Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Jun. 30, 2020 | Oct. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | VALUE LINE INC | ||
Entity Central Index Key | 0000717720 | ||
Trading Symbol | valu | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,616,721 | ||
Entity Public Float | $ 20,499,767 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, $0.10 par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Current Assets: | ||
Cash and cash equivalents (including short term investments of $2,115 and $5,617, respectively) | $ 4,954,000 | $ 6,493,000 |
Securities available-for-sale | 29,204,000 | 21,828,000 |
Accounts receivable, net of allowance for doubtful accounts of $38 and $22, respectively | 4,438,000 | 1,504,000 |
Receivable from clearing broker | 608,000 | |
Prepaid and refundable income taxes | 254,000 | |
Prepaid expenses and other current assets | 1,321,000 | 1,335,000 |
Total current assets | 40,525,000 | 31,414,000 |
Long term assets: | ||
Investment in EAM Trust | 59,165,000 | 58,625,000 |
Restricted money market investments | 469,000 | 469,000 |
Property and equipment, net | 9,500,000 | 1,146,000 |
Capitalized software and other intangible assets, net | 69,000 | 134,000 |
Total long term assets | 69,203,000 | 60,374,000 |
Total assets | 109,728,000 | 91,788,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 2,057,000 | 2,068,000 |
Accrued salaries | 1,145,000 | 1,211,000 |
Dividends payable | 2,019,000 | 1,933,000 |
Accrued taxes on income | 1,043,000 | 180,000 |
Payable to clearing broker | 588,000 | |
Loan obligation-short term | 194,000 | |
Operating lease obligation-short term | 925,000 | |
Unearned revenue | 18,854,000 | 20,008,000 |
Total current liabilities | 26,825,000 | 25,400,000 |
Long term liabilities: | ||
Unearned revenue | 5,884,000 | 5,475,000 |
Loan obligation-long term | 2,137,000 | |
Operating lease obligation-long term | 8,492,000 | |
Deferred charges | 765,000 | |
Deferred income taxes | 12,851,000 | 12,624,000 |
Total long term liabilities | 29,364,000 | 18,864,000 |
Total liabilities | 56,189,000 | 44,264,000 |
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 | 56,450,000 | 48,598,000 |
Treasury stock, at cost (383,279 shares and 336,439 shares, respectively) | (5,957,000) | (4,743,000) |
Accumulated other comprehensive income, net of tax | 1,055,000 | 1,678,000 |
Total shareholders' equity | 53,539,000 | 47,524,000 |
Total liabilities and shareholders' equity | $ 109,728,000 | $ 91,788,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Short term investments | $ 2,115 | $ 5,617 |
Allowance for doubtful accounts | $ 38 | $ 22 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 10,000,000 | 10,000,000 |
Treasury stock, shares (in shares) | 383,279 | 336,439 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenues: | |||
Revenues | $ 40,299,000 | $ 36,257,000 | $ 35,868,000 |
Expenses: | |||
Advertising and promotion | 3,350,000 | 3,406,000 | 3,780,000 |
Salaries and employee benefits | 18,189,000 | 17,781,000 | 18,488,000 |
Production and distribution | 4,945,000 | 5,222,000 | 5,857,000 |
Office and administration | 4,725,000 | 4,435,000 | 5,171,000 |
Total expenses | 31,209,000 | 30,844,000 | 33,296,000 |
Income from operations | 9,090,000 | 5,413,000 | 2,572,000 |
Revenues interest in EAM Trust | 11,184,000 | 8,260,000 | 8,040,000 |
Profits interest in EAM Trust | 1,166,000 | 1,049,000 | 746,000 |
Income from securities transactions, net | 44,000 | 504,000 | 540,000 |
Income before income taxes | 21,484,000 | 15,226,000 | 11,898,000 |
Income tax provision | 5,821,000 | 4,076,000 | (2,840,000) |
Net income | $ 15,663,000 | $ 11,150,000 | $ 14,738,000 |
Earnings per share, basic & fully diluted (in dollars per share) | $ 1.62 | $ 1.15 | $ 1.52 |
Weighted average number of common shares (in shares) | 9,646,885 | 9,683,771 | 9,703,255 |
Subscription and Circulation [Member] | |||
Revenues: | |||
Revenues | $ 27,628,000 | $ 28,820,000 | $ 29,503,000 |
License [Member] | |||
Revenues: | |||
Revenues | $ 12,671,000 | $ 7,437,000 | $ 6,365,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Net income | $ 15,663 | $ 11,150 | $ 14,738 |
Other comprehensive income/(loss), net of tax: | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent, Total | (623) | 895 | 325 |
Other comprehensive income/(loss) | (623) | 895 | 325 |
Comprehensive income | $ 15,040 | $ 12,045 | $ 15,063 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 15,663,000 | $ 11,150,000 | $ 14,738,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 266,000 | 367,000 | 1,125,000 |
Realized gain on sales of equity securities | 581,000 | (152,000) | |
Non-voting profits interest in EAM Trust | (1,166,000) | (1,049,000) | (746,000) |
Non-voting revenues interest in EAM Trust | (11,184,000) | (8,260,000) | (8,040,000) |
Revenues distribution received from EAM Trust | 10,588,000 | 8,027,000 | 7,879,000 |
Profits distributions received from EAM Trust | 1,222,000 | 945,000 | 957,000 |
Deferred rent | 99,000 | (89,000) | 422,000 |
Deferred income taxes | 267,000 | 512,000 | (7,058,000) |
Other, net | (55,000) | (60,000) | |
Changes in operating assets and liabilities: | |||
Unearned revenue | (745,000) | (42,000) | (134,000) |
Accounts payable & accrued expenses | (12,000) | 142,000 | 669,000 |
Accrued salaries | (66,000) | (176,000) | 102,000 |
Accrued taxes on income | 898,000 | 339,000 | 324,000 |
Prepaid and refundable income taxes | 254,000 | 203,000 | (385,000) |
Prepaid expenses and other current assets | 14,000 | (65,000) | 297,000 |
Accounts receivable | (2,934,000) | (455,000) | (31,000) |
Total adjustments | (1,918,000) | 344,000 | (4,831,000) |
Net cash provided by operating activities | 13,745,000 | 11,494,000 | 9,907,000 |
Cash flows from investing activities: | |||
Proceeds from sales of equity securities | 4,387,000 | 152,000 | |
Purchases of equity securities | (9,302,000) | (156,000) | |
Proceeds from sales of fixed income securities | 8,663,000 | 8,346,000 | 3,384,000 |
Purchases of fixed income securities | (12,403,000) | (11,040,000) | (4,368,000) |
Acquisition of property and equipment | (2,000) | (11,000) | (408,000) |
Expenditures for capitalized software | (111,000) | ||
Net cash used in investing activities | (8,657,000) | (2,972,000) | (1,240,000) |
Cash flows from financing activities: | |||
Purchase of treasury stock at cost | (1,214,000) | (608,000) | (354,000) |
Proceeds from SBA loan | 2,331,000 | ||
Receivable from clearing broker | (608,000) | ||
Payable to clearing broker | 588,000 | ||
Dividends paid | (7,724,000) | (7,362,000) | (8,929,000) |
Net cash used in financing activities | (6,627,000) | (7,970,000) | (9,283,000) |
Net change in cash and cash equivalents | (1,539,000) | 552,000 | (616,000) |
Cash, cash equivalents and restricted cash at beginning of year | 6,962,000 | 6,410,000 | 7,026,000 |
Cash, cash equivalents and restricted cash at end of year | $ 5,423,000 | $ 6,962,000 | $ 6,410,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Apr. 30, 2017 | 10,000,000 | (288,335) | |||||
Balance at Apr. 30, 2017 | $ 1,000 | $ 991 | $ (3,781) | $ 39,186 | $ 458 | $ 37,854 | |
Net income | 14,738 | 14,738 | |||||
Change in unrealized gains on securities, net of taxes | 325 | $ 325 | |||||
