AMREP (AXR) 10-K27 Jul 212021 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Apr. 30, 2021	Jul. 06, 2021	Oct. 30, 2020
Document And Entity Information
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Registrant Name	AMREP CORP.
Entity Central Index Key	0000006207
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,323,370
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 25,714,897

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2021	Apr. 30, 2020
ASSETS
Cash and cash equivalents	$ 24,801,000	$ 17,502,000
Real estate inventory	55,589,000	53,449,000
Investment assets, net	13,582,000	18,644,000
Other assets	645,000	934,000
Taxes receivable, net	0	57,000
Deferred income taxes, net	2,749,000	6,080,000
TOTAL ASSETS	97,366,000	96,666,000
LIABILITIES:
Accounts payable and accrued expenses	4,458,000	3,125,000
Notes payable, net	3,448,000	3,890,000
Taxes payable, net	95,000	0
Accrued pension costs	476,000	5,014,000
TOTAL LIABILITIES	8,477,000	12,029,000
Commitments and contingencies (Note 15)
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 7,323,370 at April 30, 2021 and 8,358,154 at April 30, 2020	730,000	836,000
Capital contributed in excess of par value	45,072,000	51,334,000
Retained earnings	47,710,000	43,149,000
Accumulated other comprehensive loss, net	(4,623,000)	(6,467,000)
Treasury stock, at cost - 225,250 shares at April 30, 2020	0	(4,215,000)
TOTAL SHAREHOLDERS' EQUITY	88,889,000	84,637,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 97,366,000	$ 96,666,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2021	Apr. 30, 2020
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,323,370	8,358,154
Treasury stock, shares	225,250	225,250

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Apr. 30, 2021	Apr. 30, 2020
REVENUES:
Total Revenues	$ 40,069,000	$ 18,783,000
General and administrative expenses:
General and administrative expenses	5,420,000	12,957,000
Costs and Expenses	31,022,000	26,742,000
Operating income (loss)	9,047,000	(7,959,000)
Interest (expense) income, net	(40,000)	334,000
Other income	1,028,000	0
Income (loss) before income taxes	10,035,000	(7,625,000)
Provision (benefit) for income taxes	2,643,000	(1,722,000)
Net income (loss)	$ 7,392,000	$ (5,903,000)
Basic earnings (loss) per share	$ 0.95	$ (0.73)
Diluted earnings (loss) per share	$ 0.95	$ (0.73)
Weighted average number of common shares outstanding - basic	7,743	8,134
Weighted average number of common shares outstanding - diluted	7,773	8,134
Land sale revenues
REVENUES:
Total Revenues	$ 25,175,000	$ 15,976,000
COSTS AND EXPENSES:
Cost of revenues	17,296,000	13,308,000
Home sale revenues
REVENUES:
Total Revenues	3,079,000	0
COSTS AND EXPENSES:
Cost of revenues	2,584,000	0
Rental revenues
REVENUES:
Total Revenues	716,000	796,000
Building sales and other revenues
REVENUES:
Total Revenues	11,099,000	2,011,000
COSTS AND EXPENSES:
Cost of revenues	$ 5,722,000	$ 477,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 7,392,000	$ (5,903,000)
Other comprehensive income, net of tax:
Pension settlement, net of tax ($880 in 2020)	0	2,049,000
Decrease (increase) in pension liability, net of tax ($840 in 2021 and $629 in 2020)	1,844,000	(1,485,000)
Other comprehensive income	1,844,000	564,000
Total comprehensive income (loss)	$ 9,236,000	$ (5,339,000)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Pension settlement, net of tax	$ 880	$ 880
Decrease in pension liability, tax	$ 811	$ 629

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Capital Contributed in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Balance at Apr. 30, 2019	$ 835,000	$ 51,205,000	$ 49,052,000	$ (7,031,000)	$ (4,215,000)	$ 89,846,000
Balance (in shares) at Apr. 30, 2019	8,353
Issuance of restricted common stock	$ 1,000	29,000	0	0	0	30,000
Issuance of restricted common stock (in shares)	5
Issuance of deferred common stock units	$ 0	100,000	0	0	0	100,000
Issuance of deferred common share units (in shares)	0
Net income (loss)	$ 0	0	(5,903,000)	0	0	(5,903,000)
Other comprehensive income	0	0	0	564,000	0	564,000
Balance at Apr. 30, 2020	$ 836,000	51,334,000	43,149,000	(6,467,000)	(4,215,000)	84,637,000
Balance (in shares) at Apr. 30, 2020	8,358
Issuance of restricted common stock	$ 1,000	41,000	0	0	0	42,000
Issuance of restricted common stock (in shares)	9
Issuance of deferred common stock units	$ 0	90,000	0	0	0	90,000
Issuance of deferred common share units (in shares)	0
Issuance of deferred common share units	$ 0	0	0	0	0
Issuance of deferred common share units (in shares)	12
Repurchase of common stock	$ (83,000)	(5,033,000)	0	0	0	(5,116,000)
Repurchase of common stock (in shares)	(831)
Retirement of treasury stock	$ (24,000)	(1,360,000)	(2,831,000)	0	4,215,000
Retirement of treasury stock (in shares)	(225)
Net income (loss)	$ 0	0	7,392,000	0	0	7,392,000
Other comprehensive income	0	0	0	1,844,000	0	1,844,000
Balance at Apr. 30, 2021	$ 730,000	$ 45,072,000	$ 47,710,000	$ (4,623,000)	$ 0	$ 88,889,000
Balance (in shares) at Apr. 30, 2021	7,323

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 7,392	$ (5,903)
Adjustments to reconcile net income (loss) to net cash
Depreciation	554	537
Amortization of debt issuance costs	59	65
Non-cash credits and charges:
Stock-based compensation	132	113
Deferred income tax provision (benefit)	2,494	(1,798)
Net periodic pension cost	(36)	98
Gain on debt forgiveness	(300)	0
Write-off of deferred purchase price, net	0	5,636
Pension settlement	0	2,929
Changes in assets and liabilities:
Real estate inventory and investment assets	2,380	2,390
Other assets	296	(89)
Accounts payable and accrued expenses	1,333	161
Taxes receivable and payable	152	226
Accrued pension costs	(1,847)	(3,600)
Total adjustments	5,217	6,668
Net cash provided by operating activities	12,609	765
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(5)	(9)
Net cash used in investing activities	(5)	(9)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	6,611	4,662
Principal debt payments	(6,680)	(2,057)
Payments for debt issuance costs	(120)	(95)
Repurchase of common stock	(5,116)	0
Net cash used in financing activities	(5,305)	2,510
(Decrease) increase in cash, cash equivalents and restricted cash	7,299	3,266
Cash, cash equivalents and restricted cash, beginning of period	17,502	14,236
Cash, cash equivalents and restricted cash, end of period	24,801	17,502
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes (refunded) paid, net	(153)	(153)
Interest paid	120	182
Right-of-use assets obtained in exchange for operating lease liabilities	(43)	0
SUPPLEMENTAL NON-CASH FINANCING ACTIVITIES:
Forgiveness of debt	$ 300	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	12 Months Ended
	Apr. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	(1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (collectively, the “Company”). The Company, through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year. Certain 2020 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity. Fiscal year The Company’s fiscal year ends on April 30. All references to 2021 and 2020 mean the fiscal years ended April 30, 2021 and 2021, unless the context otherwise indicates. Revenue recognition Land sale revenues : The Company accounts for land sale revenues in accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) . Revenue from land sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. In general, the Company’s performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. Land sale cost of revenues includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the relative sales value of the property. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. Home sale revenues : The Company accounts for revenue from home sales in accordance with ASU 2014-09 . Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. The Company’s performance obligation to deliver a home is normally satisfied in less than one year from the date a binding sale agreement is signed. In general, the Company’s performance obligation for each home sale is fulfilled upon the delivery of the completed home, which generally coincides with the receipt of cash consideration from the counterparty. If the Company’s performance obligations are not complete upon the home closing, the Company defers a portion of the home sale revenues related to the outstanding obligations and subsequently recognizes that revenue upon completion of such obligations. As of April 30, 2021, deferred home sale revenues and costs related thereto were immaterial. Forfeited customer deposits for homes are recognized in home sale revenues in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. In order to promote sales of homes, the Company may offer home buyers sales incentives. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the consolidated balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold. Rental revenues : The Company may enter into leases with tenants with respect to property or buildings it owns. Base rental payments from tenants are recognized as revenue monthly over the term of the lease. Additional rent related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses is recognized as revenue in the period the expenses are incurred. Building sales and other revenues : The Company accounts for building sales and other revenues in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . Building sales revenues consist of building sales in New Mexico and Florida. Revenue from these building sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. In general, the Company’s performance obligation for each of these building sales is fulfilled upon the delivery of the property, which generally coincides with the receipt of cash consideration from the counterparty. Building sales and other cost of revenues includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition and acquisition costs, if applicable, closing and selling costs and construction costs. Cash, and cash equivalents Cash equivalents consist of highly liquid investments that have an original maturity of ninety days or less when purchased and are readily convertible into cash. Restricted cash consists of cash deposits with a bank that are restricted due to subdivision improvement agreements with a governmental authority. The Company did not have any restricted cash as of April 30, 2021 or April 30, 2020. Real estate inventory Real estate inventory includes land and improvements on land held for future development or sale. The Company accounts for its real estate inventory in accordance with Accounting Standards Codification (“ASC”) 360-10. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Real estate inventory held for future development or sale is stated at accumulated cost and is evaluated and reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Investment assets, net Investment assets, net consist of (i) investment land, which represents vacant, undeveloped land not held for development or sale in the normal course of business, and (ii) real estate assets that are leased or intended to be leased to third parties. Investment assets are stated at the lower of cost or net realizable value. Depreciation of investment assets (other than land) is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements. Land is not subject to depreciation. Impairment of long-lived assets Long-lived assets consist of real estate inventory and investment assets and are accounted for in accordance with ASC 360-10. Long-lived assets are evaluated and tested for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Asset impairment tests are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. The evaluation of operating asset groups includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and general and administrative expenses. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize impairment charges in the future Leases Right-of-use assets and lease liabilities are recorded on the balance sheet for all leases with an initial term over one year. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Right-of-use assets are classified within other assets and the corresponding lease liability is included in accounts payable and accrued expenses in the consolidated balance sheet. Share-based compensation The Company accounts for awards of restricted stock and deferred stock units in accordance with ASC 718‑10, which requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Compensation expense for awards of restricted stock and deferred stock units are based on the fair value of the awards at their grant dates. Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares outstanding during each year. Unvested restricted shares of common stock (see Note 11) are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. Unvested restricted shares of common stock are included in diluted earnings per share if they are dilutive. Deferred stock units (see Note 11) are included in both basic and diluted earnings per share computations. Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of the plan’s year-end statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income (loss). Comprehensive income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income is the total of net income or loss and other comprehensive income or loss that, for the Company, consists of the minimum pension liability net of the related deferred income tax effect. Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates that affect the financial statements include, but are not limited to, (i) land sale cost of revenue calculations, which are based on land development budgets and estimates of costs to complete; (ii) cash flows, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets and assets held for sale; (iii) actuarially determined benefit obligations and other pension plan accounting and disclosures; (iv) risk assessment of uncertain tax positions; and (v) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates. Recent accounting pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 was effective for the Company’s fiscal year beginning May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 was effective for the Company’s fiscal year beginning May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its consolidated financial statements. There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements.

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY	12 Months Ended
REAL ESTATE INVENTORY	Apr. 30, 2021
REAL ESTATE INVENTORY
REAL ESTATE INVENTORY	(2) REAL ESTATE INVENTORY Real estate inventory consists of (in thousands): April 30, 2021 2020 Land held for development or sale in New Mexico $ 49,918 $ 49,462 Land held for development or sale in Colorado 3,975 3,943 Homebuilding finished inventory 417 — Homebuilding construction in process 1,279 44 $ 55,589 $ 53,449 Land held for development or sale represents property located in areas that are planned to be developed or sold in the near term. A substantial majority of the Company’s real estate assets are located in or adjacent to Rio Rancho, New Mexico. As a result of this geographic concentration, the Company has been and will be affected by changes in economic conditions in that region. Land held for development or sale in Colorado represents an approximately 160-acre property in Brighton, Colorado and an approximately 5-acre property in Parker, Colorado zoned for commercial use. Homebuilding finished inventory represents costs for residential homes that are completed and ready for sale. Homebuilding construction in process represents costs for residential homes being built. Interest and loan costs of $105,000 and real estate taxes of $29,000 were capitalized in real estate inventory for the year ending April 30, 2021. Interest and loan costs of $182,000 and real estate taxes of $78,000 were capitalized in real estate inventory for the year ending April 30, 2020.

