AMREP (AXR) 10-Q 11 Mar 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 31, 2021	Mar. 05, 2021
Document And Entity Information
Document Type	10-Q
Entity File Number	1-4702
Amendment Flag	false
Document Period End Date	Jan. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	AMREP CORP.
Entity Tax Identification Number	59-0936128
Entity Central Index Key	0000006207
Entity Address, Address Line One	620 West Germantown Pike, Suite 175
Entity Address, City or Town	Plymouth Meeting
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19462
City Area Code	610
Local Phone Number	487-0905
Title of 12(g) Security	Common Stock $0.10 par value
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,323,370
Trading Symbol	AXR
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
ASSETS
Cash and cash equivalents	$ 15,406	$ 17,502
Real estate inventory	55,607	53,449
Investment assets, net	18,818	18,644
Other assets	1,225	934
Taxes receivable, net	57	57
Deferred income taxes, net	4,779	6,080
TOTAL ASSETS	95,892	96,666
LIABILITIES:
Accounts payable and accrued expenses	4,076	3,125
Notes payable, net	5,200	3,890
Accrued pension costs	3,209	5,014
TOTAL LIABILITIES	12,485	12,029
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 7,323,370 at January 31, 2021 and 8,358,154 at April 30, 2020	730	836
Capital contributed in excess of par value	45,072	51,334
Retained earnings	43,802	43,149
Accumulated other comprehensive loss, net	(6,197)	(6,467)
Treasury stock, at cost - 225,250 shares at April 30, 2020		(4,215)
TOTAL SHAREHOLDERS' EQUITY	83,407	84,637
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 95,892	$ 96,666

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2021	Apr. 30, 2020
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,323,370	8,358,154
Treasury stock, shares	225,250	225,250

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
REVENUES:
Revenues	$ 7,864	$ 5,287	$ 21,326	$ 14,014
General and administrative expenses:
General and administrative expenses	1,342	1,058	4,306	6,745
Operating expenses	5,340	4,611	17,590	16,724
Operating income (loss)	2,524	676	3,736	(2,710)
Interest (expense) income, net	(21)	58	(27)	323
Other income	300	0	950
Income (loss) before income taxes	2,803	734	4,659	(2,387)
Provision for income taxes	710	396	1,175	(360)
Net income (loss)	$ 2,093	$ 338	$ 3,484	$ (2,027)
Basic earnings (loss) per share	$ 0.29	$ 0.04
Diluted earnings (loss) per share	$ 0.28	$ 0.04
Weighted average number of common shares outstanding - basic	7,343	8,138	7,872	8,129
Weighted average number of common shares outstanding - diluted	7,372	8,174	7,903	8,129
Land sale revenues
REVENUES:
Revenues	$ 5,957	$ 4,477	$ 17,970	$ 12,291
COSTS AND EXPENSES:
Cost of revenues	2,916	3,553	12,028	9,979
Home sale revenues
REVENUES:
Revenues	1,261	0	1,463
COSTS AND EXPENSES:
Cost of revenues	1,082	0	1,256
Rental revenues
REVENUES:
Revenues	86	114	588	796
Other [Member]
REVENUES:
Revenues	$ 560	$ 696	$ 1,305	$ 927

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Consolidated Statements of Comprehensive Income
Net income (loss)	$ 2,093	$ 338	$ 3,484	$ (2,027)
Other comprehensive income, net of tax:
Pension settlement, net of tax ($880 in 2020)			0	2,049
Decrease in pension liability, net of tax ($126 in 2021 and $134 in 2020)	90	77	270	329
Other comprehensive income	90	77	270	2,378
Total comprehensive income	$ 2,183	$ 415	$ 3,754	$ 351

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Consolidated Statements of Comprehensive Income
Pension settlement, net of tax				$ 880
Decrease in pension liability, tax	$ 42	$ 24	$ 126	$ 134

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Capital Contributed in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Balance at Apr. 30, 2019	$ 835	$ 51,205	$ 49,052	$ (7,031)	$ (4,215)	$ 89,846
Balance (in shares) at Apr. 30, 2019	8,353
Issuance of restricted common stock	$ 1	56				57
Issuance of restricted common stock (in shares)	9
Issuance of deferred common share units		100				100
Issuance of deferred common share units (in shares)	0
Net income (loss)			(2,027)			(2,027)
Other comprehensive income				2,378		2,378
Balance at Jan. 31, 2020	$ 836	51,361	47,025	(4,653)	(4,215)	90,354
Balance (in shares) at Jan. 31, 2020	8,362
Balance at Oct. 31, 2019	$ 836	51,261	46,687	(4,730)	(4,215)	89,839
Balance (in shares) at Oct. 31, 2019	8,362
Issuance of deferred common share units	$ 0	100	0	0	0	100
Issuance of deferred common share units (in shares)	0
Net income (loss)	$ 0	0	338	0	0	338
Other comprehensive income	0	0	0	77	0	77
Balance at Jan. 31, 2020	$ 836	51,361	47,025	(4,653)	(4,215)	90,354
Balance (in shares) at Jan. 31, 2020	8,362
Balance at Apr. 30, 2020	$ 836	51,334	43,149	(6,467)	(4,215)	84,637
Balance (in shares) at Apr. 30, 2020	8,358
Issuance of restricted common stock	$ 1	41				42
Issuance of restricted common stock (in shares)	9
Issuance of deferred common share units		90				90
Issuance of deferred common share units (in shares)	0
Issuance of common stock settled from deferred common share units (in shares)	12
Repurchase of common stock	$ (83)	(5,033)				(5,116)
Repurchase of common stock (in shares)	(831)
Retirement of treasury stock	$ (24)	(1,360)	(2,831)		4,215
Retirement of treasury stock (in shares)	(225)
Net income (loss)			3,484			3,484
Other comprehensive income				270		270
Balance at Jan. 31, 2021	$ 730	45,072	43,802	(6,197)	0	83,407
Balance (in shares) at Jan. 31, 2021	7,323
Balance at Oct. 31, 2020	$ 768	47,216	44,540	(6,287)	(4,215)	82,022
Balance (in shares) at Oct. 31, 2020	7,692
Issuance of deferred common share units	$ 0	90	0	0	0	90
Issuance of deferred common share units (in shares)	0
Repurchase of common stock	$ (14)	(874)	0	0	0	(888)
Repurchase of common stock (in shares)	(144)
Retirement of treasury stock	$ (24)	(1,360)	(2,831)	0	4,215
Retirement of treasury stock (in shares)	(225)
Net income (loss)	$ 0	0	2,093	0	0	2,093
Other comprehensive income	0	0	0	90	0	90
Balance at Jan. 31, 2021	$ 730	$ 45,072	$ 43,802	$ (6,197)	$ 0	$ 83,407
Balance (in shares) at Jan. 31, 2021	7,323

