valu20170430

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note

-Organization and Summary of Significant Accounting Policies:

third

parties under written agreements for use in

third

party managed and marketed investment products. The Company maintains a significant investment in the Eulav Asset Management LLC ("EAM") from which it received a non-voting revenues interest and a non-voting profits interest. EAM was established to provide investment management services to the Value Line Mutual Funds ("Value Line Funds" or the "Funds").

Prior to

December 23, 2010 (

the "Restructuring Date"), VLI, through its direct subsidiary EULAV Asset Management LLC ("EAM LLC"), provided investment management services to the Value Line Funds, institutions and individual accounts, and, through EAM LLC's subsidiary EULAV Securities, Inc. ("ESI"), provided distribution, marketing, and administrative services to the Value Line Funds. On

December 23, 2010,

the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware business statutory trust ("EAM" or "EAM Trust"), the successor to EAM LLC and the sole member of EULAV Securities LLC ("ES"), the successor to ESI, (the "Restructuring Transaction"). Pursuant to the EAM Declaration of Trust dated as of

December 23, 2010 (

the "EAM Trust Agreement"), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds.

Use of Estimates:

may

differ from those estimates.

Principles of Consolidation:

The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic

810

“Consolidation” to determine if it should consolidate its investment in a variable interest entity ("VIE"). A VIE is a legal entity in which either (i) equity investors do

not

have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity's economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is

not

the primary beneficiary of a VIE (see Note

In accordance with FASB's Topic

810,

the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. On

December 23, 2010,

the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB's Topic

810.

As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). The Company relied on the guidance in FASB's ASC Topics

323

and

810

in its determination

not

to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income.

Revenue Recognition:

Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to

third

parties under written agreements for use in selecting securities for

third

party marketed products, including unit investment trusts, annuities and exchange traded funds ("ETFs"). The Company earns asset-based copyright data fees as specified in the individual agreements. Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.

The Value Line Funds are open-end management companies registered under the Investment Company Act of

1940

(the

"1940

Act"). Shareholder transactions for the Value Line Funds are processed each business day by the

third

party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.

Investment in Unconsolidated Entities:

The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC

323.

The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.

41%

55%,

based on the amount of EAM’s adjusted gross revenues, excluding EULAV Securities' distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive

50%

of EAM's profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least

90%

of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. Subsequent to the Restructuring Date, the Company's Revenues Interest in EAM excludes participation in the service and distribution fees of EAM's subsidiary EULAV Securities. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction. Although the Company does

not

have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM's revenues and profits.

Recent Accounting Pronouncements:

November 2015,

the FASB issued ASU

2015

17,

Income taxes (Topic

740

): Balance Sheet Classification of Deferred Taxes. Under existing standards, deferred taxes for each tax-paying jurisdiction are presented as a net current asset or liability and net long-term asset or liability. To simplify presentation, the new guidance will require that all deferred tax assets and liabilities, along with related valuation allowances, be classified as long-term on the balance sheet. As a result, each tax-paying jurisdiction will now only have

one

net long-term asset or liability. The new guidance does

not

change the existing requirement that prohibits offsetting deferred tax liabilities from

one

jurisdiction against deferred tax assets of another jurisdiction. ASU

2015

is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2016,

which will be our fiscal year

2018

beginning

May 1, 2017.

Due to the full valuation allowance on our U.S. deferred tax assets, we do

not

expect the adoption of ASU

2015

to have a material impact on our consolidated financial statements and related disclosures.

February 2016,

the FASB issued ASU

2016

02,

Leases (Topic

842

) (“ASU

2016

02"

). The core principle of Topic

842

requires that a lessee should recognize the assets and liabilities on the balance sheet and disclose key information about leasing arrangements. The amendments in ASU

2016

are effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. The Company is in the process of evaluating the impact of this standard on the consolidated financial statements.

August, 2016,

the FASB issued Accounting Standards Update

No.

2016

15,

Classification of Certain Cash Receipts and Cash Payments ( a consensus of the Emerging Issues Task Force) ( “ASU

2016

15”

). The amendments in ASU

2016

address

eight

specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic

230,

Statement of Cash Flows. The amendments in ASU

2016

are effective for public business entities for fiscal years beginning after

December 15, 2017,

and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. The Company is in the process of evaluating the impact of this standard on the consolidated financial statements.

Valuation of Securities:

820.

The securities classified as available-for-sale reflected in the Consolidated Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.

under the

1940

Act.

three

-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The

three

-tier hierarchy of inputs is summarized in the

three

broad levels listed below.

Level

– quoted prices in active markets for identical investments

Level

– other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level

– significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)

The following summarizes the levels of fair value measurements of the Company’s investments:

	As of April 30, 2017
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	6,066	$	-	$	-	$	6,066
Securities available-for-sale		16,576		-		-		16,576
	$	22,642	$	-	$	-	$	22,642

	As of April 30, 2016
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	12,037	$	-	$	-	$	12,037
Securities available-for-sale		3,637		-		-		3,637
	$	15,674	$	-	$	-	$	15,674

The Company had

other financial instruments such as futures, forwards and swap contracts. For the periods ended

April 30, 2017

and

April 30, 2016,

there were

Level

nor Level

investments. The Company does

not

have any liabilities subject to fair value measurement.

Advertising expenses:

The Company expenses advertising costs as incurred.

Income Taxes:

April 30, 2017,

management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is

material impact to the Company's financial statements.

Earnings per share:

not

have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.

Cash and Cash Equivalents:

For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than

three

months to be cash and cash equivalents. As of

April 30, 2017

and

April 30, 2016,

cash equivalents included

$6,066,000

and

$12,037,000,

respectively, for amounts invested in money market mutual funds that invest in short term U.S. government securities.

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Note 2 - Supplementary Cash Flow Information

12 Months Ended

Apr. 30, 2017

Cash Flow, Supplemental Disclosures [Text Block]

Note

-Supplementary Cash Flow Information:

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016		2015
State and local income tax payments	$	560	$	188	$	238
Federal income tax payments to the Parent	$	6,824	$	3,545	$	3,366

See Note

-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the "Parent").

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Note 3 - Related Party Transactions

12 Months Ended

Apr. 30, 2017

Note

-Related Party Transactions:

Investment Management (overview):

December 23, 2010,

the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM. Accordingly, the Company

longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.

