Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Jun. 30, 2023 | Oct. 31, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000717720 | ||
Entity Registrant Name | VALUE LINE INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 0-11306 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-3139843 | ||
Entity Address, Address Line One | 551 Fifth Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10176-0001 | ||
City Area Code | 212 | ||
Local Phone Number | 907-1500 | ||
Title of 12(b) Security | Common stock, $0.10 par value per share | ||
Trading Symbol | VALU | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 44,153,911 | ||
Entity Common Stock, Shares Outstanding | 9,431,384 | ||
Auditor Firm ID | 921 | ||
Auditor Name | Horowitz & Ullmann, P.C | ||
Auditor Location | New York, NY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Current Assets: | ||
Cash and cash equivalents (including short term investments of $7,240 and $28,965, respectively) | $ 7,590,000 | $ 29,703,000 |
Equity securities | 14,546,000 | 17,647,000 |
Available-for-sale Fixed Income securities | 39,928,000 | 10,475,000 |
Accounts receivable, net of allowance for doubtful accounts of $36 and $31, respectively | 2,124,000 | 1,677,000 |
Prepaid and refundable income taxes | 425,000 | 588,000 |
Prepaid expenses and other current assets | 1,463,000 | 1,248,000 |
Total current assets | 66,076,000 | 61,338,000 |
Long term assets: | ||
Investment in EAM Trust | 58,775,000 | 59,971,000 |
Restricted money market investments | 305,000 | 305,000 |
Property and equipment, net | 5,788,000 | 7,058,000 |
Capitalized software and other intangible assets, net | 132,000 | 71,000 |
Total long term assets | 65,000,000 | 67,405,000 |
Total assets | 131,076,000 | 128,743,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 1,263,000 | 1,314,000 |
Accrued salaries | 961,000 | 1,137,000 |
Dividends payable | 2,642,000 | 2,378,000 |
Accrued taxes on income | 307,000 | 2,000 |
Operating lease obligation-short term | 1,344,000 | 1,239,000 |
Unearned revenue | 16,771,000 | 17,688,000 |
Total current liabilities | 23,288,000 | 23,758,000 |
Long term liabilities: | ||
Unearned revenue | 6,202,000 | 6,085,000 |
Operating lease obligation-long term | 4,784,000 | 6,129,000 |
Deferred income taxes | 13,129,000 | 13,126,000 |
Total long term liabilities | 24,115,000 | 25,340,000 |
Total liabilities | 47,403,000 | 49,098,000 |
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 | 95,979,000 | 87,645,000 |
Treasury stock, at cost (565,460 shares and 490,157 shares, respectively) | (14,671,000) | (9,967,000) |
Accumulated other comprehensive income, net of tax | 374,000 | (24,000) |
Total shareholders' equity | 83,673,000 | 79,645,000 |
Total liabilities and shareholders' equity | $ 131,076,000 | $ 128,743,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Apr. 30, 2023 | Apr. 30, 2022 |
Short term investments | $ 7,240 | $ 28,965 |
Allowance for doubtful accounts | $ 36 | $ 31 |
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, Common, Shares | 565,460 | 490,157 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Revenues: | |||
Revenues | $ 39,695,000 | $ 40,525,000 | $ 40,392,000 |
Expenses: | |||
Advertising and promotion | 3,049,000 | 3,223,000 | 3,745,000 |
Salaries and employee benefits | 15,203,000 | 17,323,000 | 18,865,000 |
Production and distribution | 5,210,000 | 5,003,000 | 5,440,000 |
Office and administration | 4,763,000 | 4,176,000 | 4,807,000 |
Total expenses | 28,225,000 | 29,725,000 | 32,857,000 |
Income from operations | 11,470,000 | 10,800,000 | 7,535,000 |
Gain on forgiveness of SBA loan | 0 | 2,331,000 | 0 |
Revenues interest in EAM Trust | 10,397,000 | 15,899,000 | 15,190,000 |
Profits interest in EAM Trust | 734,000 | 2,142,000 | 2,131,000 |
Investment gains/(losses) | 1,174,000 | (534,000) | 5,420,000 |
Income before income taxes | 23,775,000 | 30,638,000 | 30,276,000 |
Income tax provision | 5,706,000 | 6,816,000 | 6,996,000 |
Net income | $ 18,069,000 | $ 23,822,000 | $ 23,280,000 |
Earnings per share, basic & fully diluted (in dollars per share) | $ 1.91 | $ 2.50 | $ 2.43 |
Weighted average number of common shares (in shares) | 9,458,605 | 9,544,421 | 9,596,912 |
Subscription and Circulation [Member] | |||
Revenues: | |||
Revenues | $ 26,232,000 | $ 27,145,000 | $ 27,629,000 |
License [Member] | |||
Revenues: | |||
Revenues | $ 13,463,000 | $ 13,380,000 | $ 12,763,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Net income | $ 18,069 | $ 23,822 | $ 23,280 |
Other comprehensive income/(loss), net of tax: | |||
Change in unrealized gains on Fixed Income securities, net of taxes | 398 | (27) | (128) |
Other comprehensive income/(loss) | 398 | (27) | (128) |
Comprehensive income | $ 18,467 | $ 23,795 | $ 23,152 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 18,069,000 | $ 23,822,000 | $ 23,280,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,349,000 | 1,336,000 | 1,293,000 |
Investment (gains)/losses | 125,000 | 1,402,000 | (4,710,000) |
Non-voting profits interest in EAM Trust | (734,000) | (2,142,000) | (2,131,000) |
Non-voting revenues interest in EAM Trust | (10,397,000) | (15,899,000) | (15,190,000) |
Revenues distribution received from EAM Trust | 11,284,000 | 16,608,000 | 13,907,000 |
Profits distributions received from EAM Trust | 1,043,000 | 2,439,000 | 1,602,000 |
Full forgiveness of SBA, PPP loan | 0 | (2,331,000) | 0 |
Deferred rent | (1,240,000) | (1,087,000) | (962,000) |
Deferred income taxes | 20,000 | (89,000) | 543,000 |
Changes in operating assets and liabilities: | |||
Unearned revenue | (800,000) | (1,315,000) | 350,000 |
Accounts payable & accrued expenses | (51,000) | (763,000) | 21,000 |
Accrued salaries | (176,000) | (26,000) | 18,000 |
Accrued taxes on income | 185,000 | 321,000 | (1,487,000) |
Prepaid and refundable income taxes | 163,000 | 28,000 | (616,000) |
Prepaid expenses and other current assets | (215,000) | 34,000 | 39,000 |
Accounts receivable | (447,000) | 2,308,000 | 453,000 |
Total adjustments | 109,000 | 824,000 | (6,870,000) |
Net cash provided by operating activities | 18,178,000 | 24,646,000 | 16,410,000 |
Cash flows from investing activities: | |||
Proceeds from sales of equity securities | 4,706,000 | 12,039,000 | 8,212,000 |
Purchases of equity securities | (1,732,000) | (7,508,000) | (12,958,000) |
Proceeds from sales of Fixed Income securities | 9,907,000 | 2,496,000 | 14,902,000 |
Purchases of Fixed Income securities | (38,857,000) | (10,405,000) | (2,597,000) |
Acquisition of property and equipment | (30,000) | (11,000) | (33,000) |
Expenditures for capitalized software | (110,000) | 0 | (145,000) |
Net cash provided by/(used in) investing activities | (26,116,000) | (3,389,000) | 7,381,000 |
Cash flows from financing activities: | |||
Purchase of treasury stock at cost | (4,704,000) | (2,484,000) | (1,526,000) |
Receivable from clearing broker | 0 | 0 | 608,000 |
Payable to clearing broker | 0 | 0 | (588,000) |
Dividends paid | (9,471,000) | (8,405,000) | (8,068,000) |
Net cash used in financing activities | (14,175,000) | (10,889,000) | (9,574,000) |
Net change in cash and cash equivalents | (22,113,000) | 10,368,000 | 14,217,000 |
Cash, cash equivalents and restricted cash at beginning of year | 30,008,000 | 19,640,000 | 5,423,000 |
Cash, cash equivalents and restricted cash at end of year | $ 7,895,000 | $ 30,008,000 | $ 19,640,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Apr. 30, 2020 | 10,000,000 | (383,279) | ||||
Balance at Apr. 30, 2020 | $ 1,000 | $ 991 | $ (5,957) | $ 57,374 | $ 131 | $ 53,539 |
Net income | 23,280 | 23,280 | ||||
Change in unrealized gains on Fixed Income securities, net of taxes | (128) | $ (128) | ||||
Purchase of treasury stock (in shares) | (53,551) | (53,551) | ||||
Purchase of treasury stock | $ (1,526) | $ (1,526) | ||||
Dividends declared | (8,152) | (8,152) | ||||
Balance (in shares) at Apr. 30, 2021 | 10,000,000 | (436,830) | ||||
Balance at Apr. 30, 2021 | $ 1,000 | 991 | $ (7,483) | 72,502 | 3 | 67,013 |
Net income | 23,822 | 23,822 | ||||
Change in unrealized gains on Fixed Income securities, net of taxes | (27) | $ (27) | ||||
Purchase of treasury stock (in shares) | (53,327) | (53,327) | ||||
Purchase of treasury stock | $ (2,484) | $ (2,484) | ||||
Dividends declared | (8,679) | (8,679) | ||||
Balance (in shares) at Apr. 30, 2022 | 10,000,000 | (490,157) | ||||
Balance at Apr. 30, 2022 | $ 1,000 | 991 | $ (9,967) | 87,645 | (24) | 79,645 |
Net income | 18,069 | 18,069 | ||||
Change in unrealized gains on Fixed Income securities, net of taxes | 398 | $ 398 | ||||
Purchase of treasury stock (in shares) | (75,303) | (75,303) | ||||
Purchase of treasury stock | $ (4,704) | $ (4,704) | ||||
Dividends declared | (9,735) | (9,735) | ||||
Balance (in shares) at Apr. 30, 2023 | 10,000,000 | (565,460) | ||||
Balance at Apr. 30, 2023 | $ 1,000 | $ 991 | $ (14,671) | $ 95,979 | $ 374 | $ 83,673 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |||||||||||
Apr. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | |
