VALUE LINE INC

All other Schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.

• Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALUE LINE, INC.

(Registrant)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: July 26, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned on behalf of the Registrant as Directors of the Registrant.

/s/ Glenn J. Muenzer

Glenn Muenzer

Director

/s/ Stephen P. Davis

Stephen Davis

Director

/s/ Alfred R. Fiore

Alfred Fiore

Director

/s/ Mary Bernstein

Mary Bernstein

Director

Dated: July 26, 2024

To the Shareholders and

Board of Directors of Value Line, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Value Line, Inc. and Subsidiaries (the “Company”) as of April 30, 2024 and 2023, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended April 30, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended April 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to the accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which they relate.

Investment in Unconsolidated Entity

As described in note 4 to the consolidated financial statements, the Company uses the equity method of accounting to report its investment in its unconsolidated entity. As of April 30, 2024, the carrying value of the investment was $60,134,000. On an annual basis, management performs an impairment assessment to ensure that the carrying value of the investment in its unconsolidated entity is properly reflected.

The principal considerations for our determination that performing procedures relating to such assessment is a critical audit matter are that there were significant judgements made by management in estimating the fair value of the investment and the fact that management utilized a specialist to assist in its determination of fair value. This in turn led to a high degree of auditor judgement, subjectivity, and audit effort in evaluating management’s estimation of the fair value of the investment in its unconsolidated entity, including management’s assessment of the unconsolidated entity’s financial condition and results of operations.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, reviewing management’s process for estimating the fair value of the investment in its unconsolidated entity, evaluating the appropriateness of the valuation model, testing the completeness and accuracy of data used in the model, and evaluating the significant assumptions used by management.

/s/Horowitz & Ullmann, P.C.

We have served as the Company’s auditor since 1996.

New York, NY

July 25, 2024

Part II

Item 8.

Value Line, Inc.

Consolidated Balance Sheets

(in thousands, except share amounts)

See independent auditor's report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Income

(in thousands, except share & per share amounts)

See independent auditor's report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Comprehensive Income

(in thousands)

See independent auditor's report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Cash Flows

(in thousands)

See independent auditor's report and accompanying notes to the consolidated financial statements.

Part II

Item 8.

Value Line, Inc.

Consolidated Statements of Changes in Shareholders' Equity

For the Fiscal Years Ended April 30, 2024, 2023 and 2022

(in thousands, except share amounts)

Dividends declared per share were $0.22 for each of the three months ended July 31, 2021, October 31, 2021 and January 31, 2022 and $0.25 for the three months ended April 30, 2022.

Dividends declared per share were $0.25 for each of the three months ended July 31, 2022, October 31, 2022 and January 31, 2023 and $0.28 for the three months ended April 30, 2023.

Dividends declared per share were $0.28 for each of the three months ended July 31, 2023, October 31, 2023 and January 31, 2024 and $0.30 for the three months ended April 30, 2024.

See independent auditor's report and accompanying notes to the consolidated financial statements.

Value Line, Inc.

Notes to Consolidated Financial Statements

Note1-Organization and Summary of Significant Accounting Policies:

Value Line, Inc. ("Value Line" or "VLI", and collectively with its subsidiaries, the “Company”) is incorporated in the State of New York. The name "Value Line" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, tothird parties under written agreements for use inthird-party managed and marketed investment products and for other purposes. The Company maintains a significant investment in Eulav Asset Management LLC ("EAM") from which it receives a non-voting revenues interest and a non-voting profits interest. Pursuant to the EAM Declaration of Trust dated as of* December 23, 2010 (*the "EAM Trust Agreement"), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds. EAM was established to provide investment management services to the Value Line Mutual Funds ("Value Line Funds" or the "Funds").

Use of Estimates:

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results* may*differ from those estimates.

Principles of Consolidation:

The Company follows the guidance in the Financial Accounting Standards Board's ("FASB") Topic810 “Consolidation” to determine if it should consolidate its investment in a variable interest entity ("VIE"). A VIE is a legal entity in which either (i) equity investors donot have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity’s activities that most significantly affect the entity's economic performance. A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary. The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it isnot the primary beneficiary of a VIE (see Note5).