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,484	$ (2,027)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	424	381
Amortization of debt issuance costs	30	56
Non-cash credits and charges:
Interest earned on deferred purchase price	0	(196)
Stock-based compensation	132	107
Deferred income tax provision (benefit)	1,301	(336)
Net periodic pension cost	298	189
Gain on debt forgiveness	(300)	0
Pension settlement	0	2,929
Deferred Rent	0	154
Changes in assets and liabilities:
Real estate inventory and investment assets	(2,750)	2,907
Other assets	(297)	(399)
Accounts payable and accrued expenses	951	487
Accrued pension costs	(1,847)	(3,600)
Total adjustments	(2,058)	2,679
Net cash provided by operating activities	1,426	652
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(3)	(18)
Net cash used in investing activities	(3)	(18)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	5,466	986
Principal debt payments	(3,782)	(1,385)
Payments for debt issuance costs	(87)	0
Repurchase of common stock	(5,116)	0
Net cash used in financing activities	(3,519)	(399)
(Decrease) increase in cash, cash equivalents and restricted cash	(2,096)	235
Cash, cash equivalents and restricted cash, beginning of period	17,502	14,236
Cash, cash equivalents and restricted cash, end of period	15,406	14,471
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	52	0
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 198

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	9 Months Ended
	Jan. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	(1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales. All references to the Company in this quarterly report on Form 10-Q include the Registrant and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless the context otherwise indicates, all references to 2021 and 2020 are to the fiscal years ending April 30, 2021 and 2020. The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2020, which was filed with the SEC on July 27, 2020 (the “2020 Form 10-K”). Certain 2020 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on net income (loss) or shareholders’ equity. Summary of Significant Accounting Policies The significant accounting policies used in preparing these consolidated financial statements are consistent with the accounting policies described in the 2020 Form 10-K, except for those adopted as described below. Revenue Recognition · Home sale revenues : The Company accounts for revenue from home sales in accordance with Accounting Standards Codification (“ASC”) 2014-09, Revenue from Contracts with Customers (Topic 606). Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. Generally, the Company’s performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In general, the Company’s performance obligation for each of the home sales is fulfilled upon the delivery of the completed home, which generally coincides with the receipt of cash consideration from the counterparty. If the Company’s performance obligations are not complete upon the home closing, the Company defers a portion of the home sale revenues related to the outstanding obligations and subsequently recognizes that revenue upon completion of such obligations. As of January 31, 2021, the home sale revenues and related costs the Company deferred related to these obligations were immaterial. · Forfeited customer deposits : Forfeited customer deposits for homes are recognized in “Home sale revenues” in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. · Sales incentives : In order to promote sales of homes, the Company may offer home buyers sales incentives. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. · Home sale cost of revenues . Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the consolidated balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold. New Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 was effective for the Company on May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 was effective for the Company on May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements.

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Jan. 31, 2021
RESTRICTED CASH
RESTRICTED CASH	(2) RESTRICTED CASH The following provides a reconciliation of the Company’s cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows for the nine months ended January 31, 2020: January 31, April 30, 2020 2019 (in thousands) Cash and cash equivalents $ 14,166 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 14,471 $ 14,236 There was no restricted cash at January 31, 2021 and April 30, 2020.

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY	9 Months Ended
	Jan. 31, 2021
REAL ESTATE INVENTORY
REAL ESTATE INVENTORY	(3) REAL ESTATE INVENTORY Real estate inventory consists of: January 31, April 30, 2021 2020 (in thousands) Land held for development or sale $ 54,351 $ 53,405 Homebuilding construction in process and completed inventory 1,256 44 $ 55,607 $ 53,449 Land held for development or sale represents property located in areas that are planned to be developed or sold in the near term. As of January 31, 2021 and April 30, 2020, the Company held approximately 6,000 acres of land in New Mexico classified as land held for development. Homebuilding construction in process and completed inventory related to residential homes inventory and construction costs for residential homes being built and offered for sale by the homebuilding business segment.

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET	9 Months Ended
	Jan. 31, 2021
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET	(4) INVESTMENT ASSETS, NET Investment assets, net consist of: January 31, April 30, 2021 2020 (in thousands) Land held for long-term investment $ 9,775 $ 9,751 Construction in process — 2,320 Buildings 15,993 13,096 Less accumulated depreciation (6,950) (6,523) Buildings, net 9,043 6,573 $ 18,818 $ 18,644 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of January 31, 2021 and April 30, 2020, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment. Buildings are comprised of 204,000 square feet of warehouse and office buildings in Palm Coast, Florida and a 14,000 square foot retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Depreciation associated with the buildings was $415,000 and $366,000 for the nine months ended January 31, 2021 and January 31, 2020 and $152,000 and $87,000 for the three months ended January 31, 2021 and January 31, 2020. Construction in process related to the construction costs of such 14,000 square foot retail building, which was completed during the nine months ended January 31, 2021.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Jan. 31, 2021
OTHER ASSETS
OTHER ASSETS	(5) OTHER ASSETS Other assets consist of: January 31, April 30, 2021 2020 (in thousands) Prepaid expenses $ 874 $ 464 Receivables 44 156 Right-of-use assets associated with leases of office facilities 109 109 Other assets 170 170 Property and equipment 219 217 Less accumulated depreciation (191) (182) Property and equipment, net 28 35 $ 1,225 $ 934 Prepaid expenses as of January 31, 2021 primarily consist of prepaid insurance, stock compensation, prepayments for office rent, brokers commission related to a building lease and security deposits for the buildings in Palm Coast, Florida. Prepaid expenses as of January 31, 2020 primarily consist of prepaid insurance, stock compensation and in-process prepayments of amounts due under a public improvement district. Depreciation expense associated with property and equipment was $9,000 and $13,000 for the nine months ended January 31, 2021 and January 31, 2020 and $2,000 and $4,000 for the three months ended January 31, 2021 and January 31, 2020.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Jan. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of: January 31, April 30, 2021 2020 (in thousands) Real estate operations Accrued expenses $ 930 $ 518 Trade payables 649 1,146 Real estate customer deposits 1,795 1,117 Other 76 — 3,450 2,781 Corporate operations 626 344 $ 4,076 $ 3,125