Dividends declared per share (in dollars per share) | $ 0.28 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1-Organization and Summary of Significant Accounting Policies: 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 parties under written agreements for use in third-party managed and marketed investment products and for other purposes. The Company maintains a significant investment in Eulav Asset Management LLC ("EAM") from which it receives a non-voting revenues interest and a non-voting profits interest. Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the "EAM Trust Agreement"), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds. EAM was established to provide investment management services to the Value Line Mutual Funds ("Value Line Funds" or the "Funds"). 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 differ from those estimates. Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity ("VIE"). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity's economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5). In accordance with FASB's Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company holds a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). The Company relied on the guidance in FASB's ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income. 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 with the majority of subscriptions paid in advance. 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 parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds ("ETFs"). The Company earns asset-based copyright fees upon delivery of the product to the customer as specified in the individual agreements. Revenue is recognized monthly and received either quarterly or in advance over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value. EAM earns investment management fees from the Value Line Funds. The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the "1940 Act"). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. 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 equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee. 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% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding EULAV Securities' distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM's profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. The Company's Revenues Interest in EAM excludes participation in the service and distribution fees of EAM's subsidiary EULAV Securities. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM's revenues and profits. Recent Accounting Pronouncements: In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “Income Taxes (Topic740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes including interim-period accounting for enacted changes in tax laws. The Company adopted this guidance effective May 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial statements. On June 21, 2018, the United States Supreme Court reversed the 1992 ruling in Quill, Valuation of Securities: The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities 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 securities classified as equity securities reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Statements of Income per FASB Accounting Standards Update No. 2016-01 ("ASU 2016-01"). The securities classified as available-for-sale fixed income securities reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities sold at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of the securities are recorded in earnings as of the trade date and are determined on the identified cost method. The Company classifies its equity securities and available-for-sale fixed income securities 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 under the 1940 Act. 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-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below. Level 1 – quoted prices in active markets for identical investments Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) The following summarizes the levels of fair value measurements of the Company’s investments: As of April 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,240 $ - $ - $ 7,240 Equity securities 14,546 - - 14,546 Available-for-sale fixed income securities 39,928 - - 39,928 $ 61,714 $ - $ - $ 61,714 As of April 30, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 28,965 $ - $ - $ 28,965 Equity securities 17,647 - - 17,647 Available-for-sale fixed income securities 10,475 - - 10,475 $ 57,087 $ - $ - $ 57,087 The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2023 and April 30, 2022, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement. 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 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, Income taxes (Topic 740) and classifies all deferred taxes as long-term liabilities on the Consolidated Balance Sheets. 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 April 30, 2023, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company's financial statements. 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 have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units. Cash and Cash Equivalents: For purposes of the Consolidated 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 months to be cash and cash equivalents. As of April 30, 2023 and April 30, 2022, cash equivalents included $7,240,000 and $28,965,000, respectively, for amounts invested in money market mutual funds that invest in short-term U.S. government securities. |
Note 2 - Supplementary Cash Flo
Note 2 - Supplementary Cash Flows Information | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 2 - Supplementary Cash Flow Information: Reconciliation of Cash, Cash Equivalents, and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Cash and cash equivalents $ 7,590 $ 29,703 $ 19,171 Restricted cash 305 305 469 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows $ 7,895 $ 30,008 $ 19,640 Income Tax Payments: The Company made income tax payments as follows: Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 State and local income tax payments $ 923 $ 894 $ 1,406 Federal income tax payments $ 4,425 $ 5,400 $ 7,154 See Note 3 - Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the "Parent"). |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 3 - Related Party Transactions: 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 report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and receives non-voting revenues and non-voting profits interests, as discussed below. Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2023, were $3.09 billion, which is $0.27 billion, or 8.0%, below total assets of $3.36 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2022. The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues is calculated each fiscal quarter. The non-voting revenues and 90% of the Company's non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $2,601,000 and $3,657,000 at April 30, 2023 and April 30, 2022, respectively. EAM Trust - VLI's non-voting revenues and non-voting profits interests: The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows: Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Non-voting revenues interest in EAM $ 10,397 $ 15,899 $ 15,190 Non-voting profits interest in EAM 734 2,142 2,131 $ 11,131 $ 18,041 $ 17,321 Transactions with Parent: During the fiscal years ended April 30, 2023 and April 30, 2022, the Company was reimbursed $369,000 and $385,000, respectively for payments it made on behalf of and for services it provided to AB&Co. There were no receivables due from the Parent at April 30, 2023 or April 30, 2022. The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. For the years ended April 30, 2023, 2022, and 2021, the Company made payments to the Parent for federal income tax amounting to $4,425,000, $5,400,000, and $7,154,000, respectively. From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2023, the Parent owned 91.51% of the outstanding shares of common stock of the Company. |
Note 4 - Investments
