | Excludes the six months ended October 31, 2020 |
Note 13 - Restricted Cash and_2
Note 13 - Restricted Cash and Deposits (Details Textual) - USD ($) | Oct. 03, 2021 | Oct. 31, 2020 | Apr. 30, 2020 |
Restricted Investments, Noncurrent | $ 469,000 | $ 469,000 | |
Cash Securing a Letter of Credit Issued as Security Deposit [Member] | |||
Security Deposit | $ 469,000 | ||
Cash Securing a Letter of Credit Issued as Security Deposit [Member] | Forecast [Member] | |||
Security Deposit | $ 305,000 |
Note 14 - Concentration (Detail
Note 14 - Concentration (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 10,210,000 | $ 10,080,000 | $ 20,538,000 | $ 19,697,000 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Single Customer [Member] | ||||
Concentration Risk, Percentage | 31.90% | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 20,538,000 |
Note 15 - Concentration of Cr_2
Note 15 - Concentration of Credit Risk (Details Textual) - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Cash, Uninsured Amount | $ 2,072,000 | $ 1,445,000 |
Note 16 - Paycheck Protection_2
Note 16 - Paycheck Protection Program Loan (Details Textual) | 1 Months Ended |
Apr. 30, 2020USD ($) | |
Paycheck Protection Program CARES Act [Member] | |
Proceeds from Issuance of Long-term Debt, Total | $ 2,331,365 |