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Jan. 31, 2021
NOTES PAYABLE
NOTES PAYABLE	(7) NOTES PAYABLE Notes payable, net consist of: January 31, April 30, 2021 2020 (in thousands) Real estate notes payable $ 5,261 $ 3,894 Unamortized debt issuance costs (61) (4) $ 5,200 $ 3,890 Refer to Notes 8 and 17 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each of the following outstanding financing facilities that were entered into prior to May 1, 2020. · Lomas Encantadas Subdivision . In September 2020, Lomas Encantadas Development Company LLC (“LEDC”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF, NA dba Bank of Albuquerque (“BOKF”). The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LEDC and BOKF with respect to certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by AMREP Southwest Inc. (“ASW”), a subsidiary of the Company, in favor of BOKF, ASW guaranteed LEDC’s obligations under each of the above agreements. o Initial Available Principal : Pursuant to the loan documentation, BOKF agrees to lend up to $2,400,000 to LEDC on a non-revolving line of credit basis to partially fund the development of certain planned residential lots within the Lomas Encantadas subdivision. o Outstanding Principal Amount and Repayments : The outstanding principal amount of the loan was $27,000 as of January 31, 2021. LEDC made no principal repayments during the nine months ended January 31, 2021. LEDC is required to make periodic principal repayments of borrowed funds not previously repaid as follows: $1,144,000 on or before December 22, 2022, $572,000 on or before March 22, 2023, $572,000 on or before June 22, 2023 and $112,000 on or before September 22, 2023. The outstanding principal amount of the loan may be prepaid at any time without penalty. o Maturity Date : The loan is scheduled to mature in September 2023. o Interest Rate : Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. The interest rate on the loan at January 31, 2021 was 3.75%. o Lot Release Price : BOKF is required to release the lien of its mortgage on any lot upon LEDC making a principal payment of $44,000. LEDC and ASW made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including LEDC’s failure to make principal, interest or other payments when due; the failure of LEDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of LEDC or ASW being false; the insolvency or bankruptcy of LEDC or ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. LEDC incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized no interest or fees related to this loan during the three months ended January 31, 2021 and interest and fees of $27,000 during the nine months ended January 31, 2021. The total book value of the property mortgaged pursuant to this loan was $761,000 as of January 31, 2021. At January 31, 2021, LEDC was in compliance with the financial covenants contained in the loan documentation. · Hawk Site Subdivision . o In February 2020, Sandia Laboratory Federal Credit Union (“SLFCU”) provided a revolving line of credit to Mountain Hawk East Development Company LLC (“MHEDC”), a subsidiary of the Company. The initial available principal amount of the loan was $3,000,000, subject to certain limitations. There was no outstanding principal on the loan as of January 31, 2021. MHEDC made principal repayments of $2,139,000 during the nine months ended January 31, 2021; MHEDC made no principal repayments during the year ended April 30, 2020. The interest rate on the loan at January 31, 2021 was 4.5%. The Company capitalized interest and fees related to this loan of $2,000 and $7,000 during the three and nine months ended January 31, 2021. The total book value of the property mortgaged pursuant to this loan was $2,602,000 as of January 31, 2021. At January 31, 2021, MHEDC was in compliance with the financial covenants contained in the loan documentation. o In January 2021, Mountain Hawk West Development Company LLC (“MHWDC”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF. The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between MHWDC and BOKF, with respect to certain planned residential lots within the Hawk Site subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by ASW in favor of BOKF, ASW guaranteed MHWDC’s obligations under each of the above agreements. § Initial Available Principal : Pursuant to the loan documentation, BOKF agrees to lend up to $2,700,000 to MHWDC on a non-revolving line of credit basis to partially fund the development of certain planned residential lots within the Hawk Site subdivision. The outstanding principal amount of the loan was $30,000 as of January 31, 2021. § Repayments : MHWDC made no principal repayments during the nine months ended January 31, 2021. MHWDC is required to make periodic principal repayments of borrowed funds not previously repaid as follows: $1,033,600 on or before October 21, 2022, $760,050 on or before January 21, 2023, $760,050 on or before April 21, 2023 and $146,300 on or before July 21, 2023. The outstanding principal amount of the loan may be prepaid at any time without penalty. § Maturity Date : The loan is scheduled to mature in July 2023. · Interest Rate : Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. The interest rate on the loan as of January 31, 2021 was 3.75%. · Lot Release Price : BOKF is required to release the lien of its mortgage on any lot upon MHWDC making a principal payment of $35,250 or $48,650 depending on the size of the lot. MHWDC and ASW made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: MHWDC’s failure to make principal, interest or other payments when due; the failure of MHWDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of MHWDC or ASW being false; the insolvency or bankruptcy of MHWDC or ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. MHWDC incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized no interest or fees related to this loan during the three and nine months ended January 31, 2021. The total book value of the property mortgaged pursuant to this loan was $1,298,000 as of January 31, 2021. At January 31, 2021, MHWDC was in compliance with the financial covenants contained in the loan documentation. · Las Fuentes at Panorama Village Subdivision . In January 2020, BOKF provided a non-revolving line of credit to Las Fuentes Village II, LLC (“LFV”), a subsidiary of the Company. The initial available principal amount of the loan was $2,750,000. The outstanding principal amount of the loan was $2,514,000 as of January 31, 2021. LFV made no principal repayments during the nine months ended January 31, 2021 or during the year ended April 30, 2020. The interest rate on the loan at January 31, 2021 was 3.04%. The Company capitalized no interest or fees related to this loan during the three months ended January 31, 2021 and $23,000 during the nine months ended January 31, 2021. The total book value of the property mortgaged pursuant to this loan was $2,850,000 as of January 31, 2021. At January 31, 2021, LFV was in compliance with the financial covenants contained in the loan documentation. · Meso AM Subdivision . o Acquisition Financing : The acquisition of the Meso AM subdivision in Bernalillo County, New Mexico in June 2020 by Lavender Fields, LLC (“LF”), a subsidiary of the Company, included $1,838,000 of deferred purchase price, of which $919,000 is payable without interest on or before June 2021 and $919,000 is payable without interest on or before June 2022. The total book value of the property mortgaged to secure payment of a note reflecting the deferred purchase price was $5,480,000 as of January 31, 2021. At January 31, 2021, LF was in compliance with the financial covenants contained in the loan documentation. o Development Financing . In June 2020, BOKF provided a non-revolving line of credit to LF. The initial available principal amount of the loan was $3,750,000. The outstanding principal amount of the loan was $852,000 as of January 31, 2021. LF made no principal repayments during the nine months ended January 31, 2021. The interest rate on the loan at January 31, 2021 was 3.75%. The Company capitalized interest and fees related to this loan of $8,000 and $11,000 during the three and nine months ended January 31, 2021. The total book value of the property mortgaged pursuant to this loan was $5,480,000 as of January 31, 2021. At January 31, 2021, LF was in compliance with the financial covenants contained in the loan documentation. Refer to Note 8 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each of the following expired or terminated financing facilities: · Lomas Encantadas Subdivision . o In December 2017, BOKF provided a non-revolving line of credit to LEDC. The initial available principal amount of the loan was $4,750,000. During the nine months ended January 31, 2020, LEDC made principal repayments of $182,000 and the Company capitalized interest and fees related to this loan of $4,000. The loan was terminated in June 2019. o In June 2019, BOKF provided a non-revolving line of credit to LEDC. The initial available principal amount of the loan was $2,475,000. LEDC made principal repayments of $1,643,000 during the nine months ended January 31, 2021 and $675,000 during the year ended April 30, 2020. The Company capitalized interest and fees related to this loan of $16,000 and $8,000 for the nine months ended January 31, 2021 and January 31, 2020 and $5,000 for the three months January 31, 2020. The loan was terminated in January 2021. · Hawk Site Subdivision . In 2019, Main Bank provided a non-revolving line of credit to Hawksite 27 Development Company, LLC (“HDC”), a subsidiary of the Company. The initial available principal amount of the loan was $1,800,000. During the nine months ended January 31, 2020, HDC made principal repayments of $390,000 and the Company capitalized interest and fees related to this loan of $20,000. The loan was terminated in August 2019. · SBA Paycheck Protection Program . In April 2020, BOKF provided a loan to the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration. The amount of the loan was $298,000. The Company made no principal repayments during the nine months ended January 31, 2021 or during the year ended April 30, 2020. The Company accrued interest in the amount of $2,000 related to this loan during the nine months ended January 31, 2021. During the three months ended January 31, 2021, the Company received notice of forgiveness pursuant to the terms of the program of the entire principal amount of the loan and all accrued interest. The Company recognized this gain on debt forgiveness in Other income during the three and nine months ending January 31, 2021. The following table summarizes the scheduled principal repayments subsequent to January 31, 2021 with respect to the outstanding financing facilities as of January 31, 2021: Scheduled Payments Fiscal Year (in thousands) 2021 $ 936 2022 1,866 2023 101 2024 72 2025 75 Thereafter 2,211 Total $ 5,261

