10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________________________________ to __________________________________

Commission File Number: 0-11306

VALUE LINE, INC.

(Exact name of registrant as specified in its charter)

New York	13-3139843
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

551 Fifth Avenue, New York, New York	10176-0001
(Address of principal executive offices)	(Zip Code)

(212) 907-1500

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each Exchange on which registered
Common stock, $0.10 par value per share	VALU	The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐                  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒

Smaller reporting company ☐ Emerging growth company ☐   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes ☐ No ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class	Outstanding at August 31, 2024
Common stock, $0.10 par value per share	9,418,074 shares

VALUE LINE, INC.

TABLE OF CONTENTS

		Page No.
	PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Condensed Financial Statements
	Consolidated Condensed Balance Sheets as of July 31, 2024 and April 30, 2024	3
	Consolidated Condensed Statements of Income for the three months ended July 31, 2024 and July 31, 2023	4
	Consolidated Condensed Statements of Comprehensive Income for the three months ended July 31, 2024 and July 31, 2023	5
	Consolidated Condensed Statements of Cash Flows for the three months ended July 31, 2024 and July 31, 2023	6
	Consolidated Condensed Statement of Changes in Shareholders’ Equity for the three months ended July 31, 2024	7
	Consolidated Condensed Statement of Changes in Shareholders’ Equity for the three months ended July 31, 2023	8
	Notes to Consolidated Condensed Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	39
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 4.	Mine Safety Disclosures	40
Item 5.	Other Information	40
Item 6.	Exhibits	41
	Signatures	42

Part I - Financial Information
Item 1. Financial Statements
	Value Line, Inc.
	Consolidated Condensed Balance Sheets
	(in thousands, except share amounts)

	July 31,			April 30,
	2024			2024
	(unaudited)
Assets
Current Assets:
Cash and cash equivalents (including short term investments of $15,248 and $4,136, respectively)	$	15,628		$	4,390
Equity securities		21,724			16,344
Available-for-sale Fixed Income securities		33,928			47,611
Accounts receivable, net of allowance for credit losses of $31 and $31, respectively		1,229			1,310
Prepaid and refundable income taxes		-			209
Prepaid expenses and other current assets		1,090			1,160
Total current assets		73,599			71,024
Long term assets:
Investment in EAM Trust		60,371			60,134
Restricted money market investments		305			305
Property and equipment, net		4,164			4,440
Capitalized software and other intangible assets, net		118			132
Total long term assets		64,958			65,011
Total assets	$	138,557		$	136,035
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities	$	867		$	1,430
Accrued salaries		895			1,020
Dividends payable		2,825			2,827
Accrued taxes on income		1,410			7
Operating lease obligation-short term		1,230			1,206
Unearned revenue		15,991			15,764
Total current liabilities		23,218			22,254
Long term liabilities:
Unearned revenue		5,085			6,517
Operating lease obligation-long term		3,262			3,578
Deferred income taxes		13,139			12,893
Total long term liabilities		21,486			22,988
Total liabilities		44,704			45,242
Shareholders' Equity:
Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares		1,000			1,000
Additional paid-in capital		991			991
Retained earnings		107,311			104,249
Treasury stock, at cost (581,926 shares and 577,517 shares, respectively)		(15,373	)		(15,194	)
Accumulated other comprehensive income, net of tax		(76	)		(253	)
Total shareholders' equity		93,853			90,793
Total liabilities and shareholders' equity	$	138,557		$	136,035

The accompanying notes are an integral part of these consolidated condensed financial statements.

3

Part I - Financial Information

 Item 1. Financial Statements

Value Line, Inc.

Consolidated Condensed Statements of Income

(in thousands, except share & per share amounts)

(unaudited)

	For the Three Months Ended
	July 31,
	2024		2023
Revenues:
Investment periodicals and related publications	$	6,287	$	6,457
Copyright fees		2,597		3,286
Total publishing revenues		8,884		9,743
Expenses:
Advertising and promotion		860		772
Salaries and employee benefits		3,543		3,740
Production and distribution		1,489		1,395
Office and administration		1,145		1,089
Total expenses		7,037		6,996
Income from operations		1,847		2,747
Revenues and profits interests in EAM Trust		4,241		2,857
Investment gains/(losses)		1,709		755
Income before income taxes		7,797		6,359
Income tax provision		1,910		1,500
Net income	$	5,887	$	4,859
Earnings per share, basic & fully diluted	$	0.62	$	0.52
Weighted average number of common shares		9,419,938		9,432,573

The accompanying notes are an integral part of these consolidated condensed financial statements.

4

Part I - Financial Information

 Item 1. Financial Statements

Value Line, Inc.

Consolidated Condensed Statements of Comprehensive Income

(in thousands)

(unaudited)

	For the Three Months Ended
	July 31,
	2024		2023
Net income	$	5,887	$	4,859
Other comprehensive income/(loss), net of tax:
Change in unrealized gains/(losses) on
Fixed Income securities, net of tax		177		(212	)
Other comprehensive income/(loss)		177		(212	)
Comprehensive income	$	6,064	$	4,647

The accompanying notes are an integral part of these consolidated condensed financial statements.

5

Part I - Financial Information
Item 1. Financial Statements
	Value Line, Inc.
	Consolidated Condensed Statements of Cash Flows
	(in thousands)
	(unaudited)

	For the Three Months Ended
	July 31,
	2024			2023
Cash flows from operating activities:
Net income	$	5,887		$	4,859
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		294			348
Investment (gains)/losses		(950	)		(221	)
Non-voting revenues interest in EAM Trust		(3,680	)		(2,616	)
Non-voting profits interest in EAM Trust		(561	)		(241	)
Distributions received from EAM Trust		4,004			2,674
Deferred income taxes		315			40
Deferred rent		(292	)		(326	)
Other		-			(352	)
Changes in operating assets and liabilities:
Unearned revenue		(1,205	)		(1,347	)
Accounts payable & accrued expenses		(563	)		(201	)
Accrued salaries		(125	)		25
Accrued taxes on income		1,287			1,289
Prepaid and refundable income taxes		209			322
Prepaid expenses and other current assets		70			186
Accounts receivable		81			619
Total adjustments		(1,116	)		199
Net cash provided by operating activities		4,771			5,058
Cash flows from investing activities:
Purchases of equity securities		(4,520	)		(513	)
Purchases of fixed income securities classified as available-for-sale		(2,450	)		(16,020	)
Proceeds from sales of equity securities		90			516
Proceeds from sales of fixed income securities classified as available-for-sale		16,357			15,750
Acquisition of property and equipment		(4	)		-
Net cash provided by/(used in) investing activities		9,473			(267	)
Cash flows from financing activities:
Purchase of treasury stock at cost		(179	)		(188	)
Dividends paid		(2,827	)		(2,642	)
Net cash used in financing activities		(3,006	)		(2,830	)
Net change in cash and cash equivalents		11,238			1,961
Cash, cash equivalents and restricted cash at beginning of period		4,695			7,895
Cash, cash equivalents and restricted cash at end of period	$	15,933		$	9,856

The accompanying notes are an integral part of these consolidated condensed financial statements.

6

Part I - Financial Information
Item 1. Financial Statements
	Value Line, Inc.
	Consolidated Condensed Statement of Changes in Shareholders' Equity
	For the Three Months Ended July 31, 2024
	(in thousands, except share amounts)
	(unaudited)

	Common stock				Additional paid-in-		Treasury stock						Retained			Accumulated other comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income			Total
Balance at April 30, 2024		10,000,000	$	1,000	$	991		(577,517	)	$	(15,194	)	$	104,249		$	(253	)	$	90,793
Net income														5,887						5,887
Change in unrealized gains on Fixed Income securities, net of taxes																	177			177
Purchase of treasury stock								(4,409	)		(179	)								(179	)
Dividends declared														(2,825	)					(2,825	)
Balance at July 31, 2024		10,000,000	$	1,000	$	991		(581,926	)	$	(15,373	)	$	107,311		$	(76	)	$	93,853

Dividends declared per common share were $0.30 for the three months ending July 31, 2024.

The accompanying notes are an integral part of these consolidated condensed financial statements.

7

Part I - Financial Information
Item 1. Financial Statements
	Value Line, Inc.
	Consolidated Condensed Statement of Changes in Shareholders' Equity
	For the Three Months Ended July 31, 2023
	(in thousands, except share amounts)
	(unaudited)

	Common stock				Additional paid-in-		Treasury stock						Retained			Accumulated other comprehensive
	Shares		Amount		capital		Shares			Amount			earnings			income			Total
Balance at April 30, 2023		10,000,000	$	1,000	$	991		(565,460	)	$	(14,671	)	$	95,979		$	374		$	83,673
Net income														4,859						4,859
Change in unrealized gains on Fixed Income securities, net of taxes																	(212	)		(212	)
Purchase of treasury stock								(4,011	)		(188	)								(188	)
Dividends declared														(2,641	)					(2,641	)
Balance at July 31, 2023		10,000,000	$	1,000	$	991		(569,471	)	$	(14,859	)	$	98,197		$	162		$	85,491

Dividends declared per common share were $0.28 for the three months ending July 31, 2023.

The accompanying notes are an integral part of these consolidated condensed financial statements.

8

Value Line, Inc.

Notes to Consolidated Condensed Financial Statements

July 31, 2024

(Unaudited)

Note 1 - Organization and Summary of Significant Accounting Policies:

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 Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. The Company maintains a significant investment in Eulav Asset Management LLC ("EAM")  from which it receives a non-voting revenues interest  and a non-voting profits interest.  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. EAM was established to provide investment management services to the Value Line Mutual Funds ("Value Line Funds" or the "Funds").   

The Consolidated Condensed Balance Sheets as of July 31, 2024 and April 30, 2024, which have been derived from the unaudited interim Consolidated Condensed Financial Statements and the audited Consolidated Financial Statements, respectively,  were prepared following the interim reporting requirements of the Securities and Exchange Commission (“SEC”).  In the opinion of management, the accompanying Unaudited Interim Consolidated Condensed Financial Statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation.  This report should be read in conjunction with the audited financial statements and footnotes contained in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on July 26, 2024 (the “Form 10-K”). Results of operations covered by this report may not be indicative of the results of operations for the entire year.

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 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 3).

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. The Company holds a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in 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 earns for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Condensed Statements of Income.     

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 Ranks 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 fees upon delivery to the customer as specified in the individual agreements.  Revenue is recognized monthly and received either quarterly or in advance 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.  

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 (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. 

9

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.

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% to 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. 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. 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:

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements.

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements.

Valuation of Securities: 

The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs and fixed income securities invested primarily in short-term U.S. Treasury bills, and to a smaller extent bank certificates of deposit that are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The securities classified as equity securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Condensed Statements of Income per FASB Accounting Standards Update No. 2016-01 ("ASU 2016-01"). The securities classified as available-for-sale  fixed income securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of all securities are recorded in earnings as of the trade date and are determined on the identified cost method.  

10

The Company classifies its equity securities and available-for-sale fixed income securities 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 under the 1940 Act.

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-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 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)

11

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

	As of July 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	15,248	$	-	$	-	$	15,248
Equity securities		21,724		-		-		21,724
Available-for-sale fixed income securities		33,928		-		-		33,928
	$	70,900	$	-	$	-	$	70,900

	As of April 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	4,136	$	-	$	-	$	4,136
Equity securities		16,344		-		-		16,344
Available-for-sale fixed income securities		47,361		250		-		47,611
	$	67,841	$	250	$	-	$	68,091

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended July 31, 2024 and April 30, 2024, there were no Level 3 investments. The Company does not have any liabilities that are subject to fair value measurement.

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 Condensed 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, Income taxes (Topic 740) and classifies all deferred taxes as long-term liabilities on the Consolidated Condensed Balance Sheets.

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 July 31, 2024, 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 no material impact to the Company's financial statements.

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 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 Condensed 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 July 31, 2024 and April 30, 2024, cash equivalents included $15,248,000 and $4,136,000, respectively, for amounts invested in  money market mutual funds that invest in short-term U.S. government securities.

12

Note 2 - Investments:

Investments held by the Company and its subsidiaries are classified as  equity securities and available-for-sale fixed income securities in accordance with FASB's ASC 321, Investments - Equity Securities and with FASB's ASC 320, Investments - Debt Securities.  All of the Company's securities were readily marketable or had a maturity of twelve months or less and are classified as current assets  on the Consolidated Condensed Balance Sheets.

Equity Securities:

Equity securities on the Consolidated Condensed Balance Sheets, consist of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes.  

As of July 31, 2024 and April 30, 2024, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), Vanguard Growth ETF (VUG), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds was a combined total $16,093,000 and $11,663,000, respectively, and the fair value was $21,724,000 and $16,344,000, respectively.  

Proceeds from sales of equity securities during the three months ended July 31, 2024 and July 31, 2023, were $90,000 and $516,000, respectively.     

The carrying value and fair value of equity securities at July 31, 2024 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
ETFs - equities	$	16,093	$	5,801	$	(170	)	$	21,724

The carrying value and fair value of equity securities at April 30, 2024 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
ETFs - equities	$	11,663	$	4,685	$	(4	)	$	16,344

Government Debt Securities (Fixed Income Securities):

Fixed income securities consist of bank certificates of deposits and securities issued by the United States federal government.

Proceeds from maturities and sales of government debt securities classified as available-for-sale during the three months ended July 31, 2024 and July 31, 2023, were $16,357,000 and $15,750,000, respectively. As of July 31, 2024, Accumulated Other Comprehensive Income included unrealized losses of $96,000 net of deferred tax benefits of $20,000.  As of April 30, 2024, Accumulated Other Comprehensive Income included unrealized losses of $320,000, net of deferred tax benefits of $67,000.

