Note 3 – Fair Value Measurements

6 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

Note 3 – Fair Value Measurements

Note 3 – Fair Value Measurements

We disclose and recognize the fair value of our assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows:

Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2: Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3: Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Our financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts payable, and accrued liabilities. At October 31, 2021, and April 30, 2021, the carrying values of cash and cash equivalents, accounts payable, and accrued liabilities approximated fair value due to their short-term maturities.

The following tables set forth information related to our available-for-sales investment securities as of October 31, 2021: 

I. Amortized cost, net unrealized gains or losses, and fair values  

	Amortized Cost		Net Unrealized Gains (Losses)			Fair Value
Money market funds	$	1,598,428	$	732		$	1,599,160
Asset-backed securities		3,444,037		(9,081	)		3,434,956
Corporate bonds		43,219,180		(130,639	)		43,088,541
Total	$	48,261,645	$	(138,988	)	$	48,122,657

II. Contractual Maturities

	One Year or Less		Over One Year		Over Five Years		Total
Money market funds	$	1,599,160	$	—	$	—	$	1,599,160
Asset-backed securities		—		3,434,956		—		3,434,956
Corporate bonds		14,575,236		27,911,550		601,755		43,088,541
Total	$	16,174,396	$	31,346,506	$	601,755	$	48,122,657

III. Fair Value Hierarchy

	Level 1		Level 2		Level 3		Total
Money market funds	$	1,599,160	$	—	$	—	$	1,599,160
Asset-backed securities		—		3,434,956		—		3,434,956
Corporate bonds		—		43,088,541		—		43,088,541
Total	$	1,599,160	$	46,523,497	$	—	$	48,122,657