In accordance with FASB's Topic810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company holds a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in EULAV Asset Management, a Delaware statutory trust (“EAM” or “EAM Trust”). The Company relied on the guidance in FASB's ASC Topics323 and810 in its determinationnot to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it earns for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated Statements of Income.

Revenue Recognition:

Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access. The length of a subscription varies by product and offer received by the subscriber. Generally, subscriptions are offered as annual subscriptions with the majority of subscriptions paid in advance. Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription. Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long-term liabilities.

Copyright fees are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranks tothird parties under written agreements for use in selecting securities forthird party marketed products, including unit investment trusts, annuities and exchange traded funds ("ETFs"). The Company earns asset-based copyright fees upon delivery to the customer as specified in the individual agreements. Revenue is recognized monthly and received either quarterly or in advance over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.

EAM earns investment management fees from the Value Line Funds. The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.

The Value Line Funds are open-end management companies registered under the Investment Company Act of1940 (the*"1940* Act"). Shareholder transactions for the Value Line Funds are processed each business day by thethird party transfer agent of the Funds. Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.

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Investment in Unconsolidated Entities:

The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB’s ASC323. The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments. Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.

The Company’s “interests” in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a "non-voting revenues interest" and a "non-voting profits interest" in EAM as defined in the EAM Trust Agreement. The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM’s adjusted gross revenues, excluding EULAV Securities' distribution revenues (“Revenues Interest”). The non-voting profits interest entitles the Company to receive 50% of EAM's profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (“Profits Interest”). The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line. The Company's Revenues Interest in EAM excludes participation in the service and distribution fees of EAM's subsidiary EULAV Securities. The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting. Although the Company doesnot have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM's revenues and profits.

Recent Accounting Pronouncements:

In2019, the Financial Accounting Standards Board (“FASB”) issued ASU2019-12, “Income Taxes (Topic740): Simplifying the Accounting for Income Taxes” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes including interim-period accounting for enacted changes in tax laws. The Company adopted this guidance effective* May 1, 2021.The adoption of this standard didnot* have a material impact on the Company’s financial statements.

In* November 2023,the FASB issued Accounting Standards Update2023*-07, “Improvements to Reportable Segment Disclosures” (“ASU2023-07”), which requires disclosures of significant expenses by segment and interim disclosure of items that were previously required on an annual basis. ASU2023-07 is to be applied on a retrospective basis and is effective for fiscal years beginning after* December 15, 2023and interim periods within fiscal years beginning after December 15, 2024.We are evaluating the impact of ASU2023*-07 on disclosures in our Consolidated Financial Statements.

In* December 2023,the FASB issued Accounting Standards Update2023*-09, “Improvements to Income Tax Disclosures” (“ASU2023-09”), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to afive percent quantitative threshold. ASU2023-09 * maybe adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024with early adoption permitted. We are evaluating the impact of ASU2023*-09 on disclosures in our Consolidated Financial Statements.

Valuation of Securities:

The Company's securities classified as cash equivalents, equity securities and available-for-sale fixed income securities consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs and fixed income securities invested primarily in short-term U.S. Treasury bills, and to a smaller extent bank certificates of deposit that are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB's ASC820. The securities classified as equity securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses are recorded in the Consolidated Condensed Statements of Income per FASB Accounting Standards UpdateNo. 2016-01 ("ASU2016-01"). The securities classified as available-for-sale fixed income securities reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders' equity. Investment gains and losses on sales of the equity securities are the difference between proceeds from sales and the fair value of the equity securities at the beginning of the period or the purchase date, if later. Investment gains and losses on sales of the available-for-sale fixed income securities are the difference between proceeds from sales and the cost of the securities. Investment gains and losses on sales of all securities are recorded in earnings as of the trade date and are determined on the identified cost method.

The Company classifies its equity securities and available-for-sale fixed income securities as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.

Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company's fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices. Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule2a-7 under the1940 Act.

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The Fair Value Measurements Topic of FASB's ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The Fair Value Measurements Topic established athree-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Thethree-tier hierarchy of inputs is summarized in thethree broad levels listed below.