The aggregate cost and fair value at July 31, 2024 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	$	28,992	$	9	$	(20	)	$	28,981
Due 1 year through 5 years		5,032		-		(85	)		4,947
Total investment in government debt securities	$	34,024	$	9	$	(105	)	$	33,928

The decrease in gross unrealized losses of $224,000 on fixed income securities classified as available-for-sale net of deferred income tax benefits of $47,000, was included in Accumulated Other Comprehensive Income on the Consolidated Condensed Balance Sheet as of July 31, 2024.  

The aggregate cost and fair value at April 30, 2024 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	$	42,843	$	4	$	(61	)	$	42,786
Due within 1 year through 5 years		5,088	$	-		(263	)		4,825
Total investment in government debt securities	$	47,931	$	4	$	(324	)	$	47,611

The increase in gross unrealized losses of $793,000 on fixed income securities classified as available-for-sale net of deferred income tax benefit of $166,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of April 30, 2024.  

The average yield on the Government debt securities classified as available-for-sale at July 31, 2024 and April 30, 2024 was 4.3% and 4.4%, respectively.

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Investment Gains/(Losses):

Investment gains/(losses) were comprised of the following:

	Three Months Ended July 31,
($ in thousands)	2024		2023
Dividend income	$	147	$	145
Interest income		545		389
Investment gains/(losses) recognized on sales of equity securities during the period		-		11
Unrealized gains/(losses) recognized on equity securities held at the end of the period		950		210
Other		67		-
Total investment gains/(losses)	$	1,709	$	755

Taxable realized gains/(losses) on equity securities sold during fiscal years 2025 and 2024, which are generally the difference between the proceeds from sales and our original cost, were none in fiscal 2025 and losses of $4,000 in fiscal 2024.  

Investment in Unconsolidated Entities:

Equity Method Investment:

As of July 31, 2024 and April 30, 2024, the Company's investment in EAM Trust on the Consolidated Condensed Balance Sheets was $60,371,000 and $60,134,000, respectively.

The value of VLI’s investment in EAM at July 31, 2024 and April 30, 2024 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 Condensed 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 2025 or 2024.

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

	Three Months Ended July 31,
($ in thousands) (unaudited)	2024		2023
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	7,376	$	5,428
12b-1 fees and other fees, net of waivers	$	1,942	$	1,579
Other income	$	156	$	117
Investment management fee waivers and reimbursements	$	47	$	48
12b-1 fee waivers	$	23	$	25
Value Line’s non-voting revenues interest	$	3,680	$	2,616
EAM's net income (1)	$	1,122	$	482

(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. 

	July 31,			April 30,
($ in thousands)	2024			2024
	(unaudited)
EAM's total assets	$	63,126		$	63,076
EAM's total liabilities (1)		(6,182	)		(5,881	)
EAM's total equity	$	56,944		$	57,195

(1) At July 31, 2024 and April 30, 2024, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $4,215,000 and $3,865,000, respectively.

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Note 3 - Variable Interest Entity

The Company holds a non-voting revenues interest and a 50% non-voting profits interest in EAM, the adviser to the Value Line asset management and mutual fund distribution businesses. EAM is considered to be a VIE in relation to the Company.  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.

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 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 no obligation to fund EAM in the future and, as a result, has no 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 Condensed 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 July 31, 2024 (unaudited)	$	63,126	$	60,371	$	-	$	60,371
As of April 30, 2024	$	63,076	$	60,134	$	-	$	60,134

(1)  Reported within Long-Term Assets on the Consolidated Condensed Balance Sheets.

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Note 4 - Supplementary Cash Flows Information:

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 Condensed Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Condensed Statement of Cash Flows.

	Three Months Ended July 31,
($ in thousands)	2024		2023
Cash and cash equivalents	$	15,628	$	9,551
Restricted cash		305		305
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows	$	15,933	$	9,856

Income Tax Payments:

The Company made income tax payments as follows:

	Three Months Ended July 31,
($ in thousands)	2024		2023
State and local income tax payments	$	91	$	164
Federal income tax payments	$	-	$	-

Note 5 - 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. For the three months ended July 31, 2024 and July 31, 2023, the estimated profit sharing plan contributions, which are included as expenses in salaries and employee benefits in the Consolidated Condensed Statements of Income, were $96,000 and $96,000 in fiscal 2025 and fiscal 2024, respectively. 

Note 6 - Comprehensive Income:

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 be recognized in the calculation of net income.

As of July 31, 2024 and July 31, 2023 the Company held fixed income securities consisting of bank certificates of deposits and securities issued by the United States federal government that are classified as securities available-for-sale on the Consolidated Condensed Balance Sheets. The change in valuation of fixed income securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company's Consolidated Condensed Balance Sheets. 

The components of comprehensive income included in the Consolidated  Condensed Statements of Income and Changes in Shareholders' Equity for the three months ended July 31, 2024 are as follows:

($ in thousands)	Amount Before Tax		Tax (Expense) / Benefit			Amount Net of Tax
Change in unrealized gains/(losses) on available-for-sale fixed income securities	$	224	$	(47	)	$	177
	$	224	$	(47	)	$	177

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders' Equity for the three months ended July 31, 2023 are as follows:

($ in thousands)	Amount Before Tax			Tax (Expense) / Benefit		Amount Net of Tax
Change in unrealized gains/(losses) on available-for-sale fixed income securities	$	(270	)	$	58	$	(212	)
	$	(270	)	$	58	$	(212	)

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Note 7 - Related Party Transactions:

Investment Management (overview):

The Company has substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds.  Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and receives non-voting revenues and non-voting profits interests, as discussed below. 

Total assets in the Value Line Funds managed and/or distributed by EAM at July 31, 2024, were $4.60 billion, 32.6% above total assets of $3.47 billion in the Value Line Funds managed and/or distributed by EAM at July 31, 2023. 

The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues is calculated each fiscal quarter. 

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% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:   

	Three Months Ended July 31,
($ in thousands)	2024		2023
Non-voting revenues interest in EAM	$	3,680	$	2,616
Non-voting profits interest in EAM		561		241
	$	4,241	$	2,857

At July 31, 2024, the Company's investment in EAM includes a receivable of $4,215,000 representing the quarterly distribution of the non-voting revenues share and non-voting profits share. That amount was subsequently paid to the Company.

Transactions with Parent:

During the three months ended July 31, 2024 and July 31, 2023, the Company was reimbursed $60,000 and $63,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent Company, Arnold Bernhard and Co., Inc. ("Parent").  There were no receivables from the Parent on the Consolidated Condensed Balance Sheets at July 31, 2024 and April 30, 2024.  

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. The Company made no federal tax payments to the Parent during the three months ended July 31, 2024 and July 31, 2023.

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 July 31, 2024, the Parent owned 91.67% of the outstanding shares of common stock of the Company.

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Note 8 - 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:

	Three Months Ended July 31,
($ in thousands)	2024		2023
Current tax expense:
Federal	$	1,283	$	1,209
State and local		312		251
Current tax expense		1,595		1,460
Deferred tax expense (benefit):
Federal		304		40
State and local		11		-
Deferred tax expense (benefit):		315		40
Income tax provision	$	1,910	$	1,500

On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted. The Tax Act lowered the U.S. federal income tax rate ("Federal Tax Rate") from 35% to 21% effective January 1, 2018.  Accordingly, the Company computes Federal income tax expense using the Federal Tax Rate of 21% in fiscal year 2019 and each year thereafter.  

The overall effective income tax rates, as a percentage of pre-tax ordinary income for the three months ended July 31, 2024 and July 31, 2023 were 24.50% and 23.87%, respectively. The higher effective tax rate during three months ended July 31, 2024 as compared to July 31, 2023, is primarily a result of a increase in the state and local income tax rate to 3.69% from 3.10% due to changes in state and local income tax allocations. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities.   

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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:

	July 31,			April 30,
($ in thousands)	2024			2024
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		67			73
Unrealized gain/(loss) on securities held for sale		1,162			916
Right of Use Asset		(138	)		(128	)
Deferred charges		(54	)		(138	)
Other		(578	)		(424	)
Total federal tax liability		10,756			10,596
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,385			2,073
Deferred non-cash post-employment compensation		(83	)		(72	)
Depreciation and amortization		15			13
Unrealized gain/(loss) on securities held for sale		259			178
Other		(193	)		105
Total state and local tax liabilities		2,383			2,297
Deferred tax liability, long-term	$	13,139		$	12,893

At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full fiscal year. 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 pretax income as a result of the following:

	Three Months Ended July 31,
	2024			2023
U.S. statutory federal tax rate		21.00	%		21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		3.69	%		3.10	%
Effect of dividends received deductions		(0.19	)%		(0.24	)%
Other, net		-			0.01	%
Effective income tax rate		24.50	%		23.87	%

The Company believes that, as of July 31, 2024, there were no material uncertain tax positions that would require disclosure under GAAP. 

19

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 files combined income tax returns with the Parent on a unitary basis in certain states.  

The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years ended 2021 through 2023, are subject to examination by the tax authorities, generally for three years after they are filed with the tax authorities.  

Note 9 - Property and Equipment:

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 Condensed Balance Sheets was comprised of the following:

	July 31,			April 30,
($ in thousands)	2024			2024
Building and leasehold improvements	$	652		$	652
Operating lease - right-of-use asset		3,833			4,090
Furniture and equipment		2,278			2,274
		6,763			7,016
Accumulated depreciation and amortization		(2,599	)		(2,576	)
Total property and equipment, net	$	4,164		$	4,440

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Note 10 - 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 purchasing software for internal use and amortize those costs over the software's estimated useful life in a systematic and rational manner.  Such costs, when incurred, are capitalized and amortized over the expected useful life of the asset, normally 3 to 5 years.  Total amortization expenses during the three months ended July 31, 2024 and July 31, 2023, were $14,000 and $21,000, respectively.  

During the three months ended July 31, 2024 and July 31, 2023, the Company did not incur and did not capitalize expenditures related to third party programmers' costs nor internal costs to develop software for internal use.  

Note 11 - Treasury Stock and Repurchase Program:

During October 2022, the Company's Board of Directors approved a renewal of 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 no set price limit and no expiration date. There is a remainder of $1,033,000 before the authorized limit is reached.

Treasury stock, at cost, consists of the following:

(in thousands except for shares and cost per share)	Shares		Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2024		577,517	$	15,194	$	26.31	$	1,211
Purchases effected in open market during the months ended:
May 31, 2024		1,644	$	67		40.15		1,145
June 30, 2024		2,000	$	80		40.00		1,065
July 31, 2024		765	$	32		41.83		1,033
Balance as of July 31, 2024		581,926	$	15,373	$	26.42	$	1,033

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Note 12 - Lease Commitments:

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.  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 in October 2016, which was reduced to $305,000 on October 3, 2021 and is to be 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 a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017.

On February 29, 2016, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC 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 was $237,218 per annum. The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded. VLDC distributed Value Line’s print publications. The Company has outsourced to a U.S. facility the functions formerly performed at the Warehouse.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”.  This ASU requires that, for leases longer than one year, a lessee recognizes in the statements of financial position a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognizes interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. The firm adopted this ASU in May 2019 under a modified retrospective approach. 

The Company adopted ASU 2016-02 using a modified retrospective transition approach as of the Effective Date as permitted by the amendments in ASU 2018-11, which provides an alternative modified retrospective transition method. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. May 1, 2019). The Company has elected to employ the transitionary relief offered by the FASB and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized.  

The Company leases office space in New York, NY. The Company has evaluated that lease and determined that it is an operating lease 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, the Company recorded a right-of-use asset in the amount of $9,575,000, which represents the lease liability of $10,340,000 adjusted for previously recorded unamortized lease incentives in the amount of $765,000. The right-of-use asset will be amortized over the remaining lease term in the amount equal to the difference between the calculated straight-line expense of the total lease payments less the monthly interest calculated on the remaining lease liability. As of July 31, 2024, the Company had a long-term lease asset of $3,833,000, solely related to our NYC headquarters, located at 551 Fifth Avenue, New York, NY, recorded in property and equipment in its consolidated balance sheets. The VLDC lease at 205 Chubb Ave., Lyndhurst, NJ ended on April 30, 2024.

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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 is presented as part of continuing operations in the consolidated condensed statements of income. The Company recognized $319,000 and $375,000 in lease expenses in both fiscal years 2025 and 2024 during the three months ended July 31, 2024 and July 31, 2023, respectively.

For the three months ended July 31, 2024, the Company paid $354,000 in rent relating to the leases. As a payment arising from an operating lease, the $354,000 is classified within operating activities in the consolidated condensed statements of cash flows.

The Company’s leases generally do not provide an implicit interest rate, and therefore the Company estimated an incremental borrowing rate, or IBR, as of the commencement date, to determine the present value of its operating lease liabilities. The IBR is defined under ASC 842 as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the Consolidated Condensed Balance Sheet as of July 31, 2024:

Fiscal years ended April 30,	($ in thousands)
2025*	$	1,075
2026		1,461
2027		1,493
2028		882
Total undiscounted future minimum lease payments		4,911
Less: difference between undiscounted lease payments & the present value of future lease payments		419
Total operating lease liabilities	$	4,492

* Excludes the three months ended July 31, 2024

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:

	As of July 31, 2024
Weighted-average remaining lease term (in years)		3.33
Weighted-average discount rate		5.25	%

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Note 13 - Restricted Cash and Deposits:

Restricted Money Market Investment in the noncurrent assets on the Consolidated Condensed Balance Sheet at July 31, 2024, includes $305,000, which represents cash invested in a bank money market fund securing a letter of credit ("LOC") in the amount of $305,000 issued to the sublandlord as a security deposit for the Company's New York City leased corporate office facility. According to the sublease agreement the LOC and restricted cash were reduced from $469,000 to $305,000 in the third quarter of fiscal year 2022.

Note 14 - Concentration:

During the three months ended July 31, 2024, 29.2% of total publishing revenues of $6,287,000 were derived from a single customer.