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET	12 Months Ended
INVESTMENT ASSETS, NET	Apr. 30, 2021
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET	(3) INVESTMENT ASSETS, NET Investment assets, net consist of (in thousands): April 30, 2021 2020 Land held for long-term investment $ 9,775 $ 9,751 Construction in process — 2,320 Buildings 10,003 13,096 Less accumulated depreciation (6,196) (6,523) Buildings, net 3,807 6,573 $ 13,582 $ 18,644 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and that has not been offered for sale in the normal course of business. Construction in process relates primarily to construction costs of a 14,000 square foot, single tenant retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico, which was completed during 2021. As of April 30, 2021, buildings were comprised of a 143,000 square foot warehouse and office facility located in Palm Coast, Florida. As of April 30, 2020, buildings were comprised of a 143,000 square foot warehouse and office facility located in Palm Coast, Florida and a 61,000 square foot warehouse and office facility located in Palm Coast, Florida. During 2021, the Company sold the 14,000 square foot retail building and the 61,000 square foot warehouse and office facility. Depreciation associated with the buildings was $542,000 and $517,000 for 2021 and 2020. In connection with the sale of a former business segment in April 2019, the Company leased warehouse and office facilities located in Palm Coast, Florida to the former business segment. The Company recognized a deferred purchase price asset based on the present value of the portion of the lease rates in the lease agreements that exceeded estimated market rates. The deferred purchase price was being amortized as payments from the tenant were received. Following the failure of the tenant to pay rent for the warehouse and office facilities in 2020, the Company (i) recognized net non-cash pre-tax impairment charges on other assets of $5,046,000 of the remaining deferred purchase price, (ii) entered into a settlement agreement in 2020 that resulted in the Company receiving $625,000 and (iii) entered into a second settlement agreement in 2021 that resulted in the Company receiving $650,000 and the leases for the warehouse and office facilities terminating in August 2020 with a rental payment of $350,000.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Apr. 30, 2021
OTHER ASSETS
OTHER ASSETS	(4) OTHER ASSETS Other assets consist of (in thousands): April 30, 2021 2020 Prepaid expenses $ 324 $ 464 Receivables 37 156 Right-of-use assets associated with leases of office facilities 84 109 Other assets 172 170 Property and equipment 222 217 Less accumulated depreciation (194) (182) Property and equipment, net 28 35 $ 645 $ 934 Prepaid expenses as of April 30, 2021 primarily consist of prepaid insurance, stock compensation, prepayments for office rent, brokers commission related to a building lease and security deposits for the buildings in Palm Coast, Florida. Prepaid expenses as of April 30, 2020 primarily consist of prepaid insurance, stock compensation and in-process prepayments of amounts due under a public improvement district. Right-of-use assets associated with the leases of office facilities were $84,000 as of April 30, 2021, net of $85,000 of amortized lease cost during 2021, and $109,000 as of April 30, 2020, net of $104,000 of amortized lease cost during 2020. Depreciation expense associated with property and equipment was $11,000 and $20,000 for 2021 and 2020.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Apr. 30, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of (in thousands): April 30, 2021 2020 Real estate operations Accrued expenses $ 658 $ 518 Trade payables 1,377 1,146 Real estate customer deposits 1,769 1,117 3,804 2,781 Corporate operations 654 344 $ 4,458 $ 3,125

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
NOTES PAYABLE	Apr. 30, 2021
NOTES PAYABLE
NOTES PAYABLE	(6) NOTES PAYABLE Notes payable, net consist of (in thousands): April 30, 2021 2020 Real estate notes payable $ 3,482 $ 3,894 Unamortized debt issuance costs (34) (4) $ 3,448 $ 3,890 The following presents information on the Company’s notes payable in effect as of April 30, 2021 (dollars in thousands) : Maximum Outstanding Available Principal Amount Interest Rate Principal April 30, April 30, Loan Identifier Lender Amount 2021 2020 2021 Revolving Line of Credit BOKF $ 4,000 $ — $ — 3.75 % Lomas Encantadas U2B P3 BOKF 2,400 409 NA 3.75 % Hawk Site U37 SLFCU 3,000 — 41 4.50 % Hawk Site U23 U40 BOKF 2,700 30 NA 3.75 % Lavender Fields – acquisition Seller 1,838 1,748 — 0 % Lavender Fields – development BOKF 3,750 1,293 — 3.75 % $ 3,482 $ 41 Additional information regarding each of the above notes payable is provided below: · Revolving Line of Credit . In February 2021, AMREP Southwest Inc. (“ASW”), a subsidiary of the Company, entered into a Loan Agreement with BOKF, NA dba Bank of Albuquerque (“BOKF”). The Loan Agreement is evidenced by a Revolving Line of Credit Promissory Note and is secured by a Line of Credit Mortgage, Security Agreement and Fixture Filing, between ASW and BOKF, with respect to a 298-acre property within the Paseo Gateway subdivision located in Rio Rancho, New Mexico. Pursuant to the loan documentation, BOKF has agreed to lend up to $4,000,000 to ASW on a revolving line of credit basis for general corporate purposes, including up to $250,000 dedicated for use in connection with a company credit card. The outstanding principal amount of the loan may be prepaid at any time without penalty. The loan is scheduled to mature in February 2024. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. ASW made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans, including the loan having a zero balance for two periods of fifteen consecutive days during each calendar year and ASW and its subsidiaries having at least $3.0 million of unencumbered and unrestricted cash, cash equivalents and marketable securities in order to be entitled to advances under the loan. The loan documentation contains customary events of default for similar financing transactions, including ASW’s failure to make principal, interest or other payments when due; the failure of ASW to observe or perform its covenants under the loan documentation; the representations and warranties of ASW being false; the insolvency or bankruptcy of ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. As of April 30, 2021, ASW was in compliance with the financial covenants contained in the loan documentation. ASW incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized no interest or fees related to this loan during 2021. The total book value of the property mortgaged pursuant to this loan was $1,693,000 as of April 30, 2021. · Lomas Encantadas U2B P3 . In September 2020, Lomas Encantadas Development Company LLC (“LEDC”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF. The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LEDC and BOKF with respect to certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by ASW in favor of BOKF, ASW guaranteed LEDC’s obligations under each of the above agreements. Pursuant to the loan documentation, BOKF has agreed to lend up to $2,400,000 to LEDC on a non-revolving line of credit basis to partially fund the development of certain planned residential lots within the Lomas Encantadas subdivision. LEDC made no principal repayments during 2021. LEDC is required to make periodic principal repayments of borrowed funds not previously repaid as follows: $1,144,000 on or before December 22, 2022, $572,000 on or before March 22, 2023, $572,000 on or before June 22, 2023 and $112,000 on or before September 22, 2023. The outstanding principal amount of the loan may be prepaid at any time without penalty. The loan is scheduled to mature in September 2023. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. BOKF is required to release the lien of its mortgage on any lot upon LEDC making a principal payment of $44,000. LEDC and ASW made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including LEDC’s failure to make principal, interest or other payments when due; the failure of LEDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of LEDC or ASW being false; the insolvency or bankruptcy of LEDC or ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. As of April 30, 2021, LEDC was in compliance with the financial covenants contained in the loan documentation. LEDC incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized interest and fees related to this loan of $30,000 during 2021. The total book value of the property mortgaged pursuant to this loan was $2,343,000 as of April 30, 2021. · Hawk Site U37 . In February 2020, Mountain Hawk East Development Company LLC (“MHEDC”), a subsidiary of the Company, entered into a Business Loan Agreement with Sandia Laboratory Federal Credit Union (“SLFCU”). The Business Loan Agreement is evidenced by a Promissory Note, and is secured by a Line of Credit Mortgage, between MHEDC and SLFCU, with respect to certain planned residential lots within the Hawk Site subdivision located in Rio Rancho, New Mexico. Pursuant to a Commercial Guaranty entered into by ASW in favor of SLFCU, ASW guaranteed MHEDC’s obligations under each of the above agreements. Pursuant to the loan documentation, SLFCU has agreed to lend up to $3,000,000 to MHEDC on a revolving line of credit basis to partially fund the development of certain planned residential lots within the Hawk Site subdivision. The maximum principal available under the loan will be limited to 75% of the bulk discounted value of the lots to be developed with the loan proceeds. The maximum principal available under the loan is estimated to be $1,462,000 as of April 30, 2021. MHEDC made principal repayments of $2,139,000 during 2021 and MHEDC did not make any principal repayments during 2020. The outstanding principal amount of the loan may be prepaid at any time without penalty. The loan is scheduled to mature in August 2022. Interest on the outstanding principal amount of the loan is payable monthly at the fixed annual rate of 4.5%. SLFCU is required to release the lien of its mortgage on any lot upon MHEDC making a principal payment equal to $52,000 per lot. MHEDC and ASW made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: MHEDC’s failure to make principal, interest or other payments when due; the failure of MHEDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of MHEDC or ASW being false; the insolvency or bankruptcy of MHEDC or ASW; and the failure of ASW to maintain a tangible net worth of at least $29 million. Upon the occurrence and during the continuance of an event of default, SLFCU may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. As of April 30, 2021, MHEDC was in compliance with the financial covenants contained in the loan documentation. MHEDC incurred certain customary costs and expenses and paid certain fees to SLFCU in connection with the loan. The Company capitalized interest and fees related to this loan of $7,000 during 2021 and $42,000 during 2020. The total book value of the property mortgaged pursuant to this loan was $2,648,000 as of April 30, 2021. · Hawk Site U23 U40 . In January 2021, Mountain Hawk West Development Company LLC (“MHWDC”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF. The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between MHWDC and BOKF, with respect to certain planned residential lots within the Hawk Site subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into by ASW in favor of BOKF, ASW guaranteed MHWDC’s obligations under each of the above agreements. Pursuant to the loan documentation, BOKF has agreed to lend up to $2,700,000 to MHWDC on a non-revolving line of credit basis to partially fund the development of certain planned residential lots within the Hawk Site subdivision. MHWDC made no principal repayments during 2021. MHWDC is required to make periodic principal repayments of borrowed funds not previously repaid as follows: $1,033,600 on or before October 21, 2022, $760,050 on or before January 21, 2023, $760,050 on or before April 21, 2023 and $146,300 on or before July 21, 2023. The outstanding principal amount of the loan may be prepaid at any time without penalty. The loan is scheduled to mature in July 2023. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. BOKF is required to release the lien of its mortgage on any lot upon MHWDC making a principal payment of $35,250 or $48,650 depending on the size of the lot. MHWDC and ASW made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: MHWDC’s failure to make principal, interest or other payments when due; the failure of MHWDC or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of MHWDC or ASW being false; the insolvency or bankruptcy of MHWDC or ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. As of April 30, 2021, MHWDC was in compliance with the financial covenants contained in the loan documentation. MHWDC incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized no interest or fees related to this loan during 2021. The total book value of the property mortgaged pursuant to this loan was $3,915,000 as of April 30, 2021. · Lavender Fields . In June 2020, Lavender Fields, LLC (“LF”), a subsidiary of the Company, acquired 28 acres in Bernalillo County, New Mexico comprising the Meso AM subdivision, which has been developed into 82 finished residential lots. o Acquisition . The acquisition included $1,838,000 of deferred purchase price, of which $919,000 is payable on or before June 2021 and $919,000 is payable on or before June 2022. The deferred purchase price is evidenced by a non-interest bearing Promissory Note and is secured by a Mortgage, Security Agreement and Fixture Filing with respect to the acquired property. The outstanding principal amount of the loan may be prepaid at any time without penalty. The lien of the mortgage on any portion of the property will be released as to such property upon payment of that percentage of the then unpaid principal balance of the Promissory Note equal to the number of acres of land within the property being released divided by the number of acres of land within the property then remaining encumbered by the mortgage (including the property being released). Any prepayment shall be credited toward the next payment due under the Promissory Note. LF made principal prepayments of $90,000 during 2021. LF made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: LF’s failure to make principal or other payments when due; the failure of LF to observe or perform its covenants under the loan documentation; and the representations and warranties of LF being false. Upon the occurrence and during the continuance of an event of default, the outstanding principal amount and all other obligations under the loan may be declared immediately due and payable. As of April 30, 2021, LF was in compliance with the financial covenants contained in the loan documentation. LF incurred customary costs and expenses in connection with the loan. The Company capitalized no interest or fees related to this loan during 2021. The total book value of the property mortgaged pursuant to this loan was $6,450,000 as of April 30, 2021. Refer to Note 19 for detail regarding the payment of this deferred purchase price. o Development . In June 2020, LF entered into a Development Loan Agreement with BOKF. The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LF and BOKF with respect to the acquired property. Pursuant to a Guaranty Agreement entered into by ASW in favor of BOKF, ASW has guaranteed LF’s obligations under each of the above agreements. BOKF has agreed to lend up to $3,750,000 to LF on a non-revolving line of credit basis to partially fund the development of the acquired property. LF made principal repayments of $263,000 during 2021. LF is required to make periodic principal repayments of borrowed funds not previously repaid as follows: $657,500 on or before March 19, 2022; $394,500 on or before June 19, 2022; $394,500 on or before September 19, 2022; $394,500 on or before December 19, 2022; $394,500 on or before March 19, 2023; $394,500 on or before June 19, 2023; $394,500 on or before September 19, 2023; $394,500 on or before December 19, 2023; and $331,000 on or before March 19, 2024. The outstanding principal amount of the loan may be prepaid at any time without penalty. The loan is scheduled to mature in June 2024. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0%, adjusted monthly, subject to a minimum interest rate of 3.75%. BOKF is required to release the lien of its mortgage on any lot upon LF making a principal payment of $65,750. LF and ASW have made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: LF’s failure to make principal, interest or other payments when due; the failure of LF or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of LF or ASW being false; the insolvency or bankruptcy of LF or ASW; and the failure of ASW to maintain a tangible net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. As of April 30, 2021, LF was in compliance with the financial covenants contained in the loan documentation. LF incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized no interest or fees related to this loan during 2021. The total book value of the property mortgaged pursuant to this loan was $6,450,000 as of April 30, 2021. The following presents information on the Company’s notes payable in effect as of April 30, 2020 and terminated prior to April 30, 2021 (in thousands): Maximum Available Outstanding Principal Principal Amount Loan Identifier Lender Amount April 30, 2020 Lomas Encantadas U2C P3 BOKF $ 2,475 $ 1,576 Las Fuentes at Panorama Village BOKF 2,750 1,979 SBA Paycheck Protection Program BOKF 298 298 $ 3,853 Additional information regarding each of the above notes payable is provided below: · Lomas Encantadas U2C P3 . In June 2019, LEDC entered into a Development Loan Agreement with BOKF. The Development Loan Agreement was evidenced by a Non-Revolving Line of Credit Promissory Note and was secured by a Mortgage, Security Agreement and Financing Statement, between LEDC and BOKF with respect to certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. Pursuant to a Guaranty Agreement entered into ASW in favor of BOKF, ASW guaranteed LEDC’s obligations under each of the above agreements. BOKF agreed to lend up to $2,475,000 to LEDC on a non-revolving line of credit basis to partially fund the development of certain planned residential lots within the Lomas Encantadas subdivision. LEDC incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized interest and fees related to this loan of $16,000 during 2021 and $79,000 during 2020. The loan was scheduled to mature in June 2022. The outstanding principal amount of the loan was prepaid without penalty and the loan was terminated in January 2021. · Las Fuentes at Panorama Village Subdivision . In January 2020, Las Fuentes Village II, LLC (“LFV”), a subsidiary of the Company, entered into a Loan Agreement with BOKF. The Loan Agreement was evidenced by a Non-Revolving Line of Credit Promissory Note and was secured by a Mortgage, Security Agreement and Financing Statement, between LFV and BOKF, with respect to the construction of a building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Pursuant to a Limited Guaranty Agreement entered into by ASW in favor of BOKF, ASW guaranteed LFV’s obligations under each of the above agreements. BOKF agreed to lend up to $2,750,000 to LFV on a non-revolving line of credit basis to partially fund the construction of the building. LFV incurred certain customary costs and expenses and paid certain fees to BOKF in connection with the loan. The Company capitalized interest and fees related to this loan of $23,000 during 2021 and $7,000 during 2020. The loan was scheduled to mature in January 2027. The outstanding principal amount of the loan was prepaid without penalty and the loan was terminated in April 2021. · SBA Paycheck Protection Program . In April 2020, the Company received a loan from BOKF pursuant to the Paycheck Protection Program loan program administered by the U.S. Small Business Administration. The loan was evidenced by a note and was unsecured. The Company received $298,000 pursuant to the loan. The Company capitalized no interest or fees related to this loan during 2021 and 2020. The loan was scheduled to mature in April 2022. In accordance with the provisions of the Paycheck Protection Program loan program, the Company may apply for forgiveness of that part of the loan which was used during the 24 weeks from the receipt of the loan funds to pay eligible payroll costs, interest on a mortgage obligation incurred before February 2020, rent obligations under leases dated before February 2020 and utility obligations under services agreements dated before February 2020; provided that at least 75% of the forgivable amount was used for payroll costs. The Company received notice of forgiveness in 2021 pursuant to the terms of the program of the entire principal amount of the loan and all accrued interest. The Company recognized a related gain on debt forgiveness in the amount of $300,000 in other income. The following table summarizes the scheduled principal repayments subsequent to April 30, 2021 (in thousands): Fiscal Year Scheduled Payments 2022 $ 1,225 2023 2,257 Total $ 3,482