REVENUES

REVENUES	9 Months Ended
	Jan. 31, 2021
REVENUES
REVENUES	(8) REVENUES Land sale revenues . Land sale revenues consist of: Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Land sale revenues - New Mexico $ 5,957 $ 3,812 $ 17,970 $ 11,626 Land sale revenues - corporate — 665 — 665 $ 5,957 $ 4,477 $ 17,970 $ 12,291 Substantially all of the land sale revenues in New Mexico were received from four customers for the nine months ended January 31, 2021 and January 31, 2020 and also for the three months ended January 31, 2021 and January 31, 2020. Corporate land sale revenues resulted from the sale of two undeveloped properties in Palm Coast, Florida during the three and nine months ended January 31, 2020. Home sale revenues . Home sale revenues are from homes constructed and sold by the Company in the Albuquerque metropolitan area. Home sale revenues were received from six and seven customers during the three months and nine months ended January 31, 2021. Rental revenues . Rental revenues consist of rent received from tenants at the Company’s warehouse and office buildings in Palm Coast, Florida and at a retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Other revenues . Other revenues consist of: Three Months Ended Nine months Ended 2021 2020 2021 2020 (in thousands) (in thousands) Oil & gas royalties $ 46 $ 499 $ 82 $ 499 Private infrastructure reimbursement covenants 84 — 462 231 Public improvement district reimbursements 110 26 354 26 Miscellaneous other revenues 320 171 407 171 $ 560 $ 696 $ 1,305 $ 927 Refer to Note 9 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each category of other revenues. The Company owns certain minerals and mineral rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. The lease to a third party with respect to such mineral rights expired in September 2020 and no drilling had commenced with respect to such mineral rights. The Company did not record any revenue in the nine months ended 2021 related to this lease. Miscellaneous other revenues for the three and nine months ended January 31, 2021 primarily consist of payments for impact fee credits and for installation of telecommunications equipment in subdivisions. Miscellaneous other revenues for the three and nine months ended January 31, 2020 primarily consist of forfeited deposits and non-refundable option payments.

LAND SALE COST OF REVENUES

LAND SALE COST OF REVENUES	9 Months Ended
	Jan. 31, 2021
LAND SALE COST OF REVENUES
LAND SALE COST OF REVENUES	( 9) LAND SALE COST OF REVENUES Land sale cost of revenues consist of: Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Land sale cost of revenues - New Mexico $ 2,916 $ 3,076 $ 12,028 $ 9,502 Land sale cost of revenues - corporate — 477 — 477 $ 2,916 $ 3,553 $ 12,028 $ 9,979

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	9 Months Ended
	Jan. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	(10) GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of: Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Land development $ 829 $ 564 $ 1,826 $ 1,826 Homebuilding 137 — 368 12 Corporate 376 494 2,112 4,907 $ 1,342 $ 1,058 $ 4,306 $ 6,745 Corporate general and administrative expenses included a non-cash pre-tax pension settlement charge of $2,929,000 in the nine months ended January 31, 2020, due to the Company’s defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to former employees. No such settlement expense was incurred in 2021.

BENEFIT PLANS

BENEFIT PLANS	9 Months Ended
	Jan. 31, 2021
BENEFIT PLANS
BENEFIT PLANS	(11) BENEFIT PLANS Pension Plan Refer to Note 11 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the Company’s defined benefit pension plan. The Company recognizes the known changes in the funded status of the pension plan in the period in which the changes occur through other comprehensive income, net of the related deferred income tax effect. The Company recognized other comprehensive income of $270,000 and $2,378,000 for the nine months ended January 31, 2021 and January 31, 2020 and $90,000 and $77,000 for the three months ended January 31, 2021 and January 31, 2020 related to a decrease in the Company’s pension liability, net of tax. The Company funds the pension plan in compliance with IRS funding requirements. The Company made voluntary contributions to the pension plan of $1,847,000 during the nine months ended January 31, 2021 and $3,600,000 during the nine months ended January 31, 2020. Equity Compensation Plan Refer to Note 11 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The Company issued 9,000 shares of restricted common stock under the Equity Plan during each of the nine months ended January 31, 2021 and January 31, 2020. During the nine months ended January 31, 2021 and January 31, 2020, 12,834 shares and 14,833 shares of restricted common stock previously issued under the Equity Plan vested. As of January 31, 2021 and January 31, 2020, 29,000 shares and 36,834 shares of restricted common stock previously issued under the Equity Plan had not vested. The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $27,000 and $83,000 for the nine months ended January 31, 2021 and January 31, 2020 and $20,000 and $29,000 for the three months ended January 31, 2021 and January 31, 2020. As of January 31, 2021 and January 31, 2020, there was $53,000 and $105,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. In connection with the resignation of a director in September 2020, the Company (i) issued 12,411 shares of common stock in October 2020 pursuant to an equivalent number of deferred common share units previously issued to such director and (ii) paid $20,000 in September 2020 to such director in lieu of issuance of deferred common share units earned for calendar year 2020. The Company recognized non-cash expense related to deferred common share units expected to be issued to non-employee members of the Company’s Board of Directors of $57,500 and $60,000 for the nine months ended January 31, 2021 and January 31, 2020 and $15,000 and $20,000 for the three months ended January 31, 2021 and January 31, 2020.

INTEREST (EXPENSE) INCOME, NET

INTEREST (EXPENSE) INCOME, NET	9 Months Ended
	Jan. 31, 2021
INTEREST (EXPENSE) INCOME, NET
INTEREST (EXPENSE) INCOME, NET	(12) INTEREST (EXPENSE) INCOME, NET Interest (expense) income, net consists of: Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Interest income on savings $ 2 $ 26 $ 10 $ 127 Interest income on notes — — 1 — Interest on deferred purchase price — 32 — 196 Interest expense (23) — (38) — $ (21) $ 58 $ (27) $ 323 Refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the deferred purchase price with respect to a former business segment of the Company.

OTHER INCOME

OTHER INCOME	9 Months Ended
	Jan. 31, 2021
OTHER INCOME
OTHER INCOME	(13) OTHER INCOME Other income consists of: Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Settlement payment $ — $ — $ 650 $ — Forgiveness of debt 300 — 300 — $ 300 $ — $ 950 $ — Settlement Payment . Other income for the nine months ended January 31, 2021 included a settlement payment of $650,000 from a former business segment of the Company. Refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the former business segment of the Company. During the nine months ended January 31, 2021, affiliates of the Company and affiliates of this former business segment entered into a settlement agreement pursuant to which, among other things, the Company received $650,000 as a settlement payment and $350,000 for rent with respect to properties in Palm Coast, Florida for the period May 2020 through August 2020. Forgiveness of Debt . Other income for the three and nine months ended January 31, 2021 included income from forgiveness of debt with respect to the loan received by the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration. Refer to Note 7 of the notes to these consolidated financial statements for detail regarding this debt forgiveness.

STOCK REPURCHASES

STOCK REPURCHASES	9 Months Ended
	Jan. 31, 2021
STOCK REPURCHASES
STOCK REPURCHASES	(14) STOCK REPURCHASES In August 2020, the Company repurchased 11,847 shares of common stock of the Company at a price of $4.48 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. In September 2020, the Board of Directors of the Company authorized the Company to purchase up to 1,000,000 shares of common stock of the Company from time to time pursuant to a share repurchase program, subject to the total expenditure for the purchase of shares under the share repurchase program not exceeding $5,000,000, exclusive of any fees, commissions and other expenses related to such repurchases. Under the share repurchase program, the Company was authorized to repurchase its common stock from time to time, in amounts, at prices, and at such times as the Company deemed appropriate, subject to market conditions, legal requirements and other considerations. The Company’s repurchases could be executed using open market purchases, unsolicited or solicited privately negotiated transactions or other transactions, and could be effected pursuant to trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The share repurchase program did not obligate the Company to repurchase any specific number of shares and could be suspended, modified or terminated at any time without prior notice. The share repurchase program did not contain a time limitation during which repurchases were permitted to occur. In October 2020, the Company repurchased 675,616 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction pursuant to the share repurchase program. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. In November 2020, the Company repurchased 143,482 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. The share repurchase was not completed pursuant to the Company’s share repurchase program. In November 2020, the Company’s share repurchase program was terminated.