Note 15 - Concentration of Credit Risk:

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. As of July 31, 2024 and July 31, 2023, the Company had $3,918,000 and $2,620,000, respectively, in excess of the FDIC insured limit.  Management has concluded the excess does not represent a material risk, based on the creditworthiness of the counter parties.

The Company maintains a deposit account of $305,000 at Flagstar Bank as security for a letter of credit in a similar amount (See Note 13).

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Note 16 - Business Segments:

The Company allocates resources and assesses financial performance on a consolidated basis. It does so because significant costs are shared in common by all products, and as a result, it does not have discrete financial information available for separate business components to assess performance and make resource allocation decisions for more than one segment. Therefore, the investment periodicals and related publications (such as digital equivalents), along with supplying the embedded Proprietary information and intellectual property rights, are treated as one segment, Publishing.

All required segment financial information can be found directly in the consolidated financial statements. The accounting policies for our reportable segment are the same as those described in Note 1. 

Value Line’s customers are almost entirely located within the United States. It receives approximately 2% of its revenues from external customers located outside of the United States.

As described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business in December 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 because it does not satisfy one of the required characteristics of an operating segment pursuant to ASC 280-10-50-1. Specifically, VLI’s Chief Executive Officer does not regularly review EAM’s operating results to make decisions about resources to be allocated to EAM.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Cautionary Statement Regarding Forward-Looking Information

In this report, “Value Line,” “we,” “us,” “our” refers to Value Line, Inc. and “the Company” refers to Value Line and its subsidiaries unless the context otherwise requires.

This report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain projections and business trends) accompanied by such phrases as “believe”, “estimate”, “expect”, “anticipate”, “will”, “intend” and other similar or negative expressions, that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. Actual results for Value Line, Inc. (“Value Line” or “the Company”) may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the following:

● maintaining revenue from subscriptions for the Company’s digital and print published products;

● changes in investment trends and economic conditions, including global financial issues;

● changes in Federal Reserve policies affecting interest rates and liquidity along with resulting effects on equity markets;

● stability of the banking system, including the success of U.S. government policies and actions in regard to banks with liquidity or capital issues, along with the associated impact on equity markets;

● continuation of orderly markets for equities and corporate and governmental debt securities;

● problems protecting intellectual property rights in Company methods and trademarks;

● protecting confidential information including customer confidential or personal information that we may possess;

● dependence on non-voting revenues and non-voting profits interests in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”), which serves as the investment advisor to the Value Line Funds and engages in related distribution, marketing and administrative services;

● fluctuations in EAM’s and third party copyright assets under management due to broadly based changes in the values of equity and debt securities, sectoral variations, redemptions by investors and other factors;

● possible changes in the valuation of EAM’s intangible assets from time to time;

● possible changes in future revenues or collection of receivables from significant customers;

● dependence on key executive and specialist personnel;

● risks associated with the outsourcing of certain functions, technical facilities, and operations, including in some instances outside the U.S.;

● competition in the fields of publishing, copyright and investment management, along with associated effects on the level and structure of prices and fees, and the mix of services delivered;

● the impact of government regulation on the Company’s and EAM’s businesses;

● federal and/or state legislative changes that might affect Value Line’s business;

● the availability of free or low cost investment information through discount brokers or generally over the internet;

● the economic and other impacts of global political and military conflicts;

● continued availability of generally dependable energy supplies and transportation facilities in the geographic areas in which the company and certain suppliers operate;

● terrorist attacks, cyber attacks and natural disasters;

● insufficiency in our business continuity plans or systems in the event of anticipated or unpredictable disruption;

● widespread illnesses which may drastically affect markets, employment, and other economic conditions, and may have additional unpredictable impacts on employees, suppliers, customers, and operations;

● changes in prices and availability of materials and other inputs and services, such as freight and postage, required by the Company;

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● other risks and uncertainties, including but not limited to the risks described in Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended April 30, 2024 and in Part II, Item 1A of this Quarterly Report on Form 10-Q for the period ended July 31, 2024; and other risks and uncertainties arising from time to time.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors which may involve external factors over which we may have no control or changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time at our discretion, could also have material adverse effects on future results. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC's rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, current plans, anticipated actions, and future financial conditions and results may differ from those expressed in any forward-looking information contained herein.

Executive Summary of the Business

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 Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands including Value Line®, the Value Line logo®, The Value Line Investment Survey®, Smart Research, Smarter Investing™ and The Most Trusted Name in Investment Research®. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. EULAV Asset Management Trust (“EAM”) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line® Mutual Funds ("Value Line Funds"). The Company maintains a significant investment in EAM from which it receives payments in respect of its non-voting revenues and non-voting profits interests.

The Company’s target audiences within the investment research field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package. Institutional licensees consist of corporations, financial professionals, colleges, and municipal libraries. Libraries and universities offer the Company’s detailed research to their patrons and students. Investment management professionals use the research and historical information in their day-to-day businesses. The Company has a dedicated department that solicits institutional subscriptions.

Payments received for new and renewal subscriptions and the value of receivables for amounts billed to retail and institutional customers are recorded as unearned revenue until the order is fulfilled. As the orders are fulfilled, the Company recognizes revenue in equal installments over the life of the particular subscription. Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities.

The investment periodicals and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company’s only reportable business segment.

Asset Management and Mutual Fund Distribution Businesses

Pursuant to the EAM Declaration of Trust, the Company maintains an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of its business.

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The business of EAM is managed by its trustees each owning 20% of the voting interest in EAM and by its officers subject to the direction of the trustees. The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement.

Business Environment

The U.S. economy, after showing signs of slowing down during the first three months of calendar 2024, reaccelerated in the second quarter. The nation’s gross domestic product expanded by an estimated 3.0% in the June quarter, more than double the 1.4% gain recorded in the March period. The advance was fueled by a 2.9% increase in personal consumption expenditures, which was nearly twice the pace logged in the initial quarter. The consumer sector, which accounts for two-thirds of the nation’s output, has proven resilient amid higher inflation and elevated lending rates the last few years. But these gains may have come at a price, as consumer credit card debt rose to a record $1.14 trillion in the second stanza and loan delinquencies are on the rise.

The economic advance comes as the Federal Reserve appears poised to start winding down its most restrictive monetary policy course in four decades in an effort to rein in inflation. The Fed looks close to achieving its goal, as the pace of both consumer and producer (wholesale) price growth eased further over the summer months and moved closer to the central bank’s target growth rate of 2%. This has likely given the lead bank the confidence to begin reducing the federal funds rate after holding it steady, in a range of 5.25% to 5.50%, for eight-consecutive Federal Open Market Committee (FOMC) meetings through July of this year.

The central bank also is keeping a close eye on the labor market, which is the other part of its dual mandate. Initial weekly unemployment claims in July and August were running at a level indicative of a tight labor market, but other metrics suggest that overall labor conditions are softening. These included a series of sharp downward revision to earlier job creation totals, a steady upward move in the nation’s unemployment rate ( from 3.7% in January to 4.3% at the end of July), and the Labor Department’s report stating that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March, 2024. Our sense is that the state of the job market going forward will play a big role in deciding just how aggressively the Federal Reserve will reduce the benchmark short-term interest rate over the remaining months of calendar 2024.  

In conclusion, the Federal Reserve appears to be inching closer to achieving its goal of taming inflation, which jumped to a 40-year high in June, 2022, without leading to a sharp deterioration in the U.S. labor market and pushing the economy into recession. This has provided a supportive backdrop for Corporate America and the U.S. stock market. In all, the business environment has held up well, with profit growth for S&P 500 companies averaging nearly 11% in the second quarter. This represented the highest year-over-year earnings growth for S&P 500 companies since the final quarter of 2021, and was likely needed to justify the Index’s high price-to-earnings multiple, which at the end of the second calendar quarter was above both its five- and 10-year averages.

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Results of Operations for the Three Months Ended July 31, 2024 and 2023

The following table illustrates the Company’s key components of revenues and expenses.

	Three Months Ended July 31,
($ in thousands, except earnings per share)	2024		2023		Change
Income from operations	$	1,847	$	2,747		-32.8	%
Non-voting revenues and non-voting profits interests from EAM Trust		4,241		2,857		48.4	%
Income from operations plus non-voting revenues and non-voting profits interests from EAM Trust	$	6,088	$	5,604		8.6	%
Operating expenses	$	7,037	$	6,996		0.6	%
Investment gains / (losses)	$	1,709	$	755		126.4	%
Income before income taxes	$	7,797	$	6,359		22.6	%
Net income	$	5,887	$	4,859		21.2	%
Earnings per share	$	0.62	$	0.52		19.2	%

During the three months ended July 31, 2024, the Company’s net income of $5,887,000, or $0.62 per share, was 21.2% above net income of $4,859,000, or $0.52 per share, for the three months ended July 31, 2023. For the three months ended July 31, 2024, operating expenses increased slightly above those during the three months ended July 31, 2023.

During the three months ended July 31, 2024, there were 9,419,938 average common shares outstanding as compared to 9,432,573 average common shares outstanding during the three months ended July 31, 2023.

Total operating revenues

	Three Months Ended July 31,
($ in thousands)	2024		2023		Change
Investment periodicals and related publications:
Print	$	2,233	$	2,382		-6.3	%
Digital		4,054		4,075		-0.5	%
Total investment periodicals and related publications		6,287		6,457		-2.6	%
Copyright fees		2,597		3,286		-21.0	%
Total publishing revenues	$	8,884	$	9,743		-8.8	%

Within investment periodicals and related publications, subscription sales orders are derived from print and digital products. The following chart illustrates the changes in the sales orders associated with print and digital subscriptions.

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Sources of subscription sales

	Three Months Ended July 31,
	2024						2023
	Print			Digital			Print			Digital
New Sales		18.2	%		9.2	%		14.5	%		13.5	%
Renewal Sales		81.8	%		90.8	%		85.5	%		86.5	%
Total Gross Sales		100.0	%		100.0	%		100.0	%		100.0	%

During the three months ended July 31, 2024, new sales of print publications increased as a percent of the total gross sales as a result of an increase in new sales orders while conversion and renewal sales orders decreased from the prior fiscal year.

	As of July 31,		As of April 30,		As of July 31,		Change
($ in thousands)	2024		2024		2023		July-24 vs. Apr-24			July-24 vs. July-23
Unearned subscription revenue (current and long-term liabilities)	$	21,076	$	22,281	$	21,626		-5.4	%		-2.5	%

Unearned subscription revenue as of July 31, 2024 is 5.4% below April 30, 2024 and 2.5% below last fiscal year. A certain amount of variation is to be expected due to the volume of new orders and timing of long-term renewal contracts, direct mail campaigns and large Institutional Sales orders.

Investment periodicals and related publications revenues

Investment periodicals and related publications revenues of $6,287,000 (excluding copyright fees) during the three months ended July 31, 2024 were 2.6% below publications revenues of $6,457,000 in the prior fiscal year. The Company continued actions to attract new subscribers through various marketing channels, primarily direct mail, e-mail, and by the efforts of our sales personnel. As fewer individual investors manage their own portfolios, particularly in volatile markets, total product line circulation at July 31, 2024, was 2.6% below total product line circulation at July 31, 2023.

Circulation also reflected management’s decision to reduce marketing efforts temporarily while the challenging stock market environment persisted during the fiscal year ended April 30, 2024. Total print circulation at July 31, 2024 was 2.2% below the total print circulation at July 31, 2023. During the three months ended July 31, 2024, print publication revenues of $2,233,000 decreased 6.3%, below print publication revenues of $2,382,000 during the corresponding period of 2024 because we deferred advertising in light of negative sentiment among prospective individual customers in a challenging market environment. Total digital circulation at July 31, 2024 was 3.1% below total digital circulation at July 31, 2023. During the three months ended July 31, 2024, digital revenues of $4,054,000 were slightly lower when compared to the prior fiscal year. These figures reflect weak investor sentiment, likely temporary, and the ongoing shift from our print services to digital counterparts. Sales of our higher-price, higher-profit, publications have been stronger than sales of lower price “starter” products.         

Value Line serves primarily individual and professional investors in stocks, and other securities, who pay mostly on annual or multi-year subscription plans, for basic services or as much as $100,000 or more annually for comprehensive premium quality research, not obtainable elsewhere.

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The Value Line Proprietary Ranks (the “Ranking System”), a component of the Company’s flagship product, The Value Line Investment Survey, are also utilized in the Company’s copyright business. The Ranking System is made available to EAM for specific uses without charge. During the twelve month period ended July 31, 2024, the combined Ranking System “Rank 1 & 2” stocks’ increase of 18.4% compared favorably to the Russell 2000 Index’s increase of 12.5% during the comparable period.

Copyright fees

During the three months ended July 31, 2024, copyright fees of $2,597,000 were 21.0% below those during the corresponding period in the prior fiscal year. These fees depend on the assets under management in financial products with contractual arrangements to use the Ranks and other Value Line proprietary information.

Investment management fees and services – (unconsolidated)

The Company has substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds. Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and will receive ongoing payments in respect of its non-voting revenues and non-voting profits interests.

Total assets in the Value Line Funds managed and/or distributed by EAM at July 31, 2024, were $4.60 billion, which is $1.13 billion, or 32.6%, above total assets of $3.47 billion in the Value Line Funds managed and/or distributed by EAM at July 31, 2023.