REVENUES

REVENUES	12 Months Ended
REVENUES	Apr. 30, 2021
REVENUES
REVENUES	(7) REVENUES Land sale revenues . Substantially all of the land sale revenues were received from 4 customers for 2021 and 4 customers for 2020. There were no outstanding receivables from these customers as of April 30, 2021 or April 30, 2020. Home sale revenues . Home sale revenues are from homes constructed and sold by the Company in the Albuquerque, New Mexico metropolitan area. Rental revenues . Rental revenues consist of rent received from tenants at buildings in Palm Coast, Florida and at a retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Building sales and other revenues . Building sales and other revenues consist of (in thousands): Year Ended April 30, 2021 2020 Sales of buildings and other land $ 9,493 $ 665 Oil and gas royalties 135 608 Public improvement district reimbursements 390 113 Private infrastructure reimbursement covenants 549 324 Miscellaneous other revenues 532 301 $ 11,099 $ 2,011 Sales of buildings and other land during 2021 consists of $5,493,000 with respect to the sale of a 14,000 square foot, single tenant retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico and $4,000,000 with respect to the sale of a 61,000 square foot warehouse and office facility located in Palm Coast, Florida in 2021. Sales of buildings and other land for 2020 consisted of the sale of two undeveloped properties in Palm Coast, Florida. The Company owns certain minerals and mineral rights in and under approximately 147 surface acres of land in Brighton, Colorado leased to a third party for as long as oil or gas is produced and marketed in paying quantities from the property or for additional limited periods of time if the lessee undertakes certain operations or makes certain de minimis shut-in royalty payments. The lessee has pooled various minerals and mineral rights, including the Company's minerals and mineral rights, for purposes of drilling and extraction. After applying the ownership and royalty percentages of the pooled minerals and mineral rights, the lessee is required to pay the Company a royalty on oil and gas produced from the pooled property of 1.42% of the proceeds received by the lessee from the sale of such oil and gas, and such royalty will be charged with 1.42% of certain post-production costs associated with such oil and gas. The lessee commenced drilling with respect to the pooled property in fiscal year 2019, with initial royalty payments made in 2020. The Company received $135,000 and $608,000 of royalties during 2021 and 2020 with respect to the pooled property. The Company owns certain minerals and mineral rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. The lease to a third party with respect to such mineral rights expired in September 2020 and no drilling had commenced with respect to such mineral rights. The Company did not record any revenue in 2021 or 2020 related to this lease. A portion of the Lomas Encantadas subdivision and a portion of the Enchanted Hills subdivision are subject to a public improvement district. The public improvement district reimburses the Company for certain on-site and off-site costs of developing the subdivisions by imposing a special levy on the real property owners within the district. The Company has accepted discounted prepayments of amounts due under the public improvement district. The Company collected $390,000 and $113,000 during 2021 and 2020 in connection with this public improvement district. The Company instituted private infrastructure reimbursement covenants on a portion of the property in Hawk Site. Similar to a public improvement district, the covenants are expected to reimburse the Company for certain on-site and off-site costs of developing the subject property by imposing a special levy on the real property owners subject to the covenants. The Company has accepted discounted prepayments of amounts due under the public improvement district. The Company collected $549,000 and $324,000 during 2021 and 2020 in connection with these private infrastructure reimbursement covenants. Miscellaneous other revenues for 2021 primarily consist of payments for impact fee credits, installation of telecommunications equipment in subdivisions and profit on land used in homebuilding. Miscellaneous other revenues for 2020 primarily consist of forfeited deposits and non-refundable option payments. Major customers: There were three customers with revenues during 2021 in excess of 10% of the Company’s revenues during 2021. The revenues for each such customer during 2021 are as follows: $10,582,000,$6,606,000 and $4,858,000, with each of these revenues reported in the Company’s land development business segment. There were three customers with revenues during 2020 in excess of 10% of the Company’s revenues during 2020. The revenues for each such customer during 2020 are as follows: $8,364,000,$3,105,000 and $2,703,000,with each of these revenues reported in the Company’s land development business segment.

COST OF REVENUES

COST OF REVENUES	12 Months Ended
COST OF REVENUES	Apr. 30, 2021
COST OF REVENUES
COST OF REVENUES	(8) COST OF REVENUES Land sale cost of revenues includes all direct acquisition costs and other costs specifically identified with the property and an allocation of certain common development costs associated with the entire project. Home sale cost of revenues includes costs for residential homes that were sold. Building sales and other cost of revenues during 2021 consist of $3,308,000 with respect to the sale of a 14,000 square foot, single tenant retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico and $2,414,000 with respect to the sale of a 61,000 square foot warehouse and office facility located in Palm Coast, Florida.

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES	Apr. 30, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	(9) GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of (in thousands): Year Ended April 30, 2021 2020 Land development $ 2,532 $ 2,422 Homebuilding 626 23 Corporate 2,262 10,512 $ 5,420 $ 12,957 Corporate general and administrative expenses included two non-cash expenses in 2020: (i) a pre-tax pension settlement loss of $2,929,000 as a result of the Company’s defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to former employees and (ii) an impairment charge on other assets of $5,046,000 which represented the remaining present value of lease payments expected to be received by the Company for buildings located in Palm Coast, Florida deemed to be consideration with respect to the sale of a former business segment partially offset by the receipt of $625,000 received in connection with a settlement agreement related to such sale (refer to Note 3 for detail regarding the sale of a former business segment and related settlement agreement). No such non-cash expenses were incurred in 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Apr. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(10) FAIR VALUE MEASUREMENTS The FASB’s accounting guidance defines fair value and establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The FASB’s guidance classifies the inputs to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs for the asset or liability are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value measurement level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques need to maximize the use of observable inputs and minimize the use of unobservable inputs. There were no transfers between Levels 1, 2 or 3 during 2021 or 2020. The Financial Instruments Topic of the FASB Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Fair value is determined under the hierarchy discussed above. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments: the carrying amounts of cash and cash equivalents and trade payables approximate fair value because of the short maturity of these financial instruments; and debt that bears variable interest rates indexed to prime or LIBOR also approximates fair value as it reprices when market interest rates change.