Level1 – quoted prices in active markets for identical investments

Level2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)

The following summarizes the levels of fair value measurements of the Company’s investments:

The Company hadno other financial instruments such as futures, forwards and swap contracts. For the periods ended* April 30, 2024and April 30, 2023,there wereno* Level3 investments. The Company doesnot have any liabilities subject to fair value measurement.

Advertising expenses:

The Company expenses advertising costs as incurred.

Income Taxes:

The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB's ASC. Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse. The Company adopted the provisions of ASU2015-17, Income taxes (Topic740) and classifies all deferred taxes as long-term liabilities on the Consolidated Balance Sheets.

The Income Tax Topic of the FASB's ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. As of* April 30, 2024,management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there isno* material impact to the Company's financial statements.

Earnings per share:

Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding. The Company doesnot have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.

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Cash and Cash Equivalents:

For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short-term liquid investments with an original maturity of less thanthree months to be cash and cash equivalents. As of* April 30, 2024and April 30, 2023,*cash equivalents included $4,136,000 and $7,240,000, respectively, for amounts invested in money market mutual funds that invest in short-term U.S. government securities.

Note2 - Supplementary Cash Flow Information:

Reconciliation of Cash, Cash Equivalents, and Restricted Cash:

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statement of Cash Flows that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows.

Income Tax Payments:

The Company made income tax payments as follows:

See Note3 - Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (“AB&Co.” or the "Parent").

Note3 - Related Party Transactions:

Investment Management (overview):

The Company has substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual Funds. Accordingly, the Company doesnot report this operation as a separate business segment, although it maintains a significant interest in the cash flows generated by this business and receives non-voting revenues and non-voting profits interests, as discussed below.

Total assets in the Value Line Funds managed and/or distributed by EAM at* April 30, 2024,were $4.17 billion, which is $1.08 billion, or 35.0%, above total assets of $3.09 billion in the Value Line Funds managed and/or distributed by EAM at April 30, 2023.*

The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders will receive the other 50% of residual profits of EAM. Distribution isnot less than 90% of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues is calculated each fiscal quarter.

The non-voting revenues and 90% of the Company's non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, andnot yet paid, were $3,865,000 and $2,601,000 at* April 30, 2024and April 30, 2023,*respectively.

EAM Trust - VLI's non-voting revenues and non-voting profits interests:

The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM's investment management fee revenues from its mutual fund and separate accounts business. EAM currently hasno separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:

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Transactions with Parent:

During the fiscal years ended* April 30, 2024and April 30, 2023,the Company was reimbursed $364,000 and $369,000, respectively for payments it made on behalf of and for services it provided to AB&Co. There wereno receivables due from the Parent at April 30, 2024or April 30, 2023.*

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of thetwo Companies between them. For the years ended* April 30, 2024,*2023, and2022, the Company made payments to the Parent for federal income tax amounting to $5,448,000, $4,425,000, and $5,400,000, respectively.

From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent* maymake additional purchases of common stock of the Company from time to time in the future. As of April 30, 2024,*the Parent owned 91.63% of the outstanding shares of common stock of the Company.

Note4 - Investments:

Investments held by the Company and its subsidiaries are classified as equity securities and available-for-sale fixed income securities in accordance with FASB's ASC321, Investments - Equity Securities and with FASB's ASC320, Investments - Debt Securities. All of the Company's securities were readily marketable or had a maturity oftwelve months or less and are classified as current assets on the Consolidated Balance Sheets.

Equity Securities:

Equity securities on the Consolidated Balance Sheets, consist of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.

As of* April 30, 2024and April 30, 2023,the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P500* Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY) and other Exchange Traded Funds and common stock equity securities was a combined total $11,663,000 and $10,169,000, respectively, and the fair value was $16,344,000 and $14,546,000, respectively.

The carrying value and fair value of equity securities at* April 30, 2024*were as follows:

The carrying value and fair value of equity securities at* April 30, 2023*were as follows:

Government Debt Securities (Fixed Income Securities):

Fixed income securities consist of certificates of deposits and securities issued by federal, state and local governments within the United States.

Proceeds from maturities and sales of government debt securities classified as available-for-sale during thetwelve months ended* April 30, 2024and April 30, 2023,were $37,114,000 and $9,907,000, respectively. As of April 30, 2024,Accumulated Other Comprehensive Income included unrealized losses of $320,000, net of deferred tax benefits of $67,000. As of April 30, 2023,*Accumulated Other Comprehensive Income included unrealized gains of $473,000, net of deferred taxes of $99,000.