Value Line Mutual Funds

	As of July 31,
($ in millions)	2024		2023		Change
Equity and hybrid funds	$	4,566	$	3,432		33.0	%
Fixed income funds		37		39		-5.1	%
Total EAM managed net assets	$	4,603	$	3,471		32.6	%

EAM Trust - Results of operations before distribution to interest holders

The gross fees and net income of EAM’s investment management operations during the three months ended July 31, 2024, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $7,376,000, 12b-1 fees and other fees of $1,942,000 and other net gains of $156,000. For the same period, total investment management fee waivers were $47,000 and 12b-1 fee waivers were $23,000. During the three months ended July 31, 2024, EAM's net income was $1,122,000 after giving effect to Value Line’s non-voting revenues interest of $3,680,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

The gross fees and net income of EAM’s investment management operations during the three months ended July 31, 2023, before interest holder distributions, included total investment management fees earned from the Value Line Funds of $5,428,000, 12b-1 fees and other fees of $1,579,000 and other net gains of $117,000. For the same period, total investment management fee waivers were $48,000 and 12b-1 fee waivers were $25,000. During the three months ended July 31, 2023, EAM's net income was $482,000 after giving effect to Value Line’s non-voting revenues interest of $2,616,000, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

As of July 31, 2024, one of the Value Line Funds has 12b-1 fees waivers in place, and five funds have partial investment management fee waivers in place. Although, under the terms of the EAM Declaration of Trust, the Company does not receive or share in the revenues from 12b-1 distribution fees, the Company could benefit from the fee waivers to the extent that the resulting reduction of expense ratios and enhancement of the performance of the Value Line Funds attracts new assets.

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The Value Line equity and hybrid funds’ assets represent 99.2% and fixed income fund assets represent 0.8%, respectively, of total fund assets under management (“AUM”) as of July 31, 2024. At July 31, 2024, equity and hybrid AUM increased by 33.0% and fixed income AUM decreased by 5.1% as compared to last year at July 31, 2023.

EAM - The Company’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% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business, and 50% of EAM’s net profits, not less than 90% of which is distributed in cash every fiscal quarter.

The Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows:

	Three Months Ended July 31,
($ in thousands)	2024		2023		Change
Non-voting revenues interest	$	3,680	$	2,616		40.7	%
Non-voting profits interest		561		241		132.8	%
	$	4,241	$	2,857		48.4	%

Operating expenses

	Three Months Ended July 31,
($ in thousands)	2024		2023		Change
Advertising and promotion	$	860	$	772		11.4	%
Salaries and employee benefits		3,543		3,740		-5.3	%
Production and distribution		1,489		1,395		6.7	%
Office and administration		1,145		1,089		5.1	%
Total expenses	$	7,037	$	6,996		0.6	%

Expenses within the Company are categorized into advertising and promotion, salaries and employee benefits, production and distribution, office and administration. Operating expenses of $7,037,000 during the three months ended July 31, 2024, were slightly above those during the three months ended July 31, 2023.

Advertising and promotion

During the three months ended July 31, 2024, advertising and promotion expenses of $860,000 increased 11.4% as compared to the prior fiscal year. During the three months ended July 31, 2024, increases were primarily due to increases in third-party telemarketing & sales consulting.

Salaries and employee benefits

During the three months ended July 31, 2024, salaries and employee benefits of $3,543,000 decreased 5.3% below the prior fiscal year, primarily due to decreases in salaries and employee benefits resulting from reduced employee headcount during fiscal years 2024 and 2025.

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Production and distribution

During the three months ended July 31, 2024, production and distribution expenses of $1,489,000 increased 6.7% above prior fiscal year primarily due to increases in third-party distribution and mailing expenses that resulted from outsourcing our internal distribution operations during the latter part of fiscal year 2024 and additional costs in third-party fulfillment software expenses. This increase was partially offset by decreases in production expenses to support the Company’s website and maintenance of the Company’s publishing application software and operating systems.

Office and administration

During the three months ended July 31, 2024, office and administrative expenses of $1,145,000 increased 5.1% above the prior fiscal year, due to an increases that resulted from a software upgrade project to replace outdated software and costs of outsourced product billing functions that were previously handled internally by employees.

Concentration

During the three months ended July 31, 2024, 29.2% of total publishing revenues of $6,287,000 were derived from a single customer.

Investment gains / (losses)

	Three Months Ended July 31,
($ in thousands)	2024		2023		Change
Dividend income	$	147	$	145		1.4	%
Interest income		545		389		40.1	%
Investment gains / (losses) recognized on sale of equity securities during the period		-		11		-
Unrealized gains / (losses) recognized on equity securities held at the end of the period		950		210		352.4	%
Other		67		-		-
Total investment gains / (losses)	$	1,709	$	755		126.4	%

During the three months ended July 31, 2024, the Company’s total investment gains of $1,709,000 increased 126.4% above prior fiscal year, primarily derived from unrealized gains on equity securities and increases in the interest income. Proceeds from the sales of equity securities during the three months ended July 31, 2024 and July 31, 2023 were $90,000 and $516,000, respectively.

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Effective income tax rate

The overall effective income tax rates, as a percentage of pre-tax ordinary income for the three months ended July 31, 2024 and July 31, 2023 were 24.50% and 23.87%, respectively. The higher effective tax rate during three months ended July 31, 2024 as compared to July 31, 2023, is primarily a result of an increase in the state and local income taxes from 3.10% to 3.69% due to changes in state and local income tax allocations. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, 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 among tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities.          

Lease Commitments

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. and ABM Industries, Incorporated 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 in October 2016, which was reduced to $305,000 on October 3, 2021 and is to be 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 a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017.

On February 29, 2016, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC 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 was $237,218 per annum. The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded. VLDC distributed Value Line’s print publications. The Company has outsourced to a U.S. facility the functions formerly performed at the Warehouse.

Liquidity and Capital Resources

The Company had working capital, defined as current assets less current liabilities, of $50,381,000 as of July 31, 2024 and $48,770,000 as of April 30, 2024. These amounts include short-term unearned revenue of $15,991,000 and $15,764,000 reflected in total current liabilities at July 31, 2024 and April 30, 2024, respectively. Cash and short-term securities were $71,280,000 and $68,345,000 as of July 31, 2024 and April 30, 2024, respectively.

The Company’s cash and cash equivalents include $15,248,000 and $4,136,000 at July 31, 2024 and April 30, 2024, respectively, invested primarily in commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7 of the 1940 Act and invest primarily in short-term U.S. government securities.

Cash from operating activities

The Company had cash inflows from operating activities of $4,771,000 during the three months ended July 31, 2024, compared to cash inflows of $5,058,000 during the three months ended July 31, 2023. The change in cash inflows was a result of an increase in unrealized gains on equity securities and a decrease in accounts receivable from customers, offset by a smaller decline of unearned revenue from the same period last year.

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Cash from investing activities

The Company had cash inflows from investing activities of $9,473,000 during the three months ended July 31, 2024, compared to cash outflows from investing activities of $267,000 for the three months ended July 31, 2023, respectively. The significant cash inflows in investing activities for the three months ended July 31, 2024 was a result of the company’s conscious decisions to invest the proceeds from maturities of fixed income short-term securities in the company’s short-term U.S. Government money market funds at higher yields than U.S Treasury Bills.

Cash from financing activities

During the three months ended July 31, 2024, the Company’s cash outflows from financing activities were $3,006,000, compared to cash outflows from financing activities of $2,830,000 for the three months ended July 31, 2023. Quarterly dividend payments of $0.30 per share during fiscal year 2025 aggregated $2,827,000. Quarterly regular dividend payments of $0.28 per share during fiscal year 2024 aggregated $2,642,000.

At July 31, 2024 there were 9,418,074 common shares outstanding as compared to 9,430,529 common shares outstanding at July 31, 2023. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.

Debt and Liquid Assets

Management believes that the Company’s cash and other liquid asset resources used in its business together with future cash flows from operations and from the Company’s non-voting revenues and non-voting profits interests in EAM will be sufficient to finance current and forecasted liquidity needs for the next twelve months and beyond. Management does not anticipate making any borrowings during the next twelve months. As of July 31, 2024, retained earnings and liquid assets were $107,311,000 and $71,280,000, respectively. As of April 30, 2024, retained earnings and liquid assets were $104,249,000 and $68,345,000, respectively. There are no off-balance-sheet arrangements, so none affect the interpretations of reported assets, liquidity, and debt.

Seasonality

Our publishing revenues are comprised of subscriptions which are generally annual subscriptions. Our cash flows from operating activities are minimally seasonal in nature, primarily due to the timing of customer payments made for orders and subscription renewals.

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements.

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements.

35

Critical Accounting Estimates and Policies

The Company prepares its Consolidated Financial Statements in accordance with Generally Accepted Accounting Principles as in effect in the United States (U.S. “GAAP”). The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent, and the Company evaluates its estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.

The Company’s critical accounting policy relates to the valuation of EAM. There have been no material changes in our critical accounting policies during the three months ended July 31, 2024. For a complete discussion of our critical accounting policies, refer to “Critical Accounting Policies and Estimates” discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for fiscal year ended April 30, 2024.

Contractual Obligations

We are a party to a lease contract which will result in cash payments to a lessor in future periods. Operating lease liabilities are included in our Consolidated Balance Sheets. Estimated payments of these liabilities in each of the next four fiscal years and thereafter are (in thousands): $1,075 in 2025; $1,461 in 2026; $1,493 in 2027 and $882 in 2028 totaling $4,911.

36

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market Risk Disclosures

The Company’s Consolidated Condensed Balance Sheet includes a substantial amount of assets whose fair values are subject to market risks. The Company’s market risks are primarily associated with interest rates and equity price risk. The following sections address the significant market risks associated with the Company’s investment activities.

Interest Rate Risk

         The Company’s strategy has been to acquire debt securities with low credit risk. Despite this strategy management recognizes and accepts the possibility that losses may occur. To limit the price fluctuation in these securities from interest rate changes, the Company’s management invests primarily in short-term obligations maturing within one year.

The fair values of the Company’s fixed maturity investments will fluctuate in response to changes in market interest rates. Increases and decreases in prevailing interest rates generally translate into decreases and increases in fair values of those instruments. Additionally, fair values of interest rate sensitive instruments may be affected by prepayment options, relative values of alternative investments, and other general market conditions.

Fixed income securities consist of bank certificates of deposits and securities issued by the United States federal government. As of July 31, 2024 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $34,042,000 and $33,928,000, respectively. As of April 30, 2024 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $47,931,000 and $47,611,000, respectively.

         The following table summarizes the estimated effects of hypothetical increases and decreases in interest rates on assets that are subject to interest rate risk. It is assumed that the changes occur immediately and uniformly to each category of instrument containing interest rate risks. The hypothetical changes in market interest rates do not reflect what could be deemed best or worst case scenarios. Variations in market interest rates could produce significant changes in the timing of repayments due to prepayment options available. For these reasons, actual results might differ from those reflected in the table.

Fixed Income Securities

	Estimated Fair Value after Hypothetical Change in Interest Rates (in thousands) (bp = basis points)
			1 year		1 year		1 year		1 year
	Fair		50 bp		50 bp		100 bp		100 bp
	Value		decrease		decrease		decrease		decrease
As of July 31, 2024
Investments in securities with fixed maturities	$	33,928	$	33,317	$	33,999	$	32,983	$	34,347
As of April 30, 2024
Investments in securities with fixed maturities	$	47,611	$	46,554	$	46,935	$	46,363	$	47,126

Management regularly monitors the maturity structure of the Company’s investments in debt securities in order to maintain an acceptable price risk associated with changes in interest rates.

37

Equity Price Risk

         The carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates. Market prices are subject to fluctuation and, consequently, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market price of a security may result from perceived changes in the underlying economic characteristics of the issuer, the relative price of alternative investments and general market conditions. Furthermore, amounts realized in the sale of a particular security may be affected by the relative quantity of the security being sold.

         The Company’s equity investment strategy has been to acquire equity securities across a diversity of industry groups. The portfolio consists of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes. In order to maintain liquidity in these securities, the Company’s policy has been to invest in and hold in its portfolio, no more than 5% of the approximate average daily trading volume in any one issue.

As of July 31, 2024 and April 30, 2024, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY), Vanguard Growth ETF (VUG) and other Exchange Traded Funds was a combined total of $16,093,000 and $11,663,000, respectively, and the fair value was $21,724,000 and $16,344,000, respectively.

Equity Securities					Estimated Fair Value after		Hypothetical Percentage
				Hypothetical	Hypothetical		Increase (Decrease) in
($ in thousands)		Fair Value		Price Change	Change in Prices		Shareholders’ Equity
As of July 31, 2024	Equity Securities and ETFs held for dividend yield	$	21,724	30% increase	$	28,241		5.49	%
				30% decrease	$	15,207		(5.49	%)

Equity Securities					Estimated Fair Value after		Hypothetical Percentage
				Hypothetical	Hypothetical		Increase (Decrease) in
($ in thousands)		Fair Value		Price Change	Change in Prices		Shareholders’ Equity
As of April 30, 2024	Equity Securities and ETFs held for dividend yield	$	16,344	30% increase	$	21,247		4.27	%
				30% decrease	$	11,441		(4.27	%)

38

Item 4. CONTROLS AND PROCEDURES

(a) The Company maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in the Company’s reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding disclosure.

The Company’s management has evaluated, with the participation of the Company’s Principal Executive Officer and Principal Financial Officer, the effectiveness of the Company’s disclosure controls and procedures, (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

(b) The registrant’s Principal Executive Officer and Principal Financial Officer have determined that there have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Part II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Part I, Item 2 of this Quarterly Report on Form 10-Q for the period ended July 31, 2024, reflects any changes and updates (see page 22) in addition to the list of the risk factors disclosed in Item 1A - Risk Factors in the Company's Annual Report on Form 10-K for the year ended April 30, 2024 filed with the SEC on July 26, 2024. Any new risk factors reflect management's continuing analysis of developments in the Company's business environment, rather than any specific event or particular issue.

39

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Purchases of Equity Securities by the Company

The following table provides information with respect to all repurchases of common stock made by or on behalf of the Company during the fiscal quarter ended July 31, 2024. All purchases listed below were made in the open market at prevailing market prices.

ISSUER PURCHASES OF EQUITY SECURITIES

	(a) Total Number of Shares (or Units) Purchased		(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
May 1 - 31, 2024		1,644	$	40.15		1,644	$	1,144,000
June 1 - 30, 2024		2,000	$	40.00		2,000		1,065,000
July 1 - 31, 2024		765	$	41.83		765		1,033,000
Total		4,409	$	40.37		4,409	$	1,033,000

All shares were repurchased pursuant to authorization of the Board of Directors.