Total assets in the Value Line Funds managed and/or distributed by EAM at

April 30, 2017,

were

$2.4

billion, which is

$192

million, or

8.6%,

above total assets of

$2.2

billion in the Value Line Funds managed by EAM at

April 30, 2016.

Starting

January 2015,

the Value Line VIP Equity Advantage Fund was added to the Guardian Pro Series Variable Annuities. The fund is an open end fund that invests primarily in a basket of closed-end funds.

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%

of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and at least

90%

of the Company's

50%

interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues calculated each fiscal quarter was

49.45%,

49.14%,

49.19%

and

49.22%

during the first, second,

third

and

fourth

quarters of fiscal

2017,

respectively, and

50.05%,

50.16%,

50.14%

and

49.97%

during the first, second,

third

and

fourth

quarters of fiscal

2016,

respectively.

The non-voting revenues and

90%

of the Company's non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and

not

yet paid, were

$1,919,000

and

$1,750,000

April 30, 2017

and

April 30, 2016,

respectively.

EAM Trust - VLI's non-voting revenues and non-voting profits interests:

The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from

41%

55%

of EAM's investment management fee revenues from its mutual fund and separate accounts business. EAM currently has

separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016		2015
Non-voting revenues interest in EAM	$	7,195	$	7,211	$	7,346
Non-voting profits interest in EAM		519		440		624
	$	7,714	$	7,651	$	7,970

Transactions with Parent:

During the fiscal years ended

April 30, 2017

and

April 30, 2016,

the Company was reimbursed

$383,000

and

$164,000,

respectively for payments it made on behalf of and services it provided to AB&Co. There were

receivables due from the Parent at

April 30, 2017

April 30, 2016.

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the

two

Companies between them. For the years ended

April 30, 2017,

2016,

and

2015,

the Company made payments to the Parent for federal income tax amounting to

$6,824,000,

$3,545,000,

and

$3,366,000,

respectively.

From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent

may

make additional purchases of common stock of the Company from time to time in the future. As of

April 30, 2017,

the Parent owned

88.9%

of the outstanding shares of common stock of the Company.

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Note 4 - Investments

12 Months Ended

Apr. 30, 2017

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note

-Investments:

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,

Investments - Debt and Equity Securities. All of the Company's securities classified as available-for-sale were readily marketable or had a maturity of

twelve

months or less and are classified as current assets on the Consolidated Balance Sheets.

Equity Securities:

As of

April 30, 2017,

the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), PowerShares Financial Preferred ETF (PGF), Select Utilities Select Sector SPDR ETF (XLU), First Trust Value Line

100

ETF (FVL) and Proshares Trust S&P

500

Dividend (NOBL) was

$8,385,000

and the fair value was

$9,097,000.

As of

April 30, 2016,

the aggregate cost of the equity securities classified as available-for-sale, which consisted of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), PowerShares Financial Preferred ETF (PGF), Select Utilities Select Sector SPDR ETF (XLU), First Trust Value Line

100

ETF (FVL), Proshares Trust S&P

500

Dividend (NOBL) and First Trust Total US Market Alphadex ETF (TUSA) was

$3,445,000

and the fair value was

$3,637,000.

During the

second

quarter ended

October 31, 2015,

the Company made a decision to reduce its dividend paying ETF position and liquidate its non dividend paying inverse ETF positions. The liquidated portfolio of investments generated an annual dividend return averaging

annually during the years it was held.

Proceeds from sales of equity securities classified as available-for-sale during the

twelve

months ended

April 30, 2017

were

$53,000

and capital gain distributions of

$39,000

were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheet to the Consolidated Statement of Income. There was

gain or loss on sales of equity securities classified as available-for-sale during fiscal

2017.

The increase in gross unrealized gains on equity securities classified as available-for-sale of

$520,000,

net of deferred taxes of

$183,000

was included in Shareholders' Equity at

April 30, 2017.

Proceeds from sales of equity securities classified as available-for-sale during the

twelve

months ended

April 30, 2016

were

$10,206,000

and the related capital gains of

$224,000

and capital gain distributions of

$105,000

were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheet to the Consolidated Statement of Income. The increase in gross unrealized gains on equity securities classified as available-for-sale of

$29,000,

net of deferred taxes of

$9,000

was included in Shareholders' Equity at

April 30, 2016.

There were capital gain distributions from certain ETFs of

$39,000

and

$105,000,

respectively, during fiscal years

2017

and

2016.

The carrying value and fair value of securities available-for-sale at

April 30, 2017

were as follows:

($ in thousands)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
ETFs - equities		$	8,385			$	712			$	-			$	9,097

The carrying value and fair value of securities available-for-sale at

April 30, 2016

were as follows:

($ in thousands)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
ETFs - equities		$	3,445			$	194			$	(2	)		$	3,637

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. The aggregate cost and fair value at

April 30, 2017

of fixed income securities classified as available-for-sale were as follows:

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	4,384	$	4	$	(3	)	$	4,385
Due 1 year through 5 years		3,100		-		(6	)		3,094
Total investment in government debt securities	$	7,484	$	4	$	(9	)	$	7,479

The increase in gross unrealized losses of

$5,000

on fixed income securities classified as available-for-sale net of deferred income tax of

$1,000,

was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of

April 30, 2017.

The average yield on the Government debt securities classified as available-for-sale at

April 30, 2017

was

0.40%.

There were

fixed income securities at

April 30, 2016.

There were

sales or proceeds from maturities and sales of government debt securities classified as available-for-sale during the fiscal years ended

April 30, 2016.

Income from Securities Transactions:

Income from securities transactions was comprised of the following:

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016		2015
Dividend income	$	193	$	142	$	157
Interest income		33		-		3
Capital gain distribution from ETFs (1)		39		105		57
Capital gains (2)		-		224		-
Other		47		6		(91	)
Total income from securities transactions and other, net	$	312	$	477	$	126

(

) Capital gain distributions of

$39,000,

$105,000

and

$57,000

were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal

2017,

2016

and

2015,

respectively.

(

) Capital gains of

$224,000

were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal

2016.

April 30, 2017

and

April 30, 2016,

gross unrealized gains of

$515,000

and

$192,000,

net of deferred taxes of

$182,000

and

$68,000,

respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.