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
BENEFIT PLANS	Apr. 30, 2021
BENEFIT PLANS
BENEFIT PLANS	(11) BENEFIT PLANS Pension plan The Company has a defined benefit pension plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. Under generally accepted accounting principles, the Company’s defined benefit pension plan was underfunded as of April 30, 2021 by $476,000, with $21,102,000 of assets and $21,578,000 of liabilities and was underfunded as of April 30, 2020 by $5,014,000, with $18,260,000 of assets and $23,274,000 of liabilities. The pension plan liabilities were determined using a weighted average discount interest rate of 2.48% per year as of April 30, 2021 and 2.29% per year as of April 30, 2020, which are based on the FTSE Pension Discount Curve as of such dates as it corresponds to the projected liability requirements of the pension plan. The Company made voluntary contributions to the pension plan of $1,847,000 and $3,600,000 during 2021 and 2020. The Company recognized a non-cash pre-tax pension settlement loss of $2,929,000 in 2020 due to the Company's defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to former employees. There were no such charges in 2021. Pension assets and liabilities are measured at fair value (measured in accordance with the guidance described in Note 10) and are subject to fair value adjustment in certain circumstances (for example, when there is evidence of impairment). There were no impairments resulting in a change in fair value during 2021 and 2020. Net periodic pension cost for 2021 and 2020 was comprised of the following components (in thousands): Year Ended April 30, 2021 2020 Interest cost on projected benefit obligation $ 504 $ 716 Expected return on assets (1,409) (1,591) Plan expenses 340 410 Recognized net actuarial loss 529 563 Settlement loss — 2,929 Net periodic pension cost $ (36) $ 3,027 The estimated net loss, transition obligation and prior service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over fiscal year 2022 are $392,000, $0 and $0. Assumptions used in determining net periodic pension cost and the benefit obligation were: Year Ended April 30, 2021 2020 Discount rate used to determine net periodic pension cost 2.29 % 3.54 % Discount rate used to determine pension benefit obligation 2.48 % 2.29 % Expected long-term rate of return on assets used for pension cost on assets 7.75 % 7.75 % The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s consolidated balance sheet (in thousands): April 30, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 23,274 $ 30,304 Interest cost 504 716 Actuarial loss (gain) (537) 1,550 Benefits paid (1,663) (2,016) Settlement paid — (7,280) Benefit obligation at end of year $ 21,578 $ 23,274 Change in plan assets: Fair value of plan assets at beginning of year $ 18,260 $ 23,903 Actual return on plan assets 2,808 393 Company contributions 1,847 3,600 Benefits paid (1,663) (2,016) Settlement paid — (7,280) Plan expenses (150) (340) Fair value of plan assets at end of year $ 21,102 $ 18,260 Underfunded status $ (476) $ (5,014) The funded status of the pension plan is equal to the net liability recognized in the consolidated balance sheets. The following table summarizes the amounts recorded in accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs (in thousands): Year Ended April 30, 2021 2020 Pretax accumulated comprehensive loss $ 8,426 $ 11,082 The following table summarizes the changes in accumulated other comprehensive loss related to the pension plan for the years ended April 30, 2021 and 2020 (in thousands): Pension Benefits Pretax Net of Tax Accumulated comprehensive loss, May 1, 2019 $ 11,896 $ 7,031 Net actuarial loss 2,678 1,868 Recognized settlement gain (2,929) (2,049) Amortization of net loss (563) (383) Accumulated comprehensive loss, April 30, 2020 $ 11,082 $ 6,467 Net actuarial gain (2,127) (1,483) Amortization of net loss (529) (361) Accumulated comprehensive loss, April 30, 2021 $ 8,426 $ 4,623 The Company recorded, net of tax, other comprehensive income of $1,844,000 and $564,000, including the pension settlement, net of tax, of $2,049,000 in 2021 and 2020 to account for the net effect of changes to the unfunded portion of pension liability. The asset allocation for the pension plan by asset category was as follows: April 30, 2021 2020 Equity securities 51 % 27 % Fixed income securities 39 59 Other (principally cash and cash equivalents) 10 14 Total 100 % 100 % The investment mix between equity securities and fixed income securities seeks to achieve a desired return by balancing equity securities and fixed-income securities. Pension plan assets are invested in portfolios of diversified public-market equity securities and fixed income securities. The pension plan holds no securities of the Company. Investment allocations are made across a range of markets, industry sectors, market capitalization sizes and, in the case of fixed income securities, maturities and credit quality. The expected return on assets for the pension plan is based on management’s expectation of long-term average rates of return to be achieved by the underlying investment portfolio. In establishing this assumption, management considers historical and expected returns for the asset classes in which the pension plan is invested, as well as current economic and market conditions. For 2021, the Company used a 7.75 % assumed rate of return for purposes of the expected return rate on assets for the development of net periodic pension costs for the pension plan. For years following 2021, the assumed rate of return for purposes of the expected return rate on assets is anticipated to be 7.75%. The Company funds the pension plan in compliance with IRS funding requirements. The Company made voluntary contributions to the pension plan of $1,847,000 in 2021 and $3,600,000 in 2020. The Company is required to make minimum contributions to the pension plan; however, no minimum contributions are expected to be required during fiscal year 2022. The amount of future annual benefit payments to pension plan participants payable from plan assets is expected to be as follows: 2022 - $2,580,000, 2023 - $1,712,000, 2024 - $1,640,000, 2025 - $1,577,000 and 2026 - $1,539,000 and an aggregate of $6,674,000 is expected to be paid in the fiscal five-year period 2027 through 2031. The Company has adopted the disclosure requirements in ASC 715, which requires additional fair value disclosures consistent with those required by ASC 820. The following is a description of the valuation methodologies used for pension plan assets measured at fair value: common stock – valued at the closing price reported on a listed stock exchange; corporate bonds, debentures and government agency securities – valued using pricing models, quoted prices of securities with similar characteristics or discounted cash flow; and U.S. Treasury securities – valued at the closing price reported in the active market in which the security is traded. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level within the fair value hierarchy the pension plan’s assets at fair value as of April 30, 2021 and 2020 (in thousands): 2021 : Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,215 $ 2,215 $ — $ — Investments at fair value: Equity securities 10,707 10,707 — — Fixed income securities 8,180 8,180 — — Total assets at fair value $ 21,102 $ 21,102 $ — $ — 2020 : Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,655 $ 2,655 $ — $ — Investments at fair value: Equity securities 4,880 4,880 — — Fixed income securities 10,725 10,725 — — Total assets at fair value $ 18,260 $ 18,260 $ — $ — Simple IRA The Company provides a Simple IRA plan as a retirement plan for eligible employees who earned at least $5,000 of annual compensation. Under the Simple IRA plan, eligible employees may contribute a portion of their pre-tax yearly salary, up to the maximum contribution limit for Simple IRA plans as set forth under the Internal Revenue Code of 1986, as amended, with the Company matching on a dollar-for-dollar basis up to 3% of the employees’ annual pre-tax compensation. The Company’s employer contribution was $36,000 and $14,000 for 2021 and 2020. Equity compensation plan The AMREP Corporation 2016 Equity Compensation Plan (the “ Equity Plan”) authorizes stock-based awards of various kinds to non-employee directors and employees covering up to a total of 500,000 shares of common stock of the Company. The Equity Plan will expire by its terms on, and no award will be granted under the Equity Plan on or after, September 19, 2026. As of April 30, 2021, the Company had 372,000 shares of common stock of the Company available for issuance under the Equity Plan. Shares of restricted common stock that are issued under the Equity Plan (“restricted shares”) are considered to be issued and outstanding as of the grant date and have the same dividend and voting rights as other common stock. Compensation expense related to the restricted shares is recognized over the vesting period of each grant based on the fair value of the shares as of the date of grant. The fair value of each grant of restricted shares is determined based on the trading price of the Company’s common stock on the date of such grant, and this amount will be charged to expense over the vesting term of the grant. Forfeitures are recognized as reversals of compensation expense on the date of forfeiture. The summary of the 2020 and 2021 restricted share award activity presented below represents the maximum number of shares issued to employees that could be vested: Weighted Average Number of Grant Date Fair Value Restricted share awards Shares Per Share Non-vested at May 1, 2019 42,667 $ 6.87 Granted during 2020 9,000 6.35 Vested during 2020 (14,833) 6.59 Forfeited during 2020 (4,000) 6.76 Non-vested as of April 30, 2020 32,834 $ 6.86 Granted during 2021 9,000 4.63 Vested during 2021 (12,834) 6.86 Forfeited during 2021 — — Non-vested as of April 30, 2021 29,000 $ 6.18 The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $78,000 and $113,000 for 2021 and 2020. As of April 30, 2021, there was $34,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. On December 31, 2019, each non-employee member of the Company’s Board of Directors was issued the number of deferred common share units of the Company under the Equity Plan equal to $25,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date. Based on the closing price per share of $5.98 on December 31, 2019, the Company issued a total of 16,720 deferred common share units to members of the Company’s Board of Directors. On December 31, 2020, each non-employee member of the Company’s Board of Directors was issued the number of deferred common share units of the Company under the Equity Plan equal to $30,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date. Based on the closing price per share of $8.54 on December 31, 2020, the Company issued a total of 10,536 deferred common share units to members of the Company’s Board of Directors. Each deferred common share unit represents the right to receive one share of Common Stock within 30 days after the first day of the month to follow such director’s termination of service as a director of the Company. In connection with the resignation of a director in September 2020, the Company (i) issued 12,411 shares of common stock in October 2020 pursuant to an equivalent number of deferred common share units previously issued to such director and (ii) paid $20,000 in September 2020 to such director in lieu of issuance of deferred common share units earned for calendar year 2020. Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units ratably over the director’s service in office during the calendar year, was $90,000 and $100,000 for 2021 and 2020. At April 30, 2021 and 2020, there was $30,000 and $33,000 of accrued compensation expense related to the deferred stock units expected to be issued in December of the following fiscal year.

OTHER INCOME

OTHER INCOME	12 Months Ended
OTHER INCOME	Apr. 30, 2021
OTHER INCOME.
OTHER INCOME	(12) OTHER INCOME Other income of $1,028,000 for 2021 primarily consisted of a settlement payment of $650,000 from a former business segment (refer to Note 3 for detail regarding the settlement agreement) and $300,000 of debt forgiveness with respect to a loan received by the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration (refer to Note 6 for detail regarding the debt forgiveness).

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Apr. 30, 2021
INCOME TAXES
INCOME TAXES	(13) INCOME TAXES The provision (benefit) for income taxes consists of the following (in thousands): Year Ended April 30, 2021 2020 Current: Federal $ 69 $ (36) State and local 80 112 149 76 Deferred: Federal 2,219 (1,597) State and local 275 (201) 2,494 (1,798) Total provision (benefit) for income taxes $ 2,643 $ (1,722) The components of the net deferred income taxes are as follows (in thousands): April 30, 2021 2020 Deferred income tax assets: State tax loss carryforwards $ 4,296 $ 4,622 U.S. federal NOL carryforward 1,384 3,746 Accrued pension costs — 1,258 Vacation accrual 14 52 Real estate basis differences 3,976 4,096 Other 303 194 Total deferred income tax assets 9,973 13,968 Deferred income tax liabilities: Depreciable assets (749) (1,341) Deferred gains on investment assets (2,300) (2,277) Prepaid pension costs (178) — Other (31) — Total deferred income tax liabilities (3,258) (3,618) Valuation allowance for realization of certain deferred income tax assets (3,966) (4,270) Net deferred income tax asset $ 2,749 $ 6,080 A valuation allowance is provided when it is considered more likely than not that certain deferred tax assets will not be realized. The valuation allowance relates primarily to deferred tax assets, including net operating loss carryforwards, in states where the Company either has no current operations or its operations are not considered likely to realize the deferred tax assets due to the amount of the applicable state net operating loss or its expected expiration date. The $304,000 decrease in the valuation allowance in 2021 is related to the decrease in state net operating losses that are not expected to be realizable. The Company has federal net operating loss carryforwards of $6,589,000, which has an indefinite time to utilize and will not expire. In addition, the Company has state net operating loss carryforwards of $107,232,000 that expire beginning in fiscal year ending April 30, 2022. The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands): Year Ended April 30, 2021 2020 Computed tax provision (benefit) at statutory rate $ 2,108 $ (1,603) Increase (reduction) in tax resulting from: Deferred tax rate changes 139 163 Change in valuation allowances (304) 262 State income taxes, net of federal income tax effect 366 (481) Permanent items (63) 1 Other 397 (64) Actual tax provision (benefit) $ 2,643 $ (1,722) The Company is subject to U.S. federal income taxes and various state and local income taxes. Tax regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. The Company is currently under examination by the Internal Revenue Service for their income tax return filed for the tax year ended April 30, 2019. The examination is in the discovery stages and there are no proposed adjustments at this time. Other than the U.S. federal tax return, in nearly all jurisdictions, the tax years through the fiscal year ended April 30, 2018 are no longer subject to examination due to the expiration of the applicable statutes of limitations. ASC 740 clarifies the accounting for uncertain tax positions, prescribing a minimum recognition threshold a tax position is required to meet before being recognized, and providing guidance on the derecognition, measurement, classification and disclosure relating to income taxes. The Company has no unrecognized tax benefits for 2021 and 2020. The Company has elected to include interest and penalties in its income tax expense. The Company had no accrued interest or penalties as of April 30, 2021 and 2020.

LEASE COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
LEASE COMMITMENTS	Apr. 30, 2021
LEASE COMMITMENTS
LEASE COMMITMENTS	(14) LEASE COMMITMENTS The Company leases offices and office equipment in Pennsylvania and New Mexico. The leases are generally non-cancelable operating leases with an initial term of two to five years. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease agreements do not contain any residual value guarantees or material restrictive covenants. As of April 30, 2021, right-of-use assets and lease liabilities were $84,000 and $86,000. As of April 30, 2020, right-of-use assets and lease liabilities were $109,000 and $113,000. Total operating lease expense was $114,000 and $113,000 for 2021 and 2020. Remaining operating lease payments subsequent to April 30, 2021 are $84,000 in fiscal year 2022 and none in subsequent years. Remaining operating lease payments had immaterial imputed interest resulting in a present value of lease liabilities of $84,000. For 2021, the weighted average remaining lease term and weighted average discount rate of the Company’s operating leases were less than one year and 5.50%. For 2020, the weighted average remaining lease term and weighted average discount rate of the Company's operating leases were 1.2 years and 5.50%. The lease contracts for the Company generally do not provide a readily determinable implicit rate. For these contracts, the Company estimated the incremental borrowing rate based on information available upon the adoption of ASU 2016-02. The Company applied a consistent method in periods after the adoption of ASU 2016-02 to estimate the incremental borrowing rate.

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	12 Months Ended
OTHER COMMITMENTS AND CONTINGENCIES	Apr. 30, 2021
OTHER COMMITMENTS AND CONTINGENCIES
OTHER COMMITMENTS AND CONTINGENCIES	(15) OTHER COMMITMENTS AND CONTINGENCIES In March 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. Subsequently, the COVID-19 pandemic has continued to spread and various state and local governments have issued or extended "shelter-in-place" orders, which have impacted and restricted various aspects of the Company's operations. While the Company cannot reasonably estimate the length or severity of this pandemic or if there will be additional periods of increases or spikes in the number of COVID-19 cases, future mutations or related strains of the virus in areas in which the Company operates, an extended economic slowdown could materially impact the Company's consolidated financial position, consolidated results of operations, and consolidated cash flows in fiscal year 2022 or beyond.