On October 21, 2022, 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 no set expiration date. There is a remainder of $1,033,000 before the authorized limit is reached.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Value Line has never adopted a Rule 10b5-1 trading arrangement (as that term is defined in Item 408(a)(1)(i) of Regulation S-K). None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during fiscal quarter ended July 31, 2024.

40

Item 6. Exhibits

31.1 Certificate of Principal Executive Officer Required Under Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certificate of Principal Financial Officer Required Under Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Joint Principal Executive Officer/Principal Financial Officer Certificate Required Under Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS Inline XBRL Instance Document

101.SCH Inline XBRL Taxonomy Extension Schema Document

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document

104 The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL (including Exhibit 101).

41

VALUE LINE, INC.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Value Line, Inc.

(Registrant)

By: /s/ Howard A. Brecher

________________________________________

Howard A. Brecher

Chief Executive Officer

(Principal Executive Officer)

By: /s/ Stephen R. Anastasio

_______________________________________

Stephen R. Anastasio

Vice President & Treasurer

(Principal Financial Officer)

Date: September 13, 2024

42

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Howard A. Brecher, certify that:

1. I have reviewed this report on Form 10-Q of Value Line, Inc. for the quarter ended July 31, 2024;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 13, 2024                 By: /s/ Howard A. Brecher ______________________________ Howard A. Brecher Chairman and Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Stephen R. Anastasio, certify that:

1. I have reviewed this report on Form 10-Q of Value Line, Inc. for the quarter ended July 31, 2024;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 13, 2024                   By: /s/ Stephen R. Anastasio ______________________________ Stephen R. Anastasio Vice President & Treasurer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350

In accordance with 18 U.S.C. Section 1350, the undersigned hereby certify, in the indicated capacities with respect to Value Line, Inc. (the “Issuer”), that the report on Form 10-Q for the quarter ended July 31, 2024 of the Issuer fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the quarterly report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Issuer. This certification is not to be deemed to be filed pursuant to the Securities Exchange Act of 1934 and does not constitute a part of the quarterly report on Form 10-Q of the Issuer accompanying this certification.

By: /s/ Howard A. Brecher

________________________________

Howard A. Brecher

Chairman and Chief Executive Officer

(Principal Executive Officer)

By: /s/ Stephen R. Anastasio

________________________________

Stephen R. Anastasio

Vice President & Treasurer

(Principal Financial Officer)

Date: September 13, 2024

XML

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2024	Aug. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	0-11306
Entity Registrant Name	VALUE LINE, INC.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-3139843
Entity Address, Address Line One	551 Fifth Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10176-0001
City Area Code	212
Local Phone Number	907-1500
Title of 12(b) Security	Common stock, $0.10 par value per share
Trading Symbol	VALU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		9,418,074
Entity Central Index Key	0000717720
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Current Assets:
Cash and cash equivalents (including short term investments of $4,739 and $7,240, respectively)	$ 15,628,000	$ 4,390,000
Equity securities	21,724,000	16,344,000
Available-for-sale Fixed Income securities	33,928,000	47,611,000
Accounts receivable, net of allowance for credit losses of $33 and $36, respectively	1,229,000	1,310,000
Prepaid and refundable income taxes	0	209,000
Prepaid expenses and other current assets	1,090,000	1,160,000
Total current assets	73,599,000	71,024,000
Long term assets:
Investment in EAM Trust	60,371,000	60,134,000
Restricted money market investments	305,000	305,000
Property and equipment, net	4,164,000	4,440,000
Capitalized software and other intangible assets, net	118,000	132,000
Total long term assets	64,958,000	65,011,000
Total assets	138,557,000	136,035,000
Current Liabilities:
Accounts payable and accrued liabilities	867,000	1,430,000
Accrued salaries	895,000	1,020,000
Dividends payable	2,825,000	2,827,000
Accrued taxes on income	1,410,000	7,000
Operating lease obligation-short term	1,230,000	1,206,000
Unearned revenue	15,991,000	15,764,000
Total current liabilities	23,218,000	22,254,000
Long term liabilities:
Unearned revenue	5,085,000	6,517,000
Operating lease obligation-long term	3,262,000	3,578,000
Deferred income taxes	13,139,000	12,893,000
Total long term liabilities	21,486,000	22,988,000
Total liabilities	44,704,000	45,242,000
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	107,311,000	104,249,000
Treasury stock, at cost (573,017 shares and 565,460 shares, respectively)	(15,373,000)	(15,194,000)
Accumulated other comprehensive income, net of tax	(76,000)	(253,000)
Total shareholders' equity	93,853,000	90,793,000
Total liabilities and shareholders' equity	$ 138,557,000	$ 136,035,000

XML

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Short-Term Investments	$ 15,248	$ 4,136
Accounts Receivable, Allowance for Credit Loss, Current	$ 31	$ 31
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.1	$ 0.1
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, Common, Shares (in shares)	581,926	577,517

XML

Consolidated Condensed Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Revenues:
Revenues	$ 8,884	$ 9,743
Expenses:
Advertising and promotion	860	772
Salaries and employee benefits	3,543	3,740
Production and distribution	1,489	1,395
Office and administration	1,145	1,089
Total expenses	7,037	6,996
Income from operations	1,847	2,747
Revenues and profits interests in EAM Trust	4,241	2,857
Investment gains/(losses)	1,709	755
Income before income taxes	7,797	6,359
Income tax provision	1,910	1,500
Net income	$ 5,887	$ 4,859
Earnings per share, basic & fully diluted (in dollars per share)	$ 0.62	$ 0.52
Weighted average number of common shares (in shares)	9,419,938	9,432,573
Subscription and Circulation [Member]
Revenues:
Revenues	$ 6,287	$ 6,457
License [Member]
Revenues:
Revenues	$ 2,597	$ 3,286

XML

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended	15 Months Ended
	Jul. 31, 2024	Jul. 31, 2024
Net income	$ 5,887	$ 4,859
Fixed Income securities, net of tax	177	(212)
Other comprehensive income/(loss)	177	(212)
Comprehensive income	$ 6,064	$ 4,647

XML

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		15 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024
Cash flows from operating activities:
Net income	$ 5,887,000	$ 4,859,000	$ 4,859,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	294,000	348,000
Investment (gains)/losses	(950,000)	(221,000)
Non-voting revenues interest in EAM Trust	(3,680,000)	(2,616,000)
Non-voting profits interest in EAM Trust	(561,000)	(241,000)
Distributions received from EAM Trust	4,004,000	2,674,000
Deferred income taxes	315,000	40,000
Deferred rent	(292,000)	(326,000)
Other	0	(352,000)
Changes in operating assets and liabilities:
Unearned revenue	(1,205,000)	(1,347,000)
Accounts payable & accrued expenses	(563,000)	(201,000)
Accrued salaries	(125,000)	25,000
Accrued taxes on income	1,287,000	1,289,000
Prepaid and refundable income taxes	209,000	322,000
Prepaid expenses and other current assets	70,000	186,000
Accounts receivable	81,000	619,000
Total adjustments	(1,116,000)	199,000
Net cash provided by operating activities	4,771,000	5,058,000
Cash flows from investing activities:
Purchases of equity securities	(4,520,000)	(513,000)
Purchases of fixed income securities classified as available for sale	(2,450,000)	(16,020,000)
Proceeds from sales of equity securities	90,000	516,000
Proceeds from sales of fixed income securities classified as available for sale	16,357,000	15,750,000
Acquisition of property and equipment	(4,000)	0
Net cash used in investing activities	9,473,000	(267,000)
Cash flows from financing activities:
Purchase of treasury stock at cost	(179,000)	(188,000)
Dividends paid	(2,827,000)	(2,642,000)
Net cash used in financing activities	(3,006,000)	(2,830,000)
Net change in cash and cash equivalents	11,238,000	1,961,000
Cash, cash equivalents and restricted cash at beginning of period	4,695,000	7,895,000	7,895,000
Cash, cash equivalents and restricted cash at end of period	$ 15,933,000	$ 9,856,000	$ 15,933,000

XML

Consolidated Condensed Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Apr. 30, 2023	10,000,000		(565,460)
Balance at Apr. 30, 2023	$ 1,000	$ 991	$ (14,671)	$ 95,979	$ 374	$ 83,673
Net income				4,859		4,859
Fixed Income securities, net of tax					(212)	(212)
Purchase of treasury stock (in shares)			(4,011)
Purchase of treasury stock			$ (188)			(188)
Dividends declared				(2,641)		(2,641)
Balance (in shares) at Jul. 31, 2023	10,000,000		569,471
Balance at Jul. 31, 2023	$ 1,000	991	$ (14,859)	98,197	162	85,491
Balance (in shares) at Apr. 30, 2023	10,000,000		(565,460)
Balance at Apr. 30, 2023	$ 1,000	991	$ (14,671)	95,979	374	83,673
Balance (in shares) at Apr. 30, 2024	10,000,000		577,517
Balance at Apr. 30, 2024	$ 1,000	991	$ (15,194)	104,249	(253)	90,793
Balance (in shares) at Apr. 30, 2023	10,000,000		(565,460)
Balance at Apr. 30, 2023	$ 1,000	991	$ (14,671)	95,979	374	83,673
Net income						4,859
Fixed Income securities, net of tax						(212)
Balance (in shares) at Jul. 31, 2024	10,000,000		(581,926)
Balance at Jul. 31, 2024	$ 1,000	991	$ (15,373)	107,311	(76)	93,853
Balance (in shares) at Apr. 30, 2024	10,000,000		577,517
Balance at Apr. 30, 2024	$ 1,000	991	$ (15,194)	104,249	(253)	90,793
Net income				5,887		5,887
Fixed Income securities, net of tax					177	177
Purchase of treasury stock (in shares)			(4,409)
Purchase of treasury stock			$ (179)			(179)
Dividends declared				(2,825)		(2,825)
Balance (in shares) at Jul. 31, 2024	10,000,000		(581,926)
Balance at Jul. 31, 2024	$ 1,000	$ 991	$ (15,373)	$ 107,311	$ (76)	$ 93,853

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Note 1 - Organization and Summary of Significant Accounting Policies

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

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

Note 1 - Organization and Summary of Significant Accounting Policies:

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 Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. The Company maintains a significant investment in Eulav Asset Management LLC ("EAM")  from which it receives a non-voting revenues interest  and a non-voting profits interest.  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. EAM was established to provide investment management services to the Value Line Mutual Funds ("Value Line Funds" or the "Funds").   

The Consolidated Condensed Balance Sheets as of July 31, 2024 and April 30, 2024, which have been derived from the unaudited interim Consolidated Condensed Financial Statements and the audited Consolidated Financial Statements, respectively,  were prepared following the interim reporting requirements of the Securities and Exchange Commission (“SEC”).  In the opinion of management, the accompanying Unaudited Interim Consolidated Condensed Financial Statements contain all adjustments (consisting of normal recurring accruals except as noted below) considered necessary for a fair presentation.  This report should be read in conjunction with the audited financial statements and footnotes contained in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on July 26, 2024 (the “Form 10-K”). Results of operations covered by this report may not be indicative of the results of operations for the entire year.

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 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 3).

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. The Company holds a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in 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 earns for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Condensed Statements of Income.     

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 Ranks 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 fees upon delivery to the customer as specified in the individual agreements.  Revenue is recognized monthly and received either quarterly or in advance 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.  

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 (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.

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% to 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. 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. 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:

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements.

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements.

Valuation of Securities: 

The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs and fixed income securities invested primarily in short-term U.S. Treasury bills, and to a smaller extent bank certificates of deposit that are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The securities classified as equity securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Condensed Statements of Income per FASB Accounting Standards Update No. 2016-01 ("ASU 2016-01"). The securities classified as available-for-sale  fixed income securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of all securities are recorded in earnings as of the trade date and are determined on the identified cost method.  

The Company classifies its equity securities and available-for-sale fixed income securities 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 under the 1940 Act.

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-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 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – 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 July 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	15,248	$	-	$	-	$	15,248
Equity securities		21,724		-		-		21,724
Available-for-sale fixed income securities		33,928		-		-		33,928
	$	70,900	$	-	$	-	$	70,900

	As of April 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	4,136	$	-	$	-	$	4,136
Equity securities		16,344		-		-		16,344
Available-for-sale fixed income securities		47,361		250		-		47,611
	$	67,841	$	250	$	-	$	68,091

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended July 31, 2024 and April 30, 2024, there were no Level 3 investments. The Company does not have any liabilities that are subject to fair value measurement.

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 Condensed 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, Income taxes (Topic 740) and classifies all deferred taxes as long-term liabilities on the Consolidated Condensed Balance Sheets.

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 July 31, 2024, 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 no material impact to the Company's financial statements.

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 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 Condensed 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 July 31, 2024 and April 30, 2024, cash equivalents included $15,248,000 and $4,136,000, respectively, for amounts invested in  money market mutual funds that invest in short-term U.S. government securities.

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Note 2 - Investments

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

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

Note 2 - Investments:

Investments held by the Company and its subsidiaries are classified as  equity securities and available-for-sale fixed income securities in accordance with FASB's ASC 321, Investments - Equity Securities and with FASB's ASC 320, Investments - Debt Securities.  All of the Company's securities were readily marketable or had a maturity of twelve months or less and are classified as current assets  on the Consolidated Condensed Balance Sheets.

Equity Securities:

Equity securities on the Consolidated Condensed Balance Sheets, consist of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes.  

As of July 31, 2024 and April 30, 2024, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), Vanguard Growth ETF (VUG), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds was a combined total $16,093,000 and $11,663,000, respectively, and the fair value was $21,724,000 and $16,344,000, respectively.  

Proceeds from sales of equity securities during the three months ended July 31, 2024 and July 31, 2023, were $90,000 and $516,000, respectively.     