Purchase of treasury stock (in shares) | (20,045) | (20,045) | [1] | ||||
Purchase of treasury stock | $ (354) | $ (354) | [1] | ||||
Dividends declared | (9,022) | (9,022) | |||||
Balance (in shares) at Apr. 30, 2018 | 10,000,000 | (308,380) | |||||
Balance at Apr. 30, 2018 | $ 1,000 | 991 | $ (4,135) | 44,902 | 783 | 43,541 | |
Net income | 11,150 | 11,150 | |||||
Change in unrealized gains on securities, net of taxes | 895 | $ 895 | |||||
Purchase of treasury stock (in shares) | (28,059) | (28,059) | [1],[2] | ||||
Purchase of treasury stock | $ (608) | $ (608) | [1],[2] | ||||
Dividends declared | (7,454) | (7,454) | |||||
Balance (in shares) at Apr. 30, 2019 | 10,000,000 | (336,439) | |||||
Balance at Apr. 30, 2019 | $ 1,000 | 991 | $ (4,743) | 48,598 | 1,678 | 47,524 | |
Net income | 15,663 | 15,663 | |||||
Change in unrealized gains on securities, net of taxes | (623) | $ (623) | |||||
Purchase of treasury stock (in shares) | (46,840) | (46,840) | [1],[2] | ||||
Purchase of treasury stock | $ (1,214) | $ (1,214) | [1],[2] | ||||
Dividends declared | (7,811) | (7,811) | |||||
Balance (in shares) at Apr. 30, 2020 | 10,000,000 | (383,279) | |||||
Balance at Apr. 30, 2020 | $ 1,000 | $ 991 | $ (5,957) | $ 56,450 | $ 1,055 | $ 53,539 | |
[1] | Were acquired during the $3 million repurchase program authorized in September 2012. | ||||||
[2] | Were acquired during the $2 million repurchase program authorized in October 2018. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | Jan. 19, 2018 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 |
Dividends declared per share (in dollars per share) | $ 0.20 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 Value Line, Inc. ("Value Line" or "VLI", and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranking System results and other proprietary information, to third third Prior to December 23, 2010 ( December 23, 2010, December 23, 2010 ( Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 not not 5 In accordance with FASB's Topic 810, December 23, 2010, 810. 323 810 not Revenue Recognition: Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions 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 Ranking System results to third third 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 "1940 third Investment in Unconsolidated Entities: The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB's ASC 323. The Company's “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a "non-voting revenues interest" and a "non-voting profits interest" in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% 55%, 50% 90% not Recent Accounting Pronouncements: In February 2016, No. 2016 02, 842 one May 2019 9 In August 2016, No. 2016 15, 2016 15” December 15, 2017, 2016 15 eight 230, 2016 15 first 2019. The FASB issued ASU No. 2014 09, 606 No. 2014 09 No. 2014 09 No. 2014 09 December 15, 2017, No. 2014 09 first 2019, not In November 2016, No. 2016 18, 230 December 15, 2017, No. 2016 18 first 2019, not On June 21, 2018, 1992 Quill, no Valuation of Securities: The Company's securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities and investments in equities including ETFs and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company's fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a 7 1940 The Fair Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three The three three Level 1 Level 2 Level 3 The following summarizes the levels of fair value measurements of the Company's investments: As of April 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,115 $ - $ - $ 2,115 Securities available-for-sale 29,204 - - 29,204 $ 31,319 $ - $ - $ 31,319 As of April 30, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,617 $ - $ - $ 5,617 Securities available-for-sale 21,828 - - 21,828 $ 27,445 $ - $ - $ 27,445 The Company had no April 30, 2020 April 30, 2019, no 2 3 not Advertising expenses: The Company expenses advertising costs as incurred. Income Taxes: The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB's ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. The Company adopted the provisions of ASU 2015 17, 740 first 2018 The Income Tax Topic of the FASB's ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of April 30, 2020, no Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not Cash and Cash Equivalents: For purposes of the Consolidated 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 April 30, 2020 April 30, 2019, $2,115,000 $5,617,000, |
Note 2 - Supplementary Cash Flo
Note 2 - Supplementary Cash Flow Information | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 2 Reconciliation of Cash, Cash Equivalents, and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Cash and cash equivalents $ 4,954 $ 6,493 $ 5,941 Restricted cash $ 469 $ 469 $ 469 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows $ 5,423 $ 6,962 $ 6,410 Income Tax Payments: The Company made income tax payments as follows: Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 State and local income tax payments $ 1,105 $ 387 $ 307 Federal income tax payments to the Parent $ 3,325 $ 2,700 $ 3,975 See Note 3 |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 3 Investment Management (overview): On December 23, 2010, no Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2020, $3.58 $485 15.7%, $3.09 April 30, 2019. The Company's non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% 55% 50% 50% not 90% fourth 2020 51.51%. The non-voting revenues and 90% not $2,949,000 $2,420,000 April 30, 2020 April 30, 2019, EAM Trust - VLI's non-voting revenues and non-voting profits interests: The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% 55% no Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Non-voting revenues interest in EAM $ 11,184 $ 8,260 $ 8,040 Non-voting profits interest in EAM 1,166 1,049 746 $ 12,350 $ 9,309 $ 8,786 Transactions with Parent: During the fiscal years ended April 30, 2020 April 30, 2019, $388,000 $384,000, no April 30, 2020 April 30, 2019. The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two April 30, 2020, 2019, 2018, $3,325,000, $2,700,000 $3,975,000, 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 April 30, 2020, 89.78% |
Note 4 - Investments