STOCK REPURCHASES

STOCK REPURCHASES	12 Months Ended
STOCK REPURCHASES	Apr. 30, 2021
STOCK REPURCHASES
STOCK REPURCHASES	(16) STOCK REPURCHASES In August 2020, the Company repurchased 11,847 shares of common stock of the Company at a price of $4.48 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. In September 2020, the Board of Directors of the Company authorized the Company to purchase up to 1,000,000 shares of common stock of the Company from time to time pursuant to a share repurchase program, subject to the total expenditure for the purchase of shares under the share repurchase program not exceeding $5,000,000, exclusive of any fees, commissions and other expenses related to such repurchases. Under the share repurchase program, the Company was authorized to repurchase its common stock from time to time, in amounts, at prices, and at such times as the Company deemed appropriate, subject to market conditions, legal requirements and other considerations. The Company’s repurchases could be executed using open market purchases, unsolicited or solicited privately negotiated transactions or other transactions, and could be effected pursuant to trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The share repurchase program did not obligate the Company to repurchase any specific number of shares and could be suspended, modified or terminated at any time without prior notice. The share repurchase program did not contain a time limitation during which repurchases were permitted to occur. In October 2020, the Company repurchased 675,616 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction pursuant to the share repurchase program. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. In November 2020, the Company repurchased 143,482 shares of common stock of the Company at a price of $6.18 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock. The share repurchase was not completed pursuant to the Company’s share repurchase program. In November 2020, the Company’s share repurchase program was terminated.

TREASURY STOCK

TREASURY STOCK	12 Months Ended
TREASURY STOCK	Apr. 30, 2021
TREASURY STOCK
TREASURY STOCK	(17) TREASURY STOCK During 2021, 225,250 shares of common stock of the Company held as treasury stock were retired and returned to the status of authorized but unissued shares of common stock.

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	12 Months Ended
	Apr. 30, 2021
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	(18) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated 2021 (a) Revenues $ 32,431 $ 3,081 $ 4,557 $ 40,069 Net income (loss) 10,091 (84) (2,615) 7,392 Provision (benefit) for income taxes (765) (45) 3,453 2,643 Interest expense (income), net (b) 43 — (3) 40 Depreciation 51 — 503 554 EBITDA (c) $ 9,420 $ (129) $ 1,338 $ 10,629 Capital expenditures $ — $ 5 $ — $ 5 Total assets as of April 30, 2021 $ 81,892 $ 1,999 $ 13,475 $ 97,366 2020 (a) Revenues $ 17,316 $ — $ 1,467 $ 18,783 Net income (loss) 2,249 — (8,152) (5,903) Benefit for income taxes (250) — (1,472) (1,722) Interest income, net (b) 22 — (312) (334) Depreciation 45 — 492 537 EBITDA (c) $ 2,022 $ — $ (9,444) $ (7,422) Capital expenditures $ 5 $ — $ 13 $ 18 Total assets as of April 30, 2020 $ 73,023 $ — $ 23,643 $ 96,666 (a) (b) (c) Prior to 2021, the Company operated in primarily one business segment: the real estate business.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Apr. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(19) SUBSEQUENT EVENTS Notes Payable – Lavender Fields . Refer to Note 6 for detail about the deferred purchase price with respect to the acquisition of 28 acres in Bernalillo County, New Mexico comprising the Meso AM subdivision. In May 2021, LF and the holder of the promissory note evidencing the deferred purchase price agreed to reduce the deferred purchase price by $45,000 and the remaining outstanding deferred purchase price of 1,704,000 was fully paid by LF. Notes Payable – La Mirada . In June 2021, Wymont LLC (“Wymont”), a subsidiary of the Company, completed the acquisition of a 15-acre property in the La Mirada subdivision located in Albuquerque, New Mexico. In June 2021, Wymont entered into a Development Loan Agreement with BOKF. The Development Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between Wymont and BOKF, with respect to the acquired property. Pursuant to a Guaranty Agreement entered into by ASW in favor of BOKF, ASW guaranteed Wymont’s obligations under each of the above agreements. Pursuant to the loan documentation, BOKF has agreed to lend up to $7,375,000 to Wymont on a non-revolving line of credit basis to partially fund the acquisition and development of the acquired property. The outstanding principal amount of the loan may be prepaid at any time without penalty. The loan is scheduled to mature in June 2024. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 3.0 %, adjusted monthly, subject to a minimum interest rate of 3.75 %. Generally, BOKF is required to release the lien of its mortgage on any commercial lot within the acquired property upon Wymont making a principal payment equal to the net sales proceeds with respect to the sale of such lot. BOKF is required to release the lien of its mortgage on any residential lot within the acquired property upon Wymont making a principal payment equal to $60,600 per such released lot. Wymont and ASW made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: Wymont’s failure to make principal, interest or other payments when due; the failure of Wymont or ASW to observe or perform their respective covenants under the loan documentation; the representations and warranties of Wymont or ASW being false; the insolvency or bankruptcy of Wymont or ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. Wymont incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. The outstanding principal amount of the loan was $5,448,000 as of June 30, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	12 Months Ended
	Apr. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Organization and principles of consolidation	Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (collectively, the “Company”). The Company, through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year. Certain 2020 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on the net income or loss or shareholders’ equity.
Fiscal year	Fiscal year The Company’s fiscal year ends on April 30. All references to 2021 and 2020 mean the fiscal years ended April 30, 2021 and 2021, unless the context otherwise indicates.
Revenue Recognition	Revenue recognition Land sale revenues : The Company accounts for land sale revenues in accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) . Revenue from land sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. In general, the Company’s performance obligation for each of these land sales is fulfilled upon the delivery of the land, which generally coincides with the receipt of cash consideration from the counterparty. Land sale cost of revenues includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the relative sales value of the property. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. Home sale revenues : The Company accounts for revenue from home sales in accordance with ASU 2014-09 . Revenues and cost of revenues from home sales are recognized at the time each home is delivered and title and possession are transferred to the buyer. The Company’s performance obligation to deliver a home is normally satisfied in less than one year from the date a binding sale agreement is signed. In general, the Company’s performance obligation for each home sale is fulfilled upon the delivery of the completed home, which generally coincides with the receipt of cash consideration from the counterparty. If the Company’s performance obligations are not complete upon the home closing, the Company defers a portion of the home sale revenues related to the outstanding obligations and subsequently recognizes that revenue upon completion of such obligations. As of April 30, 2021, deferred home sale revenues and costs related thereto were immaterial. Forfeited customer deposits for homes are recognized in home sale revenues in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. In order to promote sales of homes, the Company may offer home buyers sales incentives. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the consolidated balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold. Rental revenues : The Company may enter into leases with tenants with respect to property or buildings it owns. Base rental payments from tenants are recognized as revenue monthly over the term of the lease. Additional rent related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses is recognized as revenue in the period the expenses are incurred. Building sales and other revenues : The Company accounts for building sales and other revenues in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . Building sales revenues consist of building sales in New Mexico and Florida. Revenue from these building sales are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. In general, the Company’s performance obligation for each of these building sales is fulfilled upon the delivery of the property, which generally coincides with the receipt of cash consideration from the counterparty. Building sales and other cost of revenues includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition and acquisition costs, if applicable, closing and selling costs and construction costs.
Cash, and cash equivalents	Cash, and cash equivalents Cash equivalents consist of highly liquid investments that have an original maturity of ninety days or less when purchased and are readily convertible into cash. Restricted cash consists of cash deposits with a bank that are restricted due to subdivision improvement agreements with a governmental authority. The Company did not have any restricted cash as of April 30, 2021 or April 30, 2020.
Real estate inventory	Real estate inventory Real estate inventory includes land and improvements on land held for future development or sale. The Company accounts for its real estate inventory in accordance with Accounting Standards Codification (“ASC”) 360-10. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Real estate inventory held for future development or sale is stated at accumulated cost and is evaluated and reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable.
Investment assets, net	Investment assets, net Investment assets, net consist of (i) investment land, which represents vacant, undeveloped land not held for development or sale in the normal course of business, and (ii) real estate assets that are leased or intended to be leased to third parties. Investment assets are stated at the lower of cost or net realizable value. Depreciation of investment assets (other than land) is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements. Land is not subject to depreciation.
Impairment of long-lived assets	Impairment of long-lived assets Long-lived assets consist of real estate inventory and investment assets and are accounted for in accordance with ASC 360-10. Long-lived assets are evaluated and tested for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Asset impairment tests are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. The evaluation of operating asset groups includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and general and administrative expenses. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize impairment charges in the future
Leases	Leases Right-of-use assets and lease liabilities are recorded on the balance sheet for all leases with an initial term over one year. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Right-of-use assets are classified within other assets and the corresponding lease liability is included in accounts payable and accrued expenses in the consolidated balance sheet.
Share-based compensation	Share-based compensation The Company accounts for awards of restricted stock and deferred stock units in accordance with ASC 718‑10, which requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Compensation expense for awards of restricted stock and deferred stock units are based on the fair value of the awards at their grant dates.
Income taxes	Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized.
Earnings (loss) per share	Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares outstanding during each year. Unvested restricted shares of common stock (see Note 11) are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. Unvested restricted shares of common stock are included in diluted earnings per share if they are dilutive. Deferred stock units (see Note 11) are included in both basic and diluted earnings per share computations.
Pension plan	Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of the plan’s year-end statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income (loss).
Comprehensive income	Comprehensive income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income is the total of net income or loss and other comprehensive income or loss that, for the Company, consists of the minimum pension liability net of the related deferred income tax effect.
Management's estimates and assumptions	Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates that affect the financial statements include, but are not limited to, (i) land sale cost of revenue calculations, which are based on land development budgets and estimates of costs to complete; (ii) cash flows, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets and assets held for sale; (iii) actuarially determined benefit obligations and other pension plan accounting and disclosures; (iv) risk assessment of uncertain tax positions; and (v) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates.
Recent accounting pronouncements	Recent accounting pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 was effective for the Company’s fiscal year beginning May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 was effective for the Company’s fiscal year beginning May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its consolidated financial statements. There are no other new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements.

REAL ESTATE INVENTORY (Tables)

REAL ESTATE INVENTORY (Tables)	12 Months Ended
REAL ESTATE INVENTORY (Tables)	Apr. 30, 2021
REAL ESTATE INVENTORY
Schedule of components of real estate inventory	Real estate inventory consists of (in thousands): April 30, 2021 2020 Land held for development or sale in New Mexico $ 49,918 $ 49,462 Land held for development or sale in Colorado 3,975 3,943 Homebuilding finished inventory 417 — Homebuilding construction in process 1,279 44 $ 55,589 $ 53,449

INVESTMENT ASSETS, NET (Tables)

INVESTMENT ASSETS, NET (Tables)	12 Months Ended
INVESTMENT ASSETS, NET (Tables)	Apr. 30, 2021
INVESTMENT ASSETS, NET
Schedule of investment assets	Investment assets, net consist of (in thousands): April 30, 2021 2020 Land held for long-term investment $ 9,775 $ 9,751 Construction in process — 2,320 Buildings 10,003 13,096 Less accumulated depreciation (6,196) (6,523) Buildings, net 3,807 6,573 $ 13,582 $ 18,644

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Apr. 30, 2021
OTHER ASSETS
Schedule of other assets	Other assets consist of (in thousands): April 30, 2021 2020 Prepaid expenses $ 324 $ 464 Receivables 37 156 Right-of-use assets associated with leases of office facilities 84 109 Other assets 172 170 Property and equipment 222 217 Less accumulated depreciation (194) (182) Property and equipment, net 28 35 $ 645 $ 934

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Apr. 30, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of (in thousands): April 30, 2021 2020 Real estate operations Accrued expenses $ 658 $ 518 Trade payables 1,377 1,146 Real estate customer deposits 1,769 1,117 3,804 2,781 Corporate operations 654 344 $ 4,458 $ 3,125

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
NOTES PAYABLE (Tables)	Apr. 30, 2021
NOTES PAYABLE
Schedule of notes payable	Notes payable, net consist of (in thousands): April 30, 2021 2020 Real estate notes payable $ 3,482 $ 3,894 Unamortized debt issuance costs (34) (4) $ 3,448 $ 3,890
Schedule of financing arrangements	The following presents information on the Company’s notes payable in effect as of April 30, 2021 (dollars in thousands) : Maximum Outstanding Available Principal Amount Interest Rate Principal April 30, April 30, Loan Identifier Lender Amount 2021 2020 2021 Revolving Line of Credit BOKF $ 4,000 $ — $ — 3.75 % Lomas Encantadas U2B P3 BOKF 2,400 409 NA 3.75 % Hawk Site U37 SLFCU 3,000 — 41 4.50 % Hawk Site U23 U40 BOKF 2,700 30 NA 3.75 % Lavender Fields – acquisition Seller 1,838 1,748 — 0 % Lavender Fields – development BOKF 3,750 1,293 — 3.75 % $ 3,482 $ 41 The following presents information on the Company’s notes payable in effect as of April 30, 2020 and terminated prior to April 30, 2021 (in thousands): Maximum Available Outstanding Principal Principal Amount Loan Identifier Lender Amount April 30, 2020 Lomas Encantadas U2C P3 BOKF $ 2,475 $ 1,576 Las Fuentes at Panorama Village BOKF 2,750 1,979 SBA Paycheck Protection Program BOKF 298 298 $ 3,853
Schedule of scheduled principal repayments subsequent to reporting date	The following table summarizes the scheduled principal repayments subsequent to April 30, 2021 (in thousands): Fiscal Year Scheduled Payments 2022 $ 1,225 2023 2,257 Total $ 3,482

