XML 39 R25.htm IDEA: XBRL DOCUMENT

Note 17 - Concentration of Credit Risks

12 Months Ended

Apr. 30, 2023

Concentration of Credit Risk [Text Block]

Note 17 - Concentration of Credit Risk:

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At April 30, 2023 and 2022, the Company had $1,569,000 and $1,978,000, respectively, in excess of the FDIC insured limit. Management has concluded the excess does not represent a material risk, based on the creditworthiness of the counter parties.

The Company maintains a deposit account of $305,000 at Signature Bank as security for a letter of credit in a similar amount (See Note 15). The bank was closed March 12, 2023 by its state chartering authority. In a joint statement of the U.S. Treasury department, the Federal Reserve, and the Federal Deposit Insurance Corporation, these federal entities confirmed that all depositors of this institution will be made whole.