Note 4 - Investments | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 - Investments: Investments held by the Company and its subsidiaries are classified as equity securities and available-for-sale fixed income securities in accordance with FASB's ASC 321, Investments - Equity Securities and with FASB's ASC 320, Investments - Debt Securities. All of the Company's securities were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets. Equity Securities: Equity securities on the Consolidated 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 April 30, 2023 and April 30, 2022, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds and common stock equity securities was a combined total $10,169,000 and $13,318,000, respectively, and the fair value was $14,546,000 and $17,647,000, respectively. The carrying value and fair value of equity securities at April 30, 2023 were as follows: ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value ETFs - equities $ 10,169 $ 4,392 $ (15 ) $ 14,546 The carrying value and fair value of equity securities at April 30, 2022 were as follows: ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value ETFs - equities $ 13,318 $ 4,348 $ (19 ) $ 17,647 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. Proceeds from maturities and sales of government debt securities classified as available-for-sale during the twelve months ended April 30, 2023 and April 30, 2022, were $9,907,000 and $2,496,000, respectively. As of April 30, 2023, Accumulated Other Comprehensive Income included unrealized gains of $473,000, net of deferred taxes of $99,000. As of April 30, 2022, Accumulated Other Comprehensive Income included unrealized gains of $30,000, net of deferred taxes of $6,000. The aggregate cost and fair value at April 30, 2023 of fixed income securities classified as available-for-sale were as follows: Amortized Gross Unrealized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Holding Losses Fair Value Maturity Due within 1 year $ 34,384 $ 486 $ (5 ) $ 34,865 Due within 1 year through 5 years 5,071 - (8 ) 5,063 Total investment in government debt securities $ 39,455 $ 486 $ (13 ) $ 39,928 The increase in gross unrealized gains of $503,000 on fixed income securities classified as available-for-sale net of deferred income tax liability of $105,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of April 30, 2023. The aggregate cost and fair value at April 30, 2022 of fixed income securities classified as available-for-sale were as follows: Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Losses Fair Value Maturity Due within 1 year $ 10,505 $ (30 ) $ 10,475 Total investment in government debt securities $ 10,505 $ (30 ) $ 10,475 The increase in gross unrealized losses of $34,000 on fixed income securities classified as available-for-sale net of deferred income tax benefit of $7,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of April 30, 2022. The average yield on the Government debt securities classified as available-for-sale at April 30, 2023 and April 30, 2022 was 2.55% and 0.6%, respectively. Investment Gains/(Losses): Investment gains/(losses) were comprised of the following: Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Dividend income $ 595 $ 851 $ 573 Interest income 706 18 137 Investment gains/(losses) recognized on sales of equity securities during the period (81 ) (1,568 ) 835 Unrealized gains/(losses) recognized on equity securities held at the end of the period (45 ) 167 3,875 Other (1 ) (2 ) - Total investment gains/(losses) $ 1,174 $ (534 ) $ 5,420 Proceeds from sales of equity securities during the twelve months ended April 30, 2023 and April 30, 2022 were $4,706,000 and $12,039,000, respectively. Taxable realized gains/(losses) on equity securities sold during fiscal years 2023 and 2022, which are generally the difference between the proceeds from sales and our original cost, were losses of $174,000 in fiscal 2023 and losses of $1,254,000 in fiscal 2022. Investment in Unconsolidated Entities: Equity Method Investment: As of April 30, 2023 and April 30, 2022, the Company's investment in EAM Trust, on the Consolidated Balance Sheets was $58,775,000 and $59,971,000, respectively. The value of VLI’s investment in EAM at April 30, 2023 and April 30, 2022 reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI's share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets. It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did not The components of EAM’s investment management operations, provided to the Company by EAM, were as follows: Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 19,824 $ 29,598 $ 29,022 12b-1 fees and other fees, net of waivers shown below $ 5,964 $ 9,310 $ 9,604 Other income/(losses) $ 142 $ (20 ) $ 361 Investment management fee waivers and reimbursements $ 164 $ 547 $ 121 12b-1 fee waivers $ 105 $ 644 $ 651 Value Line’s non-voting revenues interest $ 10,397 $ 15,899 $ 15,190 EAM's net income (1) $ 1,468 $ 4,284 $ 4,262 (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. Fiscal Years Ended April 30, ($ in thousands) 2023 2022 EAM's total assets $ 61,389 $ 63,592 EAM's total liabilities (1) (4,357 ) (6,282 ) EAM's total equity $ 57,032 $ 57,310 (1) At April 30, 2023 and 2022, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $2,601,000 and $3,657,000, respectively. |
Note 5 - Variable Interest Enti
Note 5 - Variable Interest Entity | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity [Text Block] | Note 5 - Variable Interest Entity: The Company holds a non-voting revenues interest and a 50% non-voting profits interest in EAM, the adviser to the Value Line asset management and mutual fund distribution businesses. EAM is considered to be a VIE in relation to the Company. The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests. Other than EAM, the Company does not have an interest in any other VIEs. The Company has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM. 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 provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM. Value Line ($ in thousands) VIE Assets Investment in EAM Trust (1) Liabilities Maximum Exposure to Loss As of April 30, 2023 $ 61,389 $ 58,775 $ - $ 58,775 As of April 30, 2022 $ 63,592 $ 59,971 $ - $ 59,971 (1) Reported within Long-Term Assets on Consolidated Balance Sheets. |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 - Property and Equipment: 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 Balance Sheets was comprised of the following: As of April 30, ($ in thousands) 2023 2022 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 5,300 6,442 Furniture and equipment 4,079 4,091 10,392 11,546 Accumulated depreciation and amortization (4,604 ) (4,488 ) Total property and equipment, net $ 5,788 $ 7,058 |
Note 7 - Federal, State and Loc
Note 7 - Federal, State and Local Income Taxes | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 - Federal, State and Local Income Taxes: 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: Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Current tax expense: Federal $ 4,702 $ 5,625 $ 5,407 State and local 984 1,280 1,046 Current tax expense 5,686 6,905 6,453 Deferred tax expense (benefit): Federal 23 239 859 State and local (3 ) (328 ) (316 ) Deferred tax expense (benefit): 20 (89 ) 543 Income tax provision $ 5,706 $ 6,816 $ 6,996 On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted. The Tax Act lowered the U.S. federal income tax rate ("Federal Tax Rate") from 35% to 21% effective January 1, 2018. Accordingly, the Company computes Federal income tax expense using the Federal Tax Rate of 21% in fiscal year 2019 and each year thereafter. The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2023, April 30, 2022 and April 30, 2021 were 24.00%, 22.25% and 23.11%, respectively. The increase in the effective tax rate during for the twelve months ended April 30, 2023 as compared to April 30, 2022, is primarily a result of the non-taxable revenue derived from forgiveness of the PPP loan by the SBA (see note 19) in fiscal 2022 offset by an increase in the state and local income taxes from 3.12% to 3.25% as a result of changes in state and local income tax allocation factors, on deferred taxes in fiscal 2023. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities. 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: Fiscal Years Ended April 30, ($ in thousands) 2023 2022 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 59 77 Unrealized gain on securities held for sale 919 909 Right of Use Asset (174 ) (188 ) Deferred charges (136 ) (154 ) Other (333 ) (300 ) Total federal tax liability 10,632 10,641 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,062 2,131 Deferred non-cash post-employment compensation (72 ) (74 ) Depreciation and amortization 125 180 Unrealized gain on securities held for sale 178 194 Other 204 54 Total state and local tax liabilities 2,497 2,485 Deferred tax liability, long-term $ 13,129 $ 13,126 The tax effect of temporary differences giving rise to the Company's long-term deferred tax liability is primarily a result of the federal, state and local taxes related to the $50,805,000 gain from deconsolidation of the Company's asset management and mutual fund distribution subsidiaries, partially offset by the long-term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI's former employee. 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 pre-tax income as a result of the following: Fiscal Years Ended April 30, 2023 2022 2021 U.S. statutory federal tax rate 21.00 % 21.00 % 21.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit 3.25 % 3.12 % 2.05 % Nontaxable SBA loan forgiveness - (1.60 %) - Effect of dividends received deductions (0.26 %) (0.29 %) (0.31 %) Other, net 0.01 % 0.02 % 0.37 % Effective income tax rate 24.00 % 22.25 % 23.11 % The Company believes that, as of April 30, 2023, there were no material uncertain tax positions that would require disclosure under GAAP. 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 files combined income tax returns with the Parent on a unitary basis in certain states as a result of changes in state tax regulations. The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years ended 2020 through 2022, are subject to examination by the tax authorities, generally for three years after they are filed with the tax authorities. |