Investment in Unconsolidated Entities:

Equity Method Investment:

As of

April 30, 2017

and

April 30, 2016,

the Company's investment in EAM Trust, on the Consolidated Balance Sheets was

$58,223,000

and

$57,942,000,

respectively.

The value of VLI’s investment in EAM at

April 30, 2017

and

April 30, 2016

reflects the fair value of contributed capital of

$55,805,000

at inception, which included

$5,820,000

of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI's share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.

It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will

not

need additional funding.

The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that

may

have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are

not

limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did

not

record any impairment losses for its assets during the fiscal years

2017

2016.

The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016			2015
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	14,701	$	14,548		$	15,014
12b-1 fees and other fees, net of waivers shown below	$	5,822	$	5,669		$	5,459
Other income/(loss)	$	205	$	(14	)	$	34
Investment management fee waivers and reimbursements (1)	$	436	$	262		$	192
12b-1 fee waivers (1)	$	923	$	1,071		$	1,518
Value Line’s non-voting revenues interest	$	7,195	$	7,211		$	7,346
EAM's net income (2)	$	1,038	$	880		$	1,248

(

) During fiscal

2017,

2016

and

2015

investment management fee waivers and reimbursements primarily related to

one

Value Line Mutual Fund and the

12b

fee waivers related to

four

of the Value Line Mutual Funds, respectively.

(

) Represents EAM's net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its

50%

non-voting profits interest.

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016
EAM's total assets	$	60,432		$	60,292
EAM's total liabilities (1)		(2,931	)		(3,021	)
EAM's total equity	$	57,501		$	57,271

(

) At

April 30, 2017

and

2016,

EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of

$1,919,000

and

$1,750,000,

respectively.

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Note 5 - Variable Interest Entity

12 Months Ended

Apr. 30, 2017

Variable Interest Entity [Text Block]

Note

-Variable Interest Entity:

The Company retained a non-voting revenues interest and a

50%

non-voting profits interest in EAM, which was formed, as a result of the Restructuring Transaction on

December 23, 2010,

to carry on the asset management and mutual fund distribution businesses formerly conducted by the Company. EAM is considered to be a VIE. The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests. Other than EAM, the Company does

not

have an interest in any other VIEs.

The Company has determined that it does

not

have a controlling financial interest in EAM because it does

not

have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line does

not

hold any voting stock of EAM and it does

not

have any involvement in the day-to-day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does

not

maintain control over EAM.

The Company has

not

provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line has

obligation to fund EAM in the future and, as a result, has

exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.

			Value Line
($ in thousands)	VIE Assets			Investment in EAM Trust (1)		Liabilities		Maximum Exposure to Loss
As of April 30, 2017	$	60,432		$	58,223	$	-	$	58,223
As of April 30, 2016	$	60,292		$	57,942	$	-	$	57,942

(

) Reported within Long Term Assets on Consolidated Balance Sheets.

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Note 6 - Property and Equipment

12 Months Ended

Apr. 30, 2017

Property, Plant and Equipment Disclosure [Text Block]

Note

-Property and Equipment:

	As of April 30,
($ in thousands)	2017			2016

Land	$	-		$	726
Building and leasehold improvements		789			5,190
Furniture and equipment		3,865			4,156
		4,654			10,072
Accumulated depreciation and amortization		(3,415	)		(6,451	)
Total property and equipment, net	$	1,239		$	3,621

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Note 7 - Federal, State and Local Income Taxes

12 Months Ended

Apr. 30, 2017

Income Tax Disclosure [Text Block]

Note

-Federal, State and Local Income Taxes:

In accordance with the requirements of the Income Tax Topic of the FASB's ASC, the Company's provision for income taxes includes the following:

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016			2015
Current tax expense (benefit):
Federal	$	6,360		$	3,799		$	3,197
State and local		469			219			243
		6,829			4,018			3,440
Deferred tax expense (benefit):
Federal		(1,299	)		(839	)		(83	)
State and local		(412	)		(462	)		(154	)
		(1,711	)		(1,301	)		(237	)
Income tax provision:	$	5,118		$	2,717		$	3,203

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(249	)	$	(68	)
Capital loss carryforward		-			86
Operating lease exit obligation		151			58
Deferred professional fees		17			77
Deferred charges		402			250
Total federal tax benefit		321			403

State and local tax benefits:
Other - deferred charges		28			29
Total state and local tax benefits		28			29
Deferred tax asset, short term	$	349		$	432

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,742		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		454			1,812
Other		(45	)		8
Total federal tax liability		17,532			18,880

State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,206			1,704
Deferred non-cash post-employment compensation		(42	)		(60	)
Depreciation and amortization		31			174
Deferred professional fees		(2	)		(15	)
Total state and local tax liabilities		1,193			1,803
Deferred tax liability, long term	$	18,725		$	20,683

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

$50,510,000

gain from deconsolidation of the Company's asset management and mutual fund distribution subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of

$1,770,000

granted to VLI's former employee.

The overall effective income tax rates, as a percentage of pre-tax ordinary income for the

twelve

months ended

April 30, 2017,

2016

and

2015

were

33.05%,

27.15%

and

30.52%,

respectively. The Company's annual effective tax rate will change due to a number of factors including but

not

limited to an increase or decrease in the ratio of items that do

not

have tax consequences to pre-tax income, the Company's geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal

2017

is primarily attributable to the attribution of

100%

of the gain on the sale of the Company's operating facility to

one

tax jurisdiction. The fluctuation in the effective income tax rate during fiscal

2016

is primarily attributable to the effect of the reduction in the allocation factors on the state and local deferred tax liability (primarily the gain on deconsolidation of EAM), reversal of excess income tax accruals established in past years that were resolved upon completion of the prior NYC and IRS audits and an increase in the domestic production tax credits. The fluctuation in the effective income tax rate during fiscal

2015

is primarily attributable to the write-off of the tax bases of goodwill.

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:

	Fiscal Years Ended April 30,
	2017			2016			2015
U.S. statutory federal rate		35.00	%		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		-0.88	%		-3.39	%		-0.15	%
Effect of dividends received deductions		-0.33	%		-0.41	%		-0.40	%
Write off goodwill		-			-			-1.62	%
Domestic production tax credit		-0.17	%		-0.33	%		-0.44	%
Other, net		-0.57	%		-3.72	%		-1.87	%
Effective income tax rate		33.05	%		27.15	%		30.52	%

The Company believes that, as of

April 30, 2017,

there were

material uncertain tax positions that would require disclosure under GAAP.

