Commitments, Contingencies, and Related Party Transactions

12 Months Ended

Apr. 30, 2024

Commitments Contingencies And Related Party Transactions

Commitments, Contingencies, and Related Party Transactions

7. Commitments, Contingencies, and Related Party Transactions

One of the directors of the board, Joel Wiens, is the principal shareholder of FirsTier Bank. FirsTier Bank is the financial institution the Company uses for its day-to-day banking operations. Year end balances of accounts held at this bank are $6,712,000 and $4,637,000 for the years ended April 30, 2024 and 2023, respectively. The Company also received interest income from FirsTier Bank in the amount of approximately $170,000 for the year ended April 30, 2024 and $103,000 for the year ended April 30, 2023.

From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that we believe could have a material adverse effect on its financial condition or results of operations.