Fair Value Measurements

9 Months Ended

Jan. 31, 2026

Note 6: Fair Value Measurements

The carrying value of the Company’s cash and cash equivalents, accounts receivable, and accounts payable approximates their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

US GAAP establishes a fair value hierarchy that prioritizes the inputs used in valuation techniques to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below:

	Level 1	Valuation is based upon quoted prices for identical instruments traded in active markets.

	Level 2	Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

	Level 3	Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

Investments and Marketable Securities

As of January 31, 2026 and April 30, 2025, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs) as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1 given the active market for these securities, however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.

Fair Value Hierarchy

The following tables set forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Level 1		Level 2		Level 3		Total
	Assets Measured at Fair Value on a Recurring Basis as of January 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	8,718,000	$	—	$	8,718,000
REITs		—		70,000		—		70,000
Equity Securities		31,225,000		—		—		31,225,000
Money Markets		1,311,000		—		—		1,311,000
Total fair value of assets measured on a recurring basis	$	32,536,000	$	8,788,000	$	—	$	41,324,000

	Level 1		Level 2		Level 3		Total
	Assets Measured at Fair Value on a Recurring Basis as of April 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	7,687,000	$	—	$	7,687,000
REITs		—		68,000		—		68,000
Equity Securities		26,712,000		—		—		26,712,000
Money Markets		1,269,000		—		—		1,269,000
Total fair value of assets measured on a recurring basis	$	27,981,000	$	7,755,000	$	—	$	35,736,000