April 30, 2017,

the Company will file combined income tax returns with the Parent on a unitary basis in certain states as a result of changes in state tax regulations. The Company does

not

anticipate any significant tax implications from the change to unitary state tax filing.

The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years ended

2013

through

2016,

are subject to examination by the tax authorities, generally for

three

years after they are filed with the tax authorities. The Company favorably concluded certain tax audits during the

third

quarter of fiscal

2016

that provided the recognition of tax benefits resulting from a favorable outcome. The Company is presently engaged in a federal tax audit for the fiscal year ended

April 30, 2015

and a state tax audit for that period, but does

not

expect them to have a material effect on the financial statements.

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Note 8 - Employees' Profit Sharing and Savings Plan	12 Months Ended
Note 8 - Employees' Profit Sharing and Savings Plan	Apr. 30, 2017
Notes to Financial Statements
Compensation Related Costs, General [Text Block]	Note 8 -Employees' Profit Sharing and Savings Plan: Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the "Plan"). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended April 30, 2017, 2016 and 2015, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $345,000, $473,000 and $422,000, respectively. During fiscal 2017 the U.S. Department of Labor Employee Benefits Security Administration examined the Plan for the period May 1, 2010 through March 17, 2016. As a result of the examination, the Plan sponsor decided to reimburse the Plan in the amount of $277,000 during fiscal 2017. The reimbursement was for fees received indirectly by the Plan sponsor from EAM, related to the Plan assets invested in the Value Line Mutual Funds, subsequent to Value Line's divestiture of its asset management and advisory business on December 23, 2010. Prior to then, Value Line received fees under a class exemption for certain transactions between investment companies and employee benefit plans. After the corporate restructuring, the fee payments may no longer have qualified under the exemption, and therefore, Value Line decided to pay the fees that it previously collected indirectly from EAM back to the Plan.

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Note 9 - Lease Commitments

12 Months Ended

Apr. 30, 2017

Commitments Disclosure [Text Block]

Note

-Lease Commitments:

February 2017

the Company's headquarters and offices moved to a new location. On

November 30, 2016,

Value Line, Inc., received consent from the landlord at

551

Fifth Avenue, New York, NY to the terms of a new sublease agreement between Value Line, Inc. (“Value Line” or “Company”) and ABM Industries, Incorporated (“ABM” or the “Sublandlord”) commencing on

December 1, 2016.

Pursuant to the agreement Value Line leased from ABM

24,726

square feet of office space located on the

second

and

third

floors at

551

Fifth Avenue, New York, NY (“Building” or “Premises”) beginning on

December 1, 2016

and ending on

November 29, 2027.

Base rent under the sublease agreement is

$1,126,000

per annum during the

first

year with an annual increase in base rent of

2.25%

scheduled for each subsequent year, payable in equal monthly installments on the

first

day of each month, subject to customary concessions in the Company’s favor and pass-through of certain increases in utility costs and real estate taxes over the base year. The Company provided a security deposit represented by a letter of credit in the amount of

$469,000,

which is scheduled to be reduced to

$305,000

September 30, 2021

and fully refunded after the sublease ends. This Building became the Company’s new corporate office facility. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. The sublease terms provide for a significant decrease (

23%

initially) in the Company’s annual rental expenditure taking into account free rent for the

first

six

months of the sublease. Sublandlord provided Value Line an allowance of

$417,000

which is expected to be applied against the Company’s costs and expenses related to the relocation to the new office facility or applied as additional free rent.

February

29,

2016,

the Company’s subsidiary Value Line Distribution Center (“VLDC”) and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC has leased

24,110

square feet of warehouse and appurtenant office space located at

205

Chubb Ave., Lyndhurst, NJ (“Warehouse”) beginning on

May 1, 2016

and ending on

April 30, 2024 (

“Lease”). Base rent under the Lease is

$192,880

per annum payable in equal monthly installments on the

first

day of each month, in advance during fiscal

2017

and will gradually increase to

$237,218

in fiscal

2024,

subject to customary increases based on operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of

$32,146,

which will be fully refunded after the Lease term expires. The lease is a net lease requiring the Company to pay for certain operating expenses associated with the Warehouse as well as utilities supplied to the Warehouse.

The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease.

Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of

one

year or more, are as follows:

Fiscal Years Ended April 30,	($ in thousands)

2018		824
2019		1,366
2020		1,399
2021		1,432
2022 and thereafter		10,002
	$	15,023

For the fiscal years ended

April 30, 2017,

2016

and

2015,

rental expenses were

$1,677,000,

$1,268,000

and

$1,268,000,

respectively. The rental expenses during fiscal

2017

included additional

three

month overlapping rent expense of

$86,000

per month for the current office facility and

$105,000

for the previously occupied office facility during the period from

December 1, 2016

February 28, 2017

which is being offset by lower rent payments according to the sub-lease agreement with American Building Maintenance (“ABM” or the “Sublandlord”).

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Note 10 - Disclosure of Credit Risk of Financial Instruments With Off-balance Sheet Risk	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 10 -Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk: Other than EAM and the Value Line Funds as explained in Note 3 - Related Party Transactions, no single customer accounted for a significant portion of the Company's sales in fiscal 2017, 2016 or 2015, nor its accounts receivable as of April 30, 2017 or 2016.

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Note 11 - Comprehensive Income

12 Months Ended

Apr. 30, 2017

Comprehensive Income (Loss) Note [Text Block]

Note

-Comprehensive Income:

not

be recognized in the calculation of net income.

As of

April 30, 2017

and

April 30, 2016,

the Company held equity securities consisting primarily of ETFs with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets. As of

April 30, 2017

the Company held fixed income securities consisting of certificates of deposits and securities issued by federal, state, and local governments within the United States that are classified as securities available-for-sale on the Consolidated Balance Sheets. The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company's Consolidated Balance Sheets.