The carrying value and fair value of equity securities at July 31, 2024 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
ETFs - equities	$	16,093	$	5,801	$	(170	)	$	21,724

The carrying value and fair value of equity securities at April 30, 2024 were as follows:

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
ETFs - equities	$	11,663	$	4,685	$	(4	)	$	16,344

Government Debt Securities (Fixed Income Securities):

Fixed income securities consist of bank certificates of deposits and securities issued by the United States federal government.

Proceeds from maturities and sales of government debt securities classified as available-for-sale during the three months ended July 31, 2024 and July 31, 2023, were $16,357,000 and $15,750,000, respectively. As of July 31, 2024, Accumulated Other Comprehensive Income included unrealized losses of $96,000 net of deferred tax benefits of $20,000.  As of April 30, 2024, Accumulated Other Comprehensive Income included unrealized losses of $320,000, net of deferred tax benefits of $67,000.

The aggregate cost and fair value at July 31, 2024 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	$	28,992	$	9	$	(20	)	$	28,981
Due 1 year through 5 years		5,032		-		(85	)		4,947
Total investment in government debt securities	$	34,024	$	9	$	(105	)	$	33,928

The decrease in gross unrealized losses of $224,000 on fixed income securities classified as available-for-sale net of deferred income tax benefits of $47,000, was included in Accumulated Other Comprehensive Income on the Consolidated Condensed Balance Sheet as of July 31, 2024.  

The aggregate cost and fair value at April 30, 2024 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	$	42,843	$	4	$	(61	)	$	42,786
Due within 1 year through 5 years		5,088	$	-		(263	)		4,825
Total investment in government debt securities	$	47,931	$	4	$	(324	)	$	47,611

The increase in gross unrealized losses of $793,000 on fixed income securities classified as available-for-sale net of deferred income tax benefit of $166,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of April 30, 2024.  

The average yield on the Government debt securities classified as available-for-sale at July 31, 2024 and April 30, 2024 was 4.3% and 4.4%, respectively.

Investment Gains/(Losses):

Investment gains/(losses) were comprised of the following:

	Three Months Ended July 31,
($ in thousands)	2024		2023
Dividend income	$	147	$	145
Interest income		545		389
Investment gains/(losses) recognized on sales of equity securities during the period		-		11
Unrealized gains/(losses) recognized on equity securities held at the end of the period		950		210
Other		67		-
Total investment gains/(losses)	$	1,709	$	755

Taxable realized gains/(losses) on equity securities sold during fiscal years 2025 and 2024, which are generally the difference between the proceeds from sales and our original cost, were none in fiscal 2025 and losses of $4,000 in fiscal 2024.  

Investment in Unconsolidated Entities:

Equity Method Investment:

As of July 31, 2024 and April 30, 2024, the Company's investment in EAM Trust on the Consolidated Condensed Balance Sheets was $60,371,000 and $60,134,000, respectively.

The value of VLI’s investment in EAM at July 31, 2024 and April 30, 2024 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 Condensed 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 2025 or 2024.

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

	Three Months Ended July 31,
($ in thousands) (unaudited)	2024		2023
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	7,376	$	5,428
12b-1 fees and other fees, net of waivers	$	1,942	$	1,579
Other income	$	156	$	117
Investment management fee waivers and reimbursements	$	47	$	48
12b-1 fee waivers	$	23	$	25
Value Line’s non-voting revenues interest	$	3,680	$	2,616
EAM's net income (1)	$	1,122	$	482

(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. 

	July 31,			April 30,
($ in thousands)	2024			2024
	(unaudited)
EAM's total assets	$	63,126		$	63,076
EAM's total liabilities (1)		(6,182	)		(5,881	)
EAM's total equity	$	56,944		$	57,195

(1) At July 31, 2024 and April 30, 2024, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $4,215,000 and $3,865,000, respectively.

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Note 3 - Variable Interest Entity

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Variable Interest Entity [Text Block]

Note 3 - Variable Interest Entity

The Company holds a non-voting revenues interest and a 50% non-voting profits interest in EAM, the adviser to the Value Line asset management and mutual fund distribution businesses. EAM is considered to be a VIE in relation to the Company.  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.

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 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 no obligation to fund EAM in the future and, as a result, has no 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 Condensed 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 July 31, 2024 (unaudited)	$	63,126	$	60,371	$	-	$	60,371
As of April 30, 2024	$	63,076	$	60,134	$	-	$	60,134

(1)  Reported within Long-Term Assets on the Consolidated Condensed Balance Sheets.

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Note 4 - Supplementary Cash Flows Information

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

Note 4 - Supplementary Cash Flows Information:

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 Condensed Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Condensed Statement of Cash Flows.

	Three Months Ended July 31,
($ in thousands)	2024		2023
Cash and cash equivalents	$	15,628	$	9,551
Restricted cash		305		305
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows	$	15,933	$	9,856

Income Tax Payments:

The Company made income tax payments as follows:

	Three Months Ended July 31,
($ in thousands)	2024		2023
State and local income tax payments	$	91	$	164
Federal income tax payments	$	-	$	-

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Note 5 - Employees' Profit Sharing and Savings Plan

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Compensation Related Costs, General [Text Block]

Note 5 - 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. For the three months ended July 31, 2024 and July 31, 2023, the estimated profit sharing plan contributions, which are included as expenses in salaries and employee benefits in the Consolidated Condensed Statements of Income, were $96,000 and $96,000 in fiscal 2025 and fiscal 2024, respectively. 

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Note 6 - Comprehensive Income

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Note 6 - Comprehensive Income:

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 be recognized in the calculation of net income.

As of July 31, 2024 and July 31, 2023 the Company held fixed income securities consisting of bank certificates of deposits and securities issued by the United States federal government that are classified as securities available-for-sale on the Consolidated Condensed Balance Sheets. The change in valuation of fixed income securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company's Consolidated Condensed Balance Sheets. 

The components of comprehensive income included in the Consolidated  Condensed Statements of Income and Changes in Shareholders' Equity for the three months ended July 31, 2024 are as follows:

($ in thousands)	Amount Before Tax		Tax (Expense) / Benefit			Amount Net of Tax
Change in unrealized gains/(losses) on available-for-sale fixed income securities	$	224	$	(47	)	$	177
	$	224	$	(47	)	$	177

The components of comprehensive income included in the Consolidated Condensed Statements of Income and Changes in Shareholders' Equity for the three months ended July 31, 2023 are as follows:

($ in thousands)	Amount Before Tax			Tax (Expense) / Benefit		Amount Net of Tax
Change in unrealized gains/(losses) on available-for-sale fixed income securities	$	(270	)	$	58	$	(212	)
	$	(270	)	$	58	$	(212	)

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Note 7 - Related Party Transactions

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note 7 - Related Party Transactions:

Investment Management (overview):

The Company has substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds.  Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and receives non-voting revenues and non-voting profits interests, as discussed below. 

Total assets in the Value Line Funds managed and/or distributed by EAM at July 31, 2024, were $4.60 billion, 32.6% above total assets of $3.47 billion in the Value Line Funds managed and/or distributed by EAM at July 31, 2023. 

The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders will receive the other 50% of residual profits of EAM. Distribution is not less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues is calculated each fiscal quarter. 

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% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business. EAM currently has no separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:   

	Three Months Ended July 31,
($ in thousands)	2024		2023
Non-voting revenues interest in EAM	$	3,680	$	2,616
Non-voting profits interest in EAM		561		241
	$	4,241	$	2,857

At July 31, 2024, the Company's investment in EAM includes a receivable of $4,215,000 representing the quarterly distribution of the non-voting revenues share and non-voting profits share. That amount was subsequently paid to the Company.

Transactions with Parent:

During the three months ended July 31, 2024 and July 31, 2023, the Company was reimbursed $60,000 and $63,000, respectively, for payments it made on behalf of and for services the Company provided to the Parent Company, Arnold Bernhard and Co., Inc. ("Parent").  There were no receivables from the Parent on the Consolidated Condensed Balance Sheets at July 31, 2024 and April 30, 2024.  

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them. The Company made no federal tax payments to the Parent during the three months ended July 31, 2024 and July 31, 2023.

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 July 31, 2024, the Parent owned 91.67% of the outstanding shares of common stock of the Company.

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Note 8 - Federal, State and Local Income Taxes

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 8 - 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:

	Three Months Ended July 31,
($ in thousands)	2024		2023
Current tax expense:
Federal	$	1,283	$	1,209
State and local		312		251
Current tax expense		1,595		1,460
Deferred tax expense (benefit):
Federal		304		40
State and local		11		-
Deferred tax expense (benefit):		315		40
Income tax provision	$	1,910	$	1,500

On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted. The Tax Act lowered the U.S. federal income tax rate ("Federal Tax Rate") from 35% to 21% effective January 1, 2018.  Accordingly, the Company computes Federal income tax expense using the Federal Tax Rate of 21% in fiscal year 2019 and each year thereafter.  

The overall effective income tax rates, as a percentage of pre-tax ordinary income for the three months ended July 31, 2024 and July 31, 2023 were 24.50% and 23.87%, respectively. The higher effective tax rate during three months ended July 31, 2024 as compared to July 31, 2023, is primarily a result of a increase in the state and local income tax rate to 3.69% from 3.10% due to changes in state and local income tax allocations. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities.   

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:

	July 31,			April 30,
($ in thousands)	2024			2024
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		67			73
Unrealized gain/(loss) on securities held for sale		1,162			916
Right of Use Asset		(138	)		(128	)
Deferred charges		(54	)		(138	)
Other		(578	)		(424	)
Total federal tax liability		10,756			10,596
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,385			2,073
Deferred non-cash post-employment compensation		(83	)		(72	)
Depreciation and amortization		15			13
Unrealized gain/(loss) on securities held for sale		259			178
Other		(193	)		105
Total state and local tax liabilities		2,383			2,297
Deferred tax liability, long-term	$	13,139		$	12,893

At the end of each interim reporting period, the Company estimates the effective income tax rate to apply for the full fiscal year. 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 pretax income as a result of the following:

	Three Months Ended July 31,
	2024			2023
U.S. statutory federal tax rate		21.00	%		21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		3.69	%		3.10	%
Effect of dividends received deductions		(0.19	)%		(0.24	)%
Other, net		-			0.01	%
Effective income tax rate		24.50	%		23.87	%

The Company believes that, as of July 31, 2024, there were no material uncertain tax positions that would require disclosure under GAAP. 

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 files combined income tax returns with the Parent on a unitary basis in certain states.  

The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years ended 2021 through 2023, are subject to examination by the tax authorities, generally for three years after they are filed with the tax authorities.  

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Note 9 - Property and Equipment

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 9 - Property and Equipment:

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 Condensed Balance Sheets was comprised of the following:

	July 31,			April 30,
($ in thousands)	2024			2024
Building and leasehold improvements	$	652		$	652
Operating lease - right-of-use asset		3,833			4,090
Furniture and equipment		2,278			2,274
		6,763			7,016
Accumulated depreciation and amortization		(2,599	)		(2,576	)
Total property and equipment, net	$	4,164		$	4,440

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Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Internal Use Software Disclosure [Text Block]

Note 10 - 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 purchasing software for internal use and amortize those costs over the software's estimated useful life in a systematic and rational manner.  Such costs, when incurred, are capitalized and amortized over the expected useful life of the asset, normally 3 to 5 years.  Total amortization expenses during the three months ended July 31, 2024 and July 31, 2023, were $14,000 and $21,000, respectively.  

During the three months ended July 31, 2024 and July 31, 2023, the Company did not incur and did not capitalize expenditures related to third party programmers' costs nor internal costs to develop software for internal use.  

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Note 11 - Treasury Stock and Repurchase Program

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Treasury Stock [Text Block]

Note 11 - Treasury Stock and Repurchase Program:

During October 2022, the Company's Board of Directors approved a renewal of 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 no set price limit and no expiration date. There is a remainder of $1,033,000 before the authorized limit is reached.

Treasury stock, at cost, consists of the following:

(in thousands except for shares and cost per share)	Shares		Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2024		577,517	$	15,194	$	26.31	$	1,211
Purchases effected in open market during the months ended:
May 31, 2024		1,644	$	67		40.15		1,145
June 30, 2024		2,000	$	80		40.00		1,065
July 31, 2024		765	$	32		41.83		1,033
Balance as of July 31, 2024		581,926	$	15,373	$	26.42	$	1,033

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Note 12 - Lease Commitments

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 12 - Lease Commitments:

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.  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 in October 2016, which was reduced to $305,000 on October 3, 2021 and is to be 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 a work allowance of $417,000 which accompanied with the six months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until November 2017.

On February 29, 2016, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC 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 was $237,218 per annum. The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded. VLDC distributed Value Line’s print publications. The Company has outsourced to a U.S. facility the functions formerly performed at the Warehouse.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”.  This ASU requires that, for leases longer than one year, a lessee recognizes in the statements of financial position a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognizes interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. The firm adopted this ASU in May 2019 under a modified retrospective approach. 

The Company adopted ASU 2016-02 using a modified retrospective transition approach as of the Effective Date as permitted by the amendments in ASU 2018-11, which provides an alternative modified retrospective transition method. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. May 1, 2019). The Company has elected to employ the transitionary relief offered by the FASB and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized.  

The Company leases office space in New York, NY. The Company has evaluated that lease and determined that it is an operating lease 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, the Company recorded a right-of-use asset in the amount of $9,575,000, which represents the lease liability of $10,340,000 adjusted for previously recorded unamortized lease incentives in the amount of $765,000. The right-of-use asset will be amortized over the remaining lease term in the amount equal to the difference between the calculated straight-line expense of the total lease payments less the monthly interest calculated on the remaining lease liability. As of July 31, 2024, the Company had a long-term lease asset of $3,833,000, solely related to our NYC headquarters, located at 551 Fifth Avenue, New York, NY, recorded in property and equipment in its consolidated balance sheets. The VLDC lease at 205 Chubb Ave., Lyndhurst, NJ ended on April 30, 2024.