The aggregate cost and fair value at* April 30, 2024*of fixed income securities classified as available-for-sale were as follows:

The increase in gross unrealized losses of $793,000 on fixed income securities classified as available-for-sale net of deferred income tax benefit of $166,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of* April 30, 2024.*

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The aggregate cost and fair value at* April 30, 2023*of fixed income securities classified as available-for-sale were as follows:

The increase in gross unrealized gains of $503,000 on fixed income securities classified as available-for-sale net of deferred income tax liability of $105,000, was included in Accumulated Other Comprehensive Income on the Consolidated Balance Sheet as of* April 30, 2023.*

The average yield on the Government debt securities classified as available-for-sale at* April 30, 2024and April 30, 2023*was 4.40% and 2.55%, respectively.

Investment Gains/(Losses):

Investment gains/(losses) were comprised of the following:

Proceeds from sales of equity securities during thetwelve months ended* April 30, 2024and April 30, 2023were $1,129,000 and $4,706,000, respectively. Taxable realized gains/(losses) on equity securities sold during fiscal years2024* and2023, which are generally the difference between the proceeds from sales and our original cost, were losses of $16,000 in fiscal2024 and losses of $174,000 in fiscal2023.

Investment in Unconsolidated Entities:

Equity Method Investment:

As of* April 30, 2024and April 30, 2023,*the Company's investment in EAM Trust, on the Consolidated Balance Sheets was $60,134,000 and $58,775,000, respectively.

The value of VLI’s investment in EAM at* April 30, 2024and April 30, 2023*reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM’s capital account by VLI, plus VLI's share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.

It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM willnot need additional funding.

The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that* mayhave a significant adverse effect on the fair value of the investment. Impairment indicators include, but arenot* limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee’s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM didnot record any impairment losses for its assets during the fiscal years2024 or2023.

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The components of EAM’s investment management operations, provided to the Company by EAM, were as follows:

(1) Represents EAM's net income, after giving effect to Value Line’s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.

(1) At* April 30, 2024and2023,* EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $3,865,000 and $2,601,000, respectively.

Note 5 - Variable Interest Entity:

The Company holds a non-voting revenues interest and a 50% non-voting profits interest in EAM, the adviser to the Value Line asset management and mutual fund distribution businesses. EAM is considered to be a VIE in relation to the Company. The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests. Other than EAM, the Company doesnot have an interest in any other VIEs.

The Company has determined that it doesnot have a controlling financial interest in EAM because it doesnot have the power to direct the activities of EAM that most significantly impact its economic performance. Value Line doesnot hold any voting stock of EAM and it doesnot have any involvement in the day-to-day activities or operations of EAM. Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line doesnot maintain control over EAM.

In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss. While all of the profit interest shareholders in EAM are subject to variability based on EAM’s operations risk, Value Line’s non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests.

The Company hasnot provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement. Value Line hasno obligation to fund EAM in the future and, as a result, hasno exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.

(1) Reported within Long-Term Assets on Consolidated Balance Sheets.

Note6 - Property and Equipment:

Property and equipment are carried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases. For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Balance Sheets was comprised of the following:

Note7 - Federal, State and Local Income Taxes:

In accordance with the requirements of the Income Tax Topic of the FASB's ASC, the Company's provision for income taxes includes the following:

On* December 22, 2017H.R.1, originally known as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted. The Tax Act lowered the U.S. federal income tax rate ("Federal Tax Rate") from35%* to21% effective* January 1, 2018.Accordingly, the Company computes Federal income tax expense using the Federal Tax Rate of 21% in fiscal year2019* and each year thereafter.