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the

twelve

months ending

April 30, 2017

are as follows:

	Fiscal Year Ended April 30, 2017
($ in thousands)	Amount Before Tax		Tax Expense/ (Benefit)			Amount Net of Tax
Change in unrealized gains on securities	$	476	$	(168	)	$	308
Less: Gains realized in net income		39		(14	)		25
	$	515	$	(182	)	$	333

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the

twelve

months ending

April 30, 2016

are as follows:

	Fiscal Year Ended April 30, 2016
($ in thousands)	Amount Before Tax			Tax Expense/ (Benefit)			Amount Net of Tax
Change in unrealized gains on securities	$	(300	)	$	106		$	(194	)
Less: Gains realized in net income		329			(115	)		214
	$	29		$	(9	)	$	20

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for the

twelve

months ending

April 30, 2015

are as follows:

	Fiscal Year Ended April 30, 2015
($ in thousands)	Amount Before Tax			Tax Expense/ (Benefit)			Amount Net of Tax
Change in unrealized gains on securities	$	(274	)	$	96		$	(178	)
Less: Gains realized in net income		57			(20	)		37
	$	(217	)	$	76		$	(141	)

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Note 12 - Accounting for the Costs of Computer Software Developed for Internal Use	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Internal Use Software Disclosure [Text Block]	Note 12 -Accounting for the Costs of Computer Software Developed for Internal Use: The Company has adopted the provisions of the Statement of Position 98 - 1 (SOP 98 - 1 ), "Accounting for the Costs of Computer Software Developed for Internal Use". SOP 98 - 1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software's estimated useful life in a systematic and rational manner. The Company capitalized $407,000 and $1,681,000 related to the development of software for internal use for the twelve months ended April 30, 2017 and 2016, respectively. Total capitalized software includes $215,000 and $1,250,000 of internal costs to develop software and $192,000 and $431,000 of third party programmers' costs for the years ended April 30, 2017 and April 30, 2016, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is 3 to 5 years. Total amortization expenses for the years ended April 30, 2017, 2016 and 2015 were $4,397,000, $3,520,000, and $2,421,000, respectively. Amortization expense in fiscal 2017 included an increase of $877,000 of production expenses primarily attributable to additional amortization of internally developed software costs related to the product production cycle that is expected to be upgraded during fiscal 2018.

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Note 13 - Treasury Stock and Repurchase Program

12 Months Ended

Apr. 30, 2017

Treasury Stock [Text Block]

Note

-Treasury Stock and Repurchase Program:

September 19, 2012,

the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of

$3,000,000.

The repurchases

may

be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program

may

be suspended or discontinued at any time at the Company’s discretion and has

set expiration date.

Treasury stock, at cost, consists of the following:

($ in thousands except for cost per share)	Shares		Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2014 (1)		182,071	$	2,122	$	11.65	$	2,268
Purchases effected in open market (2)		8,433	$	122	$	14.47	$	2,146
Balance as of April 30, 2015		190,504	$	2,244	$	11.78	$	2,146
Purchases effected in open market (2)		52,907	$	796	$	15.05	$	1,350
Balance as of April 30, 2016		243,411	$	3,040	$	12.49	$	1,350
Purchases effected in open market (2)		44,924	$	741	$	16.51	$	609
Balance as of April 30, 2017		288,335	$	3,781	$	13.11	$	609

(

) Includes

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.

(

) Were acquired during the

million repurchase program authorized in

September 2012.

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Note 14 - Copyright Data Fees	12 Months Ended
Note 14 - Copyright Data Fees	Apr. 30, 2017
Notes to Financial Statements
Copyright Data Fees [Text Block]	Note 14 -Copyright Data Fees: During the twelve months ended April 30, 2017, copyright data fees of $4,406,000 were 68% above fiscal 2016. As of April 30, 2017, total third party sponsored assets were attributable to three contracts for copyright data representing $3.6 billion in various products, as compared to three contracts for copyright data representing $1.8 billion in assets at April 30, 2016.

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Note 15 - Restricted Cash and Deposits	12 Months Ended
Note 15 - Restricted Cash and Deposits	Apr. 30, 2017
Notes to Financial Statements
Restricted Assets Disclosure [Text Block]	Note 15 - Restricted Cash and Deposits: Restricted Money Market Investment in the noncurrent assets on the Consolidated Condensed Balance Sheet at April 30, 2017, includes $469,000, which represents cash invested in a bank money market fund securing a letter of credit ("LOC") in the amount of $469,000 issued to the sublandlord as a security deposit for the Company's new leased corporate office facility.

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Note 16 - Gain on Sale of Operating Facility	12 Months Ended
Note 16 - Gain on Sale of Operating Facility	Apr. 30, 2017
Notes to Financial Statements
Gain on Sale of Operating Facility [Text Block]	Note 16 - Gain on Sale of Operating Facility: On July 29, 2016, Value Line closed the sale of its 85,000 sq ft distribution, fulfillment and warehouse operating facility located at 125 East Union Avenue, East Rutherford, NJ, received net proceeds of $11,555,000 and reported an increment to net profits after tax during the first quarter of fiscal 2017 of approximately $5.28 million. The distribution, fulfillment and warehouse operations were relocated to an alternative 24,110 sq ft leased facility (See Note 9 ).

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Note 17 -Business Segments	12 Months Ended
Note 17 -Business Segments	Apr. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 17 -Business Segments: Prior to December 23, 2010, ( the Restructuring Transaction date), the Company operated two reportable business segments: ( 1 ) Publishing and ( 2 ) Investment Management. The Publishing segment, the Company's only reportable segment subsequent to the Restructuring Transaction date, produces investment periodicals and related publications (retail and institutional) in both print and digital form, and includes copyright data fees for the Value Line Proprietary Ranking System information and other proprietary information. As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit. Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM.

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Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2017

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates:

may

differ from those estimates.

Consolidation, Policy [Policy Text Block]

Principles of Consolidation:

The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic

810

“Consolidation” to determine if it should consolidate its investment in a variable interest entity ("VIE"). A VIE is a legal entity in which either (i) equity investors do

not

the primary beneficiary of a VIE (see Note

In accordance with FASB's Topic

810,

December 23, 2010,

the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB's Topic

810.

323

and

810

in its determination

not

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition:

Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to

third

parties under written agreements for use in selecting securities for

third

The Value Line Funds are open-end management companies registered under the Investment Company Act of

1940

(the

"1940

Act"). Shareholder transactions for the Value Line Funds are processed each business day by the

third

party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.

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.