TREASURY STOCK

TREASURY STOCK	9 Months Ended
	Jan. 31, 2021
TREASURY STOCK
TREASURY STOCK	(15) TREASURY STOCK During the three months ended January 31, 2021, 225,250 shares of common stock of the Company held as treasury stock were retired and returned to the status of authorized but unissued shares of common stock.

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	9 Months Ended
	Jan. 31, 2021
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	(16) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated Three months ended January 31, 2021 (a): Revenues $ 6,531 $ 1,262 $ 71 $ 7,864 Net income (loss) $ 2,284 $ 35 $ (226) $ 2,093 Provision for income taxes 483 7 220 710 Interest expense, net (b) 20 — 1 21 Depreciation 17 — 137 154 EBITDA (c) $ 2,804 $ 42 $ 132 $ 2,978 Capital expenditures $ — $ 3 $ — $ 3 Three months ended January 31, 2020 (a): Revenues $ 4,508 $ — $ 779 $ 5,287 Net income (loss) $ 2,469 $ — $ (2,131) $ 338 Provision for income taxes 101 — 295 396 Interest income, net (b) (5) — (53) (58) Depreciation 30 — 88 118 EBITDA (c) $ 2,595 $ — $ (1,801) $ 794 Capital expenditures $ — $ — $ 13 $ 13 Nine months ended January 31, 2021 (a): Revenues $ 19,376 $ 1,464 $ 486 $ 21,326 Net income (loss) $ 4,684 $ (116) $ (1,084) $ 3,484 Provision (benefit) for income taxes 810 (44) 409 1,175 Interest expense (income), net (b) 30 — (3) 27 Depreciation 40 — 384 424 EBITDA (c) $ 5,564 $ (160) $ (294) $ 5,110 Capital expenditures $ — $ 3 $ — $ 3 Total assets as of January 31, 2021 $ 76,580 $ 1,916 $ 17,498 $ 95,892 Nine months ended January 31, 2020 (a): Revenues $ 12,553 $ — $ 1,461 $ 14,014 Net income (loss) $ 1,684 $ — $ (3,711) $ (2,027) Benefit for income taxes (125) — (235) (360) Interest income, net (b) (19) — (304) (323) Depreciation 13 — 368 381 EBITDA (c) $ 1,553 $ — $ (3,882) $ (2,329) Capital expenditures $ 5 $ — $ 13 $ 18 Total assets as of January 31, 2020 $ 68,259 $ — $ 29,055 $ 97,314 (a) Revenue information provided for each segment may include amounts classified as rental revenues and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations. (b) Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation. (c) The Company uses EBITDA (which the Company defines as income (loss) before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes. Prior to 2021, the Company operated in primarily one business segment: the real estate business.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(17) SUBSEQUENT EVENTS In February 2021, ASW entered into a Loan Agreement with BOKF. The Loan Agreement is evidenced by a Revolving Line of Credit Promissory Note and is secured by a Line of Credit Mortgage, Security Agreement and Fixture Filing, between ASW and BOKF, with respect to a 298-acre property within the Paseo Gateway subdivision located in Rio Rancho, New Mexico. · Available Principal : Pursuant to the loan documentation, BOKF agrees to lend up to $4,000,000 to ASW on a revolving line of credit basis for general corporate purposes. · Repayments : The outstanding principal amount of the loan may be prepaid at any time without penalty. · Maturity Date : The loan is scheduled to mature in February 2024. · Interest Rate : Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. ASW made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans, including the loan having a zero balance for two periods of fifteen consecutive days during each calendar year and ASW and its subsidiaries having at least $3.0 million of unencumbered and unrestricted cash, cash equivalents and marketable securities in order to be entitled to advances under the loan. The loan documentation contains customary events of default for similar financing transactions, including ASW’s failure to make principal, interest or other payments when due; the failure of ASW to observe or perform its covenants under the loan documentation; the representations and warranties of ASW being false; the insolvency or bankruptcy of ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. ASW incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Revenue Recognition	Revenue Recognition · Home sale revenues : The Company accounts for revenue from home sales in accordance with Accounting Standards Codification (“ASC”) 2014-09, Revenue from Contracts with Customers (Topic 606). Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. Generally, the Company’s performance obligation to deliver a home is satisfied in less than one year from the date a binding sale agreement is signed. In general, the Company’s performance obligation for each of the home sales is fulfilled upon the delivery of the completed home, which generally coincides with the receipt of cash consideration from the counterparty. If the Company’s performance obligations are not complete upon the home closing, the Company defers a portion of the home sale revenues related to the outstanding obligations and subsequently recognizes that revenue upon completion of such obligations. As of January 31, 2021, the home sale revenues and related costs the Company deferred related to these obligations were immaterial. · Forfeited customer deposits : Forfeited customer deposits for homes are recognized in “Home sale revenues” in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. · Sales incentives : In order to promote sales of homes, the Company may offer home buyers sales incentives. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. · Home sale cost of revenues . Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the consolidated balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold.
New Adopted Accounting Pronouncements	New Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 was effective for the Company on May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 was effective for the Company on May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements.

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
	Jan. 31, 2021
RESTRICTED CASH
Schedule of restricted cash	January 31, April 30, 2020 2019 (in thousands) Cash and cash equivalents $ 14,166 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 14,471 $ 14,236

REAL ESTATE INVENTORY (Tables)

REAL ESTATE INVENTORY (Tables)	9 Months Ended
	Jan. 31, 2021
REAL ESTATE INVENTORY
Schedule of components of real estate inventory	January 31, April 30, 2021 2020 (in thousands) Land held for development or sale $ 54,351 $ 53,405 Homebuilding construction in process and completed inventory 1,256 44 $ 55,607 $ 53,449

INVESTMENT ASSETS, NET (Tables)

INVESTMENT ASSETS, NET (Tables)	9 Months Ended
	Jan. 31, 2021
INVESTMENT ASSETS, NET
Schedule of investment assets	January 31, April 30, 2021 2020 (in thousands) Land held for long-term investment $ 9,775 $ 9,751 Construction in process — 2,320 Buildings 15,993 13,096 Less accumulated depreciation (6,950) (6,523) Buildings, net 9,043 6,573 $ 18,818 $ 18,644

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Jan. 31, 2021
OTHER ASSETS
Schedule of other assets	January 31, April 30, 2021 2020 (in thousands) Prepaid expenses $ 874 $ 464 Receivables 44 156 Right-of-use assets associated with leases of office facilities 109 109 Other assets 170 170 Property and equipment 219 217 Less accumulated depreciation (191) (182) Property and equipment, net 28 35 $ 1,225 $ 934