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 is presented as part of continuing operations in the consolidated condensed statements of income. The Company recognized $319,000 and $375,000 in lease expenses in both fiscal years 2025 and 2024 during the three months ended July 31, 2024 and July 31, 2023, respectively.

For the three months ended July 31, 2024, the Company paid $354,000 in rent relating to the leases. As a payment arising from an operating lease, the $354,000 is classified within operating activities in the consolidated condensed statements of cash flows.

The Company’s leases generally do not provide an implicit interest rate, and therefore the Company estimated an incremental borrowing rate, or IBR, as of the commencement date, to determine the present value of its operating lease liabilities. The IBR is defined under ASC 842 as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the Consolidated Condensed Balance Sheet as of July 31, 2024:

Fiscal years ended April 30,	($ in thousands)
2025*	$	1,075
2026		1,461
2027		1,493
2028		882
Total undiscounted future minimum lease payments		4,911
Less: difference between undiscounted lease payments & the present value of future lease payments		419
Total operating lease liabilities	$	4,492

* Excludes the three months ended July 31, 2024

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:

	As of July 31, 2024
Weighted-average remaining lease term (in years)		3.33
Weighted-average discount rate		5.25	%

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Note 13 - Restricted Cash and Deposits

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Restricted Assets Disclosure [Text Block]

Note 13 - Restricted Cash and Deposits:

Restricted Money Market Investment in the noncurrent assets on the Consolidated Condensed Balance Sheet at July 31, 2024, includes $305,000, which represents cash invested in a bank money market fund securing a letter of credit ("LOC") in the amount of $305,000 issued to the sublandlord as a security deposit for the Company's New York City leased corporate office facility. According to the sublease agreement the LOC and restricted cash were reduced from $469,000 to $305,000 in the third quarter of fiscal year 2022.

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Note 14 - Concentration

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

Note 14 - Concentration:

During the three months ended July 31, 2024, 29.2% of total publishing revenues of $6,287,000 were derived from a single customer.

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Note 15 - Concentration of Credit Risks

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Concentration of Credit Risk [Text Block]

Note 15 - Concentration of Credit Risk:

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. As of July 31, 2024 and July 31, 2023, the Company had $3,918,000 and $2,620,000, respectively, in excess of the FDIC insured limit.  Management has concluded the excess does not represent a material risk, based on the creditworthiness of the counter parties.

The Company maintains a deposit account of $305,000 at Flagstar Bank as security for a letter of credit in a similar amount (See Note 13).

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Note 16 - Segment Information

3 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 16 - Business Segments:

The Company allocates resources and assesses financial performance on a consolidated basis. It does so because significant costs are shared in common by all products, and as a result, it does not have discrete financial information available for separate business components to assess performance and make resource allocation decisions for more than one segment. Therefore, the investment periodicals and related publications (such as digital equivalents), along with supplying the embedded Proprietary information and intellectual property rights, are treated as one segment, Publishing.

All required segment financial information can be found directly in the consolidated financial statements. The accounting policies for our reportable segment are the same as those described in Note 1. 

Value Line’s customers are almost entirely located within the United States. It receives approximately 2% of its revenues from external customers located outside of the United States.

As described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business in December 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 because it does not satisfy one of the required characteristics of an operating segment pursuant to ASC 280-10-50-1. Specifically, VLI’s Chief Executive Officer does not regularly review EAM’s operating results to make decisions about resources to be allocated to EAM.

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Insider Trading Arrangements	3 Months Ended
	Jul. 31, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

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Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2024

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 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 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 3).

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. The Company holds a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in 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 earns for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Condensed Statements of Income.     

Revenue [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 Ranks 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 fees upon delivery to the customer as specified in the individual agreements.  Revenue is recognized monthly and received either quarterly or in advance 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.  

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 (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.  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.

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% to 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. 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. 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.  

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements:

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU 2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact of ASU 2023-07 on disclosures in our Consolidated Financial Statements.

In December 2023, the FASB issued Accounting Standards Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the impact of ASU 2023-09 on disclosures in our Consolidated Financial Statements.

Fair Value Measurement, Policy [Policy Text Block]

Valuation of Securities: 

The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs and fixed income securities invested primarily in short-term U.S. Treasury bills, and to a smaller extent bank certificates of deposit that are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC 820. The securities classified as equity securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Condensed Statements of Income per FASB Accounting Standards Update No. 2016-01 ("ASU 2016-01"). The securities classified as available-for-sale  fixed income securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of all securities are recorded in earnings as of the trade date and are determined on the identified cost method.  

The Company classifies its equity securities and available-for-sale fixed income securities 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 under the 1940 Act.

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-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 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – 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 July 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	15,248	$	-	$	-	$	15,248
Equity securities		21,724		-		-		21,724
Available-for-sale fixed income securities		33,928		-		-		33,928
	$	70,900	$	-	$	-	$	70,900

	As of April 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	4,136	$	-	$	-	$	4,136
Equity securities		16,344		-		-		16,344
Available-for-sale fixed income securities		47,361		250		-		47,611
	$	67,841	$	250	$	-	$	68,091

The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended July 31, 2024 and April 30, 2024, there were no Level 3 investments. The Company does not have any liabilities that are subject to fair value measurement.

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 Condensed 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, Income taxes (Topic 740) and classifies all deferred taxes as long-term liabilities on the Consolidated Condensed Balance Sheets.

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 July 31, 2024, 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 no material impact to the Company's financial statements.

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 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 Condensed 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 July 31, 2024 and April 30, 2024, cash equivalents included $15,248,000 and $4,136,000, 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)

3 Months Ended

Jul. 31, 2024

Notes Tables

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

	As of July 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	15,248	$	-	$	-	$	15,248
Equity securities		21,724		-		-		21,724
Available-for-sale fixed income securities		33,928		-		-		33,928
	$	70,900	$	-	$	-	$	70,900

	As of April 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	4,136	$	-	$	-	$	4,136
Equity securities		16,344		-		-		16,344
Available-for-sale fixed income securities		47,361		250		-		47,611
	$	67,841	$	250	$	-	$	68,091

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Note 2 - Investments (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
ETFs - equities	$	16,093	$	5,801	$	(170	)	$	21,724

($ in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
ETFs - equities	$	11,663	$	4,685	$	(4	)	$	16,344

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

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	28,992	$	9	$	(20	)	$	28,981
Due 1 year through 5 years		5,032		-		(85	)		4,947
Total investment in government debt securities	$	34,024	$	9	$	(105	)	$	33,928

	Amortized		Gross Unrealized		Gross Unrealized
($ in thousands)	Historical Cost		Holding Gains		Holding Losses			Fair Value
Maturity
Due within 1 year	$	42,843	$	4	$	(61	)	$	42,786
Due within 1 year through 5 years		5,088	$	-		(263	)		4,825
Total investment in government debt securities	$	47,931	$	4	$	(324	)	$	47,611

Investment Income [Table Text Block]

	Three Months Ended July 31,
($ in thousands)	2024		2023
Dividend income	$	147	$	145
Interest income		545		389
Investment gains/(losses) recognized on sales of equity securities during the period		-		11
Unrealized gains/(losses) recognized on equity securities held at the end of the period		950		210
Other		67		-
Total investment gains/(losses)	$	1,709	$	755

Investment Holdings, Other than Securities [Table Text Block]

	Three Months Ended July 31,
($ in thousands) (unaudited)	2024		2023
Investment management fees earned from the Value Line Funds, net of waivers shown below	$	7,376	$	5,428
12b-1 fees and other fees, net of waivers	$	1,942	$	1,579
Other income	$	156	$	117
Investment management fee waivers and reimbursements	$	47	$	48
12b-1 fee waivers	$	23	$	25
Value Line’s non-voting revenues interest	$	3,680	$	2,616
EAM's net income (1)	$	1,122	$	482

Summary Investment Holdings [Table Text Block]

	July 31,			April 30,
($ in thousands)	2024			2024
	(unaudited)
EAM's total assets	$	63,126		$	63,076
EAM's total liabilities (1)		(6,182	)		(5,881	)
EAM's total equity	$	56,944		$	57,195

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Note 3 - Variable Interest Entity (Tables)

3 Months Ended

Jul. 31, 2024

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 July 31, 2024 (unaudited)	$	63,126	$	60,371	$	-	$	60,371
As of April 30, 2024	$	63,076	$	60,134	$	-	$	60,134

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Note 4 - Supplementary Cash Flows Information (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

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

	Three Months Ended July 31,
($ in thousands)	2024		2023
Cash and cash equivalents	$	15,628	$	9,551
Restricted cash		305		305
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows	$	15,933	$	9,856

	Three Months Ended July 31,
($ in thousands)	2024		2023
State and local income tax payments	$	91	$	164
Federal income tax payments	$	-	$	-

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Note 6 - Comprehensive Income (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

Comprehensive Income (Loss) [Table Text Block]

($ in thousands)	Amount Before Tax		Tax (Expense) / Benefit			Amount Net of Tax
Change in unrealized gains/(losses) on available-for-sale fixed income securities	$	224	$	(47	)	$	177
	$	224	$	(47	)	$	177

($ in thousands)	Amount Before Tax			Tax (Expense) / Benefit		Amount Net of Tax
Change in unrealized gains/(losses) on available-for-sale fixed income securities	$	(270	)	$	58	$	(212	)
	$	(270	)	$	58	$	(212	)

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Note 7 - Related Party Transactions (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

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

	Three Months Ended July 31,
($ in thousands)	2024		2023
Non-voting revenues interest in EAM	$	3,680	$	2,616
Non-voting profits interest in EAM		561		241
	$	4,241	$	2,857

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Note 8 - Federal, State and Local Income Taxes (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

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

	Three Months Ended July 31,
($ in thousands)	2024		2023
Current tax expense:
Federal	$	1,283	$	1,209
State and local		312		251
Current tax expense		1,595		1,460
Deferred tax expense (benefit):
Federal		304		40
State and local		11		-
Deferred tax expense (benefit):		315		40
Income tax provision	$	1,910	$	1,500

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

	July 31,			April 30,
($ in thousands)	2024			2024
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		67			73
Unrealized gain/(loss) on securities held for sale		1,162			916
Right of Use Asset		(138	)		(128	)
Deferred charges		(54	)		(138	)
Other		(578	)		(424	)
Total federal tax liability		10,756			10,596
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		2,385			2,073
Deferred non-cash post-employment compensation		(83	)		(72	)
Depreciation and amortization		15			13
Unrealized gain/(loss) on securities held for sale		259			178
Other		(193	)		105
Total state and local tax liabilities		2,383			2,297
Deferred tax liability, long-term	$	13,139		$	12,893

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

	Three Months Ended July 31,
	2024			2023
U.S. statutory federal tax rate		21.00	%		21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit		3.69	%		3.10	%
Effect of dividends received deductions		(0.19	)%		(0.24	)%
Other, net		-			0.01	%
Effective income tax rate		24.50	%		23.87	%

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Note 9 - Property and Equipment (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	July 31,			April 30,
($ in thousands)	2024			2024
Building and leasehold improvements	$	652		$	652
Operating lease - right-of-use asset		3,833			4,090
Furniture and equipment		2,278			2,274
		6,763			7,016
Accumulated depreciation and amortization		(2,599	)		(2,576	)
Total property and equipment, net	$	4,164		$	4,440

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Note 11 - Treasury Stock and Repurchase Program (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

Class of Treasury Stock [Table Text Block]

(in thousands except for shares and cost per share)	Shares		Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2024		577,517	$	15,194	$	26.31	$	1,211
Purchases effected in open market during the months ended:
May 31, 2024		1,644	$	67		40.15		1,145
June 30, 2024		2,000	$	80		40.00		1,065
July 31, 2024		765	$	32		41.83		1,033
Balance as of July 31, 2024		581,926	$	15,373	$	26.42	$	1,033

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Note 12 - Lease Commitments (Tables)

3 Months Ended

Jul. 31, 2024

Notes Tables

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Fiscal years ended April 30,	($ in thousands)
2025*	$	1,075
2026		1,461
2027		1,493
2028		882
Total undiscounted future minimum lease payments		4,911
Less: difference between undiscounted lease payments & the present value of future lease payments		419
Total operating lease liabilities	$	4,492

Lease, Cost [Table Text Block]

	As of July 31, 2024
Weighted-average remaining lease term (in years)		3.33
Weighted-average discount rate		5.25	%

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Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2024	Apr. 30, 2024
Money Market Funds, at Carrying Value	$ 15,248,000	$ 4,136,000
EAM Trust [Member]
Non Voting Revenues 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 - Fair Value Measurements (Details) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Cash equivalents	$ 15,248,000	$ 4,136,000
Equity securities	21,724,000	16,344,000
Available-for-sale fixed income securities	33,928,000	47,611,000
Investments, Fair Value Disclosure	70,900,000	68,091,000
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	15,248,000	4,136,000
Equity securities	21,724,000	16,344,000
Available-for-sale fixed income securities	33,928,000	47,361,000
Investments, Fair Value Disclosure	70,900,000	67,841,000
Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Equity securities	0	0
Available-for-sale fixed income securities	0	250,000
Investments, Fair Value Disclosure	0	250,000
Fair Value, Inputs, Level 3 [Member]
Cash equivalents	0	0
Equity securities	0	0
Available-for-sale fixed income securities	0	0
Investments, Fair Value Disclosure	$ 0	$ 0