41%

55%,

based on the amount of EAM’s adjusted gross revenues, excluding EULAV Securities' distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive

50%

of EAM's profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least

90%

not

have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM's revenues and profits.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements:

November 2015,

the FASB issued ASU

2015

17,

Income taxes (Topic

740

one

net long-term asset or liability. The new guidance does

not

change the existing requirement that prohibits offsetting deferred tax liabilities from

one

jurisdiction against deferred tax assets of another jurisdiction. ASU

2015

is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2016,

which will be our fiscal year

2018

beginning

May 1, 2017.

Due to the full valuation allowance on our U.S. deferred tax assets, we do

not

expect the adoption of ASU

2015

to have a material impact on our consolidated financial statements and related disclosures.

February 2016,

the FASB issued ASU

2016

02,

Leases (Topic

842

) (“ASU

2016

02"

). The core principle of Topic

842

requires that a lessee should recognize the assets and liabilities on the balance sheet and disclose key information about leasing arrangements. The amendments in ASU

2016

are effective for fiscal years beginning after

December 15, 2018,

August, 2016,

the FASB issued Accounting Standards Update

No.

2016

15,

Classification of Certain Cash Receipts and Cash Payments ( a consensus of the Emerging Issues Task Force) ( “ASU

2016

15”

). The amendments in ASU

2016

address

eight

specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic

230,

Statement of Cash Flows. The amendments in ASU

2016

are effective for public business entities for fiscal years beginning after

December 15, 2017,

Fair Value Measurement, Policy [Policy Text Block]

Valuation of Securities:

820.

under the

1940

Act.

three

The

three

-tier hierarchy of inputs is summarized in the

three

broad levels listed below.

Level

– quoted prices in active markets for identical investments

Level

– other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level

– significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)

The following summarizes the levels of fair value measurements of the Company’s investments:

	As of April 30, 2017
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	6,066	$	-	$	-	$	6,066
Securities available-for-sale		16,576		-		-		16,576
	$	22,642	$	-	$	-	$	22,642

	As of April 30, 2016
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	12,037	$	-	$	-	$	12,037
Securities available-for-sale		3,637		-		-		3,637
	$	15,674	$	-	$	-	$	15,674

The Company had

other financial instruments such as futures, forwards and swap contracts. For the periods ended

April 30, 2017

and

April 30, 2016,

there were

Level

nor Level

investments. The Company does

not

have any liabilities subject to fair value measurement.

Advertising Costs, Policy [Policy Text Block]

Advertising expenses:

The Company expenses advertising costs as incurred.

Income Tax, Policy [Policy Text Block]

Income Taxes:

April 30, 2017,

management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is

material impact to the Company's financial statements.

Earnings Per Share, Policy [Policy Text Block]

Earnings per share:

not

have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.

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

months to be cash and cash equivalents. As of

April 30, 2017

and

April 30, 2016,

cash equivalents included

$6,066,000

and

$12,037,000,

respectively, for amounts invested in money market mutual funds that invest in short term U.S. government securities.

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Note 1 - Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2017

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	As of April 30, 2017
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	6,066	$	-	$	-	$	6,066
Securities available-for-sale		16,576		-		-		16,576
	$	22,642	$	-	$	-	$	22,642

	As of April 30, 2016
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	12,037	$	-	$	-	$	12,037
Securities available-for-sale		3,637		-		-		3,637
	$	15,674	$	-	$	-	$	15,674

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

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Note 2 - Supplementary Cash Flow Information (Tables)

12 Months Ended

Apr. 30, 2017

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016		2015
State and local income tax payments	$	560	$	188	$	238
Federal income tax payments to the Parent	$	6,824	$	3,545	$	3,366

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Note 3 - Related Party Transactions (Tables)

12 Months Ended

Apr. 30, 2017

Schedule of Non Voting Revenues Interest and Non Voting Profits Interests [Table Text Block]

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016		2015
Non-voting revenues interest in EAM	$	7,195	$	7,211	$	7,346
Non-voting profits interest in EAM		519		440		624
	$	7,714	$	7,651	$	7,970

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Note 4 - Investments (Tables)

12 Months Ended

Apr. 30, 2017

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

($ in thousands)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
ETFs - equities		$	8,385			$	712			$	-			$	9,097

($ in thousands)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
ETFs - equities		$	3,445			$	194			$	(2	)		$	3,637

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	4,384	$	4	$	(3	)	$	4,385
Due 1 year through 5 years		3,100		-		(6	)		3,094
Total investment in government debt securities	$	7,484	$	4	$	(9	)	$	7,479

Investment Income [Table Text Block]

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016		2015
Dividend income	$	193	$	142	$	157
Interest income		33		-		3
Capital gain distribution from ETFs (1)		39		105		57
Capital gains (2)		-		224		-
Other		47		6		(91	)
Total income from securities transactions and other, net	$	312	$	477	$	126

Investment Holdings, Other than Securities [Table Text Block]

	Fiscal Years Ended April 30,
($ in thousands)	2017		2016			2015
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	14,701	$	14,548		$	15,014
12b-1 fees and other fees, net of waivers shown below	$	5,822	$	5,669		$	5,459
Other income/(loss)	$	205	$	(14	)	$	34
Investment management fee waivers and reimbursements (1)	$	436	$	262		$	192
12b-1 fee waivers (1)	$	923	$	1,071		$	1,518
Value Line’s non-voting revenues interest	$	7,195	$	7,211		$	7,346
EAM's net income (2)	$	1,038	$	880		$	1,248

Summary Investment Holdings [Table Text Block]

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016
EAM's total assets	$	60,432		$	60,292
EAM's total liabilities (1)		(2,931	)		(3,021	)
EAM's total equity	$	57,501		$	57,271

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Note 5 - Variable Interest Entity (Tables)

12 Months Ended

Apr. 30, 2017

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, 2017	$	60,432		$	58,223	$	-	$	58,223
As of April 30, 2016	$	60,292		$	57,942	$	-	$	57,942

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

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Note 6 - Property and Equipment (Tables)

12 Months Ended

Apr. 30, 2017

Property, Plant and Equipment [Table Text Block]

	As of April 30,
($ in thousands)	2017			2016

Land	$	-		$	726
Building and leasehold improvements		789			5,190
Furniture and equipment		3,865			4,156
		4,654			10,072
Accumulated depreciation and amortization		(3,415	)		(6,451	)
Total property and equipment, net	$	1,239		$	3,621