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Jan. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	January 31, April 30, 2021 2020 (in thousands) Real estate operations Accrued expenses $ 930 $ 518 Trade payables 649 1,146 Real estate customer deposits 1,795 1,117 Other 76 — 3,450 2,781 Corporate operations 626 344 $ 4,076 $ 3,125

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Jan. 31, 2021
NOTES PAYABLE
Schedule of notes payable	Notes payable, net consist of: January 31, April 30, 2021 2020 (in thousands) Real estate notes payable $ 5,261 $ 3,894 Unamortized debt issuance costs (61) (4) $ 5,200 $ 3,890
Schedule of scheduled principal repayments subsequent to reporting date	The following table summarizes the scheduled principal repayments subsequent to January 31, 2021 with respect to the outstanding financing facilities as of January 31, 2021: Scheduled Payments Fiscal Year (in thousands) 2021 $ 936 2022 1,866 2023 101 2024 72 2025 75 Thereafter 2,211 Total $ 5,261

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Jan. 31, 2021
REVENUES
Schedule of land sale revenues	. Land sale revenues consist of: Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Land sale revenues - New Mexico $ 5,957 $ 3,812 $ 17,970 $ 11,626 Land sale revenues - corporate — 665 — 665 $ 5,957 $ 4,477 $ 17,970 $ 12,291
Schedule of other revenues	Other revenues consist of: Three Months Ended Nine months Ended 2021 2020 2021 2020 (in thousands) (in thousands) Oil & gas royalties $ 46 $ 499 $ 82 $ 499 Private infrastructure reimbursement covenants 84 — 462 231 Public improvement district reimbursements 110 26 354 26 Miscellaneous other revenues 320 171 407 171 $ 560 $ 696 $ 1,305 $ 927

LAND SALE COST OF REVENUES (Tab

LAND SALE COST OF REVENUES (Tables)	9 Months Ended
	Jan. 31, 2021
LAND SALE COST OF REVENUES
Schedule of cost of revenues	Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Land sale cost of revenues - New Mexico $ 2,916 $ 3,076 $ 12,028 $ 9,502 Land sale cost of revenues - corporate — 477 — 477 $ 2,916 $ 3,553 $ 12,028 $ 9,979

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	9 Months Ended
	Jan. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of components of general and administrative expenses	Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Land development $ 829 $ 564 $ 1,826 $ 1,826 Homebuilding 137 — 368 12 Corporate 376 494 2,112 4,907 $ 1,342 $ 1,058 $ 4,306 $ 6,745

INTEREST (EXPENSE) INCOME, NET

INTEREST (EXPENSE) INCOME, NET (Tables)	9 Months Ended
	Jan. 31, 2021
INTEREST (EXPENSE) INCOME, NET
Schedule of interest income net	Interest (expense) income, net consists of: Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Interest income on savings $ 2 $ 26 $ 10 $ 127 Interest income on notes — — 1 — Interest on deferred purchase price — 32 — 196 Interest expense (23) — (38) — $ (21) $ 58 $ (27) $ 323

OTHER INCOME (Tables)

OTHER INCOME (Tables)	9 Months Ended
	Jan. 31, 2021
OTHER INCOME
Schedule of other income	Three Months Ended Nine months Ended January 31, January 31, 2021 2020 2021 2020 (in thousands) (in thousands) Settlement payment $ — $ — $ 650 $ — Forgiveness of debt 300 — 300 — $ 300 $ — $ 950 $ —

INFORMATION ABOUT THE COMPANY_2

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	9 Months Ended
	Jan. 31, 2021
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Summary of data relative to the industry segments in which the Company operated	Land Development Homebuilding Corporate Consolidated Three months ended January 31, 2021 (a): Revenues $ 6,531 $ 1,262 $ 71 $ 7,864 Net income (loss) $ 2,284 $ 35 $ (226) $ 2,093 Provision for income taxes 483 7 220 710 Interest expense, net (b) 20 — 1 21 Depreciation 17 — 137 154 EBITDA (c) $ 2,804 $ 42 $ 132 $ 2,978 Capital expenditures $ — $ 3 $ — $ 3 Three months ended January 31, 2020 (a): Revenues $ 4,508 $ — $ 779 $ 5,287 Net income (loss) $ 2,469 $ — $ (2,131) $ 338 Provision for income taxes 101 — 295 396 Interest income, net (b) (5) — (53) (58) Depreciation 30 — 88 118 EBITDA (c) $ 2,595 $ — $ (1,801) $ 794 Capital expenditures $ — $ — $ 13 $ 13 Nine months ended January 31, 2021 (a): Revenues $ 19,376 $ 1,464 $ 486 $ 21,326 Net income (loss) $ 4,684 $ (116) $ (1,084) $ 3,484 Provision (benefit) for income taxes 810 (44) 409 1,175 Interest expense (income), net (b) 30 — (3) 27 Depreciation 40 — 384 424 EBITDA (c) $ 5,564 $ (160) $ (294) $ 5,110 Capital expenditures $ — $ 3 $ — $ 3 Total assets as of January 31, 2021 $ 76,580 $ 1,916 $ 17,498 $ 95,892 Nine months ended January 31, 2020 (a): Revenues $ 12,553 $ — $ 1,461 $ 14,014 Net income (loss) $ 1,684 $ — $ (3,711) $ (2,027) Benefit for income taxes (125) — (235) (360) Interest income, net (b) (19) — (304) (323) Depreciation 13 — 368 381 EBITDA (c) $ 1,553 $ — $ (3,882) $ (2,329) Capital expenditures $ 5 $ — $ 13 $ 18 Total assets as of January 31, 2020 $ 68,259 $ — $ 29,055 $ 97,314 (a) Revenue information provided for each segment may include amounts classified as rental revenues and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations. (b) Interest expense (income), net includes inter-segment interest expense (income) that is eliminated in consolidation. (c) The Company uses EBITDA (which the Company defines as income (loss) before net interest expense, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020	Jan. 31, 2020	Apr. 30, 2019
RESTRICTED CASH
Cash and cash equivalents	$ 15,406	$ 17,502	$ 14,166	$ 13,267
Restricted cash			305	969
Total cash, cash equivalents and restricted cash	$ 15,406	$ 17,502	$ 14,471	$ 14,236

RESTRICTED CASH - Additional in

RESTRICTED CASH - Additional information (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
RESTRICTED CASH
Restricted Cash and Cash Equivalents	$ 0	$ 0

REAL ESTATE INVENTORY (Details)

REAL ESTATE INVENTORY (Details) $ in Thousands	Jan. 31, 2021USD ($)a	Apr. 30, 2020USD ($)a
REAL ESTATE INVENTORY
Land held for development or sale	$ 54,351	$ 53,405
Homebuilding construction in process and completed inventory	1,256	44
Total	$ 55,607	$ 53,449
Area of Land | a	6,000	6,000

INVESTMENT ASSETS, NET (Details

INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
INVESTMENT ASSETS, NET
Land held for long-term investment	$ 9,775	$ 9,751
Construction in process	0	2,320
Buildings	15,993	13,096
Less accumulated depreciation	(6,950)	(6,523)
Buildings, net	9,043	6,573
Real Estate Investment Property, Net, Total	$ 18,818	$ 18,644