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
REVENUES (Tables)	Apr. 30, 2021
REVENUES
Schedule of building sales and other revenues	Building sales and other revenues . Building sales and other revenues consist of (in thousands): Year Ended April 30, 2021 2020 Sales of buildings and other land $ 9,493 $ 665 Oil and gas royalties 135 608 Public improvement district reimbursements 390 113 Private infrastructure reimbursement covenants 549 324 Miscellaneous other revenues 532 301 $ 11,099 $ 2,011

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	Apr. 30, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of components of general and administrative expenses	Year Ended April 30, 2021 2020 Land development $ 2,532 $ 2,422 Homebuilding 626 23 Corporate 2,262 10,512 $ 5,420 $ 12,957

BENEFIT PLANS_ (Tables)

BENEFIT PLANS: (Tables)	12 Months Ended
BENEFIT PLANS: (Tables)	Apr. 30, 2021
BENEFIT PLANS
Schedule of net periodic pension cost	The Company made voluntary contributions to the pension plan of $1,847,000 and $3,600,000 during 2021 and 2020. The Company recognized a non-cash pre-tax pension settlement loss of $2,929,000 in 2020 due to the Company's defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to former employees. There were no such charges in 2021. Pension assets and liabilities are measured at fair value (measured in accordance with the guidance described in Note 10) and are subject to fair value adjustment in certain circumstances (for example, when there is evidence of impairment). There were no impairments resulting in a change in fair value during 2021 and 2020. Net periodic pension cost for 2021 and 2020 was comprised of the following components (in thousands): Year Ended April 30, 2021 2020 Interest cost on projected benefit obligation $ 504 $ 716 Expected return on assets (1,409) (1,591) Plan expenses 340 410 Recognized net actuarial loss 529 563 Settlement loss — 2,929 Net periodic pension cost $ (36) $ 3,027
Schedule of assumptions used in determining net periodic pension cost	The estimated net loss, transition obligation and prior service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic pension cost over fiscal year 2022 are $392,000, $0 and $0. Assumptions used in determining net periodic pension cost and the benefit obligation were: Year Ended April 30, 2021 2020 Discount rate used to determine net periodic pension cost 2.29 % 3.54 % Discount rate used to determine pension benefit obligation 2.48 % 2.29 % Expected long-term rate of return on assets used for pension cost on assets 7.75 % 7.75 %
Schedule of pension plan's benefit obligation and assets	The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s consolidated balance sheet (in thousands): April 30, 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 23,274 $ 30,304 Interest cost 504 716 Actuarial loss (gain) (537) 1,550 Benefits paid (1,663) (2,016) Settlement paid — (7,280) Benefit obligation at end of year $ 21,578 $ 23,274 Change in plan assets: Fair value of plan assets at beginning of year $ 18,260 $ 23,903 Actual return on plan assets 2,808 393 Company contributions 1,847 3,600 Benefits paid (1,663) (2,016) Settlement paid — (7,280) Plan expenses (150) (340) Fair value of plan assets at end of year $ 21,102 $ 18,260 Underfunded status $ (476) $ (5,014)
Schedule of accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs	The funded status of the pension plan is equal to the net liability recognized in the consolidated balance sheets. The following table summarizes the amounts recorded in accumulated other comprehensive loss, which have not yet been recognized as a component of net periodic pension costs (in thousands): Year Ended April 30, 2021 2020 Pretax accumulated comprehensive loss $ 8,426 $ 11,082
Schedule of changes in accumulated other comprehensive loss related to the pension plan	The following table summarizes the changes in accumulated other comprehensive loss related to the pension plan for the years ended April 30, 2021 and 2020 (in thousands): Pension Benefits Pretax Net of Tax Accumulated comprehensive loss, May 1, 2019 $ 11,896 $ 7,031 Net actuarial loss 2,678 1,868 Recognized settlement gain (2,929) (2,049) Amortization of net loss (563) (383) Accumulated comprehensive loss, April 30, 2020 $ 11,082 $ 6,467 Net actuarial gain (2,127) (1,483) Amortization of net loss (529) (361) Accumulated comprehensive loss, April 30, 2021 $ 8,426 $ 4,623
Schedule of asset allocation for the pension plan by asset category	The asset allocation for the pension plan by asset category was as follows: April 30, 2021 2020 Equity securities 51 % 27 % Fixed income securities 39 59 Other (principally cash and cash equivalents) 10 14 Total 100 % 100 %
Schedule of fair value hierarchy the pension plan's assets	The following table sets forth by level within the fair value hierarchy the pension plan’s assets at fair value as of April 30, 2021 and 2020 (in thousands): 2021 : Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,215 $ 2,215 $ — $ — Investments at fair value: Equity securities 10,707 10,707 — — Fixed income securities 8,180 8,180 — — Total assets at fair value $ 21,102 $ 21,102 $ — $ — 2020 : Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,655 $ 2,655 $ — $ — Investments at fair value: Equity securities 4,880 4,880 — — Fixed income securities 10,725 10,725 — — Total assets at fair value $ 18,260 $ 18,260 $ — $ —
Schedule of restricted share award activity	The summary of the 2020 and 2021 restricted share award activity presented below represents the maximum number of shares issued to employees that could be vested: Weighted Average Number of Grant Date Fair Value Restricted share awards Shares Per Share Non-vested at May 1, 2019 42,667 $ 6.87 Granted during 2020 9,000 6.35 Vested during 2020 (14,833) 6.59 Forfeited during 2020 (4,000) 6.76 Non-vested as of April 30, 2020 32,834 $ 6.86 Granted during 2021 9,000 4.63 Vested during 2021 (12,834) 6.86 Forfeited during 2021 — — Non-vested as of April 30, 2021 29,000 $ 6.18

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Apr. 30, 2021
INCOME TAXES
Schedule of components of income tax expense (benefit)	The provision (benefit) for income taxes consists of the following (in thousands): Year Ended April 30, 2021 2020 Current: Federal $ 69 $ (36) State and local 80 112 149 76 Deferred: Federal 2,219 (1,597) State and local 275 (201) 2,494 (1,798) Total provision (benefit) for income taxes $ 2,643 $ (1,722)
Schedule of components of the net deferred income taxes	The components of the net deferred income taxes are as follows (in thousands): April 30, 2021 2020 Deferred income tax assets: State tax loss carryforwards $ 4,296 $ 4,622 U.S. federal NOL carryforward 1,384 3,746 Accrued pension costs — 1,258 Vacation accrual 14 52 Real estate basis differences 3,976 4,096 Other 303 194 Total deferred income tax assets 9,973 13,968 Deferred income tax liabilities: Depreciable assets (749) (1,341) Deferred gains on investment assets (2,300) (2,277) Prepaid pension costs (178) — Other (31) — Total deferred income tax liabilities (3,258) (3,618) Valuation allowance for realization of certain deferred income tax assets (3,966) (4,270) Net deferred income tax asset $ 2,749 $ 6,080
Schedule of effective income tax rate reconciliation	The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands): Year Ended April 30, 2021 2020 Computed tax provision (benefit) at statutory rate $ 2,108 $ (1,603) Increase (reduction) in tax resulting from: Deferred tax rate changes 139 163 Change in valuation allowances (304) 262 State income taxes, net of federal income tax effect 366 (481) Permanent items (63) 1 Other 397 (64) Actual tax provision (benefit) $ 2,643 $ (1,722)

INFORMATION ABOUT THE COMPANY_2

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	12 Months Ended
	Apr. 30, 2021
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Summary of data relative to the industry segments in which the Company operated	Land Development Homebuilding Corporate Consolidated 2021 (a) Revenues $ 32,431 $ 3,081 $ 4,557 $ 40,069 Net income (loss) 10,091 (84) (2,615) 7,392 Provision (benefit) for income taxes (765) (45) 3,453 2,643 Interest expense (income), net (b) 43 — (3) 40 Depreciation 51 — 503 554 EBITDA (c) $ 9,420 $ (129) $ 1,338 $ 10,629 Capital expenditures $ — $ 5 $ — $ 5 Total assets as of April 30, 2021 $ 81,892 $ 1,999 $ 13,475 $ 97,366 2020 (a) Revenues $ 17,316 $ — $ 1,467 $ 18,783 Net income (loss) 2,249 — (8,152) (5,903) Benefit for income taxes (250) — (1,472) (1,722) Interest income, net (b) 22 — (312) (334) Depreciation 45 — 492 537 EBITDA (c) $ 2,022 $ — $ (9,444) $ (7,422) Capital expenditures $ 5 $ — $ 13 $ 18 Total assets as of April 30, 2020 $ 73,023 $ — $ 23,643 $ 96,666

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES: (Details) - USD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Property, Plant and Equipment, Depreciation Methods	Depreciation of investment assets (other than land) is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements.
Lease expected term (in years)	1 year
Operating lease, right-of-use assets	$ 84,000	$ 109,000

REAL ESTATE INVENTORY (Details)

REAL ESTATE INVENTORY (Details) $ in Thousands	Apr. 30, 2021USD ($)a	Apr. 30, 2020USD ($)
Homebuilding finished inventory	$ 417
Homebuilding construction in process	1,279	$ 44
Total	55,589	53,449
New Mexico
Land held for development or sale	49,918	49,462
Colorado
Land held for development or sale	$ 3,975	$ 3,943
Brighton [Member]
Area of land sold \| a	160
Parker [Member]
Area of land sold \| a	5

REAL ESTATE INVENTORY - Additio

REAL ESTATE INVENTORY - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
REAL ESTATE INVENTORY
Interest and loan costs	$ 105,000	$ 182,000
Real Estate taxes capitalized in real estate inventory	$ 29,000	$ 78,000

INVESTMENT ASSETS, NET (Details

INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
INVESTMENT ASSETS, NET
Land held for long-term investment	$ 9,775	$ 9,751
Construction in process		2,320
Buildings	10,003	13,096
Less accumulated depreciation	(6,196)	(6,523)
Buildings, net	3,807	6,573
Total	$ 13,582	$ 18,644

INVESTMENT ASSETS, NET - Additi

INVESTMENT ASSETS, NET - Additional Information (Details)	12 Months Ended
INVESTMENT ASSETS, NET - Additional Information (Details)	Apr. 30, 2021USD ($)ft²	Apr. 30, 2020USD ($)ft²
Depreciation on buildings \| $	$ 542,000	$ 517,000
Non-cash impairment charges on other assets \| $		5,046,000
Amount of settlement received \| $	650,000	$ 625,000
Amount of rent paid \| $	$ 350,000
Warehouse and Office Buildings
Area of Land	61,000	143,000
Area of land sold	61,000
Retail Building
Area of land sold	14,000
Florida \| Warehouse and Office Buildings
Area of Land	143,000	61,000
Area of land sold	61,000
New Mexico \| Retail Building
Area of Land	14,000
Area of land of which construction in process	14,000
Area of land sold	14,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
OTHER ASSETS
Prepaid expenses	$ 324,000	$ 464,000
Receivables	37,000	156,000
Right-of-use assets associated with leases of office facilities	84,000	109,000
Other assets	172,000	170,000
Property and equipment	222,000	217,000
Less accumulated depreciation	(194,000)	(182,000)
Property and equipment, net	28,000	35,000
Other Assets	$ 645,000	$ 934,000

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
OTHER ASSETS - Additional Information (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
Right-of-use assets associated with leases of office facilities	$ 84,000	$ 109,000
Right of use assets
Right-of-use assets associated with leases of office facilities	84,000	109,000
Amortization of leased cost	85,000	104,000
Depreciation expense associated with property and equipment	$ 11,000	$ 20,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 4,458	$ 3,125
Real estate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued expenses	658	518
Trade payables	1,377	1,146
Real estate customer deposits	1,769	1,117
Total	3,804	2,781
Corporate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 654	$ 344

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
NOTES PAYABLE:
Notes Payable	$ 3,448	$ 3,890
Real estate notes payable [Member]
NOTES PAYABLE:
Notes Payable	3,482	3,894
Unamortized debt issuance costs [Member]
NOTES PAYABLE:
Notes Payable	$ (34)	$ (4)

NOTES PAYABLE - Company's Finan

NOTES PAYABLE - Company's Financing Arrangements (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Line of Credit Facility [Line Items]
Outstanding principal amount	$ 3,482	$ 3,853
Outstanding principal amount		41
Revolving Line of Credit
Line of Credit Facility [Line Items]
Maximum available principal amount	4,000
Outstanding principal amount	$ 0	0
Interest Rate	3.75%
Lomas Encantadas U2B P3
Line of Credit Facility [Line Items]
Maximum available principal amount	$ 2,400
Outstanding principal amount	$ 409	0
Interest Rate	3.75%
Hawk Site U37
Line of Credit Facility [Line Items]
Maximum available principal amount	$ 3,000
Outstanding principal amount	$ 0	41
Interest Rate	4.50%
Hawk Site U23 U40
Line of Credit Facility [Line Items]
Maximum available principal amount	$ 2,700
Outstanding principal amount	$ 30	0
Interest Rate	3.75%
Lavender Fields - acquisition
Line of Credit Facility [Line Items]
Maximum available principal amount	$ 1,838
Outstanding principal amount	$ 1,748	0
Interest Rate	0.00%
Lavender Fields - development
Line of Credit Facility [Line Items]
Maximum available principal amount	$ 3,750
Outstanding principal amount	$ 1,293	0
Interest Rate	3.75%
Lomas Encantadas U2C P3
Line of Credit Facility [Line Items]
Maximum available principal amount		2,475
Outstanding principal amount		1,576
Las Fuentes at Panorama Village
Line of Credit Facility [Line Items]
Maximum available principal amount		2,750
Outstanding principal amount		1,979
SBA Paycheck Protection Program
Line of Credit Facility [Line Items]
Maximum available principal amount		298
Outstanding principal amount		$ 298