The overall effective income tax rates, as a percentage of pre-tax ordinary income for thetwelve months ended* April 30, 2024,** April 30, 2023and April 30, 2022were 24.50%,24.00% and 22.25%, respectively. The increase in the effective tax rate during for thetwelve* months ended* April 30, 2024as compared to April 30, 2023,is primarily a result of an increase in the state and local tax rate from 3.25% to 3.72%.The increase in the effective tax rate during for thetwelve* months ended* April 30, 2023as compared to April 30, 2022,is primarily a result of the non-taxable revenue derived from forgiveness of the PPP loan by the SBA (see note19*) in fiscal2022 partially offset by an increase in the state and local income taxes from 3.12% to 3.25% as a result of changes in state and local income tax allocation factors. The Company's annualized overall effective tax rate fluctuates due to a number of factors, in addition to changes in tax law, including butnot limited to an increase or decrease in the ratio of items that donot have tax consequences to pre-income tax, the Company's geographic profit mix between tax jurisdictions, taxation method adopted by each locality, new interpretations of existing tax laws and rulings and settlements with tax authorities.

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Deferred income taxes, a liability, are provided for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. The tax effect of temporary differences giving rise to the Company's long-term deferred tax liability are as follows:

The tax effect of temporary differences giving rise to the Company's long-term deferred tax liability is primarily a result of the federal, state and local taxes related to the $50,805,000 gain from deconsolidation of the Company's asset management and mutual fund distribution subsidiaries, partially offset by the long-term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI's former employee.

The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur.

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pre-tax income as a result of the following:

The Company believes that, as of* April 30, 2024,there wereno* material uncertain tax positions that would require disclosure under GAAP.

The Company is included in the consolidated federal income tax return of the Parent. The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company's liability/(benefit) as if it filed a separate return. Beginning with the fiscal year ended* April 30, 2017,*the Company files combined income tax returns with the Parent on a unitary basis in certain states as a result of changes in state tax regulations.

The Company’s federal income tax returns (included in the Parent’s consolidated returns) and state and city tax returns for fiscal years ended2020 through2022, are subject to examination by the tax authorities, generally forthree years after they are filed with the tax authorities.

Note8 - Employees' Profit Sharing and Savings Plan:

Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the "Plan"). In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended* April 30, 2024,*2023 and2022, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $411,000, $410,000 and $557,000, respectively.

Note9 - Lease Commitments:

On* November 30, 2016,Value Line, Inc., received consent from the landlord at551* Fifth Avenue, New York, NY to the terms of a new sublease agreement between Value Line, Inc. and ABM Industries, Incorporated (“ABM” or the “Sublandlord”) commencing on* December 1, 2016.Pursuant to the agreement Value Line leased from ABM 24,726 square feet of office space located on thesecond* andthird floors at551 Fifth Avenue, New York, NY (“Building” or “Premises”) beginning on* December 1, 2016and ending on November 29, 2027.Base rent under the sublease agreement is $1,126,000 per annum during thefirst* year with an annual increase in base rent of 2.25% scheduled for each subsequent year, payable in equal monthly installments on thefirst day of each month, subject to customary concessions in the Company’s favor and pass-through of certain increases in utility costs and real estate taxes over the base year. The Company provided a security deposit represented by a letter of credit in the amount of $469,000 in* October 2016,which was reduced to $305,000 on October 3, 2021and is to be fully refunded after the sublease ends. This Building became the Company’s new corporate office facility. The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises. The sublease terms provide for a significant decrease (23% initially) in the Company’s annual rental expenditure taking into account free rent for thefirst* six months of the sublease. Sublandlord provided Value Line a work allowance of $417,000 which accompanied with thesix months free rent worth $563,000 was applied against the Company’s obligation to pay rent at our NYC headquarters, delaying the actual rent payments until* November 2017.*

On* February**29,* 2016, the Company’s subsidiary VLDC and Seagis Property Group LP (the “Landlord”) entered into a lease agreement, pursuant to which VLDC leased 24,110 square feet of warehouse and appurtenant office space located at205 Chubb Ave., Lyndhurst, NJ (“Warehouse”) beginning on* May 1, 2016and ending on April 30, 2024 (*“Lease”). Base rent under the Lease was $237,218 per annum. The Company provided a security deposit in cash in the amount of $32,146, which has been fully refunded. VLDC distributed Value Line’s print publications. The Company has outsourced to a U.S. facility the functions formerly performed at the Warehouse.

In* February 2016,the FASB issued ASUNo.* 2016-02, “Leases (Topic842)”. This ASU requires that, for leases longer thanone year, a lessee recognizes in the statements of financial position a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. It also requires that for finance leases, a lessee recognizes interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. The firm adopted this ASU in* May 2019*under a modified retrospective approach.