INVESTMENT ASSETS, NET - Additi

INVESTMENT ASSETS, NET - Additional Information (Details)	3 Months Ended		9 Months Ended
	Jan. 31, 2021USD ($)ft²a	Jan. 31, 2020USD ($)	Jan. 31, 2021USD ($)ft²a	Jan. 31, 2020USD ($)	Apr. 30, 2020a
Area of Land | a	6,000		6,000		6,000
Depreciation on buildings | $	$ 152,000	$ 87,000	$ 415,000	$ 366,000
Retail Building
Area of Land	14,000		14,000
Florida | Warehouse and Office Buildings
Area of Land	204,000		204,000
New Mexico
Area of Land | a	12,000		12,000		12,000
New Mexico | Retail Building
Area of Land	14,000		14,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
OTHER ASSETS
Prepaid expenses	$ 874	$ 464
Receivables	44	156
Right-of-use assets associated with leases of office facilities	109	109
Other assets	170	170
Property and equipment	219	217
Less accumulated depreciation	(191)	(182)
Property and equipment, net	28	35
Other Assets	$ 1,225	$ 934

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
OTHER ASSETS
Depreciation expense associated with property and equipment	$ 2,000	$ 4,000	$ 9,000	$ 13,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 4,076	$ 3,125
Real estate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued expenses	930	518
Trade payables	649	1,146
Real estate customer deposits	1,795	1,117
Other	76
Total	3,450	2,781
Corporate
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 626	$ 344

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Apr. 30, 2020
NOTES PAYABLE:
Notes Payable	$ 5,200	$ 3,890
Real estate notes payable [Member]
NOTES PAYABLE:
Notes Payable	5,261	3,894
Unamortized debt issuance costs [Member]
NOTES PAYABLE:
Unamortized debt issuance costs	$ (61)	$ (4)

NOTES PAYABLE - Principal repay

NOTES PAYABLE - Principal repayments (Details) $ in Thousands	Jan. 31, 2021USD ($)
NOTES PAYABLE
2021	$ 936
2022	1,866
2023	101
2024	72
2025	75
Thereafter	2,211
Long-term Debt, Total	$ 5,261

NOTES PAYABLE - Additional info

NOTES PAYABLE - Additional information (Details) - USD ($)	Sep. 22, 2023	Jul. 21, 2023	Jun. 22, 2023	Apr. 21, 2023	Mar. 22, 2023	Jan. 21, 2023	Dec. 22, 2022	Oct. 21, 2022	Jun. 30, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Apr. 30, 2020	Sep. 30, 2020	Feb. 29, 2020	Jun. 30, 2019	Apr. 30, 2019	Dec. 31, 2017
NOTES PAYABLE:
Outstanding amount										$ 5,261,000		$ 5,261,000
Notes Payable										5,200,000		5,200,000		$ 3,890,000
Repayments of Notes Payable												3,782,000	$ 1,385,000
Lomas Encantadas Development Company LLC [Member]
NOTES PAYABLE:
Outstanding amount										27,000		27,000
Principal repayments												0
Principal payment per lot to be made to release the lien of mortgage												44,000
Interest and fees capitalized										0		27,000	4,000
Book value of real estate property collateralized										761,000		761,000
Mountain Hawk West Development Company LLC [Member]
NOTES PAYABLE:
Principal payment per lot to be made to release the lien of mortgage												35,250
Principal payment per lot to be made to release the lien of mortgage depending on the size of the lot 2												48,650
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity															$ 2,400,000		$ 2,475,000		$ 4,750,000
Principal repayments												$ 1,643,000	182,000	675,000
Maturity Date												Sep. 30, 2023
Minimum tangible net worth to be maintained by guarantor										$ 32,000,000		$ 32,000,000
Interest and fees capitalized											$ 5,000	$ 16,000	8,000
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | Scenario, Forecast [Member]
NOTES PAYABLE:
Periodic principal repayment amount	$ 112,000		$ 572,000		$ 572,000		$ 1,144,000
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]
NOTES PAYABLE:
Interest rate period												30 days
Spread on interest rate												3.00%
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | Minimum [Member]
NOTES PAYABLE:
Minimum interest rate (as a percent)										3.75%		3.75%
Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity										$ 2,700,000		$ 2,700,000
Outstanding amount										30,000		30,000
Principal repayments												$ 0
Maturity Date												Jul. 1, 2023
Minimum tangible net worth to be maintained by guarantor										32,000,000		$ 32,000,000
Book value of real estate property collateralized										$ 1,298,000		$ 1,298,000
Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member] | Scenario, Forecast [Member]
NOTES PAYABLE:
Periodic principal repayment amount		$ 146,300		$ 760,050		$ 760,050		$ 1,033,600
Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]
NOTES PAYABLE:
Interest rate period												30 days
Spread on interest rate												3.00%
Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member] | Minimum [Member]
NOTES PAYABLE:
Minimum interest rate (as a percent)										3.75%		3.75%
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity											$ 2,750,000		2,750,000
Outstanding amount										$ 2,514,000		$ 2,514,000
Principal repayments												$ 0		0
Interest rate										3.04%		3.04%
Interest and fees capitalized										$ 0		$ 23,000
Book value of real estate property collateralized										2,850,000		2,850,000
Nonrevolving Line Of Credit [Member] | Hawksite 27 Development Company LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity																		$ 1,800,000
Principal repayments													390,000
Interest and fees capitalized													$ 20,000
Revolving Credit Facility [Member] | Mountain Hawk East Development Company LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity																$ 3,000,000
Outstanding amount										$ 0		0
Principal repayments												$ 2,139,000		0
Interest rate										4.50%		4.50%
Interest and fees capitalized										$ 2,000		$ 7,000
Book value of real estate property collateralized										2,602,000		2,602,000
Small Business Administration, Paycheck Protection Program, CARES Act [Member]
NOTES PAYABLE:
Maximum borrowing capacity														298,000
Principal repayments												0		$ 0
Accrued interest												2,000
Acquisition Financing Member
NOTES PAYABLE:
Deferred purchase price									$ 1,838,000
Book value of real estate property collateralized										5,480,000		5,480,000
Acquisition Financing Member | On or before June 2021
NOTES PAYABLE:
Interest and fees capitalized									919,000
Acquisition Financing Member | On or before June 2022
NOTES PAYABLE:
Interest and fees capitalized									919,000
Development Financing Member
NOTES PAYABLE:
Maximum borrowing capacity									$ 3,750,000
Outstanding amount										$ 852,000		852,000
Principal repayments												$ 0
Interest rate										3.75%		3.75%
Interest and fees capitalized										$ 8,000		$ 11,000
Book value of real estate property collateralized										$ 5,480,000		$ 5,480,000

REVENUES - Land sale revenues (

REVENUES - Land sale revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
REVENUES
Revenues	$ 7,864	$ 5,287	$ 21,326	$ 14,014
Land sale revenues
REVENUES
Revenues	5,957	4,477	17,970	12,291
Land sale revenues | New Mexico
REVENUES
Revenues	$ 5,957	3,812	$ 17,970	11,626
Land sale revenues | Corporate and Other [Member]
REVENUES
Revenues		$ 665		$ 665

REVENUES - OTHER REVENUES (Deta

REVENUES - OTHER REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
OTHER REVENUES
Oil & gas royalties	$ 46	$ 499	$ 82	$ 499
Private infrastructure reimbursement covenants	84		462	231
Public improvement district reimbursements	110	26	354	26
Miscellaneous other revenues	320	171	407	171
Other Revenue, Net	$ 560	$ 696	$ 1,305	$ 927