Note 4 - Investments | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 Securities Available-for-Sale: Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB's ASC 320, twelve Equity Securities: Equity securities classified as available-for-sale on the Consolidated 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, 2020 April 30, 2019, 100 500 500 $12,877,000 $8,541,000, $14,125,000 $10,622,000, Proceeds from sales of equity securities classified as available-for-sale during the twelve April 30, 2020 $4,387,000 $581,000 no 2019 2018. $152,000 twelve April 30, 2018. no 2020 2019. $833,000, $112,000 April 30, 2020. $1,087,000, $228,000 April 30, 2019. April 30,2020 April 30, 2019, $1,248,000 $2,081,000, $325,000 $437,000, The carrying value and fair value of securities available-for-sale at April 30, 2020 ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value ETFs - equities $ 12,877 $ 1,317 $ (69 ) $ 14,125 The carrying value and fair value of securities available-for-sale at April 30, 2019 ($ in thousands) Cost Gross Unrealized Holding Gains Fair Value ETFs - equities $ 8,541 $ 2,081 $ 10,622 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 April 30, 2020 April 30, 2019, $8,663,000 $8,346,000, April 30, 2020 April 30, 2019, $177,000 $43,000, $46,000 $9,000, The aggregate cost and fair value at April 30, 2020 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 14,652 $ 177 $ 14,829 Due 1 year through 5 years 250 - 250 Total investment in government debt securities $ 14,902 $ 177 $ 15,079 The increase in gross unrealized gains of $134,000 $37,000, April 30, 2020. The aggregate cost and fair value at April 30, 2019 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 6,913 $ 33 $ 6,946 Due 1 year through 5 years 4,250 10 4,260 Total investment in government debt securities $ 11,163 $ 43 $ 11,206 The increase in gross unrealized gains of $46,000 $10,000, April 30, 2019. The average yield on the Government debt securities classified as available-for-sale at April 30, 2020 April 30, 2019 2.27% 2.09%, Income from Securities Transactions: Income from securities transactions was comprised of the following: Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Dividend income $ 352 $ 257 $ 226 Interest income 279 201 103 Capital gain distributions from ETFs (1) - - 152 Realized loss on sale of securities (2) (581 ) - - Other (6 ) 46 59 Total income from securities transactions, net $ 44 $ 504 $ 540 ( 1 $152,000 2018. ( 2 $581,000 2020. The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements. Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed. As of April 30, 2020, $699,000, $76,000, April 30, 2019, $1,133,000, $238,000 Investment in Unconsolidated Entities: Equity Method Investment: As of April 30, 2020 April 30, 2019, $59,165,000 $58,625,000, The value of VLI's investment in EAM at April 30, 2020 April 30, 2019 $55,805,000 $5,820,000 It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may not not 2020 2019. The components of EAM's investment management operations, provided to the Company by EAM, were as follows: Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 21,985 $ 16,715 $ 15,988 12b-1 fees and other fees, net of waivers shown below $ 8,436 $ 6,811 $ 6,455 Other income $ (156 ) $ 273 $ 171 Investment management fee waivers and reimbursements $ 302 $ 421 $ 487 12b-1 fee waivers $ 667 $ 654 $ 754 Value Line's non-voting revenues interest $ 11,184 $ 8,260 $ 8,040 EAM's net income (1) $ 2,332 $ 2,098 $ 1,492 ( 1 50% Fiscal Years Ended April 30, ($ in thousands) 2020 2019 EAM's total assets $ 61,335 $ 60,683 EAM's total liabilities (1) (4,192 ) (3,547 ) EAM's total equity $ 57,143 $ 57,136 ( 1 April 30, 2020 2019, $2,949,000 $2,420,000, |
Note 5 - Variable Interest Enti
Note 5 - Variable Interest Entity | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Variable Interest Entity [Text Block] | Note 5 The Company retained a non-voting revenues interest and a 50% December 23, 2010, not The Company has determined that it does not not not not not In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss. While all of the profit interest shareholders in EAM are subject to variability based on EAM's operations risk, Value Line's non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests. The Company has not no no Value Line ($ in thousands) VIE Assets Investment in EAM Trust (1) Liabilities Maximum Exposure to Loss As of April 30, 2020 $ 61,335 $ 59,165 $ - $ 59,165 As of April 30, 2019 $ 60,683 $ 58,625 $ - $ 58,625 ( 1 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 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) 2020 2019 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 8,550 - Furniture and equipment 4,047 4,042 13,610 5,055 Accumulated depreciation and amortization (4,110 ) (3,909 ) Total property and equipment, net $ 9,500 $ 1,146 |
Note 7 - Federal, State and Loc
Note 7 - Federal, State and Local Income Taxes | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 7 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) 2020 2019 2018 Current tax expense: Federal $ 4,201 $ 2,964 $ 3,853 State and local 1,353 600 365 Current tax expense 5,554 3,564 4,218 Deferred tax expense (benefit): Federal 1 (650 ) (7,021 ) State and local 266 1,162 (37 ) Deferred tax expense (benefit): 267 512 (7,058 ) Income tax provision $ 5,821 $ 4,076 $ (2,840 ) On December 22, 2017 1, 35% 21% January 1, 2018. 21% 2020 twelve April 30, 2019 21%, twelve April 30, 2018 30.33%. The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve April 30, 2020, April 30, 2019 April 30, 2018 27.09%, 26.81% 23.87% twelve April 30, 2020 6.30% 2019. not not The overall change in the effective Federal tax rate during the twelve April 30, 2019 April 30, 2018 2018 35% 21%, 54.51% twelve April 30, 2018, 0.7% twelve April 30, 2018, 6.02% twelve April 30, 2019. 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) 2020 2019 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 108 130 Unrealized gain on securities held for sale 299 446 Right of Use Asset (182 ) - Deferred charges (166 ) (354 ) Other (207 ) (279 ) Total federal tax liability 10,149 10,240 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,564 2,530 Deferred non-cash post-employment compensation (88 ) (74 ) Depreciation and amortization 44 40 Unrealized gain on securities held for sale 72 106 Other 110 (218 ) Total state and local tax liabilities 2,702 2,384 Deferred tax liability, long-term $ 12,851 $ 12,624 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 $1,770,000 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, 2020 2019 2018 U.S. statutory federal tax rate 21.00 % 21.00 % 30.33 % Increase (decrease) in tax rate from: Effect on deferred tax liabilities from federal tax rate reduction to 21% - - (54.51 )% State and local income taxes, net of federal income tax benefit 6.30 % 6.02 % 0.70 % Effect of dividends received deductions (0.24 )% (0.24 )% (0.49 )% Other, net 0.03 % 0.03 % 0.10 % Effective income tax rate 27.09 % 26.81 % (23.87 )% The Company believes that, as of April 30, 2020, no The Company is included in the consolidated federal income tax return of the Parent. The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company's liability/(benefit) as if it filed a separate return. Beginning with the fiscal year ended April 30, 2017, The Company's federal income tax returns (included in the Parent's consolidated returns) and state and city tax returns for fiscal years ended 2017 2019, three April 30, 2017 2019 not |
Note 8 - Employees' Profit Shar
Note 8 - Employees' Profit Sharing and Savings Plan | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | Note 8 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, 2020, 2019 2018, $870,000, $592,000 $496,000, |
Note 9 - Lease Commitments