Note 8 - Employees' Profit Shar
Note 8 - Employees' Profit Sharing and Savings Plan | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | Note 8 - Employees' Profit Sharing and Savings Plan: 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 fiscal years ended April 30, 2023, 2022 and 2021, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $410,000, $557,000 and $980,000, respectively. |
Note 9 - Lease Commitments
Note 9 - Lease Commitments | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9 - Lease Commitments: On November 30, 2016, Value Line, Inc., received consent from the landlord at 551 Fifth Avenue, New York, NY to the terms of a new sublease agreement between Value Line, Inc. and ABM Industries, Incorporated (“ABM” or the “Sublandlord”) commencing on December 1, 2016. Pursuant to the agreement Value Line leased from ABM 24,726 square feet of office space located on the second and third floors at 551 Fifth Avenue, New York, NY (“Building” or “Premises”) beginning on December 1, 2016 and ending on November 29, 2027. Base rent under the sublease agreement is $1,126,000 per annum during the first year with an annual increase in base rent of 2.25% scheduled for each subsequent year, payable in equal monthly installments on the first day of each month, subject to customary concessions in the Company’s favor and pass-through of certain increases in utility costs and real estate taxes over the base year. The Company provided a security deposit represented by a letter of credit in the amount of $469,000 in October 2016, which was reduced to $305,000 on October 3, 2021 and is to be fully refunded after the sublease ends. This Building became the Company’s new corporate office facility. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. The sublease terms provide for a significant decrease (23% initially) in the Company’s annual rental expenditure taking into account free rent for the first six months of the sublease. Sublandlord provided Value Line a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017. On February 29, 2016, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC has leased 24,110 square feet of warehouse and appurtenant office space located at 205 Chubb Ave., Lyndhurst, NJ (“Warehouse”) beginning on May 1, 2016 and ending on April 30, 2024 (“Lease”). Base rent under the Lease is $192,880 per annum payable in equal monthly installments on the first day of each month, in advance during fiscal 2017 and will gradually increase to $237,218 in fiscal 2024, subject to customary increases based on operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of $32,146, which will be fully refunded after the lease term expires. The lease is a net lease requiring the Company to pay for certain operating expenses associated with the Warehouse as well as utilities supplied to the Warehouse. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This ASU requires that, for leases longer than one year, a lessee recognizes in the statements of financial position a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognizes interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. The firm adopted this ASU in May 2019 under a modified retrospective approach. The Company adopted ASU 2016-02 using a modified retrospective transition approach as of the Effective Date as permitted by the amendments in ASU 2018-11, which provides an alternative modified retrospective transition method. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. May 1, 2019). The Company has elected to employ the transitionary relief offered by the FASB and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. 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 net present value 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 net present value 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, the Company recorded a right-of-use asset in the amount of $9,575,000, which represents the lease liability of $10,340,000 adjusted for previously recorded unamortized lease incentives in the amount of $765,000. The right-of-use asset will be amortized over the remaining lease term in the amount equal to the difference between the calculated straight-line expense of the total lease payments less the monthly interest calculated on the remaining lease liability. As of April 30, 2023, the Company had a long-term lease asset of $5,300,000 recorded in property and equipment in its consolidated balance sheets. 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 are presented as part of continuing operations in the consolidated statements of income. For the twelve months ended April 30, 2023, the Company recognized $1,499,000 in lease expense. For the twelve months ended April 30, 2023, the Company paid $1,597,000 in rent relating to the leases. As a payment arising from an operating lease, the $1,597,000 will be classified within operating activities in the consolidated statements of cash flows. The Company’s leases generally do not provide an implicit interest rate, and therefore the Company estimated an incremental borrowing rate, or IBR, as of the commencement date, to determine the present value of its operating lease liabilities. The IBR is defined under ASC 842 as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the consolidated balance sheet as of April 30, 2023: Fiscal years ended April 30, (in thousands) 2024 $ 1,634 2025 1,429 2026 1,461 2027 1,493 Thereafter 882 Total undiscounted future minimum lease payments 6,899 Less: difference between undiscounted lease payments & the present value of future lease payments 771 Total operating lease liabilities $ 6,128 For the fiscal years ended April 30, 2023, 2022 and 2021, rental expenses were $1,499,000 each year. |
Note 10 - Disclosure of Credit
Note 10 - Disclosure of Credit Risk of Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk of Financial Instruments with Off-balance Sheet Risk [Text Block] | Note 10 - Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk: Other than EAM and the Value Line Funds as explained in Note 3 - Related Party Transactions, a single customer accounted for a significant portion of the Company's sales in fiscal 2023, 2022 or 2021, and its accounts receivable as of April 30, 2023 or 2022. During the twelve months ended April 30, 2023, 2022 and 2021, 33.9%, 33.0% and 31.6%, respectively, of total publishing revenues were derived from a single customer as explained in Note 16 - Concentration. |
Note 11 - Comprehensive Income
Note 11 - Comprehensive Income | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 11 - Comprehensive Income: 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 be recognized in the calculation of net income. As of April 30, 2023 and April 30, 2022 the Company held fixed income securities consisting of securities issued by federal, state, and local governments within the United States that are classified as securities available-for-sale on the Consolidated Balance Sheets. The change in valuation of fixed income securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company's Consolidated Balance Sheets. The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the twelve months ending April 30, 2023 are as follows: Fiscal Year Ended April 30, 2023 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ 503 $ (105 ) $ 398 $ 503 $ (105 ) $ 398 The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the twelve months ending April 30, 2022 are as follows: Fiscal Year Ended April 30, 2022 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ (34 ) $ 7 $ (27 ) $ (34 ) $ 7 $ (27 ) The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the twelve months ending April 30, 2021 are as follows: Fiscal Year Ended April 30, 2021 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ (173 ) $ 45 $ (128 ) $ (173 ) $ 45 $ (128 ) |
Note 12 - Accounting for the Co
Note 12 - Accounting for the Costs of Computer Software Developed for Internal Use | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Internal Use Software Disclosure [Text Block] | Note 12 - Accounting for the Costs of Computer Software Developed for Internal Use: The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), "Accounting for the Costs of Computer Software Developed for Internal Use". SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or purchasing software for internal use and amortize those costs over the software's estimated useful life in a systematic and rational manner. Such costs, when incurred, are capitalized and amortized over the expected useful life of the asset, normally 3 to 5 years. During the twelve months ended April 30, 2023, the Company capitalized $110,000 related to the third party programmers' costs. The Company did not incur and did not capitalize expenditures related to third party programmers' costs during the twelve months ended April 30, 2022 and capitalized $145,000 during fiscal year 2021. Total amortization expenses for the years ended April 30, 2023, 2022 and 2021 were $49,000, $73,000 and $70,000, respectively. |
