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GENERAL AND ADMINISTRATIVE EXPENSES
 12 Months Ended
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.