Note 9 - Lease Commitments | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9 On November 30, 2016, 551 December 1, 2016. 24,726 second third 551 December 1, 2016 November 29, 2027. $1,126,000 first 2.25% first $469,000 October 2016, $305,000 September 30, 2021 23% first six $417,000 six $563,000 November 2017. On February 29, 2016, 24,110 205 May 1, 2016 April 30, 2024 ( $192,880 first 2017 $237,218 2024, $32,146, In February 2016, No. 2016 02, 842 one May 2019 The Company adopted ASU 2016 02 2018 11, not May 1, 2019). not 1 2 3 The Company leases office space in New York, NY and a warehouse and appurtenant office space in Lyndhurst, NJ. The Company has evaluated these leases and determined that they are operating leases under the definitions of the guidance of ASU 2016 02. The right-of-use asset is initially measured at cost, which comprises the initial amount of the 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, $9,575,000, $10,340,000 $765,000. April 30, 2020, $8,550,000 The Company recognizes lease expense, calculated as the remaining cost of the lease allocated over the remaining lease term on a straight-line basis. Lease expense are presented as part of continuing operations in the consolidated condensed statements of income. For the twelve April 30, 2020, $1,499,000 For the twelve April 30, 2020, $1,400,000 $1,400,000 The Company's leases generally do not 842 April 30, 2020: Fiscal years ended April 30, (in thousands) 2021 1,432 2022 1,506 2023 1,597 2024 1,634 2025 1,429 Thereafter 3,838 Total undiscounted future minimum lease payments 11,436 Less: difference between undiscounted lease payments & the present value of future lease payments 2,019 Total operating lease liabilities $ 9,417 For the fiscal years ended April 30, 2020, 2019 2018, $1,499,000, $1,278,000 $1,246,000, |
Note 10 - Disclosure of Credit
Note 10 - Disclosure of Credit Risk of Financial Instruments with Off-balance Sheet Risk | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk of Financial Instruments with Off-balance Sheet Risk [Text Block] | Note 10 Other than EAM and the Value Line Funds as explained in Note 3 2020, 2019 2018, April 30, 2020 2019. twelve April 30, 2020, 2019 2018, 31.4%, 20.5% 17.7%, 17 |
Note 11 - Comprehensive Income
Note 11 - Comprehensive Income | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 11 The FASB's ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not As of April 30, 2020 April 30, 2019, April 30, 2020 April 30, 2019 The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the twelve April 30, 2020 Fiscal Year Ended April 30, 2020 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on securities $ (1,280 ) $ 227 $ (1,053 ) Add: Losses realized in net income 581 (151 ) 430 $ (699 ) $ 76 $ (623 ) The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the twelve April 30, 2019 Fiscal Year Ended April 30, 2019 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on securities $ 1,133 $ (238 ) $ 895 $ 1,133 $ (238 ) $ 895 The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the twelve April 30, 2018 Fiscal Year Ended April 30, 2018 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on securities $ 437 $ 8 $ 445 Less: Gains realized in net income (152 ) 32 (120 ) $ 285 $ 40 $ 325 |
Note 12 - Accounting for the Co
Note 12 - Accounting for the Costs of Computer Software Developed for Internal Use | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Internal Use Software Disclosure [Text Block] | Note 12 The Company has adopted the provisions of the Statement of Position 98 1 98 1 98 1 3 5 The Company did not not third twelve April 30, 2020. During the twelve April 30, 2019 $111,000 third not not twelve April 30, 2019 April 30, 2018. April 30, 2020, 2019 2018 $65,000, $131,000 $848,000, |
Note 13 - Treasury Stock and Re
Note 13 - Treasury Stock and Repurchase Program | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 13 On April 17, 2020, $2,000,000. may may no Treasury stock, at cost, consists of the following: ($ 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, 2017 (1), (2) 288,335 $ 3,781 $ 13.11 $ 609 Purchases effected in open market (2) 20,045 $ 354 $ 17.67 $ - Balance as of April 30, 2018 308,380 $ 4,135 $ 13.41 $ 255 Purchases effected in open market (2) (3) 28,059 $ 608 $ 21.68 $ - Balance as of April 30, 2019 336,439 $ 4,743 $ 14.10 $ 1,438 Purchases effected in open market (2) (3) 46,840 $ 1,214 $ 25.91 $ - Balance as of April 30, 2020 383,279 $ 5,957 $ 15.54 $ 2,000 ( 1 85,219 $1,036,000 January 2011 January 2012; 18,400 January 2011. ( 2 $3 September 2012. ( 3 $2 October 2018. |
Note 14 - Copyright Fees
Note 14 - Copyright Fees | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Copyright Data Fees [Text Block] | Note 14 During the twelve April 30, 2020, $12,671,000 70.4% 2019. twelve April 30, 2019, $7,437,000 16.8% 2018. April 30, 2020, third $8.6 $6.1 April 30, 2019. |
Note 15 - Restricted Cash and D
Note 15 - Restricted Cash and Deposits | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 15 Restricted Money Market Investment in the noncurrent assets on the Consolidated Balance Sheets at April 30, 2020 April 30, 2019, $469,000 $469,000 |
Note 16 - Concentration
Note 16 - Concentration | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 16 During the twelve April 30, 2020, 31.4% $40,299,000 twelve April 30, 2019, 20.5% $36,257,000 |
Note 17 - Concentration of Cred
Note 17 - Concentration of Credit Risk | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Concentration of Credit Risk [Text Block] | Note 17 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. April 30, 2020 2019, $5,202,000 $1,597,000, not |
Note 18 - Business Segments
Note 18 - Business Segments | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 18 The Publishing business segment, the Company's only reportable segment subsequent to December 23, 2010, As more fully described in Note 1 December 23, 2010 no no |
Note 19 - Paycheck Protection P
Note 19 - Paycheck Protection Program Loan | 12 Months Ended |
Apr. 30, 2020 | |
Paycheck Protection Program CARES Act [Member] | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 19 The Company recently executed a note and received loan (the "PPP Loan") from JP Morgan Chase Bank under the Paycheck Protection Program ("PPP") which was established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and is administered by the U.S. Small Business Administration. In April 2020, $2,331,365. The term of the PPP Loan is two 1.00%, first six may may Under the terms of the CARES Act, Borrower can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act, as described above, during a period not twenty-four No |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic 810 not not 5 In accordance with FASB's Topic 810, December 23, 2010, 810. 323 810 not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions 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 Ranking System results to third third 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 "1940 third |
Equity Method Investments [Policy Text Block] | Investment in Unconsolidated Entities: The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB's ASC 323. The Company's “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a "non-voting revenues interest" and a "non-voting profits interest" in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% 55%, 50% 90% not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: In February 2016, No. 2016 02, 842 one May 2019 9 In August 2016, No. 2016 15, 2016 15” December 15, 2017, 2016 15 eight 230, 2016 15 first 2019. The FASB issued ASU No. 2014 09, 606 No. 2014 09 No. 2014 09 No. 2014 09 December 15, 2017, No. 2014 09 first 2019, not In November 2016, No. 2016 18, 230 December 15, 2017, No. 2016 18 first 2019, not On June 21, 2018, 1992 Quill, no |