Note 13 - Treasury Stock and Re
Note 13 - Treasury Stock and Repurchase Program | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 13 - Treasury Stock and Repurchase Program: On October 21, 2022, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date. Treasury stock, at cost, consists of the following: ($ in thousands except for cost per share) Shares Cost Assigned Average Cost per Share Aggregate Purchase Price Remaining under the Program Balance as of April 30, 2019 336,439 $ 4,743 $ 14.10 $ 1,438 Purchases effected in open market 46,840 $ 1,214 $ 25.91 $ - Balance as of April 30, 2020 383,279 $ 5,957 $ 15.54 $ 2,000 Purchases effected in open market (1) 53,551 $ 1,526 $ 28.50 $ - Balance as of April 30, 2021 436,830 $ 7,483 $ 17.13 $ 474 Purchases effected in open market (2) 53,327 $ 2,484 $ 46.58 $ - Balance as of April 30, 2022 490,157 $ 9,967 $ 20.33 $ 1,241 Purchases effected in open market (3) 75,303 $ 4,704 $ 62.47 $ - Balance as of April 30, 2023 565,460 14,671 $ 25.95 $ 1,266 (1) Were acquired during the $2 million repurchase program authorized in April 2020. (2) Were acquired during the $2 million repurchase program authorized in July 2021 and the $2 million repurchase program authorized in March 2022. (3) Were acquired during the $3 million repurchase program authorized in May 2022 and the $3 million repurchase program authorized in October 2022. |
Note 14 - Copyright Fees
Note 14 - Copyright Fees | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Copyright Data Fees [Text Block] | Note 14 - Copyright Fees: During the twelve months ended April 30, 2023, copyright fees of $13,463,000 were 0.6% above fiscal 2022. During the twelve months ended April 30, 2022, copyright fees of $13,380,000 were 4.8% above fiscal 2021. During the twelve months ended April 30, 2021, copyright fees of $12,763,000 were 0.7% above fiscal 2020. As of April 30, 2023, total third party sponsored assets were $12.39 billion, as compared to $12.45 billion in assets at April 30, 2022. |
Note 15 - Restricted Cash and D
Note 15 - Restricted Cash and Deposits | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 15 - Restricted Cash and Deposits: Restricted Money Market Investment in the noncurrent assets on the Consolidated Condensed Balance Sheet at April 30, 2023, includes $305,000, which represents cash invested in a bank money market fund securing a letter of credit ("LOC") in the amount of $305,000 issued to the sublandlord as a security deposit for the Company's New York City leased corporate office facility. According to the sublease agreement the LOC and restricted cash were reduced from $469,000 to $305,000 in the third quarter of fiscal year 2022. |
Note 16 - Concentration
Note 16 - Concentration | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 16 - Concentration: During the twelve months ended April 30, 2023, 33.9% of total publishing revenues of $39,695,000 were derived from a single customer. During the twelve months ended April 30, 2022, 33.0% of total publishing revenues of $40,525,000 were derived from a single customer. During the twelve months ended April 30, 2021, 31.6% of total publishing revenues of $40,392,000 were derived from a single customer. |
Note 17 - Concentration of Cred
Note 17 - Concentration of Credit Risks | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Concentration of Credit Risk [Text Block] | Note 17 - Concentration of Credit Risk: 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. At April 30, 2023 and 2022, the Company had $1,569,000 and $1,978,000, respectively, in excess of the FDIC insured limit. Management has concluded the excess does not represent a material risk, based on the creditworthiness of the counter parties. The Company maintains a deposit account of $305,000 at Signature Bank as security for a letter of credit in a similar amount (See Note 15). The bank was closed March 12, 2023 by its state chartering authority. In a joint statement of the U.S. Treasury department, the Federal Reserve, and the Federal Deposit Insurance Corporation, these federal entities confirmed that all depositors of this institution will be made whole. |
Note 18 - Business Segments
Note 18 - Business Segments | 12 Months Ended |
Apr. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 18 - Business Segments: The Publishing business segment, the Company's only reportable segment subsequent to December 23, 2010, produces investment periodicals and related publications (retail and institutional) in both print and digital form, and includes Value Line copyrights and Value Line Proprietary Ranks and other proprietary information. As described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit. Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM. |
Note 19 - Paycheck Protection P
Note 19 - Paycheck Protection Program Loan | 12 Months Ended |
Apr. 30, 2023 | |
Paycheck Protection Program CARES Act [Member] | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 19 - Paycheck Protection Program Loan: Shortly after declaration of the COVID-19 pandemic and "lockdowns" of numerous non-essential businesses, the Company in April of 2020 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 was administered by the U.S. Small Business Administration ("SBA"). The proceeds from the PPP Loan were used in accordance with the terms of the CARES Act program. Under the terms of the CARES Act, Borrowers could apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness is determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act. The Company was granted total loan forgiveness of $2,331,365 by the SBA during the second quarter of fiscal 2022. Accrued interest was also forgiven. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2023 | |
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 differ from those estimates. Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity ("VIE"). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity's economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5). In accordance with FASB's Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company holds a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). The Company relied on the guidance in FASB's ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income. 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 with the majority of subscriptions paid in advance. 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 parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds ("ETFs"). The Company earns asset-based copyright fees upon delivery of the product to the customer as specified in the individual agreements. Revenue is recognized monthly and received either quarterly or in advance over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value. EAM earns investment management fees from the Value Line Funds. The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds. The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the "1940 Act"). Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open. 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 equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee. 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% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding EULAV Securities' distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM's profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. The Company's Revenues Interest in EAM excludes participation in the service and distribution fees of EAM's subsidiary EULAV Securities. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting. Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM's revenues and profits. Recent Accounting Pronouncements: In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, “Income Taxes (Topic740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes including interim-period accounting for enacted changes in tax laws. The Company adopted this guidance effective May 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial statements. On June 21, 2018, the United States Supreme Court reversed the 1992 ruling in Quill, Valuation of Securities: The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities 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 securities classified as equity securities reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Statements of Income per FASB Accounting Standards Update No. 2016-01 ("ASU 2016-01"). The securities classified as available-for-sale fixed income securities reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities sold at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of the securities are recorded in earnings as of the trade date and are determined on the identified cost method. The Company classifies its equity securities and available-for-sale fixed income securities 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 under the 1940 Act. 