REVENUES - Additional Informati

REVENUES - Additional Information (Details)	3 Months Ended		9 Months Ended
	Jan. 31, 2021acustomer	Jan. 31, 2020customer	Jan. 31, 2021acustomerUSD ($)	Jan. 31, 2020customer	Apr. 30, 2020a
Property, Plant and Equipment [Line Items]
Surface areas of land held	6,000		6,000		6,000
Minerals and mineral rights
Property, Plant and Equipment [Line Items]
Surface areas of land held	55,000		55,000
Home sale revenues
Property, Plant and Equipment [Line Items]
Number of customers	6		7
New Mexico
Property, Plant and Equipment [Line Items]
Surface areas of land held	12,000		12,000		12,000
New Mexico | Land sale revenues
Property, Plant and Equipment [Line Items]
Number of customers | customer	4	4	4	4

LAND SALE COST OF REVENUES (Det

LAND SALE COST OF REVENUES (Details) - Land sale revenues - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Cost of revenues	$ 2,916	$ 3,553	$ 12,028	$ 9,979
New Mexico
Cost of revenues	$ 2,916	3,076	$ 12,028	9,502
Corporate and Other [Member]
Cost of revenues		$ 477		$ 477

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 1,342	$ 1,058	$ 4,306	$ 6,745
Land Development
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	829	564	1,826	1,826
Homebuilding
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	137	0	368	12
Corporate
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 376	$ 494	$ 2,112	$ 4,907

GENERAL AND ADMINISTRATIVE EX_4

GENERAL AND ADMINISTRATIVE EXPENSES - Additional Information (Details) - USD ($)	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
GENERAL AND ADMINISTRATIVE EXPENSES
Non-cash pre-tax pension settlement charge	$ 0	$ 2,929,000
Lump sum payouts of pension benefits to former employees		$ 7,280,000

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2020	Sep. 30, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Decrease in pension liability, net of tax ($126 in 2021 and $134 in 2020)			$ 90,000	$ 77,000	$ 270,000	$ 329,000
Voluntary Contributions To The Pension Plan					1,847,000	3,600,000
Payment for Pension Benefits						7,280,000
Expected lump sum payments from the pension funds					0	2,929,000
Share-based Compensation, Total					132,000	107,000
Number of common stock issued to directors for settlement of deferred stock units	12,411
Cash paid to directors in lieu of issuance of deferred common share units		$ 20,000
Non employee Individual of Board of Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash expense related to deferred common share units			$ 15,000	$ 20,000	$ 57,500	$ 60,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					12,834	14,833
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			29,000	36,834	29,000	36,834
Two Thousand Six Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross					9,000	9,000
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total			$ 20,000	$ 29,000	$ 27,000	$ 83,000
Restricted Stock [Member] | Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 53,000	$ 105,000	$ 53,000	$ 105,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years

INTEREST (EXPENSE) INCOME, NE_2

INTEREST (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
INTEREST (EXPENSE) INCOME, NET
Interest income on savings	$ 2	$ 26	$ 10	$ 127
Interest income on notes	0	0	1	0
Interest on deferred purchase price	0	32	0	196
Interest expense	(23)	0	(38)	0
Interest income, net	$ (21)	$ 58	$ (27)	$ 323

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021
Other Nonoperating Income	$ 300,000	$ 0	$ 950,000
Settlement Agreement [Member]
Other Nonoperating Income			650,000
Forgiveness of Debt [Member]
Other Nonoperating Income	$ 300,000		$ 300,000

OTHER INCOME - Additional infor

OTHER INCOME - Additional information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021
Other Nonoperating Income	$ 300,000	$ 0	$ 950,000
Settlement Agreement [Member]
Other Nonoperating Income			650,000
Amount of settlement received			650,000
Palm Coast, Florida
Rental income			$ 350,000

STOCK REPURCHASES (Details)

STOCK REPURCHASES (Details) - USD ($)	1 Months Ended
	Nov. 30, 2020	Oct. 31, 2020	Aug. 31, 2020	Sep. 30, 2020
STOCK REPURCHASES
Stock Repurchased and Retired During Period, Shares	143,482	675,616	11,847
Stock Repurchase Price Per Share	$ 6.18	$ 6.18	$ 4.48
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				1,000,000
Stock Repurchase Program, Authorized Amount				$ 5,000,000

TREASURY STOCK (Details)

TREASURY STOCK (Details) - shares	Jan. 31, 2021	Apr. 30, 2020
TREASURY STOCK
Treasury stock, shares	225,250	225,250

INFORMATION ABOUT THE COMPANY_3

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Apr. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 7,864,000	$ 5,287,000	$ 21,326,000	$ 14,014,000
Net income (loss)	2,093,000	338,000	3,484,000	(2,027,000)
Provision (benefit) for income taxes	710,000	396,000	1,175,000	(360,000)
Interest expense (income), net (b)	21,000	(58,000)	27,000	(323,000)
Depreciation	154,000	118,000	424,000	381,000
EBITDA (c)	2,978,000	794,000	5,110,000	(2,329,000)
Capital expenditures	3,000	13,000	3,000	18,000
TOTAL ASSETS	95,892,000	97,314,000	$ 95,892,000	97,314,000	$ 96,666,000
Number of business segment			1
Land Development
Segment Reporting Information [Line Items]
Revenues	6,531,000	4,508,000	$ 19,376,000	12,553,000
Net income (loss)	2,284,000	2,469,000	4,684,000	1,684,000
Provision (benefit) for income taxes	483,000	101,000	810,000	(125,000)
Interest expense (income), net (b)	20,000	(5,000)	30,000	(19,000)
Depreciation	17,000	30,000	40,000	13,000
EBITDA (c)	2,804,000	2,595,000	5,564,000	1,553,000
Capital expenditures				5,000
TOTAL ASSETS	76,580,000	68,259,000	76,580,000	68,259,000
Homebuilding
Segment Reporting Information [Line Items]
Revenues	1,262,000		1,464,000
Net income (loss)	35,000		(116,000)
Provision (benefit) for income taxes	7,000		(44,000)
EBITDA (c)	42,000		(160,000)
Capital expenditures	3,000		3,000
TOTAL ASSETS	1,916,000		1,916,000
Corporate
Segment Reporting Information [Line Items]
Revenues	71,000	779,000	486,000	1,461,000
Net income (loss)	(226,000)	(2,131,000)	(1,084,000)	(3,711,000)
Provision (benefit) for income taxes	220,000	295,000	409,000	(235,000)
Interest expense (income), net (b)	1,000	(53,000)	(3,000)	(304,000)
Depreciation	137,000	88,000	384,000	368,000
EBITDA (c)	132,000	(1,801,000)	(294,000)	(3,882,000)
Capital expenditures		13,000		13,000
TOTAL ASSETS	$ 17,498,000	$ 29,055,000	$ 17,498,000	$ 29,055,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - Revolving Credit Facility [Member] - Loan Agreement	1 Months Ended
	Feb. 28, 2021USD ($)a
Subsequent Event [Line Items]
Number of acres | a	298
Debt Instrument, Face Amount	$ 4,000,000
Spread on interest rate	3.00%
Line of Credit Facility, Interest Rate During Period	3.75%
Unrestricted cash and cash equivalents	$ 3,000,000
Amount of loan balance for availing loan	$ 0
Number of Periods Taken for Amount of Loan Balance as a Covenant	2
Number of consecutive days for loan balance to be zero as a convenant	15 days
Minimum Net Worth Required for Compliance	$ 32,000,000