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Note 2 - Investments (Details Textual) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended	15 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2023	Apr. 30, 2024	Jul. 31, 2024
Equity Securities, FV-NI, Cost	$ 16,093,000			$ 11,663,000	$ 16,093,000
Equity Securities, FV-NI, Total	21,724,000			16,344,000	21,724,000
Proceeds from Sale of Equity Securities, FV-NI	90,000	$ 516,000	$ 516,000
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent	177,000	(212,000)			(212,000)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	47,000	(58,000)
Equity Securities, FV-NI, Gain (Loss)	0			(4,000)
Equity Method Investments	60,371,000			60,134,000	60,371,000
EAM Trust [Member]
Fair Value of Contributed Capital at Inception	55,805,000			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	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	$ 4,215,000			3,865,000	4,215,000
Fixed Income Securities [Member]
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	16,357,000	$ 15,750,000
AOCI, Debt Securities, Available-for-Sale, Adjustment, after Tax	96,000			320,000	$ 96,000
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent	(224,000)			(793,000)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	$ 47,000			$ 166,000
Debt Securities, Available-for-Sale, Weighted Average Yield	4.30%			4.40%	4.30%
Fixed Income Securities [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
AOCI Tax, Attributable to Parent	$ 20,000			$ 67,000	$ 20,000

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Note 2 - Investments - Schedule of Carrying Value and Fair Value of Equity Securities (Details) - USD ($)	Jul. 31, 2024	Apr. 30, 2024
Equity securities, cost	$ 16,093,000	$ 11,663,000
Equity securities	21,724,000	16,344,000
Exchange Traded Funds [Member]
Equity securities, cost	16,093,000	11,663,000
Equity securities, gross unrealized gains	5,801,000	4,685,000
Equity securities, gross unrealized losses	(170,000)	(4,000)
Equity securities	$ 21,724,000	$ 16,344,000

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Note 2 - Investments - Schedule of Carrying Value and Fair Value of Securities Available-for-sale (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Due within 1 year, amortized cost	$ 28,992	$ 42,843
Due within 1 year, gross unrealized gains	9	4
Due within 1 year, gross unrealized losses	(20)	(61)
Due within 1 year, fair value	28,981	42,786
Due 1 year through 5 years, amortized cost	5,032	5,088
Due 1 year through 5 years, gross unrealized gains	0
Due 1 year through 5 years, gross unrealized losses	(85)	(263)
Due 1 year through 5 years	4,947	4,825
Amortized cost	34,024	47,931
Total investment in government debt securities, gross unrealized gains	9	4
Total investment in government debt securities, gross unrealized losses	(105)	(324)
Fair value	$ 33,928	$ 47,611

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Note 2 - Investments - Income From Securities Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Dividend income	$ 147	$ 145
Interest income	545	389
Investment gains/(losses) recognized on sales of equity securities during the period	0	11
Unrealized gains/(losses) recognized on equity securities held at the end of the period	950	210
Other	67	0
Total investment gains/(losses)	$ 1,709	$ 755

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Note 2 - Investments - Components of EAM's Investment Management Operations (Details) - USD ($) $ in Thousands	3 Months Ended		15 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024
Revenues	$ 8,884	$ 9,743
Value Line’s non-voting revenues interest	3,680	2,616
EAM's net income	5,887	4,859	$ 4,859
EAM Trust [Member]
Other income	156	117
Investment management fee waivers and reimbursements	47	48
12b-1 fee waivers	23	25
Value Line’s non-voting revenues interest	3,680	2,616
EAM's net income	1,122	482
EAM Trust [Member] | Investment Advice [Member]
Revenues	7,376	5,428
EAM Trust [Member] | Distribution and Shareholder Service [Member]
Revenues	$ 1,942	$ 1,579

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Note 2 - Investments - Assets and Liabilities (Details) - USD ($) $ in Thousands		Jul. 31, 2024	Apr. 30, 2024	Jul. 31, 2023	Apr. 30, 2023
EAM's total assets		$ 138,557	$ 136,035
EAM's total liabilities		44,704	45,242
EAM's total equity		93,853	90,793	$ 85,491	$ 83,673
EAM Trust [Member]
EAM's total assets		63,126	63,076
EAM's total liabilities	[1]	6,182	5,881
EAM's total equity		$ 56,944	$ 57,195

[1] At July 31, 2024 and April 30, 2024, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $4,215,000 and $3,865,000, respectively.

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Note 3 - Variable Interest Entity (Details Textual)	3 Months Ended
	Jul. 31, 2024
EAM Trust [Member]
Non Voting Profits Interest Percent	50.00%

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Note 3 - Variable Interest Entity - Total Assets, the Maximum Exposure to Loss, and Value of the Assets and Liabilities in EAM (Details) - USD ($) $ in Thousands		Jul. 31, 2024	Apr. 30, 2024
Assets		$ 138,557	$ 136,035
Liabilities		44,704	45,242
EAM Trust [Member]
Assets		63,126	63,076
Liabilities	[1]	6,182	5,881
EAM Trust [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Assets	[2]	60,371	60,134
Liabilities		0	0
Value Line Maximum Exposure to Loss		$ 60,371	$ 60,134

[1] At July 31, 2024 and April 30, 2024, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues interest and non-voting profits interest of $4,215,000 and $3,865,000, respectively.

[2] Reported within Long-Term Assets on the Consolidated Condensed Balance Sheets.

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Note 4 - Supplementary Cash Flows Information - Supplementary Cash Flow Elements (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2024
Cash and cash equivalents	$ 15,628	$ 9,551	$ 4,390
State and local income tax payments	91	164
Restricted cash	305	305
Federal income tax payments	0	0
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statement of Cash Flows	$ 15,933	$ 9,856

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Note 5 - Employees' Profit Sharing and Savings Plan (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 96,000	$ 96,000

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Note 6 - Comprehensive Income - Components of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		15 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024
Change in unrealized gains on available-for-sale fixed income securities	$ 224	$ (270)
Change in unrealized gains on available-for-sale fixed income securities	(47)	58
Change in unrealized gains on available-for-sale fixed income securities	177	(212)
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent	224	(270)
Other comprehensive income (loss), available-for-sale securities, tax expense	(47)	58
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, Net of Tax, Portion Attributable to Parent	$ 177	$ (212)	$ (212)

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Note 7 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Ownership Percentage By Parent	91.67%
AB&Co [Member]
Increase (Decrease) in Accounts Receivable, Related Parties	$ 0	$ 0
Income Taxes Paid	0	0
AB&Co [Member] | Reimbursement for Payments and Services [Member]
Related Party Transaction, Amounts of Transaction	60,000	63,000
EAM Trust [Member]
Assets under Management, Carrying Amount	$ 4,600,000,000	$ 3,470,000,000
Percentage of Assets Increased (Decreased) in Unconsolidated Entities	32.60%
Non Voting Revenues Interest Percent	50.00%
Non Voting Profits Interest Percent	50.00%
Voting Profits Interest Percent	50.00%
Accrued Investment Income Receivable	$ 4,215,000
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%

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Note 7 - Related Party Transactions - Non-voting Revenues Interest and Non-voting Profits Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Value Line’s non-voting revenues interest	$ 3,680	$ 2,616
Non-voting profits interest in EAM	561	241
Revenues and Profits Distribution from Unconsolidated Entity	$ 4,241	$ 2,857

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Note 8 - Federal, State and Local Income Taxes (Details Textual)	3 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2019
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	24.50%	23.87%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	3.69%	3.10%

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Note 8 - Federal, State and Local Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Federal	$ 1,283	$ 1,209
State and local	312	251
Current tax expense	1,595	1,460
Federal	304	40
State and local	11	0
Deferred tax expense (benefit):	315	40
Income tax provision	$ 1,910	$ 1,500

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Note 8 - Federal, State and Local Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Apr. 30, 2024
Total federal tax liability	$ 13,139	$ 12,893
Domestic Tax Jurisdiction [Member]
Deferred gain on deconsolidation of EAM	10,669	10,669
Deferred non-cash post-employment compensation	(372)	(372)
Depreciation and amortization	67	73
Unrealized gain/(loss) on fixed income securities held for sale	1,162	916
Right of Use Asset	(138)	(128)
Deferred charges	(54)	(138)
Other	(578)	(424)
Total federal tax liability	10,756	10,596
Unrealized gain/(loss) on fixed income securities held for sale	(1,162)	(916)
State and Local Jurisdiction [Member]
Deferred gain on deconsolidation of EAM	2,385	2,073
Deferred non-cash post-employment compensation	(83)	(72)
Depreciation and amortization	15	13
Unrealized gain/(loss) on fixed income securities held for sale	(259)	(178)
Other	(193)	105
Total federal tax liability	2,383	2,297
Unrealized gain/(loss) on fixed income securities held for sale	$ 259	$ 178

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Note 8 - Federal, State and Local Income Taxes - Effective Income Tax Rate Reconciliation (Details)	3 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Apr. 30, 2019
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	3.69%	3.10%
Effect of dividends received deductions	(0.19%)	(0.24%)
Other, net	0.00%	0.01%
Effective income tax rate	24.50%	23.87%

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Note 9 - Property and Equipment - Components of Property and Equipment (Details) - USD ($)	Jul. 31, 2024	Apr. 30, 2024	May 01, 2019
Building and leasehold improvements	$ 652,000	$ 652,000
Operating lease - right-of-use asset	3,833,000	4,090,000	$ 9,575,000
Furniture and equipment	2,278,000	2,274,000
Property, Plant and Equipment, Gross	6,763,000	7,016,000
Accumulated depreciation and amortization	(2,599,000)	(2,576,000)
Total property and equipment, net	$ 4,164,000	$ 4,440,000

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Note 10 - Accounting for the Costs of Computer Software Developed for Internal Use (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Capitalized Computer Software, Amortization	$ 14,000	$ 21,000
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	5 years

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Note 11 - Treasury Stock and Repurchase Program (Details Textual) - USD ($)	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Oct. 31, 2023	Oct. 21, 2022
Share Repurchase Program, Authorized, Amount					$ 3,000,000
Share Repurchase Program, Remaining Authorized, Amount	$ 1,033,000	$ 1,065,000	$ 1,145,000	$ 1,211,000

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Note 11 - Treasury Stock and Repurchase Program - Treasury Stock at Cost (Details) - USD ($)	1 Months Ended			3 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Balance, shares (in shares)			577,517	577,517
Balance, total average cost assigned			$ 15,194,000	$ 15,194,000
Balance, average cost per share (in dollars per share)			$ 26.31	$ 26.31
Balance, aggregate purchase price remaining under the program	$ 1,033,000	$ 1,065,000	$ 1,145,000	$ 1,033,000		$ 1,211,000
Purchases effected in open market, shares (in shares)	765	2,000	1,644
Purchases effected in open market, cost	$ 32,000	$ 80,000	$ 67,000	$ 179,000	$ 188,000
Purchases effected in open market, average cost (in dollars per share)	$ 41.83	$ 40	$ 40.15
Balance, shares (in shares)	581,926			581,926
Balance, total average cost assigned	$ 15,373,000			$ 15,373,000
Balance, average cost per share (in dollars per share)	$ 26.42			$ 26.42

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Note 12 - Lease Commitments (Details Textual)			3 Months Ended
	Nov. 30, 2016 USD ($) ft²	Feb. 29, 2016 USD ($) ft²	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Apr. 30, 2024 USD ($)	Oct. 03, 2021 USD ($)	May 01, 2019 USD ($)	Oct. 30, 2016 USD ($)
Operating Lease, Right-of-Use Asset			$ 3,833,000		$ 4,090,000		$ 9,575,000
Operating Lease, Liability			4,492,000				10,340,000
Lease Incentive Receivable							$ 765,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]							Property and equipment, net
Operating Lease, Expense			319,000	$ 375,000
Operating Lease, Payments			$ 354,000
Sublease to American Building Maintenance Industries, Incorporated [Member]
Area of Real Estate Property (Square Foot) | ft²	24,726
Operating Leases, Annual Base Rent	$ 1,126,000
Base Rent Increase, Percent	2.25%
Security Deposit						$ 305,000		$ 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
Seagis Property Group LP (the "Landlord") [Member] | Value Line Distribution Center ("VLDC") [Member]
Area of Real Estate Property (Square Foot) | ft²		24,110
Security Deposit		$ 32,146
Base Rent Increase Amount		$ 237,218

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Note 12 - Lease Commitments - Future Minimum Payments (Details) - USD ($)		Jul. 31, 2024	May 01, 2019
2025	[1]	$ 1,075,000
2026		1,461,000
2027		1,493,000
2028		882,000
Total undiscounted future minimum lease payments		4,911,000
Less: difference between undiscounted lease payments & the present value of future lease payments		419,000
Operating Lease, Liability		$ 4,492,000	$ 10,340,000

[1] Excludes the three months ended July 31, 2024

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Note 12 - Lease Commitments - Summary of Operating Lease Information for Lease Cost (Details)	Jul. 31, 2024
Weighted-average remaining lease term (in years) (Year)	3 years 3 months 29 days
Weighted-average discount rate	5.25%

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Note 13 - Restricted Cash and Deposits (Details Textual) - USD ($)	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2022
Restricted Cash	$ 305,000	$ 305,000
Cash Securing a Letter of Credit Issued as Security Deposit [Member]
Security Deposit	$ 305,000
Restricted Cash		$ 305,000	$ 469,000

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Note 14 - Concentration (Details Textual) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Revenue from Contract with Customer, Including Assessed Tax	$ 8,884,000	$ 9,743,000
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Single Customer [Member]
Concentration Risk, Percentage	29.20%
Revenue from Contract with Customer, Including Assessed Tax	$ 6,287,000

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Note 15 - Concentration of Credit Risks (Details Textual) - USD ($)	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2023	Jan. 31, 2022
Cash, Uninsured Amount	$ 3,918,000		$ 2,620,000
Restricted Cash	305,000	$ 305,000
Cash Securing a Letter of Credit Issued as Security Deposit [Member]
Restricted Cash		$ 305,000		$ 469,000
Closing of Signature Bank [Member] | Cash Securing a Letter of Credit Issued as Security Deposit [Member]
Restricted Cash	$ 305,000

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Note 16 - Segment Information (Details Textual)	3 Months Ended
	Jul. 31, 2024
Number of Reportable Segments	1
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member]
Concentration Risk, Percentage	2.00%