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-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below. Level 1 – quoted prices in active markets for identical investments Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) The following summarizes the levels of fair value measurements of the Company’s investments: As of April 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,240 $ - $ - $ 7,240 Equity securities 14,546 - - 14,546 Available-for-sale fixed income securities 39,928 - - 39,928 $ 61,714 $ - $ - $ 61,714 As of April 30, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 28,965 $ - $ - $ 28,965 Equity securities 17,647 - - 17,647 Available-for-sale fixed income securities 10,475 - - 10,475 $ 57,087 $ - $ - $ 57,087 The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2023 and April 30, 2022, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement. 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 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, Income taxes (Topic 740) and classifies all deferred taxes as long-term liabilities on the Consolidated Balance Sheets. 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 April 30, 2023, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company's financial statements. 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 have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units. Cash and Cash Equivalents: For purposes of the Consolidated 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 months to be cash and cash equivalents. As of April 30, 2023 and April 30, 2022, cash equivalents included $7,240,000 and $28,965,000, respectively, for amounts invested in money market mutual funds that invest in short-term U.S. government securities. |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of April 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 7,240 $ - $ - $ 7,240 Equity securities 14,546 - - 14,546 Available-for-sale fixed income securities 39,928 - - 39,928 $ 61,714 $ - $ - $ 61,714 As of April 30, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 28,965 $ - $ - $ 28,965 Equity securities 17,647 - - 17,647 Available-for-sale fixed income securities 10,475 - - 10,475 $ 57,087 $ - $ - $ 57,087 |
Note 2 - Supplementary Cash F_2
Note 2 - Supplementary Cash Flows Information (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Cash and cash equivalents $ 7,590 $ 29,703 $ 19,171 Restricted cash 305 305 469 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows $ 7,895 $ 30,008 $ 19,640 Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 State and local income tax payments $ 923 $ 894 $ 1,406 Federal income tax payments $ 4,425 $ 5,400 $ 7,154 |
Note 3 - Related Party Transa_2
Note 3 - Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Schedule of Non Voting Revenues Interest and Non Voting Profits Interests [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Non-voting revenues interest in EAM $ 10,397 $ 15,899 $ 15,190 Non-voting profits interest in EAM 734 2,142 2,131 $ 11,131 $ 18,041 $ 17,321 |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value ETFs - equities $ 10,169 $ 4,392 $ (15 ) $ 14,546 ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value ETFs - equities $ 13,318 $ 4,348 $ (19 ) $ 17,647 |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Amortized Gross Unrealized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Holding Losses Fair Value Maturity Due within 1 year $ 34,384 $ 486 $ (5 ) $ 34,865 Due within 1 year through 5 years 5,071 - (8 ) 5,063 Total investment in government debt securities $ 39,455 $ 486 $ (13 ) $ 39,928 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Losses Fair Value Maturity Due within 1 year $ 10,505 $ (30 ) $ 10,475 Total investment in government debt securities $ 10,505 $ (30 ) $ 10,475 |
Investment Income [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Dividend income $ 595 $ 851 $ 573 Interest income 706 18 137 Investment gains/(losses) recognized on sales of equity securities during the period (81 ) (1,568 ) 835 Unrealized gains/(losses) recognized on equity securities held at the end of the period (45 ) 167 3,875 Other (1 ) (2 ) - Total investment gains/(losses) $ 1,174 $ (534 ) $ 5,420 |
Investment Holdings, Other than Securities [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 19,824 $ 29,598 $ 29,022 12b-1 fees and other fees, net of waivers shown below $ 5,964 $ 9,310 $ 9,604 Other income/(losses) $ 142 $ (20 ) $ 361 Investment management fee waivers and reimbursements $ 164 $ 547 $ 121 12b-1 fee waivers $ 105 $ 644 $ 651 Value Line’s non-voting revenues interest $ 10,397 $ 15,899 $ 15,190 EAM's net income (1) $ 1,468 $ 4,284 $ 4,262 |
Summary Investment Holdings [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2023 2022 EAM's total assets $ 61,389 $ 63,592 EAM's total liabilities (1) (4,357 ) (6,282 ) EAM's total equity $ 57,032 $ 57,310 |
Note 5 - Variable Interest En_2
Note 5 - Variable Interest Entity (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | Value Line ($ in thousands) VIE Assets Investment in EAM Trust (1) Liabilities Maximum Exposure to Loss As of April 30, 2023 $ 61,389 $ 58,775 $ - $ 58,775 As of April 30, 2022 $ 63,592 $ 59,971 $ - $ 59,971 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of April 30, ($ in thousands) 2023 2022 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 5,300 6,442 Furniture and equipment 4,079 4,091 10,392 11,546 Accumulated depreciation and amortization (4,604 ) (4,488 ) Total property and equipment, net $ 5,788 $ 7,058 |
Note 7 - Federal, State and L_2
Note 7 - Federal, State and Local Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2023 2022 2021 Current tax expense: Federal $ 4,702 $ 5,625 $ 5,407 State and local 984 1,280 1,046 Current tax expense 5,686 6,905 6,453 Deferred tax expense (benefit): Federal 23 239 859 State and local (3 ) (328 ) (316 ) Deferred tax expense (benefit): 20 (89 ) 543 Income tax provision $ 5,706 $ 6,816 $ 6,996 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2023 2022 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 59 77 Unrealized gain on securities held for sale 919 909 Right of Use Asset (174 ) (188 ) Deferred charges (136 ) (154 ) Other (333 ) (300 ) Total federal tax liability 10,632 10,641 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,062 2,131 Deferred non-cash post-employment compensation (72 ) (74 ) Depreciation and amortization 125 180 Unrealized gain on securities held for sale 178 194 Other 204 54 Total state and local tax liabilities 2,497 2,485 Deferred tax liability, long-term $ 13,129 $ 13,126 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Years Ended April 30, 2023 2022 2021 U.S. statutory federal tax rate 21.00 % 21.00 % 21.00 % Increase (decrease) in tax rate from: State and local income taxes, net of federal income tax benefit 3.25 % 3.12 % 2.05 % Nontaxable SBA loan forgiveness - (1.60 %) - Effect of dividends received deductions (0.26 %) (0.29 %) (0.31 %) Other, net 0.01 % 0.02 % 0.37 % Effective income tax rate 24.00 % 22.25 % 23.11 % |
Note 9 - Lease Commitments (Tab
Note 9 - Lease Commitments (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal years ended April 30, (in thousands) 2024 $ 1,634 2025 1,429 2026 1,461 2027 1,493 Thereafter 882 Total undiscounted future minimum lease payments 6,899 Less: difference between undiscounted lease payments & the present value of future lease payments 771 Total operating lease liabilities $ 6,128 |
Note 11 - Comprehensive Income
Note 11 - Comprehensive Income (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Fiscal Year Ended April 30, 2023 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ 503 $ (105 ) $ 398 $ 503 $ (105 ) $ 398 Fiscal Year Ended April 30, 2022 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ (34 ) $ 7 $ (27 ) $ (34 ) $ 7 $ (27 ) Fiscal Year Ended April 30, 2021 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on available-for-sale fixed income securities $ (173 ) $ 45 $ (128 ) $ (173 ) $ 45 $ (128 ) |
Note 13 - Treasury Stock and _2
Note 13 - Treasury Stock and Repurchase Program (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | ($ in thousands except for cost per share) Shares Cost Assigned Average Cost per Share Aggregate Purchase Price Remaining under the Program Balance as of April 30, 2019 336,439 $ 4,743 $ 14.10 $ 1,438 Purchases effected in open market 46,840 $ 1,214 $ 25.91 $ - Balance as of April 30, 2020 383,279 $ 5,957 $ 15.54 $ 2,000 Purchases effected in open market (1) 53,551 $ 1,526 $ 28.50 $ - Balance as of April 30, 2021 436,830 $ 7,483 $ 17.13 $ 474 Purchases effected in open market (2) 53,327 $ 2,484 $ 46.58 $ - Balance as of April 30, 2022 490,157 $ 9,967 $ 20.33 $ 1,241 Purchases effected in open market (3) 75,303 $ 4,704 $ 62.47 $ - Balance as of April 30, 2023 565,460 14,671 $ 25.95 $ 1,266 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Money Market Funds, at Carrying Value | $ 7,240,000 | $ 28,965,000 |
EAM Trust [Member] | ||
Non Voting Profits Interest Percent | 50% | |
EAM Trust [Member] | Minimum [Member] | ||
Non Voting Revenues Interest Percent | 41% | |
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90% | |
