v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Apr. 30, 2026
INCOME TAXES  
Schedule of components of income tax expense (benefit)

All income from continuing operations before income taxes was attributable to U.S. domestic operations. The provision (benefit) for income taxes consists of the following (in thousands):

Year Ended April 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Current:

 

  ​

 

  ​

Federal

$

642

$

(994)

State and local

 

 

(66)

 

642

 

(1,060)

Deferred:

 

 

Federal

 

2,635

 

2,082

State and local

 

561

 

(13)

 

3,196

 

2,069

Total provision for income taxes

$

3,838

$

1,009

Schedule of components of the net deferred income taxes

The components of the net deferred income taxes are as follows (in thousands):

April 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Deferred income tax assets:

 

  ​

 

  ​

State tax loss carryforwards

$

2,009

$

2,701

U.S. federal NOL carryforward

 

4,330

 

6,819

Vacation accrual

 

58

 

32

Real estate basis differences

 

2,581

 

2,419

Other

 

492

 

420

Total deferred income tax assets

9,470

12,391

Deferred income tax liabilities:

 

  ​

 

  ​

Depreciable assets

 

(128)

 

(40)

Deferred gains on investment assets

 

(2,400)

 

(2,401)

Other

 

(43)

 

(48)

Total deferred income tax liabilities

 

(2,571)

 

(2,489)

Valuation allowance for realization of certain deferred income tax assets

 

(1,127)

 

(933)

Net deferred income tax asset

$

5,772

$

8,969

Schedule of effective income tax rate reconciliation

The following tables reconcile taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (dollars in thousands):

Year Ended April 30, 2026

  ​ ​ ​

Amount

  ​ ​ ​

Percent

Computed tax provision at statutory rate

$

2,988

 

21.0

%

State and local income tax, net of federal income tax effect

 

567

 

4.0

%

Effect of changes in tax laws or rates enacted in the current period

 

61

 

0.4

%

Changes in valuation allowances

 

193

 

1.4

%

Other reconciling items

 

29

 

0.2

%

Actual tax provision (benefit) / effective tax rate

$

3,838

 

27.0

%

Year Ended April 30, 

  ​ ​ ​

2025

Computed tax provision at statutory rate

$

2,876

Increase (reduction) in tax resulting from:

 

Deferred tax rate changes

 

64

Change in valuation allowances

 

(56)

State income taxes, net of federal income tax effect

 

499

Permanent items

(258)

Other comprehensive loss, net of tax

(1,230)

Other

 

(886)

Actual tax provision (benefit)

$

1,009