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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2025

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense/(Benefit) from Continuing Operations

Income tax expense/(benefit) from operations consists of the following (in thousands):

						For the Years Ended April 30,
						2025						2024						2023
Current:
Federal (a)						$	48					$	5					$	(126)
State (b)						64						(79)						(123)
Foreign						11						4						—
Total current						123						(70)						(249)
Deferred:
Deferred federal						—						—						—
Deferred state						—						—						—
Total deferred						—						—						—
Total income tax expense/(benefit)						$	123					$	(70)					$	(249)

Summary of Reconciliation of Provision for Income Taxes from Continuing Operations

The following table presents a reconciliation of the provision for income taxes from operations at statutory rates to the provision (benefit) in the consolidated financial statements (in thousands):

						For the Years Ended April 30,
						2025						2024						2023
Federal income taxes expected at the statutory rate (c)						$	10					$	(2,587)					$	(2,577)
State income taxes, less federal income tax benefit						14						(132)						(303)
Stock compensation						249						436						96
Research and development tax credit						(149)						(203)						(200)
Change in deferred tax valuation allowance						(192)						2,257						2,600
Other						191						159						135
Total income tax expense/(benefit)						$	123					$	(70)					$	(249)

_____________________________________________________________________

(a)Federal current expense is net of $875,000 tax benefit of operating loss carryforwards.

(b)State current expense is net of $95,000 tax benefit of operating loss carryforwards.

(c)We had a federal statutory rate of 21% in fiscal 2025, 2024, and 2023.

Summary of Deferred Tax Assets (Liabilities) Related to Temporary Differences

Deferred tax assets (liabilities) related to temporary differences are the following (in thousands):

			April 30, 2025						April 30, 2024
Non-current tax assets (liabilities):
Inventories			$	1,321					$	1,100
Accrued expenses, including compensation			2,261						1,589
Workers' compensation			13						10
Warranty reserve			322						286
Stock-based compensation			991						1,066
State bonus depreciation			56						110
Property, plant, and equipment			(1,974)						(2,619)
Intangible assets			11,059						11,777
Right-of Use assets			(7,401)						(7,740)
Right-of Use lease liabilities			7,724						7,985
Capitalized R&D			2,649						2,136
Other			(182)						(83)
Loss and credit carryforwards			2,267						3,681
Less valuation allowance			(19,106)						(19,298)
Net deferred tax asset/(liability) — total			$	—					$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Topic 740
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