EAM Trust [Member] | Maximum [Member] | ||
Non Voting Revenues Interest Percent | 55% |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Investments (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Cash equivalents | $ 7,240,000 | $ 28,965,000 |
Equity Securities, FV-NI | 14,546,000 | 17,647,000 |
Available-for-sale fixed income securities | 39,928,000 | 10,475,000 |
Investments, Fair Value Disclosure | 61,714,000 | 57,087,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 7,240,000 | 28,965,000 |
Equity Securities, FV-NI | 14,546,000 | 17,647,000 |
Available-for-sale fixed income securities | 39,928,000 | 10,475,000 |
Investments, Fair Value Disclosure | 61,714,000 | 57,087,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Equity Securities, FV-NI | 0 | 0 |
Available-for-sale fixed income securities | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | 0 | 0 |
Equity Securities, FV-NI | 0 | 0 |
Available-for-sale fixed income securities | 0 | 0 |
Investments, Fair Value Disclosure | $ 0 | $ 0 |
Note 2 - Supplementary Cash F_3
Note 2 - Supplementary Cash Flows Information - Supplementary Cash Flow Elements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Cash and cash equivalents | $ 7,590 | $ 29,703 | $ 19,171 |
Restricted cash | 305 | 305 | 469 |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows | 7,895 | 30,008 | 19,640 |
State and local income tax payments | 923 | 894 | 1,406 |
Federal income tax payments | $ 4,425 | $ 5,400 | $ 7,154 |
Note 3 - Related Party Transa_3
Note 3 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Ownership Percentage By Parent | 91.51% | ||
AB&Co [Member] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 0 | $ 0 | |
Income Taxes Paid | 4,425,000 | 5,400,000 | $ 7,154,000 |
AB&Co [Member] | Reimbursement for Payments and Services [Member] | |||
Related Party Transaction, Amounts of Transaction | 369,000 | 385,000 | |
EAM Trust [Member] | |||
Assets under Management, Carrying Amount | 3,090,000,000 | 3,360,000,000 | |
Increase (Decrease) in Assets under Management | $ 270,000,000 | ||
Percentage of Assets Increased (Decreased) in Unconsolidated Entities | 8% | ||
Non Voting Profits Interest Percent | 50% | ||
Non Voting Profits Interest in Variable Entity Not yet Paid | $ 2,601,000 | $ 3,657,000 | |
EAM Trust [Member] | Minimum [Member] | |||
Non Voting Revenues Interest Percent | 41% | ||
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90% | ||
EAM Trust [Member] | Maximum [Member] | |||
Non Voting Revenues Interest Percent | 55% |
Note 3 - Related Party Transa_4
Note 3 - Related Party Transactions - Non-voting Revenues Interest and Non-voting Profits Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Non-voting revenues interest in EAM | $ 10,397 | $ 15,899 | $ 15,190 |
Non-voting profits interest in EAM | 734 | 2,142 | 2,131 |
Revenues and Profits Distribution from Unconsolidated Entity | $ 11,131 | $ 18,041 | $ 17,321 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Equity Securities, FV-NI, Cost | $ 10,169,000 | $ 13,318,000 | |
Equity Securities, FV-NI | 14,546,000 | 17,647,000 | |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 398,000 | (27,000) | $ (128,000) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 105,000 | (7,000) | (45,000) |
Proceeds from Sale of Equity Securities, FV-NI | 4,706,000 | 12,039,000 | $ 8,212,000 |
Equity Securities, FV-NI, Gain (Loss) | (174,000) | (1,254,000) | |
Equity Method Investments | 58,775,000 | 59,971,000 | |
EAM Trust [Member] | |||
Fair Value of Contributed Capital at Inception | 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 | |
Equity Method Investment, Other than Temporary Impairment | $ 0 | 0 | |
Percentage of Non Voting Profit Interest | 50% | ||
Accrued Non Voting Revenues and Non Voting Profits Interests Payable | $ 2,601,000 | 3,657,000 | |
Fixed Income Securities [Member] | |||
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale, Total | 9,907,000 | 2,496,000 | |
AOCI, Debt Securities, Available-for-Sale, Adjustment, after Tax | 473,000 | 30,000 | |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 503,000 | (34,000) | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | $ 105,000 | $ (7,000) | |
Debt Securities, Available-for-Sale, Weighted Average Yield | 2.55% | 0.60% | |
Fixed Income Securities [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
AOCI Tax, Attributable to Parent | $ 99,000 | $ 6,000 |
Note 4 - Investments - Schedule
Note 4 - Investments - Schedule of Carrying Value and Fair Value of Equity Securities (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Equity securities, cost | $ 10,169,000 | $ 13,318,000 |
Equity securities, fair value | 14,546,000 | 17,647,000 |
Exchange Traded Funds [Member] | ||
Equity securities, cost | 10,169,000 | 13,318,000 |
Equity securities, gross unrealized gains | 4,392,000 | 4,348,000 |
Equity securities, gross unrealized losses | (15,000) | (19,000) |
Equity securities, fair value | $ 14,546,000 | $ 17,647,000 |
Note 4 - Investments - Schedu_2
Note 4 - Investments - Schedule of Carrying Value and Fair Value of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Apr. 30, 2022 |
Due within 1 year, amortized cost | $ 34,384 | $ 10,505 |
Due within 1 year, gross unrealized gains | 486 | |
Due within 1 year, gross unrealized losses | (5) | (30) |
Due within 1 year, fair value | 34,865 | 10,475 |
Due within 1 year through 5 years, amortized cost | 5,071 | |
Due within 1 year through 5 years, gross unrealized losses | (8) | |
Due within 1 year through 5 years, fair value | 5,063 | |
Amortized cost | 39,455 | 10,505 |
Total investment in government debt securities, gross unrealized gains | 486 | |
Total investment in government debt securities, gross unrealized losses | (13) | (30) |
Fair value | $ 39,928 | $ 10,475 |
Note 4 - Investments - Income F
Note 4 - Investments - Income From Securities Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Dividend income | $ 595 | $ 851 | $ 573 |
Interest income | 706 | 18 | 137 |
Investment gains/(losses) recognized on sales of equity securities during the period | (81) | (1,568) | 835 |
Unrealized gains/(losses) recognized on equity securities held at the end of the period | (45) | 167 | 3,875 |
Other | (1) | (2) | 0 |
Total investment gains/(losses) | $ 1,174 | $ (534) | $ 5,420 |
Note 4 - Investments - Componen
Note 4 - Investments - Components of EAM's Investment Management Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | ||
Revenues | $ 39,695 | $ 40,525 | $ 40,392 | |
Non-voting revenues interest in EAM | 10,397 | 15,899 | 15,190 | |
EAM's net income | 18,069 | 23,822 | 23,280 | |
EAM Trust [Member] | ||||
Other income/(losses) | 142 | (20) | 361 | |
Investment management fee waivers and reimbursements | 164 | 547 | 121 | |
12b-1 fee waivers | 105 | 644 | 651 | |
Non-voting revenues interest in EAM | 10,397 | 15,899 | 15,190 | |
EAM's net income | [1] | 1,468 | 4,284 | 4,262 |
EAM Trust [Member] | Investment Advice [Member] | ||||
Revenues | 19,824 | 29,598 | 29,022 | |
EAM Trust [Member] | Distribution and Shareholder Service [Member] | ||||
Revenues | $ 5,964 | $ 9,310 | $ 9,604 | |
[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 4 - Investments - Assets a
Note 4 - Investments - Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
EAM's total assets | $ 131,076 | $ 128,743 | |||
EAM's total liabilities | 47,403 | 49,098 | |||
EAM's total equity | 83,673 | 79,645 | $ 67,013 | $ 53,539 | |
EAM Trust [Member] | |||||
EAM's total assets | 61,389 | 63,592 | |||
EAM's total liabilities | [1] | 4,357 | 6,282 | ||
EAM's total equity | $ 57,032 | $ 57,310 | |||
[1]At April 30, 2023 and 2022, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $2,601,000 and $3,657,000, respectively. |
Note 5 - Variable Interest En_3
Note 5 - Variable Interest Entity (Details Textual) | 12 Months Ended |
Apr. 30, 2023 | |
EAM Trust [Member] | |
Non Voting Profits Interest Percent | 50% |
Note 5 - Variable Interest En_4
Note 5 - Variable Interest Entity - Total Assets, the Maximum Exposure to Loss, and Value of the Assets and Liabilities in EAM (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Apr. 30, 2022 | |
Assets | $ 131,076 | $ 128,743 | |
Liabilities | 47,403 | 49,098 | |
EAM Trust [Member] | |||
Assets | 61,389 | 63,592 | |
Liabilities | [1] | 4,357 | 6,282 |
EAM Trust [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Assets | [2] | 58,775 | 59,971 |
Liabilities | 0 | 0 | |
Value Line Maximum Exposure to Loss | $ 58,775 | $ 59,971 | |
[1]At April 30, 2023 and 2022, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $2,601,000 and $3,657,000, respectively.[2]Reported within Long-Term Assets on Consolidated Balance Sheets. |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 | May 01, 2019 |
Building and leasehold improvements | $ 1,013,000 | $ 1,013,000 | |
Furniture and equipment | 4,079,000 | 4,091,000 | |
Property, Plant and Equipment, Gross | 10,392,000 | 11,546,000 | |
Accumulated depreciation and amortization | (4,604,000) | (4,488,000) | |
Total property and equipment, net | 5,788,000 | 7,058,000 | |
Property and Equipment [Member] | |||