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Note 7 - Federal, State and Local Income Taxes (Tables)

12 Months Ended

Apr. 30, 2017

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016			2015
Current tax expense (benefit):
Federal	$	6,360		$	3,799		$	3,197
State and local		469			219			243
		6,829			4,018			3,440
Deferred tax expense (benefit):
Federal		(1,299	)		(839	)		(83	)
State and local		(412	)		(462	)		(154	)
		(1,711	)		(1,301	)		(237	)
Income tax provision:	$	5,118		$	2,717		$	3,203

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016
Federal tax benefit (liability):
Unrealized gains on securities available-for-sale	$	(249	)	$	(68	)
Capital loss carryforward		-			86
Operating lease exit obligation		151			58
Deferred professional fees		17			77
Deferred charges		402			250
Total federal tax benefit		321			403

State and local tax benefits:
Other - deferred charges		28			29
Total state and local tax benefits		28			29
Deferred tax asset, short term	$	349		$	432

	Fiscal Years Ended April 30,
($ in thousands)	2017			2016
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	17,742		$	17,679
Deferred non-cash post-employment compensation		(619	)		(619	)
Depreciation and amortization		454			1,812
Other		(45	)		8
Total federal tax liability		17,532			18,880

State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,206			1,704
Deferred non-cash post-employment compensation		(42	)		(60	)
Depreciation and amortization		31			174
Deferred professional fees		(2	)		(15	)
Total state and local tax liabilities		1,193			1,803
Deferred tax liability, long term	$	18,725		$	20,683

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal Years Ended April 30,
	2017			2016			2015
U.S. statutory federal rate		35.00	%		35.00	%		35.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		-0.88	%		-3.39	%		-0.15	%
Effect of dividends received deductions		-0.33	%		-0.41	%		-0.40	%
Write off goodwill		-			-			-1.62	%
Domestic production tax credit		-0.17	%		-0.33	%		-0.44	%
Other, net		-0.57	%		-3.72	%		-1.87	%
Effective income tax rate		33.05	%		27.15	%		30.52	%

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Note 9 - Lease Commitments (Tables)

12 Months Ended

Apr. 30, 2017

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Fiscal Years Ended April 30,	($ in thousands)

2018		824
2019		1,366
2020		1,399
2021		1,432
2022 and thereafter		10,002
	$	15,023

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Note 11 - Comprehensive Income (Tables)

12 Months Ended

Apr. 30, 2017

Comprehensive Income (Loss) [Table Text Block]

	Fiscal Year Ended April 30, 2017
($ in thousands)	Amount Before Tax		Tax Expense/ (Benefit)			Amount Net of Tax
Change in unrealized gains on securities	$	476	$	(168	)	$	308
Less: Gains realized in net income		39		(14	)		25
	$	515	$	(182	)	$	333

	Fiscal Year Ended April 30, 2016
($ in thousands)	Amount Before Tax			Tax Expense/ (Benefit)			Amount Net of Tax
Change in unrealized gains on securities	$	(300	)	$	106		$	(194	)
Less: Gains realized in net income		329			(115	)		214
	$	29		$	(9	)	$	20

	Fiscal Year Ended April 30, 2015
($ in thousands)	Amount Before Tax			Tax Expense/ (Benefit)			Amount Net of Tax
Change in unrealized gains on securities	$	(274	)	$	96		$	(178	)
Less: Gains realized in net income		57			(20	)		37
	$	(217	)	$	76		$	(141	)

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Note 13 - Treasury Stock and Repurchase Program (Tables)

12 Months Ended

Apr. 30, 2017

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, 2014 (1)		182,071	$	2,122	$	11.65	$	2,268
Purchases effected in open market (2)		8,433	$	122	$	14.47	$	2,146
Balance as of April 30, 2015		190,504	$	2,244	$	11.78	$	2,146
Purchases effected in open market (2)		52,907	$	796	$	15.05	$	1,350
Balance as of April 30, 2016		243,411	$	3,040	$	12.49	$	1,350
Purchases effected in open market (2)		44,924	$	741	$	16.51	$	609
Balance as of April 30, 2017		288,335	$	3,781	$	13.11	$	609

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Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Money Market Funds, at Carrying Value	$ 6,066,000	$ 12,037,000
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%

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Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
	$ 22,642	$ 15,674
Securities available-for-sale	16,576	3,637
Money Market Funds [Member]
Cash equivalents	6,066	12,037
Fair Value, Inputs, Level 1 [Member]
	22,642	15,674
Securities available-for-sale	16,576	3,637
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Cash equivalents	6,066	12,037
Fair Value, Inputs, Level 2 [Member]

Securities available-for-sale
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Cash equivalents
Fair Value, Inputs, Level 3 [Member]

Securities available-for-sale
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Cash equivalents

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

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Note 2 - Supplementary Cash Flow Information - Supplementary Cash Flow Elements (Details) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
State and local income tax payments	$ 560,000	$ 188,000	$ 238,000
Federal income tax payments to the Parent	$ 6,824,000	$ 3,545,000	$ 3,366,000

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Note 3 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended								12 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Federal Income Tax Payments to Parent									$ 6,824,000	$ 3,545,000	$ 3,366,000
Value Line Inc [Member]
Accounts Receivable, Related Parties	$ 0				$ 0				0	0
Value Line Inc [Member]
Reimbursement Revenue									383,000	164,000
EAM Trust [Member]
Increase (Decrease) in Assets under Management									$ 192,000,000
Percentage of Assets Increased (Decreased) in Unconsolidated Entities									8.60%
Assets under Management, Carrying Amount	$ 2,400,000,000				$ 2,200,000,000				$ 2,400,000,000	2,200,000,000
Non Voting Profits Interest Percent									50.00%
Percentage of Non Voting Revenues Interest in Unconsolidated Entity	49.22%	49.19%	49.14%	49.45%	49.97%	50.14%	50.16%	50.05%
Non Voting Profits Interest in Variable Entity Not yet Paid	$ 1,919,000				$ 1,750,000				$ 1,919,000	$ 1,750,000
Ownership Percentage By Parent	88.90%								88.90%
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%