The Company adopted ASU2016-02 using a modified retrospective transition approach as of the Effective Date as permitted by the amendments in ASU2018-11, which provides an alternative modified retrospective transition method. As a result, the Company wasnot required to adjust its comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e.* May 1, 2019).The Company has elected to employ the transitionary relief offered by the FASB and, therefore, hasnot* reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized.

The Company leases office space in New York, NY. The Company has evaluated that lease and determined that it is an operating lease under the definitions of the guidance of ASU2016-02.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the net present value of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the net present value of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received.

On* May 1, 2019,the Company recorded a right-of-use asset in the amount of $9,575,000, which represents the lease liability of $10,340,000 adjusted for previously recorded unamortized lease incentives in the amount of $765,000. The right-of-use asset will be amortized over the remaining lease term in the amount equal to the difference between the calculated straight-line expense of the total lease payments less the monthly interest calculated on the remaining lease liability. As of April 30, 2024,*the Company had a long-term lease asset of $4,090,000 recorded inproperty and equipment in its consolidated balance sheets.

The Company recognizes lease expense, calculated as the remaining cost of the lease allocated over the remaining lease term on a straight-line basis. Lease expense are presented as part of continuing operations in the consolidated statements of income. For thetwelve months ended* April 30, 2024,*the Company recognized $1,499,000 in lease expense.

For thetwelve months ended* April 30, 2024,*the Company paid $1,634,000 in rent relating to the leases. As a payment arising from an operating lease, the $1,634,000 will be classified within operating activities in the consolidated statements of cash flows.

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The Company’s lease doesnot provide an implicit interest rate, and therefore the Company estimated an incremental borrowing rate, or IBR, as of the commencement date, to determine the present value of its operating lease liabilities. The IBR is defined under ASC842 as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the consolidated balance sheet as of* April 30, 2024:*

For the fiscal years ended* April 30, 2024,*2023 and2022, rental expenses were $1,499,000 each year.

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:

Note10 - Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk:

Other than EAM and the Value Line Funds as explained in Note3 - Related Party Transactions, a single customer accounted for a significant portion of the Company's sales in fiscal2024, 2023 or2022, and its accounts receivable as of* April 30, 2024or2023.* During thetwelve months ended* April 30, 2024,*2023 and2022, 32.2%,33.9% and 33.0%, respectively, of total publishing revenues were derived from a single customer as explained in Note16 - Concentration.

Note11 - Comprehensive Income:

The FASB's ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise wouldnot be recognized in the calculation of net income.

As of* April 30, 2024and April 30, 2023*the Company held fixed income securities consisting of securities issued by federal, state, and local governments within the United States that are classified as securities available-for-sale on the Consolidated Balance Sheets. The change in valuation of fixed income securities, net of deferred income taxes, has been recorded in Accumulated Other Comprehensive Income in the Company's Consolidated Balance Sheets.

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for thetwelve months ending* April 30, 2024*are as follows:

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for thetwelve months ending* April 30, 2023*are as follows:

The components of comprehensive income that are included in the Consolidated Statement of Changes in Shareholders' Equity for thetwelve months ending* April 30, 2022*are as follows:

Note12 - Accounting for the Costs of Computer Software Developed for Internal Use:

The Company has adopted the provisions of the Statement of Position98-1 (SOP98-1), "Accounting for the Costs of Computer Software Developed for Internal Use". SOP98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or purchasing software for internal use and amortize those costs over the software's estimated useful life in a systematic and rational manner. Such costs, when incurred, are capitalized and amortized over the expected useful life of the asset, normally 3 to 5 years.

During thetwelve months ended* April 30, 2024,the Company capitalized $62,000 related to thethird* party programmers' costs. During thetwelve months ended* April 30, 2023,the Company capitalized $110,000 related to thethird* party programmers' costs. The Company didnot incur and didnot capitalize expenditures related tothird party programmers' costs during thetwelve months ended* April 30, 2022.Total amortization expenses for the years ended April 30, 2024,*2023 and2022 were $62,000, $49,000 and $73,000, respectively.

