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Note 3 – Fair Value Measurements | 6 Months Ended
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Oct. 31, 2021
Fair Value Disclosures [Abstract] |
Note 3 – Fair Value Measurements | Note 3 – Fair Value Measurements We disclose and recognize the fair value of our assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows: Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2: Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3: Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Our financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts payable, and accrued liabilities. At October 31, 2021, and April 30, 2021, the carrying values of cash and cash equivalents, accounts payable, and accrued liabilities approximated fair value due to their short-term maturities. The following tables set forth information related to our available-for-sales investment securities as of October 31, 2021:
I. | Amortized cost, net unrealized gains or losses, and fair values
|  | Amortized Cost |  | Net Unrealized Gains (Losses) |  | Fair Value
Money market funds |  | $ | 1,598,428 |  |  | $ | 732 |  |  | $ | 1,599,160 |
Asset-backed securities |  |  | 3,444,037 |  |  |  | (9,081 | ) |  |  | 3,434,956 |
Corporate bonds |  |  | 43,219,180 |  |  |  | (130,639 | ) |  |  | 43,088,541 |
Total |  | $ | 48,261,645 |  |  | $ | (138,988 | ) |  | $ | 48,122,657 |
II. | Contractual Maturities
|  | One Year or Less |  | Over One Year |  | Over Five Years |  | Total
Money market funds |  | $ | 1,599,160 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,599,160 |
Asset-backed securities |  |  | — |  |  |  | 3,434,956 |  |  |  | — |  |  |  | 3,434,956 |
Corporate bonds |  |  | 14,575,236 |  |  |  | 27,911,550 |  |  |  | 601,755 |  |  |  | 43,088,541 |
Total |  | $ | 16,174,396 |  |  | $ | 31,346,506 |  |  | $ | 601,755 |  |  | $ | 48,122,657 |
III. | Fair Value Hierarchy
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Money market funds |  | $ | 1,599,160 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,599,160 |
Asset-backed securities |  |  | — |  |  |  | 3,434,956 |  |  |  | — |  |  |  | 3,434,956 |
Corporate bonds |  |  | — |  |  |  | 43,088,541 |  |  |  | — |  |  |  | 43,088,541 |
Total |  | $ | 1,599,160 |  |  | $ | 46,523,497 |  |  | $ | — |  |  | $ | 48,122,657 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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