NOTES PAYABLE - Additional info

NOTES PAYABLE - Additional information (Details)

Mar. 19, 2024USD ($)

Dec. 19, 2023USD ($)

Sep. 22, 2023USD ($)

Sep. 19, 2023USD ($)

Jul. 21, 2023USD ($)

Jun. 22, 2023USD ($)

Jun. 19, 2023USD ($)

Apr. 21, 2023USD ($)

Mar. 22, 2023USD ($)

Mar. 19, 2023USD ($)

Jan. 21, 2023USD ($)

Dec. 22, 2022USD ($)

Dec. 19, 2022USD ($)

Oct. 21, 2022USD ($)

Sep. 19, 2022USD ($)

Jun. 19, 2022USD ($)

Mar. 19, 2022USD ($)

Feb. 28, 2021USD ($)a

Jun. 30, 2020USD ($)aitem

Apr. 30, 2020USD ($)

Apr. 30, 2021USD ($)

Apr. 30, 2020USD ($)

Sep. 30, 2020USD ($)

Feb. 29, 2020USD ($)

Jan. 31, 2020USD ($)

Jun. 30, 2019USD ($)

NOTES PAYABLE:

Outstanding amount

$ 3,853,000

$ 3,482,000

$ 3,853,000

Notes Payable

3,890,000

3,448,000

3,890,000

Repayments of Notes Payable

6,680,000

2,057,000

Gain on Debt Forgiveness

300,000

Lomas Encantadas Development Company LLC [Member]

NOTES PAYABLE:

Principal payment per lot to be made to release the lien of mortgage

44,000

Interest and fees capitalized

30,000

Book value of real estate property collateralized

2,343,000

Mountain Hawk West Development Company LLC [Member]

NOTES PAYABLE:

Principal payment per lot to be made to release the lien of mortgage

35,250

Principal payment per lot to be made to release the lien of mortgage depending on the size of the lot 2

48,650

Lavender Fields, LLC ("LF")

NOTES PAYABLE:

Number of acres | a

Number of residential lots | item

Minimum tangible net worth to be maintained by guarantor

32,000,000

Deferred purchase price paid

$ 1,704,000

Interest and fees capitalized

Book value of real estate property collateralized

$ 6,450,000

Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member]

NOTES PAYABLE:

Maximum borrowing capacity

$ 2,400,000

$ 2,475,000

Maturity Date

Sep. 1,
2023

Minimum tangible net worth to be maintained by guarantor

$ 32,000,000

Interest and fees capitalized

$ 16,000

79,000

Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | Scenario, Forecast [Member]

NOTES PAYABLE:

Periodic principal repayment amount

$ 112,000

$ 572,000

$ 1,144,000

Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | LIBOR

NOTES PAYABLE:

Interest rate period

30 days

Spread on interest rate

3.00%

Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member] | Minimum [Member]

NOTES PAYABLE:

Minimum interest rate (as a percent)

3.75%

Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member]

NOTES PAYABLE:

Maximum borrowing capacity

$ 2,700,000

Principal repayments

$ 0

Maturity Date

Jul. 1,
2023

Minimum tangible net worth to be maintained by guarantor

$ 32,000,000

Interest and fees capitalized

Book value of real estate property collateralized

$ 3,915,000

Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member] | Scenario, Forecast [Member]

NOTES PAYABLE:

Periodic principal repayment amount

$ 146,300

$ 760,050

$ 1,033,600

Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member] | LIBOR

NOTES PAYABLE:

Interest rate period

30 days

Spread on interest rate

3.00%

Nonrevolving Line Of Credit [Member] | Mountain Hawk West Development Company LLC [Member] | Minimum [Member]

NOTES PAYABLE:

Minimum interest rate (as a percent)

3.75%

Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member]

NOTES PAYABLE:

Maximum borrowing capacity

$ 2,750,000

Interest and fees capitalized

$ 23,000

7,000

Revolving Line of Credit

NOTES PAYABLE:

Maximum borrowing capacity

4,000,000

Outstanding amount

$ 0

Interest rate

3.75%

Revolving Line of Credit | Mountain Hawk East Development Company LLC [Member]

NOTES PAYABLE:

Maximum borrowing capacity

$ 3,000,000

Principal repayments

$ 2,139,000

Maximum borrowing capacity (as a percent)

75.00%

Maturity Date

Aug. 1,
2022

Interest rate

4.50%

Principal payment per lot to be made to release the lien of mortgage

$ 52,000

Minimum tangible net worth to be maintained by guarantor

29,000,000

Interest and fees capitalized

7,000

42,000

Book value of real estate property collateralized

2,648,000

Revolving Line of Credit | Mountain Hawk East Development Company LLC [Member] | Maximum [Member]

NOTES PAYABLE:

Outstanding amount

$ 1,462,000

Revolving Line of Credit | Loan Agreement

NOTES PAYABLE:

Number of acres | a

298

Debt Instrument, Face Amount

$ 4,000,000

Maximum amount for use with credit card

$ 250,000

Number of consecutive days for loan balance to be zero as a convenant

15 days

Unrestricted cash and cash equivalents

$ 3,000,000

Minimum Net Worth Required for Compliance

32,000,000

Maturity Date

Feb. 29,
2024

Interest and fees capitalized

Book value of real estate property collateralized

$ 1,693,000

Revolving Line of Credit | Loan Agreement | LIBOR

NOTES PAYABLE:

Line of credit facility, interest rate during period

3.75%

Interest rate period

30 days

Spread on interest rate

3.00%

SBA Paycheck Protection Program

NOTES PAYABLE:

Maximum borrowing capacity

298,000

Outstanding amount

298,000

Maturity Date

Apr. 1,
2022

Proceeds from debt

$ 298,000

Interest and fees capitalized

$ 0

Interest on forgivable amount

75.00%

SBA Paycheck Protection Program | Other income

NOTES PAYABLE:

Gain on Debt Forgiveness

$ 300,000

Acquisition Financing Member | Lavender Fields, LLC ("LF")

NOTES PAYABLE:

Principal repayments

90,000

Deferred purchase price paid

1,838,000

Acquisition Financing Member | Lavender Fields, LLC ("LF") | On or before June 2021

NOTES PAYABLE:

Interest and fees capitalized

919,000

Acquisition Financing Member | Lavender Fields, LLC ("LF") | On or before June 2022

NOTES PAYABLE:

Interest and fees capitalized

919,000

Development Financing Member | Lavender Fields, LLC ("LF")

NOTES PAYABLE:

Maximum borrowing capacity

$ 3,750,000

Principal repayments

$ 263,000

Maturity Date

Jun. 1,
2024

Principal payment per lot to be made to release the lien of mortgage

$ 65,750

Development Financing Member | Lavender Fields, LLC ("LF") | Scenario, Forecast [Member]

NOTES PAYABLE:

Periodic principal repayment amount

$ 331,000

$ 394,500

$ 657,500

Development Financing Member | Lavender Fields, LLC ("LF") | LIBOR

NOTES PAYABLE:

Interest rate period

30 days

Spread on interest rate

3.00%

Development Financing Member | Lavender Fields, LLC ("LF") | Minimum [Member]

NOTES PAYABLE:

Minimum interest rate (as a percent)

3.75%

NOTES PAYABLE - Principal repay

NOTES PAYABLE - Principal repayments (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
NOTES PAYABLE
2022	$ 1,225
2023	2,257
Total	$ 3,482	$ 3,853

REVENUES - Building sales and o

REVENUES - Building sales and other revenues (Details) - USD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Building sales and other revenues
Sales of buildings and other land	$ 9,493,000	$ 665,000
Oil and gas royalties	135,000	608,000
Public improvement district reimbursements	390,000	113,000
Private infrastructure reimbursement covenants	549,000	324,000
Miscellaneous other revenues	532,000	301,000
Other Revenue, Net	$ 11,099,000	$ 2,011,000

REVENUES - Additional Informati

REVENUES - Additional Information (Details)	12 Months Ended
REVENUES - Additional Information (Details)	Apr. 30, 2021USD ($)aft²customer	Apr. 30, 2020USD ($)ft²customer
Property, Plant and Equipment [Line Items]
Revenues	$ 40,069,000	$ 18,783,000
Percentage of royalty on proceeds	1.42%
Percentage of Royalty, Post Production Costs	1.42%
Public reimbursement	$ 390,000	113,000
Royalties	135,000	608,000
Public improvement district	390,000	113,000
Private infrastructure reimbursement covenants	549,000	324,000
Customer One
Property, Plant and Equipment [Line Items]
Revenues	10,582,000	8,364,000
Customer Two
Property, Plant and Equipment [Line Items]
Revenues	6,606,000	3,105,000
Customer Three
Property, Plant and Equipment [Line Items]
Revenues	$ 4,858,000	$ 2,703,000
Minerals and mineral rights
Property, Plant and Equipment [Line Items]
Surface areas of land held \| a	147
New Mexico
Property, Plant and Equipment [Line Items]
Number of customers \| customer	4	4
New Mexico \| Minerals and mineral rights
Property, Plant and Equipment [Line Items]
Surface areas of land held \| a	55,000
Retail Building
Property, Plant and Equipment [Line Items]
Area of land sold \| ft²	14,000
Retail Building \| New Mexico
Property, Plant and Equipment [Line Items]
Surface areas of land held \| ft²	14,000
Amount of sale of buildings and other land	$ 5,493,000
Area of land sold \| ft²	14,000
Warehouse and Office Buildings
Property, Plant and Equipment [Line Items]
Surface areas of land held \| ft²	61,000	143,000
Amount of sale of buildings and other land	$ 4,000,000
Area of land sold \| ft²	61,000

COST OF REVENUES (Details)

COST OF REVENUES (Details)	12 Months Ended
COST OF REVENUES (Details)	Apr. 30, 2021USD ($)ft²
Retail Building
Area of land sold	14,000
Warehouse and Office Buildings
Area of land sold	61,000
New Mexico \| Retail Building
Cost of revenues on sale of building and other \| $	$ 3,308,000
Area of land sold	14,000
Florida \| Warehouse and Office Buildings
Cost of revenues on sale of building and other \| $	$ 2,414,000
Area of land sold	61,000

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 5,420	$ 12,957
Land Development
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	2,532	2,422
Homebuilding
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	626	23
Corporate operations
General and Administrative Expense, Disclosure [Line Items]
General and administrative expenses	$ 2,262	$ 10,512

GENERAL AND ADMINISTRATIVE EX_4

GENERAL AND ADMINISTRATIVE EXPENSES - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
General and Administrative Expense, Disclosure [Line Items]
Lump sum payouts of pension benefits to former employees		$ 7,280,000
Non-cash pre-tax pension settlement loss	$ 7,280,000	2,929,000
Impairment charges on other assets		5,046,000
Amount of settlement received	$ 650,000	625,000
Settlement Agreement
General and Administrative Expense, Disclosure [Line Items]
Amount of settlement received		$ 625,000

BENEFIT PLANS - Net periodic pe

BENEFIT PLANS - Net periodic pension cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
BENEFIT PLANS
Interest cost on projected benefit obligation	$ 504	$ 716
Expected return on assets	(1,409)	(1,591)
Plan expenses	340	410
Recognized net actuarial loss	529	563
Settlement loss		2,929
Net periodic pension cost	$ (36)	$ 3,027

BENEFIT PLANS - Assumptions use

BENEFIT PLANS - Assumptions used in determining net periodic pension cost (Details)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
BENEFIT PLANS
Discount rate used to determine net periodic pension cost	2.29%	3.54%
Discount rate used to determine pension benefit obligation	2.48%	2.29%
Expected long-term rate of return on assets used for pension cost on assets	7.75%	7.75%

BENEFIT PLANS - Changes in the

BENEFIT PLANS - Changes in the pension plan's benefit obligation and assets (Details) - USD ($)	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
BENEFIT PLANS
Benefit obligation at beginning of year	$ 23,274,000	$ 30,304,000
Interest cost	504,000	716,000
Actuarial loss (gain)	(537,000)	1,550,000
Benefits paid	(1,663,000)	(2,016,000)
Settlement paid		(7,280,000)
Benefit obligation at end of year	21,578,000	23,274,000
Change in plan assets:
Fair value of plan assets at beginning of year	18,260,000	23,903,000
Actual return on plan assets	2,808,000	393,000
Company contributions	1,847,000	3,600,000
Benefits paid	(1,663,000)	(2,016,000)
Settlement paid		(7,280,000)
Plan expenses	(150,000)	(340,000)
Fair value of plan assets at end of year	21,102,000	18,260,000
Underfunded status	$ (476,000)	$ (5,014,000)

