Note I - Capital Stock

12 Months Ended

Apr. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

I – Capital Stock

The Company is authorized to issue up to

one million

shares of

$.01

par value preferred stock in

one

or more series having such respective terms, rights and preferences as are designated by the Board of Directors. The Company has

not

issued any preferred stock.

A subsidiary of the Company has issued

500,000

shares of

$1.00

par value preferred stock which carries an

8%

cumulative dividend. The Company’s subsidiary can redeem the preferred stock at any time at par value plus any unpaid dividends. After

April 30, 2017,

a holder of

400,000

shares of the subsidiary preferred stock can require the Company’s subsidiary to redeem such stock for

$400,000

plus any unpaid dividends.