Fair Value Measurement, Policy [Policy Text Block] | Valuation of Securities: The Company's securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities and investments in equities including ETFs and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise. Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company's fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a 7 1940 The Fair Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established a three The three three Level 1 Level 2 Level 3 The following summarizes the levels of fair value measurements of the Company's investments: As of April 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,115 $ - $ - $ 2,115 Securities available-for-sale 29,204 - - 29,204 $ 31,319 $ - $ - $ 31,319 As of April 30, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,617 $ - $ - $ 5,617 Securities available-for-sale 21,828 - - 21,828 $ 27,445 $ - $ - $ 27,445 The Company had no April 30, 2020 April 30, 2019, no 2 3 not |
Advertising Cost [Policy Text Block] | Advertising expenses: The Company expenses advertising costs as incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes: The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB's ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. The Company adopted the provisions of ASU 2015 17, 740 first 2018 The Income Tax Topic of the FASB's ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of April 30, 2020, no |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share: Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company does not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: For purposes of the Consolidated 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 April 30, 2020 April 30, 2019, $2,115,000 $5,617,000, |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of April 30, 2020 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,115 $ - $ - $ 2,115 Securities available-for-sale 29,204 - - 29,204 $ 31,319 $ - $ - $ 31,319 As of April 30, 2019 ($ in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 5,617 $ - $ - $ 5,617 Securities available-for-sale 21,828 - - 21,828 $ 27,445 $ - $ - $ 27,445 |
Note 2 - Supplementary Cash F_2
Note 2 - Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Cash and cash equivalents $ 4,954 $ 6,493 $ 5,941 Restricted cash $ 469 $ 469 $ 469 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows $ 5,423 $ 6,962 $ 6,410 Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 State and local income tax payments $ 1,105 $ 387 $ 307 Federal income tax payments to the Parent $ 3,325 $ 2,700 $ 3,975 |
Note 3 - Related Party Transa_2
Note 3 - Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Non Voting Revenues Interest and Non Voting Profits Interests [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Non-voting revenues interest in EAM $ 11,184 $ 8,260 $ 8,040 Non-voting profits interest in EAM 1,166 1,049 746 $ 12,350 $ 9,309 $ 8,786 |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ($ in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value ETFs - equities $ 12,877 $ 1,317 $ (69 ) $ 14,125 ($ in thousands) Cost Gross Unrealized Holding Gains Fair Value ETFs - equities $ 8,541 $ 2,081 $ 10,622 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 14,652 $ 177 $ 14,829 Due 1 year through 5 years 250 - 250 Total investment in government debt securities $ 14,902 $ 177 $ 15,079 Amortized Gross Unrealized ($ in thousands) Historical Cost Holding Gains Fair Value Maturity Due within 1 year $ 6,913 $ 33 $ 6,946 Due 1 year through 5 years 4,250 10 4,260 Total investment in government debt securities $ 11,163 $ 43 $ 11,206 |
Investment Income [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Dividend income $ 352 $ 257 $ 226 Interest income 279 201 103 Capital gain distributions from ETFs (1) - - 152 Realized loss on sale of securities (2) (581 ) - - Other (6 ) 46 59 Total income from securities transactions, net $ 44 $ 504 $ 540 |
Investment Holdings, Other than Securities [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Investment management fees earned from the Value Line Funds, net of waivers shown below $ 21,985 $ 16,715 $ 15,988 12b-1 fees and other fees, net of waivers shown below $ 8,436 $ 6,811 $ 6,455 Other income $ (156 ) $ 273 $ 171 Investment management fee waivers and reimbursements $ 302 $ 421 $ 487 12b-1 fee waivers $ 667 $ 654 $ 754 Value Line's non-voting revenues interest $ 11,184 $ 8,260 $ 8,040 EAM's net income (1) $ 2,332 $ 2,098 $ 1,492 |
Summary Investment Holdings [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2020 2019 EAM's total assets $ 61,335 $ 60,683 EAM's total liabilities (1) (4,192 ) (3,547 ) EAM's total equity $ 57,143 $ 57,136 |
Note 5 - Variable Interest En_2
Note 5 - Variable Interest Entity (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
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, 2020 $ 61,335 $ 59,165 $ - $ 59,165 As of April 30, 2019 $ 60,683 $ 58,625 $ - $ 58,625 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of April 30, ($ in thousands) 2020 2019 Building and leasehold improvements $ 1,013 $ 1,013 Operating lease - right-of-use asset 8,550 - Furniture and equipment 4,047 4,042 13,610 5,055 Accumulated depreciation and amortization (4,110 ) (3,909 ) Total property and equipment, net $ 9,500 $ 1,146 |
Note 7 - Federal, State and L_2
Note 7 - Federal, State and Local Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2020 2019 2018 Current tax expense: Federal $ 4,201 $ 2,964 $ 3,853 State and local 1,353 600 365 Current tax expense 5,554 3,564 4,218 Deferred tax expense (benefit): Federal 1 (650 ) (7,021 ) State and local 266 1,162 (37 ) Deferred tax expense (benefit): 267 512 (7,058 ) Income tax provision $ 5,821 $ 4,076 $ (2,840 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Fiscal Years Ended April 30, ($ in thousands) 2020 2019 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 108 130 Unrealized gain on securities held for sale 299 446 Right of Use Asset (182 ) - Deferred charges (166 ) (354 ) Other (207 ) (279 ) Total federal tax liability 10,149 10,240 State and local tax liabilities (benefits): Deferred gain on deconsolidation of EAM 2,564 2,530 Deferred non-cash post-employment compensation (88 ) (74 ) Depreciation and amortization 44 40 Unrealized gain on securities held for sale 72 106 Other 110 (218 ) Total state and local tax liabilities 2,702 2,384 Deferred tax liability, long-term $ 12,851 $ 12,624 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Years Ended April 30, 2020 2019 2018 U.S. statutory federal tax rate 21.00 % 21.00 % 30.33 % Increase (decrease) in tax rate from: Effect on deferred tax liabilities from federal tax rate reduction to 21% - - (54.51 )% State and local income taxes, net of federal income tax benefit 6.30 % 6.02 % 0.70 % Effect of dividends received deductions (0.24 )% (0.24 )% (0.49 )% Other, net 0.03 % 0.03 % 0.10 % Effective income tax rate 27.09 % 26.81 % (23.87 )% |
Note 9 - Lease Commitments (Tab
