Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

	Years ended April 30,
	2024		2023		2022
	(in thousands)
Current:
Federal	$	5,539	$	5,113	$	983
State	2,243		1,232		401
	7,782		6,345		1,384
Deferred:
Federal	(4,362)		(3,678)		(685)
State	(1,531)		(429)		(137)
	(5,893)		(4,107)		(822)
	$	1,889	$	2,238	$	562

Schedule of Earnings before Income Taxes Due to Change in Effective Income Tax Rate

The Company’s actual income tax expense differs from the “expected” income tax expense calculated by applying the Federal statutory rate of 21.0% for fiscal 2024, 2023 and 2022, to earnings from continuing operations before income taxes as follows:

	Years ended April 30,
	2024		2023		2022
	(in thousands)
Computed “expected” income tax expense	$	2,433	$	2,566	$	2,570
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal income tax effect	747		503		231
Change in valuation allowance	334		181		111
Research and development credits	(880)		(586)		(522)
Dividends received deduction	(209)		(123)		(37)
Excess tax benefits from stock option deductions	—		(70)		(1,727)
Foreign tax credits	(183)		(37)		(44)
Other, net, including permanent items	(353)		(196)		(20)
	$	1,889	$	2,238	$	562

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at April 30, 2024 and 2023 are presented as follows:

	2024		2023
	(in thousands)
Deferred tax assets:
Accruals and expenses not deducted for tax purposes	$	185	$	221
IRS Section 174 costs	6,341		3,651
State net operating loss carryforwards	1		13
Fixed asset basis differences	—		516
Nonqualified stock options	4,121		2,664
Foreign net operating loss carryforwards	4,886		2,860
Right of use liability	12		117
Tax credit carryforwards	83		83
Total gross deferred tax assets	15,629		10,125
Less valuation allowance	(3,914)		(2,861)
Net deferred tax	11,715		7,264
Deferred tax liabilities:
Capitalized computer software development costs	(3)		(96)
Net gains/losses on trading securities	(40)		(2,160)
Goodwill and intangible assets basis differences	(4,363)		(1,705)
Right of use asset	(11)		(108)
Fixed asset basis differences	(170)		—
Deferred agent commissions	(918)		(900)
Total gross deferred tax liabilities	(5,505)		(4,969)
Net deferred tax assets	$	6,210	$	2,295