Operating lease - right-of-use asset | $ 5,300,000 | $ 6,442,000 | $ 9,575,000 |
Note 7 - Federal, State and L_3
Note 7 - Federal, State and Local Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Percent | 24% | 22.25% | 23.11% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.25% | 3.12% | 2.05% |
Former Employee [Member] | |||
Deferred Tax Assets, Deferred Non Cash Postemployment Compensation, Noncurrent | $ 1,770,000 | ||
Asset Management and Mutual Fund Distribution Subsidiaries [Member] | |||
Deconsolidation, Gain (Loss), Amount | $ 50,805,000 |
Note 7 - Federal, State and L_4
Note 7 - Federal, State and Local Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Federal | $ 4,702 | $ 5,625 | $ 5,407 |
State and local | 984 | 1,280 | 1,046 |
Current tax expense | 5,686 | 6,905 | 6,453 |
Federal | 23 | 239 | 859 |
State and local | (3) | (328) | (316) |
Deferred tax expense (benefit): | 20 | (89) | 543 |
Income tax provision | $ 5,706 | $ 6,816 | $ 6,996 |
Note 7 - Federal, State and L_5
Note 7 - Federal, State and Local Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Apr. 30, 2022 |
Unrealized gain on securities held for sale | $ (178) | $ (194) |
Deferred tax liability | 13,129 | 13,126 |
Unrealized gain on securities held for sale | 178 | 194 |
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 | 59 | 77 |
Unrealized gain on securities held for sale | 919 | 909 |
Right of Use Asset | (174) | (188) |
Deferred charges | (136) | (154) |
Other | (333) | (300) |
Deferred tax liability | 10,632 | 10,641 |
Unrealized gain on securities held for sale | (919) | (909) |
State and Local Jurisdiction [Member] | ||
Deferred gain on deconsolidation of EAM | 2,062 | 2,131 |
Deferred non-cash post-employment compensation | (72) | (74) |
Depreciation and amortization | 125 | 180 |
Other | 204 | 54 |
Deferred tax liability | $ 2,497 | $ 2,485 |
Note 7 - Federal, State and L_6
Note 7 - Federal, State and Local Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3.25% | 3.12% | 2.05% |
Nontaxable SBA loan forgiveness | 0% | (1.60%) | 0% |
Effect of dividends received deductions | (0.26%) | (0.29%) | (0.31%) |
Other, net | 0.01% | 0.02% | 0.37% |
Effective income tax rate | 24% | 22.25% | 23.11% |
Note 8 - Employees' Profit Sh_2
Note 8 - Employees' Profit Sharing and Savings Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 410,000 | $ 557,000 | $ 980,000 |
Note 9 - Lease Commitments (Det
Note 9 - Lease Commitments (Details Textual) | 12 Months Ended | |||||||
Nov. 30, 2016 USD ($) ft² | Feb. 29, 2016 USD ($) ft² | Apr. 30, 2023 USD ($) | Apr. 30, 2022 USD ($) | Apr. 30, 2021 USD ($) | Oct. 03, 2021 USD ($) | May 01, 2019 USD ($) | Oct. 30, 2016 USD ($) | |
Operating Lease, Liability, Total | $ 6,128,000 | $ 10,340,000 | ||||||
Lease Incentive Receivable | 765,000 | |||||||
Operating Lease, Expense | 1,499,000 | $ 1,499,000 | $ 1,499,000 | |||||
Operating Lease, Payments | 1,597,000 | |||||||
Property and Equipment [Member] | ||||||||
Operating Lease, Right-of-Use Asset | $ 5,300,000 | $ 6,442,000 | $ 9,575,000 | |||||
Sublease to American Building Maintenance Industries, Incorporated [Member] | ||||||||
Area of Real Estate Property (Square Foot) | ft² | 24,726 | |||||||
Operating Leases, Annual Base Rent | $ 1,126,000 | |||||||
Base Rent Increase, Percent | 2.25% | |||||||
Security Deposit | $ 305,000 | $ 469,000 | ||||||
Annual Rental Expenditure, Initial, Decrease, Percentage | 23% | |||||||
Lessee Leasing Arrangements, Allowance | $ 417,000 | |||||||
Lessee Leasing Arrangements, Allowance, Six Months of Free Rent Payment | $ 563,000 | |||||||
Seagis Property Group LP (the "Landlord") [Member] | Value Line Distribution Center ("VLDC") [Member] | ||||||||
Area of Real Estate Property (Square Foot) | ft² | 24,110 | |||||||
Operating Leases, Annual Base Rent | $ 192,880 | |||||||
Security Deposit | 32,146 | |||||||
Base Rent Increase Amount | $ 237,218 |
Note 9 - Lease Commitments - Fu
Note 9 - Lease Commitments - Future Minimum Payments (Details) - USD ($) | Apr. 30, 2023 | May 01, 2019 |
2024 | $ 1,634,000 | |
2025 | 1,429,000 | |
2026 | 1,461,000 | |
2027 | 1,493,000 | |
Thereafter | 882,000 | |
Total undiscounted future minimum lease payments | 6,899,000 | |
Less: difference between undiscounted lease payments & the present value of future lease payments | 771,000 | |
Operating Lease, Liability, Total | $ 6,128,000 | $ 10,340,000 |
Note 10 - Disclosure of Credi_2
Note 10 - Disclosure of Credit Risk of Financial Instruments With Off-balance Sheet Risk (Details Textual) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Single Customer [Member] | |||
Concentration Risk, Percentage | 33.90% | 33% | 31.60% |
Note 11 - Comprehensive Incom_2
Note 11 - Comprehensive Income - Components of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Change in unrealized gains on available-for-sale fixed income securities | $ 503 | $ (34) | $ (173) |
Change in unrealized gains on available-for-sale fixed income securities | (105) | 7 | 45 |
Change in unrealized gains on available-for-sale fixed income securities | 398 | (27) | (128) |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent | 503 | (34) | (173) |
Other comprehensive income (loss), available-for-sale securities, tax expense | (105) | 7 | 45 |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $ 398 | $ (27) | $ (128) |
Note 12 - Accounting for the _2
Note 12 - Accounting for the Costs of Computer Software Developed for Internal Use (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Capitalized Computer Software, Additions | $ 110,000 | $ 145,000 | |
Capitalized Computer Software, Amortization | $ 49,000 | $ 73,000 | $ 70,000 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 13 - Treasury Stock and _3
Note 13 - Treasury Stock and Repurchase Program (Details Textual) - USD ($) | Oct. 31, 2022 | Oct. 21, 2022 | May 31, 2022 | Mar. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2020 |
Stock Repurchase Program, Authorized Amount | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 |
Note 13 - Treasury Stock and _4
Note 13 - Treasury Stock and Repurchase Program - Treasury Stock at Cost (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Balance, shares (in shares) | 490,157 | 436,830 | 383,279 | 336,439 | |
Balance, total average cost assigned | $ 9,967 | $ 7,483 | $ 5,957 | $ 4,743 | |
Balance, average cost per share (in dollars per share) | $ 20.33 | $ 17.13 | $ 15.54 | $ 14.10 | |
Balance, aggregate purchase price remaining under the program | $ 1,266 | $ 1,241 | $ 474 | $ 2,000 | $ 1,438 |
Purchases effected in open market, shares (in shares) | 75,303 | 53,327 | 53,551 | 46,840 | |
Purchases effected in open market, cost | $ 4,704 | $ 2,484 | $ 1,526 | $ 1,214 | |
Purchases effected in open market, average cost (in dollars per share) | $ 62.47 | $ 46.58 | $ 28.50 | $ 25.91 | |
Balance, shares (in shares) | 565,460 | 490,157 | 436,830 | 383,279 | |
Balance, total average cost assigned | $ 14,671 | $ 9,967 | $ 7,483 | $ 5,957 | |
Balance, average cost per share (in dollars per share) | $ 25.95 | $ 20.33 | $ 17.13 | $ 15.54 |
Note 14 - Copyright Fees (Detai
Note 14 - Copyright Fees (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 39,695,000 | $ 40,525,000 | $ 40,392,000 |
Third Party Sponsored Assets for Copyright Data | 12,390,000,000 | 12,450,000,000 | |
License [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 13,463,000 | $ 13,380,000 | $ 12,763,000 |
Percentage of Copyright Data Fees | 0.60% | 4.80% | 0.70% |
Note 15 - Restricted Cash and_2
Note 15 - Restricted Cash and Deposits (Details Textual) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 |
Restricted Cash, Total | $ 305,000 | $ 305,000 | $ 469,000 | |
Cash Securing a Letter of Credit Issued as Security Deposit [Member] | ||||
Security Deposit | $ 305,000 | |||
Restricted Cash, Total | $ 469,000 | $ 305,000 |
Note 16 - Concentration (Detail
Note 16 - Concentration (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 39,695,000 | $ 40,525,000 | $ 40,392,000 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Single Customer [Member] | |||
Concentration Risk, Percentage | 33.90% | 33% | 31.60% |
Revenue from Contract with Customer, Including Assessed Tax | $ 39,695,000 | $ 40,525,000 | $ 40,392,000 |
Note 17 - Concentration of Cr_2
Note 17 - Concentration of Credit Risks (Details Textual) - USD ($) | Apr. 30, 2023 | Mar. 12, 2023 | Apr. 30, 2022 | Jan. 31, 2022 | Apr. 30, 2021 |
Cash, Uninsured Amount | $ 1,569,000 | $ 1,978,000 | |||
Restricted Cash, Total | $ 305,000 | 305,000 | $ 469,000 | ||
Cash Securing a Letter of Credit Issued as Security Deposit [Member] | |||||
Restricted Cash, Total | $ 469,000 | $ 305,000 | |||
Cash Securing a Letter of Credit Issued as Security Deposit [Member] | Closing of Signature Bank [Member] | |||||
Restricted Cash, Total | $ 305,000 |
Note 19 - Paycheck Protection_2
Note 19 - Paycheck Protection Program Loan (Details Textual) | 3 Months Ended |
Oct. 31, 2022 USD ($) | |
Paycheck Protection Program CARES Act [Member] | |
Proceeds from Issuance of Long-term Debt, Total | $ 2,331,365 |