Note 9 - Lease Commitments (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal years ended April 30, (in thousands) 2021 1,432 2022 1,506 2023 1,597 2024 1,634 2025 1,429 Thereafter 3,838 Total undiscounted future minimum lease payments 11,436 Less: difference between undiscounted lease payments & the present value of future lease payments 2,019 Total operating lease liabilities $ 9,417 |
Note 11 - Comprehensive Income
Note 11 - Comprehensive Income (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Fiscal Year Ended April 30, 2020 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on securities $ (1,280 ) $ 227 $ (1,053 ) Add: Losses realized in net income 581 (151 ) 430 $ (699 ) $ 76 $ (623 ) Fiscal Year Ended April 30, 2019 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on securities $ 1,133 $ (238 ) $ 895 $ 1,133 $ (238 ) $ 895 Fiscal Year Ended April 30, 2018 ($ in thousands) Amount Before Tax Tax (Expense) / Benefit Amount Net of Tax Change in unrealized gains on securities $ 437 $ 8 $ 445 Less: Gains realized in net income (152 ) 32 (120 ) $ 285 $ 40 $ 325 |
Note 13 - Treasury Stock and _2
Note 13 - Treasury Stock and Repurchase Program (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
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, 2017 (1), (2) 288,335 $ 3,781 $ 13.11 $ 609 Purchases effected in open market (2) 20,045 $ 354 $ 17.67 $ - Balance as of April 30, 2018 308,380 $ 4,135 $ 13.41 $ 255 Purchases effected in open market (2) (3) 28,059 $ 608 $ 21.68 $ - Balance as of April 30, 2019 336,439 $ 4,743 $ 14.10 $ 1,438 Purchases effected in open market (2) (3) 46,840 $ 1,214 $ 25.91 $ - Balance as of April 30, 2020 383,279 $ 5,957 $ 15.54 $ 2,000 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Money Market Funds, at Carrying Value | $ 2,115,000 | $ 5,617,000 |
EAM Trust [Member] | ||
Non Voting Profits Interest Percent | 50.00% | |
EAM Trust [Member] | Minimum [Member] | ||
Non Voting Revenues Interest Percent | 41.00% | |
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90.00% | |
EAM Trust [Member] | Maximum [Member] | ||
Non Voting Revenues Interest Percent | 55.00% |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Securities available-for-sale | $ 29,204 | $ 21,828 |
Investments, Fair Value Disclosure, Total | 31,319 | 27,445 |
Money Market Funds [Member] | ||
Cash equivalents | 2,115 | 5,617 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 29,204 | 21,828 |
Investments, Fair Value Disclosure, Total | 31,319 | 27,445 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash equivalents | 2,115 | 5,617 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash equivalents |
Note 2 - Supplementary Cash F_3
Note 2 - Supplementary Cash Flow Information - Supplementary Cash Flow Elements (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Cash and cash equivalents | $ 4,954,000 | $ 6,493,000 | $ 5,941,000 |
Restricted cash | 469,000 | 469,000 | 469,000 |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows | 5,423,000 | 6,962,000 | 6,410,000 |
State and local income tax payments | 1,105,000 | 387,000 | 307,000 |
Federal income tax payments to the Parent | $ 3,325,000 | $ 2,700,000 | $ 3,975,000 |
Note 3 - Related Party Transa_3
Note 3 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenue from Related Parties | $ 388,000 | $ 384,000 | |
Federal Income Tax Payments to Parent | $ 3,325,000 | 2,700,000 | $ 3,975,000 |
Ownership Percentage By Parent | 89.78% | ||
Value Line Inc [Member] | |||
Accounts Receivable, Related Parties | $ 0 | 0 | |
EAM Trust [Member] | |||
Assets under Management, Carrying Amount | 3,580,000,000 | 3,090,000,000 | |
Increase (Decrease) in Assets under Management | $ 485,000,000 | ||
Percentage of Assets Increased (Decreased) in Unconsolidated Entities | 15.70% | ||
Non Voting Profits Interest Percent | 50.00% | ||
Percentage of Non Voting Revenues Interest in Unconsolidated Entity | 51.51% | ||
Non Voting Profits Interest in Variable Entity Not yet Paid | $ 2,949,000 | $ 2,420,000 | |
EAM Trust [Member] | Minimum [Member] | |||
Non Voting Revenues Interest Percent | 41.00% | ||
Percentage of Non Voting Profits Interests Due from Ex Subsidiary Payable to Parent under Agreement | 90.00% | ||
EAM Trust [Member] | Maximum [Member] | |||
Non Voting Revenues Interest Percent | 55.00% |
Note 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, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Non-voting revenues interest in EAM | $ 11,184 | $ 8,260 | $ 8,040 |
Non-voting profits interest in EAM | 1,166 | 1,049 | 746 |
Revenues and Profits Distribution from Unconsolidated Entity | $ 12,350 | $ 9,309 | $ 8,786 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) | 12 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | ||
Available-for-sale Equity Securities, Amortized Cost Basis, Total | $ 12,877,000 | $ 8,541,000 | ||
Available-for-sale Securities, Equity Securities | 14,125,000 | 10,622,000 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 4,387,000 | $ 152,000 | ||
Net Income (Loss) Attributable to Parent, Total | 15,663,000 | 11,150,000 | 14,738,000 | |
Capital Gain Distribution from Available for Sale Securities | [1] | 152,000 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | (699,000) | 1,133,000 | 285,000 | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | (227,000) | 238,000 | (8,000) | |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | 699,000 | 1,133,000 | ||
AOCI Tax, Attributable to Parent | (76,000) | 238,000 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent, Total | $ (623,000) | $ 895,000 | 325,000 | |
Available-for-sale Securities, Debt Securities, Average Yield | 2.27% | 2.09% | ||
Equity Method Investments | $ 59,165,000 | $ 58,625,000 | ||
EAM Trust [Member] | ||||
Net Income (Loss) Attributable to Parent, Total | [2] | 2,332,000 | 2,098,000 | 1,492,000 |
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 | 50.00% | |||
Accrued Non Voting Revenues and Non Voting Profits Interests Payable | $ 2,949,000 | 2,420,000 | ||
Equity Securities [Member] | ||||
Available-for-sale Securities, Gross Realized Gain (Loss), Total | 0 | 0 | ||
Capital Gain Distribution from Available for Sale Securities | 0 | 0 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | 833,000 | 1,087,000 | ||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 112,000 | 228,000 | ||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | 1,248,000 | 2,081,000 | ||
AOCI Tax, Attributable to Parent | 325,000 | 437,000 | ||
Debt Securities [Member] | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 37,000 | 10,000 | ||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax, Total | 177,000 | 43,000 | ||
AOCI Tax, Attributable to Parent | 46,000 | 9,000 | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | 8,663,000 | 8,346,000 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent, Total | 134,000 | $ 46,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Equity Securities [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Net Income (Loss) Attributable to Parent, Total | $ (581,000) | $ 152,000 | ||
[1] | Capital gain distributions of $152,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2018. | |||
[2] | Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest. |