BENEFIT PLANS - Not yet recogni

BENEFIT PLANS - Not yet recognized components of net periodic pension cost (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
BENEFIT PLANS
Pretax accumulated comprehensive loss	$ 8,426	$ 11,082	$ 11,896

BENEFIT PLANS - changes in accu

BENEFIT PLANS - changes in accumulated other comprehensive loss related to the pension plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
BENEFIT PLANS
Accumulated comprehensive loss, Pretax	$ 11,082	$ 11,896
Net actuarial gain	(2,127)	2,678
Recognized settlement gain		(2,929)
Amortization of net loss	(529)	(563)
Accumulated comprehensive loss, Pretax	8,426	11,082
Accumulated comprehensive loss, Net of Tax	6,467	7,031
Net actuarial loss (gain)	(1,483)	1,868
Recognized settlement gain		(2,049)
Amortization of net loss	(361)	(383)
Accumulated comprehensive loss, Net of Tax	$ 4,623	$ 6,467

BENEFIT PLANS - Allocation for

BENEFIT PLANS - Allocation for the pension plan by asset category (Details)	Apr. 30, 2021	Apr. 30, 2020
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%	100.00%
Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	51.00%	27.00%
Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	39.00%	59.00%
Cash Equivalents [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%	14.00%

BENEFIT PLANS - Fair value hier

BENEFIT PLANS - Fair value hierarchy of pension plan's assets at fair value (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Defined Benefit Plan, Fair Value of Plan Assets	$ 21,102,000	$ 18,260,000	$ 23,903,000
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	21,102,000	18,260,000
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Cash Equivalents [Member]
Defined Benefit Plan, Fair Value of Plan Assets	2,215,000	2,655,000
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	2,215,000	2,655,000
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Equity Securities [Member]
Defined Benefit Plan, Fair Value of Plan Assets	10,707,000	4,880,000
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	10,707,000	4,880,000
Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Equity Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fixed Income Securities [Member]
Defined Benefit Plan, Fair Value of Plan Assets	8,180,000	10,725,000
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	8,180,000	10,725,000
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 0	$ 0

BENEFIT PLANS - Maximum number

BENEFIT PLANS - Maximum number of shares issued to employees that could be vested (Details) - $ / shares	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
BENEFIT PLANS
Number of Shares - Non-vested	32,834	42,667
Number of Shares - Granted	9,000	9,000
Number of Shares - Vested	(12,834)	(14,833)
Number of Shares - Forfeited		(4,000)
Number of Shares - Non-vested	29,000	32,834
Weighted Average Grant Date Fair Value Non-vested	$ 6.86	$ 6.87
Weighted Average Grant Date Fair Value Granted	4.63	6.35
Weighted Average Grant Date Fair Value Vested	6.86	6.59
Weighted Average Grant Date Fair Value Forfeited		6.76
Weighted Average Grant Date Fair Value Non-vested	$ 6.18	$ 6.86

BENEFIT PLANS - Additional info

BENEFIT PLANS - Additional information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2020	Sep. 30, 2020	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total						$ 132,000	$ 113,000
Weighted-average remaining vesting period						3 years
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent						$ 1,844,000	564,000
Payment for Pension Benefits							7,280,000
Expected lump sum payments from the pension funds						7,280,000	2,929,000
Estimated Pension Settlement Expenses Before Tax						$ 2,049,000	$ 2,049,000
Defined Benefit Plan Expected Future Benefit Payments For First Five Years Following Fiscal Year Description						The amount of future annual benefit payments to pension plan participants payable from plan assets is expected to be as follows: 2022 - $2,580,000, 2023 - $1,712,000, 2024 - $1,640,000, 2025 - $1,577,000 and 2026 - $1,539,000 and an aggregate of $6,674,000 is expected to be paid in the fiscal five-year period 2027 through 2031.
Number of common stock issued to directors for settlement of deferred stock units			12,411
Cash paid to directors in lieu of issuance of deferred common share units				$ 20,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets						7.75%	7.75%
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year						$ 392,000
Defined Benefit Plan, Expected Amortization of Transition Asset (Obligation), Next Fiscal Year						0
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year						0
Defined Benefit Plan, Benefit Obligation						21,578,000	$ 23,274,000	$ 30,304,000
Defined Benefit Plan, Plan Assets, Amount						21,102,000	18,260,000	$ 23,903,000
Defined Benefit Pension Plan, Liabilities						476,000	5,014,000
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense						30,000	33,000
Defined Benefit Plan, Plan Assets, Contributions by Employer						1,847,000	3,600,000
Simple Internal Revenue Code, Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer						36,000	14,000
Defined Contribution Plan, Employer Discretionary Contribution Amount						$ 5,000
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent						3.00%
Board of Directors Chairman [Member]
Defined Benefit Plan Disclosure [Line Items]
Non Cash Director Fee Compensation						$ 90,000	100,000
Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets					7.75%
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total						78,000	$ 113,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total						$ 34,000
2016 Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period						500,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number						372,000
2016 Equity Plan [Member] \| Board of Directors Chairman [Member]
Defined Benefit Plan Disclosure [Line Items]
Shares Issued, Price Per Share	$ 8.54	$ 5.98
Non Cash Director Compensation	$ 30,000	$ 25,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross	10,536	16,720
Weighted Average [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate						2.48%	2.29%
PBGC [Member]
Defined Benefit Plan Disclosure [Line Items]
Payment for Pension Benefits						$ 1,847,000
PBGC [Member] \| Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Payment for Pension Benefits							$ 3,600,000

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($)	12 Months Ended
OTHER INCOME (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
Other Nonoperating Income	$ 1,028,000	$ 0
Settlement Agreement
Other Nonoperating Income	650,000
Forgiveness of Debt [Member]
Other Nonoperating Income	$ 300,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Current:
Federal	$ 69	$ (36)
State and local	80	112
Total Current	149	76
Deferred:
Federal	2,219	(1,597)
State and local	275	(201)
Deferred Income Tax Expense (Benefit), Total	2,494	(1,798)
Total provision (benefit) for income taxes	$ 2,643	$ (1,722)

INCOME TAXES - Components of th

INCOME TAXES - Components of the net deferred income taxes (Details) - USD ($) $ in Thousands	Apr. 30, 2021	Apr. 30, 2020
Deferred income tax assets:
State tax loss carryforwards	$ 4,296	$ 4,622
U.S. federal NOL carryforward	1,384	3,746
Accrued pension costs		1,258
Vacation accrual	14	52
Real estate basis differences	3,976	4,096
Other	303	194
Total deferred income tax assets	9,973	13,968
Deferred income tax liabilities:
Depreciable assets	(749)	(1,341)
Deferred gains on investment assets	(2,300)	(2,277)
Prepaid pension costs	(178)
Other	(31)
Total deferred income tax liabilities	(3,258)	(3,618)
Valuation allowance for realization of certain deferred income tax assets	(3,966)	(4,270)
Net deferred income tax asset	$ 2,749	$ 6,080

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
INCOME TAXES
Computed tax provision (benefit) at statutory rate	$ 2,108	$ (1,603)
Increase (reduction) in tax resulting from:
Deferred tax rate changes	139	163
Change in valuation allowances	(304)	262
State income taxes, net of federal income tax effect	366	(481)
Permanent items	(63)	1
Other	397	(64)
Total provision (benefit) for income taxes	$ 2,643	$ (1,722)

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($)	12 Months Ended
INCOME TAXES - Additional information (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020
INCOME TAXES
Operating Loss Carryforwards State Subject To Expiration Current	$ 107,232,000
Unrecognized Tax Benefits, Period Increase (Decrease)	0	$ 0
Income Tax Examination, Penalties and Interest Accrued	0	$ 0
Operating Loss Carryforwards	6,589,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 304,000

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($)	12 Months Ended
LEASE COMMITMENTS (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2022
Other Commitments [Line Items]
Operating lease, right-of-use assets	$ 84,000	$ 109,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Operating Lease, Liability	$ 86,000	$ 113,000
Operating Leases, Rent Expense	114,000	$ 113,000
Present value of lease liabilities	$ 84,000
Weighted average remaining lease term of operating lease	1 year	1 year 2 months 12 days
Weighted average discount rate of operating lease	5.50%	5.50%
Minimum [Member]
Other Commitments [Line Items]
Non-cancelable operating lease term (in years)	2 years
Maximum [Member]
Other Commitments [Line Items]
Non-cancelable operating lease term (in years)	5 years
Subsequent Event [Member]
Other Commitments [Line Items]
Remaining operating lease payments			$ 84,000

STOCK REPURCHASES (Details)

STOCK REPURCHASES (Details) - USD ($)	1 Months Ended
STOCK REPURCHASES (Details) - USD ($)	Nov. 30, 2020	Oct. 31, 2020	Aug. 31, 2020	Sep. 30, 2020
STOCK REPURCHASES
Stock Repurchased and Retired During Period, Shares	143,482	675,616	11,847
Stock Repurchase Price Per Share	$ 6.18	$ 6.18	$ 4.48
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				1,000,000
Stock Repurchase Program, Authorized Amount				$ 5,000,000

TREASURY STOCK (Details)

TREASURY STOCK (Details) - shares	Apr. 30, 2021	Apr. 30, 2020
TREASURY STOCK
Treasury stock, shares	225,250	225,250

INFORMATION ABOUT THE COMPANY_3

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2021USD ($)	Apr. 30, 2020USD ($)segment
Segment Reporting Information [Line Items]
Revenues	$ 40,069	$ 18,783
Net income (loss)	7,392	(5,903)
Provision (benefit) for income taxes	2,643	(1,722)
Interest expense (income), net (b)	40	(334)
Depreciation	554	537
EBITDA (c)	10,629	(7,422)
Capital expenditures	5	18
TOTAL ASSETS	97,366	$ 96,666
Number of business segment \| segment		1
Land Development
Segment Reporting Information [Line Items]
Revenues	32,431	$ 17,316
Net income (loss)	10,091	2,249
Provision (benefit) for income taxes	(765)	(250)
Interest expense (income), net (b)	43	22
Depreciation	51	45
EBITDA (c)	9,420	2,022
Capital expenditures		5
TOTAL ASSETS	81,892	73,023
Homebuilding
Segment Reporting Information [Line Items]
Revenues	3,081
Net income (loss)	(84)
Provision (benefit) for income taxes	(45)
EBITDA (c)	(129)
Capital expenditures	5
TOTAL ASSETS	1,999
Corporate operations
Segment Reporting Information [Line Items]
Revenues	4,557	1,467
Net income (loss)	(2,615)	(8,152)
Provision (benefit) for income taxes	3,453	(1,472)
Interest expense (income), net (b)	(3)	(312)
Depreciation	503	492
EBITDA (c)	1,338	(9,444)
Capital expenditures		13
TOTAL ASSETS	$ 13,475	$ 23,643

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended		12 Months Ended
SUBSEQUENT EVENTS (Details)	Jun. 30, 2021USD ($)a	Jun. 30, 2020USD ($)aitem	Apr. 30, 2021USD ($)	Feb. 28, 2021USD ($)a	Apr. 30, 2020USD ($)
Subsequent Event [Line Items]
Outstanding principal amount			$ 3,482,000		$ 3,853,000
Revolving Line of Credit
Subsequent Event [Line Items]
Outstanding principal amount			0		$ 0
Revolving Line of Credit \| Loan Agreement
Subsequent Event [Line Items]
Number of acres \| a				298
Lending amount				$ 4,000,000
Minimum Net Worth Required for Compliance			32,000,000
Unrestricted cash and cash equivalents			3,000,000
Minimum Net Worth Required for Compliance			$ 32,000,000
Revolving Line of Credit \| LIBOR \| Loan Agreement
Subsequent Event [Line Items]
Spread on interest rate			3.00%
Interest rate period			30 days
Line of Credit Facility, Interest Rate During Period			3.75%
Mountain Hawk East Development Company LLC [Member] \| Revolving Line of Credit
Subsequent Event [Line Items]
Principal payment per lot to be made to release the lien of mortgage			$ 52,000
Lavender Fields, LLC ("LF")
Subsequent Event [Line Items]
Number of acres \| a		28
Number of residential lots \| item		82
Deferred purchase price payable		$ 45,000
Deferred purchase price paid		$ 1,704,000
Wymont LLC \| Non Revolving Line Of Credit Facility [Member]
Subsequent Event [Line Items]
Minimum Net Worth Required for Compliance			32,000,000
Minimum Net Worth Required for Compliance			$ 32,000,000
Subsequent Event [Member] \| La Mirada \| Wymont LLC
Subsequent Event [Line Items]
Number of acres \| a	15
Subsequent Event [Member] \| Wymont LLC \| Non Revolving Line Of Credit Facility [Member]
Subsequent Event [Line Items]
Lending amount	$ 7,375,000
Subsequent Event [Member] \| Wymont LLC \| Revolving Line of Credit
Subsequent Event [Line Items]
Principal payment per lot to be made to release the lien of mortgage	60,600
Outstanding principal amount	$ 5,448,000
Subsequent Event [Member] \| Wymont LLC \| Revolving Line of Credit \| LIBOR
Subsequent Event [Line Items]
Spread on interest rate	3.00%
Interest rate period	30 days
Line of Credit Facility, Interest Rate During Period	3.75%