Note13 - Treasury Stock and Repurchase Program:

On* October 21, 2022,the Company's Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases maybe made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program maybe suspended or discontinued at any time at the Company’s discretion and hasno* set expiration date. There is a remainder of $1,211,000 before the authorized limit is reached.

Treasury stock, at cost, consists of the following:

(1) Were acquired during the $2 million repurchase program authorized in* April 2020.*

(2) Were acquired during the $2 million repurchase program authorized in* July 2021and the $2 million repurchase program authorized in March 2022.*

(3) Were acquired during the $3 million repurchase program authorized in* May 2022and the $3 million repurchase program authorized in October 2022.*

Note14 - Copyright Fees:

During thetwelve months ended* April 30, 2024,copyright fees of $12,067,000 were 10.4% below fiscal2023.* During thetwelve months ended* April 30, 2023,copyright fees of $13,463,000 were 0.6% above fiscal2022.* During thetwelve months ended* April 30, 2022,copyright fees of $13,380,000 were 4.8% above fiscal2021.* As of* April 30, 2024,totalthird* party sponsored assets were $9.64 billion, as compared to $12.39 billion in assets at* April 30, 2023.*

Note15 - Restricted Cash and Deposits:

Restricted Money Market Investment in the noncurrent assets on the Consolidated Condensed Balance Sheet at* April 30, 2024,includes $305,000, which represents cash invested in a bank money market fund securing a letter of credit ("LOC") in the amount of $305,000 issued to the sublandlord as a security deposit for the Company's New York City leased corporate office facility. According to the sublease agreement the LOC and restricted cash were reduced from $469,000 to $305,000 in thethird* quarter of fiscal year2022.

Note16 - Concentration:

During thetwelve months ended* April 30, 2024,32.2% of total publishing revenues of $37,487,000 were derived from a single customer. During thetwelve* months ended* April 30, 2023,33.9% of total publishing revenues of $39,695,000 were derived from a single customer. During thetwelve* months ended* April 30, 2022,*33.0% of total publishing revenues of $40,525,000 were derived from a single customer.

Note17 - 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, 2024and2023,* the Company had $1,419,000 and $1,569,000, respectively, in excess of the FDIC insured limit. Management has concluded the excess doesnot represent a material risk, based on the creditworthiness of the counter parties.

The Company maintains a deposit account of $305,000 at Flagstar Bank as security for a letter of credit in a similar amount (See Note15). Signature Bank, previous depository where the $305,000 restricted cash was held, was closed on* March 12, 2023*by its state chartering authority and merged with Flagstar Bank. 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 were made whole.

Note18 - Business Segments:

The Company allocates resources and assesses financial performance on a consolidated basis. It does so because significant costs are shared in common by all products, and as a result, it doesnot have discrete financial information available for separate business components to assess performance and make resource allocation decisions for more thanone segment. Therefore, the investment periodicals and related publications (such as digital equivalents), along with supplying the embedded Proprietary information and intellectual property rights, are treated asone segment, Publishing.

All required segment financial information can be found directly in the consolidated financial statements. The accounting policies for our reportable segment are the same as those described in Note1.

Value Line’s customers are almost exclusively located within the United States. It receives approximately 2% of its revenues from external customers located outside of the United States.

As described in Note1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business in* December 2010and thereforeno* longer reports the investment management operation as a separate business unit. Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, itno longer considers this to be a reportable business segment because it doesnot satisfyone of the required characteristics of an operating segment pursuant to ASC280-10-50-1. Specifically, VLI’s Chief Executive Officer doesnot regularly review EAM’s operating results to make decisions about resources to be allocated to EAM.

Note19 - Paycheck Protection Program Loan:

Shortly after declaration of the COVID-19 pandemic and "lockdowns" of numerous non-essential businesses, the Company in* Aprilof2020* executed a note and received a loan (the "PPP Loan") from JP Morgan Chase Bank under the Paycheck Protection Program ("PPP") which was established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and was administered by the U.S. Small Business Administration ("SBA"). The proceeds from the PPP Loan were used in accordance with the terms of the CARES Act program.

Under the terms of the CARES Act, Borrowers could apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness is determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act. The Company was granted total loan forgiveness of $2,331,365 by the SBA during thesecond quarter of fiscal2022. Accrued interest was also forgiven.