Note 4 - Investments - Schedule
Note 4 - Investments - Schedule of Carrying Value and Fair Value of Securities Available-for-sale (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Cost | $ 12,877,000 | $ 8,541,000 |
Fair value | 14,125,000 | 10,622,000 |
Due within 1 year, amortized cost | 14,652,000 | 6,913,000 |
Due within 1 year, gross unrealized gains | 177,000 | 33,000 |
Due within 1 year, fair value | 14,829,000 | 6,946,000 |
Due 1 year through 5 years, amortized cost | 250,000 | 4,250,000 |
Due 1 year through 5 years, gross unrealized gains | 10,000 | |
Due 1 year through 5 years, fair value | 250,000 | 4,260,000 |
Amortized cost | 14,902,000 | 11,163,000 |
Gross unrealized gains | 177,000 | 43,000 |
Fair value | 15,079,000 | 11,206,000 |
Exchange Traded Funds [Member] | ||
Cost | 12,877,000 | 8,541,000 |
Gross unrealized gains | 1,317,000 | 2,081,000 |
Gross unrealized losses | (69,000) | |
Fair value | $ 14,125,000 | $ 10,622,000 |
Note 4 - Investments - Income f
Note 4 - Investments - Income from Securities Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | ||
Dividend income | $ 352 | $ 257 | $ 226 | |
Interest income | 279 | 201 | 103 | |
Capital gain distributions from ETFs (1) | [1] | 152 | ||
Realized loss on sale of securities (2) | [2] | (581) | ||
Other | (6) | 46 | 59 | |
Total income from securities transactions, net | $ 44 | $ 504 | $ 540 | |
[1] | Capital gain distributions of $152,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2018. | |||
[2] | Realized losses of $581,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2020. |
Note 4 - Investments - Componen
Note 4 - Investments - Components of EAM's Investment Management Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | ||
Revenues | $ 40,299 | $ 36,257 | $ 35,868 | |
Non-voting revenues interest in EAM | 11,184 | 8,260 | 8,040 | |
Net Income (Loss) Attributable to Parent, Total | 15,663 | 11,150 | 14,738 | |
EAM Trust [Member] | ||||
Other income | (156) | 273 | 171 | |
Investment management fee waivers and reimbursements | 302 | 421 | 487 | |
12b-1 fee waivers | 667 | 654 | 754 | |
Non-voting revenues interest in EAM | 11,184 | 8,260 | 8,040 | |
Net Income (Loss) Attributable to Parent, Total | [1] | 2,332 | 2,098 | 1,492 |
EAM Trust [Member] | Investment Advice [Member] | ||||
Revenues | 21,985 | 16,715 | 15,988 | |
EAM Trust [Member] | Distribution and Shareholder Service [Member] | ||||
Revenues | $ 8,436 | $ 6,811 | $ 6,455 | |
[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, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
EAM's total assets | $ 109,728 | $ 91,788 | |||
EAM's total liabilities (1) | 56,189 | 44,264 | |||
EAM's total equity | 53,539 | 47,524 | $ 43,541 | $ 37,854 | |
EAM Trust [Member] | |||||
EAM's total assets | 61,335 | 60,683 | |||
EAM's total liabilities (1) | [1] | 4,192 | 3,547 | ||
EAM's total equity | $ 57,143 | $ 57,136 | |||
[1] | At April 30, 2020 and 2019, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $2,949,000 and $2,420,000, respectively. |
Note 5 - Variable Interest En_3
Note 5 - Variable Interest Entity (Details Textual) | 12 Months Ended |
Apr. 30, 2020 | |
EAM Trust [Member] | |
Non Voting Profits Interest Percent | 50.00% |
Note 5 - Variable Interest En_4
Note 5 - Variable Interest Entity - Total Assets, the Maximum Exposure to Loss, and Value of the Assets and Liabilities in EAM (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 | |
Assets | $ 109,728 | $ 91,788 | |
Liabilities | 56,189 | 44,264 | |
EAM Trust [Member] | |||
Assets | 61,335 | 60,683 | |
Liabilities | [1] | 4,192 | 3,547 |
EAM Trust [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Assets | [2] | 59,165 | 58,625 |
Liabilities | |||
Value Line Maximum Exposure to Loss | $ 59,165 | $ 58,625 | |
[1] | At April 30, 2020 and 2019, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $2,949,000 and $2,420,000, respectively. | ||
[2] | Reported within Long-Term Assets on Consolidated Balance Sheets. |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) | Apr. 30, 2020 | May 01, 2019 | Apr. 30, 2019 |
Building and leasehold improvements | $ 1,013,000 | $ 1,013,000 | |
Operating lease - right-of-use asset | 8,550,000 | $ 9,575,000 | |
Furniture and equipment | 4,047,000 | 4,042,000 | |
Property, Plant and Equipment, Gross, Ending Balance | 13,610,000 | 5,055,000 | |
Accumulated depreciation and amortization | (4,110,000) | (3,909,000) | |
Total property and equipment, net | $ 9,500,000 | $ 1,146,000 |
Note 7 - Federal, State and L_3
Note 7 - Federal, State and Local Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 30.33% |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.09% | 26.81% | (23.87%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 6.30% | 6.02% | 0.70% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (54.51%) | ||
Open Tax Year | 2017 2018 2019 | ||
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, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Federal | $ 4,201 | $ 2,964 | $ 3,853 |
State and local | 1,353 | 600 | 365 |
Current tax expense | 5,554 | 3,564 | 4,218 |
Federal | 1 | (650) | (7,021) |
State and local | 266 | 1,162 | (37) |
Deferred tax expense (benefit): | 267 | 512 | (7,058) |
Income tax provision | $ 5,821 | $ 4,076 | $ (2,840) |
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, 2020 | Apr. 30, 2019 |
Right of Use Asset | $ 182 | |
Deferred tax liability | 12,851 | 12,624 |
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 | 108 | 130 |
Unrealized gain on securities held for sale | (299) | (446) |
Deferred charges | (166) | (354) |
Other | (207) | (279) |
Deferred tax liability | 10,149 | 10,240 |
State and Local Jurisdiction [Member] | ||
Deferred gain on deconsolidation of EAM | 2,564 | 2,530 |
Deferred non-cash post-employment compensation | (88) | (74) |
Depreciation and amortization | 44 | 40 |
Unrealized gain on securities held for sale | 72 | 106 |
Other | 110 | (218) |
Deferred tax liability | $ 2,702 | $ 2,384 |
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, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 30.33% |
Effect on deferred tax liabilities from federal tax rate reduction to 21% | (54.51%) | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 6.30% | 6.02% | 0.70% |
Effect of dividends received deductions | (0.24%) | (0.24%) | (0.49%) |
Other, net | 0.03% | 0.03% | 0.10% |
Effective income tax rate | 27.09% | 26.81% | (23.87%) |
Note 8 - Employees' Profit Sh_2
Note 8 - Employees' Profit Sharing and Savings Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 870,000 | $ 592,000 | $ 496,000 |
Note 9 - Lease Commitments (Det
Note 9 - Lease Commitments (Details Textual) | Nov. 30, 2016USD ($)a | Feb. 29, 2016USD ($)a | Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Sep. 30, 2021USD ($) | May 01, 2019USD ($) | Oct. 30, 2016USD ($) |
Operating Lease, Right-of-Use Asset | $ 8,550,000 | $ 9,575,000 | ||||||
Operating Lease, Liability, Total | 9,417,000 | $ 10,340,000 | ||||||
Lease Incentive Receivable | 765,000 | |||||||
Operating Lease, Expense | 1,499,000 | $ 1,278,000 | $ 1,246,000 | |||||
Operating Lease, Payments | $ 1,400,000 | |||||||
Sublease to American Building Maintenance Industries, Incorporated [Member] | ||||||||
