Income Taxes (Tables)

12 Months Ended

Apr. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Income Taxes

Reconciliation of income taxes with Federal and State taxable income:

	2017			2016
Income before income taxes	$	3,528,000		$	4,317,000
State income tax deduction		(205,000	)		(236,000	)
Interest and dividend income		(565,000	)		(638,000	)
Domestic production activities deduction		(270,000	)		(312,000	)
Nondeductible expenses and timing differences		241,000			18,000
Taxable income	$	2,729,000		$	3,149,000

Schedule of Statutory Rate to Income Before Income Taxes

The following schedule reconciles the provision for income taxes to the amount computed by applying the statutory rate to income before income taxes:

	2017			2016
Income tax provision at statutory rate	$	1,475,000		$	1,805,000
Increase (decrease) income taxes resulting from:
State income taxes		(86,000	)		(99,000	)
Interest and dividend income		(236,000	)		(267,000	)
Domestic production activities		(113,000	)		(130,000	)
Deferred taxes		(13,000	)		(21,000	)
Other temporary and permanent differences		100,000			(57,000	)
Income tax expense	$	1,127,000		$	1,231,000
Federal tax rate		34.0	%		34.0	%
State tax rate		7.8	%		7.8	%
Blended statutory rate		41.8	%		41.8	%

Schedule of Deferred Tax Assets (liabilities)

Deferred tax assets (liabilities) consist of the following components at April 30, 2017 and 2016:

	2017			2016
Deferred tax current assets (liabilities):
Inventory valuation		31,000			30,000
Allowance for doubtful accounts		1,000			—
263A adjustment		77,000			98,000
Accrued vacation		38,000			34,000
Accumulated unrealized (gain)/loss on investments		(890,000	)		(249,000	)
Net deferred tax assets (liabilities)	$	(743,000	)	$	(87,000	)
Deferred long-term tax assets (liabilities):
Depreciation		(163,000	)		(191,000	)
Net deferred long-term tax assets (liabilities)	$	(163,000	)	$	(191,000	)