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Note 3 - Related Party Transactions - Schedule of Non Voting Revenues Interest and Non Voting Profits Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Non-voting revenues interest in EAM	$ 7,195	$ 7,211	$ 7,346
Non-voting profits interest in EAM	519	440	624
	$ 7,714	$ 7,651	$ 7,970

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Note 4 - Investments (Details Textual) - USD ($)

12 Months Ended

Apr. 30, 2017

Apr. 30, 2016

Apr. 30, 2015

Available-for-sale Equity Securities, Amortized Cost Basis

$ 8,385,000

$ 3,445,000

Available-for-sale Securities, Equity Securities

9,097,000

$ 3,637,000

Percentage of Annual Dividend Return on Investment

3.00%

Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax

515,000

$ 192,000

AOCI Tax, Attributable to Parent

$ 182,000

68,000

Available-for-sale Securities, Debt Securities, Average Yield

0.40%

Available-for-sale Securities, Debt Securities

$ 7,479,000

Capital Gain Distribution from Available for Sale Securities

^[1]

39,000

105,000

$ 57,000

Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent

515,000

29,000

(217,000)

Proceeds from Sale of Available-for-sale Securities, Equity

53,000

10,206,000

$ 57,000

58,223,000

57,942,000

EAM Trust [Member]

Percentage of Non Voting Profit Interest

^[2]

$ 58,223,000

57,942,000

50.00%

Accrued Non Voting Revenues and Non Voting Profits Interests Payable

$ 1,919,000

1,750,000

Cash and Liquid Securities in Excess of Working Capital Requirements Contributed to CapitalAccount

5,820,000

Equity Method Investment, Other than Temporary Impairment

Fair Value of Contributed Capital at Inception

55,805,000

AOCI Attributable to Parent [Member]

Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax

5,000

AOCI Tax, Attributable to Parent

1,000

Equity Securities [Member]

Available-for-sale Securities, Gross Realized Gain (Loss)

Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent

520,000

29,000

Deferred Taxes on Unrealized Gains on Securities

$ 183,000

9,000

Available-for-sale Securities, Gross Realized Gains

224,000

Debt Securities [Member]

Proceeds from Sale and Maturity of Available-for-sale Securities

$ 0

[1]	Capital gain distributions of $39,000, $105,000 and $57,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2017, 2016 and 2015, respectively.
[2]	Reported within Long Term Assets on Consolidated Balance Sheets.

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Note 4 - Investments - Schedule of Carrying Value and Fair Value of Securities Available-for-sale (Details) - USD ($)	Apr. 30, 2017	Apr. 30, 2016
Available-for-sale Equity Securities, Amortized Cost Basis	$ 8,385,000	$ 3,445,000
Available-for-sale Securities, Equity Securities	9,097,000	3,637,000
Amortized Cost	4,384,000
Gross Unrealized Gains	4,000
Gross Unrealized Losses	(3,000)
Fair Value	4,385,000
Amortized Cost	3,100,000
Gross Unrealized Gains
Gross Unrealized Losses	(6,000)
Fair Value	3,094,000
Amortized Cost	7,484,000
Gross Unrealized Gains	4,000
Gross Unrealized Losses	(9,000)
Available-for-sale Securities, Debt Securities	7,479,000	0
Exchange Traded Funds [Member]
Available-for-sale Equity Securities, Amortized Cost Basis	8,385,000	3,445,000
Gross Unrealized Gains	712,000	194,000
Gross Unrealized Losses		(2,000)
Available-for-sale Securities, Equity Securities	$ 9,097,000	$ 3,637,000

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Note 4 - Investments - Schedule of Income From Securities Transactions (Details) - USD ($)

12 Months Ended

Apr. 30, 2017

Apr. 30, 2016

Apr. 30, 2015

Dividend income

$ 193,000

$ 142,000

$ 157,000

Interest income

33,000

3,000

Capital gain distribution from ETFs (1)

^[1]

39,000

105,000

57,000

Capital gains (2)

^[2]

224,000

Other

47,000

6,000

(91,000)

Total income from securities transactions and other, net

$ 312,000

$ 477,000

$ 126,000

[1]	Capital gain distributions of $39,000, $105,000 and $57,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2017, 2016 and 2015, respectively.
[2]	Capital gains of $224,000 were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2016.

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Note 4 - Investments - Schedule of Components of EAM's Investment Management Operations (Details) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2017

Apr. 30, 2016

Apr. 30, 2015

Non-voting revenues interest in EAM

$ 7,195

$ 7,211

$ 7,346

EAM's net income (2)

10,367

7,291

7,292

EAM Trust [Member]

Investment management fees earned from the Value Line Funds, net of waivers shown below

14,701

14,548

15,014

12b-1 fees and other fees, net of waivers shown below

5,822

5,669

5,459

Other income/(loss)

205

(14)

Investment management fee waivers and reimbursements (1)

^[1]

436

262

192

12b-1 fee waivers (1)

^[1]

923

1,071

1,518

Non-voting revenues interest in EAM

7,195

7,211

7,346

EAM's net income (2)

^[2]

$ 1,038

$ 880

$ 1,248

[1]	During fiscal 2017, 2016 and 2015 investment management fee waivers and reimbursements primarily related to one Value Line Mutual Fund and the 12b-1 fee waivers related to four of the Value Line Mutual Funds, respectively.
[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.

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Note 4 - Investments - Schedule of Assets and Liabilities (Details) - EAM Trust [Member] - USD ($)
$ in Thousands

Apr. 30, 2017

Apr. 30, 2016

EAM's total assets

$ 60,432

$ 60,292

EAM's total liabilities (1)

^[1]

(2,931)

(3,021)

EAM's total equity

$ 57,501

$ 57,271

[1]	At April 30, 2017 and 2016, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,919,000 and $1,750,000, respectively.

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Note 5 - Variable Interest Entity (Details Textual)	12 Months Ended
Note 5 - Variable Interest Entity (Details Textual)	Apr. 30, 2017
EAM Trust [Member]
Non Voting Profits Interest Percent	50.00%

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Note 5 - Variable Interest Entity - Schedule of Total Assets, the Maximum Exposure to Loss, Value of the Assets and Liabilities in EAM (Details) - USD ($)

Apr. 30, 2017

Apr. 30, 2016

$ 58,223,000

$ 57,942,000

EAM Trust [Member]

Value Line Liabilities

58,223,000

57,942,000

VIE Assets

60,432,000

60,292,000