Area of Real Estate Property (Acre) | a | 24,726 | |||||||
Operating Leases, Annual Base Rent | $ 1,126,000 | |||||||
Base Rent Increase, Percent | 2.25% | |||||||
Security Deposit | $ 469,000 | |||||||
Annual Rental Expenditure, Initial, Decrease, Percentage | 23.00% | |||||||
Lessee Leasing Arrangements, Allowance | $ 417,000 | |||||||
Lessee Leasing Arrangements, Allowance, Six Months of Free Rent Payment | $ 563,000 | |||||||
Sublease to American Building Maintenance Industries, Incorporated [Member] | Forecast [Member] | ||||||||
Security Deposit | $ 305,000 | |||||||
Seagis Property Group LP (the "Landlord") [Member] | Value Line Distribution Center ("VLDC") [Member] | ||||||||
Area of Real Estate Property (Acre) | a | 24,110 | |||||||
Operating Leases, Annual Base Rent | $ 192,880 | |||||||
Security Deposit | 32,146 | |||||||
Base Rent Increase Amount | $ 237,218 |
Note 9 - Lease Commitment - Fut
Note 9 - Lease Commitment - Future Minimum Payments (Details) - USD ($) | Apr. 30, 2020 | May 01, 2019 |
2021 | $ 1,432,000 | |
2022 | 1,506,000 | |
2023 | 1,597,000 | |
2024 | 1,634,000 | |
2025 | 1,429,000 | |
Thereafter | 3,838,000 | |
Total undiscounted future minimum lease payments | 11,436,000 | |
Less: difference between undiscounted lease payments & the present value of future lease payments | 2,019,000 | |
Operating Lease, Liability, Total | $ 9,417,000 | $ 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, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Single Customer [Member] | |||
Concentration Risk, Percentage | 31.40% | 20.50% | 17.70% |
Note 11 - Comprehensive Incom_2
Note 11 - Comprehensive Income - Components of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Change in unrealized gains (losses) on securities, amount before tax | $ 1,280 | $ (1,133) | $ (437) |
Change in unrealized gains (losses) on securities, tax expense | 227 | (238) | 8 |
Change in unrealized gains (losses) on securities, amount net of tax | (1,053) | 895 | 445 |
Add: Losses realized in net income, before tax | 581 | (152) | |
Add: Losses realized in net income, tax | (151) | 32 | |
Add: Losses realized in net income, net of tax | 430 | (120) | |
Other comprehensive income (loss), available-for-sale securities adjustment, amount before tax | (699) | 1,133 | 285 |
Other comprehensive income (loss), available-for-sale securities, tax expense | 76 | (238) | 40 |
Other comprehensive income (loss), available-for-sale securities adjustment, amount net of tax | (623) | 895 | 325 |
Change in unrealized gains (losses) on securities, amount before tax | $ (1,280) | $ 1,133 | $ 437 |
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, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Capitalized Computer Software, Additions | $ 0 | $ 111,000 | |
Internal Costs to Develop Software | 0 | $ 0 | |
Capitalized Computer Software, Amortization | $ 65,000 | $ 131,000 | $ 848,000 |
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 ($) | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2012 | Jan. 31, 2011 | Apr. 30, 2020 | [1] | Apr. 30, 2019 | [1] | Apr. 30, 2018 | Apr. 17, 2020 | Oct. 31, 2018 | Sep. 30, 2012 | ||
Treasury Stock, Shares, Acquired (in shares) | [2] | 46,840 | 28,059 | 20,045 | |||||||
Treasury Stock, Value, Acquired, Cost Method | [2] | $ 1,214,000 | $ 608,000 | $ 354,000 | |||||||
October 2018 Share Repurchase Program [Member] | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | $ 2,000,000 | |||||||||
Former Repurchase Program [Member] | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 85,219 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,036,000 | ||||||||||
January 2011 Share Repurchase Program [Member] | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 18,400 | ||||||||||
September 2012 Share Repurchase Program [Member] | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 3,000,000 | ||||||||||
[1] | Were acquired during the $2 million repurchase program authorized in October 2018. | ||||||||||
[2] | Were acquired during the $3 million repurchase program authorized in September 2012. |
Note 13 - Treasury Stock and _4
Note 13 - Treasury Stock and Repurchase Program - Treasury Stock at Cost (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | [1],[2] | |||||
Balance, shares (in shares) | 336,439 | 308,380 | 288,335 | [1],[2] | |||||
Balance, total average cost assigned | $ 4,743 | $ 4,135 | $ 3,781 | [1],[2] | |||||
Balance, average cost per share (in dollars per share) | $ 14.10 | $ 13.41 | $ 13.11 | [1],[2] | |||||
Balance, aggregate purchase price remaining under the program | $ 2,000 | $ 1,438 | $ 255 | $ 609 | |||||
Purchases effected in open market, shares (in shares) | [2] | 46,840 | [3] | 28,059 | [3] | 20,045 | |||
Purchases effected in open market, cost | [2] | $ 1,214 | [3] | $ 608 | [3] | $ 354 | |||
Purchases effected in open market, average cost (in dollars per share) | [2] | $ 25.91 | [3] | $ 21.68 | [3] | $ 17.67 | |||
Balance, shares (in shares) | 383,279 | 336,439 | 308,380 | ||||||
Balance, total average cost assigned | $ 5,957 | $ 4,743 | $ 4,135 | ||||||
Balance, average cost per share (in dollars per share) | $ 15.54 | $ 14.10 | $ 13.41 | ||||||
[1] | Included 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011. | ||||||||
[2] | Were acquired during the $3 million repurchase program authorized in September 2012. | ||||||||
[3] | Were acquired during the $2 million repurchase program authorized in October 2018. |
Note 14 - Copyright Fees (Detai
Note 14 - Copyright Fees (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 40,299,000 | $ 36,257,000 | $ 35,868,000 |
Percentage of Copyright Data Fees | 70.40% | 16.80% | |
Third Party Sponsored Assets for Copyright Data | $ 8,600,000,000 | $ 6,100,000,000 | |
License [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 12,671,000 | $ 7,437,000 | $ 6,365,000 |
Note 15 - Restricted Cash and_2
Note 15 - Restricted Cash and Deposits (Details Textual) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Restricted Investments, Noncurrent | $ 469,000 | $ 469,000 |
Cash Securing a Letter of Credit Issued as Security Deposit [Member] | ||
Security Deposit | $ 469,000 | $ 469,000 |
Note 16 - Concentration (Detail
Note 16 - Concentration (Details Textual) - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 40,299,000 | $ 36,257,000 | $ 35,868,000 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Single Customer [Member] | |||
Concentration Risk, Percentage | 31.40% | 20.50% | 17.70% |
Revenue from Contract with Customer, Including Assessed Tax | $ 40,299,000 | $ 36,257,000 |
Note 17 - Concentration of Cr_2
Note 17 - Concentration of Credit Risk (Details Textual) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Cash, Uninsured Amount | $ 5,202,000 | $ 1,597,000 |
Note 18 - Business Segments (De
Note 18 - Business Segments (Details Textual) xbrli-pure in Thousands | 12 Months Ended |
Apr. 30, 2020 | |
Number of Reportable Segments | 0 |
Note 19 - Paycheck Protection_2
Note 19 - Paycheck Protection Program Loan (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Proceeds from Issuance of Long-term Debt, Total | $ 2,331,000 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,331,365 |