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Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 15 Months Ended
--- | --- | --- | --- | ---
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ 5,614,000 | $ 7,035,000 | $ 20,015,000 | $ 17,228,000 | $ 20,015,000 | $ 17,228,000 | $ 5,614,000
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,003,000 | 963,000 |  |  |
Investment (gains)/losses |  |  | (122,000) | (2,550,000) |  |  |
Non-voting revenues interest in EAM Trust | (4,120,000) | (4,104,000) | (12,532,000) | (11,113,000) | (12,532,000) | (11,113,000) |
Non-voting profits interest in EAM Trust | (535,000) | (630,000) | (1,820,000) | (1,479,000) | (1,820,000) | (1,479,000) |
Distributions received from EAM Trust |  |  | 14,447,000 | 10,838,000 |  |  |
Gain on forgiveness of PPP loan (see note 16) | 0 | 0 | (2,331,000) | 0 | (2,331,000) | 0 |
Deferred income taxes | (221,000) | 134,000 | (446,000) | 160,000 | (446,000) | 160,000 |
Deferred rent obligation |  |  | (792,000) | (713,000) |  |  |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Unearned revenue |  |  | (1,940,000) | (1,287,000) |  |  |
Accounts payable & accrued expenses |  |  | (778,000) | (164,000) |  |  |
Accrued salaries |  |  | (55,000) | (201,000) |  |  |
Accrued taxes on income |  |  | 2,387,000 | (1,352,000) |  |  |
Prepaid and refundable income taxes |  |  | 153,000 | 0 |  |  |
Prepaid expenses and other current assets |  |  | 255,000 | 110,000 |  |  |
Accounts receivable |  |  | 2,183,000 | (85,000) |  |  |
Total adjustments |  |  | (388,000) | (6,873,000) |  |  |
Net cash provided by operating activities |  |  | 19,627,000 | 10,355,000 |  |  |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of equity securities |  |  | (4,814,000) | (8,524,000) |  |  |
Purchases of fixed income securities classified as available for sale |  |  | (498,000) | (2,497,000) |  |  |
Proceeds from sales of equity securities |  |  | 1,202,000 | 7,684,000 | 1,202,000 | 7,684,000 |
Proceeds from sales of fixed income securities classified as available for sale |  |  | 2,496,000 | 11,431,000 |  |  |
Acquisition of property and equipment |  |  | 0 | (26,000) |  |  |
Expenditures for capitalized software |  |  | 0 | (114,000) |  |  |
Net cash provided by/(used in) investing activities |  |  | (1,614,000) | 7,954,000 |  |  |
Cash flows from financing activities: |  |  |  |  |  |  |
Purchase of treasury stock at cost |  |  | (1,322,000) | (1,045,000) |  |  |
Receivable from clearing broker |  |  | 0 | 608,000 |  |  |
Payable to clearing broker |  |  | 190,000 | (588,000) |  |  |
Dividends paid |  |  | (6,307,000) | (6,056,000) |  |  |
Net cash used in financing activities |  |  | (7,439,000) | (7,081,000) |  |  |
Net change in cash and cash equivalents |  |  | 10,574,000 | 11,228,000 |  |  |
Cash, cash equivalents and restricted cash at beginning of period |  |  | 19,640,000 | 5,423,000 |  |  |
Cash, cash equivalents and restricted cash at end of period | $ 30,214,000 | $ 16,651,000 | $ 30,214,000 | $ 16,651,000 | $ 30,214,000 | $ 16,651,000 | $ 30,214,000

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